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SAFE Credit Union Review: 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.

SAFE Credit Union’s checking account options

Perfect Cents Checking

This checking account bears interest and charges a waivable monthly service fee.
APYMinimum Balance to Earn APY
1.00%First $1,000
0.01%$1,000.01 and more
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5, can be waived
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

The Perfect Cents Checking account offers tiered, split-rate interest. The portion of your balance that falls in the first tier earns a higher interest rate, while the portion of your balance that exceeds that tier earns the lower interest rate. In order to earn dividends, you have to be actively enrolled in e-statements and have at least 10 debit or credit card purchases post on your monthly statement.

In order to waive the monthly fee that comes with this account, you must meet those same requirements, or you must have direct deposits of at least $500 coming into your account each month. If you’re under age 21, these requirements are waived.

We prefer accounts with no monthly fees. We also prefer checking accounts that offer ATM fee refunds, although with a network of 30,000 fee-free ATMs, it shouldn’t be too hard to avoid fees. Plus, you’ll earn a generous interest rate on your first $1,000 in this account as long as you meet the requirements. If you’re a fairly active account holder and know you’ll use your debit card more than 10 times each month, this checking account is a good offer.

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Prestige Checking

Earn interest at no monthly fee if you can maintain a high daily balance.
APYMinimum Balance to Earn APY
0.05%Under $2,000
0.10%$2,000 - $9,999.99
0.15%$10,000 - $24,999.99
0.20%$25,000 - $49,999.99
0.25%$50,000 and over
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8, can be waived
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

Like the Perfect Cents Checking account, the Prestige Checking offers interest and comes with a monthly fee. You might be able to earn more interest with this account if you have a higher balance, but it also comes with a higher monthly service fee. Rather than waiving the monthly service fee by meeting a certain number of monthly transactions, you must maintain a minimum daily balance of at least $1,000. Alternatively, you can get the monthly fee waived if you have a combined deposit and loan balance of at least $5,000. Capitol Club and Premier Club members will have the monthly fee automatically waived.

This account comes with the same ATM fees and free CO-OP ATM usage as SAFE Credit Union’s other checking accounts. You’ll also get one box of free checks per calendar year.

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Capitol Checking

Earn the highest checking account interest rates SAFE Credit Union offers.
APYMinimum Balance to Earn APY
1.00%First $25,000
0.10%$25,000.01 and more
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

This checking account charges no monthly fee and receives the highest interest rate of any of SAFE Credit Union’s checking accounts. However, there are some requirements you must meet in order to open this account and receive interest.

The Capitol Checking account is exclusive to Capitol Club members. In order to be eligible to join the Capitol Club, you must have a checking account with SAFE Credit Union and hold a combined balance of $100,000 between deposit and loan balances. A minimum of $25,000 must be maintained in deposit accounts. Joining will give you access to this account, waive the monthly fee on one checking account and get you a range of other perks such as premium dividends on certificates, prioritized service and free checks.

In order to receive interest on this account, you must be actively enrolled in e-statements, have monthly direct deposits of $500 or more, and process at least 12 debit or credit purchase transactions on a monthly basis.

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Freedom Checking

A basic, no monthly fee checking account that doesn’t earn interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

The Freedom Checking account is great for folks who want a no-frills checking account that doesn’t charge a monthly fee. While this account doesn’t earn any interest, you’ll still get access to 30,000 fee-free ATMs nationwide, and you don’t have to worry about maintaining a minimum balance or meeting a certain number of monthly transactions.

It’s worth noting that you won’t get any free checks with this account, and the price of check orders varies. However, if you don’t use checks regularly, free checks shouldn’t be a priority. Finally, if you want paper statements, you’ll be charged a $2 fee each month that you receive them.

How to get SAFE Credit Union’s checking accounts

You can apply for a SAFE Credit Union checking account online by filling out a brief application form. If you’re already a member, simply log into your SAFE Credit Union account to open a new checking account. If not, you’ll have to select your membership eligibility and open up a Share Savings account along with the checking account of your choice.

The only checking account that can’t be opened online by new members is the Capitol Checking account, as it requires you to first become a Capitol Club member. To become a Capitol Club member, you’ll want to discuss your qualifications with a representative over the phone or in person.

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How SAFE Credit Union’s checking accounts compare

We like the variety of options offered by SAFE Credit Union’s checking accounts, from a basic, free checking account that doesn’t bear interest to premium accounts that earn a generous APY if you can keep a high enough balance.

That being said, many of the best online checking accounts come with no monthly fees and no ATM fees. On top of that, most of them bear interest with no minimum balance amount, and the rates are often equal to or higher than the highest APYs offered by SAFE Credit Union’s checking accounts.

SAFE Credit Union’s savings account options

Share Savings account

This interest-bearing savings account charges a waivable monthly fee and earns premium dividends if it’s linked to a Perfect Cents Checking account.
APYMinimum Balance to Earn APY
0.10%$0.01
APY for Perfect Cents Checking customersMinimum Balance to Earn APY
1.00%First $1,000
0.10%Over $1,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5, can be waived
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

SAFE Credit Union’s savings accounts are flexible, give you immediate access to your funds when you need them, and earn interest. Although, in most cases, the interest you earn will be minimal. One unique and helpful feature of their Share Savings Account is the ability to open additional Special Share savings accounts with custom names under their “You Name It” feature. This allows you to categorize your funds based on different savings goals.

The main drawback of this account is that it charges a monthly service fee if you’re 21 years of age or older. While the fee is low and can be waived, it’s still easier to go with a fee-free savings account. The fee is waived for the first six months of your account. After that, you’ll need to either have a combined average daily balance of at least $300, an active loan, monthly direct deposits of at least $25, at least 10 purchase transactions per month or a non-dividend savings account. Alternatively, if you’re actively saving as part of their Perfect Cents Savings program, you can also have the monthly service fee waived.

The Perfect Cents Savings program is for customers with both a SAFE Credit Union debit card and a savings account. Each time you make a purchase with your debit card, your purchase will automatically be rounded up to the next dollar, and the spare change will be deposited in your savings account.

How to get SAFE Credit Union’s savings accounts

You can apply for a SAFE Credit Union savings account online by filling out a brief application form. You’ll have to select your eligibility and the accounts you’d like to open, and then submit personal information, including a government-issued ID, address and Social Security number.

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How SAFE Credit Union’s savings accounts compare

SAFE Credit Union’s savings accounts offer great flexibility and also come with some useful programs for helping you save more money. They also bear interest, and if you pair the account with their Perfect Cents Checking, you’ll even get a boost in APY.

However, the credit union doesn’t offer any fee-free savings accounts. When you look at the best online savings accounts, not only do most of them not charge monthly fees, but they also offer significantly higher interest rates. You can even find a few that offer free ATMs nationwide or worldwide.

SAFE Credit Union’s CD rates

Certificates

These CDs come in a wide range of terms and include attractive certificate specials.
TermAPY for balances of $500 - $24,999.99APY for balances of $25,000 or more
3-5 months0.35%0.40%
6-11 months0.55%0.60%
12-23 months0.85%0.95%
24-35 months1.00%1.26%
34 month certificate special2.53%2.53%
36-47 months1.26%1.46%
48-59 months1.51%1.66%
60-72 months1.71%1.87%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12 months or less, the penalty is 90 days’ of interest. More than 12 months, the penalty is 120 days’ of interest.

If you’re looking for a certificate of deposit with SAFE Credit Union, you have a wide range of options with a relatively low minimum opening deposit. Terms start at three months and go all the way up to six years. Interest is tiered and generally increases as the term increases, and you’ll also get a higher rate if you have an extra high balance.

One difference is their certificate specials. They currently offer a 34 month certificate special with an APY significantly higher than what’s on offer from the rest of their certificates.

You can also take advantage of their bump-up certificates, which are offered in 12 or 24 month terms. If you have one of these certificates and rates increase during your term, your rate will increase accordingly.

How to get SAFE Credit Union’s Certificates

To open a certificate with SAFE Credit Union, you can call them over the phone, visit a branch in person, or take advantage of their live chat system. There is no online application for certificates.

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Add-On Certificates

These CDs offerings give you flexibility through two special products.
TermAPY
12 months0.75%
  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $25
  • Early withdrawal penalty: 90 days’ of interest

Add-on certificates with SAFE Credit Union only come in 12 month terms and offer a lower interest rate. However, they give you the option to continually add funds throughout the term of your certificate. They also have a much lower minimum opening deposit than the credit union’s regular certificates.

How to get SAFE Credit Union’s Add-On Certificates

You can get an add-on certificate by working with a representative either over the phone or in person. They also offer an online live chat service through which you can speak with a representative.

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How SAFE Credit Union’s Certificate rates compare

SAFE Credit Union offers some interest certificate options, including certificate specials with bonus rates, bump-up certificates that allow you to take advantage of rate increases and add-on certificates for folks looking for lower minimum deposits and the ability to continually add money to their CD. It’s worth noting that Capitol Club members may be eligible to receive a 0.25% rate increase on certificates at the time of opening.

While they offer variety and flexibility, SAFE Credit Union doesn’t offer a high APY on most of their certificates. Compared with the best CD rates, many of which have similar minimum opening deposit requirements, their 34 month certificate special is the only one that can come close to competing. The rest, unfortunately, offer less than half of what you could get elsewhere.

SAFE Credit Union’s money market account options

Capitol Access Money Market

A money market account with no monthly fee and tiered interest.
APYMinimum Balance to Earn APY
0.05%Under $2,000
0.10%$2,000 - $9,999.99
0.15%$10,000 - $24,999.99
0.20%$25,000 - $49,999.99
0.25%$50,000 - $99,999.99
0.30%$100,000 - $199,999.99
0.35%$200,000 - $499,999.99
0.40%$500,000 and more
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $12, can be waived
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

This money market account comes with a higher monthly service fee than the credit union’s other savings accounts. It can be waived by maintaining an average daily balance of $2,000 or more, and it’s automatically waived if you’re a Capitol Club member. All customers holding this account earn interest.

Interest is paid monthly on this account, and your APY depends on the balance you hold. You’ll also get check-writing ability with this account, however, because it is a savings account, you can only clear six checks per month.

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Preferred Money Market

This account has monthly requirements to earn interest.
APYMinimum Balance to Earn APY
3.30%First $2,000
0.50%$2,000 - $49,999.99
0.75%$50,000 - $99,999.99
0.85%$100,000 - $199,999.99
1.00%$200,000 - $499,999.99
1.15%$500,000 and more
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $12, can be waived
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

This money market account has the same monthly service fee as the Capitol Access account, and can also be waived by maintaining an average daily balance of at least $2,000 or joining the Capital Club. You also have the same check-writing abilities.

However, this money market offers significantly higher dividends compared with the first, and you’ll earn a particularly high rate on your first $2,000. In exchange for a higher rate, there are some requirements you need to meed in order to earn interest. You need to be actively enrolled in e-statements and have at least 10 monthly debit or credit card purchase transactions under your membership account.

How to get SAFE Credit Union’s Money Market account

You can open a money market account online by logging into your SAFE Credit Union membership account or applying for membership through their online form. You’ll be asked to state your eligibility requirements, choose an account and provide personal information such as your government-issued ID and Social Security number. You can also open an account over the phone or in person.

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How SAFE Credit Union’s money market accounts compare

Both of SAFE Credit Union’s money market accounts charge a monthly service fee, and although it is waivable, we prefer free money market accounts. The Capitol Access Money Market account makes it easy to earn interest with no minimum balance requirement, but the interest you would earn is negligible.

On the other hand, the Preferred Money Market account comes closer to competing with the best money market rates, especially considering the generous APY you can earn on your first $2,000. If your balance is below that amount, this account is one of the best rates you’ll find. However, there are other banks that will earn you more interest on higher balances, and many of those don’t have a monthly service fee or require you to complete a certain number of monthly transactions in order to earn interest.

SAFE Credit Union’s IRA account options

IRA CD rates

An IRA CD with a minimum opening deposit requirement.
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12 months or less: 90 days’ of interest; more than 12 months: 120 days’ of interest

Much like SAFE Credit Union’s regular certificates, their IRA certificates require a minimum opening deposit and charge penalty rates that vary based on term. Most of their certificates are available for traditional IRAs, Roth IRAs and SEP IRAs, and rates are similar to those published on regular certificates, according to a customer service representative. You’ll have to call the credit union for up-to-date information on rates and terms for IRA certificates.

How to get SAFE Credit Union’s IRA Certificates

You must first join SAFE Credit Union as a member and open a savings account before you can open a certificate. Once you’ve joined, you can open your IRA certificate by calling the bank or visiting them in person.

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How SAFE Credit Union’s IRA CD rates compare

The best IRA CD rates offer high returns for low minimum deposit amounts and come in a variety of terms. You’ll have to contact SAFE Credit Union to see exactly how their IRA CD rates compare.

Accumulation IRA Savings account

This interest-earning IRA savings account has no minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%Under $100,000
0.30%$100,000.01 - $199,999.99
0.35% $200,000 or more
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge at 30,000 CO-OP ATMs nationwide. Each non-CO-OP ATM transaction will be charged a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $30

The Accumulation IRA Savings account has a low minimum opening deposit and no balance requirement to earn interest. However, the interest earned on this account is fairly low. Many of the credit union’s other savings options, and even some of their checking options, will earn higher dividends than this IRA account.

How to get SAFE Credit Union’s IRA savings account

You must first join SAFE Credit Union as a member before you can open an IRA savings account. Once you’ve joined, you’ll be able to open an IRA savings account by calling the bank or visiting in person.

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Overall review of SAFE Credit Union’s banking products

This credit union has some great low-fee, high-rate personal banking products that would be useful to a variety of different customers. Their checking account offerings are particularly impressive, with many of them offering generous interest rates for a checking account. While most of these accounts have a monthly fee, the fee isn’t too difficult to waive, and they do offer a free checking account that doesn’t bear interest.

SAFE Credit Union’s savings options aren’t bad, but they are less impressive. Many of them don’t offer competitive rates. However, they do have a couple interesting and worthwhile certificate products.

If you’re looking to join a credit union and live within this one’s geographic footprint, it’s a great option. You should be able to find a product that fits your needs, and their customer service was extremely helpful when we contacted them. However, if you’re open to joining an online bank, there are other places where you’re likely to find better rates and lower fees.

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.

Elizabeth Aldrich
Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here

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Reviews

Capital Bank Review: Checking, Savings, CD and Money Market 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.

Capital Bank’s checking account options

Express Checking

This is a low-fee, no-frills checking account for people who are comfortable with online banking.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Express Checking account is designed for people who want the bare minimum of what a checking account can offer in exchange for lower fees. With this account, you won’t be earning interest or getting access to perks that other accounts have, such as free ATMs nationwide, free checks, savings bonuses, and overdraft fee refunds. You also don’t have the option to receive paper statements – only electronic.

If you won’t take advantage of those benefits, though, the minimum opening deposit required for this account is reasonable, and the relatively low monthly service fee can be easily waived with one direct deposit per monthly statement. Although you don’t get free ATMs nationwide, Capital Bank and the Allpoint Network does have plenty of ATMs throughout the country that won’t charge you.

We always prefer checking accounts with no monthly service fee so you don’t have to worry about meeting monthly requirements. They aren’t hard to find, and many of these no-fee checking accounts have lower or no minimum opening deposit. While the Express Checking account is one of Capital Bank’s best options for minimizing fees, there are better checking accounts out there.

How to get an Express Checking account

You can easily open an Express Checking account with Capital Bank online. Their application can be completed in less than 15 minutes and requires your social security number and date of birth, a form of identification, and contact information. You can then fund your account with a transfer from another bank account or a transfer from a debit or credit card.

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Classic Checking

This account has a monthly service fee that can’t be waived and doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (cannot be waived)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Classic Checking account is nearly identical to their Express Checking account with one major difference: the monthly service fee is slightly higher, and it can’t be waived. You won’t get interest, overdraft fee refunds, or ATM fee refunds for that monthly service fee, but you will get the option to receive paper statements for free and “QuickStatements” at an ATM for a $2.00 charge, as well as 24/7 access to your account information via their customer service line.

Essentially, this account is designed for people who aren’t comfortable enough with mobile and online banking to go for the cheaper Express Checking option. We don’t think services such as paper statements and a 24/7 customer service line merit paying a monthly service fee, especially because there are plenty of online banks that offer free accounts with no minimum opening deposit requirement.

However, we also realize that paying a monthly service fee might be worth it if you’re incapable of using online banking or are simply uncomfortable with the idea of relying on electronic statements. Keep in mind that the accounts below also paper statements too but have monthly service fees that can be waived if you qualify.

How to get a Classic Checking account

You can apply for a Classic Checking account online in about 15 minutes. The application will ask for basic information like your date of birth, social security number, and a form of identification, so have those ready. Once you’re approved, you’ll have to submit the minimum opening deposit by transferring money from another bank account or from a debit or credit card.

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Select Checking

Select Checking offers a couple extra bells and whistles for a waivable monthly service fee but still doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

While the Select Checking account charges a slightly higher monthly service fee than the previous two accounts, it’s not too difficult to get it waived it if your account is active. In order to get a rebate for the monthly fee on the Select Checking account, you’ll need to complete one direct deposit and at least 15 debit transaction each billing cycle.

This requirement is more than what’s needed to waive the fee on the Express Checking account, but the Select Checking account does come with extra benefits like the option to order paper statements for $2.00 to $3.00 per month and one overdraft fee refund per calendar year.

The Select Checking account attempts to offer a middle ground between Capital Bank’s minimal accounts and more comprehensive, interest-bearing checking options. In the end, though, there are plenty of checking accounts that don’t have monthly service fees at all. Even though this one can be waived, it requires tracking your transactions and ensuring a monthly direct deposits, which can be a pain.

How to get a Select Checking account

The application for the Select Checking account can be found online, and requires that you submit a form of identification along with standard personal information. It should only take about 15 minutes to apply. This account also requires a minimum opening deposit, which you can pay with a credit or debit card or by transferring money from another bank account.

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Premier Checking

For folks who keep a higher balance, this interest-bearing account offers extra perks.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

This account is packed with benefits and fee waivers, but it comes at a cost: the sizeable monthly service fee. You can get that waived by maintaining a minimum monthly balance of $5,000 across all of your Capital Bank accounts.

As a Premier Checking member, you’ll get free ATMs everywhere in the U.S., and Capital Bank will even refund you for ATM surcharges imposed by other institutions. You’ll also get free checks, a 50% discount on a safe deposit box, and two overdraft fee refunds per calendar year. Finally, this account bears interest. The interest rate is variable, meaning that it can change at any time, so call Capital Bank to receive the latest rates. It’s also tiered, which means that you may be able to earn more interest by maintaining a higher balance.

Overall, the fee waivers and interest make this one of Capital Bank’s better checking accounts if you’re certain you’ll be able to maintain a balance high enough to get the monthly service fee waived every month.

How to get a Premier Checking account

Fill out an application online in order to apply for the Premier Checking account. Make sure to have a form of identification and your social security number handy. You’ll need to make the minimum opening deposit upon opening the account, and you can do this with a debit or credit card or a transfer from another bank account.

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Premier Plus

Premier Plus is Capital Bank’s most comprehensive checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

The monthly account maintenance fee on this account is steep, and although it can be waived, you’ll have to keep a large amount of cash in your accounts to do so.  In order to qualify for a Premier Plus account, you must have an existing Premier Checking account. Upgrading to a Premier Plus account adds an additional $6 on top of the typical $12 monthly fee on the Premier Checking account. You can get the $12 fee waived by maintaining a $5,000 balance across your Capital Bank accounts. You can get the $6 fee waived by maintaining $25,000 across your accounts.

You’ll get all of the benefits that come with Premier Checking, including free ATMs nationwide, two overdraft fee refunds per year, free checks, and variable, tiered interest. On top of that, you’ll get a special savings rate bonus on Capital Bank’s Money Market Savings account that’s reserved solely for Premier Plus customers. That being said, the bonus rate is barely higher than the regular rate.

Given that this is Capital Bank’s most elite checking account, Premier Plus customers do get special attention when it comes to customer service. You’ll get your own dedicated customer service line and your calls will be given priority. If you choose to open a certificate of deposit with Capital Bank as well, you can withdraw your funds early with no penalty if you’re facing personal hardship.

How to get a Premier Plus account

You cannot apply for a Premier Plus account online. If you’d like to open this account, you’ll have to call Capital Bank or visit a branch to apply in-person.

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How Capital Bank’s checking accounts compare

Capital Bank offers a wide range of checking account options for every type of customer. However, when compared to online checking accounts, Capital Bank falls short. All of their checking accounts come with a monthly service fee, and most of them don’t offer any interest at all.

Options that do bear interest and offer extra benefits like free checks and free ATMs come with service fees and require very high balances to get the monthly service fee waived. Checking account interest rates vary and aren’t published online, but if the interest rates on their other products listed below are any indication, Capital Bank’s checking Premier checking options probably don’t offer a competitive APY.

Not only do the best online checking accounts offer high APYs, but many of them come with no monthly service fee and free ATMs nationwide for all customers. Plenty of these accounts have no minimum opening deposit requirement.

Capital Bank’s savings account options

Traditional Savings

Capital Bank’s only savings account is basic and offers minimal interest.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0, (there is a quarterly maintenance fee of $5 that can be waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

The Traditional Savings account from Capital Bank earns interest, but the APY is so low that you’re unlikely to even notice it. On top of that, you’ll be charged a quarterly maintenance fee if your daily balance falls below $250.

You’ll be FDIC insured on up to $250,000 with this account, which is standard. This account also offers standard features like ATM access with a linked checking account and the ability to set up automatic transfers into your savings. Keep in mind that if you’ll be transferring money out of your savings account regularly, Federal Reserve Regulation D limits savings accounts to six transfers per month.

How to get a Traditional Savings account

You can apply for a Traditional Savings account online in about 15 minutes. The application asks for your personal information, contact information, and a form of identification. In order to make the minimum opening deposit online, you’ll need to be able to pay with debit or credit card or by transferring money from another bank account.

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How Capital Bank’s savings accounts compare

Ultimately, there’s nothing special about Capital Bank’s savings account. It offers the basic services to be expected of a savings account, with low interest and a quarterly maintenance fee. While the quarterly maintenance fee is easy to waive, it is something you’ll have to keep in mind.

On the other hand, the best online savings accounts come with high APYs and, often, no monthly or quarterly maintenance fee. It’s not hard to find options that don’t have minimum balance requirements either.

Capital Bank’s CD rates

Regular CD

This CD offers a lot of flexibility and bonus rates for customers with a checking account.
TermAPYAPY for checking account customers
30 days0.02%
N/A
60 days0.02%
N/A
90 days0.02%
N/A
180 days0.06%
N/A
270 days0.06%
N/A
12 months0.10%
0.25%
24 months0.15%
0.30%
36 months0.30%
0.45%
48 months0.40%
0.55%
60 months0.55%
0.70%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your term is between 1 and 364 days, you will lose 90 days of interest. Terms between 1 year and 59 months lose 180 days of interest, and terms of 60 months or longer lose 1 year of interest.

Capital Bank’s certificate of deposit accounts offer good variety when it comes to term options. They even offer several very short-term CDs that can be hard to find at other banks. This can be helpful for people who want added flexibility or plan to withdraw their money soon. You can also choose from several different interest payment options: monthly, quarterly, semi-annually, or annually.

The minimum opening deposit required is low. However, if you’re don’t have enough to meet it, there are other options that have even lower minimum opening deposit requirements.

How to get Capital Bank’s Regular CD

If you’re interested in opening a certificate of deposit (CD) with Capital Bank, you can do so online. The application is brief, and you’ll need to provide standard personal and security information as well as the funds for your opening deposit, which can be transferred from another bank account or paid with a debit or credit card.

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Add-On CD

This ultra-flexible CD allows you to add money at any time and withdraw with more leniency.
Balance to Earn APYAPY
Less than $25,0000.02%
$25,000 or more0.06%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Penalty free withdrawal is allowed every six months, but more frequent withdrawals will incur a penalty fee that amounts to 90 days of interest.

Capital Bank’s Add-On CD is an easy, basic CD that offers an alternative to their traditional savings account for people who are looking for a slightly higher interest rate and won’t need to withdraw money regularly. That being said, the interest rate on this CD is still extremely low for both tiers. It’s also based on your account balance rather than terms, and the APY on the lower tier is barely higher than what’s offered by their regular savings account.

There are some redeeming features of this CD. Rather than locking up your money for a pre-specified term, you’re able to access your money without penalty once every six months. You can also add to your CD at any time with a deposit or automatic transfer of at least $25, and interest gained can be added to your CD or transferred to your checking account. Finally, the minimum opening deposit is quite low.

If you’re set on saving money with Capital Bank because you prefer their customer service or want to build a relationship with them, the Add-On CD is an option worth considering. The way it is structured is unique and gives customers a level of flexibility that most CDs don’t offer. However, if you’re looking to make the most of your money, the rates on this account aren’t even close to competitive.

How to get Capital Bank’s Add-On CD

You can apply online for an Add-On CD with Capital Bank. The application form takes about 15 minutes to complete and will require that you submit a form of identification, your social security number, and contact information. You can fund the account online with a debit or credit card or by transferring the funds from another bank account.

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How Capital Bank’s CD rates compare

Unfortunately, the rates offered by Capital Bank’s CDs just can’t compete, even when compared to national averages. If you take a look at the best CD rates available, they blow Capital Bank’s rates out of the water, offering rates as much as 10 times higher on CDs with terms of at least 12 months.

Capital Bank fares a little better when it comes to flexibility and short-term CDs, and they’re one of few banks to offer CD terms as short as 30 days and 60 days. They also have fairly low minimum deposit requirements, although a number of banks with the far better CD rates also offer CDs with low minimum opening deposits. Also, it’s worth noting that when we called customer service, the representative offered us a promotional rate on CDs that is actually competitive with some of the best rates available. So, if you plan to open a CD with Capital Bank, you should call them first to see if you qualify for any promotional rates.

Capital Bank’s money market account options

Money Market Savings

This money market account has low interest rates and charges a monthly service fee.
Balance to Earn APYAPYAPY with Premier Plus
$0.01 - $24,9990.01%
0.20%
$25,000 - $49,9990.02%
0.33%
$50,000 - $99,9990.20%
0.50%
$100,000 - $249,9990.33%
0.80%
$250,000+0.45%
1.06%
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

Capital Bank’s Money Market Savings account comes with a low minimum opening deposit requirement but it also has a monthly account maintenance fee. This can be waived by maintaining a combined balance of at least $5,000 across all of your Capital Bank accounts. However, it’s easier to go with a money market option that doesn’t charge any monthly fees at all.

On top of that, the rates offered by this account aren’t competitive. You’ll have to maintain an extremely high balance in order to earn a noticeable amount of interest, and with balances that high, you could easily find rates double what Capital Bank is offering for even its highest tiered members.

Their tiered-interest system is based on your daily balance, and interest is compounded and credit monthly. You can also link this account to your Capital Bank checking account for easier access to your funds. However, federal regulations don’t allow more than six easy withdrawals per month, and if you surpass this limit, Capital Bank may convert your savings to a checking account.

How to get Capital Bank’s Money Market Savings account

You can open a Money Market Savings account online through Capital Bank’s website. The application process is quick and easy, and you’ll be able to fund your account online with a debit or credit card or a transfer from another bank account.

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How Capital Bank’s money market accounts compare

In terms of rates, Capital Bank’s money market accounts fall short of the competition by a significant margin. Most of the best money market account rates are more than two times higher than what Capital Bank’s highest tiers offer, and many of these accounts require much lower balances to start earning good interest rates. On top of that, this money market account charges a monthly service fee, while many others don’t.

Capital Bank’s minimum opening deposit requirement is very low, so it might be a good option if you’re just getting started with your savings and don’t have a lot to deposit. That being said, several of the best money market accounts have no minimum balance amount at all. At the low rates offered by Capital Bank, even online savings accounts have more to offer.

Overall review of Capital Bank’s banking products

Folks looking to earn the most on their money might not benefit from Capital Bank’s services. Their interest rates are low to non-existent across all accounts. On top of that, all of their checking options come with unnecessary monthly service fees, as do their traditional savings and money market accounts.

Capital Bank does offer a wide range of options to fit different customer needs. They have five different checking accounts, and each one offers its own unique set of features. If you’re looking for a short-term of flexible CD, you’ll find some interesting options at Capital Bank. In the end, though, having more options doesn’t always translate to having better options, and none of the accounts mentioned offer competitive terms.

We recognize that some people prefer to bank with institutions that have less competitive rates in exchange for excellent customer service. When we called their customer service line to ask some questions, they answered immediately and were very helpful. However, in terms of products, Capital Bank falls short.

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.

Elizabeth Aldrich
Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here

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Reviews

The Berkshire Bank Review: 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.

The Berkshire Bank’s checking account options

Regular Checking

This entry-level account has a lot of fees and doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Berkshire Bank’s Regular Checking account has a fairly steep minimum opening deposit considering the account’s very basic features. This checking account does not earn interest, and it charges a monthly service fee unless you maintain an average daily balance of $1,200.

You’ll also have to pay out-of-network ATM fees. Even at The Berkshire Bank ATMs, you’re only allowed 25 free withdrawals a month. If you use its ATMs more than 25 times in a month, you’ll have to pay an ATM fee. Finally, you’re allowed a maximum of 75 debits or withdrawals per month at no charge; after that, you’ll be charged 25 cents per transaction.

While it’s possible to use this account in a way that minimizes fees, it requires you to carefully track your daily balance and monthly transactions — and doesn’t offer much in return.

How to get The Berkshire Bank’s Regular Checking account

There is no option to apply for any of The Berkshire Bank’s accounts online. Instead, you’ll have to visit a branch.

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NOW Checking

In exchange for a higher monthly service fee, you’ll earn interest on this account.
APYMinimum Balance to Earn APY
0.30%
$1,500
0.40%
$25,000
0.50%
$1,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

If you’re looking for a checking account that earns interest, The Berkshire Bank’s NOW Checking account will at least pay a little. This account earns tiered interest, meaning the interest rate you earn depends on your balance. The minimum balance required to earn interest is quite high, though, and the interest rates are less than impressive.

This account also charges a monthly service fee that’s even higher than that charged by the Regular Checking account. To waive the fee, you’ll have to maintain an average daily balance of at least $1,500. Many may find this difficult to do on a regular basis. This account only allows 50 debits or withdrawals per month at no charge. If you exceed that number, you’ll have to pay 25 cents per transaction.

How to get The Berkshire Bank’s NOW Checking account

You cannot apply for The Berkshire Bank’s checking accounts online. To open an account, you’ll have to visit a branch.

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Ultimate College Checking

A free checking account for college students.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

If you’re a college student between the ages of 18 and 24, you can qualify for The Berkshire Bank’s Ultimate College Checking account. This is one of only two checking accounts offered by The Berkshire Bank that doesn’t charge a monthly service fee. You’ll also get unlimited debits and withdrawals at no charge, while almost all this bank’s other accounts have a monthly cap.

You won’t earn interest with this account, and you will still incur ATM fees at all non-The Berkshire Bank ATMs. Like this bank’s other checking accounts, you’re only allowed 25 free ATM withdrawals at The Berkshire Bank ATMs per month. But if you qualify for this checking account, it’s one of the low-fee checking accounts offered.

How to get The Berkshire Bank’s Ultimate College Checking account

You will need to provide proof that you are a student with your application for this account. You can open an account at any The Berkshire Bank branch.

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Super Security Checking

Earn a competitive interest rate if you get monthly direct deposits from Social Security.
APYMinimum Balance to Earn APY
0.75%
$500
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This checking account comes with a monthly service fee that can only be waived by maintaining an average daily balance of at least $500. While we prefer checking accounts with no monthly service fee, the requirements for waiving the fee on this account are lower than those required by other checking accounts at The Berkshire Bank.

The Super Security Checking account is designed for customers who receive monthly direct deposits from Social Security. If you do, and if you can maintain a minimum daily balance of at least $500, you’ll qualify for this account’s interest rate. For a checking account, this  rate is quite competitive.

You’ll only get 50 fee-free withdrawals and debits per month with a Super Security Checking account. After that, you’ll be charged a 25 cents fee for each transaction.

How to get The Berkshire Bank’s Super Security Checking account

To qualify for this account, you need to receive monthly direct deposits from Social Security. You can apply in a branch.

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Premier Checking

This account charges a monthly fee unless you can maintain a very high account balance.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Premier Checking account is a non-interest-bearing account. Like most of The Berkshire Bank’s checking products, this account charges a monthly maintenance fee. You’ll need to maintain at least $25,000 in combined account balances to waive the monthly service fee, and this minimum is also required to qualify for Premier Checking anyway.

But you’re only allowed 25 debits or withdrawals per month at no charge. If you use your debit card more than 25 times per month, you’ll be charged 25 cents for each additional transaction. You also will not earn interest on this account. Ultimately, there are few features that make this account’s monthly maintenance fee and high balance requirements worthwhile.

How to get The Berkshire Bank’s Premier Checking account

You can open a Premier Checking account by visiting a branch and applying in person. There are no online applications.

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60 & Better Checking

Designed for customers 60 or older, this account has no monthly maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

You won’t earn any interest with this checking account, but it’s one of only two checking accounts at The Berkshire Bank that doesn’t charge a monthly service fee. The minimum opening deposit requirement is higher than most other banks, but it’s still feasible.

You will still have to pay ATM fees at non-The Berkshire Bank ATMs, and this account only allows 50 free debits or withdrawals per month. If you exceed that limit, you’ll be charged 25 cents per transaction.

How to get The Berkshire Bank’s 60 & Better Checking account

You can apply for a 60 & Better Checking account by visiting a The Berkshire Bank branch.

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Basic Banking

The Berkshire Bank’s most basic checking account has lower fees, but it is open to New York residents only.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (cannot be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Berkshire Bank’s Basic Banking account has a low monthly maintenance fee, but it cannot be waived. It also has the lowest minimum opening deposit requirement of any checking account offered by this bank. The account does not earn interest, and ATM fees aren’t refunded.

There are some serious limitations that come with the Basic Banking account. First, you’re only allowed eight free debits or withdrawals per month at no charge, and you can’t exceed that number. You must be a New York resident to open this account, and you can’t have any other transactional accounts with The Berkshire Bank or any other financial institution if you hold this account. This account has little practical purpose for most people.

How to get The Berkshire Bank’s Basic Banking account

You can apply for a Basic Banking account at any of The Berkshire Bank’s New York locations.

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New Jersey Consumer Checking

New Jersey residents qualify for this low-fee checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3 (cannot be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

Like the Basic Banking account but for New Jersey residents, this checking account charges a low monthly maintenance fee that cannot be waived. It doesn’t earn interest, and you will have to pay ATM fees on non-The Berkshire Bank ATMs.

You can only use your account for up to eight debits or withdrawals per month, which is pretty limiting. The account is only open to New Jersey residents, and you can’t hold this account if you have any other transactional accounts with The Berkshire Bank or other financial institutions.

How to get The Berkshire Bank’s New Jersey Consumer Checking account

You can apply for this account at any of The Berkshire Bank’s New Jersey branches.

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Blue Ribbon Checking

This account comes with a monthly maintenance fee that is easier to waive for customers who open a Blue Ribbon Savings account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account does not bear interest. But it requires that you open a Blue Ribbon Savings account to go with it, which does earn interest. You’ll need to maintain an average daily balance of at least $800 to waive the monthly service fee, which is lower than the requirements for most other checking accounts at The Berkshire Bank.

This account has the same ATM fees as the rest of The Berkshire Bank’s checking accounts. Unlike most of this bank’s checking accounts, though, the Blue Ribbon Checking account allows unlimited fee-free transactions.

While this is one of The Berkshire Bank’s better checking account offerings, it still comes with monthly maintenance and ATM fees, which can be avoided at other banks.

How to get The Berkshire Bank’s Blue Ribbon Checking account

You’ll need to open a Blue Ribbon Savings account to qualify for this checking account. You can open both at a branch.

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How The Berkshire Bank’s checking accounts compare

While The Berkshire Bank offers a very wide range of checking account options, none of them can compete with the best online checking accounts. Most of these accounts have higher interest rates and no monthly service fees, and many of them also reimburse ATM fees.

In comparison, almost all the checking accounts at The Berkshire Bank charge monthly service fees, and they aren’t so easy to waive. Most of its accounts also come with some odd limitations, such as limits on holding accounts with other institutions, on the number of debit transactions you can complete per month and on the number of times you can use The Berkshire Bank ATMs for free per month.

Most banks don’t limit customers on any of those fronts. Also, while the interest-earning checking accounts at The Berkshire Bank do earn rates higher than what you might find at bigger traditional banks, they still aren’t as high as what you’ll get from our favorite online checking accounts.

The Berkshire Bank’s savings account options

Blue Ribbon Savings

This is an interest-earning savings account for Blue Ribbon Checking customers.
APYMinimum Balance to Earn APY
0.20%
$10,000
0.30%
$50,000
0.70%
$250,000
0.75%
$1,000,000
0.75%
$4,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This savings account requires that you also sign up for a Blue Ribbon Checking account. With the two accounts paired together, you’ll get free unlimited check-writing, as well as your first order of checks.

With the Blue Ribbon Savings account, you’ll earn better interest rates than you would at many traditional banks, but it’s still possible to find significantly higher rates at online banks. With The Berkshire Bank’s savings accounts, this account is the best option for balances of $250,000 or more. Customers with balances that fall in the lower tiers may want to consider other savings options with The Berkshire Bank that offer a slightly higher APY.

Per Federal Reserve Regulation D, you’re allowed a maximum of six certain withdrawals a month. After that, a fee is exacted by the bank.

How to get The Berkshire Bank’s Blue Ribbon Savings account

You can apply for Blue Ribbon Savings and Blue Ribbon Checking accounts by visiting one of The Berkshire Bank’s branches.

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Platinum Super Savings

This savings account earns interest on balances of $10,000 or more.
APYMinimum Balance to Earn APY
0.20%
$10,000
0.45%
$50,000
0.50%
$250,000
0.60%
$1,000,000
0.10%
$5,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Platinum Super Savings account offers decent rates, but you do have to maintain a sizable minimum balance to earn interest. It’s not the best option The Berkshire Bank offers for customers with balances in the highest and lowest tiers, but if you plan to maintain a balance of $50,000, the Platinum Super Savings account is a good alternative to Blue Ribbon Savings because it doesn’t require you to maintain any specific checking account with The Berkshire Bank.

You’re only allowed to complete up to six certain withdrawals per month. If you complete more, you’ll be charged a fee by the bank. This is the case with all savings accounts due to Federal Reserve Regulation D.

How to get The Berkshire Bank’s Platinum Super Savings account

You can visit any The Berkshire Bank branch to open a Platinum Super Savings account.

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Statement Super Savings

This savings account has a high minimum balance required to earn interest.
APYMinimum Balance to Earn APY
0.40%
$15,000
0.50%
$1,000,000
0.75%
$5,000,000
0.70%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $15,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account requires a slightly higher minimum balance to begin earning interest than the others. But of The Berkshire Bank’s savings accounts, it offers the best interest rate for balances in the lowest tier. More specifically, this account is best if you plan to maintain a balance between $15,000 and $499,999.99.

As with any savings account, you are limited up to six certain withdrawals a month due to Federal Reserve Regulation D. If you exceed this amount, you’ll be charged a fee for each transaction by the bank.

How to get The Berkshire Bank’s Statement Super Savings

If you’re interested in opening one of The Berkshire Bank’s savings accounts, you can do so by visiting a branch or calling their customer service line.

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Statement Savings

The Statement Savings account has the lowest minimum balance to earn APY.
APYMinimum Balance to Earn APY
0.20%
$300
0.30%
$10,000
0.50%
$100,000
0.20%
$3,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $300
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account is ideal for customers who don’t plan to deposit a lot of money into their savings account. It’s the only savings account at The Berkshire Bank that earns interest on balances below $10,000, although the rate is low. It actually offers the best rates of any of The Berkshire Bank savings accounts for balances below $250,000. After that, you’ll want to switch to one of its other savings options.

The Statement Savings account is also the only savings account at The Berkshire Bank that charges a monthly maintenance fee. While it can be waived by maintaining an average daily balance of $300 or more, there are plenty of other banks that offer fee-free savings accounts.

As per Federal Reserve Regulation D, you’re allowed a maximum of six certain withdrawals. After that, a fee is exacted by the bank.

How to get The Berkshire Bank’s Statement Savings account

To open a Statement Savings account, you’ll need to visit a branch. Accounts cannot be opened online.

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How The Berkshire Bank’s savings accounts compare

The Berkshire Bank offers a range of different savings options, although they’re all very similar. The main difference between each savings account is the rates. While these savings accounts do offer decent interest rates, the best online savings accounts offer rates that are more than double what The Berkshire Bank provides.

Most of these online savings accounts don’t come with any monthly maintenance fees. Only two of The Berkshire Bank’s four savings options compare on fees, as one has a monthly service fee and the other requires you to open a checking account that comes with a monthly service fee.

The Berkshire Bank offers middle-of-the-road options when it comes to savings accounts. They’re better than many savings accounts offered by traditional banks, but they don’t come close to competing with the best online savings accounts.

The Berkshire Bank’s CD rates

Certificates of Deposit

Lots of short-term options, but very low rates.
$1,000 to $9,999$10,000 to 499,999.99
Term APYTermAPY
1 month0.05%
1 month0.10%
2 months0.05%
2 months0.10%
3 months0.15%
3 months0.25%
4 months0.15%
4 months0.25%
6 months0.40%
6 months1.50%
9 months0.40%
9 months1.60%
12 months0.30%
12 months1.65%
14 months0.50%
14 months1.75%
18 months0.50%
18 months1.40%
2.20%0.50%
24 months1.40%
36 months0.45%
36 months1.05%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest that would have been earned over the entire term of the CD

The Berkshire Bank offers many short-term CDs that can be hard to find at other financial institutions, allowing you to choose term lengths as short as one month. There are a wide variety of options for people who prefer flexibility, but its offerings fall short when it comes to long-term CDs. The longest term length available is three years, while most banks offer up to five years.

The rates offered by most of these CDs are also less than impressive, especially if you don’t plan to make a large deposit. That being said, if you plan to deposit $10,000 or more, the rates offered for the six month, nine month, 12 month, 14 month, 18 month and 24 month CDs are closer to those offered by the competition. The minimum opening deposit is fairly low.

How to get The Berkshire Bank’s CDs

You can open a certificate of deposit with The Berkshire Bank at any of its branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s CD rates compare

If you’re looking for short-term CDs of less than six months, The Berkshire Bank offers some unique options. The 2 month and 4 month CDs stand out as products that very few banks offer. The 14 month CD is also hard to find.

That being said, The Berkshire Bank’s short-term CDs barely offer better rates than a regular savings account. All its CDs have rates that are notably lower than the best CD rates, and the rates on the 36 month CD drop far below the competition. If you want a CD for longer than three years, The Berkshire Bank doesn’t even offer the option. The penalty is also steep, particularly if you have a longer CD.

The Berkshire Bank’s money market account option

Money Market Checking

This account has pretty steep minimum balances to earn interest.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.20%
$25,000
0.25%
$50,000
0.30%
$100,000
0.10%
$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Money Market Checking account requires a minimum balance to earn interest that might not be attainable for some customers. Also, the interest rate on this account is quite low, and any interest accumulated is likely to be unnoticeable.

You’ll also have to pay a monthly maintenance fee on this account unless you can meet the requirements to get it waived. To do that, you have to keep an average daily balance of at least $2,500.

Federal Reserve Regulation D limits savings accounts to six certain withdrawals a month. If you make more than six withdrawals from your money market account in one month, you’ll be charged a fee by the bank for each additional withdrawal.

How to get The Berkshire Bank’s Money Market Checking account

You can apply for a money market account at any The Berkshire Bank branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s money market accounts compare

The rates offered by The Berkshire Bank’s money market accounts are much lower than those offered by the best money market accounts. That being said, they are more accessible than many of the money market accounts with the highest rates due to their low minimum balance amount.

It’s still possible to find money market accounts with low balance requirements — some as low as $0 — that offer much higher rates than what’s offered by The Berkshire Bank. Also, several of them don’t charge monthly maintenance fees or ATM fees.

The Berkshire Bank’s IRA account options

IRA CD

The Berkshire Bank says it offers “a variety of rates and terms.”
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest that would have been earned over the entire term of the CD

To check the most current rates on The Berkshire Bank’s IRAs, you’ll have to give them a call. According to a customer service representative, they match the rates on their regular CDs.

While there are a wide range of short-term IRAs available at The Berkshire Bank, the longest term they offer is 18 months. The early withdrawal penalty can be sizeable if you have a larger balance and a longer term.

How to get The Berkshire Bank’s IRA CDs

You can open an IRA with The Berkshire Bank at any of its branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s IRA CD rates compare

You’ll have to call The Berkshire Bank to get the latest rates on their IRA CDs. You can then compare those with the best IRA CD rates before making a decision.

The Berkshire Bank does offer a wide range of IRA CD terms, especially if you’re looking for something under 6 months. They also have a low minimum opening deposit requirement. However, many of the best IRA CD rates have minimum opening deposit requirements that are the same or even lower.

Overall review of The Berkshire Bank’s banking products

With nine different checking accounts and a handful of savings accounts, The Berkshire Bank offers a wide range of personal banking options for customers in all stages of life. We like that it offers low-cost options like its Basic Banking account, Ultimate College Checking and 60 & Better Checking, as well as interest-bearing options such as NOW Checking and Super Security Checking.

In the end, though, the majority of its checking accounts charge monthly service fees and ATM fees, and most of them place strict limits on the number of monthly transactions you can complete for free. We always prefer checking accounts without such limitations, and it’s not hard to find fee-free checking accounts online.

When it comes to its savings, CD and money market options, The Berkshire Bank offers better rates than many large traditional banks. But its rates are still significantly lower than those offered by the banks with the best rates.

If you prefer small banks with branches in the New York City area and great customer service, The Berkshire Bank might be a good choice for you. But if you’re looking for the lowest fees and the best rates, there are better options.

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Elizabeth Aldrich
Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here