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Navy Federal Credit Union: Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Navy Federal Credit Union checking account options

Flagship Checking

Standard checking account that allows you to earn tiered dividends based on your balance.
APYMinimum balance amount
0.35%
$0.00 - $9,999
0.40%
$10,000 - $24,999
0.45%
$25,000+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • ATM fee: $0 – $1
  • ATM fee refund: $10 per statement cycle
  • Overdraft fee: $0

Navy Federal Credit Union’s Flagship Checking account has some noteworthy features. It is an interest-bearing account with tiered dividends (the credit union equivalent of interest) based on your balance. There’s a big jump from the lowest to the highest tier, which at $25,000 will give you a 10-basis-point bump to the highest APY.

There is no minimum opening deposit, but you’ll pay a $10 monthly fee if your balance is below $1,500 during the statement period. Another benefit of this account is that deposits to your account are generally available the same day or the next business day. If a check deposit will be available the following business day, the first $200 is made available on or before the first business day following the deposit.

In terms of making withdrawals, members with a Flagship checking account can withdraw from their account for free when using any Co-Op Network ATM. There is a $1 charge for any PLUS System ATM (overseas included). Be mindful that the owner of a non-Navy Federal Credit Union ATM may charge a fee, but the credit union will refund up to $10 in ATM fee charges per statement cycle.

Like all Navy Federal Credit Union checking accounts, this account has free online banking, online deposits, direct deposit, online statements, and checking protection options.

Flagship Checking would be a good option for someone looking for an interest-bearing account with extra perks and who can maintain enough funds in the account to avoid the monthly fee.

How to get Navy Federal Credit Union’s Flagship Checking account

Applying for a Flagship Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Free EveryDay Checking

An interest-bearing checking account with no monthly fees or minimum balance requirements.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: None
  • ATM fee: $0 -$1
  • ATM fee refund: None.
  • Overdraft fee: $0 but optional $20 protection

While the free EveryDay Checking account doesn’t have any fees or minimum opening deposit requirements, the interest rate is quite low and there are no rate tiers like the Flagship Checking account.

There also isn’t an ATM refund or credit for out-of-network fees. There is an Optional Overdraft Protection Service (OOPS) for $20 that enables members to authorize overdraft transactions and avoid non-sufficient funds (NSF) fees of $29 per transaction.

This account would be ideal for a member who just wants a basic checking account with no fees and minimum balance requirements.

How to get Navy Federal Credit Union’s Free EveryDay Checking account

Applying for a Free EveryDay Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

e-Checking

An interest-bearing online checking account with low fees.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $5
  • ATM fee: $0 – $1
  • ATM fee refund: Up to $10
  • Overdraft fee: $0

Navy Federal Credit Union’s e-Checking account is similar to their Free EveryDay checking account in terms of interest rate and $0 minimum opening deposit.

This account does have a $5 monthly maintenance fee that can be waived if you set up direct deposit or make 20 Visa debit card transactions per statement cycle.

If you want to make sure you avoid the monthly maintenance fee, you might be better off with the Free EveryDay Checking unless you plan on setting up direct deposit and making at least 20 debit card transactions per month anyway.

How to get Navy Federal Credit Union’s e-Checking account

Applying for an e-Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Free Active Duty Checking

Offers unique benefits for active duty military members.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: up to $20 per statement cycle
  • Overdraft fee: $0

This checking account allows early access to military pay with direct deposit. The interest rate is very low, so if you’re looking for a better return on your money, you may want to consider the Flagship Checking account.

Still, this account comes with free personalized checks, no monthly service fees, and ATM fee rebates of up to $20 per statement period.

There’s also no minimum opening deposit, making it accessible to many active duty members of the credit union.

How to get Navy Federal Credit Union’s Free Active Duty Checking account

Applying for a Free Active Duty Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Campus Checking

A checking account for full-time students.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 – $1
  • ATM fee refund: $10
  • Overdraft fee: $0

This account is ideal for full-time students from ages 14 – 24. There is no minimum balance requirement and no minimum opening deposit.

If you withdraw funds at non-Navy Federal Credit Union ATMs and incur an ATM fee, the credit union will refund it up to $10 per billing cycle.

This account doesn’t really offer any significant benefits or features that would set it apart from the other checking accounts, besides the fact that it is available to minors. Still, an under-18 customer may find a much better interest rate on a checking account at another bank.

How to get a Navy Federal Credit Union’s Campus Checking account

Applying for a Campus Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s checking accounts compare

When it comes to Navy Federal Credit Union’s checking account interest rates, you can get a much better rate at other banks. In fact, some of the best online checking accounts have much higher rates and low minimum opening deposits.

It’s clear that their Flagship Checking account is the best in terms of APY, but you have to deposit $25,000 to reach the highest APY tier. The low rates and the monthly maintenance fees on some of Navy Federal Credit Union’s checking accounts can lead military members and their families to consider other banking options.

Navy Federal Credit Union’s savings account

Basic Savings

No fees and simple requirements, but low returns as well.
APYMinimum Deposit Amount
0.25%
$5.00
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1
  • ATM fee refund:
  • Overdraft fee: None

The Basic Savings account comes with membership to Navy Federal Credit Union. There are no monthly service charges and any charges that might trigger an overdraft will get rejected.

The interest rate is very low compared to their certificates and even their Flagship Checking account.

There is a $3 inactivity fee per quarter if members age 24 and over have less than $50.00 in their account, no activity in 12 months, and no other Navy Federal Credit Union products.

All in all, you’d probably be better off storing your savings in one of Navy Federal Credit Union’s certificates or money market accounts.

How to get Navy Federal Credit Union’s Basic Savings account

This account comes with your membership to Navy Federal Credit Union. All you’ll have to do is apply for become a member and deposit your funds.

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on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s savings account compares

Navy Federal Credit Union’s savings account falls pretty low on the scale when compared to some of the best savings account rates offered by other banks.

Banks like Synchrony Bank, American Express, and Barclays all offer savings accounts with very competitive rates and no fees or minimum opening deposit requirements.

If you’re looking to get the best return for your money, you’d be better off with a higher-yielding savings account.

Navy Federal Credit Union CD rates

Share Certificates

A fixed-rate CD with short and long-term savings options.
Term$1,000-$99,999.99$100k+
3 months0.50%
0.55%
6 months1.01%
1.05%
9 months1.01%
1.05%
12 months1.50%
1.55%
18 months1.40%
1.45%
24 months1.40%
1.45%
3 years1.40%
1.45%
4 years1.45%
1.50%
5 years1.45%
1.50%
6 years1.45%
1.50%
7 years1.76%
1.80%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s share certificates are their most-standard type of certificate of deposit. While the credit union does offer variable CD rates, this one provides customers with a guaranteed fixed rate.

The rates are pretty competitive, but you must meet the minimum opening deposit to open an account and it’s pretty steep. The other downside is that there’s only a slight rate increase for deposits at or over $100,000. That’s a lot of money that might gain a better return in another investment as opposed to a CD.

Dividends are compounded daily and credited monthly. There is an early withdrawal penalty if you need to take money out before your CD matures so it’s important to choose your term wisely and base it on by when you’d want to start using the money.

How to get Navy Federal Credit Union’s Share Certificates

Opening a share certificate with Navy Federal Credit Union is easy and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Special EasyStart Certificate

A flexible short-term savings certificate with the best rate.
TermAPY
12 months3.50%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The Special EasyStart Certificate is a 12-month CD with a much-higher interest rate than the credit union’s share certificates. The minimum opening deposit is also very low and reasonable allowing more people to open an account despite what their budget is.

Another perk of having this account is that you can make additional deposits (up to $3,000) at any time. Generally, CD products only allow you to make an initial deposit then lock in your rate for a specific term. With the Special EasyStart Certificate, you can add more money as you go.

This account would be great for someone who wants to see a guaranteed return on short-term savings.

How to get Navy Federal Credit Union’s Special EasyStart Certificate

Opening a Special EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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on Navy Federal Credit Union’s secure website

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EasyStart Certificate

A step down from the Special EasyStart certificate in terms of interest.
TermAPY
12 months0.85%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The EasyStart Certificate has a lower rate than the Special EasyStart Certificate and it has a higher minimum opening balance.

However, it’s lower than regular certificate shares with Navy Federal Credit Union so you can open this account if you can’t meet the $1,000 minimum opening deposit requirement.

With this account, you can also make deposits at any time of at least $10 or more to grow your savings. This certificate could be a good option for someone looking to ladder their savings. For example, instead of opening one 5-year certificate for $20,000, you could open five certificates for $4,000 at various different terms.

How to get Navy Federal Credit Union’s EasyStart Certificate

Opening an EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

SaveFirst Account

High-yield savings with the lowest minimum opening deposit.
TermAPY
3 months - 5 years0.50%
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s SaveFirst Account is ideal for members looking for a high-yield savings vehicle, but without a lot to contribute to the minimum opening deposit.

The APY isn’t as high as some of Navy Federal Credit Union’s other certificates and there are only two terms to choose from, but you only need a $5 deposit.

Dividends are compounded daily and you can make deposits to your account at any time to grow your account.

How to get Navy Federal Credit Union’s SaveFirst Account

Opening a SaveFirst account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable share certificate

A variable-rate certificate you can add to over time.
TermAPY
3 years2.06%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

This certificate has a variable APY which sets it apart from the other certificates. The rate is pretty competitive, but the downside is that it can fluctuate on the 12th and 24th month from the purchase date.

The minimum opening deposit is higher than the SaveFirst and Easy Start certificates and members can only add funds to their account on its 12-month and 24-month anniversary dates.

If you opened an account with a smaller opening balance and could only add funds annually, you may not see much of a return on your investment.

This account would be ideal for a member who doesn’t want to have a locked savings rate for several years.

How to get Navy Federal Credit Union’s 3-Year Variable share certificate

Opening a 3-Year Variable certificate account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s CD rates compare

Navy Federal Credit Union’s CD rates are pretty competitive when compared against some of the best rates currently offered by other banks.

The $1,000 minimum opening deposit for standard share certificates is a middle-of-the-road option: it isn’t the highest, but it’s not the lowest market offering right now. One clear benefit is that the credit union offers different options for certificates, flexible terms, and the ability for members to add funds to their certificate after opening, but before the maturity date.

The one major downside is that Navy Federal Credit Union’s competitive certificate rates aren’t an option for just anyone. You must be a service member, employed by the Department of Defense, or related to someone who is in order to qualify.

Navy Federal Credit Union’s money market accounts

Standard Money Market Savings account

Tiered interest rates for higher balances, but a high minimum balance to earn APY.
APYMinimum balance amount
0.60%
$0 - $9,999
0.65%
$10,000 - $24,999
0.70%
$25,000 - $49,999
0.75%
$50,000+
  • Monthly account maintenance fee: None
  • Minimum balance to receive APY: $2,500
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

The Standard Money Market Savings account has tiered interest rates based on your account balance. In order to earn interest, your account must have a minimum balance of $2,500.

Interest is compounded monthly and credited monthly. Federal Reserve Regulation D allows a maximum of six transfers and/or withdrawals per calendar month.

Navy Federal Credit Union will honor any checks or ACH debits that exceed the monthly limit, but an excessive item fee per check will be debited from your account. This is why it’s best to limit your withdrawals to six per month or fewer with a money market account.

This account’s higher minimum balance requirement to earn APY may not appeal to some people. If you’re looking to earn interest right away and can’t deposit $2,500 to your account just yet, you may want to consider other options for money market savings.

How to get Navy Federal Credit Union’s Standard Money Market Savings account

You can apply for Navy Federal Credit Union’s Standard Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo Money Market Savings account

There’s not much of a interest rate reward for this account’s highest balance tiers.
APYMinimum balance amount
$0 - $99,9990.25%
$100,000 - $249,9991.00%
$250,000+1.10%
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

While Navy Federal Credit Union’s Jumbo Money Market Savings account provides an interest rate on-par with other money market accounts, members need to maintain a six-figure balance to earn it.

That’s a lot of money and could likely get a much better return with a smaller deposit at another bank.

How to get Navy Federal Credit Union’s Jumbo Money Market account

If you still want to look into applying for Navy Federal Credit Union’s Jumbo Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s money market accounts compare

While Navy Federal Credit Union’s money market accounts offer free checks and tiered interest rates with no monthly maintenance fees, they can’t hold a candle to some of the best money market accounts offered by other banks.

Banks like CIT, Ally, Virtual Bank, and Sallie Mae all offer a much higher rate than Navy Federal Credit Union and they require a smaller deposit or no minimum opening deposit at all.

If you already bank at Navy Federal Credit Union and enjoy some of their benefits, it may seem convenient to get one of their money market accounts, but you can certainly find better terms and rates elsewhere.

Navy Federal Credit Union’s IRA accounts

IRA CD Rates

Get a guaranteed rate of return for your retirement savings along with flexible certificate terms to choose from.
Term$1,000-$99,999.99$100k+
3 months0.50%
0.55%
6 months1.01%
1.05%
9 months1.01%
1.05%
12 months1.50%
1.55%
18 months1.40%
1.45%
24 months1.40%
1.45%
3 years1.40%
1.45%
4 years1.45%
1.50%
5 years1.45%
1.50%
6 years1.45%
1.50%
7 years1.45%
1.50%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Traditional IRAs are tax-deferred retirement plans meaning you don’t have to pay taxes on contributions until you withdraw funds. Roth IRAs are funded with already-taxed dollars meaning you don’t have to pay any taxes when you withdraw your money.

Some people don’t like the risk involved with investing in the stock market with an IRA. This is where IRA Certificates can come in pretty handy. You can set your term and you’ll earn a fixed rate of interest.

Navy Federal Credit Union offers flexible terms ranging from three months to seven years to accommodate anyone’s savings goals.

There are withdrawal restrictions meaning you can’t take funds out of the account early or you’ll face a penalty.

How to get Navy Federal Credit Union’s IRA certificates

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

EasyStart IRA Certificate

A competitive APY with a lower minimum opening deposit.
TermAPY
12 months3.50%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s EasyStart IRA Certificate currently has the same APY as their regular IRA certificate.

However, the minimum opening deposit is much lower allowing members to start saving for retirement with less money. Members can also make deposits at any time to grow their account balance. An early withdrawal penalty will apply if you try to take funds out before the end of the 12-month term.

This is a good option for members who are looking to open an IRA Certificate, but can’t afford the $1,000 minimum opening deposit for Navy Federal Credit Union’s standard IRA Certificate.

How to get Navy Federal Credit Union’s EasyStart IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable IRA Certificate

This IRA certificate has a variable rate with a capped minimum and uncapped maximum rate.
TermAPY
3 years1.35%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The minimum opening deposit for this IRA Certificate is a little higher than the EasyStart IRA Certificate, but it currently has a better interest rate and a longer term. The interest rate is subject to change each year, but is locked for a 12-month period. You can continue to add unlimited funds on the 12-month and 24-month anniversary dates after opening your certificate account.

Even though this rate is variable, the fluctuating rate will never fall more than half a percentage point below the initial rate and there is no maximum rate limit.

This IRA certificate would be ideal for someone looking to maximize their return and willing to take a small risk with a variable rate certificate.

How to get Navy Federal Credit Union’s 3-Year Variable IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s IRA CD rates compare

Navy Federal Credit Union’s IRA CD rates are competitive, but they are a little behind some of the best IRA rates offered by other banks.

This all depends on which certificate term you’re looking for. Navy Federal Credit Union has much lower rates for shorter terms 12-months and under. Their rates generally get better the longer you plan to save.

If you’re looking to save long-term in an IRA certificate, Navy Federal Credit Union’s rates are still pretty good. If you’re looking for a shorter term, you can probably find better rates at another bank.

Navy Federal Credit Union’s IRA money market account options

Standard IRA Money Market Savings Account

The IRA version of Navy Federal Credit Union’s standard Money Market Savings account.
APYMinimum Deposit Amount
0.60%
$0.00 - $9,999
0.65%
$10,000 - $24,999
0.70%
$25,000 - $49,999
0.75%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

There’s really not much of a difference when you compare this to the standard Money Market Savings Account. It also has tiered interest rates based on your account balance and a high minimum balance requirement to meet in order to earn interest on your savings.

If you’re looking to invest in retirement, you’d probably be better off with Navy Federal Credit Union’s IRA Certificates or a traditional IRA or Roth IRA account if you’re comfortable with more risk.

How to get Navy Federal Credit Union’s standard IRA Money Market account

To apply for Navy Federal Credit Union’s standard IRA Money Market account, go to their website then click the orange ‘Open Now’ button under the account you want to apply for.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo IRA Money Market Savings Account

Better returns with a much higher minimum deposit.
APYMinimum Deposit Amount
0.25%
$0.00 - $9,999
1.00%
$100,000 - $249,000
1.10%
$250,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59½ years old

Navy Federal Credit Union’s Jumbo IRA Money Market savings account offers a higher rate than the standard IRA money market account, but it also requires a much higher account balance in order to earn it.

If you don’t have a six-figure balance to earn the jumbo rate, the standard IRA money market account with tiered interest rates would be better.

How to get Navy Federal Credit Union’s Jumbo IRA Money Market account

To apply for Navy Federal Credit Union’s Standard IRA Money Market account, go to the website then click the orange ‘Open Now’ button under the account you want to apply for.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

IRA Savings Account

This account earns much less than their standard Money Market Account.
APYMinimum Deposit Amount
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

With Navy Federal Credit Union’s IRA Savings account, you can get the tax benefits associated with investing in a Roth, SEP, or Traditional IRA without all the stock market risk.

This account has no fees and no early withdrawal penalty from the credit union.

However, this account’s interest rate is quite low meaning it may not provide the best return for your money.

How to get Navy Federal Credit Union’s IRA Savings account

Applying for Navy Federal Credit Union’s IRA Savings account is easy and you can do it online if you’re a member. If you’re not a member, you can call the credit union to open an account.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Overall review of Navy Federal Credit Union’s banking products

Navy Federal Credit Union offers a wide selection of banking products with no fees or at least waivable fees for members of the military and their family.

While the bank serves an exclusive customer base, they don’t offer exclusive banking features or highly competitive rates outside of their certificates and variable rate products. Their certificates have fair rates and terms with flexible offerings to accommodate anyone’s savings goals.

However, military families can get better rates for savings accounts, money market accounts, and IRA savings at an online bank.

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Reviews

U.S. Bank Review: Checking, Savings, CD and Money Market Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

U.S. Bank’s checking account options

Platinum Checking Package

An interest-bearing checking account plus perks and discounts.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95
  • ATM fee: $0 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Platinum Checking Package is supposed to be U.S. Bank’s top tier checking account option. It comes with all the basic features that Easy Checking offers along with the same bonuses that the Silver and Gold Checking Packages provide.

However, it comes with a pricey monthly maintenance fee that can only be waived if you have $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments or if you have a personal trust relationship with U.S. Bank Wealth Management.

While there are no ATM fees, you will pay other smaller fees like $2 per debit card cash advance, and between $2 – $6 for paper statements.

Other benefits exclusive to this account include:

  • No annual fee on a home equity line of credit (HELOC)
  • An account bonus for select U.S. Bank FlexPerks credit cards
  • 25 free trades when you open up a brokerage or IRA account through U.S. Bancorp investments

The interest rate for Platinum Checking Package is quite low, so if you want to get a better rate, you can sign up for a Platinum Select Money Market Savings Account. Like most U.S. Bank savings accounts, this money market account can also be used to provide overdraft protection.

While this checking account offers a fair share of benefits that could help you save money, you’d have to be able to take advantage of most of them and/or meet the requirements to waive the monthly maintenance fee to make the most out of the account.

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Premium Checking

A checking account with interest and added benefits but a monthly fee that’s hard to avoid.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10.95 unless you’re 55 or older or daily balance of $5,000
  • ATM fee: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

We like that U.S. Bank’s Premium Checking account is an interest-bearing account, but the current interest rate is so low. Unfortunately, the monthly maintenance fee is unavoidable if you’re not 55 years old or older, or if you don’t have a daily balance of at least $5,000.

If you’re going to hold that much money in your account, you might as well put it in a high-yield savings account so your money can earn interest.

One perk about this account is the fee-free ATM benefit. This means U.S. Bank will not charge you for using an out-of-network ATM. However, the ATM owner may charge a fee if they are not a part of the MoneyPass network.

This account also comes with free U.S. Bank logo checks on your initial check order and a 50% off discount on all other personal designs. This account also has lower fees than Easy Checking, as there are no fees for copies of checks or paper statements.

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Easy Checking

A basic checking account with standard features like free digital services despite a few fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95 unless you set up direct deposit or maintain a daily balance of $1,500
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Easy Checking account is its most basic account with no added features. It’s a non-interest bearing account with a low minimum opening deposit amount. There is no minimum balance requirement listed in the terms, but there is a monthly maintenance fee.

To waive the monthly maintenance fee, you need to set up direct deposits totaling at least $1,000 per month, or maintain a daily account balance of $1,500.

Like many other bank accounts, easy checking account holders have access to a debit card that doubles as an ATM card, free access to online and mobile banking and free online bill pay for standard delivery.

There are a few fees to consider, like the $2 paper statement fee, the $35 stop payment fee and the overdraft fee. Although you can set up overdraft protection by linking a savings account, line of credit, or credit card to your checking account to cover the negative balance, U.S. Bank will require transfers in multiples of $50 for overdraft amounts over $5.01 and charge a $12.50 overdraft protection transfer fee for this.

Let’s face it, though; no one wants to overdraft and this account is an option if you can avoid the overdraft and monthly maintenance fees.

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Silver Checking Package

A checking account that pairs nicely with a money market account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Silver Checking Package comes with all basic features you’d get with the Easy Checking account, plus a monthly maintenance fee.

To waive the monthly fee, you can connect your account to a U.S. Bank Package Money Market Savings Account. From there, you can set up direct deposits of at least $1,000 per month, or maintain a combined balance of $1,500 to get rid of the $6.95/month fee.

The best use of this account would be to take advantage of the ability to open a Package Money Market Account. We’ll cover more of the features that come with a U.S. Bank Money Market account during this product’s review, but one perk you’ll have is being able to enroll in the U.S. Bank Smart Start Savings Program.

With this program, you’ll earn a $50 reward when you save $500 in your Money Market Savings account. You’ll also get a 1% net bonus on gas and grocery debit card purchases for your first year after enrolling.

The Silver Checking Package is also great to have if you’re a homeowner or planning on buying a home as you’d qualify for the U.S. Bank Customer Credit. This credit provides you with 0.25% deduction of the loan amount’s closing costs of up to $1,000 for your first or existing mortgage through the bank.

This account is perfect for someone looking to pair the benefits of a checking account with a money market account.

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Gold Checking Package

A checking account with additional benefits for credit card holders.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95
  • ATM fee: $0 for first two withdrawals in the statement period, $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Gold Checking Package is a checking account that’s best for someone who has a credit card or open personal loan with U.S. Bank and also wants to utilize basic and premium checking account features. If you have either one of those accounts, you can waive the monthly maintenance fee. A personal loan includes U.S. Bank auto loans and home equity loans.

If you don’t have a U.S. Bank credit card open, you can apply for one when you open this account and still be able to waive the monthly maintenance fee.

Other benefits of using this account include two no-fee ATM transactions per statement period at non U.S. Bank ATMs, along with up to two additional Easy Checking accounts with no monthly maintenance fee so long as you’re the co-owner of the account.

Account holders will also get to waive the overdraft protection transfer fee when a transfer is made from a linked U.S. Bank account.

While this account isn’t interest-bearing on its own, like the Silver Checking Package, you can connect a Package Money Market Savings account which earns interest. You’ll also be able to save up to $1,000 on closing costs for a new or existing U.S. Bank mortgage.

Plus, you can enroll in the U.S. Bank Because You’ve Earned It program which provides you will full access to the TransUnion Creditview platform so you can monitor your credit score.

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Student Checking

Easy banking just for students.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first four withdrawals in the statement period, then $2.50 for additional withdrawals
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Student Checking account provides the same basic account features that Easy Checking does including full access to mobile and online banking along with online bill pay options and mobile check deposit.

Account holders also get four non-U.S. Bank fee transactions per statement at non-U.S. Bank ATMs. Personal checks are also free.

This is a non interest-bearing account but it’s great for college students who don’t want to deal with ATM or monthly maintenance fees.

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Safe Debit Account

Not the best option given that there are no checks and a monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95
  • ATM fee: $2.50 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: None

U.S. Bank’s Safe Debit account is an alternative to their traditional checking account. This is a non interest-bearing account with no checks and a monthly maintenance fee that can’t be waived. Paper statements are also unavailable.

Account holders do get discounts on money orders and free credit score access through the TransUnion CreditView dashboard.

The one thing that makes this account stand out from the other options mentioned above is that there’s no overdraft fee. Otherwise, it’s not our favorite option due to the monthly fee and very few added benefits.

How to get a U.S. Bank checking account

There are three ways to apply for a U.S. Bank checking account. You can apply easily online. Just head to U.S. Bank’s website, then click on the checking account option you’re interested in under the ‘Personal’ drop down tab. Click the ‘Apply Online’ button and enter your zip code to get started. You can also check your application status online here.

If you don’t want to apply online, you can apply in person at your local U.S. Bank branch or apply by calling the bank.

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How U.S. Bank’s checking accounts compare

U.S. Bank’s checking accounts all require a low opening deposit amount and offer a wide variety of different benefits. However, when compared to some of the best checking account options with other banks, U.S. Bank falls short due to its low interest rates and high monthly maintenance fees.

U.S. Bank offers a barely-there interest rate for its Premium Checking and Platinum Checking accounts, which doesn’t increase at all as your balance increases.

On the other hand, Ally Bank offers a competitive interest rate for its checking account and an APR increase for a higher balance.

U.S. Bank’s accounts seems to pair well with other features and benefits the bank offers, especially when it comes to using its loans (mortgage, auto, personal) and credit cards.

However, if you’re just looking for a simple checking account with no fees and a competitive interest rate, you might want to check out some of these other checking account options.

U.S Bank’s savings account

Standard Savings Account

A basic savings account with a low return.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $4
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

The U.S. Bank Standard Savings Account comes with online and mobile banking, online statements, free ATM transactions, and account alerts via text. The account can also be used to provide overdraft protection for a U.S. Bank checking account.

This account offers a very low interest rate which is nothing to call home about, along with a monthly fee. In order to waive the monthly fee, you’ll need to keep a $300 minimum daily balance or a $1,000 average monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Goal Savings

An effective way to transfer money to meet your savings goals.

APY

Minimum Balance Amount

0.01%

Under $1,000

0.01%

$1,000 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000+

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

This account is geared toward people who want to save more money to reach specific financial goals. While there is no set opening deposit amount, you are required to set up an automatic monthly transfer of at least $25 from your checking account to your Goal Savings account.

Depending on your goal, you can transfer more money into your account automatically and more frequently on a weekly, bi-weekly, or monthly basis as well.

This account is interest bearing and account holders will get the same benefits that the Standard Savings Account provides.

This account would be a good option for someone looking to automate savings for a short term financial goal. If you’re looking to save for a long-term financial goal, you might want to consider getting a higher interest rate with another savings account.

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Star Savers Club Account

An FDIC-insured savings account for kids.

APY

Minimum Balance Amount

0.01%

Under $500

0.01%

$500 - $999

0.01%

$1,000 - $4,999

0.01%

$5,000 - $9,999

0.01%

$10,000+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: N/A

The Star Savers Club account is a savings account geared toward minors ages 17 and under. We like that this account is interest bearing and has no monthly maintenance fee, but it doesn’t have any other features or perks to help get kids excited about saving money.

This account will convert to a Standard Savings Account when the minor reaches the age of 18.

How to get a U.S. Bank savings account

In order to sign up for U.S. Bank’s Star Savers Club Account, you need to visit a local branch and fill out an application in person.

For the Goal Savings or Standard Savings account, you can apply online. You’ll need to provide your social security number, driver’s license, State ID, and be at least 18 years old. For the Goal Savings account, you’ll need to have an existing U.S. Bank checking account or open a new one. You can also call the bank to apply for a savings account via phone.

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How U.S. Bank’s savings accounts compare

U.S. Bank doesn’t offer much variety in terms of its savings account products. What’s worse is that they all provide the same low interest rate no matter how much you save. The Star Savers Club Account for minors is a good idea, but you may be able to get a better return at a credit union or by opening up a 529 Plan for your child and teaching them savings principles that way.

The best thing going for U.S. Bank’s savings accounts is their low opening deposit, seeing as how some other banks require you to deposit thousands of dollars just to open an interest-bearing savings account.

However, if you’re willing to use an online bank, you can likely find a better interest rate along with a lower or $0 opening deposit. Check out some of these savings account options to compare.

U.S. Bank’s CD rates

U.S. Bank CD Account

Standard CD that suits a variety of investing needs.

Term

CD Amount

APY

1 Month

$500 - $249,999

0.05%

2 Month

$500 - $249,999

0.05%

3 Month

$500 - $249,999

0.05%

6 Month

$500 - $249,999

0.05%

12 Month

$500 - $249,999

0.10%

18 Month

$500 - $249,999

0.15%

24 Month

$500 - $249,999

0.20%

36 Month

$500 - $249,999

0.30%

48 Month

$500 - $249,999

0.40%

60 Month

$500 - $249,999

0.60%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s standard CD has various terms to accommodate each person’s investing needs along with a fixed rate of return for the term you choose. All of the bank’s CD products are FDIC-insured.

Interest is accrued at the end of the term or annually, whichever comes first. If you withdraw funds before your CD matures, you’ll be charged a penalty which will reduce the interest earnings you would have made for a specified period of time.

The rates for U.S. Bank’s CDs are higher than their savings accounts, making them a better option if you can afford the minimum opening deposit and want to save money for a specific term.

When your term is up, you can automatically renew your CD, but the APY may be different depending on what current rates are in your area.

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CD Special

Limited terms, but allows you to lock in better rates.

Term

CD Amount

APY

11 Months

$1,000 - $249,999

2.25%

19 Month

$1,000 - $249,999

2.30%

37 Month

$1,000 - $249,999

0.85%

59 Month

$1,000 - $249,999

1.50%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

If you have a little more money to deposit to open a CD account, you may be able to take advantage of U.S. Bank’s special CD rates.

These rates are more competitive than the standard CD rate, but you’ll only be able to lock them in for your initial term. After your term is up, you can automatically renew your CD at the current rate in your area.

If you choose to withdraw funds before your term is up, you’ll be charged a penalty in the form of a deduction of the interest earnings you would have made for a specified period of time.

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Step Up CD

Boost your return for saving money over time with this CD.

Term

CD Amount

Blended APY

28 Month

$1,000 - $249,999

0.40%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

With a step-up CD, interest rates automatically adjust at predetermined times during your term length.

The good thing is that these rates are locked in so you don’t have to worry about monitoring the market. U.S. Bank’s step-up CD has an increasing rate every 7 months. The blended APY assumes the principal and interest remain on deposit for the term of the certificate.

All interest payments for the APY will be made at the end of your term or annually (whichever is first).

The only downside, is that the 28-month term is the only option customers have. Still, this is a low-effort way to diversify your portfolio and receive a guaranteed return.

Like U.S. Bank’s other CD products, you’ll be charged an interest deduction penalty if you withdraw funds before your term ends.

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Trade Up CD

Trade up your interest rate during the same term.

Term

CD Amount

APY

30 Month

$1,000 - $249,999

0.40%

60 Month

$1,000 - $249,999

0.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s trade up CD allows you to invest in a longer term CD, but also get the advantage of receiving an increased APY during your same term.

Normally with CDs, you lock in a specific rate during the life of your term. If rates go up or specials are offered, you can’t take advantage of the higher rates if you’re already locked into a term.

With this trade up CD account, you have the option to unlock your current interest rate and lock in a higher rate during your initial term.

You just need a minimum opening deposit of at least $1,000 and all interest payments are made at the end of the term or annually, whichever is first.

How to get U.S. Bank’s CDs

To open a U.S. Bank CD account, you can apply online. You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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How U.S. Bank’s CD rates compare

U.S. Bank’s standard CD rates are pretty low compared to what other banks are offering, but the opening deposit is more affordable as well.

Its special CD rates line up better with some of the most competitive CD rates at other banks. The major downside is that you may not be able to lock in such a good rate after your CD term is up. Compare current top CD rates here.

U.S. Bank’s money market account options

Standard Money Market Account

A basic money market account that pays more interest.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $24,999

0.05%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

This is a basic money market account that comes with standard U.S. Bank features, including online and mobile banking, online statements, free ATM transactions, and account alerts via text.

The account is interest bearing and can also be used as overdraft protection for another U.S. Bank personal account.

The minimum opening deposit for this account is higher than U.S. Bank’s checking and savings account, but it does provide a slightly higher return.

If you want to waive the monthly account maintenance fee, you’ll need to maintain a $1,000 daily balance, or a $2,500 monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Package Money Market Savings

Available to Silver and Gold Checking account holders only.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $49,999

0.07%

$50,000 - $99,999

0.07%

$100,000 - $499,000

0.07%

$500,000+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

Package Money Market savings is an account only available to Silver and Gold Checking account holders. We like that it has a reasonable opening deposit amount and no monthly maintenance fee.

It is also interest bearing and provides the potential to earn a higher rate than the standard money market account. However, you’ll have to save a lot more to get it.

Its balance requirements to earn the highest APY are pretty steep and you may be better off investing your money elsewhere to get a better return. Still, with this money market account you’d be receiving a guaranteed rate of return which may appeal to some people looking for a risk-averse savings option.

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Platinum Select Money Market Savings

Available to only Platinum Checking Account holders.

APY

Minimum Balance Amount

0.01%

Under $1,500

0.01%

$1,500 - $9,999

0.01%

$10,000 - $49,999

0.01%

$50,000 - $99,999

0.05%

$100,000 - $499,999

0.05%

$500,000+

Bonus APY

APY

Minimum Balance Amount

1.12%

$10,000 - $49,999

1.15%

$50,000 - $99,999

1.15%

$100,000 - $499,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

The Platinum Select Money Market savings account has no monthly maintenance fee and offers a far better APY than U.S. Bank’s other money market accounts.

Customers also have access to an introductory bonus rate for the first 12 months after opening an account. The APY bonus rate will be applied to account balances between $10,000 and $499,000. After the 12 month period, the introductory bonus rate will expire and your APY will decrease to the original figures shown in Table 1.

While it’s great to see U.S. Bank offering competitive money market rates, they’re only available for a limited time and you must deposit at least $10,000 into your account, which will be difficult for some people.

In order to get this account, you must have the Platinum Checking Package which is the top tier checking account offered by U.S. Bank.

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Elite Money Market Account

A high balance is required, but the interest doesn’t add up.

APY

Minimum Balance Amount

0.01%

Under $10,000

0.01%

$10,000 - $24,999

0.01%

$25,000 - $49,999

0.01%

$50,000 - $99,999

0.05%

$100,000 - $499,999

0.05%

$500,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15 per transaction

The Elite Money Market account is geared toward savers who can deposit large amounts of money since there are tiered interest rates that pay more for higher balances.

Unlike the Platinum Select Money Market savings account, the interest rate is generally lower and there aren’t any APY bonuses for new account holders.

This account doesn’t require you to have a specific U.S. Bank checking account like the Platinum Select Money Market does.

There is a monthly account maintenance fee that can be waived if you are able to keep a daily balance of $10,000. For this reason, this isn’t our favorite Money Market account from U.S. Bank.

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Retirement Money Market Savings

Save for retirement and earn tiered interest rates over time.

APY

Minimum Balance Amount

0.05%

Under $5,000

0.10%

$5,000 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.10%

$50,000 - $99,999

0.10%

$100,000+

Bonus APY

APY

Minimum Balance Amount

0.55%

Under $5,000

0.60%

$5,000 - $9,999

0.60%

$10,000 - $24,999

0.60%

$25,000 - $49,999

0.60%

$50,000 - $99,999

0.60%

$100,000+

  • Minimum opening deposit: $100 or $25 monthly automatic deposit
  • Monthly account maintenance fee: $0

U.S. Bank’s Retirement Money Market savings account offers the tax-advantaged benefits of investing in an IRA, along with the security of earning a fixed rate of return.

There is no monthly maintenance fee and in order to earn the bonus APY, you need to have a U.S. Bank Silver, Gold, Platinum, or Silver Elite checking account.

To earn the bonus rate, you must also maintain a combined deposit balance requirement of $25,000 and this includes customer checking, savings, money market, CDs and IRAs.

This account would be best for someone who is looking to diversify their investments and utilize more conservative options.

How to get a U.S. Bank money market account

You can get a U.S. Bank money market account by applying securely online. You can also apply at your local U.S. Bank branch or by calling the bank. For the Money Market Retirement account, you can only apply in your local branch.

You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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How U.S Bank’s money market accounts compare

U.S. Bank offers different types of money market accounts geared toward different types of savers. However, its accounts with tiered interest rates fail to live up to the expectation that someone who saves more for a specified period of time would get rewarded with a higher interest rate.

U.S. Bank’s money market accounts all have a very low APY just like many other traditional banks. While they offer a competitive bonus APY, it’s only available for 12 months and not ideal for someone looking to save and get a higher return on their money in the long-term.

If you’re looking for better money market rates and no monthly maintenance fees, you’d be better off checking out other money market options from top online banks.

Overall review of U.S. Bank’s banking products

U.S. Bank offers a full line of personal banking products, some of which complement each other. Some of its checking account packages pair well with corresponding money market accounts.

Having a specific checking account with the bank can also allow you to unlock better Money Market Retirement account rates.

While U.S. Bank is very widely known, it is a traditional bank with rates that reflect that fact. When compared to other online banks that don’t have dozens of physical branches all over the country, U.S. Bank’s CD, savings account, and money market rates fail to compete.

Their monthly maintenance fees are also high and, in some cases, difficult to waive. While the bank offers customers other benefits like no ATM fees, overdraft protection, a rewards savings program and homeowner closing cost credits, if you’re looking to get the most bang for your buck, the rates are just not there.

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Reviews

Bank OZK Reviews: Checking, Savings, CD, Money Market, and IRA Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Bank OZK checking account options

MaxYield Checking account

This checking account earns interest, but at a price.
  • Minimum opening deposit: $1,000
  • Minimum daily balance requirement: $1,000
  • Monthly account maintenance fee: $12 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bank OZK MaxYield Checking account provides customers with unlimited access to their funds. The first check order is free, and, according to the bank, the account earns interest on balances each month.

The only potential downside is the $1,000 minimum opening balance requirement. As well, the $1,000 minimum daily balance requirement during statement cycle to avoid a monthly maintenance fee makes this account sound more like a savings account.

If you do get charged a monthly fee, it could easily offset the interest earned that month.

On the flip side, having plenty of funds in your account could serve as a buffer to help cover unexpected expenses and could avoid going into overdraft.

This type of checking account may be ideal for someone who’s looking to keep a lot of money in their checking account each month in order to earn interest. The APY for this account isn’t listed on the website, so you may want to call Bank OZK prior to opening this account to check the rate.

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My Choice Checking account

This is a free checking account with added value.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

This Bank OZK checking account is free (no monthly maintenance fee) and offers account holders an added value option once direct deposit is set up.

If you set up direct deposit after opening your account, you’ll qualify for one bonus feature. You can choose from receiving free nationwide ATM access, free identity theft protection, or earning interest on your balance.

All would be great benefits to receive for free, but you can only get one with this type of account. If you set up direct deposit, this account definitely wins over the Free Checking account option. The My Choice checking account could be great for someone looking to score one of these benefits for free and utilize all of the basic account features from the Free Checking account.

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Free Checking account

This basic checking account is non-interest bearing and has no maintenance fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Bank OZK’s free checking account is a standard account without strict requirements so long as you can meet the minimum deposit amount to open the account.

While it pays no interest, there are no monthly maintenance fees or minimum balance requirements to meet. Account holders also receive benefits like unlimited check writing, online banking options, online bill pay and electronic statements.

Overdraft protection is available after 30 days with their Bounce Proof Security benefit. Bounce Proof Security will pay overdrafts up to your limit, with a maximum overdraft of $500. An overdraft fee will apply.

This account could be best for someone who’s looking for an everyday spending checking account with low fees and doesn’t necessarily want to earn interest.

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Bonus Checking account

This is a premium checking account with plenty of perks and reward options.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bonus Checking account doesn’t pay interest, but it makes up for that with its wide range of benefits and added features.

This account provides up to $10,000 accidental death and dismemberment Insurance, up to $2,500 identity theft expense reimbursement coverage for expenses associated with restoring your identity, a fraud management specialist if needed, local merchant savings and cashback rewards for online debit purchases, along with the ability to purchase gift cards with no fees.

For the accidental death and dismemberment insurance, coverage is split between joint accounts and reduced by 50% at the age of 70. Insurance products may have other terms and conditions.

This account could be ideal for someone who’s looking to take advantage of all the benefits and bonuses this account provides. The monthly account fee is low when you consider the insurance and identity theft protection provided.

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Heritage Checking account

A checking account for clients age 50+ with a minimum balance requirement
  • Minimum opening deposit: $100
  • Minimum daily balance requirement: $300
  • Monthly account maintenance fee: $6.25 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Heritage Checking Account is geared toward clients age 50 and older. Account holders receive unlimited free wallet-style checks, and no-fee cashier’s checks (limited to three per month).

The downside is that this is also a non-interest bearing account. There’s also a $300 minimum daily balance requirement to meet if you don’t want to be charged a monthly maintenance fee.

The only significant benefit of using this checking account is free checks. If you’re 50 or older and don’t write a lot of checks, you might want to consider one of the other checking accounts.

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Pathway Checking account

This checking account offers a second chance at banking responsibly.
  • Minimum opening deposit: $50
  • Minimum daily balance requirement: None
  • Monthly account maintenance fee: $10
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Pathway Checking is Bank OZK’s second-chance checking account geared toward people who have been turned down by other banks. The opening deposit amount is lower than their other accounts but this is a non-interest bearing account.

There’s also no minimum balance requirement, but there is a $10 monthly service fee that can’t be waived. This account would be a great way to start over for someone who might have been turned away from other banks or made some mistakes with previous checking accounts.

How to get a Bank OZK checking account

Opening a Bank OZK checking account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

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How Bank OZK checking accounts compare

Bank OZK offers a wide variety to choose from when it comes to checking account options and the application process is fairly simple. When compared with some of the best online checking accounts, Bank OZK doesn’t rank as high because most of their accounts don’t offer interest and some have monthly maintenance fees if you don’t maintain a certain balance each day. In addition, most online banks are up front about the interest you could earn on accounts, but Bank OZK currently lacks that transparency.

On a positive note, the minimum opening deposit required for most of their checking accounts is lower than some competitors. Banks like TIAA Bank and Consumer Credit Union require a higher opening deposit, but they provide a competitive interest rate to account holders.

The fact that Bank OZK offers a second-chance checking account also sets them apart from other banks because it means they are willing to work with people who have a less-than-perfect banking history.

Bank OZK savings account options

Personal Savings account

Earn interest on your entire balance and boost your savings with added features.

APY

Minimum Balance Amount

0.05%

None

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement of $100
  • Overdraft fee: $35 if overdrawn by more than $5
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

This is Bank OZK’s basic savings account, allowing account holders to earn interest on their entire balance. There is a small monthly maintenance fee if you don’t meet the minimum daily balance requirement.

A free feature that you can add on to this account and all other checking and savings accounts with this bank is called My Change Keeper. My Change Keeper is intended to help you reach your savings goals quicker by rounding up purchases, saving the difference. If you have both a checking account and savings account through Bank OZK, you can choose between three round-up options.

Option A: With every debit transaction you make, My Change Keeper automatically rounds up to the next whole dollar amount and transfers the difference.

Option B: You can set your account to round up to the next whole dollar amount plus throw in an additional dollar amount ranging from $1-$5 each time you make a transaction.

Option C: You can specify an additional dollar amount between $1 and $5 to save with every swipe instead of rounding up.

According to federal regulation D, you are limited to six withdrawals per month from any savings account. Bank OZK will charge a $10 fee each month during which there are more than six withdrawals or transfers, other than those made at an ATM.

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First Savings account

A flexible savings account for minors.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

The First Savings account is similar to Personal Savings only it is geared to customer who are 17 years old or younger.

There are no minimum balance requirements or monthly maintenance fees, and interest is earned on the entire balance.

This could be a great account option if you are looking to get your kids into the habit of saving money and have a positive first banking experience.

Bank OZK does not post the rate for this account on its website, so please make sure you call to check the rate for your location prior to opening this account.

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Christmas Club account

This savings account provides a unique way to save for the holidays.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: None

Bank OZK’s Christmas Club savings account is perfect for anyone looking to save money specifically for year-end holiday spending.

This account is non-interest bearing but has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is low and you can set up automatic transfers to build your holiday savings. You do not get an ATM card with this account as you would with other Bank OZK savings accounts.

Quarterly statements are provided, and each year, Bank OZK will mail you a check with the full balance of the account by Nov. 3. Then, the account can be funded again for another year via manual or automatic payments.

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Health Savings account

This account is a tax-exempt way to save for medical expenses.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

If you have a high-deductible health plan (HDHP), the Bank OZK Health Savings account will allow you to set aside money for medical expenses. With a health savings account (HSA), you can use the funds to pay for qualifying health care expenses or to reimburse yourself for qualifying health care expenses. The bank notes that not all HDHPs are HSA eligible.

There is a 20% additional tax on distributions not used for qualified medical expenses. After the age of 65, the funds can be withdrawn for any purpose without penalty.

This is an interest-bearing savings accounts and earnings from interest are tax-free. The rate is not posted on the website, so you may want to contact the bank to check the APY being offered for your location.

The $100 minimum opening balance for this account is standard compared with Bank OZK’s other accounts. However, there is a $1,000 minimum daily balance requirement in order to avoid a $3 monthly maintenance fee. That fee can be waived for the first six months after opening the account to allow some extra time to save more money to reach the minimum balance requirement.

One benefit of having this account is that your savings can be used to fund your health insurance premium if you’re between jobs so your policy doesn’t lapse.

How to get a Bank OZK savings account

Opening a Bank OZK savings account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

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on Bank OZK’s secure website

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How Bank OZK savings accounts compare

If you’re going to save money for anything, it would be nice to earn a competitive interest rate on your money. Bank OZK offers a range of savings accounts, but the rate that is posted doesn’t really measure up.

If you’re looking to teach your child how to save, their First Savings account is an option to start with but it won’t be the best long-term solution for growing their money.

Banks on our list of best savings accounts offer rates well above 1% which could give you a much better return on your money.

Bank OZK CD Rates

Term

APY

6 Months

0.08%

12 Months

0.18%

24 Months

1.50%

APY for Tennessee Only

6 Months

1.05%

12 Months

1.31%

17 Months

2.41%

24 Months

1.60%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: Loss of APY. For CDs on a 1 year term of less, 90 days of interest will be deducted. For a CD with a term longer than 1 year, 182 days of interest will be deducted

Bank OZK offers a diverse range of CD options depending on your savings goals. The terms range from the three months to five years. The longer your term, the higher you can expect your APY to be.

While Bank OZK offers a wide range of terms, the only rates it currently shows on its website are the rates above. Like most of the other products, you’ll want to call the bank prior to opening this account to check the rates for the other terms.

Another note about the rates above: Bank OZK is offering special rates for individuals residing in the state of Tennessee. If you don’t live in Tennessee, you’ll be opening a CD with a much lower APY.

There is an early withdrawal penalty if you take money out of your account before the CD’s maturity date and this is in the form of an APY deduction.

However, as long as you can meet the minimum opening deposit amount of $1,000, there are no fees for maintenance or opening the account.

How to open a Bank OZK CD

Opening a Bank OZK CD is easy and you can do it on their website. From there, you’ll need to verify your identity and e-sign to provide consent.

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How Bank OZK CD rates compare

Bank OZK offers various different terms for their CD products which is great if you like options and are not looking for a one-size-fits-all solution.

While the CD terms that are offered to a majority of the states provide a lower rate, these could still be a helpful way to stay disciplined enough to meet a short-term savings goal without feeling tempted to withdraw your money to early.

The minimum opening deposit is standard across all of their CDs, but it is somewhat lower than what many other banks are offering to open up a CD account.

Overall, the rates offered for Bank OZK CDs fall short when compared to some of the best CD rates currently offered by other banks.

If you have more money to deposit into a CD, you can likely get a better return elsewhere.

Bank OZK Money Market account options

Personal Money Market Plus account

This looks a lot like the savings account options.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Plus is an interest-bearing account that requires a higher minimum opening deposit than the other savings account options. You’ll want to call the bank prior to opening this account to check the current rate.

There is a monthly maintenance fee attached to this account but to avoid it, you have to keep your daily balance at a minimum of $1,000.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

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Personal Money Market Gold account

Similar structure as the Money Market Plus, but with a bigger opening deposit and balance.
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $10,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Gold is also an interest-bearing account, but we don’t like that it has a higher opening deposit amount than the Money Market Plus account. You’ll also have to keep a much higher balance in the account to avoid a monthly maintenance fee. Contact the bank prior to opening this account to check the current rate.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

Investor’s Choice Money Market

New account looks a lot like the first.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

This account will be available Sept. 1, but it’s a little hard to see what might set it apart from the Money Market Plus account with its identical minimum balance.

Also like the Plus account, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

How to get a Bank OZK market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account. Since Bank OZK doesn’t currenly publish its money market rtes online, you’ll want to call the bank to check the rates prior to opening the account.

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How Bank OZK money market accounts compare

Just like some of its savings accounts, Bank OZK money market accounts fall flat when compared with some of the best money market account options in the industry.

It all boils down to Bank OZK’s low rates and higher minimum opening deposit amounts. Its lack of transparency on the rates give no incentive to transfer from a high-yield savings account with a verified rate or any of the high-yield money market accounts shown here.

Some of the industry’s top money market accounts have no minimum opening deposit amount making it easily accessible to customers.

Bank OZK IRA account options

IRA CD rates

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: 10% Federal tax withdrawal penalty

Bank OZK offers IRA CDs with the same terms as its regular CD products. Despite the security offered, if these rates are anything like the regular CD products, they would be pretty low compared with what you could be earning by investing your retirement savings in other alternatives, like mutual funds.

An IRA CD would be best for someone who wants to play it safe with their savings and is looking for a guaranteed return.

How to get Bank OZK IRA CDs

In order to open an IRA CD with Bank OZK, you’ll need to stop into one of their branch locations shown here. Make sure to request the current rates prior to opening an IRA CD.

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How Bank OZK IRA CD rates compare

Unfortunately, Bank OZK falls short for IRA CDs as well. If the rates are similar to what’s being offered on Bank OZK’s regular CDs, you’ll have to lock your money in an IRA CD for at least five years to earn a decent amount of interest.

Meanwhile, other banks and credit unions offer a 2% – 3% APY and require a lower opening deposit amount.

If you’re looking to grow your money with an IRA CD, you can find better IRA CD rates elsewhere.

IRA Money Market Account

Consider a retirement savings account.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000

This IRA money account earns interest in the entire collected balance. Like other IRA accounts, contribution limits and withdrawals may be subject to Internal Revenue Service rules. You’ll want to call the bank prior to opening this account to check the current rate.

How to get a Bank OZK money market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account.

Overall review of Bank OZK banking products

Considering the range of Bank OZK’s banking products, its the checking accounts that win, hands down. The bank has a simple, free checking account with no fees along with a second-chance checking account option. Minimum opening deposit amounts for checking accounts are higher than other banks and the same goes for savings accounts.

While fees are manageable, the lack of transparency for savings accounts, money market accounts, CDs, and IRA CDs are unimpressive.

Bank OZK occasionally offers special CD rates that are competitive, but they are often only available in selected cities or regions.

On the bright side, Bank OZK is planning for growth and expansion. The bank plans to make its products more accessible in other U.S. cities and online. They are also looking into offering a customer rewards system for checking account holders that would set them apart from competitors.

Given the new changes, we’re hoping for some higher rates to be offered to entice customers to save money with the bank in addition to better transparency on the rates they currently offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.