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

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

Year Established1804
Total Assets$369.0B
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PNC Bank is one of the oldest and largest banks in the country, founded shortly after the American Revolution. Although it is based out of Pittsburgh and its 2,600 branches are mostly located across the Eastern U.S., that doesn’t mean you’re out of luck if you’re in the western U.S.PNC Bank offers a robust online banking platform with plenty of helpful features. But is it the right bank for you? How do its rates compare with those of other banks? Let’s walk you through the different types of PNC Bank account offerings.
PNC Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

PNC Bank S is for Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.13%

CD Rates

PNC Bank 12 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.30%

CD Rates

PNC Bank 36 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.60%

CD Rates

PNC Bank 60 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

It’s important to note that PNC Bank charges different rates across the country. To keep things consistent for comparison purposes, we’ll present you with the rates closest to their headquarters in Pittsburgh using the ZIP code 15222. To see rates for your local area, click here.

PNC Bank’s Virtual Wallet®

Wouldn’t it be great if you could get a super-easy holistic account package when you decide to switch banks? That’s what PNC Bank aims to offer with its Virtual Wallet® kit. It’s a complete set of accounts for everything you need to do, including:

  • Spend : An everyday checking account.
  • Reserve : A savings account for short-term goals, like a vacation or Christmas gifts.
  • Growth : A savings account for long-term goals, like a down payment on a house.

Virtual Wallet® accounts also come with different tiers of interest rates, depending on whether you meet certain qualifications. We’ll do a deeper dive on that later.

What’s really neat about PNC Bank’s Virtual Wallet® is that it comes with all sorts of tools to help you manage your money better. Within the checking account, you can take advantage of the following tools:

  • Calendar : Allows you to see scheduled bills and amounts due.
  • Online bill pay : Will pay your bills for you automatically on their due dates.
  • Danger Day : Shows you when you might run out of money for the month.
  • Spending Zone : Allows you to set up and track your spending in a budget.
  • Money Bar : Shows you how your money is divvied up: savings, scheduled for bills, or free to spend.

The Virtual Wallet® even makes it easier to save in Reserve and Growth savings accounts with the following features:

  • Punch The Pig : Gamifies your savings when you hit a pig icon to transfer money to your Growth account.
  • Wish List : Allows you to set up and track individual savings goals separately from each other.
  • Early closure fee: $25 if you close the account within 180 days of opening.
  • Savings Engine : Automatically puts money into savings when you’re paid, or if you pay a bill.

PNC Bank checking accounts with Virtual Wallet®

Virtual Wallet® Basic Checking Account

A basic account for lower-income earners who want to use Virtual Wallet® features to manage their money.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $7
  • How to waive the account maintenance fee:
    1. Keep at least $500 in your Spend and/or Reserve accounts
    2. Have at least $500 direct-deposited into your Spend account
    3. Be 62 or older
    4. Provide proof of active enrollment in a qualifying education institution (expires six years after the account is enrolled in the student banking program).
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.

If you’re looking to take advantage of PNC Bank’s Virtual Wallet® account package but don’t earn a huge income, this basic account is where you’ll want to start.

This checking account does come with a rewards program, but we’ll be honest: it is confusing. To earn rewards points, you’ll need to log into the PNC Bank Rewards Portal to see and manually activate customized offers just for you, based on your spending history.

You can redeem your rewards through the online rewards catalog or receive cash back directly into your account. If you link up a PNC Points Visa credit card with your account, you can also earn 25 percent more rewards points for your purchases.

Because of the complexity of assessing the value of the rewards program before you sign up, we think that this is a nice bonus feature but not one you should base your decision on. If you’re looking for cashback rewards, there are many better, more transparent options for you.

If you decide to open a basic Virtual Wallet® account with PNC Bank, the process is relatively straightforward.

You can do it online, over the phone, or in a local branch if one is nearby. Simply provide some basic information (name, address, Social Security number and the like), have a government-issued photo ID ready, and a way to make an opening deposit with your existing bank’s routing and account numbers, or with a debit or credit card.

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Virtual Wallet® with Performance Spend

A low-interest-earning account for those who earn a higher income and want to use the Virtual Wallet® package.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $9,999.99

0.01%

0.01%

0.55%

$10,000 - $24,999.99

0.01%

0.01%

0.55%

$25,000 - $49,999.99

0.01%

0.01%

0.60%

$50,000 - $99,999.99

0.01%

0.01%

0.60%

$100,000 and above

0.01%

0.01%

0.65%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $15
  • How to waive the account maintenance fee:
    1. Keep at least $2,000 in your Spend and/or Reserve accounts
    2. Have at least $15,000 in another PNC Bank account or loan
    3. Have at least $2,000 direct-deposited into your Spend account each month ($1,000 for military members).
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC ATMs.
  • ATM fee refunds: Two refunds per statement. However, ATM surcharges from the originating financial institution ATMs may not be refunded.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.

The Virtual Wallet® with Performance Spend works exactly like the basic Virtual Wallet® accounts, albeit with some extra threshold levels for higher rewards. You’ll need to log into a portal to view and activate different rewards offers for purchases you make. When you’ve accumulated enough rewards, you can redeem them for an unknown amount of cash back or other rewards.

The Performance Spend also adds in a few extra rewards: You get up to two ATM fee refunds per month. You’ll also get discounts on check designs, an annual safe deposit box rental,`free cashier’s checks, and higher rates on certain CDs and IRA CDs You do have the potential to earn slightly higher (but still paltry) interest rates on your savings accounts.

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Virtual Wallet® with Performance Select

A low-interest-earning account for high earners who want to take advantage of Virtual Wallet® features.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $24,999.99

0.01%

0.01%

1.20%

$25,000 - $49,999.99

0.01%

0.01%

1.40%

$50,000 - $99,999.99

0.01%

0.01%

1.60%

$100,000 - $499,999.99

0.01%

0.01%

1.70%

$500,000 and above

0.01%

0.01%

1.70%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25
  • How to waive the account maintenance fee:
    1. Keep at least $5,000 in your Spend and/or Reserve accounts
    2. Have at least $25,000 in another PNC Bank account or loan
    3. Have at least $5,000 direct-deposited into your account each month.
  • ATM fees: None for PNC Bank ATMS and non-PNC Bank ATMS.
  • ATM fee refunds: Up to $10 per month in non-PNC Bank surcharges (i.e., the fees the ATM owner tacks on).
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Growth accounts.

This Virtual Wallet® package is built to be used by high-income earners. After all, you do not want to be paying a $25 monthly account fee, especially when you can get a much better rates at another bank. The Performance Select package comes with added bonus perks. In addition to all the perks from the Performance Spending package, you also will have fees waived for more obscure services, such as Stop Payment and ATM statements. You’ll also be eligible for savings on home equity lines of credit and personal lines of credit, and up to $10,000 in identity theft protection reimbursement.

Overall, though, we’re left feeling underwhelmed by the bonus perks that this account offers for all of the requirements.

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Bonus: New checking account offer

PNC Bank is currently offering sign-up bonuses with the Virtual Wallet® account package. If you open a new account and meet the requirements, you could be eligible for a lucrative sign-up bonus.The bonus amount and the requirements depend on which account tier you open.

For a basic-level Virtual Wallet account, you’ll need to set up at least $500 of direct deposits into the account and make at least 10 purchases with your debit card. If you do those things, you’ll earn a $50 sign-up bonus.

The next level up is the Performance Spend account. To get the $200 sign-up bonus for this account, you’ll need to set up $2,000 of direct deposits and also make 10 purchases with your debit card.

Finally, you can earn a $300 sign-up bonus by opening a Virtual Wallet package with the Performance Select level. To earn this hefty bonus, you’ll need to schedule a $5,000 direct deposit into your account and make 10 debit card purchases.

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PNC Bank checking accounts without Virtual Wallet®

Performance Select Checking

A basic interest-earning checking account for high-income earners who don’t need all the fancy Virtual Wallet® features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

The Virtual Wallet® account package is nice for people who want an all-inclusive money management experience. But what if you’re a high-income earner who just wants a simple, no-frills checking account?

That’s where the base Performance Select Checking account comes in. It has the same fees, reward program, requirements and interest-earning structure as the Virtual Wallet®’s Performance Select, just without the extra two Reserve and Growth savings accounts.

Signing up for the Performance Select checking account is easy and takes just a few minutes. You can go to a local branch if you’re near one, call or sign up online. You’ll need that photo ID, a way to fund your new account, and all the basic info, like Social Security number.

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Performance checking

A basic interest-earning checking account for medium-income earners who don’t want Virtual Wallet® features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

PNC Bank’s Performance checking account is its lowest-requirement interest-earning checking account. But with a low interest rate that only applies to balances over $2,000, the amount of money you’ll earn with this account will be peanuts.

Furthermore, if you don’t meet all the same requirements (keeping at least $2,000 in your account, having $2,000 of direct deposits, or having $15,000 in another PNC Bank account or loan) as the Virtual Wallet with Performance Spend, you’ll have to pay a $15 monthly account fee.

This account does come with the same reward structure and banking discounts as the Virtual Wallet® with Performance Spend account, however. If this sounds like the right account for you, you can easily sign up online, via phone or by visiting a local branch.

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Standard checking

A basic-reward checking account for lower-income or retired consumers.

If you’re not interested in taking advantage of PNC Bank’s Virtual Wallet® money management features but still want a reward checking account without all the red tape, the Standard account might be for you.

This non-interest-earning account, which carries the same fee, reward, and requirement structure as the basic Virtual Wallet® account package, is easy to sign up for. All you need is a photo ID, basic personal information and a way to fund your account. You can sign up in just a few minutes online, over the phone or at a local branch.

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How PNC’s checking accounts compare

PNC Bank’s checking accounts are, overall, pretty lackluster. The only advantage of using them is that you get access to the Virtual Wallet® account package, which actually does offer some nice money management tools. But you can still get access to budgeting tools and savings apps elsewhere that can do all the same jobs as the Virtual Wallet®.

The rewards structure for these checking accounts is confusing. There’s no way to know whether you’ll earn good rewards, since you have to log into a portal and manually activate them ahead of time. Furthermore, once you do earn those rewards points, you have to redeem them through another portal. Some checking accounts do come with discounts, but they’re mostly on more obscure banking products you probably aren’t going to use much anyway, like cashier’s checks or safety deposit boxes.

These accounts carry a lot of red tape and fees. They also don’t pay much interest, if any. If earning the highest interest rates possible (with the least amount of fine print and fees) is your goal, there are much better checking accounts elsewhere.

PNC Savings Accounts

Standard savings

Low interest rates for a fee-heavy savings account.
 

Standard Rates

Relationship Rates with a checking account

$1.00 - $2,499.99

0.01%

0.05%

$2,500 and above

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • How to waive the account maintenance fee:
    1. Keep $300 in your savings account
    2. Be under age 18
    3. Transfer at least $25 from this account to an Auto Savings account
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

PNC Bank’s basic savings account does technically earn interest — but that’s about all we can say about it. Though national savings account rates average around 0.20% APY, the best you can hope for with this account is 0.10% APY—-and only if you have more than $2,500 in your account and qualify for relationship rates.To do this, you can set up a direct deposit into another account in one of the following amounts:

  1. $500 to a Standard checking account
  2. $2,000 to a Performance checking account
  3. $5,000 to a Performance Select checking account

Alternatively, you can also qualify for the higher rates by making at least five purchases with your PNC Bank credit or debit card.

If you’re not able to meet these requirements for the higher relationship interest rates, you’ll only earn a measly 0.01% APY on your savings. That’s as low as you can go while still technically saying it does earn interest.

Furthermore, there are many hidden-fee traps with this account. For example, if you don’t meet another set of requirements to waive the monthly account fee, you’ll pay a $5 monthly account fee.

At least the bank does make it easy to open an account if you decide you want to go this route. You can do it online, over the phone, or at a local branch. You’ll need just a few minutes of your time along with a photo ID, basic personal information and a way to fund your new account.

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“S” is for Savings

Fun savings tools for children, but don’t expect to teach them about earning interest.

Minimum Balance to Earn APY

APY

$1.00

0.01%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • How to waive the account maintenance fee:
    1. Be under age 18
    2. Keep at least $300 in this account
    3. Transfer at least $25 from this account to an Auto Savings account each month
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

It can be tough to teach young ones about money, but this savings account can help in a few ways. Children can set savings goals for things like a new bike or a toy.When money is deposited into the account, children are presented with a visual of three buckets that they can choose to put the money in:

  1. Saving (for later)
  2. Sharing (to be given to charity or other people)
  3. Spending (to be spent right away)

Even cooler is an interactive learning center where young savers can learn about basic money management from “Sesame Street” characters.

These features are great for teaching basic financial concepts, except for one thing: how compound interest works. This account earns a rock-bottom interest rate of 0.01% APY. Since your child probably isn’t going to be saving hundreds of thousands of dollars in this account, he or she won’t really be able to see compound interest in action.

Luckily, this account is pretty easy to open. All you need is a photo ID for yourself (not your child), a way to fund the account, and your child’s personal information. It only takes a few minutes to complete an application, which you can do online, in person at a local branch or over the phone.

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How PNC’s savings accounts compare

While you can save money with PNC Bank’s savings accounts, they’re not an effective way to earn interest. Their rates are well below the national average of around 0.20% APY and there are many hidden fees that can trip you up if you aren’t a model customer.

The “S” is for Savings account for children is an exception if you’re looking to teach your youngsters about money, however. With its neat interactive interface and “Sesame Street” characters, it can get any child excited about savings.

That doesn’t mean it’s the best tool for the job, though. There are many other savings accounts that offer better rates for both you and your children.

PNC CD Rates

Fixed-rate CDs

Large amounts of cash needed for below-average returns.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: For CDs with terms between 3 months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

To get started with a PNC Bank Fixed Rate CD, you’ll need a deposit of at least $1,000. The bank will notify you and give you a 10-day grace period when your CD term is due to allow you to decide what to do with it (withdraw, or renew?). If you do nothing, the CD will automatically renew with the same term.Although PNC Bank does allow CDs with a deposit of as little as $1, there’s a hidden catch: deposit amounts between $1 and $999.99 are only available for CDs that are being renewed — which means you can’t start out at this level with your first deposit amount.

Furthermore, the rates offered for their CDs are again very low.

For example, the average national rates for a 1-year and 5-year CD are 0.73% APY and 1.66% APY with a $1,000 deposit, respectively. But PNC Bank? They’re just 0.13% APY and 0.60% APY, respectively—less than half the national average.

If you do decide to open a Fixed Rate CD, you’ll need a bit more information than with a standard checking or savings account. You’ll need current personal and employment information, and a photo ID. You can apply online, at a local branch, or over the phone.

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Ready Access CDs

A better option to earn higher interest rates and skirt around the rules of PNC Bank’s savings account.

Term

APY

Minimum Balance Amount

3 months

0.05%

$1,000

12 months

0.15%

$1,000

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You will forfeit any interest earned.

CDs can be tough to invest with. On one hand, they offer higher rates than a savings account. But, if something comes up and you need the cash, you generally can’t withdraw it without paying an early withdrawal fee that could wipe out your earnings.PNC Bank’s Ready Access CD is a great option for these scenarios. While the rates still aren’t the greatest, the 12-month Ready Access CD interest rate is actually higher than their highest-earning savings account that has tons of red tape, fees, and stipulations surrounding it (see PNC Bank’s Standard Savings account above).

You can withdraw the money from this CD at any time penalty-free after the account has been open for at least seven days. These CDs will also automatically renew, meaning they’re a great option to store your emergency savings to earn a higher interest rate. In a worst-case scenario, you won’t be able to pull the money out within a brief seven-day period each year without incurring an early withdrawal fee.

Otherwise, it’s a great way to skirt around the rules and fees of their savings account while still earning a higher rate.

You can open a Ready Access CD online, over the phone or in-person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new account.

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Callable CDs

Higher rates that still underperform national averages with added fine print.

Term

APY

Minimum Balance Amount

36 months

0.50%

$10,000

60 months

1.10%

$10,000

  • Minimum deposit amount: $10,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: Six months’ worth of interest.

If the rates of PNC Bank’s Fixed Rate CDs left you feeling a bit underwhelmed, you do have an opportunity to earn a slightly higher rate with Callable CDs. Still these rates are around half of what national averages are for these CD term lengths.The way it works is a little confusing. PNC Bank has the right to call back its CD if it decides the interest rate isn’t working in its favor. This just means that it’ll pay out what you’ve already earned instead of paying a higher interest rate for the full term length of the CD. It can only call back the CD after you’ve had it open for 12 months (for a 36-month Callable CD), or 24 months (for a 60-month Callable).

If this happens, you’ll get an advance notice of the actual “call date” of the CD. After this date, you’ll have 10 full days to decide whether you want to withdraw the cash or renew it into another CD. If you do nothing, the bank will automatically roll the funds over into a 12-month fixed-rate CD.

Getting a Callable CD is relatively straightforward, but you’ll need a few pieces of information. You can open an account over the phone or in person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new CD.

Variable-rate CDs

Earn fair rates through a changing interest rate environment.

You’ve probably heard all the kerfuffle surrounding the Federal Reserve changing interest rates. That can cause banks to change their own CD rates, and if you’re locked into a long-term CD, that change might not be in your favor.

Instead, PNC Bank offers an option for these scenarios. You can choose from just one term length — 18 months — and the interest rate you earn will be tied to the current price of a three-month Treasury Bill. As of July 5, 2018, that’s running at 1.92%.

After the 18-month period is up, your variable-rate CD will renew into another CD of the same type.

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You’ll lose six months’ worth of interest.

To open a Variable Rate CD, you’ll need a few things. You’ll need to provide personal information and employment history, as well as a photo ID. You can apply in person at a local branch or over the phone.

Step-rate CDs

Frequent access to your cash with an unknown earning potential.

If you want more frequent access to your money but don’t want to commit to a Ready Access CD, then a step-rate CD might be right for you. This CD is available in 36-month term lengths, which are further subdivided into six six-month terms.

Every six months you’re given a 10-day period where you can withdraw your cash penalty-free if you wish. If you choose to leave it in the account, the interest rate will be bumped up a notch each time.

The downside of this CD is that the bank won’t tell you what the interest rates for each step are until you sign up for an account. So, it’ll be a surprise!

  • Minimum deposit amount: $2,500
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You’ll lose six months’ worth of interest.

To open a Step Rate CD, simply call PNC Bank or visit them in person if you live near a local branch. You’ll need to provide them with basic personal and employment information, and a photo ID.

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How PNC’s CD rates compare

PNC Bank offers a diverse set of CDs, which is great because it provides you with the most flexibility for your personal situation. Not everyone is able or willing to use a one-size-fits-all CD.

The rates offered for these CDs fall well short of national averages, however. If you’re looking to maximize the amount of return for your money, there are better CD rates at other banks.

PNC Bank’s Money Market Account

Premiere Money Market Account

Decent rates if you can meet the additional requirements.

Balance to earn interest

Standard APY

APY when linked to Performance Checking

APY when linked to Performance Select Checking

$1.00 - $9,999.99

0.03%

0.55%

1.00%

$10k - $24,999.99

0.09%

0.55%

1.00%

$25k - $49,999.99

0.11%

0.60%

1.10%

$50k - $99,999.99

0.13%

0.60%

1.20%

$100k - $249,999.99

0.15%

0.65%

1.30%

$250k - $499,999.99

0.15%

0.65%

1.30%

$500k - $999,999.99

0.17%

0.65%

1.30%

$1M and above

0.17%

0.65%

1.30%

  • Minimum opening deposit: $100
  • Maximum opening deposit: $10,000
  • Monthly account maintenance fee: $12
  • How to waive the account maintenance fee: Keep at least $5,000 in your account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

For most products, PNC Bank offers below-average rates. Its money market account is one exception — if you can meet the added requirements. Otherwise, you’ll earn measly rates and might actually lose money if you have to pay the monthly account fee.To qualify for these higher interest rates, you’ll need to meet at least one of these other requirements in addition to having the extra checking account:

Set up a monthly direct deposit amount ($2,000 to a Performance Checking account, or $5,000 to a Performance Select Checking account)
Make at least five purchases a month with your PNC credit or debit card

Just be sure to watch out for the hidden fees, especially the monthly account maintenance fee. If you’re not able to keep $5,000 in your account, it’ll be a $12 fee each month.

To sign up for a PNC Bank Money Market account, you’ll need to apply either online, in person at a local branch, or over the phone. You’ll need a photo ID, and be able to provide bank account or credit card numbers to provide an opening deposit. Finally, you’ll also need to provide PNC Bank with basic personal information.

LEARN MORE Secured

on PNC Bank’s secure website

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How PNC’s money market account compares

PNC Bank’s basic money market account isn’t anything to write home about on its own. But, if you can take advantage of the higher rates offered if you have a Performance Checking or Performance Select Checking account, you can actually earn decent returns on your savings.

The higher rates offered for customers who qualify are actually right on par with national averages. But, as with the rest of their products, you can still find better money market account rates and terms with other banks.

PNC IRA CDs

Fixed-rate IRA CD account

Low rates for high-fee retirement savings.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

  • Minimum opening deposit: $1,000
  • Annual custodian fee: $25
  • How to waive the annual custodian fee: Keep at least $2,000 in your account.
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Transfer fee: $25 if transferring money to another PNC savings or checking account, or to another bank.
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: For Fixed Rate IRAs with terms between three months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

This is one of the safest options around for growing your savings. PNC Bank offers multiple term lengths and rate tiers depending on how much money you want to invest and for how long.Although it does offer IRA CDs in amounts from $1.00-$999.99, you actually can’t start your account with these. You can only renew existing IRA CDs in this amount, meaning that you’ll need to bring at least $1,000 to the table if you want to open an account.

If you’d like to open a fixed-rate IRA CD account with PNC Bank, you’ll need to block out about 15 minutes of time from your day. You can apply over the phone, online or in person at a local branch.

LEARN MORE Secured

on PNC Bank’s secure website

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How PNC’s IRA CD rates compare

Unfortunately, PNC Bank falls short of the mark for Fixed Rate IRA CDs as well. The rates offered are measly compared with those of competitors, even when you look at the longest-running CDs with the highest deposit amounts. If you’re looking to grow your money, you can find better rates and terms for IRA CDs elsewhere.

Furthermore, there are fees to watch out for with this account. Unless you come to the table with a $2,000 minimum deposit, you’ll have to pay an annual account fee. If you ever want to transfer your money out of the bank, you’ll need to pay another fee. These fees could really eat into your already-tiny earnings.

PNC Bank’s Student Virtual Wallet® Review

Student Virtual Wallet® Account

Great account package for young adults to learn money management skills.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you provide proof that you’re actively enrolled in an educational institution. Status expires 6 years from when you open the account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: Two per month. ATM surcharges (i.e., the extra fee the ATM’s owner tacks on) are not refunded.
  • Overdraft fees: Your first overdraft fee within 12 months of account opening will be refunded.

PNC Bank offers all the functionality and perks of its regular Virtual Wallet® package (Spend, Reserve, and Growth accounts) with added bonuses for students. One of these great features is parental alerts, so parents can also see, along with students, when the account balance is low.

This account package also comes with helpful financial education. It provides in-person financial education seminars if you’re lucky enough to have a local branch on your campus.

Opening an account is the same as for the regular Virtual Wallet® accounts. In addition, you’ll need some way to prove that you actually are a student for this particular account.

LEARN MORE Secured

on PNC’s secure website

Overall review of PNC Bank

We’ll be honest. PNC Bank really does offer some neat money management tools, especially with its Virtual Wallet® and “S” is for Savings® accounts. These accounts come with seamless tools that help you to simplify your hectic financial life.But that doesn’t mean these are the only places you can get these tools. Other financial products such as Mint or FamZoo can also do just about everything that the Virtual Wallet® does. You’ll have to do research and piecemeal these tools together to create a custom package for you, but it is possible to replace all the functionality of the PNC offerings with other products.

Furthermore, PNC Bank offers rock-bottom rates and super-high fees for most of its banking products. Unless you’re a model customer, these fees have the potential to wipe out your meager earnings.

Instead, you can search for higher-earning, more transparent checking and savings accounts elsewhere and finding your own budgeting and savings tools to help you manage your money. That way, you’ll have the best of both worlds: custom ways to simplify your finances and, with luck and due diligence, the highest-earning accounts possible.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Best of, Earning Interest

The Best Credit Union CD Rates – September 2018

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

The top credit union CD rates
Source: iStock

Certificates of deposit (CDs) are a great way to safely store your savings at a financial institution, as they offer a guaranteed rate of return, and CD rates tend to be higher than those on traditional savings accounts. Maybe you’ve even heard that credit union CD rates offer higher returns—but is that really the case?

On average, yes. As of June 2018, the average one-year credit union CD had a 0.92% annual percentage yield (APY), compared to the 0.75% APY average among one-year bank CDs.

Using data from DepositAccounts.com, another LendingTree company, we identified the top one-year credit union CD rates, as of September 8, 2018. We then eliminated any credit union with a health rating lower than a B and identified the top three offerings in three categories: restricted, no cost, and best banking app. If there was a tie by APY, we went with the product with the lower minimum deposit. Here are the best one-year credit union CD rates.

Best CD rates for credit unions with no cost to join

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

Unify Financial Credit Union – 1-Year Share Certificate, 1.75% APY, min. deposit $1,000

UNIFY Financial Credit Union
Unify FCU offers the highest interest rates on CDs (which it calls share certificates) of any credit union with no cost to join. The interest rate on their 12-month CD, for example, is 1.75%, compared to the national average of 0.92% in June. You would earn $17.50 on a $1,000 deposit. If you withdraw your money early, however, you’ll face a penalty of 90 days’ worth of interest.

LEARN MORE Secured

on UNIFY Financial Credit Union’s secure website

NASA Federal Credit Union – 1-Year Share Certificate, 1.00% APY, min. deposit $1,000

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

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

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

Best credit union CD rates with restricted memberships or membership fees

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

CommunityWide Federal Credit Union – 12 Month CD, 2.50% APY, min. deposit $2,000

Communitywide Federal Credit Union
Membership to CommunityWide Federal Credit Union is open to members of the Michiana Goodwill Boosters or Marine Corps. of St. Joseph Valley. However, if you’re not a member of either of those organizations, you can qualify by becoming a donor member of select organizations such as the Y.M.C.A.

Once you’re a member of CommunityWide Federal Credit Union, you can open a 12-month CD with a minimum of $2,000. Their early withdrawal penalty equals the withdrawn amount multiplied by the number of days that remain in the term.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

Connexus Credit Union – 12 Month Certificate, 2.50% APY, min. deposit $5,000

12 Month Certificate from Connexus Credit Union With a $5 donation to the Connexus Association, anyone can join Connexus Credit Union. The Connexus Association assists educational institutions by providing scholarships and financial information. Once you become a member of the credit union, you’ll be able to open their 12 month CD with a $5,000 deposit.

If you’re able to deposit $5,000 into Connexus’s 12 month CD, you’ll earn $125 by the end of the term. However, if you withdraw funds early, you’ll be penalized with 90 days’ worth of interest.

LEARN MORE Secured

on Connexus Credit Union’s secure website

PenFed Credit Union – 1-Year Money Market Certificate, 2.45% APY, min. deposit $1,000

PenFed Credit Union
PenFed has an outstanding APY of 2.45%. With a minimum deposit of $1,000, you could earn $24.50 in one year. Interest is compounded daily and posts to accounts monthly. However, be aware of the steep early withdrawal penalty. If you withdraw funds before the year is up, you may forfeit all interest accrued up to that point.

Eligibility for this credit union is mainly based on military status, governmental employment status, affiliation with certain associations and organizations or relation to eligible members. However, if you don’t qualify through those criteria, getting a membership to this credit union is not difficult if you’re willing to pay a one-time fee of $17 to either Voices for America’s Troops or the National Military Family Association.

LEARN MORE Secured

on PenFed Credit Union’s secure website

NCUA Insured

Alliant Credit Union – 12-17 Month Share CD, 2.65% APY, min. deposit $25,000

Alliant Credit Union
 With a minimum deposit of $1,000, you could earn an APY of 2.65% on a 12-17 month CD. If you deposit $25,000 or more, you would be able to earn an APY of 2.65% with the same term. An early withdrawal penalty of 90 days’ worth of interest may be imposed if you withdraw funds prior to the CD’s maturity date.

With a $10 donation to Foster Care to Success, you can easily become a member of Alliant Credit Union. You can also become a member if you are an employee or retiree of certain organizations, related to existing Alliant members, or live or work in qualifying communities.

LEARN MORE Secured

on Alliant Credit Union’s secure website

USAlliance Financial – 12 Month CD, 2.28% APY, min. deposit $500

USALLIANCE Financial
Membership to USAlliance Financial is open to anyone who lives, works or worships in certain counties of Massachusetts, the city of West Haven, Conn., and a few districts in New York. However, if you don’t qualify by location, you can qualify by giving USAlliance authorization to make you a member of various organizations, including the American Consumer Council, if you aren’t already a member of these organizations. Keep in mind that these organizations may request fees.

Once you’re a member of USAlliance Financial, you can open a 12-month CD with a minimum of $500. Their early withdrawal penalty equals 180 days’ worth of interest earned on the amount you withdraw.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

Best CD rates for credit unions with the best mobile apps

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

But, if you’d like to switch all of your banking to the same institution that holds your CDs, it might be a wise idea to consider one of these credit unions if you’re a digital junkie. Most credit unions lag behind their bank compatriots in terms of mobile banking apps, but these credit unions offer top-notch mobile apps, according to MagnifyMoney’s 2017 mobile banking app analysis.

Redstone Federal Credit Union – 12 Month MemberPlus Regular Share Certificate, 2.17% APY, min. deposit $1,000

Redstone Federal Credit Union
You can’t just make a simple donation to join to Redstone Federal Credit Union if you fail to meet their membership criteria. You need to be a government employee or contractor, a member of the military, reserve, or National Guard, or affiliated with a number of organizations listed on their website among other options.

However, if you do qualify for membership, you could earn an APY of 2.17% with a minimum deposit of $1,000. Redstone FCU has compounding and non-compounding certificates, which allow you to have the option to withdraw interest earned or not throughout the term of the certificate.

LEARN MORE Secured

on Redstone Federal Credit Union’s secure website

Eastman Credit Union – 1-Year Investment Certificate, 2.00% APY, min. deposit $1,000

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

Eastman CU is another one of the rare credit unions that allow you to withdraw your dividends penalty-free before the maturity date, although again, doing so will lower your total returns. Currently, you can earn an interest rate of 2.00% on a 12-month CD with a minimum deposit of $1,000. If you withdraw your money before the CD matures, you’ll owe a penalty fee of anywhere between seven days’ worth of dividend earnings or all of your dividend earnings.

LEARN MORE Secured

on Eastman Credit Union’s secure website

Wright-Patt Credit Union – 1-Year Certificate, 1.76% APY, min. deposit $500

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

You can earn $8.80 on a 12-month CD with just a relatively small $500 deposit. However, if you’re able to deposit $100,000 or more, you’ll earn an APY of 1.87%, which will return $1,870 in interest. Early withdrawal penalties vary depending on the original term of your CD, however they’ll be anywhere between 5-12 months’ worth of dividends.

LEARN MORE Secured

on Wright-Patt Credit Union’s secure website

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

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

Delta Community CU used to be the lowest-earning credit union on our list, but recently increased the APY on this product from 1.10% to 1.25%. The early withdrawal penalty is 90 days’ worth of interest on a 12-month CD.

LEARN MORE Secured

on Delta Community Credit Union’s secure website

 

3 questions to consider before opening a credit union CD

Banks are more likely to call their products certificates of deposit, while credit unions often refer to them as share certificates. Aside from the name, the biggest difference between the two is that credit unions have higher average annual percentage yields (APYs), as of March 2018. That’s good news: It means more money back in your pocket when the CD matures (i.e., reaches the end of its term and is available for withdrawal).

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

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

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

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

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

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Best of, Earning Interest

The Best IRA CD Rates – September 2018

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

Top IRA CD rates
Source: iStock

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

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

Every month, we choose the best IRA CD rates using data from another LendingTree company DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. On September 8, 2018, we sorted the products by APY, then eliminated institutions with a health rating below a B. We then eliminated products that are not available nationwide. From there, we chose the IRA CD with the highest APY among products with a minimum deposit no greater than $5,000. Here are the best options. (Average CD rates referenced below are based on DepositAccounts.com data as of September 8, 2018.)

The best IRA rates in September 2018

Term

Institution

APY

Minimum Deposit Amount

3 months

TIAA Bank

1.65%

$5,000

6 months

CommunityWide Federal Credit Union

2.15%

$2,000

12 months

Connexus Credit Union

2.50%

$5,000

18 months

Interior Credit Union

2.68%

$500

2 years

Justice Federal Credit Union

3.25%

$500

3 years

Salem Five

3.00%

$2,000

4 years

CommunityWide Federal Credit Union

3.20%

$2,000

5 years

Achieva Credit Union

4.00%

$500

 

3 Month IRA CD – TIAA Bank, 3 Month Yield Pledge IRA (Traditional, Roth)

TIAA Bank
Three-month regular CDs are earning an average interest rate of 0.36% APY currently. EverBank is exceeding that, with an interest rate of 1.65% APY with their 3-Month Yield Pledge IRA CD. With that APY and a $5,000 minimum deposit, you would earn $19.88 when the certificate matures.

LEARN MORE Secured

on TIAA Bank’s secure website

6-Month IRA CD – CommunityWide Credit Union, 6 Month IRA (Traditional, Roth)

Communitywide Federal Credit Union

Six-month IRA CDs typically earn a little bit better, but they’re normally still not great. CommunityWide Federal Credit Union, however, is breaking that norm by offering the highest interest rate at 2.15% APY for deposits of $2,000 and over. That translates into earnings of $21.39 if you were only to deposit the minimum amount. Compare that to the average of all regular 6 month CDs, at 0.63%.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

1-Year IRA CD Rates – Connexus Credit Union, 1 Year IRA (Traditional, Roth, CESA)

Connexus Credit Union

Regular one-year CDs earn an average interest rate of 1.00% APY. Connexus Credit Union, however, is offering a one-year IRA CD at 2.50% APY. You’ll need a $5,000 minimum deposit to earn $125.00 in interest once the CD matures.

LEARN MORE Secured

on Connexus Credit Union’s secure website

18-Month IRA CD Rates – Interior Federal Credit Union, 18 Month IRA Certificate (Traditional, Roth, CESA)

Interior Federal Credit Union
18-month regular CDs earn an average interest rate of 1.23% APY. Interior Federal Credit Union on the other hand, is currently offering 2.68% APY on an 18-month IRA CD. This would translate into earnings of $20.23 with a minimum $500 deposit.

LEARN MORE Secured

on Interior Federal Credit Union’s secure website

2-Year IRA CD Rates – Justice Federal Credit Union, 24 Month IRA Certificate Special w/ Checking – New Money (Traditional, Roth)

Justice Federal Credit Union
Two-year regular CDs earn an average interest rate of 1.32% APY. Justice Federal Credit Union, on the other hand, is currently offering 3.25% APY on a 2-year IRA CD. This would translate into earnings of $33.03 with a minimum $500 deposit.

LEARN MORE Secured

on Justice Federal Credit Union’s secure website

3-Year IRA CD Rates – Salem Five, 36 Month IRA Special (Traditional, Roth, CESA, SEP)

Salem Five
Three-year regular CDs are earning an average interest rate of 1.52% APY currently. Salem Five is exceeding that, with an interest rate of 3.00% APY with their 36-month IRA CD. With those interest rates and a $2,000 minimum deposit, you would earn $185.45 when the certificate matures.

LEARN MORE Secured

on Salem Five’s secure website

4-Year IRA CD Rates – CommunityWide Federal Credit Union, 48 Month Personal IRA

Communitywide Federal Credit Union

Four-year regular CDs are currently earning an average interest rate of 1.67% APY. CommunityWide Federal Credit Union claims the top interest rate for these IRA CDs, with an interest rate of 3.20% APY. You would earn $268.55 on this CD with a $2,000 minimum deposit.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

5-Year IRA CD Rates – Achieva Credit Union – 60 Month IRA/457B (Traditional, Roth, CESA)

Achieva Credit Union
Five-year IRA CDs hold the top spot for interest rates out of any category on our list. National averages for a regular 5-year CD is 1.97% APY, however Achieva Credit Union outperforms the average with a 4.00% APY on its 5-year IRA CD for members. The minimum deposit is $500 to earn this APY. If you’re able to deposit more than $500, you may eligible for a higher APY. With a deposit of $25,000 you may be able to earn an APY of 4.10%. If you’re able to deposit $75,000, you may be able to earn 4.20% APY.

One item to note with this credit union: the rates may vary by region, so make sure you check to see if you’re eligible for the above rates in your location.

LEARN MORE Secured

on Achieva Credit Union’s secure website

NCUA Insured

6+ Year IRA CD Rates – Air Force Federal Credit Union, 7 Year IRA (Traditional, Roth, CESA)

AFFCU

We’re starting to see these very-long-term IRA CDs offer higher interest rates than the shorter-term five-year IRA CDs. Air Force Federal Credit Union offers the highest term for their seven-year IRA CD, at 3.20% APY. That’s less than Achieva Credit Union which offers a 4.00% APY for a five-year IRA CD. Still, with Air Force Federal Credit Union’s seven-year IRA CD, you would earn $616.72 on a minimum deposit of $2,500 when the IRA CD matures.

LEARN MORE Secured

on AFFCU’s secure website

3 questions to consider before opening an IRA CD

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

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

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

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

KS StateBank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

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

Year Established1969
Total Assets$1.9B
LEARN MORE on KS StateBank’s secure website

KS StateBank was founded in 1969. In 2015, the bank rebranded itself as KS StateBank. It’s headquartered in Manhattan — the other Manhattan, in Kansas. Today, the bank also operates six branches in Kansas as well as a branch way out in Phoenix, Ariz.

Although this bank is still relatively small — it’s the 454th biggest bank in the nation — it is a relatively solid financial institution. It received an A+ rating on the Texas Ratio scale (a measure of the bank’s capital versus its loans), and it has $1.9 billion in assets.

KS StateBank offers a wide range of loan products including home loans, personal loans and business accounts. In this review, however, we’ll be discussing its deposit accounts. We’ll tell you whether they’re worth their salt, and if they are worth keeping, what you need to know to get the most out of them.

KS StateBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

Savings

KS StateBank Simple Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.40%

CD Rates

KS StateBank 1 Year CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

3.10%

CD Rates

KS StateBank 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.37%

CD Rates

KS StateBank 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

KS StateBank checking account

Checking PLUS

You can earn a very good rate on your checking account if you meet qualifications. But if you can’t, no worries — it’s still free.

APY

Minimum Balance Amount

1.90%

Up to $25,000 (but only if qualifications are met)

0.50%

Over $25,000 (but only if qualifications are met)

*If you don’t meet the qualifications, you may still earn interest, but with a smaller rate.

  • Minimum opening deposit: $100
  • Monthly account maintenance fee:  None
  • ATM fee: None for in-network or out-of-network ATMs. However, you may have to pay an ATM surcharge fee if you use an out-of-network ATM. This is determined by the ATM’s owner.
  • ATM fee refund: Up to $25 in ATM surcharge fee reimbursements if you meet the account qualifications.
  • Overdraft fee: $25 per item, up to five items per day (so, $125 total).

If you’re looking to earn the best rate possible on your money in a checking account, this should definitely be one account to take a close look at. You’ll need to meet three qualifications each month:

  • Make at least 10 debit card purchases
  • Make at least one ACH transfer or direct deposit
  • Be signed up to receive eStatements

If you can do that, you’ll earn the high interest rate and be eligible to receive up to $25 in ATM surcharge fee reimbursements each month. If not, you won’t earn the high interest rate or receive the ATM fee reimbursements, but you still will earn a smaller (but still decent) rate for a checking account.

There aren’t any monthly fees if you can’t meet the monthly requirements, which means that this account is entirely free (from monthly fees, at least). Make sure to keep this account open for at least 90 days after you open it, otherwise you’ll face a $25 early account-closing fee.

How to get KS StateBank’s Checking PLUS account

Unfortunately, you can only apply for the Checking PLUS account if you’re a resident of Kansas, Missouri, or Arizona. You can still apply for KS StateBank’s other accounts if you live in other states; just not this account.

If you’re a resident of one of the eligible states and over age 18, you can apply for an account online in just a few minutes. You’ll also need to provide your Social Security number and a valid ID.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s checking account compares

This bank offers a very good rate for its checking account. In fact, it’s even better than many of our top online checking account picks. We really like the fact that you aren’t charged a fee if you don’t meet the minimum requirements each month. Rather, you’ll earn a reduced — but still decent — rate on your checking account. In addition, if you do meet the qualifications, you’ll be reimbursed for a tidy amount of ATM fees, which would be super handy if you use ATMs frequently.

KS StateBank savings account

Simple Savings

This account doesn’t earn the highest rate, but it’s no-fuss and easy to maintain.

APY

Minimum Balance Amount

0.50%

$0.01

  • Minimum opening deposit: $100, or $20 for children and teens under age 18
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network or out-of-network ATMs, though you may have to pay an ATM surcharge fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $25 per item, with a maximum of five items per day (so, $125 total).

As long as you have at least $100 in your pocket (or $20 if you’re a minor), you can open this account. Once it’s open, you can drop the balance down as low as you like without suffering any consequences — a nice feature, especially if you’re saving up for one big, shiny purchase and may eventually liquidate the account.

As with all savings accounts, you’re limited to just six withdrawals per month (not including ATM or in-person withdrawals). If you go over that amount, you’ll pay a $5 per-transaction fee. In addition, you agree to receive E-Statements with this account. If you prefer paper copies instead, you’ll pay a $2 monthly fee.

How to get KS StateBank’s Simple Savings account

If you’re over age 18 and a U.S. citizen, you can open this account online regardless of where you live. However, if you’re under age 18, you’ll have to visit a local branch to open this account.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s savings account compares

KS StateBank’s Simple Savings account rate doesn’t even come close to the top rates being offered by the best online savings accounts. Still, it’s not necessarily a bad rate per se, especially when compared to many big banks. This could be a good option for you if you prefer banking with a local community bank, but otherwise we’d suggest taking your deposit elsewhere to earn the most amount of money possible.

KS StateBank’s CD rates

Choose Your Term CD

These CDs offer an excellent rate and have a low minimum deposit requirement.

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your CD’s term:
    • For the 1 year CD, you’ll pay six months’ worth of interest.
    • For the 2 year CD, you’ll pay nine months’ worth of interest.
    • For the 3 year CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year and 7 year CDs, you’ll pay 18 months’ worth of interest.

These CDs are definitely worth a second glance if you’re looking to lock down a good interest rate, and especially if you don’t have a huge deposit to put away. With a minimum deposit of just $500, almost anyone who’s been saving for a little while should be able to afford these CDs.

A further benefit of these CDs is that you can use them as collateral for a KS StateBank loan. This may help to lower your interest rate and save you even more money, or allow you to get a loan in the first place if your credit score isn’t quite up to par yet. You can also choose to receive interest paid out quarterly via a check, or have it deposited back into another account of your choice.

If you do happen to have really deep pockets, you can also choose to open up these CDs through KS StateBank’s CDARS program. This allows you to receive FDIC coverage on balances larger than the standard $250,000 limit.

When your CD matures, it’ll automatically renew for the same term. You do get a 10-day grace period to make any changes to the CD or withdraw the money.

How to get KS StateBank’s Choose Your Term CDs

You can open these CDs online as long as you’re a U.S. resident and over 18 years of age. You’ll need your driver’s license, Social Security number, and date of birth.

LEARN MORE Secured

on KS StateBank’s secure website

27 Month Jump Up CD

You can bump up your rate once per term with this CD.

Term

APY

27 months

2.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12 months’ worth of interest

Interest rates seem to be rising these days, and it might make you a little leery to lock your money away for so long considering these rises. With this CD, however, you do get the option of increasing your interest rate once during its term if the published rate for this CD increases. To do this, either call KS StateBank, visit a local branch, or send them a secure message through the Online Banking platform.

Interest earned on this CD will be tallied up and credited to you quarterly. If you open the CD online, you only have one option for handling interest payments: they’ll automatically be rolled back into the CD account. If you open this CD in a local branch, you also get the option to receive quarterly interest checks mailed to you, but keep in mind that if you do this you may earn less than the advertised APY.

Once your CD matures it’ll be automatically renewed, but for a different CD: a 3 year regular Choose Your Term CD. If you want to change this, you have a 10-day period to withdraw the money and/or change the CD type, if you wish.

How to get KS StateBank’s 27 Month Jump Up CD

You can open this account online or by visiting a local branch. The online option is probably the simplest, but remember that you can’t opt for quarterly interest checks to be mailed to you if you do this.

LEARN MORE Secured

on KS StateBank’s secure website

Internet-only Jumbo CD specials

These Jumbo CDs actually offer the same rates as KS StateBank’s regular CDs.

Term

APY

1 year

2.40%

18 month

2.65%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This depends on your Jumbo CD’s term:
    • For the 1 year and 18 month Jumbo CDs, you’ll pay six months’ worth of interest.
    • For the 2 year Jumbo CD, you’ll pay nine months’ worth of interest.
    • For the 3 year Jumbo CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year Jumbo CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year Jumbo CD, you’ll pay 18 months’ worth of interest.

Normally, jumbo CDs offer higher rates to folks who deposit a larger amount of cash. Strangely, that’s not the case with these accounts, however. That means that there really isn’t any functional difference between opening one of these Jumbo CDs versus KS StateBank’s regular Choose Your Term CDs.

These CDs also have the same maturity policies. When the CD reaches the end of its span, it’ll automatically be renewed into another CD of the same term length. You’ll get a 10-day grace period to make any withdrawals or changes to the CD without penalty.

How to get KS StateBank’s Internet Only Jumbo CD Specials

As the name suggests, you can only open these CDs online. You’ll need a valid ID, Social Security number, and need to be a U.S. resident age 18 or older.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s CD rates compare

Although we’re still a bit baffled by KS StateBank’s claim that its Jumbo CDs offer a premium rate when in fact they do not, we can’t deny it: these are all-around excellent rates for CDs. In fact, they’re even better than some of our current top CD picks for certain term lengths.

Furthermore, the minimum deposit amount is low for these CDs, making them accessible to almost anyone. It even offers an uber-long 7 year CD in case you really want to earn the highest rates possible.

KS StateBank’s money market account

Advantage Money Market

You can earn a higher rate if you have a very large amount of cash with KS StateBank’s Advantage Money Market account.

APY

Minimum Balance Amount

0%

$0-$2,499

0.75%

$2,500-$24,999

1.00%

$25,000-$99,999

1.25%

Over $100,000

  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY:  $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network or out-of-network ATMs. However, you may be charged an ATM surcharge fee if you use an out-of-network ATM, which is determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per item, up to five items per day (so a maximum of $125).

Currently you can earn just as much with KS StateBank’s Simple Savings account as you can with this money market account, up until a deposit amount of $25,000. After that, it makes more sense to use this account instead if you want to earn a higher rate while still being able to access your money at any time.

This account also comes with federal Regulation D rules that limit how often you can make withdrawals out of the account. You can make six withdrawals per month — excluding in-person or ATM withdrawals — for free. After that, you’ll have to pay $5 for each withdrawal, and if you abuse these privileges enough, KS StateBank may close your account.

If you want the account to remain free, you need to make sure you’re signed up for electronic statements. If you want monthly paper statements, there’ll be a $2 monthly fee.

How to get KS StateBank’s Advantage Money Market account

You can open this account online quite easily if you’re a U.S. citizen and over 18 years of age. You’ll need a valid ID such as a driver’s license and your Social Security number.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s money market account compares

Again, KS StateBank doesn’t offer a bad rate with this account, but it’s definitely not the best out there. For the biggest bang for your buck, you’ll need to check out one of these top money market accounts.

Otherwise, if you’re looking for a local bank to keep your money with, KS StateBank may not be a bad option depending on what other banks are near you.

KS StateBank’s IRA account options

IRA CD rates

These are the same accounts as KS StateBanks’ regular CDs, just within the framework of an IRA.

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your IRA CD’s term:
    • For the 1 year IRA CD, you’ll pay six months’ worth of interest.
    • For the 2 year IRA CD, you’ll pay nine months’ worth of interest.
    • For the 3 year IRA CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year IRA CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year and 7 year IRA CDs, you’ll pay 18 months’ worth of interest.

You can open any of KS StateBank’s regular Choose Your Term CDs as IRA CDs, with the exception of the Internet Only Jumbo CD Specials. But as we’ve already discussed, its jumbo CDs really don’t offer anything different from its normal CDs, so there’s nothing holding you back from depositing a large sum of money in these accounts anyway.

You can open these CDs as either a Traditional or a Roth IRA — whichever you prefer.

When the CD matures, it’ll automatically roll over into another CD of the same type. You do get a 10-day grace period to make any changes to the CD or move the money to a different retirement account. Keep in mind that the IRS governs withdrawals out of all IRAs. If you make an early withdrawal (i.e., before retirement age) and don’t roll it over into a new IRA, you could be responsible for paying a penalty and/or taxes on the money you withdraw.

How to get KS StateBank’s IRA CDs

The only way to open an IRA or IRA CD with KS StateBank is to visit them in person. You cannot open these accounts online, unfortunately.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s IRA CD rates compare

KS StateBank’s IRA CD rates are very competitive. They’re actually right on par with our top IRA CDs. We also like that you can get started with as little as $500, which will be very helpful to folks who are just starting out on their savings journey.

Overall review of KS StateBank’s banking products

We’re a fan of KS StateBank’s checking account, CDs and IRA CDs. These accounts offer very high rates — some of which can’t be beat elsewhere — and have very consumer-friendly policies.

For example, select CDs require just a small $500 investment to get started. In another example, if you don’t meet the requirements for the checking account’s high interest rate for a given month, you simply won’t earn that high interest rate. You won’t be lambasted with any outrageous monthly fees or penalties, and you’ll still get to earn a bit of interest.

Overall we recommend KS StateBank for folks looking for a great local bank to work with. Even if you’re not local, it’s definitely worth looking into KS StateBank further if you’re interested in saving with CDs (but not IRA CDs, unfortunately, since you can’t open those online).

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

TAGS:

Advertiser Disclosure

Reviews

Citibank Review: Savings, Checking, CD, and IRA CD and Money Market Accounts

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

CitiBank

You might think of credit cards when you hear the name “Citi,” and you wouldn’t be wrong. This bank — one of the largest banks in the entire world — is well-known for its line of credit cards. But Citibank offers a variety of financial products, including several deposit accounts where you can safely store your cash. But are they any good? And how do their rates and rules compare to other banks?We’re going to dive into Citibank’s deposit accounts in this review so that you can decide whether it’s right for you or not.One important note: The rates for each of these accounts vary depending on where you live. To compare consistent numbers, we decided to report rates from South Dakota, because Citibank is headquartered there, in Sioux Falls. Rates are accurate as of September 1, 2018. To see rates for your area, go to Citibank’s website and enter your state.

How Citibank’s checking and savings accounts work

For the most part, you can’t really get an individual checking or savings account at Citibank. Instead, you have to apply for one of five account packages. That means that when you open a checking account, you’ll also get a linked savings account, and vice versa.Some account packages come with a monthly maintenance fee, which applies to the account package as a whole. For example, if there is a $30 monthly fee and you don’t meet the requirements to waive it using either your checking or savings account, the fee will be taken out once that month from your checking account.

To make things less confusing, we’ll go through all of the account packages first describing the checking accounts, because these accounts differ the most between account packages. Then, we’ll describe how the savings account works within each of these packages.

Citibank’s savings account options

Citi® Savings

This account comes with a great rate if you’re eligible. Be sure, however, to read the fine print.

APY

Minimum Deposit Amount

1.60%

<$10,000

  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $10
  • ATM fee: $2.50 fee per withdrawal on non-Citi ATMs
  • ATM fee refund: None.
  • Overdraft fee: None.

This promotional savings account comes with a great APY that is guaranteed for 12 months. However, there are certain requirements that you have to meet in order to earn this rate. You have to deposit and maintain the minimum deposit amount in order to qualify for the rate. If your balance falls below the $10,000 requirement, the promotional rate will expire and you won’t be able to get it reinstated. Also, the rate associated with this account may not be available in all markets.

You’ll have to open the account in Citi’s Access Account Package, which you can do online. To fund the account, you’ll have to do so via ACH, Direct Deposit, checks, or wires.

This savings account offer expires on 7/16/18.

LEARN MORE Secured

on Citibank’s secure website

Citi® Savings Account Packages

Generally lackluster interest rates on savings account packages

Citigold® and Citi Priority Savings Account Rates

 

Annual Percentage Yield (APY) by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.06%

0.10%

0.10%

0.12%

0.15%

0.15%

Citibank Account Package

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.08%

0.08%

0.10%

0.13%

0.13%

Basic Banking and Access Account Packages

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.06%

0.06%

0.06%

0.06%

0.06%

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: For Basic and Access savings accounts, an additional $4.50 monthly maintenance fee applies if they are not linked to checking accounts. For account packages with linked checking and savings accounts, the fee may be charged to the checking account (see above account package descriptions for details).
  • How to waive monthly maintenance fee: For Basic and Access savings accounts, maintain a $500 minimum balance in your savings account or open the savings account with a linked checking account. Requirements for getting maintenance fees waived on other account packages are listed above.

To qualify for the promotional interest rates offered with some of the packages, you’ll need to meet a few requirements. You’ll need to open a new savings account (within an account package) and fund it with at least $25,000. You’ll also need to be 18 years or older, and provide Citibank with a W-9 or W-8BEN. Unfortunately, these promotional interest rates only last for 90 days after you open your account, after which they revert to the much lower standard interest rates.

You can apply for a Citi Savings account online, over the phone or at al branch.

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How Citibank’s savings accounts compare

Although Citibank offers good rates as high as 1.00% APY, it’s for a very short period of time and only if you bring a large amount of cash to the table and still meet other requirements.

Once the promotional period has passed, you’ll be left with piddly interest rates in account packages that may not meet your needs and potentially carry high fees to boot. If you’re looking for a low-fee and high-interest-rate savings account, you can do much better with other banks and credit unions like those in the roundup of the best online savings accounts.

Citibank checking account options

Citigold® Package

Myriad of exclusive deals and perks for people with a lot of cash

APY

Minimum Deposit Amount

0.03%

$0

  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: All ATM surcharges from non-Citibank ATMs are refunded for any statement period you are eligible for Citigold®.
  • Overdraft fee: None

The Citigold® account package is more than just a checking account. To qualify for this account package you’ll need to bring a lot of cash to the table: You’ll need at least $200,000 in all linked Citi accounts, whether they be in your deposit, retirement or investment accounts. If your balances dip below that amount, Citi will automatically convert your account to the Citi Priority account package.

But, if you can meet that high bar, you’ll be eligible for numerous perks, even if the interest rate on this savings account is admittedly quite low. You’ll get a personal team to help you navigate the intricacies of all this account package has to offer — and it offers a lot more than just free checks. You’ll get a personal financial adviser, a concierge service and numerous travel perks, as well as discounts and waived fees on various loans, lines of credit and investments. Plus, you can enroll your checking account in Citi’s ThankYou Rewards® program.

You can apply for a Citigold® account online, over the phone, or by visiting a local branch.

LEARN MORE Secured

on Citibank’s secure website

Citi Priority Account Package

Nice perks for people with less — but still a lot — of money

APY

Minimum Deposit Amount

0.03%

$0

  • Monthly account maintenance fee: $30
  • How to waive monthly maintenance fee: Keep at least $50,000 in linked Citibank accounts, including deposit accounts, retirement accounts and investment accounts.
  • ATM fee: None
  • ATM fee refund: Not available
  • Overdraft fee: None

Unlike the Citigold® account, which has no fees, you’ll pay a high monthly fee of $30 with this account unless you can keep at least $50,000 in other linked Citi accounts. If you’re able to do that, though, you can still take advantage of many of the same perks offered to the premium Citigold® members.

You’re eligible to link your checking account with the Citi ThankYou® Rewards program. This account still waives all banking fees, and offers you discounts and waived fees off of investment products, loans, and lines of credit. And while you may not have an entire team waiting at your fingertips, you still have exclusive access to financial advisors to help you make investment decisions.

You can apply for a Citi Priority account online, over the phone or by visiting a local branch.

LEARN MORE Secured

on Citibank’s secure website

The Citibank® Account Package

Average account with above-average requirements

APY

Minimum Deposit Amount

0.01%

$0

  • Monthly account maintenance fee: $25
  • How to waive monthly maintenance fee: Keep at least $10,000 in linked Citibank deposit, retirement or investment accounts.
  • ATM fee: $2.50 for each non-Citibank ATM use, unless you have at least $10,000 in linked Citibank accounts.
  • ATM fee refund: None
  • Overdraft fee: $10 per day when funds are transferred to cover an overdraft.

If you can’t meet the high minimum balance requirements of the Citigold® or Citi Priority account packages, you might consider the Citibank Account. You can enroll your account in Citi ThankYou® Rewards, and your first order of checks is free.

But, you’ll still need to keep a high account balance of $10,000 in linked Citibank accounts to avoid paying the high monthly fee. In return, you earn interest on this account, but it’s a miniscule 0.01% APY.

You can apply for a the Citibank Account in online, over the phone or at a local branch.

LEARN MORE Secured

on Citibank’s secure website

Basic Banking Package

A no-frills account—but watch out for high fees.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $12
  • How to waive monthly maintenance fee: You can get out of the maintenance fee if you
    1. are 62 years or older
    2. make one bill payment from your account and one qualifying direct deposit into your account each month
    3. keep at least $1,500 in your checking and/or savings account
  • ATM fee: $2.50 for each withdrawal at a non-Citi ATM.
  • ATM fee refund: None
  • Overdraft fee: $10 per day when funds are transferred to cover an overdraft.

This account is truly a no-frills version of Citi’s premium checking accounts. Not only does it not pay any interest or earn any Citi ThankYou® Rewards points, but you’ll have to watch out for high fees, as well. If you can’t meet the minimum deposit or age requirements, you’ll also be shelling out $12 per month for this austere account.

You can apply for the Basic Banking account online, over the phone or at a local branch.

LEARN MORE Secured

on Citibank’s secure website

Access Account Package

A high-fee checking account—that doesn’t let you write physical checks
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • How to waive monthly maintenance fee: There are three options:
    1. Keep at least $1,500 in your account
    2. Make a bill payment from your account
    3. Have at least one qualifying direct deposit into your account each month
  • ATM fee: $2.50 for each withdrawal at a non-Citi ATM.
  • ATM fee refund: None
  • Overdraft fee: None

This is a bit of a bizarre account. In exchange for a slightly lower fee ($2 less), you can get basically the same thing as the Basic Banking account but without the ability to write physical checks. If all you need to do is pay bills online, this account might work for you — but as soon as you need to write a physical check, you’re out of luck with this account.

Besides, the requirements to waive the monthly fee are almost the same, though the Access Account lets you slide by with one fewer bill payment/direct deposit per month. If you meet the requirements to have the Access Account maintenance fee waived, why not at least upgrade to the Basic Account and the ability to write physical checks?

If you do decide that this account is right for you, you for a Citi Access account online, over the phone or at a branch.

LEARN MORE Secured

on Citibank’s secure website

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How Citibank’s checking accounts compare

Citibank’s premium account packages (Citigold® and Citi Priority) offer a lot of perks by way of waived fees and free services. However, unless you have deep pockets, you’ll likely be limited to considering The Citibank Account, Basic Banking or Access Account. These accounts come with high monthly account maintenance fees unless you can qualify for one of the ways to waive these pesky fees.

All of Citi’s checking accounts — even the ones with the nice premium perks — offer very low yields, especially compared to high-interest checking accounts available elsewhere.

Citibank CD Rates

Small earnings, but small early withdrawal penalties as well.

CD Rates for Citigold® account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

CD Rates for Citi Priority account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

CD Rates for The Citibank Account, Basic Banking, and Access Account packages

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

  • Minimum opening deposit: $1,000
  • Early withdrawal penalty:
    • For CDs with terms of one year or less, you’ll pay 90 days’ worth of interest.
    • For CDs with terms of over one year, you’ll pay 180 days’ worth of interest.

    However, you can withdraw the interest at any time without paying a penalty.

Citibank says that it offers different rates depending on which account package you open up a CD with. (That’s right — you can’t just go to the bank and open a CD. You need to have an existing account with them first.) But, as you’ll see above, the rates actually are the same for each type of account package.

If you already have an account package with Citi and you’d like to apply for a CD, you can do so online, over the phone or at a branch. All you’ll need to provide is basic information about yourself (including your Social Security number), have a physical address in the United States, and have a valid form of ID.

If you have “issues with your credit history” or are depositing more than $100,000 into your CD, you cannot do so online or over the phone — you’ll have to go and visit a Citibank branch in person.

LEARN MORE Secured

on Citibank’s secure website

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How Citibank’s CDs compare

Citibank offers very low rates on its CDs, especially compared to high yield CDs you can get elsewhere without having to mess around with account packages.

One clear advantage of Citibank CDs is that the early withdrawal penalties are relatively low. For example, the early withdrawal penalty on a five-year Citibank CD is 180 days’ worth of interest. Discover Bank — which offers much better CD rates — charges a whopping 18 months’ worth of interest if you withdraw the cash early from Discover’s five-year CD. However, Citi’s CD rates are so low, you’d be better off putting money in a high-yield savings account — the best ones offer rates higher than Citi’s CDs — and not worrying about early withdrawal fees. That wouldn’t necessarily be a good strategy in a falling-rates market, but since rates hit a historic low after the financial crisis, we’ve been in a rising-rates market.

Unless you a) already have an existing account with Citibank, b) don’t want to go through the hassle of opening a CD at another institution (it’s not hard, we promise), and c) think that there’s a high likelihood that you’ll withdraw the money early and don’t want to open accounts elsewhere, we wouldn’t recommend a Citibank CD.

Citibank IRA accounts

Guaranteed low returns, especially when compared to equity investments

Citibank offers banking IRAs in two flavors: as CDs (with the rates listed in the section above), or as a money market account at an interest rate of 0.20% APY*. These rates are extremely low, especially when compared to higher-yielding IRA CDs.

In general, the returns on IRA CDs and money market accounts don’t even come close to the kind of gains you need to be making while growing your retirement accounts, and Citibank’s banking IRAs are no exception. For example, equities (i.e., stocks and bonds) earn average returns of around 7% per year — far higher than the piddly 0.50% APY that you can get in a best-case scenario with a Citibank CD.

In fact, the rates that Citi offers for banking IRAs are far lower than typical inflation levels (around 3% per year). This means that even if you opt for the highest rates that Citi offers, your money won’t even keep pace with inflation over time and you’ll be left with less and less each year (albeit at a guaranteed rate).

Overall review of Citibank

Although Citibank offers some great credit cards (such as the Citi® Double Cash Card – 18 month BT offer and Citi® Simplicity Card), they fall short in the deposits department.

Citibank does offer some nice perks, such as some accounts being eligible for Citi’s ThankYou® Rewards program. The Citigold® and Citi Priority account packages come with features that can save you money and make your life easier, if you have the deep pockets required for these account packages.

All-in-all, while there are some bright spots to Citibank’s accounts, you can earn higher rates and pay lower fees at other banks and credit unions.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Popular Direct Review of Savings and CD Rates

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

Year Established1999
Total Assets$9.5B
LEARN MORE on Popular Direct’s secure website

Popular Direct is a division of Popular Bank, which has been around for 122 years. Popular Direct offers some of the best interest rates on deposit accounts on the market today. Currently, they offer just two account types: a savings account and certificates of deposit (CDs).

Popular Direct is an online-only bank, so you will not be able to make any transactions in person. However, the bank does operate a 24/7 call center which may be more convenient, especially if you have a hard time conducting bank-related transactions during working hours.

As of this writing, any new account will be subject to a 60-day hold on withdrawals, which, the website mentions, is a security step. Balances during this period will continue to earn interest. The hold may be modified by contacting their customer service support line.

If you don’t mind dealing with some of this inconvenience, then continue to read on. In this review, we’ll cover their high-yield savings accounts and CD offerings, and tell you how they work so you can decide if they’re right for you.

Popular Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.85%

Savings

Popular Direct Popular Direct Exclusive Savings - New Account Rate

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.50%

CD Rates

Popular Direct 1 Year Popular Direct CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

3.00%

CD Rates

Popular Direct 3 Year Popular Direct CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.25%

CD Rates

Popular Direct 5 Year Popular Direct CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Popular Direct savings account options

Popular Direct Plus Savings Account

This account offers a high interest rate, but it also comes with a high amount of hidden fees.

APY

Minimum Balance Amount

2.00%

$0.01

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $4 if your balance falls below $500
  • Overdraft fee: If the amount of the overdraft is less than $5, you will not be charged an overdraft fee. Otherwise, it’ll be $10 per occurrence, up to five occurrences per day. If your account stays overdrawn for more than seven days, you’ll pay a $5 “extended overdraft fee” per day after that, for up to 15 days (so, a potential total of another $75).

This account will require a hefty sum to open: a minimum of $5,000. After that, you can drop the balance as low as you like. However, if you drop the balance down to $500 or less and it stays that way by the end of any business day of the month (i.e., you don’t make a deposit to top off the balance above $500) you’ll pay a $4 account fee for that month.

Another limitation of this account is that there is no ATM access. You can only access your money via online banking, or by contacting Popular Direct.

Finally, there are a lot of hidden fees with this account. If you close the account within 180 days of opening it, you’ll pay a $25 “early account closing fee.” If you don’t have any activity on your account for a year or more, you’ll pay a $5 “dormancy fee” every single month. There’s also a $5 “excessive withdrawal fee” if you make more than six preauthorized or automatic withdrawals in a month. If you go over this amount frequently, Popular Direct may even close your account.

How to get the Popular Direct Plus Savings account

You can open the account in just a few minutes online. You’ll need your personal information, such as your name and Social Security number, as well as a government-issued ID, such as a driver’s license.

When you open your account, you’ll need to designate an “External Account” — i.e., an account at another bank where the opening deposit will come from. Choose wisely, because you can’t change the External Account for at least 60 days after you open your account. Finally, also keep in mind that Popular Direct is currently placing a 60-day hold on funds in new accounts for security purposes. It may not be a good idea to put your money here if you think you may need to access it within the first 60 days.

LEARN MORE Secured

on Popular Direct’s secure website

Member FDIC

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How Popular Direct’s savings account compares

Popular Direct does offer one of the highest interest rates around on savings accounts. However, we’re left unimpressed by the large number of hidden fees and stipulations that come with this account. Furthermore, the $5,000 minimum opening deposit precludes a lot of people who are just getting started on their savings journey.

If you’re after a high interest rate, a lower minimum opening deposit, and a more fair fee structure, we recommend exploring these other top-performing savings accounts as well.

Popular Direct’s CD rates

Popular Direct CDs

These CDs offer fantastic rates, but require a hefty investment on your part.

Term

APY

3 months

0.75%

6 months

2.05%

1 year

2.50%

18 months

2.80%

2 years

2.95%

3 years

3.00%

4 years

3.05%

5 years

3.25%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty:
    • For the 3-month CD, you’ll pay 89 days’ worth of interest.
    • For the 6-month CD, you’ll pay 120 days’ worth of interest.
    • For the 1-year, 18-month, and 2-year CDs, you’ll pay 270 days’ worth of interest.
    • For the 3-year and 4-year CDs, you’ll pay 365 days’ worth of interest.
    • For the 5-year CD, you’ll pay 730 days’ worth of interest.

If you’ve got spare cash laying around — at least $10,000, to be exact — you can open a CD with Popular Direct.

These CDs are simpler products than the bank’s savings accounts, with fewer hidden fees. Still, you may get socked with a substantial fee if you make an early withdrawal from the account. For example, making an early withdrawal from the 3-month CD will cost you 89 days’ worth of simple interest — basically all of the interest you would have earned had you left it untouched.

While these CDs automatically renew at maturity, this bank gives you a 10-day grace period to make any changes to the CD or withdraw the money, if you choose.

How to get Popular Direct’s CDs

You can easily open a CD with Popular Direct online with the click of a few buttons.

One thing to keep in mind is that the bank is placing a 60-day hold on all new accounts after they’re opened. This shouldn’t be a big deal since most people don’t make withdrawals until the CD matures anyway. But, it’s just something to keep in mind in case you might need to make an early withdrawal within the first 60 days after opening.

LEARN MORE Secured

on Popular Direct’s secure website

Member FDIC

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How Popular Direct’s CD rates compare

Popular Direct also has some of the highest CD rates on the market currently. But, you’ve got a high bar to pass to get those high rates, with a minimum opening deposit of $10,000. If that’s not something you can afford, or if you want to see what else is on the market, we recommend checking out our current top picks for CD rates.

Overall review of Popular Direct’s banking products

To be sure, Popular Direct is offering some of the best rates on the market with their savings and CD accounts. However, we’re not a fan of the high threshold for minimum opening deposit. This precludes a lot of people from opening an account at this bank.

Furthermore, we’re not fans of their complicated rules and fee structures, especially on their savings account. This bank may work for you if you’re careful and know your way around these restrictions. But for most other people, we’d recommend checking out other banks first.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

FNBO Direct Review of Savings, Checking, and CD Rates

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

Year Established1857
Total Assets$20.2B
LEARN MORE on FNBO Direct’s secure website

While the business world may associate Omaha with famous financier Warren Buffett, it’s FNBO Direct — also known as the First National Bank of Omaha — that this review spotlights. FNBO Direct is a subsidiary company of First National of Nebraska — the largest privately owned bank in the U.S., and family owned for six generations.

Today, FNBO Direct might have popped up on your radar because it offers the top rates in the nation on several of its online bank accounts. We’ll go over each of them — checking, savings, and CDs — to give you the inside scoop on how attractive these accounts really are and what you need to know before opening an account with this bank, including the hidden fees to watch out for.

FNBO Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.85%

Savings

FNBO Direct Online Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.31%

CD Rates

FNBO Direct 12 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.70%

CD Rates

FNBO Direct 36 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

1.15%

CD Rates

FNBO Direct 60 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

FNBO Direct’s checking account options

Online Checking Account

This checking account offers a good rate, but not the ability to write paper checks.

APY

Minimum Balance Amount

0.65%

$0.01

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for any ATM, whether in-network or not. However, you may still be charged an ATM surcharge fee by the ATM’s owner if you use an out-of-network ATM.
  • ATM fee refund: None.
  • Overdraft fee: $33 per item, up to four per day. However, FNBO Direct will waive one overdraft charge in each 12-month period.

If you’re a true digital citizen looking to earn a good rate on the money in your checking account, this might be the right account for you. While this account has a decent interest rate and low minimum opening deposit, it doesn’t come with the ability to write paper checks.

Instead, you can make payments via debit card, online transfer, FNBO Direct’s BillPay service (as long as you’re making a payment of $5 or more), or by the fancy new personal payment service PopMoney. And if you need cold, hard cash, FNBO Direct lets you use any ATM without charging you a fee. You may still be charged a surcharge fee by the ATM’s owner, but with a network of two million ATMs across the world, it shouldn’t be hard to find a free one wherever you are.

One other handy feature of this account is that you can set up custom banking alerts. For example, if you find yourself paying too many overdraft fees, you can set up an alert to notify you when your balance is below a certain level. FNBO Direct will also give you a free pass on one overdraft fee during each 12-month period (counting from your last overdraft fee waiver).

How to get FNBO Direct’s Online Checking Account

To open this account, you’ll need to complete an application online. It typically takes 10-15 minutes, and you’ll need a few pieces of information, such as your driver’s license, employment info, and personal identification information, including Social Security number. It can take up to two days to receive a decision from FNBO Direct, after which time you can fund your account with an online transfer or by sending them a check.

LEARN MORE Secured

on FNBO Direct’s secure website

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How FNBO Direct’s checking account compares

The biggest drawback with this account is that it doesn’t come with paper checks. That might not be too big of a deal these days, but it’s still not uncommon to find businesses or people that only accept cash or checks for payment.

Even so, FNBO Direct’s ATM policies make it relatively easy to get cash. There are plenty of in-network ATMs to be found around the world, and no FNBO Direct fees to use out-of-network ATMs.

With its 0.65% APY interest rate, the account is competitive, although it is possible to find checking accounts elsewhere that offer higher interest rates with the ability to write physical checks, if you so choose.

FNBO Direct’s savings account options

Online Savings Account

FNBO Direct’s online savings account has some unusual rules about when your money is available to use and which external accounts you can link to.

APY

Minimum Balance Amount

1.85%

$0

  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for any ATM, whether in-network or not. However, you may still be charged an ATM surcharge fee by the ATM’s owner if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $33 per item, up to four per day.

Pay attention to some of the restrictions on this account. Your first deposit may be placed on a 10-day hold before you can withdraw it or move it to another account, even though it’ll still be earning interest. Checks deposited via FNBO Direct’s app will face a similar 10-day hold, but with the funds earning interest during this period.

There is also a restriction on which accounts you can add on as linked accounts: You can only link accounts in which you are the sole owner, and by opening an account, you give FNBO Direct the right to ask for account ownership information for your linked accounts at other banks.

Like other savings accounts, Federal Reserve Regulation D limits you to just six phone, online, or preauthorized transfers to other banks each month from this account. However, unlike most other savings accounts, FNBO Direct doesn’t charge you a fee if you go over these limits. Beware, though, as FNBO may choose to close your account and move the money to another one, which could be a non-interest-bearing account.

How to get FNBO Direct’s Online Savings Account

To open this account, the online application typically takes 10-15 minutes to complete. You’ll need to provide a copy of your driver’s license (or state-issued ID) and other personal information. FNBO Direct will usually make a decision on your account within two days of receiving your application, and from there you can fund your account with an online transfer or via check.

LEARN MORE Secured

on FNBO Direct’s secure website

Member FDIC

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How FNBO Direct’s savings account compares

Despite its rules about deposit holds and account ownership, FNBO Direct does offer a competitive interest rate on its online savings account. We also like that it has a low minimum deposit, so it should be easy to start saving while earning a reasonable rate with this account. However, if you’re looking for better rates with more-typical terms, consider one of these top online savings accounts instead.

FNBO Direct’s CD rates

CDs

FNBO’s CDs are callable, and they don’t earn a very good rate.

Term

APY

6 month

0.16%

9 month

0.26%

12 month

0.31%

18 month

0.41%

24 month

0.50%

36 month

0.70%

48 month

0.90%

60 month

1.15%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For the 6-month and 12-month CDs, you’ll pay 3 months of interest.
    • For CDs over 12 months, you’ll pay 6 months interest.

The first thing to note with this account is that you must keep at least $500 in the account at all times. If you make an early withdrawal and the balance dips below $500, FNBO Direct may close the entire account and charge you an early withdrawal penalty.

FNBO Direct also reserves the right to call the CD to maturity at any time after giving you 30 days’ notice. Often, if a bank offers callable CDs, it’ll pay you a premium if you select this option. At FNBO Direct, however, that’s just its standard operating procedure, and you don’t get a premium APY with it.

After your CD matures, it’ll automatically renew for another CD of the same term, but with the interest rate current on the day of renewal. If you don’t want the CD to be automatically renewed, you can notify FNBO Direct not to do so. Even if it does renew and you change your mind, however, you get a 10-day grace period to make any changes to the CD account, including withdrawing the money.

How to get FNBO Direct’s CDs

It typically takes only take 10-15 minutes to open a new CD account, and you’ll need a few pieces of information such as your government-issued ID, and personal identification information, including Social Security number or tax ID.

LEARN MORE Secured

on FNBO Direct’s secure website

Member FDIC

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How FNBO Direct’s CDs compare

FNBO Direct lags far behind the top competitors in its class in terms of best CD rates. Furthermore, the bank doesn’t offer any premium for its privilege of being able to call these CDs, as is common practice in the banking industry.

We do like the low minimum deposit threshold and reasonable early withdrawal fees. Just don’t withdraw enough to bring the balance below $500, or the account will be closed and you’ll pay a fee.

Overall review of FNBO Direct’s banking products

FNBO Direct’s accounts are attractive because the interest rates offered on both the online checking and savings accounts are right on-par with the frontrunners in its class. However, there are a lot of quirky rules that make us hesitate to recommend these accounts.

For example, its CDs are callable, but for that right, FNBO doesn’t offer you a higher interest rate as is typical with many other banks. It’s checking account doesn’t offer actual check writing privileges, and its savings account has some cumbersome rules on deposit holds.

FNBO Direct does have liberal ATM policies and offers ATM machine access in many locations. Whether that’s enough to overcome the other shortcomings of this account is for you to decide.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Advertiser Disclosure

Reviews

First Internet Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Year Established1998
Total Assets$3.1B
LEARN MORE on First Internet Bank’s secure website

First Internet Bank is based out of Fishers, Ind., but that doesn’t mean you need to live there to bank with them. In fact, First Internet Bank doesn’t operate a single physical branch, and as long as you have access to, well, the internet, and live in the United States, you can open an account with First Internet Bank.

First Internet Bank is currently the 326th largest bank in the United States, after opening its doors (virtually, at least) in early 1999. And while this bank may not even be old enough to drink if it were a person, it’s grown tremendously. Today, it offers a wide range of services, including deposit accounts and loans for both personal and business use.

In this article, we’ll guide you through First Internet Bank’s personal deposit accounts. We’ll tell you if it’s any good and what you need to know about it before you open an account.

First Internet Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.60%

Savings

First Internet Bank Regular Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.53%

CD Rates

First Internet Bank 12 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.83%

CD Rates

First Internet Bank 36 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.20%

CD Rates

First Internet Bank 60 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

First Internet Bank’s checking account options

Interest Checking

It’s easy to earn interest with this checking account.

APY

Minimum Balance Amount

0.55%

$500 to earn interest and avoid the monthly fee

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0, however the ATM’s owner may still assess a surcharge fee.
  • ATM fee refund: First Internet Bank will refund up to $10 each month in ATM surcharge fees.
  • Overdraft fee: $30 per item.*

Some banks require you to have a lot of money in your checking account before you earn any interest. That’s not the case with this account. You can open Bank of Internet’s Interest Checking account with as little as $100, but you’ll want to try and keep at least $500 in the account. That way, you don’t have to pay the monthly fee, and you’ll also be eligible to earn interest.

In addition, First Internet Bank offers your first order of checks for free. After that, you’ll have to pay for them yourself, and the cost will depend on which style you order.

You can get online statements for free. If you want paper statements, however, you’ll pay $3 per statement.

*First Internet Bank offers a free overdraft protection program. If you link a First Internet Bank savings or money market account and overdraw your account, the bank will transfer over funds in $50 increments for free. However, if this causes you to go over your six-withdrawal limit, you may face an excessive transaction fee.

How to get First Internet Bank’s Interest Checking account

As you would expect, First Internet Bank makes it easy to open its Interest Checking account online. You’ll need to be a U.S. resident, at least 18 years old and have some form of a government-issued ID.

LEARN MORE Secured

on First Internet Bank’s secure website

Free Checking

You won’t have to worry about the hassle of avoiding monthly fees with this account, but you also won’t earn any interest either.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0, however the ATM’s owner may still assess a surcharge fee.
  • ATM fee refund: $0
  • Overdraft fee: $30 per item.*

If worrying about how to avoid monthly fees isn’t really your thing and you’re OK with not earning any interest on the money in your checking account, this could be a better option for you.

In addition to losing out on the interest, however, you also forgo the ATM surcharge reimbursements. That means that you can still use any ATM you want without paying a First Internet Bank ATM fee, but you still may owe a surcharge fee from the ATM’s actual owner.

Electronic statements come free with this account, but you’ll need to pay an extra $3 per-statement fee if you opt for paper statements instead. Finally, your first order of checks is free. After that, you’ll have to pay for your own checks, and the cost will vary depending on which style you choose.

How to get First Internet Bank’s Free Checking account

You can easily open this account online. Things you’ll need include personal information like your Social Security number and a photo ID. This account is available to U.S. residents 18 years and older.

LEARN MORE Secured

on First Internet Bank’s secure website

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How First Internet Bank’s checking accounts compare

First Internet Bank’s checking accounts are a decent choice, especially if you want to use any ATM you want without paying an ATM fee (from First Internet Bank, at least). Whether the ATM owner’s surcharge fee is reimbursed or not depends on which type of account you choose.

In addition, its Interest Checking account does offer a pretty good interest rate. However, if you’re looking to earn as much as you can from your deposit, we suggest checking out these top online checking accounts as well.

First Internet Bank’s savings account options

Regular Savings

First Internet Bank offers a mediocre interest rate with this account and charges a monthly fee to boot if you don’t keep at least $1,000 in the account.

APY

Minimum Balance Amount

0.60%

$0

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $2 per month if your balance falls below $1,000
  • ATM fee: $0, however the ATM’s owner may still assess a surcharge fee.
  • ATM fee refund: $10 per month in ATM surcharge fees.
  • Overdraft fee: $30 per item.*

This account has a low minimum opening deposit (just $100), meaning that this account should be fairly accessible to most people just starting out on their savings journey. However, if you’re interested in opening this account, we suggest waiting until you have at least $1,000 saved.

If your account balance drops below the $1,000 mark, you’ll pay a $2 monthly fee. This will more than eat up any earnings you get each month from the account, which means it’ll slowly be whittled away to nothing unless you deposit more money in the account or close it.

As with all savings accounts, you’re limited to just six pre-authorized, automatic, telephone or online withdrawals per month. Each time you go over that limit, you’ll pay a $5 fee.

How to get First Internet Bank’s Regular Savings account

U.S. residents who are 18 years or older are eligible to open these accounts online. Aside from your personal information, you’ll also need to provide a government-issued photo ID.

LEARN MORE Secured

on First Internet Bank’s secure website

Free Savings

This savings account comes with a lower interest rate, but you can drop the balance down as low as you want without having to worry about paying a monthly fee.

APY

Minimum Balance Amount

0.40%

$0

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0, however the ATM’s owner may still assess a surcharge fee.
  • ATM fee refund: None.
  • Overdraft fee: $30 per item.*

First Internet Bank’s Free Savings account is indeed free in the sense that there are no monthly fees with this account, ever. However, in return for this benefit, you pay for it with two concessions.

First, you don’t get any ATM surcharge reimbursements. That means you can still use whatever ATM you want, but you’ll be footing the bill on your own depending on whatever surcharge fee the ATM’s owner decides to charge you. Second, you’ll earn a lower interest rate.

You’re also limited to just six of certain types of transactions (automatic, pre-authorized, telephone or online transfers) per month. Each time you go over that amount, you’ll pay a $5 excess transaction fee.

How to get First Internet Bank’s Free Savings account

If you’re age 18 or over and a U.S. citizen, you can open this account online. You’ll need to have your government-issued ID handy.

LEARN MORE Secured

on First Internet Bank’s secure website

Tomorrow’s Tycoons

This savings account allows kids to learn about saving for free until they turn 18.

APY

Minimum Balance Amount

0.60%

$0

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • Overdraft fee: $30 per item.*

Oftentimes, banks will downgrade the interest rates on their kids savings accounts so that your child is hardly likely to see any interest accrue. That’s not the case here. First Internet Bank offers its highest savings account interest rate to children under age 18, and with no monthly fees.

The catch is that you or your child will need at least $100 to open the account, which may be a tall order for your child to manage on their own unless you give them a jump-start. Another important thing to note is that this account does not come with ATM access (you don’t want your child being tempted to empty out their account at the first candy store they pass, do you?)

Once your child turns 18, this account will automatically be converted into a Regular Savings account, complete with a $2 monthly fee if they don’t keep at least $1,000 in the account.

Finally, your child is limited to just six preauthorized, telephone, online or automatic transfers per month with this account. If they go over that, they’ll pay a $5 per-transaction fee.

How to get First Internet Bank’s Tomorrow’s Tycoons account

If you want to open this account for your child, you’ll need to open the account with them as a joint account holder. You’ll need a government-issued photo ID along with you and your child’s information to open this account online.

LEARN MORE Secured

on First Internet Bank’s secure website

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How First Internet Bank’s savings accounts compare

Many traditional banks offer rock-bottom interest rates on their savings accounts. Like many online-only banks, that’s not the case with First Internet Bank. However, compared with other online banks, it doesn’t really offer great rates either — not by a long shot. If that’s what you’re searching for, we recommend one of these top online savings accounts instead.

However, there are a couple of things we do like about these accounts. The excess withdrawal fee is very reasonable, at just $5 per item. Many banks charge much more than this. In addition, it offers its top-earning savings account for children, for free. These are good qualities, but we’re still left with a bit of a sour taste in our mouth due to the lackluster interest rates.

First Internet Bank’s CD rates

High Yield CD

First Internet Bank offers fantastic rates on their CDs.

Term

APY

3 months

1.61%

6 months

2.07%

12 months

2.53%

18 months

2.63%

24 months

2.73%

36 months

2.83%

48 months

2.94%

60 months

3.20%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0
  • Early withdrawal penalty:
    • For the 3-month CD, you’ll pay 90 days’ worth of interest.
    • For the 6-month 12-month and 18-month CDs, you’ll pay 180 days’ worth of interest.
    • For the 24-month and longer CDs, you’ll pay 360 days’ worth of interest.

If you have at least $1,000 laying around, you can open up a CD with First Internet Bank. It offers great rates on its CDs, as well as a couple of options on how to have interest paid out.

You can choose to have earnings redeposited back into the CD. In fact, this is what First Internet Bank assumes you’ll do. Alternatively, you can have the interest deposited into your checking or savings account. However, if you do this, the actual APY you earn may be less than the stated APY above.

Once your CD matures, First Internet Bank will automatically renew it for another CD of the same term, unless you notify them not to do so. Even if it does renew, you still get a 10-day grace period to withdraw the money, add more or make any other changes to the CD.

If you opt for the CD to not renew, it’ll be automatically deposited into your savings or checking account. If you don’t have one with them, First Internet Bank will charge you a $5 “check issued for account closure” fee.

How to get First Internet Bank’s High Yield CDs

It’s easy to open up these CDs online (what did you expect from a bank with “Internet” in its name, after all?). Aside from your personal information like name and Social Security number, you’ll also need a government-issued ID.

LEARN MORE Secured

on First Internet Bank’s secure website

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How First Internet Bank’s CDs compare

If you’re looking for high-earning CDs, First Internet Bank is a good one to add to your research list. Its interest rates are currently running close — or even a bit more than — to some of the best CD rates currently available. The only thing we suggest with this account is that when you close it, make sure you also have a concurrent checking or savings account (even if it’s the free version) so that you can avoid the $5 processing fee to have a check sent to you.

First Internet Bank’s Money Market account options

Money Market Savings account

You’ll need to watch out for the monthly fee with this account.

APY

Minimum Balance Amount

1.61%

Up to $250,000

1.81%

$250,000.01+

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $5 if you have less than $4,000 in your account.
  • ATM fee: $0, however the ATM’s owner may still assess a surcharge fee.
  • ATM fee refund: $10 per month in ATM surcharge fees.
  • Overdraft fee: $30 per item.*

Although you can open this account with as little as $100, we recommend waiting to save up until you’ve got a $4,000 deposit. If your average daily balance for the month drops below this number at all, you’ll pay a $5 fee for that month.

This account does come with an ATM card. First Internet Bank will also reimburse up to $10 in ATM surcharge fees each month — a nice feature, especially if you use ATMs frequently. Just remember that as with all savings and money market accounts, you’re limited to just six telephone, pre-authorized, automatic or internet transfers per month. First Internet Bank will charge you a $5 fee each time you go over that limit.

How to get First Internet Bank’s Money Market Savings account

If you’re a U.S. citizen and over 18 years of age, you can open this account. Remember to have a copy of your government-issued ID handy, which you’ll need to open your account.

LEARN MORE Secured

on First Internet Bank’s secure website

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How First Internet Bank’s Money Market Savings account compares

First Internet Bank offers a decent rate with this money market account. It’s not the best (for that, you’ll need to check out these money market accounts instead), but it’s also not the worst.

The interest rate offered on this account is much higher than the interest rates offered on First Internet Bank’s savings accounts. If you are already a First Internet Bank customer and don’t want the hassle of opening an account at another bank, but want to earn the most money possible in a savings-type account, we definitely recommend this account.

First Internet Bank’s IRA options

IRA CD rates

These CDs work similarly to First Internet Bank’s regular CDs, but you can open them under the umbrella of an IRA.

Term

APY

12 months

2.53%

18 months

2.63%

24 months

2.73%

36 months

2.83%

48 months

2.94%

60 months

3.20%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0
  • Early withdrawal penalty:
    • For the 12-month and 18-month CDs, you’ll pay 180 days’ worth of interest.
    • For the 24-month and longer CDs, you’ll pay 360 days’ worth of interest.

If you’re looking for a high-earning IRA CD, these may be a good option to explore further. You can open one with as little as $1,000 within the framework of a Traditional, Roth or SEP IRA.

When your CD matures, First Internet Bank will automatically renew your CD. After this happens, though, you’ll get a 10-day grace period to make any changes to the CD (including withdrawing the money, if you choose) without any penalty. Alternatively, you could notify First Internet Bank in writing before the CD matures that you don’t want it renewed.

How to get First Internet Bank’s IRA CDs

You can easily open an IRA CD with First Internet Bank online:

LEARN MORE Secured

on First Internet Bank’s secure website

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How First Internet Bank’s IRA CDs compare

The interest rates offered on these IRA CDs are close to some of the top competitors out there. Because interest rates offered on CDs can change on short notice, it’s possible that some of First Internet Bank’s CDs could even overtake our current top IRA CD picks, making this one choice to definitely keep an eye out for.

One disadvantage of First Internet Bank’s IRA CDs compared with their regular CDs is that you can’t choose the three- and six-month terms; you can only choose a 12-month term or longer. That may not be a huge deal though, since your retirement investments are generally for the long haul anyway.

IRA Money Market account

This account comes with no monthly fees (unlike the regular Money Market account) and no ATM card.

APY

Minimum Balance Amount

1.61%

Up to $250,000

1.81%

$250,000.01+

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • Overdraft fee: $30 per item.*

If you want the freedom to move your IRA money around at any time rather than having it locked away in an IRA CD, consider an IRA Money Market account instead. You can open this account with as little as $100, which is a much easier deposit size to manage compared with $1,000 for the IRA CD.

There are two important differences between First Internet Bank’s IRA Money Market account and its regular Money Market account. First, there are no monthly fees with the IRA version. Second, the IRA Money Market account doesn’t come with an ATM card. But since it’s your retirement savings, it’s a good idea to avoid making frequent withdrawals until retirement anyway, if at all possible.

How to get First Internet Bank’s IRA Money Market account

You can open this IRA Money Market account as a Traditional, Roth or SEP IRA online:

LEARN MORE Secured

on First Internet Bank’s secure website

Overall review of First Internet Bank’s banking products

We like First Internet Bank for its high CD rates (both IRA CDs and regular CDs) and for the high rate offered on its Interest Checking account.

With many of its accounts, however, (including its Interest Checking account) you’ll need to watch out for monthly fees. You can avoid each of these fees by keeping a certain balance in your account, but you’ll need to make the call on whether you’re able to do that with your personal finance situation.

First Internet Bank also offers generously low fees for many of its accounts. For example, the “excess transaction fee” for its savings and money market accounts is a reasonable $5. In addition, there are no ATM fees (not counting the ATM surcharge fees from the ATM’s owner, and even then, First Internet Bank offers refunds for this on some accounts). In addition, you can link up a savings or money market account to most of these accounts and get free overdraft transfers.

All in all, First Internet Bank is a decent choice with a few good products. However, there still are even better options for each of these accounts.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

TAGS:

Advertiser Disclosure

Reviews

Apple Bank Savings Accounts, CD Rates, Checking Account and Money Market Account

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

Year Established1863
Total Assets$13.3B
LEARN MORE on Apple Bank For Savings’s secure website

Few banks can claim that they started in a tavern, but that’s the case with Apple Bank. The founders gathered in a local Harlem tavern in 1863 to sign the papers establishing the Haarlem Savings Bank. Since then, the bank has gone through numerous mergers and acquisitions until it finally ended up in its present form as Apple Bank in 1983.

Today it’s the 9th largest bank in New York and the 109th largest bank in the country. It operates 79 branches throughout the New York area, including Westchester, Queens, Long Island, Brooklyn and others.

Apple Bank is one of the few major banks left that still allow you to use a passbook with many of its accounts. If you choose this option (as opposed to its “statement savings account,” which works like a normal online bank account), you won’t be allowed to make any ATM transactions or pre-authorized debits from your account, such as ACH transfers.

If you’re interested in opening an account (or several accounts) with Apple Bank, there are a few things you need to know. Most importantly, these accounts are only available to New York residents with a valid New York ID. We’ll cover how these bank accounts work in this review to make an informed decision.

Apple Bank for Savings’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.60%

Savings

Apple Bank for Savings Grand Yield Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.25%

CD Rates

Apple Bank for Savings 1 Year CD Special

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.60%

CD Rates

Apple Bank for Savings 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.80%

CD Rates

Apple Bank for Savings 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Apple Bank’s savings account options

Grand Yield Savings

This account earns a great interest rate, but you won’t earn anything unless you have $2,500 in the account.

APY

Minimum balance to earn APY

1.60%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

Normally, we would consider this bank an excellent choice if you’re looking for a high interest rate. However, you only earn this high interest rate on $2,500 and up, meaning a significant portion of your deposit won’t earn interest.

One of the nice things about this account, on the other hand, is that you have a wide range of options for how to deal with your interest. You can choose to have it redeposited back into this account, deposited into another Apple Bank account or paid out to you each month in the form of a check (as long as you have at least $10 accrued).

Like all other savings accounts, you’re limited to just six debit card, telephone or ACH withdrawals per month, per Federal Regulation D. If you go over that amount, you’ll pay a $20 per-item fee. If you do this enough times, Apple Bank might change your account type or close the account.

How to get Apple Bank’s Grand Yield Savings account

If you want to open Apple Bank’s Grand Yield Savings account, you’ll need to visit a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

BONUS Savings

Apple Bank’s BONUS Savings account allows you to earn a very tiny bonus each year on your account-opening anniversary.

APY

Minimum deposit amount

0.75%

$2,500

  • Monthly account maintenance fee: $10 if your account balance drops below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

For people who need bonuses in order to motivate them to save, this account may be one option. It doesn’t earn the greatest of interest rates, but it does offer a bonus every year on your anniversary: an extra bonus of 0.25% of the smallest balance you’ve held in the account during the previous year. If your account balance dipped down to just $2,500 (the minimum required to avoid the monthly service fee and to earn any interest at all), that’s just a measly $6.25.

This account also has a six-item limit on certain types of withdrawals (telephone, debit card or ACH). If you go over these limits, you’ll pay a $20 per-item fee, and Apple Bank may downgrade your account to another type or close it if this happens often enough.

How to get Apple Bank’s BONUS Savings account

If you want to open this account, you’ll need to head over to a local branch.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Apple Bank Savings

This savings account has a lower threshold to earn interest, but you won’t earn much with this account.

APY

Minimum balance to earn APY

0.10%

$250

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $4 if your account balance drops below $500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you don’t have the high account balances needed to earn interest with Apple Bank’s BONUS Savings or Grand Yield savings, this could be one alternative. You can open the bank with as little as $100, and you’ll start earning interest after you’ve saved $250. If you can save up $500, you won’t have to pay the monthly account maintenance fee, either.

This account also comes with the option to have your interest paid out in multiple ways. You can choose to have it redeposited back into the account (as with most normal savings accounts), sent to you by check (as long as the interest earned is more than $10) or deposited into another Apple Bank account.

Per Federal Regulation D, you’re limited to just six ACH, debit or telephone withdrawals per month. For each withdrawal you make over that amount, you’ll pay a $20 “excess withdrawal fee.” Apple Bank can close your account or change it to another account type if you do this frequently enough.

How to get the Apple Bank Savings account

You can open this account at any local Apple Bank branch.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Youth Savings

This passbook-style account allows children and teens to earn a small amount of interest, as long as they keep at least $5 in the account.

APY

Minimum balance to earn APY

0.10%

$5

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

Apple Bank allows youth ages 6-17 the chance to earn a small amount of interest with this account. It’s not a traditional savings account because it uses a passbook, just like your grandparents used back before the internet existed.

While your child only needs $1 to open this account, they won’t earn any interest until they have at least $5 saved. After that, if they withdraw money and dip the balance below $5 at any point during the month, they won’t earn interest for that day until the balance is back to $5 or more.

When your child turns 18, they won’t be able to make any more deposits into the account. However, it will still earn interest, and Apple Bank will contact them with their options for converting the account to an adult version at that point.

How to get Apple Bank’s Youth Savings account

If your child is between ages 6-17, has their own ID (even just a school ID or birth certificate), and can sign their own name, you can open a Youth Savings account with your child. You’ll need to visit a local branch in order to open this account.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Holiday/Vacation Club accounts

This is a great forced savings plan for people who need help saving for holidays or for vacations, although you still won’t earn much interest with this account.

APY

Minimum deposit amount

0.10%

$5

  • Monthly account maintenance fee: $0
  • Overdraft fee: $35 per item, for up to six items per day.

If you struggle with saving up for holidays or for vacations, this account can be an excellent choice for you — albeit, you still won’t earn very much interest on your deposit.

The way it works is this: You open the account with as little as $5. Then, you designate how much and how often you want automatic withdrawals taken out of another Apple Bank account and deposited into this one. You can choose either weekly, biweekly, monthly or quarterly transfers.

If you open a Holiday Club Account, all of your money — plus the interest you’ve earned — will be sent to you via check or deposited into another of your Apple Bank accounts (such as your checking account) in the fall, just in time for holiday spending. If you instead opt for the Vacation Club account, the money will instead be sent to you via check or deposited into your other Apple Bank account during the spring, before your spring or summer vacation.

But watch out: If you make a partial withdrawal before the fall or spring (depending on which account type you have), Apple Bank will completely close the account. This account also does not come with ATM access.

How to get Apple Bank’s Holiday/Vacation Club accounts

You can’t open these accounts online — you’ll need to visit a branch in-person to do this.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s savings accounts compare

We’re a bit torn with Apple Bank’s savings accounts. Its highest-earning account, the Grand Yield Savings account, actually does earn a decent interest rate. However, you won’t earn interest on a significant portion of your deposit. If you live in the New York area and want an in-person bank offering a good interest rate, this can be a great option for you.

The rest of its savings accounts, however, offer very little interest. If you’re comfortable banking online and want to earn the best rates possible (on all of your deposit), consider one of these top online savings accounts instead.

Apple Bank CD rates

Apple Bank’s CD accounts offer much higher interest rates than your average neighborhood bank — but watch out for the high early withdrawal penalty.

Term

APY

6 months

2.00%

1 year

2.25%

13 months

2.25%

1 ½ years

2.30%

2 years

2.40%

3 years

2.60%

4 years

2.75%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For the 6 month CD, you’ll pay a $50 fee plus an extra 1% of the amount withdrawn. For all other CDs, you’ll pay a $50 fee plus an extra 3% of the amount withdrawn.

This account may be a great choice for you as long as you’re fairly certain that you won’t be tempted to withdraw money from this account. That’s because the early withdrawal penalty is very high with this account — you’ll pay a flat $50 fee, plus an extra 1%-3% of the amount withdrawn. Furthermore, if you withdraw enough to drop the balance below the $1,000 mark, Apple Bank will close your CD outright and charge you the penalty on the entire balance.

If you keep the CD open until maturity, it will automatically renew unless you instruct Apple Bank not to do so. If you opt for the account not to renew at maturity, then it’ll earn the same interest rate as the Apple Bank Saving Account until you do something with the cash. But if the CD automatically renews, you’ll still get a five-day grace period to make any changes to the account.

How to get Apple Bank’s CDs

If you want to open one of Apple Bank’s CDs, you’ll need to visit a local branch to set up your new account.

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on Apple Bank For Savings’s secure website

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How Apple Bank’s CD rates compare

Apple Bank’s CDs carry interest rates right on par with our current best CD picks. This can be an especially good option if you want to bank in person with a local branch, yet don’t want to earn the measly CD interest rates that many community banks offer.

However, we advise watching out for the fees that come along with this account. If you think you might need to withdraw the cash at some point during the CD’s term, you may end up paying more than you would at other banks, thanks to this CD’s high early withdrawal penalties. This is especially true if you only open the CD with the minimum opening deposit.

Apple Bank’s checking account options

Grand Yield NOW Checking

You can earn a high interest rate on your checking deposit with this account, but you’ll need to keep a high balance in the account.

APY

Minimum balance to earn APY

0.50%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: Your first four non-Apple Bank ATM transactions of the month are free. However, the ATM’s owner may still charge you a surcharge fee, and this is not reimbursed.
  • Overdraft fee: $35 per item, for up to six items per day.

Apple Bank’s Grand Yield NOW checking account offers an exceptionally high interest rate on your checking deposit. It does this by shuffling around money from a money market sub-account to this high interest-earning checking account in the background for you. You don’t need to worry about any of this: All you’ll see on your monthly statement are the transactions you’ve made, along with the one interest rate you’ll receive for this account.

Although you can open this account with as little as $100, you’ll need to keep at least $2,500 in the account in order to earn interest and avoid the monthly maintenance fee. Finally, when you open this account, you’ll also receive your first order of personalized checks for free.

How to get Apple Bank’s Grand Yield NOW Checking account

You can open this account by visiting a local branch in the greater New York area.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Free ExtraValue Checking

This Apple Bank’s version of a standard no-frills checking account.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you want a bank account with no hassle about remembering to keep up a certain balance level to avoid a monthly fee, this may be one option for you. Of course, this is a noninterest-bearing account, so you won’t earn anything from your deposit either.

One of the perks of this account is that you’ll get your first order of personalized checks for free after you open the account.

How to get Apple Bank’s Free ExtraValue Checking account

If you live near an Apple Bank branch, you can easily open this account in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

BasicValue Checking

This account makes little sense. It charges a monthly fee, earns no interest and only allows a limited amount of transactions.
  • Minimum deposit amount: $10
  • Monthly account maintenance fee: $3, regardless of your balance.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

We don’t know why anyone would want this account.

First of all, there’s a $3 monthly charge, with no way to avoid it. You’ll be paying $3 per month for this account for as long as you own it. Secondly, you’re limited to just eight withdrawals per month with this account. If you go over that amount, you’ll pay a $1 per-item fee. This account seems more like a savings account than a checking account because of these transaction limitations, but it doesn’t offer any interest.

On the bright side, your first order of personalized checks is free.

How to get Apple Bank’s BasicValue Checking account

If you do decide that this account is right for your situation, you’ll need to visit a branch in person to open this account.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Free ClassValue Checking

This free checking account is open to students between the ages of 17 and 25.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: Your first two non-Apple Bank ATM transactions of the month are free. However, the ATM’s owner may still charge you a surcharge fee, and Apple Bank does not reimburse such fees.
  • Overdraft fee: $35 per item, for up to six items per day.

New York students looking to bank with a local institution may find this a decent option. There are no monthly maintenance fees, and you get two out-of-network ATM fees reimbursed per month.

You’ll need to be between the ages of 17 and 25 to apply for this account, however. Once you reach age 26, you won’t be able to use this account anymore. Apple Bank will let you know your options for transferring your money to a new checking account before your birthday.

Like the rest of Apple Bank’s checking accounts, your first order of personalized checks comes free with this account.

How to get Apple Bank’s Free ClassValue Checking account

If you want to open this account, you’ll need to visit a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s checking accounts compare

Compared with most community banks, Apple Bank does offer a decent checking option with its Grand Yield NOW account. The rest of its accounts, however, are mediocre, because they come with account maintenance fees or few perks. This is especially the case with the BasicValue Checking account, which charges you an unavoidable monthly fee for a limited amount of monthly transactions.

If you’re looking for an interest-bearing checking account, we recommend one of these online checking accounts instead.

Apple Bank’s Money Market account

This account earns a decent rate, but only on balances above $2,500.

APY

Minimum balance to earn APY

1.25%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you want to earn a higher interest rate on your savings but also want the ability to write checks from your deposit, this money market account might be right for you. You can make up to six withdrawals per month via check, debit card, ACH transfer or telephone transfer. After that, you’ll pay a $20 per-item “excess withdrawal” fee. If you violate these limits too many times, Apple Bank may close your account or downgrade it to another type.

Although this account earns a decent interest rate, you’ll need to keep a hefty balance in the account to benefit. If your balance dips below $2,500, you won’t earn any interest for that day unless your balance is brought back up to $2,500. In addition, you’ll also pay a $10 monthly fee if your account balance dips below the $2,500 mark.

How to get Apple Bank’s Money Market account

You can open this account by visiting a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s Money Market account compares

Apple Bank definitely does not offer the highest-earning money market account on the market today. Still, its rate isn’t bad, as long as you can pony up the $2,500 needed to earn interest and waive the monthly maintenance fee. This would be a good option for people looking for a local in-person bank they can work with, but don’t want to sacrifice earning good rates on their money market deposit.

Overall review of Apple Bank’s products

We think Apple Bank is a bit hit-or-miss. None of its accounts are front-runners in their classes by any means. But, many of its accounts are also not bad options either, especially for folks who want to do their banking in person and not pay for it in the form of piddly interest rates.

We do recommend watching out for some of its accounts, such as the BasicValue Checking account which offers limited transactions for an unavoidable monthly fee. But, if you choose your accounts carefully, you might very well come out ahead by choosing Apple Bank.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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