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BB&T CD Rates and Review

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

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BB&T’s website can leave CD investors wanting more, as the information regarding CDs is fairly basic. Although the bank’s website has as basic overview of certificates of deposit (CDs) stating it offers CDs with terms ranging from 7 days to 5 years with rate information, you need to navigate through a menu and choose your state of residence in order to view current rates.

We called BB&T branches and, on the same day, compared its CD rates with those at other banks and the national averages. After conducting this research, it’s not surprising to see that BB&T makes its CD rates hard to find — they aren’t very competitive.

BB&T CD products and rates

BB&T offers CD terms ranging from as short as 7 days to as long as 5 years. It has 24 CD options, each with different investment goals.

7-day to 60-month Personal CD

For short-term investments, BB&T offers CDs with terms ranging from 7 days to 60 months. These Personal CDs offer a fixed rate of return – annual percentage yield (APY) – along with the flexibility to focus on developing either a short- or long-term investment. It is worth noting that a higher minimum deposit, $2,500, is required for CDs that range for terms of 7 to 31 days.

CD Term

APY

Minimum Deposit to Open

3 months

0.01%

$1,000

6 months

0.01%

$1,000

12 months

0.01%

$1,000

18 months

0.01%

$1,000

2 years

0.01%

$1,000

3 years

0.01%

$1,000

4 years

0.01%

$1,000

5 years

0.01%

$1,000

With the 7-day to 60-month BB&T CDs, there are no penalty-free options for withdrawing your funds before the CD matures. The early withdrawal penalty is the lesser of $25 or 12 months of interest for longer-term CDs. So with smaller initial deposits, early withdrawal penalties will negate any interest you may have earned.

Not only can you find better CD rates at other banks and credit unions for each of the terms BB&T offers, you can also usually secure those rates with smaller minimum deposits. You can see some of the top options in our monthly roundup of the best CD rates.

Can’t Lose CD

As the name of this product implies, whether rates go up or down, you can’t lose – in the broad sense of your investment accruing interest. However, the APY is so low you’re almost certainly going to lose money due to inflation on the longer-term CDs.

At the 12-month mark of this CD’s term, you may make one withdrawal without paying any fees. So if the market rate is higher than what you’re currently getting, simply withdraw the money and reinvest at a higher rate.

If, however, the interest rate you’re receiving is better than what’s currently available, you also have the option of making a second deposit into the Can’t Lose CD (up to $10,000). This locks in the rate for the new investment amount for the remainder of the term. Whether rates go up or down, you’re locked in for the higher rate.

CD Term

APY

Minimum Deposit Amount

Withdrawal Penalties

30-month Can’t Lose

0.01%

$1,000

No penalty for one withdrawal after 12 months

Even when you consider locking in that higher rate, remember that you can find many CDs with better APYs than BB&T’s Can’t Lose CD, regardless of term.

Stepped Rate CD

Creating a CD ladder is a way to stagger your investments so can take advantage of increasing rates. With the Stepped Rate option from BB&T, laddering is built into the CD product. The initial CD starts out at a lower rate and increases each year. BB&T’s 48-month Stepped Rate CD tiers rates this way:

Months

APY

12

0.01%

24

0.02%

36

0.03%

48

0.04%

This particular product allows you to make an additional deposit each year (up to $10,000). So if the interest rate you’re receiving is better than the market, you can invest more money into your existing CD to make a higher return. But if the current CD market is offering better rates than your existing CD, you can simply take advantage of that offer and still make a higher return.

In addition, you may make a withdrawal from what you initially deposited into your Stepped Rate CD after two years. So, again, if the market changes dramatically, you may withdraw your money with no penalty and reinvest in a better option.

An alternative to using the bank’s stepped rate CD is to create a CD ladder on your own, choosing CDs with better rates than those BB&T offers.

Add On CD

The Add On CD option from BB&T offers a 12-month CD with an opening deposit of $100. You’ll need a BB&T checking account and a $50 automatic deposit every month from your checking account into the CD. To get a personal account, you’ll just need to set up direct deposit or maintain a $1,500 balance.

Note that the 12-month Add On CD product is not advertised on BB&T’s website. You need to visit a branch in order to open an Add On CD — contact the bank to learn about the current APY offered on this product.

CD Term

Minimum
Deposit to Open

Withdrawal
Penalties

12-month Add-on

$100

Greater of $25 or
6 months’ interest

Home Saver CD

If you’re in the market for a new home, and you want to earn a little more interest on the money you’re saving, consider the Home Saver CD. Starting with as little as $100, you’ll be able to deposit money earmarked for your new home every month. With this CD, as long as you’re withdrawing the money for use toward the purchase of your new home, you won’t pay any penalties for early withdrawal. But you will need a BB&T checking or savings account set up with a monthly deposit of $50 into your Home Saver CD.

Note that Home Saver CDs are not advertised on BB&T’s website, and you can only open them by visiting a branch. Contact the bank to learn about the current APY offered on this product.

CD Term

Minimum Deposit to Open

Withdrawal Penalties

36-month Home Saver

$100

No penalty for home purchase

College Saver

The College Saver CD is meant for parents or students saving for college. It offers the benefit of starting at a higher APY with the flexibility of withdrawing the money up to four times per year to pay for the cost of attending school. As with the Home Saver CD, you’ll need to have a BB&T checking or savings account with an automatic monthly deposit of $50 into the College Saver. It offers terms of 36, 48 and 60 months.

Note that you must visit a branch to open College Saver CDs, and they are not advertised on BB&T’s website. Contact the bank to learn about the current APYs offered on these products.

CD Term

Minimum Deposit to Open

Withdrawal Penalties

36-month College Saver

$100

No penalty for school costs

48-month College Saver

$100

No penalty for school costs

60-month College Saver

$100

No penalty for school costs

Treasury CD

This CD offers the ability to make additional deposits of at least $100 into your CD at any time and one monthly withdrawal without penalty.

The CD has a six-month term with a variable interest rate tied to the U.S. Treasury Bill — if the rate goes up, you’ll make more money, but if the rate declines, you’ll make less.

If Treasury Bills rise, this can be a great option if you have the $5,000 minimum deposit amount and want a short-term investment with the option to add or remove funds from the CD. You will need to make monthly deposits of $100, and the CD will automatically renew if not cashed out.

CDARS

CDARS, which stands for Certificate of Deposit Account Registry Service, protects your principal and interest by making sure your money is placed into multiple CDs across a network of banks to keep your CDs insured by the FDIC (maximum limit for each CD is $250,000).

Other things to know about BB&T CDs

Can customers take advantage of rising rates once they’ve opened a CD?

BB&T has two CD options that allow you to take advantage of rising rates: the Can’t Lose CD and the Stepped Rate CD. Both allow you to make a withdrawal before the CD comes to maturity in case rates increase (certain terms apply). They also allow to make additional deposits in case rates drop and you want to invest more at the existing rate of your CD. However, the current rates on those products are very low, essentially negating the value of their flexibility.

About BB&T

BB&T (Branch Banking and Trust Co.) is a North Carolina-based bank with locations in 16 states – Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia – and the District of Columbia.

BB&T offers a mobile app for both iOS and Android devices. While its website is easy enough to use, finding specific information, particularly about rates, is difficult. The bank’s customer service number isn’t much help either, with most questions answered with a suggestion to visit a branch location. To find the BB&T branch closest to you, use its branch locator tool.

The bottom line

BB&T offers some flexible CD deals to its customers, but in general, better CD rates can be found at other banks and credit unions. You can find them on our list of the best CD rates, which is updated monthly.

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Reviews

Uber Visa Debit Card From GoBank Review —A Solid Cash Back Checking Option for Drivers

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

Written By

Uber Visa debit card review
Source: Uber

The new Uber Visa Debit Card is a checking account tailor-made for Uber drivers and delivery partners. It’s a rewards checking account that gives you cash back and special discounts at a range of gas stations and certain auto service shops.

Unfortunately, unless you’re an Uber driver or delivery partner, you can’t sign up for this card. Check out our roundup of other good gas credit cards here.

In this review, we’re going to walk you through all the details on this card, including what kind of fees to expect, rewards, perks and other frequently asked questions. By the end, you should know if this card has a place in your wallet.

Who is the Uber debit card best for?

The Uber Visa Debit Card from GoBank is best for Uber drivers who want to get their Uber earnings faster and who want to save money on the things they’re already spending money on, like gas, car maintenance services and their mobile phone.

How to sign up

To sign up for an account, visit this registration page or go to your Uber driver portal and click “Instant Pay.” Follow the instructions to apply for your Uber Visa Debit Card from GoBank. Once approved, you’ll get your card in five to seven business days.

Rewards: At a glance

Make sure you opt into the rewards program in order to start earning cash back.

Once you sign up for the card, you must activate your card and opt into the reward program to start earning cash back or discounts at the participating merchants. Enroll here.

Then be patient. It may take up to 7 days for Cash Back to be deposited into your account.

Here’s a breakdown of the rewards:

  • Exxon and Mobil gas: 3% cash back
  • Other gas stations: 1.5% cash back
  • Walmart: 2% cash back on in-store and online purchases
  • Advance Auto Parts and participating Carquest Auto Parts locations: 10% cash back on auto part purchases with a $100 monthly maximum
  • Sprint: Pay your bill and receive 8% cash back with a $50 maximum per month per account. This offer ends on 2/20/2019, so take advantage of it while you can

Other perks

  • Jiffy Lube: 15% discount on select automotive maintenance services. This deal is valid at any Jiffy Lube U.S. location, however, batteries, tires, gift cards and e–gift cards are not included.
  • 24/7 roadside assistance from Urgent.ly for $0.49 a month with sign-up. Register here to redeem the offer.
  • Free withdrawals at various ATM locations nationwide.
  • Cash-out earnings from Uber driving through Instant Pay up to five times a day free.

Fees and other fine print

The Uber Visa Debit Card from GoBank comes with relatively few fees, which sets it apart from many other checking account options out there. You won’t have to meet any minimum balance requirement, pay for a setup fee or even worry about overdraft fees if you qualify for their Back Up Balance Program (more details on that in the next section).

Annual fee: $0.
Monthly fee: $0
Setup fee: $0
ATM fee: $0 at participating ATMs; $2.50 at out-of-network ATMs and bank tellers, plus any fee the ATM owner or bank may charge
Foreign transaction fee: 3%

Overdraft fees: The Backup Balance Program

The Uber Visa Debit Card from GoBank has an interesting feature for regular drivers — the “Back Up Balance Program.” If you qualify for this program, GoBank may let you off the hook when you overdraw your account, so long as you don’t overdraw it by more than $100.

There’s more fine print about this program, which is a bit wonky but important to understand.

  • You must have completed 250 trips since you started driving with Uber AND you complete 80 trips every 30 days.
  • Once you’ve unlocked Backup Balance, you will have access to the feature for 30 days. If you complete 80 trips in those 30 days, you’ll maintain access; if not, you’ll regain access once you’ve completed 80 trips in the last 30 days.
  • The Back Up Balance Program only applies to inadvertent overdrafts solely made using your Uber Visa debit card.
  • Won’t apply to overdrafts made at an ATM, peer-to-peer transfers (like Venmo or PayPal, for example), bill payments, or any non-purchase transactions.
  • Even if you meet these requirements, GoBank still reserves the right to decide whether or not a transaction qualifies, saying “payment or authorization by us of overdrafts is not guaranteed.”

If you can jump through all those hoops, then GoBank will allow any overdrawn amounts up to $100 to be replenished from future deposits to your account.

Alternatives to the Uber Visa Debit Card from GoBank

When it comes to debit cards, there’s really nothing like the Uber debit card available for Uber drivers. Few checking accounts even offer rewards, let alone cashback rewards as lucrative as this card.

However, since only Uber drivers are eligible, what about the rest of us?

There are several reward credit cards, gas credit cards and travel credit cards worth taking a look at, especially for spending in other areas the Uber Visa Debit Card from GoBank doesn’t cover.