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The Top IRA CD Rates – September 2017

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Top IRA CD rates
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Perhaps you’ve decided to build a CD ladder within your IRA, or maybe you’re looking for a safe way to store your retirement cash for a specific period of time. Whatever the reason, you’re interested in getting an IRA CD and, understandably, want to know what products will give you the best rate of return.

You can get an IRA CD with terms ranging from three months to more than six years, with interest rates generally increasing with the term length. There are lots of options, so we’ve rounded up the top IRA CD rates that are available right now for a variety of terms. You’ll select your IRA CD terms based on your CD-ladder master plan or whenever you’ll need access to your money.

Every month, we choose the top IRA CD rates using data from our sister company DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. On Sept. 5, 2017, we sorted the products by APY, then eliminated institutions with a health rating below a B. We then eliminated products that are not available nationwide. From there, we chose the IRA CD with the highest APY among products with a minimum deposit no greater than $5,000. Here are the best options.

The best IRA rates in September 2017

3 Month IRA CD – Northpointe Bank, 92-182 Day Fixed IRA

Northpointe Bank
Three-month IRA CDs typically offer the lowest interest rates of any IRA CD term. Northpointe
Bank offers the best rate of 0.90% APY and a minimum deposit of $500, but that will only earn you a mere $1.12. Still, that interest rate is better than the nationwide average for regular CDs, currently at 0.226% APY. (DepositAccounts.com calculates the national average for each term based on the rates in its database.)

6-Month IRA CD – Nationwide Bank, 6-month IRA

Nationwide Bank
Six-month IRA CDs typically earn a little bit better, but they’re still not great. Nationwide Bank offers the highest interest rate at 1.20% APY for deposits less than $100,000. That translates into an earning of $5.98 on a $1,000 deposit. Compare that to the average of all regular 6 month CDs, at 0.384%.

1-Year IRA CD Rates – EverBank, 1-Year Yield Pledge IRA

Everbank
Regular one-year CDs earn an average interest rate of 0.6% APY. EverBank, however, is offering a one-year IRA CD at 1.60% APY. You’ll need a $5,000 minimum deposit, but with this amount you would earn $80.00.

18-Month IRA CD Rates – EverBank, 1.5 Year Pledge IRA

Everbank
Regular 18-month CDs earn an average interest rate of 0.728% APY. The top pick in this category is again EverBank, which offers an interest rate of 1.67% APY on a $5,000 minimum deposit. With those terms, you would earn $125.77 by the time the CD matured.

2-Year IRA CD Rates – First Internet Bank of Indiana, 24-Month IRA

First Internet Bank of Indiana
Two-year regular CDs earn an average interest rate of 0.843% APY. The First Internet Bank of Indiana, on the other hand, is currently offering 1.81% APY on their 2-year IRA CDs. This would translate into an earning of $36.53 with a minimum $1,000 deposit.

3-Year IRA CD Rates – GTE Financial, 36-Month IRA Certificate – Member Advantage

GTE Financial
Three-year regular CDs are earning an average interest rate of 1.064% APY currently. GTE Financial is nearly doubling that, with an interest rate of 2.02% APY with their Member Advantage 36-month IRA Certificate. With those interest rates and a $500 minimum deposit, you would earn $30.92 when the certificate matures. Anyone can qualify for this credit union membership with a one-time $10 membership fee to GTE Financial’s nonprofit educational financial club, CUSavers.

4-Year IRA CD Rates – GTE Financial, 48-Month IRA Certificate – Member Advantage

GTE Financial
Four-year regular CDs are currently earning an average interest rate of 1.264% APY. GTE Financial again claims the top interest rate for these IRA CDs, with an interest rate of 2.27% APY. You would earn $46.97 on this CD with a $500 minimum deposit.

5-Year IRA CD Rates – GTE Financial, 60-Month IRA Certificate – Member Advantage

GTE Financial
Five-year IRA CDs hold the top spot for interest rates out of any category on our list. National averages for a regular 5-year CD is 1.534% APY, however GTE Financial once again outperforms the average with a 2.58% APY on its 5-year IRA CD for members. The minimum deposit is $500. With those terms, you would earn $67.92 by the time the CD matured.

6+ Year IRA CD Rates – Discover Bank, 7-Year IRA

Discover CD
Interestingly, these very-long-term IRA CDs don’t offer higher interest rates than the shorter-term five-year IRA CDs. Discover Bank offers the highest term for their seven-year IRA CD, at 2.30% APY. That’s still a lot less than GTE Financial which offered a 2.58% APY for a five-year IRA CD. Still, with Discover Bank’s seven-year IRA CD, you would earn $431.36 on a minimum deposit of $2,500 when the IRA CD matures.

3 questions to consider before opening an IRA CD

Opening an IRA CD generally requires filling out a form or talking to a banker. You’ll have to have a way to fund your IRA CD, whether that’s rolling over an existing retirement account into an IRA CD or depositing cash into the product. The same limits that apply to IRA contributions apply to IRA CDs: $5,500 per year ($6,500 if you’re over age 50) of your own money across all your IRA accounts each year, and you can do a rollover once per year.

Unless you’ve invested in a bump-up IRA CD, you won’t be able to take advantage of a higher rate until your CD matures. Withdrawing funds from an IRA CD before they mature will result in a stiff penalty. Bump-up IRA CDs give you a chance to increase your interest rate to a higher level if it’s available, but you’re generally only allowed to do this once or twice during the life of the CD.

You can either use the the direct-transfer method or the indirect-transfer method. The direct transfer method requires setting up your new IRA account filling out a form authorizing the bank or credit union to transfer money from the old account into the new account. The indirect transfer method involves you asking for a check from your old IRA account. You have up to 60 days to deposit that check into your IRA CD to avoid incurring a penalty.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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The Top 6 month CD Rates – September 2017

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

The top 6 month CD rates
Source: iStock

Short-term certificate of deposit (CD) accounts offer investors a safe opportunity to squirrel away money for a future expense. If you’re looking for a brief solution for storing your cash and want to earn more interest than a typical savings account will offer, a 6 month CD can make a lot of sense. (It’s also a good place to start if you’re building a CD ladder.)

Using information from our sister company DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions, we found the five banks and five credit unions with the top 6 month CD rates. If there was a tie, we chose the institution with the smaller minimum-deposit requirement. We pulled these rates Sept. 5, 2017, and we excluded promotional offerings. The national average APY on 6 month CDs (among banks and credit unions) is 0.38%, according to the DepositAccounts.com database. These options outperform that average by a long shot. (You may also want to view our picks for the overall best CD rates.)

Banks with the best 6 month CD rates

Virtual Bank

VirtualBank

6 month CD APY: 1.36%
Bank information: VirtualBank is a subsidiary of Louisiana-based IBERIABANK Corp., offering 24/7 digital or telephone access on eCDs, open to applicants anywhere in the U.S.
Where to open CD account: Online (paperless account options)
Minimum balance to open: $10,000
Maintenance fees: $0
Early withdrawal penalties: 30 days’ interest

First Internet Bank of Indiana

First Internet Bank of Indiana

6 month CD annual percentage yield (APY): 1.32%
Bank information: A subsidiary of First Internet Bancorp, this online bank founded in 1999 has no branch locations, but offers service online in all 50 states.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

Live Oak

Live Oak Bank

6 month CD annual percentage yield (APY): 1.25%
Bank information: Live Oak Bank started in 2008 with a focus on small-business financing. It also offers personal banking products, including a range of CDs, to U.S. citizens or permanent residents with Social Security numbers.
Where to open CD account: Online
Minimum balance to open: $2,500
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

Nationwide Bank

Nationwide Bank

6 month CD APY: $100,000+, 1.25%; less than $100,000, 1.20%
Bank information: Nationwide began offering banking services in 2007 under its parent company, Nationwide Mutual Insurance Co. Its corporate headquarters are located in Columbus, Ohio. The bank offers CDs with terms from three months to five years, open to anyone in the United States meeting minimum requirements.
Where to open CD account: Online
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

ableBanking

ableBanking

6 month CD APY: 1.05%
Bank information: ableBanking was founded by former professionals from brick-and-mortar banks. A solely online bank, ableBanking is a division of Maine-based Northeast Bank, founded in 1872. CD accounts are open to all U.S. residents over 18 years of age.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

Credit unions with the best 6 month CD rates

Chevron FCU

Chevron Federal Credit Union

6 month CD APY: 1.05%
Credit union information: Founded in 1935, the Chevron Federal Credit Union is a private, not-for-profit institution with branches in California, Louisiana, Mississippi, Texas, and Utah.
Membership details: Membership is open to Chevron Corp. employees, retirees and affiliates, residents of San Francisco, and residents in Frederick County, Md.
Where to open CD account: Branch locations and online
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

Northwest Federal

Northwest Federal Credit Union

6 month CD APY: $250,000+, 1.05%; $100,000-$249,999, 0.95%; $1,000-$99,999, 0.85%
Credit union information: Founded 70 years ago, Northwest Federal Credit Union currently serves approximately 200,000 members.
Membership details: Government employees, retirees and household members affiliated with the National Reconnaissance Office, Office of the Director of National Intelligence, the Department of Homeland Security, the National Geospatial-Intelligence Agency, and member companies.
Where to open CD account: Online banking, branches, or phone: 703-709-8900 (844-709-8900 toll-free).
Minimum balance to open: $1,000, $100,000, and $250,000.
Maintenance fees: $0
Early withdrawal penalties: The credit union uses an APY calculation that reduces interest earnings based on the amount withdrawn prior to maturity.

Blue Federal Credit Union

Blue Federal Credit Union

6 month CD APY: 6 month Sapphire, 0.90%; 6 month Gold, 0.65%; 6 month Silver, 0.40%. (Interest-rate rewards — Sapphire, Gold and Silver — are calculated based on length of membership.)
Credit union information: Blue Federal was founded as a member-owned, not-for-profit institution in 2016 with the merger of Warren Federal Credit Union (chartered in 1951) and Community Financial Credit Union (chartered in 1956). Today it serves 74,000 members at its branches in Colorado and Wyoming.
Membership details: Applicants must be a family relative of an existing member, employed with F.E. Warren Air Force Base and Military Entities, or an employee (or retiree) of one of Blue Federal’s Select Employee Groups.
Where to open CD account: At BFCU branches in Colorado and Wyoming.
Minimum balance to open: $2,000
Maintenance fees: $0
Early withdrawal penalties: Determined by credit union based on interest percentage earned on amount of withdrawal.

Penfed

PenFed Credit Union

6 month CD APY: 0.85%
Credit union information: PenFed, established in 1935, today serves more than 1.6 million members at branch locations in all 50 states and select overseas facilities.
Membership details: Open to current or retired members of the U.S. military, federal employees, affinity partners, members of qualifying organizations (see online membership application page), or by donating to Voices for America’s Troops or the National Military Family Association.
Where to open CD account: Branch locations or online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

USALLIANCE Financial

USALLIANCE Financial

6 month CD APY: 0.80%
Credit union information: Founded as a credit union for IBM employees in 1966, USALLIANCE Financial today serves more than 90,000 members worldwide through 6,000 branches and 25,000 ATMs (surcharge-free).
Membership details: Applicants must be a relative of an existing USALLIANCE member, reside in one of five Massachusetts counties, work in select New York and Connecticut locations, or work in participating membership companies (you can find the requirements by visiting the website, clicking “Open an Account” and then “Open a Primary Account”).
Where to open CD account: Branch locations
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: Credit union calculates a “significant penalty” of 360 days of dividends.

Pros and cons of using 6 month CDs

Pros:

  • 6 month CD rates offered by banks and credit unions are generally higher than those on savings accounts.
  • 6 month CD rates are fixed and guaranteed for the length of their term.
  • The discipline of keeping the funds in the CD means the money will be available upon maturity. (Note: Most banks offer a seven-day grace period to reinvest or withdraw the investment, after which the funds will roll over into a new CD. However, you are not guaranteed the same rate.)

Cons:

  • 6 month CD rates are lower than those offered on longer CD investment terms.
  • To tap into the CD funds — even for emergencies — consumers must accept a loss through penalties, which can include a percentage of the funds, a percentage of the earned interest, or a combination of both. A typical penalty on a short-term CD is between 30 and 90 days’ worth of interest earnings.
  • If you’re not confident you can do without access to the funds for six months, you may be better off putting your money in a traditional savings account, which is likely to earn less interest than a CD.
  • Since CD rollovers may reset at a different percentage rate, consumers must speak with the bank before the seven-day grace period ends to ensure they are getting the best deal.

Using a 6 month CD for laddering

A CD ladder comprises small-amount CDs with varying terms and respective interest rates that contribute to a long-term investment strategy. After the 6 month CD matures, the investor can withdraw the funds for a predetermined expense. Or, they can reinvest the money into a longer-term CD with a better rate. By staggering the maturity dates on short-term CDs, the consumer has access to their cash on a regular, predictable basis.

Where can you open a CD account?

Consumers can open 6 month CD accounts (or longer) from banks and credit unions. Bank and credit union CD rates are based on Federal Reserve rates, and there may be strategic times to pursue these short-term instruments following a rate increase.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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The Best Credit Union CD Rates – September 2017

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

The top credit union CD rates
Source: iStock

Certificates of deposit (CDs) are a great way to safely store your savings at a financial institution, as they offer a guaranteed rate of return, and CD rates tend to be higher than those on traditional savings accounts. Maybe you’ve even heard that credit union CD rates offer higher returns—but is that really the case? On average, yes. As of June 2017, the average one-year credit union CD had a 0.58% annual percentage yield (APY), compared to the 0.48% APY average among one-year bank CDs. (You may also want to view our picks for the overall best CD rates.)

Using data from our sister site DepositAccounts.com, we identified the top one-year credit union CD rates, as of Sept. 5. We then eliminated any credit union with a health rating lower than a B and identified the top three offerings in three categories: restricted, no cost, and best banking app. If there was a tie by APY, we went with the product with the lower minimum deposit. Here are the best one-year credit union CD rates.

Best CD rates for credit unions with no cost to join

The thing about credit unions is that they’re not usually just open to anyone. You usually need to meet some membership criteria in order to get in and get access to all of their really nice products. These credit unions, however, will let you in for free regardless of your personal details. (Note: Only two credit unions met our criteria for this list.)

 

Unify Financial Credit Union – 1-Year Share Certificate, 0.85% APY, min. deposit $1,000

UNIFY Financial Credit Union
Unify FCU offers the highest interest rates on CDs (which it calls share certificates) of any credit union with no cost to join. The interest rate on their 12-month CD, for example, is 0.85%, compared to the national average of 0.597% in August. You would earn $8.50 on a $1,000 deposit. If you withdraw your money early, however, you’ll face a penalty of 90 days’ worth of interest.

NASA Federal Credit Union – 1-Year Share Certificate, 0.55% APY, min. deposit $1,000

NASA Federal Credit Union
If the rigid inflexibility of CDs makes you leery, NASA FCU might be your best bet. They have a lot of flexible certificates, such as add-on certificates that let you start with as little as $250, and bump-rate certificates that let you opt for a one-time interest rate increase if rates go up. You can even take out a loan from your certificate should you need the cash before it’s matured. You can join NASA FCU with a complimentary membership to the National Space Society.

If you do need to make an early withdrawal, you will face a penalty of 180 days’ worth of interest.

Best credit union CD rates with restricted memberships or membership fees

Each of these credit unions have restricted membership criteria, but don’t let that scare you away. If you don’t meet their membership criteria, it’s possible to make a small donation to their charity of choice in order to become eligible for membership. Furthermore, these credit union CD rates offer some of the highest-returning share certificates out of any category.

 

Air Force Federal Credit Union – 1-Year Certificate, 1.56% APY, min. deposit $1,000

Air Force Federal Credit Union
Members and family members of the military, civilian contractors, and certain employees are eligible to join the Air Force FCU, along with anyone willing to join the Airman Heritage Foundation ($25 annual membership fee).

This credit union comes in first place overall for highest interest rates for 12-month CDs. You can earn $15.60 by depositing a minimum of $1,000 in a 12-month CD, with an APY of 1.56%. You can also use your CD as collateral to earn a lower interest rate on a loan, and membership comes with a host of discounts for parks and businesses in the San Antonio, Texas area. Watch out for the early withdrawal penalties, however, worth half of whatever you would have earned between when you withdrew the funds and when it would have matured.

Andrews Federal Credit Union – 1-Year Share Certificate, 1.41% APY, min. deposit $1,000

Andrews Federal
Andrews FCU comes in just behind the Air Force Federal Credit Union in terms of the highest CD interest rates of any credit union on our list. With just a $1,000 minimum deposit, these CDs are much more attainable if you don’t have a lot to spare. You’ll earn $14.10 in interest on a 12-month CD, and if you withdraw your money early, you’ll face a penalty of 90 days’ worth of dividends (for CDs of less than 2 years), or 180 days’ worth of dividends (for CDs of 2 years of more).

Anyone can join Andrews FCU with a one-time $5 donation to the American Consumer Council, a national financial literacy organization.

Connexus Credit Union – 1-Year Certificate, 1.40% APY, min. deposit $5,000

Connexus
If you don’t meet Connexus CU’s regular membership criteria, you can always join by making a one-time $5 donation to the Connexus Association, the credit union’s education wing. Once in, you can take advantage of the one of the highest credit union CD rates. There’s just one catch: You’ll need more money than most credit unions require to open up a share certificate—$5,000. If you’re able to swing that much, you can earn $70 with just a 12-month CD. The early withdrawal penalty is 180 days’ worth of dividends on the amount you withdraw.

Alliant Credit Union – 1-Year Share Certificate, 1.35% APY, min. deposit $1,000

Alliant CU
You can join Alliant Credit Union by making a $10 donation to Foster Care To Success, a nonprofit that helps teenagers aging out of the foster care system, if you don’t meet their other membership criteria. A 12-month CD at Alliant CU earns 1.35% APY (still far above the national average of 0.597% APY), meaning you can earn $13.50 on a $1,000 deposit. Alliant CU is unique among credit unions in that they’ll allow you to withdraw your monthly dividends (not the whole CD) without penalty, although this will reduce your earnings.

Best CD rates for credit unions with the best mobile apps

By their very nature, CDs aren’t something that require constant attention, poking, and prodding. It’s a set-it-and-forget-it kind of a deal, so you won’t need any spiffy banking apps to use CDs.

But, if you’d like to switch all of your banking to the same institution that holds your CDs, it might be a wise idea to consider one of these credit unions if you’re a digital junkie. Most credit unions lag behind their bank compatriots in terms of mobile banking apps, but these credit unions offer top-notch mobile apps, according to MagnifyMoney’s 2016 mobile banking app analysis.

 

Wright-Patt Credit Union – 1-Year Certificate, 1.34% APY, min. deposit $500

Wright-Patt Credit Union
Unlike many credit unions, you can’t just make a simple donation to join Wright-Patt CU if you fail to meet their membership criteria. You need to live in certain areas of Ohio, be associated with Wright-Patterson Air Force Base, or be an employee of their select employer group, among other options.

You can earn $6.70 on a 12-month CD with just a relatively small $500 deposit. Early withdrawal penalties vary depending on the original term of your CD, however they’ll be anywhere between 5-12 months’ worth of dividends.

Eastman Credit Union – 1-Year Investment Certificate, 1.25% APY, min. deposit $1,000

Eastman Credit Union
Eastman Credit Union also has pretty restrictive membership requirements. You’ll have to be an employee (or a family member of an employee) of one of their select employers, or live in certain parts of Tennessee, Texas, or Virginia.

Eastman CU is another one of the rare credit unions that allow you to withdraw your dividends penalty-free before the maturity date, although again, doing so will lower your total returns. Currently, you can earn an interest rate of 1.25% on a 12-month CD. With a minimum deposit of $1,000, that translates into earnings of $12.50 after one year. If you withdraw your money before the CD matures, you’ll owe a penalty fee of anywhere between seven days’ worth of dividend earnings or all of your dividend earnings.

Delta Community Credit Union – 1-Year Certificate, 0.75% APY, min. deposit $1,000

Delta Community Credit Union
There are many ways to join Delta Community CU, such as living in certain parts of Georgia, being a member of one of their select employers, or being a member of one of their partner organizations. Interestingly, citizens of many countries like Argentina, France, and Peru are also eligible to join.

At 0.75% APY for a 12-month CD, Delta Community CU ranks as one of the lowest-earning credit unions on our list—not much above the current national average of 0.597% APY. You’ll earn $7.50 on a 12-month CD with the minimum deposit of $1,000. Early withdrawal penalties range are 90 days worth of interest on a 12-month CD.

3 questions to consider before opening a credit union CD

Banks are more likely to call their products certificates of deposit, while credit unions often refer to them as share certificates. Aside from the name, the biggest difference between the two is that credit unions have higher average annual percentage yields (APYs), as of June 2017. That’s good news: It means more money back in your pocket when the CD matures (i.e., reaches the end of its term and is available for withdrawal).

There really is no difference in safety between depositing money in a CD with a credit union versus a bank, as long as they participate in either the National Credit Union Administration (NCUA) for credit unions, or the Federal Deposit Insurance Corporation (FDIC) for banks.

According to Neal Frankle, a Los Angeles-based Certified Financial Planner with Wealth Pilgrim, deposits of up to $250,000 per financial institution are “backed by the full faith and credit of United States Government, so it’s pretty solid.”

For the most part, choosing a CD at a bank or a credit union boils down to your preference as a consumer: Do you want to be a bank customer or a member of a credit union? Here’s a primer on the differences.

The biggest advantage of credit union CDs over bank CDs is that you can likely earn more interest. But with both products, the longer the CD term, the more interest you will earn. And with a CD laddering strategy, you can have the best of both worlds: frequent access to your money, yet you can still keep it locked away in high-interest, long-term CDs.

Beyond that, the disadvantages of opening a credit union CD are the same as if you’re opening a CD with a bank. You can’t access that money without paying an early withdrawal penalty until the CD matures. While CDs do offer some of the highest rates for any financial product you’re likely to come across at a bank or credit union, they still don’t really earn great interest. If you’re investing for the long-term (like retirement savings), your money is better invested in the riskier (but higher-earning) stock or bond market.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Earning Interest

The Best CD Rates – September 2017

Any opinions, analyses, reviews or recommendations expressed in this articles are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any lender or provider of the products listed.

Pay-yourself-first_full

Updated September 5, 2017

If you are looking for a better yield on your savings, a high rate CD (certificate of deposit) offered by an online bank could be a good option. Internet-only banks offer much better interest rates than traditional banks. For example, a 12-month CD at Bank of America would require a $10,000 minimum deposit and would pay only 0.07%. At an online bank, you could earn 1.40% with only a $2,000 minimum deposit. (If you would rather get a savings account or money market with no time restriction, look at the best savings accounts or best money market accounts).

This list is updated monthly – and competition has become much more intense in May. A number of banks that were in our April report have been replaced in May as rates continue to inch higher.  Here are the accounts with some of the best CD rates:

  • 1-Year CD: Synchrony – 1.50% APY, $2,000 minimum deposit

Synchrony Bank
With a $2,000 minimum deposit you can earn a healthy 1.50% APY. Synchrony (formerly part of GE) has a very large store credit card business. For example, if you open a credit card at Old Navy, it is issued by Synchrony. Synchrony gathers online deposits (without branches) to fund its store card business. Your deposits are FDIC insured up to the legal maximum, and Synchrony is a publicly traded company.

  • 6 months – 6 years: Goldman Sachs Bank USA – 0.60% – 2.45% APY, $500 minimum deposit

Goldman Sachs Bank USA
Our advertiser Goldman Sachs Bank USA is the online consumer bank of Goldman Sachs (the large investment bank). Your funds are FDIC insured, and Goldman offers very competitive rates. Even better: there is only a $500 minimum deposit. So, if you don’t have enough money to meet the minimum deposit of the other banks on this list, or you are looking for another bank for your savings, GS is a good option. Here are the rates (which are within a few basis points of the best rates in the market):

      • 1-year: 1.50% APY
      • 2-year: 1.65% APY
      • 3-year: 2.00% APY
      • 5-year: 2.40% APY
      • 6-year: 2.45% APY
  • 3 months – 10 years: Discover Bank – 0.35% APY – 2.35% APY; $2,500 minimum deposit

Discover CD
Discover is known for cash back credit cards. However, Discover has also quietly built a leading internet bank that offers checking accounts, savings accounts and CDs. Discover has invested in a mobile banking app (not found with other companies, like Synchrony) and strong on-shore customer service. Although Discover does not always have the highest rate, it is very close (within basis points) across all durations. If customer service and digital tools (like apps) are important to you, Discover is an excellent consideration. Note: Discover offers a wide range of maturities, and you can get a CD rate with a duration as short as 3 months or as long as 10 years.

  • 1-Year CD: Popular Direct – 1.50% APY, $10,000 minimum deposit

BankDirect
BankDirect, launched in 1999, is a division of Texas Capital Bank. The bank pays competitive rates on savings products. Unfortunately, the user interface and experience still looks like it was created in the 1990s. Your deposits will be insured up to the FDIC maximum. You can only get this APY with a minimum $10,000 deposit.

  • 1-Year CD (from a credit union): PenFed – 1.41% APY, $1,000 minimum deposit – must become a credit union member

Penfed
PenFed is a credit union that offers very competitive interest rates. You need to join the credit union in order to benefit from their products. If you have a military or government affiliation, it is free to join. Otherwise, you would need to join an organization like Voices for America’s Troops, which costs $14.00. Once you are a member, you can open PenFed products (including this certificate) online. Your deposit would be insured by the NCUA, which is the National Credit Union Administration. There is a $1,000 minimum deposit for the one-year certificate – making this a good option if you don’t have the $5,000 required for EverBank. And if you are willing to give up a few points of yield to support a credit union, PenFed is a nice choice.

  • 2 Year CD: Synchrony – 1.75% APY, $2,000 minimum deposit

Synchrony Bank
Synchrony increased interest rates this month on 2-year CDs (Last month Capital One was on the list, at 1.45%). Just remember that FDIC insurance is based upon your total relationship with a bank across all accounts. If you are building a CD-ladder, make sure you keep your total relationship balance at Synchrony below $250,000.

  • 3-Year CD: Connexus Credit Union – 2.00% APY, $5,000 minimum deposit

Connexus
Connexus is a credit union that anyone can join (so long as you make a donation of $5 to the Connexus Association). Your deposit is insured by the NCUA (which is like the FDIC, but for credit unions). Once you are a member of the credit union, you can also take advantage of other products offered by the credit union. This is one of the best APYs we have seen from a credit union for a three year CD.

  • 3-Year CD: EverBank – 2.00% APY, $5,000 minimum deposit to open

Everbank
EverBank increased the 3-year CD rate dramatically in May to 2.00%. You need at least $5,000 to open the account, and your deposit is FDIC-insured. After EverBank’s acquisition by TIAA-Cref, it has become very aggressive on interest rates, to the benefit of consumers. You can earn these rates on deposits up to $1,000,000.

  • 5-Year CD: Synchrony – 2.35% APY, $25,000 minimum deposit

Synchrony Bank
Synchrony has also increased its 5-year CD rate. You need at least $25,000 to take advantage of the 2.35% APY. If you have less than $25,000 you will get a 2.30% APY rate (but need at least $2,000). After clicking on “Apply Now” you will be taken to their standard CD landing page. Make sure you select the 60-month option. Just remember: if you close the CD early, you would be hit with a 365 day interest penalty. That means if you close the account in the first year, you would actually lose some of your initial deposit. You won’t get rich with a 2.35% APY, but it has been a long time since we have seen rates this high. By comparison, the rate at Bank of America on a 5-year CD is only 0.15%.

3 Questions To Ask Before You Open A CD

1. Should I just open an online savings account instead? 

With a CD, the saver and the bank make stronger commitments. The saver promises to keep the funds in the account for a specified period of time. In exchange, the bank guarantees the interest rate during the term of the CD. The longer the term, the higher the interest rate – and the higher the penalty for closing the CD early. With a savings account, there are few promises. You can empty the account without paying a penalty and the bank can change the interest rate at any time.

If you have a high level of confidence that you do not need to touch the money for a specified period of time, a CD is a much better deal. However, if you think you might need to use the money in the next couple of months, a savings account is a much better idea.

You can earn a lot more interest with a CD. Imagine you have $10,000 and know that you do not need to touch the money for two years. In a high-yield savings account earning 1.10%, you would earn $221 over two years. If you put that money into a 1.50% CD, you would earn $302. Given the ease of switching to an online CD, the extra interest income is easy money.

2. What term should I select? 

The early withdrawal penalties on CDs can be significant. On a 1-year CD, 90 days is a typical penalty. And on 2 and 3 year CDs, a 6-month penalty is common. The impact of the penalty on your return can be significant. If you opened a one-year CD with a 1.25% APY and closed it after six months, you would forfeit half of the interest and earned only 0.63%. You would have been better off with a savings account paying 1.05%.

The worst case scenario is with the longest CDs. 5-year CDs usually have a one-year penalty for taking out funds early. If you open a 5-year CD and close it quickly, you could actually end up losing money.

Given the early penalties, you need complete confidence that you will not need to withdrawal the money early. Ask yourself this question: “do I have 90% confidence that I will not need access to the cash during the CD term?” If you don’t have confidence, go for a shorter term or a savings account.

3. Should I consider my local bank or credit union? 

The interest rates shown in this article are all from online banks that offer products nationally. Our product database includes traditional banks, community banks and credit unions. If traditional banks offered better rates, they would have been featured in this article. The internet-only banks have dramatically better interest rates. That should not be surprising. Because internet-only banks do not have branches, they are able to pass along their cost savings to you in the form of higher interest rates.

However, you can always visit your local bank or credit union and ask them to beat the rates listed in this article. The chance of getting a better deal is extremely low (remember that Bank of America is only paying 0.07%), but you can try.

How To Find The Best Account

If you don’t find an account that meets your needs in this article, you can use the MagnifyMoney CD tool to find the best rate for your individual needs. Input your zip code, deposit amount and term. The tool will then provide you with CD options, from the highest APY to the lowest.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Best Money Market Rates & Accounts – September 2017

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Updated September 1, 2017

Traditional banks are paying very low interest rates on money market accounts. For example, Bank of America pays between 0.03% and 0.06% APY. Fortunately, you do not need to settle for such ridiculously low rates. You can easily find the best money market rates at internet banks paying 1.05% or more. If you put $50,000 into Bank of America’s account at 0.03%, you will only earn $15 of interest over one year. That same money in an account paying 1.05% would earn you $525 of interest. And you can typically open and fund an online money market account in less than 10 minutes.

MagnifyMoney has searched for money market accounts paying the highest interest rates – and this list gets updated monthly. Here are the best rates for April 2017:

1. Top Rate: UFB Direct – 1.41% APY, $5,000 minimum balance to avoid a monthly fee

Money Market Account
UFB Direct is a division of BofI Federal Bank, a federally chartered, publicly traded and FDIC-insured bank based in San Diego. In recent months, UFB Direct has become increasingly aggressive with high rates targeting big balances. The APY of 1.41% is the highest that we have found. However, there is one catch. You need to keep at least $5,000 in the account in order to avoid a monthly maintenance fee of $10.00. You will get a Visa debit card and have access to limited check writing. We think this is the best option for people with big balances that they want to keep in a money market account.

2.Favorite Online Package: Ally – 0.90% APY, no minimum deposit, and link to free checking

Money Market Account
Ally Bank is a very popular internet-only bank. Although the interest rate on the money market account is not the highest, Ally does offer a very competitive overall package – particularly if you link the account to an Ally checking account. The checking account has no minimum balance and no monthly fee. You can link your money market account to your checking account to provide overdraft protection. Money would be transferred to your checking account with no transaction fee if you ever made a mistake. You would be able to access your money market account with your Ally ATM card, which has free AllPoint access and up to $10 of non-Ally ATM fees reimbursed every month. This money market account is a nice way to provide yourself with overdraft protection while earning interest. If you don’t need check-writing capabilities on your savings, you would still be better off with Ally’s savings account.

3. Top Choice: Sallie Mae – 1.30% APY, no minimum balance and checks available

Money Market Account
If you have student loan debt, you probably are not very excited to see Sallie Mae at the top of this list. However, many people are unaware that Sallie Mae also operates an internet-only FDIC-insured bank with some of the best interest rates in the country. You can earn 1.30% APY, compounded daily and paid monthly. There is no minimum balance and no monthly maintenance fees. You will have check-writing capabilities (although the standard money market limit of six per month applies to this account). The easiest (and best) way to fund and access your funds is via electronic transfer from your existing checking account. If you want a simple account with no fees and check access – this is a good bet. Sallie Mae has just recently increased the APY (it was previously 1.15%), making this one the best rates in the country.

4. High Rate: Self-Help Credit Union – up to 1.37% APY, $500 minimum deposit and minimum balance

Money Market Account
Self-Help is a credit union that anyone can join. If you don’t live, work or worship in one of their eligible counties, you can join by donating $5 to the Center for Community Self-Help. The contribution is tax deductible and will make you eligible for credit union membership. (You can learn more about how to join the credit union here.) At a credit union, your funds are insured up to $250,000 – but it is by the NCUA instead of the FDIC. The money market offers an APY of 1.27% on balances from $500 to $500,000. Even better – you can earn 1.37% APY on balances above $500,000. However, you need to deposit at least $500 and the balance during the month cannot go below $500 – otherwise you will be charged a monthly maintenance fee. You are allowed 6 free withdrawals or transfers from the account each month (including checks).

5. Good Rate: EverBank – 1.31% APY, $5,000 minimum deposit (1-year intro APY)

YIELD PLEDGE MONEY MARKET
EverBank, recently acquired by TIAA-Cref, is a rapidly growing bank that conducts most of its business online (even though it is based in Florida). In 2017, EverBank has become very aggressive on interest rates. Its products have regularly made our list of best CD rates, and – not surprisingly – it also appears on the best money market list. This is a great product, but you should be aware of a few pieces of fine print. The APY is only valid for one year. EverBank does promise that the rate, after the first year, will “never stray from the top 5% of competitive accounts.” Just be prepared for a lower rate after 12 months. You need at least $5,000 to open the account. You will only earn the 1.31% APY on balances up to $250,000. There is no monthly account fee.

6. Good Rate for Big Deposits: Capital One 360 – 1.20% APY on balances above $10,000 (0.60% on balances below)

360 Money Market<sup>®</sup>
Capital One has become more aggressive in recent months on the rate that it pays for online CDs and money market accounts. Capital One is focused on big balances: if you don’t have a lot of money, you can get much better deals elsewhere. But if you have a lot of cash and want another FDIC-insured account, Capital One is a strong option. You earn 0.60% APY on the first $9,999.99 that you deposit. You will then earn 1.20% APY on deposits from $10,000 up to $250,000. There is no monthly fee associated with the account.

7. High Rate: ableBanking – 1.30% APY, $250 minimum, but no check-writing

Money Market Savings
ableBanking is a division of Northeast Bancorp, a community bank headquartered in Maine since 1872. The bank has over $1 billion in assets, and your deposit would be FDIC insured up to the legal limit. At 1.30% APY, this is the highest money market rate that we have been able to find (from a bank) in the country. There is now a minimum deposit of $250, no monthly fee and you do not need to be a resident of Maine (any US resident can open an account). Unfortunately, the account does not come with check-writing privileges and there is no ATM access. You can deposit and access your funds via ACH (electronic transfer), which can take a couple of days. Just remember: there is a limit of 6 withdrawals per calendar month. When we called to ask questions about the account, we could reach a customer service representative very quickly. This is a good new option (just added to the list in June) from a small bank with a great high rate.

3 Questions To Ask Before Opening A Money Market Account

1. Should I open a savings account or a money market account?

Many years ago, money market accounts were higher risk and paid higher returns. The financial crisis of 2008 changed all of that. Money market accounts are now FDIC-insured up to the legal maximum ($250,000 per institution per individual). Interest rates are now very similar – and there is no material difference. In other words – choose whichever account you want.

In general, you tend to get slightly lower interest rates on money market accounts because you have check-writing capabilities. The best savings accounts pay at least 1.15% APY – very similar to the rates on this page. But at Ally, for example, you can get 1.00 APY on a savings account (no check-writing) and 0.85% on the money market account (with check writing).   

We have written a full explanation of the difference between money market and savings accounts here.

2. Am I willing to make a longer term commitment? 

Savings accounts and money market accounts pay much lower interest rates than CDs. Right now you can easily get a 1-year CD paying 1.35% APY (with only a $2,000 minimum). You can find the best CD rates here. If you build a CD ladder, you can take advantage of 5-year rates that are now as high as 2.30%.

Money market accounts are great places to keep money that you might need immediately. But the interest rate on a money market account can change right away, at the bank’s discretion. To lock in a higher interest rate, you should consider a CD. If you need to get access to your CD early, would forfeit interest (typically from 3-6 months). In most circumstances, putting more of your money into CDs can really help boost your returns.

3. Is a money market account the same as a money market fund? 

No, money market accounts (offered by FDIC-insured banks) are not the same as money market funds (most likely sold by your broker). In fact, we really don’t know why people even buy money market funds in the current environment.

For example, Vanguard offers the Prime Money Market Fund. Like other money market funds, this one “invests in short-term, high-quality securities.” Its objective is to keep the fund trading at $1 and generate a decent return. Right now that return is 0.89% – a bit lower than the returns you see from the money market accounts listed in this article. However, money market funds do not have FDIC insurance.

Most people compare the return of a money market fund (sold by their broker) to the interest rate paid by a traditional bank (0.03%, sold by their local bank teller). As a result, they are willing to take the risk of a money market fund. However, as you can see from the best money market accounts in this article, you can get FDIC insurance and beat the return of most funds. Why earn 0.89% with no FDIC-insurance when you can easily earn 1.05% and have FDIC insurance.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Capital One Platinum or Quicksilver: Which is Best for You?

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Capital One Platinum or Quicksilver

There are so many credit card companies on the market today and many of them also offer multiple products, which can make choosing the right credit card an even more difficult decision for you.

For example, Capital One is a company that currently offers 12 different credit cards from which consumers can choose. Two of the most popular options offered by Capital One are the Capital One Platinum card and the Quicksilver card. But which one is right for you? Here are some facts to help you decide.

Capital One Platinum

According to the Capital One website, the Capital One Platinum card is specifically tailored toward those who have an “average” credit score. Capital One defines average as someone who has defaulted on a loan in the past five years, or someone with limited credit history, meaning they’ve only had credit accounts open for less than 3 years.

The Capital One Platinum card has no annual fee, a $0 fraud liability (which is pretty standard), and all of the traditional Platinum MasterCard benefits, such as:

  • Extended warranty on purchases made on your credit card.
  • Auto rental insurance if you rent a car with your credit card.
  • Travel accident insurance for loss of life or limb when you use your credit card to purchase your travel fare.
  • 24-hours travel assistance. If your credit card is lost or stolen while traveling, you can get an emergency card replacement and a cash advance.
  • 24-hour roadside assistance if your car breaks down or you are locked out.
  • Price protection to reimburse you the difference in price on eligible items if you find a lower price for the same item within 60 days of your purchase when you use your credit card.

The Capital One Platinum card is also eligible to be used with Apple Pay.

Because this card is for those with average credit, it’s not surprising that this is not a rewards credit card. However, it does offer access to a higher credit line after you make your first 5 monthly payments on time. Plus, as a cardholder you also have access to CreditWise to help your monitor your credit score. (Although the fine print reveals that CreditWise is a free program that is available to everyone, even if you are not a Capital One cardholder.)

As expected, this credit card does have a high variable interest rate at 24.99% APR on purchases and balance transfers. However, there is no fee for balance transfers and provides the option to select your own monthly payment due date.

Quicksilver

Another popular product offered by Capital One is the Quicksilver card. Capital One’s website shows that this credit card is for people with “excellent” credit, which is defined as someone who:

  • Has never declared bankruptcy or defaulted on loan
  • Has not been more than 60 days late on any credit card, medical bill, or loan in the last year, and
  • Has had a loan or credit card for over three years with a credit limit over $5,000.

The Quicksilver card is a rewards credit card that offers 1.5% cash back on all purchases with no limits and no rotating “bonus” categories to keep track of. Quicksilver also offers a $100 cash bonus if you spend $500 on new purchases within 3 months of opening a new credit card account. The rewards earned with Quicksilver don’t expire and are eligible to be redeemed at any amount with no minimum threshold for a statement credit or a check.

Quicksilver is a Visa Signature card and thus offers all of the standard benefits that come with that designation, such as:

  • Travel upgrades and savings
  • Shopping discounts
  • Complimentary concierge service
  • Extended warranty
  • Special access to events
  • 24-hour travel assistance services

There is no annual fee on the Quicksilver card.

Quicksilver from Capital One

APPLY NOW Secured

on Capital One’s secure website

Pros and Cons

Capital One Platinum Card

Pro: Allows cardholders to re-build credit. The Credit Steps program allows cardholders access to a higher credit line after they make their first 5 monthly payments on time.

Con: No rewards.
This card offers cardholders no chance to earn rewards for their spending.

Pro:
No annual fee. There’s no annual fee to contend with as you use this card to build your credit.

Con:
High APR. As people with an “average” credit score are more of a risk to credit card companies, the APR on the Capital One Platinum card is high.

Pro: Ability to select your own monthly payment due date.
This option will allow you to pick what day of the month your payment is due so you can make sure you have the cash flow available to pay your bill.

Quicksilver

Pro: 1.5% cash back. Cardholders can earn 1.5% cash back on all purchases made with their Quicksilver card with no limit on rewards.

Con: Requires “excellent” credit to qualify.
In order to open a Quicksilver credit card account, you have to meet Capital One’s definition of someone with excellent credit.

Pro: No annual fee.
Earning cash back is free, with no annual fee.

Pro: 0% Introductory APR.
At the time of publication, new cardholders were eligible for a 0% introductory APR on purchases and balance transfers until January 2017.

Con: 3% balance transfer fee.
There is a fee to transfer a balance from another credit card, so this is not the best balance transfer card available to help you pay off debt.

Pro: No rewards cap and rewards never expire.
Many rewards credit cards require a minimum threshold be met before you can redeem your cash back rewards, but the Quicksilver card doesn’t. Plus, rewards never expire as long as you remain a cardholder in good standing.

Other Options

Another rewards credit card to consider if you have excellent credit is the Citi Double Cash card. It offers double rewards all purchases. 1% is earned up front when you make purchases and another 1% is earned when you pay off your bill.

Citi® Double Cash Card

APPLY NOW Secured

on Citibank’s secure website

Fidelity Rewards Visa Signature card is similar to the Citi Double Cash card and gives you unlimited 2% cash back on all purchases when you deposit cash back into an eligible Fidelity account. Eligible Fidelity accounts include:

  • Brokerage accounts
  • Fidelity Cash Management Accounts
  • Fidelity-managed 529 College Savings plans
  • Retirement accounts like the Traditional IRA, Roth IRA, Rollover IRA and SEP IRA

In order to redeem points for a cash deposit, your point balance has to reach 5,000 or $50. You can redeem points for travel, merchandise, gift cards or statement credit starting at 2,500 points. The Fidelity Rewards Visa Signature does not have an annual fee.

Which Card is Best For You?

Deciding between the Capital One Platinum credit card and the Quicksilver card really comes down to a couple of factors.

One thing to consider is your current credit score. If you fall into the range of “average” as defined by Capital One, you would be better off applying for the Capital One Platinum card to help you improve your credit score instead of applying for the Quicksilver card and being denied.

However, if you already have “excellent” credit, the Quicksilver card is the way to go. It offers cash back rewards on all purchases, a $100 cash back bonus, a 0% introductory interest rate, and a lower APR afterwards. Consider your credit history and all of the options available carefully before you make your credit card selection.

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla at Kayla@magnifymoney.com

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Goldman Sachs Enters Consumer Deposit Market With GE Acquisition

Any opinions, analyses, reviews or recommendations expressed in this articles are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any lender or provider of the products listed.

Magnify News

Note: Our advertiser Goldman Sachs Banks USA has launched its savings account – and the interest rate has been updated as of August 15, 2017.

1.20% APY with No Minimum Balance

GS BankOur advertiser Goldman Sachs Bank USA has launched its long awaited online savings account. The bank, long known for serving the wealthiest individuals and corporations, is now offering a high yield savings account that requires only $1 to open. Here are the details of the product:

  • 1.20% Annual Percentage Yield (APY)
  • No minimum deposit – you can open the account with just $1
  • You can access your money by electronic transfer, wire transfer or by check

on Goldman Sachs Bank USA’s secure website

MagnifyMoney has a list of the best savings accounts here.

Below is the original story, published at the time of the announcement: 

Goldman Sachs Purchased GE’s Savings Accounts

Goldman Sachs purchased $16 billion of GE Capital Bank’s consumer deposits. $8 billion of the deposits are online savings accounts and CDs, and the other $8 billion are brokered certificates of deposit. In addition to the deposits, the employees of GE Capital responsible for the deposit business have been transitioned to Goldman Sachs.

The acquisition accelerates two big trends in consumer banking. General Electric has decided to exit the consumer financial services market, and has been rapidly shedding businesses all over the world. Goldman Sachs is building out a consumer banking strategy as it diversifies its business. Earlier this year, it announced that it will be entering consumer lending. And now, with a meaningful consumer deposit business, it will be active on both sides of the balance sheet.

Without the cost of a branch network, Goldman Sachs is able to pay higher interest rates to consumers while still obtaining funding advantages. Goldman Sachs is looking to diversity its funding, and sticky consumer deposits can be attractive. As interest rates increase, consumer deposits, due to their inertia, are typically not as responsive to increases in interest rates.

Goldman Sachs: Building The Consumer Bank Of The Future

FinTech companies, largely in the Silicon Valley, have started to change the way financial services are delivered to consumers. Marketplace lending has brought a better product and experience to consumers, a higher return to investors and more advanced credit risk analytics to lending decisions. Internet banks, by avoiding branch networks, are providing savers with higher interest rates and banks with low-cost funding sources. Goldman Sachs is out to prove that even a large, existing bank can take advantage of these trends.

Goldman Sachs will be launching a digital lending business. It has hired a former senior executive at Discover to lead the expansion. With the acquisition of the GE deposit franchise, Goldman Sachs will be a formidable competitor to the large incumbent banks. Why receive 0.01% on your savings account from Bank of America, and pay 19% interest on your credit card to Citibank, when you can get 1% on savings and pay 12% on loans to Goldman Sachs? Because Goldman does not have a legacy business to defend or cost structure to rationalize, it is uniquely positioned to challenge the large consumer banks in America.

At the moment, the marketplace lenders are taking advantage of ultra-low interest rates to grow. Investors are pouring money into any investment that offers yield. However, as interest rates increase, having access to low-cost consumer deposits will become a competitive advantage. Deposit rates for consumers do not increase as rapidly as interest rates in general. Goldman Sachs could end up with a funding cost advantage in a rising rate environment. Not only would the large consumer banks suffer, but the Silicon Valley start-ups may find it harder to compete.

Good News For Consumers

Many people have an immediate, negative reaction when they hear the name Goldman Sachs. However, in the consumer deposit and lending space, Goldman Sachs will be a challenger brand. In order to win as a challenger, you need a better product, experience, or both. Consumer loans and savings accounts remain entrenched with four big lenders who became even bigger after the financial crisis. Consumers will benefit by having well-funded new entrants looking to steal market share. Goldman Sachs is both large and well-funded. Consumer should expect better rates on savings accounts and loans in the years to come, as competition intensifies.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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