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Amegy Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Year Established1873
Total Assets$66.3B
LEARN MORE on Amegy Bank’s secure websiteMember FDIC

You might have heard of Amegy Bank if you live in Texas — but that’s only the most recent incarnation of this bank. It adopted the name in 2005 shortly before being acquired by Zions Bancorporation, a $65 billion company that owns a portfolio of community banks around the country. Before that, the bank has gone through numerous mergers and name changes since its start as the Southwest Bank of Texas in 1990.

Amegy Bank operates over 75 branches throughout Texas. One thing to be aware of is that the ATM network with Amegy Bank is much more restrictive than with, say, a credit union. You can only use Amegy Bank ATMs for free, and with only 142 ATMs in its network, that’s not a whole lot to choose from. This may be one to skip if you use ATMs frequently while traveling outside of Texas (and even then, 142 ATMs across the entire Lone Star state isn’t that many).

Even though Amegy Bank specializes in working with businesses (and especially real estate and energy businesses), they do offer a full suite of personal deposit accounts — these will be the focus of our review here. Read on to find out all the details you need to know if you’re interested in banking with Amegy Bank.

Amegy Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Amegy Bank Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.20%

CD Rates

Amegy Bank 12 Month Personal CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

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0.70%

CD Rates

Amegy Bank 36 Month Personal CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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1.00%

CD Rates

Amegy Bank 60 Month Personal CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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Amegy Bank’s checking account options

OnBudget Banking

This checking account doesn’t actually let you write checks or earn interest, but it does come with zero overdraft fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 if you’re 26 or older. $4 if you’re 25 or younger. If you want paper statements, there’ll be another $2 monthly fee.
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: none
  • Overdraft fee: none, although all charges will be declined if they will overdraw your account. Alternatively, you can set up an overdraft line of credit or a backup overdraft account to pay overdraft charges. This will cost you $7.50 per transfer, but only if your account is overdrawn by $10 or more.

This account is probably best for folks who have a hard time qualifying for a normal checking account and/or who overdraft their account frequently.

To see why, consider this: you’ll have to pay a $4 to $7 monthly fee with this account, and there is no way to avoid it like with all of Amegy Bank’s other checking accounts. Once open, you can’t even use the account to write paper checks, or the online Bill Pay feature, either — meaning you’re left with just using your debit card, ACH transfers, or the Zelle payment system.

All of those things sound like bad consumer banking policies (and they are), but on the flipside, this account doesn’t charge any overdraft fees. That sounds nice, but the bank also won’t pay overdraft charges, meaning you could find yourself in an embarrassing situation with a declined purchase. You’ll still have the ability to link up an overdraft account or a backup savings or money market account to pay for these charges (only if they overdraw your account by $10 or more), but there will be a charge for this as well: $7.50 per transfer.

How to get Amegy Bank’s OnBudget Banking account

If you’re at least 18 years old and have a Social Security Number, you can open this account. You’ll also need to visit the bank in person to open an account, since there isn’t an option to apply for this account online (you can apply for others online; just not this one).

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Anytime Checking

Amegy Bank’s standard non-interest-bearing checking account comes with a monthly fee, but it is possible to get it waived.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6, unless you meet the requirements to have the fee waived. If you want paper statements, that’ll be another $2 per month.
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: none
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup account, you’ll pay $7.50 per transfer if your account is overdrawn by $10 or more.

If you’d rather be able to write checks, use Online Bill Pay, and be able to waive the monthly fee, this Amegy Bank account might be better for you. The monthly fee is higher — $6 — but you can get it waived if you meet one of the following criteria each month:

  • A direct deposit of at least $250
  • 10 Amegy Bank credit or debit card purchases
  • Be age 25 or younger

This account also does not come with interest, and you will have to pay the full suite of overdraft fees with this account when you overdraft your account.

How to get Amegy Bank’s Anytime Checking account

You can apply for this account online as long as you have a Social Security Number and are at least 18 years old. You’ll need to provide your current bank account number to fund the account, and sign and return a signature card to officially open the account.

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Anytime Interest Checking

You can earn interest and one ATM fee waiver per month with this checking account, but watch out for the monthly fee.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$1,000
0.01%
$2,500
0.01%
$5,000
0.05%
$25,000
0.10%
$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 if you don’t meet the monthly requirements to waive the fee.
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: One Amegy Bank ATM fee refund per month (not including the surcharge fee from the ATM’s owner).
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup account, you’ll pay $7.50 per transfer if your account is overdrawn by $10 or more.

Amegy Bank offers two different interest-bearing accounts, each of which charge a monthly fee (but also come with ways to waive that fee). By far, this account is the easiest one for most people to keep, since there are two relatively simple ways to get the monthly fee waived:

  • Keep at least $1,500 in the account
  • Keep at least $10,000 across all of your Amegy Bank deposit and personal loan accounts

You’ll still earn interest even if you do end up paying the monthly fee. You’ll also get one Amegy Bank ATM fee refund per month. They won’t refund any ATM surcharge fees, however. The bank also will toss in a free first order of checks (as long as they’re basic checks). If you want designer checks, you’ll get 30% off your first order.

How to get Amegy Bank’s Anytime Interest checking account

You can apply for this account at a local Amegy Bank branch, or by applying online. You’ll need to be at least 18 years old, have a Social Security Number, and your current bank’s routing information to transfer money into your new account. If you open the account online, you’ll also need to sign and return a signature card to finish opening your account.

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Premium Interest Checking

Even though this account has steep monthly requirements, it still doesn’t offer that great of interest.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$1,000
0.01%
$2,500
0.10%
$5,000
0.10%
$25,000
0.15%
$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 unless you meet the requirements to waive the fee, plus another $2 if you want monthly paper statements
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: Three Amegy Bank ATM fee refunds per month (even including ATM surcharge fees).
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup overdraft protection account, there won’t be any overdraft transfer fees with this particular account.

This account still doesn’t earn very good interest rates, but they are the highest interest rates out of any checking accounts that Amegy Bank offers. In order to get the most from this account though, you’ll have to navigate past a very high $25 monthly fee. You can get the fee waived if you meet at least one of these criteria each month:

  • Keep at least $10,000 in your account
  • Keep at least $25,000 across all of your Amegy Bank deposit and personal loan accounts

This account also comes with a smattering of random banking perks. You’ll get three out-of-network ATM fee refunds (including the ATM surcharge fee) per month. Amegy Bank will give you free basic checks for life (or 30% off designer checks).

You’ll also get free cashier’s checks, one free incoming wire transfer per month, and you won’t pay any overdraft transfer fees. Finally, any monthly fees will also be waived on linked money market and savings accounts you have, and you’ll earn premium rates on other deposit accounts. Amegy Bank doesn’t disclose what these “premium rates” are, so you’ll have to contact the bank to get the most current rate information if you have this account.

How to get Amegy Bank’s Premium Interest Checking account

You have two options for opening this account: you can do it online, or at a local branch. If doing it online, you’ll need to fill out and return a signature card to finish the application process. You’ll also need to provide Amegy Bank with a few details on your application, such as your name, Social Security Number, and your current bank account’s routing information.

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Advantage Checking

This is Amegy Bank’s only monthly-fee-free checking account, and only available to seniors, military members, and WorkLife Banking clients.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: none
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: Three Amegy Bank ATM fee refunds per month (even including ATM surcharge fees).
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup account, you’ll pay $7.50 per transfer if your account is overdrawn by $10 or more.

If you’re a senior aged 62 years or older, an active military member or a veteran, or you’re enrolled in Amegy Bank’s WorkLife Banking business banking account, you’re eligible for this free checking account. If you’re a WorkLife Banking customer and you want monthly paper statements, however, you’ll need to pay a $2 monthly fee.

This account also doesn’t offer any interest, but it does give you a few other things. You’ll get three ATM fee refunds per month if you use an out-of-network ATM (Amegy Bank will even refund the ATM surcharge fee charged by the ATM’s owner). You’ll also get free basic-style checks for the life of the account, or a 30% discount on designer checks.

How to get Amegy Bank’s Advantage Checking account

Here’s another account that you must open at a branch, since an online application doesn’t exist for this particular account. You’ll need to have a Social Security Number and be at least 18 years old to open this account.

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How Amegy Bank’s checking accounts compare

Regional banks like Amegy Bank like to tout how consumer-friendly and fair they are compared to the big nationwide banks. But in reality, most of these banks have fee structures that are just as pricey and confusing as their larger counterparts — Amegy Bank is no exception to that rule.

Four out of five of Amegy Bank’s checking accounts come with high monthly fees. The overdraft policies on these accounts can quickly drain you of any money you might have left elsewhere, if you’re not careful. Unless you avoid ATMs entirely, it’ll be hard to avoid paying a lot of ATM fees too, since the bank charges high fees for out-of-network ATM use, and frankly doesn’t have that many in-network ATMs.

Only two of these accounts offer any interest at all, and they’re pretty poor rates at that. Instead, we recommend skipping Amegy Bank’s checking accounts for these top online checking accounts. They offer a much better fee structure, and come with high interest rates to match.

Amegy Bank’s savings account options

Savings

Features of this account include a very low interest rate and a monthly fee.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$1,000
0.05%
$5,000
0.05%
$25,000
0.10%
$50,000
0.15%
$100,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $4, unless you meet the requirements to waive the fee
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: none
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup overdraft protection account, there won’t be any overdraft transfer fees with this particular account.

There’s only one Savings account for adults to choose at Amegy Bank, and this is it. Like its interest-bearing checking accounts, this one offers a six-tier schedule of rates (even though the first four tiers are currently the same rate — ultra low).

This savings account also comes with a monthly fee (yep, you read that right — a fee to store your savings). There are two ways you can qualify each month to have it waived:

  • Keep at least $200 in the account
  • Set up recurring monthly transfers of at least $25 from your checking account into this savings account

Federal Regulation D limits all savings and money market accounts up to six certain withdrawals per month. A few withdrawal types don’t count, including withdrawals made by ATM, by mail, or in person at a branch. If you exceed the six-withdrawal limit by the other methods, you’ll owe a $5 excessive withdrawal fee. If you do this more than three times in a year, Amegy Bank will close or restructure your account.

How to get Amegy Bank’s Savings account

You can easily apply for this account online or at a local Amegy Bank branch, if you live in Texas. You’ll need to provide a few details about yourself on the application, such as your Social Security Number, your current bank routing information (to make an opening deposit), an email address, etc… If you’re opening the account remotely, you’ll also need to sign and send in a signature card.

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Young Savers

This monthly-fee-free account is available to young adults aged 25 and under.
APYMinimum Balance to Earn APY
0.15%
$0.01
0.15%
$100
0.15%
$500
0.15%
$1,000
0.15%
$10,000
0.15%
$50,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: none
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: none
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup overdraft protection account, there won’t be any overdraft transfer fees with this particular account.

This young adults’ savings account offers some of the most consumer-friendly policies you’ll see at Amegy Bank. It only takes a small $5 deposit to get started, and there are no monthly maintenance fees to worry about.

Young adults also receive the highest tier-level interest rate offered on savings accounts, but across their entire balance (even if they have just a penny in the account). To qualify for this account, you’ll need to be under 25 years of age. Once you hit age 26, this account will automatically turn into a regular Savings account (complete with monthly fees and everything).

Since this is a savings account, you’re allowed up to six certain withdrawals per month according to federal Regulation D. If you exceed that, you’ll be hit with a $5 per-withdrawal penalty, and if you go over that more than three times in a year, the account will be closed or converted into a different type. Withdrawals made by mail, in person, or via ATM don’t count towards this six-withdrawal limit.

How to get Amegy Bank’s Young Savers account

Even though this is an account for young people, you’ll still need to be at least 18 years old to open this account — in other words, it’s not a kids’ or teens’ savings account. If you fit that bill, you can apply for this account online or at a local branch.

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How Amegy Bank’s savings accounts compare

There’s no bones about it: the rates offered on Amegy Bank’s savings accounts are ultra-low. In fact, you can earn interest rates at least ten times higher with one of these online savings accounts instead.

We also don’t like that there’s no good option for a kids’ or teens’ savings account. “Young Saver” is a bit misleading if it only applies to people aged 18-25. That’s still young (at least for people over age 26), but not quite what you think of when you hear the words “young saver.”

We also don’t like that the regular Savings account charges a monthly fee. Saving money with a bank helps its bottom line; that’s why most banks encourage deposits by not charging you a fee to store your money there. Amegy Bank apparently feels differently.

Amegy Bank’s CD rates

Personal CD

These CDs don’t offer very good rates compared to Amegy Bank’s top competitors.
TermAPY
7 days0.15%
1 month0.15%
3 months0.15%
6 months0.20%
9 months0.25%
12 months2.20%
18 months0.40%
24 months2.20%
36 months0.70%
48 months0.75%
60 months1.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This will depend on your CD’s term length:
    • For the 7-day and 1-month CDs, you’ll forfeit all interest earned
    • For CDs from 3 months to 12 months, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest

If you don’t mind locking up your money for a potentially long period of time, these CDs offer some the highest rates you can get at Amegy Bank. Oddly enough, Amegy Bank allows you to choose when your interest payments are credited to the CD: you can choose to have it credited monthly or annually (if your CD lasts 12 months or longer). By default, however, interest will be credited when the CD matures for CDs 12 months and under, or quarterly for CDs longer than 12 months.

You can withdraw interest at any time as well without having to pay a penalty. However, this may reduce your earnings, though, since Amegy Bank assumes you’ll be leaving interest in the account to accrue even more interest when calculating your APY.

Amegy Bank will send you a notice before your CD matures to give you a heads-up. CDs will automatically renew for another term length, and you’ll have a 10-day grace period (3 days for the 7-day and 1-month CDs) where you can withdraw the money or make any other changes to the account without paying any penalties. After that, the CD will be locked in again for another term.

How to get Amegy Bank’s Personal CD

You can apply for this CD at an Amegy Bank branch or online. You’ll need to be at least 18 years old and have a valid Social Security Number. If you open the account online, Amegy Bank will also provide you with a signature card that you’ll need to return to open your account.

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Personal Jumbo CD

If you’ve got a spare $100,000 sitting around, you can earn rates that are just a smidge higher with one of these Personal Jumbo CDs.
TermAPY
7 days0.20%
1 month0.20%
3 months0.20%
6 months0.25%
9 months0.30%
12 months2.20%
18 months0.45%
24 months2.20%
36 months0.75%
48 months0.80%
60 months1.00%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This will depend on your CD’s term length:
    • For the 7-day and 1-month CDs, you’ll forfeit all interest earned
    • For CDs from 3 months and 12 months, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest

Amegy Bank’s Personal Jumbo CDs require a much larger deposit amount (at least $100,000) and earn rates that are slightly higher than the normal Personal CDs. But other than that, these CDs really aren’t all that different.

Interest on these CDs can be withdrawn early without paying a penalty, though this might lower your actual APY. You’ll receive a notice in the mail before your CD matures so that you can get ready to withdraw the money during the 10-day grace period (three days for CDs one month and under) after maturity, if you want. If you opt to do nothing, the CD will renew for another term length.

How to get Amegy Bank’s Personal Jumbo CDs

If you’ve got the cash to open this account (and the routing number for a bank account to provide the opening deposit), you can open the account online. You’ll need to be at least 18 years old and provide a Social Security Number. Alternatively, you can always open this CD at an Amegy Bank branch.

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How Amegy Bank’s CD rates compare

First, the good news: Amegy Bank has comparatively cheap early withdrawal penalties. The maximum you’ll pay is 180 days’ worth of interest on the amount of principal (i.e., your starting deposit amount) you withdraw. Many other banks charge 365 days’ worth of interest or more for the longest-term CDs. So if you think that there’s a good likelihood that you’ll need to withdraw some money early, these might be good CDs to choose. Alternatively, you could just pick a more liquid account type, such as a money market account, or a high-yield savings account at another bank.

But as far as interest rates go, sadly, Amegy Bank isn’t that great. Its current rate for a five-year CD is very, very low — less than a third of what the top CDs are offering nowadays. If earning the highest interest rates on your CD is your priority, Amegy Bank isn’t the right one for you.

Amegy Bank’s money market account option

Money Market

This is the highest-earning liquid account at Amegy Bank.
APYMinimum Balance to Earn APY
0.05%
$1,000
0.05%
$5,000
0.30%
$25,000
0.35%
$100,000
0.40%
$250,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $12 if your account balance falls below $1,000
  • ATM fee: $2.50 per transaction, and $2 per balance inquiry at non-Amegy-Bank ATMs. If you use your card abroad, there’ll be a 3% foreign transaction fee for ATM withdrawals and debit card purchases.
  • ATM fee refund: none
  • Overdraft fee: $35 per item (up to five items per day) if it overdraws your account by $5 or more. If it stays overdrawn for five days or more, you’ll owe another $5 per day for up to 30 days. If you link up a line of credit or a backup overdraft protection account, there won’t be any overdraft transfer fees with this particular account.

Amegy Bank’s Money Market account is best for people who have larger-size deposits available and want to earn higher interest rates, but also want to be able to access their money without paying any early withdrawal fees associated with CD accounts. You’ll need a larger deposit amount to start compared to the Savings account — $500 vs $50 — but you’ll start to earn slightly better rates once you reach the $25,000 threshold.

You can write checks with this account, but because it’s a money market account, you’re still allowed to make up to six certain withdrawals per month due to federal Regulation D rules. Withdrawals made in person, by mail, or at an ATM don’t count towards this limit. Amegy Bank will charge you a whopping $20 per withdrawal if you go over the six-withdrawal monthly limit, and if you do it enough (three times in a year, specifically), they may close or restructure your account.

How to get Amegy Bank’s Money Market account

You’ll need to be at least 18 years of age and possess a Social Security Number to open this account. You can open the account either online or in person. If opening it online, Amegy Bank will provide you with a form for your signature that you’ll need to return to the bank.

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How Amegy Bank’s Money Market account compares

Amegy Bank does offer a tiered interest rate scheme, but even at the highest tiers, the bank still can’t compare to the rates that the best money market accounts are currently offering.

Furthermore, the bank only offers the highest-tier rate on balances above $250,000 — that’s above the limits for FDIC insurance. It would be wise to consider whether depositing more than that would be worth the trouble, especially since you could lose that money if Amegy Bank were ever to go under.

Amegy Bank’s IRA account options

Personal IRA CD

Amegy Bank’s IRA CDs are carbon copies of its regular Personal CDs.
TermAPY
7 days0.15%
1 month0.15%
3 months0.15%
6 months0.20%
9 months0.25%
12 months2.20%
18 months0.40%
24 months2.20%
36 months0.70%
48 months0.75%
60 months1.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This will depend on your CD’s term length:
    • For the 7-day and 1-month CDs, you’ll forfeit all interest earned
    • For CDs from 3 months and 12 months, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest

You can save for your retirement at Amegy Bank with one of its IRA CDs. They’re basically the same thing as the Personal CDs, even right down to the same interest rates.

When your IRA CD finishes its term, Amegy Bank will automatically renew it. Since it’s a retirement investment you’ll probably want to just leave it in there to keep renewing until you need it. But should you want to withdraw the money or roll it over into another IRA account, you will get a brief 10-day grace period (or three days for CDs one month and under) after each auto-renewal to do so penalty-free. Otherwise, you’ll have to pay the early withdrawal penalty.

How to get Amegy Bank’s Personal IRA CDs

As long as you’re at least 18 years old, have a valid Social Security Number, and a bank account that can provide the opening deposit, you can open this account. There are two ways you can do so: online, or in person at a branch. Amegy Bank will send you a signature form if you opt to open the account online, which you’ll need to return to open your account.

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Personal Jumbo IRA CD

Again, these rates really aren’t all that impressive, especially for a retirement savings account.
TermAPY
7 days0.20%
1 month0.20%
3 months0.20%
6 months0.25%
9 months0.30%
12 months2.20%
18 months0.45%
24 months2.20%
36 months0.75%
48 months0.80%
60 months1.00%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This will depend on your CD’s term length:
    • For the 7-day and 1-month CDs, you’ll forfeit all interest earned
    • For CDs from 3 months and 12 months, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest

Hopefully you’ll be saving up quite a bit of money for retirement. If that’s the case, you may well have over $100,000, the minimum deposit size needed to open this IRA CD. You can earn slightly higher interest rates with this Jumbo IRA CD as opposed to a Personal IRA CD, but it’s not much more.

Like the rest of Amegy Bank’s CDs and IRA CDs, your Jumbo IRA CD will automatically renew once its term ends. The bank will send you a notice before this happens so you can get ready to take action, if you wish. After the IRA CD renews, there will be a brief 10-day period where you can withdraw the money or make any other changes to the IRA CD. If you have a 7-day or 1-month IRA CD, this window is cut a bit shorter, to just three days.

How to get Amegy Bank’s Jumbo IRA CD

This IRA CD can be opened at a local branch. You can also choose to open it online. If you do it online, you’ll need to send Amegy Bank back a signature form, which they’ll provide when you apply for an account.

LEARN MORE Secured

on Amegy Bank’s secure website

Member FDIC

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How Amegy Bank’s IRA CD rates compare

IRA CDs offer an advantage over more traditional retirement investments like stocks and bonds because your savings are guaranteed by the FDIC for up to $250,000. The tradeoff, however, is you’ll potentially earn less money — and that’s especially true with this bank, given the rates that these IRA CDs offer.

Since most people aren’t saving enough as it is for retirement, it’s especially important to earn the highest interest rates to make the most of what money you do have saved. That’s why we recommend these IRA CD options instead.

Overall review of Amegy Bank’s banking products

If you happen to live near an Amegy Bank branch and prefer to do your banking in person, Amegy Bank might work for you. But for most other people, we recommend looking to other banks, and here’s why.

Amegy Bank has very complicated banking policies. The overdraft and ATM fee policies alone require an entire paragraph to write out. This makes it easier to confuse consumers like you, which means less money in your pocket and more in the bank’s.

All of this hassle might be worth it if Amegy Bank had good (or even decent) interest rates on its products — but, sadly, it doesn’t. You can find much better options for each account type, especially if you’re willing to do your banking online. That’s why we recommend skipping this bank for one that offers better rates and more consumer-friendly policies.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1999
Total Assets$1.3B
LEARN MORE on Parke Bank’s secure websiteMember FDIC

Unless you live in southern New Jersey or Philadelphia, chances are you’ve never heard of Parke Bank. That’s probably just as well, since you can’t actually open a bank account here unless you visit one of Parke Bank’s seven branches.

It’s also important to note that Parke Bank isn’t a member of any ATM networks. And while the bank doesn’t charge out-of-network ATM fees, you still could pay an ATM surcharge fee imposed by the ATM’s owner. With its own ATMS only at its seven branches, there’s a good chance it’ll end up costing you in the long run to use ATMs, especially if you travel frequently.

“A Return to Better Banking®” is a phrase literally built into Parke Bank’s logo and a big claim for its personal deposit accounts. We’ll put that to the test in this review. For example, we found that the bank’s website lacked a lot of essential account information. Still, we did the legwork to provide you with the details you need to know before opening an account here, including whether it’s even worth your time.

Parke Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.45%

Savings

Parke Bank Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.85%

CD Rates

Parke Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.30%

CD Rates

Parke Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.80%

CD Rates

Parke Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Parke Bank’s checking account options

Basic Checking

You’ll need to keep at least $100 in this account at all times or you’ll be stung with a $7 monthly fee.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $7 if your account balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

If you want to bank at Parke Bank and don’t want all the fuss of keeping a high balance to avoid fees, this is your go-to account. Unfortunately, you still can’t totally coast with this account, like you can with many other banks and credit unions — you’ll still need to meet a minimum balance requirement of $100 each month, otherwise you’ll pay a $7 fee.

This account does not earn any interest.

How to get Parke Bank’s Basic Checking account

If you want to open Parke Bank’s Basic Checking account, you’ll need to head over to a Parke Bank branch. Bring two forms of I.D. with you, such as a driver’s license and a passport.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

Platinum NOW

This tiered checking account doesn’t offer a bad rate, but it does come with a bad monthly fee if your balance drops below $1,000.
APYMinimum Balance to Earn APY
0.30%
$1,000-$9,999.99
0.35%
$10,000-$49,999.99
0.45%
$50,000-$499,999.99
0.45%
$500,000+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $7 if your account balance falls below $1,000
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This is the highest-yielding checking account at Parke Bank. It’s also not an account for people who don’t keep a lot of cash in their checking accounts — that’s because if your account balance ever goes under $1,000, you’ll pay a steep $7 monthly fee.

It’s also unlikely you’d be able to recoup that amount back again with any interest gains given the interest rates offered on these accounts, unless you keep a large amount of money in the account. Even then, be careful: FDIC insurance only covers you up to a deposit amount of $250,000.

How to get Parke Bank’s Platinum NOW account

You’ll need to bring two forms of ID with you, such as a driver’s license and a passport, when you go to open this account. You’ll need to open it in a local branch, since you can’t open it online unfortunately.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

Parke Plus 55

This interest-bearing checking account offers fair terms to those aged 55 or over.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

Parke Bank charges a lot of fees for its checking accounts, but this account is an exception. It comes with no monthly fees, no account balance requirements, and it pays interest. You even get free basic checks with the account.

The only catch is that you have to be age 55 or older to open this account. About the only thing that would make this account better is if it offered free ATM surcharge fee rebates, or discounts on products such as safe deposit boxes or loans.

How to get Parke Bank’s Parke Plus 55 account

You’ll need to prove your age and identification details before you can open this account by bringing in at least two forms of ID. These can include your driver’s license, Social Security card, passport, etc. There isn’t any way to open this account online, over the phone, or by mail, so you’ll need to visit a local branch.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

New Jersey Consumer Checking

This account — mandated by the state — is not worth your time.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

All New Jersey banks and credit unions are required by state law to offer a special “New Jersey Consumer Checking” account. This non-interest-bearing account is Parke Bank’s response to that directive.

One of the things the law did was specify what fees and limitations banks are allowed to place on the account. Curiously enough, Parke Bank has maxed out all of the limitations and the fees as allowed under the law. For example, the law says that banks “may not charge you more than $3 per month as a service charge.” So, Parke Bank does just that — it charges the maximum of $3 per month, with no way to avoid the fee. It’ll be with you for the life of the account.

You’re also limited to making just eight withdrawals per month out of this account. If you exceed that limit, you’ll be hit with a 50-cent penalty. You also must keep at least $1 in the account at all times, otherwise the account will become inactive.

How to get Parke Bank’s New Jersey Consumer Checking account

If for some reason you decide to open this account, you’ll need to do so in a Parke Bank branch. Remember to bring two forms of ID with you to complete the account application process.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s checking accounts compare

We’re not a fan of any of these checking accounts. The interest rates offered on these checking accounts are better than nothing — akin to the 0.01% as some mega-banks offer — but there are far too many other higher-yielding checking account options out there that come with better banking policies.

We also don’t like the fees that come with these accounts. If you should ever find yourself paying them, there’s a good chance that the charge will wipe out any interest earnings you’ve received for that month.

Parke Bank’s savings account options

Passbook Savings

Watch out for the monthly fee that comes with this account if your balance drops below $100.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $7 if your account balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This Passbook Savings account still requires an actual passbook to make a transaction. It’s a quaint touch until you realize that you’ll need to bring it with you to the bank every time you want to deposit money.

You can use an ATM to make cash withdrawals from your account, though you can’t make deposits or get any balance information from the machine. You can also move money around online. All these “modern” functions will be entered into your passbook when you come into the bank the next time.

You’ll earn interest as long as you have money in the account; it’ll be tallied up and added to your account on a monthly basis. But make sure you keep at least $100 in the account at all times, otherwise you’ll pay a $7 monthly fee. Since this is a savings account governed by federal Regulation D guidelines, you are allowed to make up to six certain withdrawals out of the account per month. After that, Parke Bank will charge you $15 per withdrawal.

How to get Parke Bank’s Passbook Savings account

You’ll need to open this account at a local branch. You’ll also need to bring two forms of ID with you, such as a passport and a driver’s license.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

Statement Savings

This savings account comes with an ATM card.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $7 if your balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This account is basically the same thing as the Passbook Savings account, even down to the interest rate offered — the only difference is that it comes with an ATM card rather than a passbook.

This is a great account to have as overdraft protection for your checking account. You can link the two so that if your checking account is overdrawn, Parke Bank will transfer money to cover the amount for free from this account instead of charging you a $30 fee. Also remember to limit your withdrawals to just six per month, since you’ll pay a $15 per-withdrawal fee after that.

How to get Parke Bank’s Statement Savings account

Unfortunately, there is no option to open this account online. You’ll need to bring two forms of ID with you to a local Parke Bank branch.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

Holiday Club Savings

This account helps you save for the often-expensive holiday season.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

If you’re a chronic holiday overspender, this account might help you better prepare financially. You can open it at any time. There are two options for opening this account: you can either open it as a passbook savings account and make in-person deposits whenever you feel like it, or set up automatic transfers according to a schedule and amount you specify (such as monthly, biweekly, etc.).

Each October, Parke Bank will mail you a check with the full balance of the account. But the account doesn’t automatically close out at this point — rather, it will remain open, and if you’ve set up automatic transfers into the account, they’ll continue until you officially close the account.

How to get Parke Bank’s Holiday Club Savings account

Head over to a local Parke Bank branch if you’re interested in opening one of these Holiday Club Savings accounts. The bank requires two forms of ID for you to open an account, such as a social security card or a driver’s license.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s savings accounts compare

Parke Bank offers higher-than-average rates on its savings accounts, but they’re not that much higher. They’re still a far cry from the current best online savings accounts, many of which are offering rates that are five times higher.

It is nice that the bank offers a Holiday Club Savings account. Typically, these types of accounts are more common at credit unions, and for people who really use them, they can be very helpful. But you don’t necessarily need a Holiday Club account to save for the holidays. You can also do a de-facto Holiday Club account on your own by finding a high-yield savings account and setting up your own automatic deposits.

Parke Bank’s CD rates

Certificates of Deposit

Parke Bank CDs offer a relatively small range of term lengths compared to many other banks and credit unions.
TermAPY
6 months0.40%
12 months0.85%
18 months0.95%
24 months1.15%
36 months1.30%
48 months1.40%
60 months1.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ worth of interest for all CDs, regardless of term length

If you’re looking to earn the highest rates on your deposit at Parke Bank, these are the accounts for you. You get a small number of options — a mere seven choices — to choose for your term length.Parke Bank allows you to receive interest payments on a regular schedule, either monthly, quarterly, or when the CD matures. It’s usually a good idea to let the interest stay with the CD and compound until it matures to earn the most amount of money possible.

How to get Parke Bank’s CDs

Head over to a local branch if you’re interested in opening a CD. Unfortunately, you can’t open CDs online or over the phone.

LEARN MORE Secured

on Alliant Credit Union’s secure website

NCUA Insured

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How Parke Bank’s CD rates compare

Parke Bank offers lower-than-average rates for its CDs — in fact, our favorite high-yielding CDs are offering rates two to three times higher than the CDs here. You can do much better by choosing another bank or credit union.

We also don’t like that Parke Bank doesn’t offer a very diverse selection of CD lengths. You can only choose from these seven options, and if that doesn’t fit your style, then you’re out of luck. You should be able to form a basic CD ladder with these CDs if that’s your preferred approach, but if you’re looking for anything fancy like a bump up CD or a CD that allows subsequent deposits, you’re out of luck at Parke Bank.

Parke Bank’s money market account option

Money Market

This account offers an even poorer interest rate than Parke Bank’s savings account, so we’re not really sure why you’d want to open this account at all.
APYMinimum Balance to Earn APY
0.30%
$1,000-$2,499.99
0.35%
Over $2,500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $7 if your balance falls below $1,000
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

Parke Bank says that this account “provides a higher interest rate than a traditional interest checking account.” Except, it doesn’t — Parke Bank is currently offering the same interest rate on its two interest-bearing checking accounts as the two interest rate tiers for this account.And while it’s nice you can write checks from this account, you’re still limited to making just six withdrawals per month out of the account (including writing any checks). Each transaction after that will cost you a steep $15 fee. Only a true checking account would allow you to make unlimited withdrawals for free (as long as it’s not the fee-heavy New Jersey Consumer Checking account).

How to get Parke Bank’s Money Market account

If you want to open this account, you’ll need to bring two forms of ID with you to a local Parke Bank branch. That’s because the bank requires you to open accounts in person. Acceptable forms of ID include things like your driver’s license, social security card, passport, etc…

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s money market account compares

Parke Bank’s money market account rates can’t hold a candle to the top-yielding money market accounts out there right now. Frankly, the rates offered on these accounts just make Parke Bank look silly. You can earn rates as high as 11 to 13 times higher by skipping Parke Bank in favor of one of these other options instead.

We also don’t like the high excess activity fee for going over six withdrawals per month. These penalty fees aren’t uncommon, but generally they’re not this high. If you think you might go over the six withdrawal limit on occasion, it’d be better to find a less fee-heavy money market account.

Parke Bank’s IRA account options

IRA CD

These IRA CDs are essentially the same thing as Parke Bank’s standard certificates of deposit.
TermAPY
6 months0.40%
12 months0.85%
18 months0.95%
24 months1.15%
36 months1.30%
48 months1.40%
60 months1.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ worth of interest for all CDs, regardless of term length

Parke Bank allows you just one option to save for retirement with its deposit accounts: IRA CDs. You can open any one of Parke Bank’s regular CDs as either a Traditional IRA or a Roth IRA.All it takes is a $500 deposit into the account to open a CD. If you need to withdraw money for some reason, you’ll have to pay an early withdrawal penalty fee. You’ll also need to keep the balance at least above $500; otherwise, you won’t earn any interest.

How to get Parke Bank’s IRA CDs

Parke Bank requires you to physically go in to a branch in order to open an account. You’ll need to have two pieces of ID on hand as well, such as a passport, driver’s license, or utility bills.

LEARN MORE Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s IRA CD rates compare

Parke Bank is left in the dust by its competitors. Most of the rates offered by higher-yielding IRA CD accounts are twice as high, if not more.

It’s really important to find the highest-yielding investments for your retirement funds. Most people don’t have enough retirement savings to begin with, and choosing a subpar retirement investment makes it even worse. You can think of it as an opportunity cost: by choosing a low-yielding account, you’re essentially giving up on returns you would have earned with a higher-yielding account. That’s why we always recommend to choose the highest-earning account, and IRA CDs especially are no exception to that.

Overall review of Parke Bank’s banking products

Parke Bank must have some devoted followers — it wouldn’t have survived for as long as it has if it didn’t — but we’re left scratching our heads with this bank.The interest rates offered on these accounts are low in every case, and you can find much better options for each account type. This is also a very fee-heavy bank, with monthly maintenance fees even on nearly every product. It’s also inconvenient to open an account with Parke Bank, since they physically require you to find your way into a branch.

Another strike against the bank is that it’s not very transparent with its account information. For example, we cannot find the ATM or overdraft policies listed anywhere on the website. Each bank account has a dedicated webpage, but it generally only has a few bits of information that’s far from enough to give you all that you need to know about whether an account is right for you.

If you want to know more, the bank directs you to fill out a contact form, but despite repeated efforts, we still could not get someone from the bank to respond via this route. One wonders if they even really want your business at all.

Our suggestion? Skip Parke Bank for something better. If you don’t mind banking online, there’s a world of better accounts out there. Even if you want to work with a small local bank, it shouldn’t be too hard to find a better bank or credit union near you.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

TAGS:

Advertiser Disclosure

Reviews

People’s United Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1988
Total Assets$44.3B
LEARN MORE on People's United Bank’s secure websiteMember FDIC

While the name “People’s United Bank” might sound modern to some, this institution’s roots go way back to 1842, when it set up shop in Connecticut as the Bridgeport Savings Bank. It has grown a lot since then and is now part of People’s United Financial Inc., which boasts $44 billion in assets under management.

If you live in the Northeast, you might be more familiar with this bank, since its core service area is Connecticut, Massachusetts, Maine, New Hampshire, New York and Vermont. Indeed, it’s still headquartered in Connecticut, where it’s the largest bank in the state. One of the downsides of banking with a regional bank, however, is that finding a nearby ATM can be somewhat difficult, especially if you travel. In the case of People’s United Bank, the ATM network is relatively small, at just 600 machines.

On the plus side, the bank offers a wide range of financial services. Whether you need help with your small business banking, commercial endeavors or investment products, People’s United Bank can probably help you (for a fee, of course).

But one of the mainstays of this bank is its personal deposit accounts, which we’ll cover in this review. See how People’s United Bank accounts compare with those of top competitors, and learn other important details before deciding whether or not to bring your business here.

People's United Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

People's United Bank Plus Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.40%

CD Rates

People's United Bank 1 Year Plus CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.80%

CD Rates

People's United Bank 3 Year Plus CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.00%

CD Rates

People's United Bank 5 Year Plus CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

People’s United Bank’s checking account options

Plus Checking

Unfortunately, this basic checking account comes with a monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12 if you want paper statements. $10 if you opt for e-statements instead.
  • ATM fee: $3 for each non-People’s United Bank ATM, not including the ATM owner’s surcharge fee. You’ll also pay a 3% foreign transaction fee for ATM withdrawals and debit card purchases made outside the U.S.
  • ATM fee refund: None
  • Overdraft fee: $37, up to five times per day, but only if your account is overdrawn by $5 or more. Alternatively, you can link up a savings account for overdraft protection and only pay $10 for each day an overdraft transfer is made.

If you’d rather avoid monthly fees, People’s United Bank might not be a good fit for you. But if the fees don’t bother you — and you’re not a student — then this checking account is probably your best option, since it has the lowest monthly maintenance fee. But that said, there are some ways you can get out of paying the monthly fee:

  • Keep at least $1,000 in the account
  • Have at least one direct deposit into the account per month
  • Be age 65 or older

However, even though you can get the fee waived, this account won’t earn you any interest. For that, you’ll need to get the Premier Advantage Checking account.

How to get People’s United Bank’s Plus Checking account

You can apply for this account online or walk into a branch. You’ll need your Social Security number and driver’s license to open the account.

LEARN MORE Secured

on People's United Bank’s secure website

Member FDIC

Advantage Checking

This account comes with a relatively high monthly fee, but it nixes any People’s United Bank charges for using other banks’ domestic ATMs.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25 (can be waived)
  • ATM fee: None for in-network or out-of-network ATMs. If you use an ATM while traveling out of the country, you’ll pay a $3 fee, plus a 3% foreign transaction fee for ATM withdrawals and purchases.
  • ATM fee refund: None
  • Overdraft fee: If you overdraw your account by $5 or more, you’ll be charged $37 on up to five charges per day. If you link up a backup savings account or line of credit, you’ll only pay $10 for each day that there is one or more overdraft transfers.

You can get the $25 monthly fee waived on this account, but be prepared to have big pockets: You’ll need at least $7,500 in combined balances across all of your People’s United Bank accounts, investments and/or HELOC to qualify for a monthly fee waiver. You can also get free cashier’s checks, domestic wire transfers and regular everyday checks with this account, but you’ll have to pay shipping to have the checks delivered to you. You can also get free credit monitoring (the bank calls it “free ID theft protection”) as long as this account stays open.

How to get People’s United Bank’s Advantage Checking account

To get the Advantage Checking account, you’ll need to either apply online or in a People’s United Bank branch. You’ll need your driver’s license and Social Security number to complete the application, as well as the routing information for your current bank if you want to transfer over your initial deposit.

LEARN MORE Secured

on People's United Bank’s secure website

Member FDIC

Premier Advantage Checking

This is People’s United Bank’s only interest-bearing checking account, although the yield amounts to just 2 basis points.
APYMinimum Balance to Earn APY
0.02%
$0-$24,999.99
0.02%
$25,000-$49,999.99
0.02%
$50,000-$99,999.99
0.02%
$100,000+
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $30 (can be waived)
  • ATM fee: None for domestic or international, in-network or out-of-network ATMs. You may pay an ATM surcharge fee if you use an out-of-network ATM, however, plus a 3% foreign transaction fee if you withdraw money from an ATM or make a debit purchase abroad.
  • ATM fee refund: None
  • Overdraft fee: People’s United Bank won’t charge you a fee unless you overdraw your account by $5 or more. If you have a linked account set up for overdraft transfer, you’ll pay $10 per day that a transfer occurs. If you don’t have a linked account set up, you’ll pay $37 per charge on up to five charges per day.

This is the only interest-bearing checking account that People’s United Bank offers. It comes with a hefty $30-per-month fee, though you can get this waived if you have at least $75,000 in combined balances across your People’s United Bank deposit, investment and/or HELOC accounts. The Premier Advantage checking account comes with all the same perks as the regular Advantage checking account, like free checks, cashier’s checks, domestic wire transfers and no bank-specific ATM charges for using domestic out-of-network machines. This account also includes a $55 credit toward a safe deposit box rental.

How to get People’s United Bank’s Premier Advantage Checking account

Signing up for the Premier Advantage Checking account is fast, and can be done in 10 minutes online, although you can also visit a branch. You’ll need to provide personal details during the application process, such as your Social Security number and driver’s license.

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Student Plus Checking

This is People’s United Bank’s sole free checking account, but only if you’re 23 years old or younger.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 for people 24 years old or older (can be waived)
  • ATM fee: $3 for out-of-network ATMs, plus a 3% foreign transaction fee for ATM withdrawals and debit purchases made outside of the country, along with any ATM surcharge fees that the machine’s owner charges. People’s United Bank will waive two out-of-network ATM charges per month if you’re under age 24 (ATM surcharge fees won’t be refunded, however).
  • ATM fee refund: None
  • Overdraft fee: $37 per item, up to five times per day, if your account balance is overdrawn by $5 or more at the end of the day. Alternatively, you can link up another People’s United Bank account to serve as overdraft protection, and then you’ll only pay $10 per day for any overdraft transfers made.

If you’re under age 24, you qualify for this free student checking account. It’s the only free checking account at People’s United Bank, in fact. Once you reach age 24, you can keep this account, but it’ll come with a $10 monthly fee after that. You can still get the fee waived, however, if you keep at least $1,000 in the account. This checking account — like most People’s United Bank checking accounts — doesn’t offer any interest. Still, the bank will throw in a few perks, like a free box of starter checks and two free out-of-network ATM uses per month (though you may still have to pay the ATM surcharge fee).

How to get People’s United Bank’s Student Plus checking account

You can apply for this bank account either in a local branch or online. You’ll need to provide your driver’s license as a part of the application process, and the routing number for your current bank if you’ll be transferring funds over.

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on People's United Bank’s secure website

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How People’s United Bank’s checking accounts compare

People’s United Bank’s checking accounts suffer from fees and low yields.

And if you use ATMs frequently and/or travel abroad a lot, you may want to avoid this bank. To see why, let’s take a look at what it could cost you to make an ATM withdrawal or debit card purchase while on a nice, relaxing European vacation: First, you may pay an out-of-network fee from People’s United Bank. The bank itself won’t reimburse you for the ATM surcharge fee from the ATM’s owner, so that’ll be a second fee you’ll have to pay. Finally, you’ll also pay a 3% foreign transaction fee to top everything off. This can get very expensive, very quickly.

If you’re looking for better ATM fee policies, lower (or no) monthly maintenance fees and higher-yielding rates, you might find a better alternative among these online checking accounts.

People’s United Bank’s savings account options

Plus Savings

If you have the Plus Checking or Student Plus Checking, you can open this account, but the yield is slim.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.95 for out-of-network ATMs, plus any ATM surcharge fees from the ATM’s owner. You’ll also pay a 3% foreign transaction fee for any ATM withdrawals made abroad.
  • ATM fee refund: None
  • Overdraft fee: $37 per overdraft, or $10 if you have a linked account for overdraft transfer protection.

People’s United Bank has three different savings accounts, depending on which level of checking account you hold. As long as you have a Plus Checking or Student Plus Checking account, there won’t ever be a monthly account maintenance fee with this savings account. You can open this account on its own if you like, but you’ll need to keep at least $250 in the account at all times to avoid paying the $5 monthly service fee. Given the amount of interest this bank account pays, you’d do well to keep at this level, since any interest earned would easily be canceled from paying the monthly maintenance fee.

You’re limited to just six withdrawals/transfers from this account per month due to federal guidelines. If you go over that amount, People’s United Bank will charge you a $10 “excessive withdrawal fee” for each withdrawal.

How to get People’s United Bank’s Plus Savings account

If you want to open this savings account, you’ll need your Social Security number and driver’s license. You can visit a local branch or apply online.

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on People's United Bank’s secure website

Member FDIC

Advantage Savings

The advantage implied by the account’s name is hard to see.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.95 for out-of-network ATMs, plus an ATM surcharge fee. If you withdraw cash from an ATM overseas, you’ll also pay a 3% foreign transaction fee.
  • ATM fee refund: None
  • Overdraft fee: $37 per overdraft charge, or $10 per day for any overdraft transfers from a linked People’s United Bank account.

If you have a linked Advantage Checking account, this matching Advantage savings account will always be free. If you don’t have this checking account, you can still open an Advantage savings account, but you’ll need to keep at least $250 in the account at all times to avoid the $5 monthly fee.While it seems like you would earn higher interest rates with a more premium-level savings account, that’s not the case here. It’s the exact same product as the Plus Savings account, but with the requirement that you hold a concurrent Advantage Checking account instead of a Plus Checking account in order to get the monthly fee waived. You’ll also be limited up to six certain withdrawals/transfers per month from this account due to federal Regulation D rules. Each withdrawal after that will cost you a $10 penalty fee.

How to get a People’s United Bank Advantage Savings account

If you want to open this account, you have two options: online or walking into a branch. The online option is probably easiest and only takes a few minutes. You’ll need to provide some personal details along the way, such as your Social Security number, driver’s license and current bank’s routing information to process transfers.

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on People's United Bank’s secure website

Member FDIC

Premier Advantage Savings

Here too, there’s little premier or advantage with this savings account.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.95 per transaction, plus whatever ATM surcharge fees the ATM’s owner charges if you use an out-of-network ATM. If you use your ATM card abroad, you’ll also pay a 3% foreign transaction fee.
  • ATM fee refund: None.
  • Overdraft fee: If you designate a backup overdraft transfer account, you’ll only pay $10 per day when an overdraft transfer occurs. Otherwise, it’ll be $37 for each overdraft charge.

The only thing that differentiates People’s United Bank’s highest-level savings account is the fact that you need a matching Premier Advantage Checking account in order to waive the monthly fee. Otherwise, this is the exact same savings account as the other two. It offers the same interest rate, has the same monthly fee and the same method to waive the fee — keep at least $250 in your savings account if you don’t have a linked Premier Advantage Checking account.

Like all savings accounts, you’ll have to pay a penalty imposed by the bank beyond your sixth withdrawal/transfer of the month because of the limit as imposed by federal regulations. At People’s United Bank, this “excessive withdrawal fee” is $10 for each transaction.

How to get People’s United Bank’s Premier Advantage Savings account

If you want to open a Premier Advantage Savings account, you can do so either online or at a local branch (if you happen to live on the East Coast). Remember to bring your driver’s license (you’ll need it to complete your application) and the routing number for your current bank, so that you can transfer over an initial opening deposit.

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on People's United Bank’s secure website

Member FDIC

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How People’s United Bank’s savings accounts compare

We’re a bit baffled by People’s United Bank’s savings accounts. There’s not really much to tell them apart, besides which checking account they’re linked to. They all offer the same interest rates, fees and restrictions.

That would be all fine and dandy if these accounts were offering a good interest rate, but unfortunately they don’t. Far from it — these accounts offer just about as small a yield as possible while still being interest-bearing.

If you’re searching for a high-yield savings accounts, we recommend one of these top online savings accounts instead.

People’s United Bank’s certificate of deposit rates

Plus CD

These CDs have a small minimum deposit requirement but don’t expect to get rich off of them.
TermAPY
91 day0.15%
4 month0.15%
5 month0.15%
6 month0.15%
7 month2.00%
8 month0.15%
9 month0.15%
10 month0.20%
11 month0.25%
1 year0.40%
15 month2.50%
18 month0.40%
2 year0.60%
3 year0.80%
4 year0.90%
5 year1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on the term length of the CD:
    • 91 day CDs will pay 31 days’ worth of interest
    • 4 month to 1 year CDs will pay 90 days’ worth of interest
    • Over 1 year CDs will pay 180 days’ worth of interest

People’s United Bank may offer a variety of CD types that may differ depending on which local branch you happen to be near. But if you’re interested in opening an online CD, you can choose from these Plus CD options. People’s United Bank also requires you to keep a linked checking account in order to be eligible to open this CD. People’s United Bank is currently offering higher promotional rates on its 1 year and 2 year CDs (hence the higher rates). You can withdraw the interest earned on these CDs at any time, but you’ll pay an early withdrawal penalty if you take out any principal. If you do decide to withdraw any earned interest, your actual APY may be less than the stated APY above, since People’s United Bank assumes that you’ll be leaving interest earned in the account.

People’s United Bank will automatically renew each CD for another term once it matures, with a 10-day grace period that allows you to withdraw the money penalty-free. If you want to make additional deposits, choose your timing carefully, because you’ll only be allowed a single deposit per grace period.

How to get People’s United Bank’s Plus CDs

If you do have a People’s United Bank branch close to you and want to open a CD, it’s worthwhile to call them up to see if that specific location is offering any hot deals. Otherwise, you can open up these CDs online as long as you have a driver’s license, Social Security number and the routing information for your current bank so you can make an opening deposit.

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on People's United Bank’s secure website

Member FDIC

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How People’s United Bank’s CD rates compare

People’s United Bank offers a decent rate for its 1 year and 2 year CDs (as of Sept. 18, 2018, that is). The rest of its rates are near rock bottom, however.

To be sure, the rates that People’s United Bank offers on its CDs are higher than for its savings and money market accounts. But that’s not actually saying a whole lot, since these rates are ultra-low as well. Instead, we recommend these CDs for those looking to earn the most return on their deposit.

People’s United Bank’s money market account options

Plus Money Market

If you have a Plus Checking or Student Plus Checking account, this money market account is free.
APYMinimum Balance to Earn APY
0.05%
$0-$2,499.99
0.05%
$2,500-$9,999.99
0.10%
$10,000-$24,999.99
0.10%
$25,000-$49,999.99
0.15%
$50,000-$74,999.99
0.15%
$75,000-$99,999.99
0.20%
$100,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.95 if you use an out-of-network ATM, plus whatever ATM surcharge fees the ATM’s owner tacks on. If you use an international ATM, there’ll also be a 3% foreign transaction fee.
  • ATM fee refund: None
  • Overdraft fee: $37 per item. You can also link up an overdraft transfer account and pay just $10 per day for any overdraft transfers.

People’s United Bank savings accounts offer a pretty poor interest rate, but you can earn slightly better rates with this money market account instead. However, you’ll need at least $2,500 to open the account. You can drop the level below that amount after you open the account and still earn interest, but that’s the threshold you need to pass in order to get started.If you have a Plus Checking or Student Plus Checking, this account will always be free. Otherwise, you’ll need to keep at least $2,500 in the account to avoid the monthly fee. If you make more than six transactions in a month, you may also have to pay a $10 per-withdrawal fee due to federal rules that limit how often you can make a withdrawal and/or transfer from a money market account.

How to get People’s United Bank’s Plus Money Market account

You can open this account by walking into a branch, or by taking a few minutes to complete an application online. To apply, you’ll need to provide People’s United Bank with a few details, such as your Social Security number, and to show them your driver’s license.

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on People's United Bank’s secure website

Member FDIC

Advantage Money Market

This money market account starts offering slightly higher interest rates at lower tiers.
APYMinimum Balance to Earn APY
0.05%
$0-$2,499.99
0.05%
$2,500-$9,999.99
0.10%
$10,000-$24,999.99
0.15%
$25,000-$49,999.99
0.20%
$50,000-$74,999.99
0.25%
$75,000-$99,999.99
0.25%
$100,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: Nothing for in-network ATMs. If you use an out-of-network ATM, you’ll pay any ATM surcharge fees from the ATM’s owner, plus a $2.95 People’s United Bank ATM fee. The bank will also assess a 3% foreign transaction fee on any international ATM machines you use.
  • ATM fee refund: None
  • Overdraft fee: $37 per overdraft charge if you don’t have a linked account set up. If you do, it’ll just be $10 per day for any days that People’s United Bank makes overdraft transfers.

If you have an Advantage Checking account, you can open this linked Advantage Money Market account and pay no monthly fee. You can still open it if you don’t have this specific type of checking account, but in that case, you’ll need to maintain at least $2,500 in the account at all times in order to avoid a monthly fee. As with all the other money market accounts, you are allowed up to six certain withdrawals/transfers out of this account per month, due to federal Regulation D guidelines. People’s United Bank will still let you make more than six withdrawals/transfers per month, but be prepared to pay $10 per transfer if you do.

How to get People’s United Bank’s Advantage Money Market account

You can get this account by applying online or by walking into a branch. If you’ll be making your opening deposit via a transfer from your current bank, be sure to bring along the routing information as well.

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on People's United Bank’s secure website

Member FDIC

Premier Advantage Money Market

People’s United Bank’s highest-level money market account offers less-than-stellar yield.
APYMinimum Balance to Earn APY
0.05%
$0-$2,499.99
0.05%
$2,500-$9,999.99
0.15%
$10,000-$24,999.99
0.20%
$25,000-$49,999.99
0.25%
$50,000-$74,999.99
0.30%
$75,000-$99,999.99
0.30%
$100,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.95 for each out-of-network ATM withdrawal. In addition, you’ll also pay any ATM surcharge fees from the ATM’s owner, plus a 3% foreign transaction fees if you withdraw cash from an international ATM.
  • ATM fee refund: None
  • Overdraft fee: If you have a linked overdraft account set up, you’ll pay $10 per day for any days that an overdraft transfer occurs. Otherwise, you’ll pay $37 per overdraft charge.

You can qualify for a free Premier Advantage Money Market account if you also own a Premier Advantage Checking account with People’s United Bank. If you don’t have this checking account, you can still open this money market account, but you’ll need to remember to keep at least $2,500 in the account, otherwise, you have to pay the monthly fee. The only thing that differentiates this account from the other money market accounts is that it offers a slightly higher interest rate for higher balances. Otherwise, all the same fees apply, including the $10 per-withdrawal fee if you exceed six withdrawals and/or transfers in a month.

How to get People’s United Bank’s Premier Advantage Money Market account

To get this account, you have two choices: apply online or apply in a local branch. You’ll need to provide your Social Security number and a driver’s license, as well as the routing information for your current bank so that you can make an opening deposit.

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on People's United Bank’s secure website

Member FDIC

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How People’s United Bank’s money market accounts compare

Unlike with People’s United Bank savings accounts — which all have the same rates and terms — the money market accounts offer higher interest rates for different tier levels.

Still, these rates aren’t anything to write home about. Instead, these top money market accounts come with rates that are higher orders of magnitude than the ones offered here. We recommend checking them out before you commit to People’s United Bank.

Overall review of People’s United Bank’s banking products

You might have your reasons for wanting to bank with People’s United Bank. Maybe a branch happens to be conveniently located near you. Maybe you know someone who works at the bank and you’d like to stop by and see them from time to time. But, we can definitely say that this is not a bank you should be working with if you’re interested in earning the best rates possible on your deposit. The rates People’s United Bank offers are very low compared with the top-ranking accounts in each category.

And that’s even before you get to the fees — which are generally high. Given this, it’s unlikely you’ll come out ahead financially when working with this bank, and that’s why we recommend avoiding it unless some other reason compels you to open an account here.

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

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 – November 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have 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 November 5, 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 November 5, 2018.)

The best IRA rates in November 2018

Term

Institution

APY

Minimum Deposit Amount

3 months

TIAA Direct

1.90%

$5,000

6 months

CommunityWide Federal Credit Union

2.30%

$2,000

12 months

State Department Federal Credit Union

2.68%

$500

18 months

American Heritage Federal Credit Union

2.80%

$1,000

2 years

Communitywide Federal Credit Union

2.90%

$2,000

3 years

Mountain America Credit Union

3.35%

$500

4 years

Mountain America Credit Union

3.25%

$500

5 years

Mountain America Federal Credit Union

3.51%

$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 0.42% APY currently. TIAA Bank is exceeding that, with an interest rate of 1.90% APY with their 3-Month Yield Pledge IRA CD. With that APY and a $5,000 minimum deposit, you would earn $23.58 when the certificate matures.

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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 2.30% APY for deposits of $2,000 and over. That translates into earnings of $22.87 if you were only to deposit the minimum amount. Compare that to the average of all regular 6 month CDs, at 0.73%.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

1-Year IRA CD Rates – State Department Federal Credit Union, 12 Month IRA Certificate (Traditional, Roth)

12 Month IRA Certificate from State Department Federal Credit UnionRegular one-year CDs earn an average interest rate of 1.09% APY. State Department Federal Credit Union, however, is offering a one-year IRA CD at 2.68% APY. You’ll need a $50 minimum deposit to earn interest once you’ve been approved for membership.

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on State Department Federal Credit Union’s secure website

NCUA Insured

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

18-month regular CDs earn an average interest rate of 1.41% APY. American Heritage Federal Credit Union on the other hand, is currently offering 2.80 APY on an 18-month IRA CD. You’ll need a minimum deposit of $1,000 to open the account.


on American Heritage Federal Credit Union’s secure website

2-Year IRA CD Rates – CommunityWide Federal Credit Union, 24 Month IRA (Traditional, Roth)

60 Month IRA from Communitywide Federal Credit UnionTwo-year regular CDs earn an average interest rate of 1.44% APY. CommunityWide Federal Credit Union, on the other hand, is currently offering 2.90% APY on a 2-year IRA CD. This would translate into earnings of $117.68 with a minimum $2,000 deposit.

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on Communitywide Federal Credit Union’s secure website

NCUA Insured

3-Year IRA CD Rates – Mountain America Credit Union, 3 Year IRA (Traditional, Roth)

3 Year Term Deposit Plus from Mountain America Credit UnionThree-year regular CDs are earning an average interest rate of 1.69% APY currently. Mountain America Credit Union is exceeding that, with an interest rate of 3.35% APY with their 3-year IRA CD. You’ll need a minimum deposit amount of $500 to open this account.


on Mountain America Federal Credit Union’s website

4-Year IRA CD Rates – Mountain America Federal Credit Union, 4 Year IRA (Traditional, Roth)

4 Year Term Deposit from Mountain America Credit UnionFour-year regular CDs are currently earning an average interest rate of 1.83% APY. Mountain America Federal Credit Union claims the top interest rate for these IRA CDs, with an interest rate of 3.25% APY. It’s interesting enough to note that Mountain America FCU’s 3-year IRA has a higher rate. You need a $500 minimum deposit to open the account.


on Mountain America Federal Credit Union’s website

5-Year IRA CD Rates – Mountain America Credit Union, 5 Year IRA

MACU-5 Year IRA CD Rates 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 2.11% APY, however Mountain America Credit Union outperforms the average with a 3.51% APY on its 5-year IRA CD for members. The minimum deposit is $500.

on Mountain America Federal Credit Union’s website

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 Mountain America Federal Credit Union which offers a 3.51% 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.

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on AFFCU’s secure website

NCUA Insured

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Vio Bank Savings and CD Account Reviews

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1911
Total Assets$15.4B

We’re currently seeing a trend in big-name brick-and-mortar banks making a push for online sales. It makes sense, after all — anyone who’s ever spent five minutes trying to find the best interest rate knows that the big banks don’t often offer the best rates.

But for these financially-savvy consumers, big banks are pulling a new trick out of their back pocket: creating entirely new online subsidiary banks, with a fresh face and competitive interest rates.

MidFirst Bank is the latest financial institution to jump on the bandwagon. This $15-billion bank with branches all across the country recently launched Vio Bank, its online division. This bank currently offers two products catering to people comparison shopping interest rates: a high-yield savings account and CDs. We’ll discuss these accounts to help you decide whether they are right for you.

Vio Bank’s Most Popular Accounts

APY

Account Type

Account Name

2.71%

CD Rates

Vio Bank 12 Month High Yield Online CD

on Vio Bank’s secure website

Member FDIC

2.27%

Savings

Vio Bank High Yield Online Savings Account

on Vio Bank’s secure website

Member FDIC

Vio Bank’s High Yield Savings account

This online savings account comes with a high rate and low minimum balance requirement, though you’ll miss out on traditional services offered by brick-and-mortar banks.
APYMinimum opening deposit
2.27%$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0

If you’re looking for high interest rates on your savings deposit, you don’t need to look much further than this account. Still, there are a few important things to know. This account is first and foremost an online savings account. That means that many of the traditional services you might expect to come with a bank account aren’t offered for this savings account.

Case in point: This account doesn’t come with an ATM card, meaning your only real way of accessing the money is by moving it around through ACH or wire transfers. This account also doesn’t come with overdraft protection. If you try to withdraw money that you don’t have in the account, the transaction simply won’t go through.

Even though this account doesn’t have a monthly fee, there are a few hidden fees to watch out for. Since it’s a savings account, it follows federal Regulation D rules, which limit you to six withdrawals per month. Any withdrawals beyond that will cost you a $10 penalty.

If you close your account within the first 90 days after opening it, you’ll pay a $25 “account closing” fee. Finally, if you go for more than 12 months without making any transactions into or out of this account, you’ll also pay a $5 monthly inactivity fee.

If you’re over age 18, you can sign up online in just a few minutes. You’ll need to have your Social Security number, mailing address, and driver’s license handy.

One important heads-up to be aware of: Depending on how much money you deposit and the method you use to deposit it, your funds could be temporarily held by the bank for up to 11 business days before you can access them again. This limitation only applies for the first 30 days after you open your account, after which funds will be available as normal.

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How Vio Bank’s savings account compares

There’s no two ways about it: Vio Bank is currently offering one of the highest interest rates in the entire nation. It is possible to find accounts with higher interest rates (such as some of these online savings accounts), but they’re few and far in between.

We also like the fact that Vio Bank only requires a small opening deposit to get started. Oftentimes, big banks will require outrageous deposit sizes, such as $5,000 or more, in order to get started earning these premium rates. That’s not the case at Vio Bank.

Still, there are a few drawbacks with this account. The fund availability policy for new accounts can catch you by surprise if you need that money again quickly, and the lack of an ATM card makes accessing your money just a bit more difficult.

On the whole, however, we do recommend this account, as long as ATM access isn’t important to you.

Vio Bank’s High Yield Online CD

This CD product has competitive rates and a low minimum opening deposit requirement.
TermAPY
6 month2.00%
9 month2.10%
12 month2.71%
15 month2.75%
18 month2.80%
24 month2.85%
36 month2.90%
48 month3.10%
60 month3.15%
84 month3.15%
120 month3.15%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $0.01
  • Early withdrawal penalty: For the six-month to 12-month CDs, you’ll pay 1% of the amount you withdraw, plus a $25 penalty. For CDs greater than 12 months in length, you’ll pay 3% of the amount you withdraw, plus a $25 penalty.

Vio Bank offers a range of different term lengths for those looking to earn higher interest rates by keeping their money on deposit for a long time. Interest on these CDs is compounded daily.

If you choose, you can have the interest paid out periodically to another account, but be aware that your actual APY may be lower if you do this. That’s because Vio Bank assumes you’ll keep interest on deposit to earn more interest throughout the CD’s term length.

When the CD matures, Vio Bank will automatically renew it. These CDs do come with a 10-day grace period after the CDs renew, however, in case you want to withdraw the money at that point, or make any other changes to the CD (such as choosing a different term length, or depositing more money into the account).

You can complete the application process for these CDs online. You’ll need to provide a few details: these include your name, social security number, and driver’s license. Vio Bank may also ask you some security questions to verify your identity. Once approved, you can open and fund a CD.

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How Vio Bank’s CD rates compare

Again, Vio Bank is a standout among all banks. The bank is currently offering some of the best rates in the country on its CDs.

Unlike its savings account, however, Vio Bank is a bit further back in the frontrunner pack for most of these CD term lengths. They’re still excellent rates, to be sure, but there are a few more banks beating the rates for each CD term category as compared to its savings account. For example, here are our current top picks for best CD rates — see for yourself which ones are offering higher rates.

Overall review of Vio Bank’s banking products

We recommend Vio Bank for anyone looking for good rates on their savings accounts and CDs. However, that being said, there are some people who would be best served by Vio Bank.

Unfortunately, this bank doesn’t offer a checking account, which you’ll need for day-to-day banking anyways. That’s why this bank is best for those who want to maintain some distance from their savings — say, if they’re easily tempted to withdraw funds for that latest Gucci sale, for example. You can still access the money, but those few extra steps — and days to complete the transfer — may just make you rethink spending the money unless it’s really intended for what you’re saving up for.

If that sounds like you, then Vio Bank is definitely one financial institution that should make your short list when comparing the best banks for your situation.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1804
Total Assets$369.0B
LEARN MORE on PNC Bank’s secure websiteMember FDIC
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%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.13%

CD Rates

PNC Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.30%

CD Rates

PNC Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.60%

CD Rates

PNC Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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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on PNC Bank’s secure website

Member FDIC

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%

1.25%

$25,000 - $49,999.99

0.01%

0.01%

1.45%

$50,000 - $99,999.99

0.01%

0.01%

1.65%

$100,000 - $499,999.99

0.01%

0.01%

1.75%

$500,000 and above

0.01%

0.01%

1.75%

  • 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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Member FDIC

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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on PNC Bank’s secure website

Member FDIC

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.

LEARN MORE Secured

on PNC Bank’s secure website

Member FDIC

“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.

LEARN MORE Secured

on PNC Bank’s secure website

Member FDIC

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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.

LEARN MORE Secured

on PNC Bank’s secure website

Member FDIC

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.

LEARN MORE Secured

on PNC Bank’s secure website

Member FDIC

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%

1.20%

$10k - $24,999.99

0.09%

0.55%

1.20%

$25k - $49,999.99

0.11%

0.60%

1.40%

$50k - $99,999.99

0.13%

0.60%

1.60%

$100k - $249,999.99

0.15%

0.65%

1.70%

$250k - $499,999.99

0.15%

0.65%

1.70%

$500k - $999,999.99

0.17%

0.65%

1.70%

$1M and above

0.17%

0.65%

1.70%

  • 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

Member FDIC

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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

Member FDIC

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

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 or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have 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 websiteMember FDIC

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

0.70%

Savings

KS StateBank Simple Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.62%

CD Rates

KS StateBank 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.22%

CD Rates

KS StateBank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.49%

CD Rates

KS StateBank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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

Member FDIC

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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

0.70%

$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

Member FDIC

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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

2.62%

2 years

3.10%

3 years

3.22%

4 years

3.35%

5 years

3.49%

7 years

3.59%

  • 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

Member FDIC

27 Month Jump Up CD

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

Term

APY

27 months

2.95%

  • 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

Member FDIC

Internet-only Jumbo CD specials

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

Term

APY

1 year

2.62%

18 month

2.75%

2 years

3.10%

3 years

3.22%

4 years

3.35%

5 years

3.49%

  • 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

Member FDIC

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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

1.00%

$2,500-$24,999

1.25%

$25,000-$99,999

1.50%

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

Member FDIC

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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

2.62%

2 years

3.10%

3 years

3.22%

4 years

3.35%

5 years

3.49%

7 years

3.59%

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

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 or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have 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 websiteMember FDIC

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%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.65%

CD Rates

Popular Direct 1 Year Popular Direct CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.30%

CD Rates

Popular Direct 3 Year Popular Direct CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.50%

CD Rates

Popular Direct 5 Year Popular Direct CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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

2.26%

$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

2.65%

18 months

2.80%

2 years

3.05%

3 years

3.30%

4 years

3.35%

5 years

3.50%

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

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 or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have 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 websiteMember FDIC

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

2.00%

Savings

FNBO Direct Online Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.30%

CD Rates

FNBO Direct 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.70%

CD Rates

FNBO Direct 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.15%

CD Rates

FNBO Direct 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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

2.00%

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have 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 websiteMember FDIC

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

0.75%

Savings

First Internet Bank Regular Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.73%

CD Rates

First Internet Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.04%

CD Rates

First Internet Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.35%

CD Rates

First Internet Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

First Internet Bank’s checking account options

Interest Checking

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

APY

Minimum Balance Amount

0.70%

$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 First Internet Bank’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

Member FDIC

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

Member FDIC

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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

0.75%

$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.

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on First Internet Bank’s secure website

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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

0.60%

$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.

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on First Internet Bank’s secure website

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Tomorrow’s Tycoons

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

APY

Minimum Balance Amount

0.75%

$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.

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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

1.92%

6 months

2.27%

12 months

2.73%

18 months

2.84%

24 months

2.94%

36 months

3.04%

48 months

3.14%

60 months

3.35%

  • 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.

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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

1.81%

Up to $250,000

2.02%

$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.

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on First Internet Bank’s secure website

Member FDIC

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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

2.73%

18 months

2.84%

24 months

2.94%

36 months

3.04%

48 months

3.14%

60 months

3.35%

  • 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:

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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

1.81%

Up to $250,000

2.02%

$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

Member FDIC

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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