A digital-focused company, earn.bank does not have any physical branches. Instead, they manage everything online, over the phone or by email. The bank says that by committing to technology, they can cut costs and offer higher rates to their customers than the average bank.
The enterprise earn.bank is an online division of Silvergate Bank, which is based out of San Diego. Silvergate Bank also specializes in digital financial services, including handling banking for fintechs and businesses working with cryptocurrencies. It makes sense that they would develop an online platform like earn.bank.
Deposit products from earn.bank are available everywhere in the United States, though they do not have traditional checking or savings accounts. You can apply for their accounts from home using their online application. We have gone over their deposit accounts to cover their fees, enrollment process and to see how they compare against the best competition so you can decide whether they’re the right fit for your money.
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earn.bank Money Market Account
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earn.bank’s CD rates
Certificates of Deposit (CD)
- Minimum opening deposit: $25,000
- Minimum balance amount to earn APY: $25,000
- Early withdrawal penalty: For a one year term, the penalty is six months interest on the amount withdrawn. For a two year term, the penalty is 12 months interest on the amount withdrawn.
Right now, earn.bank has two types of CDs: a one-year term and a two-year term. You need to deposit at least $25,000 to open either CD and keep this much in the account to earn the APY. If you can do that, though, earn.bank’s CD rates are well above average.
At the end of your CD term, you have 10 days to withdraw money without owing penalty. Otherwise, earn.bank will automatically renew the account for the same term and at whatever rate they are paying at that time.
How to get an earn.bank CD
You can apply for earn.bank CDs online. The application will ask you for your contact information, your Social Security number and a form of government-issued ID like a driver’s license or passport. You will also need to make your deposit. earn.bank accepts deposits by bank transfer, check or credit card.
How earn.bank’s CD rates compare
The CD rates at earn.bank are quite good. They are miles ahead of what you’d receive at a large national bank. However, considering that you need to make a deposit of at least $25,000, we’d expect even higher rates, and earn.bank is not at the top level nationally.
Further, earn.bank does not have much variety. They only had two terms as of this writing. It’s fine to focus on only two offers if that lets a lender deliver the best rates, but earn.bank does not.
If you’re going to make the type of big money deposit they’re asking for, you should be receiving an extremely competitive return. While earn.bank’s CD rates aren’t bad, you can earn much more from something on this list of the best CDs in the country.
earn.bank money market account options
Money Market Account
|APY||Minimum Balance Amount to Earn APY|
- Minimum opening deposit: $100
- Monthly account maintenance fee: $10, waived if you keep an minimum average daily balance of $10,000.
- ATM fees: N/A
- ATM fee refunds: N/A
- Overdraft fees: $20
You can open the earn.bank Money Market Account for a deposit of just $100. However, you are incentivized to keep a minimum average daily balance of at least $10,000. If you don’t, this account charges a fairly steep $10 monthly maintenance fee.
After you open, you have three months to enroll in e-statements instead of paper statements. If you haven’t enrolled after three months, earn.bank will start charging a steep $25 per month paper statement fee.
This account does not allow withdrawals by checks, debit cards or bill payments. You can request withdrawals by transferring to accounts linked to your online banking or by sending an email earn.bank’s customer service department.
Government regulations limit certain transactions to only six per month without penalty by the bank, including pre-authorized transfers, phone transfers and through online banking. If you make more than six, earn.bank will charge $15 for each excessive transaction and could close your account if it happens too often.
If you’d like an earn.bank Money Market Account, you can apply online through their website. The application will ask for your contact information, Social Security number and a form of government-issued ID. You can make your opening deposit by check, credit card, ACH transfer or wire transfer.
How earn.bank’s money market accounts compare
The earn.bank money market account made it to our list of the best money market accounts in the country and with good reason. It pays one of the highest rates you can find for a money market account, better even than most CDs. But unlike a CD, you can take money out without owing an early withdrawal penalty.
There are a couple small downsides you should be aware of. First, you should switch to e-statements as soon as you open to avoid the $25 paper statement fee. earn.bank really doesn’t want customers to use paper statements. In addition, you should maintain an average balance of at least $10,000 to avoid the $10 monthly fee.
But these are just minor issues. The only time this money market account wouldn’t be a great fit is if you don’t plan on keeping at least $10,000 in your account. Then, you should use our list of highest-earning money market accounts to find one with a smaller balance requirement. But if you can make the balance limit, earn.bank is a fantastic choice for growing your savings.
Overall review of earn.bank’s banking products
As of December 2018, earn.bank was only offering two types of banking products: CDs and a money market account. With their money market account, they hit a home run. The rate is phenomenal and there’s no monthly fee, so long as you keep a $10,000 average balance and use e-statements.
Their CDs were less impressive. While the rates are good, they aren’t nearly as competitive as the money market, especially considering that you need to make at least a $25,000 deposit to open a CD. You can make just as much with earn.bank’s Money Market Account but then you don’t have to worry about possible early withdrawal penalties.
If you’re looking for a money market account, earn.bank should be at the top of your list. We would skip their CDs until they start paying more generous rates. For any other type of banking product, you’ll need to go elsewhere because checking accounts, savings accounts and IRA CDs are not available at earn.bank.
As a final note, earn.bank’s tech-focused approach may be an issue for customer service. When we tried calling their support line, no one answered. We were told to leave a voicemail or send an email. Keep this in-mind if you value being able to reach a live person on the phone for your banking concerns and needs.
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