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Renasant 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 Established1904
Total Assets$10.5B
LEARN MORE on Renasant Bank’s secure websiteMember FDIC

Renasant Bank was founded in 1904 when a group of businessmen came together to form the bank in a Lee County, Miss. bakery. Currently, Renasant Bank manages more than $12.7 billion in assets and has over 190 branches in Alabama, Georgia, Florida, Mississippi and Tennessee.

Even though it’s still mainly considered a brick-and-mortar bank, you can open many of Renasant Bank’s deposit accounts online. In this review, we’ll go over their personal checking, savings, CD, money market and IRA account options. We’ll also show you how these products compare with other competitors and how you may be able to save on fees.

Renasant Bank’s rates may vary region, so we based them off the ZIP code 38804 which is closest to the bank’s headquarters.

Renasant Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.96%

Savings

Renasant Bank Rewards Savings

2.00%

American Express National Bank High Yield Savings Account

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Renasant Bank checking account options

Renasant Checking

This account could get expensive if you don’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

The Renasant checking account is best for those looking for a simple option. While it’s unfortunate you don’t earn any interest, you do get free online banking and bill pay. You’ll also get a Renasant Debit MasterCard with extra features such as zero liability protection and extended warranty. You can also link the card to Apple Pay.

To waive the monthly maintenance fee, you should either sign up for e-statements or maintain a minimum daily balance of $500.

How to get the Renasant Checking account

There is an online application form you can fill out to open a Renasant Bank Checking account. First, you’ll need to provide the bank your mobile phone number. Once you receive an access code via text and enter it in the appropriate box, you’ll be asked to fill in your personal details such as your name, address and Social Security number, as well as a method to fund the account.

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Rewards Checking

You can get a pretty competitive rate for your first $25,000 but only if you qualify.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.30%
$25,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 each month
  • Overdraft fee: $36

If you’re looking for a great rate and a way to save on ATM fees, this could be the account for you. The Rewards Checking account offers you the opportunity to earn a high APY, up to your first $25,000. To qualify for this bonus rate, you’ll need to elect to receive e-statements, have at least one direct or ACH deposit and a minimum of 10 debit card transactions each month. Otherwise, your rate will go down to the lowest APY — which is super tiny.

With this account, you also get online and mobile banking, bill pay and a debit Mastercard. If you can maintain a $500 minimum daily account balance or receive e-statements, your monthly maintenance fee will be waived.

You’re also in the right place if you’re looking for extra features in an deposit account. For an additional $6 each month, you can get the rewards extra checking add-on, where account holders can get bonuses like identity theft protection, 24/7 roadside assistance, accidental death coverage and over 400,000 discounts at qualifying retailers.

How to get the Rewards Checking account

You’ll need to have your Social Security number and personal information such as your address ready. Aside from showing up at your local branch, you can open an account by filling out an online application form. Before filling in your personal details, you’ll need to enter in your mobile number and enter a verification code. Once you do so and fill out the rest of the application, you can then fund the account.

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Student Checking

This account has the same features as the Renasant Checking account, but you do get ATM refunds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 a month (you’ll need to meet the bank’s qualifications)
  • Overdraft fee: $36

It’s another non-interest bearing account, but you may be able to qualify for ATM refunds if you elect to receive e-statements and make at least 10 debit card transactions each month. Renasant Bank’s website claims you may be to earn some interest, though you’ll need to call the bank directly to find out their current rates.

Just to be clear — only students 16 to 25 years old can open this account. Once you turn 26, this account will switch to the Renasant Checking account and you can no longer get any rate bonuses or ATM refunds. Anyone who wants to open this account and is under 18 years old will need a parent or guardian acting as a joint account owner.

How to get the Student Checking account

If you’re at least 18 years old, you can open an account by filling out an an online application form. First, you’ll need to enter in your mobile number and type in a verification code before proceeding. Then, you can fill in your personal details such as your name, address and Social Security number, and a way to fund the account.

If you’re under 18 years old, you’ll need to head to a local branch with your parent or guardian to open an account. You’ll probably need your Social Security number as well as the joint owner’s.

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How Renasant Bank’s checking accounts compare

We like the rate for the Rewards Checking account as it’s one of the highest we’ve seen — even compared with the ones on our list of the best online checking accounts. You can also get ATM refunds, which is pretty nice if you intend on using out-of-network ATMs. Add the fact that there is a low minimum opening deposit requirement, and this account can be a great choice.

What we don’t love are the Renasant Checking and Student Checking accounts as you currently don’t earn any interest. If you’re after the best rates, you’re better off going with the Rewards Checking or one of the many online competitors.

Renasant Bank savings account options

Regular Savings

A savings account with a high maintenance fee.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Quarterly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest but it isn’t advertised on their site, so you’ll need to call to find out what it is. Plus, you could be paying a fairly high quarterly maintenance fee if you can’t maintain a $50 quarterly account balance. There is no ATM access, but you can link your Renasant checking account to do so. You do get online banking access, but that’s pretty much all there is to this account.

One more thing — the fees can add up if you’re not careful. You’re allowed up to six certain debits a month because of Regulation D. Renasant Bank will charge you $2 per withdrawal if you make more than six each month. You could also face a $0.07 fee per deposit if you make more than 150 during the quarterly statement cycle.

How to get the Regular Savings account

You’re going to have to head to a brick-and-mortar location to open this account. You’ll most likely need to bring your government-issued ID and Social Security number. To find out more, call customer service at 1-800-680-1601.

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Rewards Savings

You can earn a higher rate but you’ll also need to pay a higher maintenance fee (although it can be waived).
APYMinimum Balance to Earn APY
0.96%
$0.01
0.30%
$100,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Rewards Savings account is meant to complement the Rewards Checking account, as in it offers you a higher rate compared with the Regular Savings account. You’re also able to waive the monthly maintenance fee if you choose to receive e-statements or maintain a $2,500 minimum daily account balance.

The eligibility requirements to receive the higher rates are simple — link to your Rewards Checking account that receives e-statements, makes at least 10 debit card transactions and make one direct or ACH deposit per month. Remember, because of Regulation D, you’re allowed up to six certain debits each month. If you go over that amount, your transaction may be denied and could be converted to a checking account if you keep trying to make excessive debits.

How to get the Rewards Savings account

You’ll be able to open an account once you verify your mobile phone number by entering in a verification code on Renanant Banks’s online application form. Then, you can fill in your personal details such as your name, address and Social Security number. Afterward, fund your account.

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Children’s savings

Just a simple savings account for minors.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The children’s savings account is a free account for customers under 13 years old that doesn’t have any minimum balance requirements nor does it charge any monthly fees — a parent or guardian will need to be a joint owner. One of the few times you’ll be charged is if you go over six debits each month — it’s a $2 fee per excessive withdrawal-related transaction. You’ll also need to pay $0.07 for each deposit you make over 150 each quarter.

Once the child turns 18, this account will be converted to the regular savings one. One more thing — the children’s savings account rates aren’t advertised on their website so it’s best to call and find out the current rates.

How to get the children’s savings account

Both the parent or guardian and the child will need to go in person to open an account. You’ll both probably need to bring your government-issued ID and Social Security numbers.

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How Renasant Bank’s savings accounts compare

We’re a little disappointed in these rates considering the Rewards Checking account has a higher APY based on eligibility requirements than any of the above mentioned savings accounts. The Rewards Savings account offer rates way lower than what other places are offering, such as the competitors on our list of the best online savings accounts. If you’re into maximizing your savings as much as we are, you may be better off looking elsewhere.

Renasant Bank CD rates

Certificate of deposit

We like that it’s a fixed rate CD.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Renasant Bank’s CD rates aren’t advertised on their website so we encourage you to call them to double-check. Renasant Bank also offers other terms — anywhere from 32 days to 84 months — so if you’re interested, Renasant Bank’s customer representatives should be able to help.

For these fixed-rate CDs, interest is compounded and credited to your account each quarter. Interest you earn can either be rolled over into your existing CD, transferred to another Renasant Bank account or mailed to you via check. Once your account matures, you’ll get a grace period of 10 business days where you can make any changes like making withdrawals, deposits or renewing your CD for another term. If you don’t do anything, the CD will automatically be renewed for the same term as the original one.

You can also use this CD as collateral, if you decide to take out a personal loan with Renasant Bank. Contacting customer service is your best bet to find out more details.

How to get Renasant Bank’s CDs

Right now, you’re only able to open a CD account in person. The bank will most likely ask you to bring proof of identity such as a government-issued ID and Social Security number.

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How Renasant Bank’s CD rates compare

We can’t tell for certain how good their rates are compared to our list of the best CD rates considering they’re not advertised anywhere on Renasant Bank’s website. If for some reason you do need to make an early withdrawal, the penalties don’t seem as high as some of the other accounts out there.

However, the minimum opening deposit may be a bit high for some people. In that case, it could pay to do some comparison shopping as there are many banks that offer a low or no minimum opening deposit.

Renasant Bank money market account options

Personal Money Market Account

You get ATM access bu the minimum opening deposit may not be feasible for everyone.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

We like that you get a debit card with this money market account, but the minimum opening deposit may be difficult for some to meet. By the way, the rates aren’t advertised on their site so it’s not a bad idea to call and check what the most current ones are. The monthly maintenance fee looks pretty steep but you can get that waived if you can maintain a daily balance fee of at least $1,000.

You’ll need to watch out for how many transactions you make in any given month because you could be charged for them. First, you could be paying $5 for each debit you make over six each month. You could also be paying $0.10 for each deposit if you make more than 150 in any given month.

How to get the Personal Money Market Account

You’re going to have to head to your nearest branch to open a Personal Money Market Account. You may need to bring items such your Social Security number and government-issued ID.

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High-Yield Money Market Account

The bank doesn’t advertise rates for this account online so you’ll need to call to find out.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Given the fact that the High-Yield Money Market account requires you to deposit at least $10,000 to earn interest, it may potentially offer higher rates than the bank’s other offerings. But there’s no way to tell unless you call the bank for rate info, as it is not currently advertised on the website.

For those who don’t have that kind of money laying around, you may want consider opening Renasant Bank’s Rewards Checking or Rewards Savings accounts.

There is a monthly maintenance fee, but you’ll be able to waive that if you can maintain a $10,000 minimum daily balance. You also get a debit card but you’re allowed up to six certain debits a month due to Regulation D. If you go over that amount, you’ll face a $25 excess transaction fee. You’ll also need to pay $0.10 for each deposit you make that’s over 50 each month.

How to get the High-Yield Money Market Account

Head to the nearest branch to open an account. You can call customer service at 1-800-680-1601 to find out what you’ll need to bring but it’ll most likely be your government-issued ID and Social Security number.

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How Renasant Bank’s money market accounts compare

You need a significant amount of money deposited to qualify for any of Renasant Bank’s money market accounts, which can make it out of reach for many. Other online competitors on our list of the best money market rates and accounts have lower minimum requirements, sometimes none at all.

What we’re trying to say is that if you can’t come up with that much cash to open a Renasant Bank money market account, looking at other money market accounts might be a better choice.

Renasant Bank IRA account options

IRA CD rates

IRA CD

These IRA CDs have a fairly average minimum opening deposit amount.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Anyone who’s interested in a conservative investment account might want to consider these IRA CDs. The minimum opening deposit isn’t the lowest we’ve seen but it’s not extremely high either. Just like the regular CDs offered at Renasant Bank, interest you earn is compounded and credited quarterly. However, if you do make an early withdrawal, you’ll face potential IRS penalties on top of what Renasant Bank will charge you. Renasant Bank’s IRA CD rates aren’t advertised on their website so we encourage you to call them to double-check.

Your CD will renew automatically unless you make changes during the grace period, which is 10 business days. You can make changes such as renewing the CD for another term, making withdrawals or additional deposits.

How to get Renasant Bank’s IRA CDs

Head to your nearest branch to open a Renasant Bank IRA CD. You may be asked to provide details and items such as your address and Social Security number.

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How Renasant Bank’s IRA CD rates compare

The minimum opening deposit for these IRA CDs are also around the same as what others require. However, you must open an account in person so it may be a bit of a hassle for you, especially if you don’t live near a branch. In that case, you may want to check out our list of the best IRA CD rates for some ones you can open online.

IRA savings account

This account doesn’t have any monthly maintenance fees and requires a low opening deposit amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account may be a good choice if you need a place to stash your IRA funds until you figure out what to do with it, like opening an IRA CD. You can make unlimited deposits up to the IRS limits each year. As for withdrawals, you can make up to six per month or else your transaction will be denied. If you’re under 59 1/2 years old, you may also face IRS penalties for making withdrawals from an IRA account, so it’s best to check the current rules.

Keep in mind that the rates for the IRA savings account isn’t currently advertised on their website, so before opening one, check by calling customer service to find out what they are.

How to get Renasant Bank’s IRA savings account

To open an IRA savings account, head to the nearest branch. It’s best to check by calling customer service at 1-800-680-1601 to find out what to bring, but you’ll likely be asked to bring items like your government-issued ID and Social Security number.

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Overall review of Renasant Bank’s banking products

We really like Renasant Bank for their Rewards Checking account as it’s one of the best rates we’ve seen. You also get a wide range of benefits, with or without the add-on option. The CDs are also pretty decent even though they do require a fair bit of cash to open an account.

Other than that, the rest of their accounts aren’t really worth it. Combined with high minimum amounts, monthly fees and the fact that you can’t open all of them online, we’re not terribly impressed. Renasant Bank faces some stiff competition from other online banks, so it may be a better idea to keep your eyes peeled for bank accounts that offer better features.

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Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

Synovus 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.

Headquartered in Columbus, Ga., Synovus Bank started when a factory executive at a textile mill offered to keep a worker’s money in the company vault, plus pay her interest. What grew to a service that helped all employers at the textile mill turned into a bank that has more than 250 locations throughout Alabama, Florida, Georgia, South Carolina and Tennessee.

Synovus Bank is primarily a brick-and-mortar bank, so you’ll need to open its accounts in person. Also, rates may differ by location.

Synovus Bank’s checking account options

Free Checking

A simple checking account that offers no interest on your deposits.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

While it’s great that Synovus Bank doesn’t charge you a monthly maintenance fee, it’s also a noninterest-bearing account. It’s probably best for those who intend on using this an account for daily use or don’t plan on keeping a lot of money in it.

All checking accounts come with bill pay and online and mobile banking. You also get a Visa check card that you can add to Apple Pay®, Google Pay™ or Samsung Pay®. You can use this card to access Synovus Bank ATMs, as well as over 1,190 surcharge-free ATMs through the Publix Presto! network.

How to get Synovus Bank’s Free Checking account

You’ll need to head a branch to open an account. You’ll most likely need to provide your state-issued ID and Social Security number to do so.

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Preferred Account

The monthly maintenance fee seems a bit steep, but it can be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to four a month
  • Overdraft fee: $36

If you’re looking for more from a checking account, this could be a good choice for you. The rates could change depending on whether you have multiple accounts with Synovus Bank. The rates aren’t advertised on the bank’s website, so it’s best to call to find out the current ones.You may also get bonus rates depending on your average daily balance amounts. If you can maintain $15,000 across your deposit, loan and credit card accounts, you can earn an extra 0.05%. For those who can reach a $25,000 average daily balance across Synovus Bank accounts, you can earn a 0.15% bonus rate.

Other features of the account include free standard checks, up to four ATM withdrawal refunds a month and online and mobile banking. You’ll also get discounts such as 50% off designer checks and safe deposit box rentals. The Visa Platinum check card comes with benefits such as purchase security and lost luggage insurance.

The monthly maintenance fee seems steep considering there are no-fee accounts out there, but you can get it waived in a variety of ways. You can either maintain a $5,000 minimum average balance in the Preferred Account, a $15,000 average daily balance across your deposit, loan and credit card accounts, or $25,000 if you want to include your CD or IRA accounts.

If you do end up paying the monthly maintenance fee, you can knock off $2 if you’re registered for e-statements and online and mobile banking. You also can waive monthly fees on two other Synovus checking or money market accounts. To do so, you’ll need to contact the bank.

How to get Synovus Bank’s Preferred Account

To open a Preferred Account, you’ll need to head to a branch. Synovus Bank will likely ask you for a way to fund the account, proof of ID and your Social Security number. To find out more, call customer service at 888-796-6887.

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Gold Checking

If you’re 55 or older, you can open this account and take advantage of fee features such as notary services and unlimited check-writing.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

This account is for those who are at least 55. The cool part is you can get some savings compared to the Preferred Account — perks such as a lower monthly maintenance fee and free notary services. You also get a box of standard checks for free and other benefits such as zero liability protection with your Visa check card. You do earn some interest with this account, but it isn’t advertised on its website, meaning you’ll need to contact Synovus Bank for details.Like the Preferred Account, you can waive the monthly maintenance fee with the Gold Checking account. To do so, you’ll need to maintain a minimum average daily balance of $1,000 or have at least $500 in monthly direct deposits each month. If you registered for e-statements and online and mobile banking, you can get a $2 credit each month if you are paying the monthly maintenance fee.

How to get Synovus Bank’s Gold Checking account

You’ll need to go to a branch to open an account. To find out more, call customer service at 888-796-6887, but you’ll most likely be asked to bring documentation such as your Social Security card and state-issued ID.

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Military Interest Checking

Members of the military can enjoy benefits such as ATM refunds and lower overdraft fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to five each month ($1.50 per transaction)
  • Overdraft fee: $29

The Military Interest Checking account is only for active duty, retired or reserved personnel, which can include Department of Defense civilians. Account holders can get their first order of standard checks for free, e-statements and online and mobile banking. You’re not charged ATM fees and can get up to five out-of-network ATM refunds a month.Although there is a monthly maintenance fee, you can get that waived if you make a monthly direct deposit of at least $1 from your Defense Finance and Accounting Service paycheck. If you sign up for e-statements and Synovus digital banking, you can get a $2 credit toward your monthly maintenance fee — that is, if you need to pay it for any given month.

One more thing: You do earn interest, but the rates aren’t available on its website. To find out the rates, it’s best to contact Synovus Bank.

How to get Synovus Bank’s Military Interest Checking account

Show up at a Synovus Bank location to open an account. You’ll most likely need to provide funds to open the account, your Social Security number and proof of employment.

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How Synovus Bank’s checking accounts compare

We do like that you don’t need to have a large opening deposit amount, although some of the competitors from our list of the best online checking accounts don’t require one at all.

Other features we like include the Visa check card and the ability to waive monthly maintenance fees, but other banks offer similar features. Since Synovus Bank doesn’t advertise its rates, we can’t help you there. But the fact that you can only open an account in person leaves us thinking that you’re probably better off elsewhere.

Synovus Bank’s savings account options

Signature Personal Savings

You can get more access to your cash with the ATM card that’s included with this account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is a simple savings account that’s best for those who don’t want to worry about minimum balance amounts and are interested in getting ATM access. If you have a checking account, you can link your savings account and access your funds using your Visa check card. Otherwise, when we contacted Synovus Bank on Oct. 22, 2018, customer service mentioned you can request an ATM card. Either way, you have access to over 1,190 surcharge-free ATMs through the Publix Presto! ATM network.

Other features include bill pay, e-statements and online banking. Federal Reserve Regulation D allows up to six certain withdrawals a month, but Synovus Bank will charge you $3 each time you go over two withdrawals in a month.

How to get Synovus Bank’s Signature Personal Savings account

To open a Signature Personal Savings account, go to a Synovus Bank location. You’ll be asked for information such as your name, address and Social Security number, but you can call customer service 888-796-6887 to find out.

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Minor Savings

You don’t need to worry about minimum balance amounts with this account.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Minor Savings account is available to those younger than 18 (or 19 if you’re not married and residing in Alabama) who agree to have a parent or guardian as the joint owner. There is no ATM access, which Synovus Bank told us when we contacted it on Oct. 22, 2018. Once the minor reaches adulthood, this will be converted to a Signature Personal Savings account.

You don’t need to pay any fees unless you end up making more than two withdrawals a month. Go over that amount and you’re looking at $3 per withdrawal.

How to get Synovus Bank’s Minor Savings account

You and your child will need to head to a branch to open an account. You’ll both likely need to bring a state-issued ID and Social Security card. You’ll also need a method to fund the account.

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Holiday Savings

This account may help you with your short-term savings goals.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re after a savings account dedicated to your short-term savings goals, the Holiday Savings account is an option. Think of it like a certificate of deposit where you set aside money for a specific amount of time — in this case annually — and set automatic deposits to the account until the period is up. Synovus Bank will then automatically deposit your balance into your checking account, or you can have a check mailed to you.

Unfortunately, the rates aren’t advertised on the website, so you’ll need to do your own research and call Synovus Bank to find out. And, yes, you can take money out anytime, but you’re looking at a $5 fee each time you do so. Also, federal Regulation D allows you up to six certain withdrawals a month, meaning your account could be converted to a checking account if you continually make excessive withdrawals.

How to get Synovus Bank’s Holiday Savings account

Like all the other accounts so far, you’ll need to head to a branch to open this one. You may need to bring along items such as your Social Security card and state-issued ID.

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How Synovus Bank’s savings accounts compare

We would love to tell you how the rates compare to other competitors, but they aren’t advertised on its website. This could hinder a few folks who want to compare rates quickly — like the ones on our list of the best online savings accounts.

What we do like is that there are low (or no) minimum balance requirements and you get ATM access with some accounts. But other places offer no minimum opening deposits and you may be able to link to a checking account to get ATM access.

If you’re after an account you can open relatively quickly, you may be better off checking places where you can open an account online.

Synovus Bank’s CD rates

Certificates of deposit

These are fixed-rate CDs that have different minimum opening deposits depending on if you want to take advantage of promo rates.
  • Minimum opening deposit: $1,000 (for regular rates) or $10,000 (for promo rates)
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

The fixed-rate CDs have a wide variety of terms — anywhere from less than three months to five years or more. Unfortunately, the rates aren’t advertised, including the current promo rates that require a higher minimum opening deposit. To find out, you can call customer service at 888-796-6887 or stop by one of Synovus Bank’s branches.

The interest you earn for the CD is compounded daily and credited monthly, though you can request other options. These CDs renew at maturity, though you can make changes during the 10-day grace period such as making additional deposits and withdrawals or renewing for another term.

How to get Synovus Bank’s CDs

The only way to open a Synovus Bank CD right now is to head to a branch. Documents you may need to bring include your Social Security card and state-issued ID, as well as funds to open the account. It’s probably best to call customer service at 888-796-6887 before you go.

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How Synovus Bank’s CD rates compare

It’s hard to tell how the rates compare without knowing exactly what they. If you’re interested in seeing the competition, we compiled a list of the best CD rates out there. While it’s great that Synovus Bank offers a wide range of terms, the minimum opening deposit can be a turnoff considering other places have lower minimum amounts. If you don’t have that much set aside to open a CD, it’s probably best to look elsewhere.

Synovus Bank’s money market account options

Signature Money Market

Earn a higher APY with different rate tiers.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Signature Money Market account offers higher APYs the more you have on deposit, though you’ll need to contact customer service since the rates aren’t advertised on Synovus Bank’s website.

There is a monthly maintenance fee, but you can waive it if you can either maintain a $1,000 minimum daily balance or $2,500 average daily balance. We found out when we contacted the bank on Oct. 22, 2018, that you also get limited check-writing capabilities, as well as free notary services and online and mobile banking.

Since this is considered a savings account, Regulation D allows up to six certain withdrawals a month. Otherwise, you’re looking at a $15 excessive transaction fee for each withdrawal you go over.

How to get Synovus Bank’s Signature Money Market account

You’ll need to head to a branch to open a Signature Money Market account. Like other deposit accounts, you’ll most likely need your Social Security number and state-issued ID to open one.

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Premium Money Market

You may be able to earn a higher rate, although there is a higher minimum opening deposit amount.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Premium Money Market account could offer higher rates, though you’ll need to contact Synovus Bank because they aren’t advertised on the website. But with higher rates comes a higher cost — a much bigger minimum opening deposit amount. This could be limiting for many, especially those who don’t have that much money sitting around. It’s something to consider before opening any money market account.

You don’t get ATM access but there are limited check-writing capabilities, according to an Oct. 22, 2018, conversation with customer service. You also get online and mobile banking access. As for the monthly maintenance fee, you can get that waived if you can maintain either a $20,000 average daily balance or a $10,000 minimum daily balance in your account. You’re also allowed up to six certain withdrawals a month thanks to Regulation D. You could be paying a $15 excessive transaction fee for each withdrawal one go over.

How to get Synovus Bank’s Premium Money Market account

To open the Premium Money Market account, go to a Synovus Bank location. You may be asked to provide your Social Security card and state-issued ID, so it’s best to be prepared.

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How Synovus Bank’s money market accounts compare

Synovus Bank offers a fairly high minimum opening balance that may be off-putting to those who may not have a lot of money to spare. Sure, there’s limited check-writing capabilities, but there are other places that offer ATM access. Some competitors also offer low to no minimum deposit amounts, which can be a great choice depending on how much money you want to use to open an account.

If you want to see what you could be earning with a money market account, consider looking at our list of the best money market rates and accounts.

Synovus Bank’s IRA account options

IRA CD

This could be a great choice if you’re after a conservative retirement account.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

Synovus Bank’s IRA CD accounts are essentially the same as the regular CDs, except they’re either tax-sheltered or deferred. You may also be limited to how much you can contribute per year because of IRS regulations.

You can choose from a wide range of terms, though to find out the exact rates you’ll need to contact Synovus Bank. As for the interest, it’s compounded daily and credited either to your account annually or at maturity. The IRA CD will automatically renew unless you make changes during the 10-day grace period. This can include making withdrawals or additional deposits or renewing it for another term.

How to get Synovus Bank’s IRA CDs

You can open an account by going to a Synovus Bank location. It’s best to call customer service at 888-796-6887 to make sure, but you’ll most likely need to provide your Social Security number and a state-issued ID.

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How Synovus Bank’s IRA CD rates compare

We can’t comment on the rates as they’re not advertised on Synovus Bank’s website. But what we do notice is that the minimum opening balance seems to be on par or lower compared to others on our list of the best IRA CD rates.

Many of these financial institutions also offer a wide range of terms, and it looks like you should be able to open these accounts online. Considering the only way to open a Synovus Bank IRA CD is in person, that’s a pretty big barrier, especially if you don’t live near a branch.

Overall review of Synovus Bank’s banking products

We can’t say if the rates for Synovus Bank are great considering they aren’t advertised on the website, so this could be a deterrent.

What we do like is that most of its accounts, such as its checking and savings options, have a low minimum opening balance, meaning it can be accessible to most people. It’s also convenient that both types of accounts offer ATM access and surcharge-free ATMs through the Publix Presto! network.

Unfortunately, the money market and CDs do require a higher minimum opening deposit, which may be a stretch for some if you don’t have a lot of savings to make those initial deposits. Many competitors offer some great rates and have lower minimum opening balances.

What we’re getting at is that Synovus Bank may not be the best choice, considering you need to open accounts in person and its rates aren’t readily available. There are plenty of competitors happy to show you what you could earn in interest on its website.

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.

Sarah Li Cain
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Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

First National Bank of America 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 Established1955
Total Assets$1.6B
LEARN MORE on First National Bank Of America’s secure websiteMember FDIC

What started as First National Bank of East Lansing in 1955 has become what is known as First National Bank of America. Headquartered in East Lansing, Mich., the bank opened branches in 2011 in Grand Rapids and Traverse City. Customers can also access their accounts at more than 43,000 fee-free ATMs through the Allpoint network.

Since this is primarily a brick-and-mortar bank, not all products can be opened online. For this review, we’ll cover First National Bank of America’s checking, savings, CD, money market and IRA accounts.

First National Bank of America’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

First National Bank of America Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.60%

CD Rates

First National Bank of America 12-23 Month Time CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.05%

CD Rates

First National Bank of America 36-47 Month Time CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.35%

CD Rates

First National Bank of America 60 Month Time CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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First National Bank of America’s checking account options

Personal Checking

A basic checking account that doesn’t earn you any interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30

Unfortunately, there’s not much that stands out about the Personal Checking account. You get free online and mobile banking, an ATM or debit card and unlimited check-writing capabilities. If you’re looking for a no-frills checking account, it could be a good choice to cover your basic needs.

To waive the monthly maintenance fee, you’ll need to maintain at least a $350 average daily balance or a $100 minimum daily balance.

How to get First National Bank of America’s Personal Checking account

You’ll need to visit a branch to open an account. You’ll be asked to provide the bank with your address, Social Security number and state-issued ID. You can call customer service at 800-968-3626 to find out more.

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Simple Checking

You’ll need a higher minimum balance than the Personal Checking account to waive the monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30

There isn’t much of a difference between the Personal Checking and Simple Checking accounts, except that you can earn a little bit of interest with this one.

The monthly maintenance fee is slightly higher at $6, but you can get that waived if you maintain a $500 minimum daily balance or a $750 average daily balance each month.

Like with the Personal Checking account, you get free online and mobile banking and an ATM or debit card. Keep in mind that the rate for the Simple Checking account isn’t advertised on the bank’s website, so it’s best to call to find out the current one.

How to get First National Bank of America’s Simple Checking account

To open a Simple Checking account, visit a branch. The bank could require information such as your address and Social Security number. You can call customer service at 800-968-3626 for more details.

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How First National Bank of America’s checking accounts compare

Many of First Bank of America’s competitors offer no monthly fees and ATM refunds. Plus, First National Bank of America doesn’t advertise its Simple Checking account APY for you to compare it to our list of the best checking accounts.

You’re probably better off looking elsewhere.

First National Bank of America’s savings account option

Statement Savings

We’re not impressed with the APY, but you do get ATM access.
APYMinimum Balance to Earn APY
0.25% $200
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $200
  • Monthly account maintenance fee: $2 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

With the only savings account offered at First Bank of America, you get ATM access, but the APY rate is still pretty low.

Account holders do get online and mobile banking access, as well as itemized monthly statements. You’re allowed up to six certain withdrawals a month because of the Federal Reserve’s Regulation D, and you’ll need to pay a $5 excess transaction fee each time you go over.

To waive the monthly maintenance fee, you’ll have to maintain an average balance of $199.

How to get First National Bank of America’s Statement Savings account

Visit a branch to open a Statement Savings account. Customer service may ask you for personal information such as your address and state-issued ID. To find out more, call customer service at 800-968-3626.

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How First National Bank of America’s savings account compares

It’s great that First National Bank of America doesn’t charge you any ATM fees, but its APY is less than impressive. Other institutions offer higher rates than what First National Bank of America offers, alongside no monthly maintenance fees — some of them even provide ATM access. You could be better off going with one of the competitors found on our list of the best online savings accounts.

First National Bank of America’s CD rates

Certificate of Deposit

These rates aren’t half-bad.
TermAPY
1 to 5 months0.95%
6 to 11 months1.80%
12 to 23 months2.60%
24 to 35 months2.80%
36 to 47 months3.05%
48 to 59 months3.15%
60 months3.35%
84 months3.55%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the term:
    • Less than 12 months: 90 days’ interest
    • 12 to 23 months: 180 days’ interest
    • 24 to 47 months: 360 days’ interest
    • 48 to 84 months: 540 days’ interest

These CDs offer a guaranteed rate of return — assuming you leave all funds in the account until maturity — so it’s best for those who want to ensure a steady return on their investment. It appears as though First National Bank of America is trying to be more competitive, as this is one of the few deposit accounts you can open online.

Any interest you earn is compounded and credited quarterly to your account. When your account matures, you have a 10-day grace period in which you can make changes such as an additional deposit or withdrawal, as well as renew for another term. Otherwise, the CD will automatically be renewed.

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Flex CD

It’s a lower rate than the fixed-rate CD, but you may be able to get a rate increase.
TermAPY
3 years2.95%
4 years3.10%
5 years3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the term:
    • 3 years: 360 days’ interest
    • 4 or 5 years: 540 days’ interest

The Flex CD offers you the opportunity to increase your rate once during your CD term. If you see that the rate for your current term has increased, you can request a rate increase for the remainder of your CD. Like with the fixed-rate CD, interest is compounded and credited to your account quarterly.

Upon maturity, your CD will be renewed automatically unless you make changes — such as additional deposits and withdrawals or renewing for another term — during the 10-day grace period.

How to get First National Bank of America’s CDs

To open either type of CD, go to First National Bank of America’s website and fill out an online form. You’ll need to agree to the online disclosures and pick the CD term you want. You can then complete the rest of the application by entering your personal details such as your name, employment information and Social Security number before funding the account.

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How First National Bank of America’s CD rates compare

We’re fairly impressed with the rates we’re seeing, as some of them are pretty much equal to online competitors. Other places have lower opening minimum deposit requirements, but not by much.

Considering you can open an account online — much like the banks on our list of the best CD rates — these CDs are worth a look.

First National Bank of America’s money market account option

HomeTowne Money Market Checking

It’s a pretty unique product in that it’s a savings account that acts like a checking account.
APYMinimum Balance to Earn APY
0.65%Less than $1,000
0.75%$1,000
0.90%$20,000
1.05%$100,000
1.35%$250,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

Although this is a money market account, it operates like a regular checking account in that you get ATM and check-writing capabilities, plus you can get unlimited transactions. That means you’re not limited to six withdrawals a month like with other savings accounts, and you’re not subject to a excess transaction fee. You also get a free ATM or debit card, bill pay and online banking.

First National Bank of America also guarantees that it’ll have the best money market rate in the area. If you can find a better money market rate from a Federal Deposit Insurance Corp.-insured bank in East Lansing, Grand Rapids or Traverse City, Mich., the bank will beat or match it. But promo rates that are offered for less than six months or rates that require loan or additional deposit requirements are excluded.

You’ll be able to waive the monthly maintenance fee if you maintain a $1,000 minimum daily balance.

How to get First National Bank of America’s HomeTowne Money Market Checking account

To open the HomeTowne Money Market Checking account, you’ll need to head to a branch. You may be asked to provide your Social Security number and state-issued ID. If you choose, call customer service at 800-968-3626 to find out more.

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How First National Bank of America’s money market account compares

It’s pretty neat that this money market account gives you unlimited withdrawals, ATM access and check-writing capabilities, but the rates aren’t stellar.

Although the highest tier does offer a fairly competitive rate, it requires a much higher minimum deposit amount compared to the ones on our list of the best money market rates. If you don’t have that much cash lying around, you may be better off looking elsewhere.

First National Bank of America’s IRA account options

IRA CD rates

IRA CD

These rates are on par with what’s currently being offered by competitors.
TermAPY
12 to 23 months2.60%
24 to 35 months2.80%
36 to 47 months3.05%
48 to 59 months3.15%
60 months3.35%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $,1000
  • Early withdrawal penalty: Depends on the term:
    • Less than 12 months: 90 days’ interest
    • 12 to 23 months: 180 days’ interest
    • 24 to 47 months: 360 days’ interest
    • 48 to 72 months: 540 days’ interest

The IRA CDs are a fixed-rate account that could be best for those who are interested in a more conservative investment vehicle. Interest is compounded and credited quarterly, but the APY assumes you’ll keep all funds earned in the account until it matures. When it does, your account will automatically be renewed unless you make changes within the 10-day grace period. This can include making additional deposits or a withdrawal, as well as renewing for another term.

How to get First National Bank of America’s IRA CDs

You need to open an IRA CD account in person. It’s a good idea to call customer service at 800-968-3626 to confirm, but you’ll most likely need to bring your Social Security card and state-issued ID.

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How First National Bank of America’s IRA CD rates compare

We’re happy to say that these are on par with some of the best offerings on our list of the best IRA CD rates. Unfortunately, it won’t be as convenient to open an account if you don’t live near one of its branches, so an online option may be a better choice for you.

Overall review of First National Bank of America’s banking products

Most of the rates that First National Bank of America offers are quite low compared to other online banks and credit unions. But where the bank shines is its CD and IRA CD accounts. They offer pretty competitive rates and have a wide range of terms from which to choose.

For now, you can only open the CD account online, so you may have no choice but to go elsewhere if you’re not close to one of the bank’s branches.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Earning Interest

Review of USAA 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.

USAA CD rates
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Founded and based in San Antonio, USAA is an FDIC-insured bank, insurance and financial services company that serves current and former military members and their families. Started by 25 U.S. Army officers, USAA has since grown to more than 11 million members. Most of their products are only available to USAA members, who are military members or their families.

USAA won a number of awards in 2016, including the title World’s Most Ethical Company from the Ethisphere Institute. It scored top rankings in the bank, insurance, and credit card categories in the Temkin Customer Service Ratings from 2013 to 2016.

Looking beyond high customer service standards, USAA CD rates are pretty comparable to the national average, though with some products they are significantly lower. Minimum deposit requirements are lower than with many similar products, though there are CDs out there with better rates and lower minimum deposits than USAA’s CDs. If you’re a member of the military (or a family member of military member) and looking for a bank that offers a wide variety of products as well as excellent customer service, USAA could be a good bet if you’re will to make the tradeoff for lower CD rates.

*All rates are current as of 11/9/2018

USAA Fixed-Rate CDs

A USAA fixed-rate CD is for those who intend to make one deposit to get a guaranteed rate of return over the agreed-upon term. Once you make your initial deposit (which differs depending on the type of CD you choose), your interest rate is set for the duration of the CD term. You are not allowed to make any additional deposits into your CD account after the initial amount.

Interest accumulates daily, and you have the choice to keep any interest earned in the CD until it matures (the interest will compound monthly) or have it paid out monthly to an account of your choosing. The CD will not be renewed automatically once it matures, though you have the option to do so if you want. If not, all the money in the account will be paid into an investment account until you withdraw it or invest it in another type of account.

Early-withdrawal penalties apply depending on the term of your CD:

  • Terms of 30 days or less: 30 days’ worth of interest
  • 30 days to 364 days: 90 days’ interest
  • 365 days to five years: 180 days’ interest
  • Five years or more: 365 days’ interest

Also, if you make a withdrawal within six calendar days of a deposit or another withdrawal, you’ll have to pay at least seven days’ worth of interest.

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Standard rates

A standard CD requires a minimum deposit of $1,000 and up to a maximum of $95,000. This type of account is best for those who do not have a large amount of money to invest and want a guaranteed rate for their savings.

CD Term

APY

91 days

0.30%

182 days

0.56%

7 months

0.56%

270 days

0.66%

1 year

1.88%

15 months

1.88%

18 months

1.97%

2 years

2.17%

30 months

2.27%

3 years

2.38%

4 years

2.48%

5 years

2.68%

7 years

2.78%

USAA fixed jumbo CD rates

Fixed jumbo CDs require a minimum deposit of $95,000 and a maximum amount up to $175,000.

CD Term

APY

30 days

0.22%

91 days

0.35%

120 days

0.45%

150 days

0.50%

182 days

0.61%

7 months

0.61%

270 days

0.71%

1 year

2.03%

15 months

2.03%

18 months

2.12%

2 years

2.32%

30 months

1.59%

3 years

2.53%

4 years

2.63%

5 years

2.84%

7 years

2.94%

USAA fixed super jumbo CD rates

Fixed super jumbo CDs require a minimum deposit of at least $175,000 with no maximum amount. However, FDIC only insures up to $250,000.

CD Term

APY

30 days

0.22%

91 days

0.35%

120 days

0.45%

150 days

0.50%

182 days

0.61%

7 months

0.61%

270 days

0.71%

1 year

2.23%

15 months

2.23%

18 months

2.32%

2 years

2.53%

30 months

1.59%

3 years

2.73%

4 years

2.84%

5 years

3.04%

7 years

3.14%

USAA Adjustable-Rate CDs

Like the fixed-rate CDs, the interest rate is locked for the entirety of the agreed term with an adjustable-rate CD. All interest is compounded daily starting on your settlement date (the actual date when your deposit goes into your account) and the interest either paid out monthly or kept in the account until your CD matures. Your CD will not be automatically renewed. Instead the money will be put into an investment account until you decide to put it back into another CD account or withdraw the entire balance.

Unlike with the fixed-rate CD, however, you can adjust your rate once during your CD term as well as make one other deposit when you request a rate adjustment. If rates go up, you can make an adjustment up to a 2 percent increase. The additional deposit needs to be a minimum of $25.

Early-withdrawal penalties are the same as with the fixed-rate CD:

  • Terms of 30 days or less: 30 days’ worth of interest
  • 30 days to 364 days: 90 days’ interest
  • 365 days to five years: 180 days’ interest
  • Five years or more: 365 days’ interest

In addition, you will be required to pay at least seven days’ worth of interest if you withdrawal money within six calendar days of either a deposit or another withdrawal from your account.

Standard rates

The minimum opening deposit for an adjustable standard CD account is $1,000. You’re allowed up to a maximum of $95,000. Otherwise, you will need to open an adjustable jumbo CD account.

CD Term

APY

3 years

0.91%

4 years

1.22%

5 years

1.49%

7 years

1.54%

Jumbo rates

Adjustable Jumbo CDs need a $95,000 minimum deposit and rates are applicable up to $175,000.

CD Term

APY

3 years

0.96%

4 years

1.27%

5 years

1.54%

7 years

1.59%

Super jumbo rates

Adjustable super jumbo CDs have a minimum deposit of $175,000 with no limits on how much you can keep in your account. Keep in mind that FDIC insures up to $250,000 in your account.

CD Term

APY

3 years

0.96%

4 years

1.27%

5 years

1.54%

7 years

1.59%

As of 8/6/2018

USAA variable-rate CDs

This type of CD account is best suited to those who want the ability to make more than one deposit any time they choose. The rate tends to be lower than the other CDs of the same term length, but you are allowed to make as many additional deposits as you like without extending the maturity date, as long it’s $25 or more each time. This could help you earn more on your deposits than you would with a traditional savings account, though there are better rates to be had among those products, as well.

Unlike the fixed- and adjustable-rate CDs, the interest rate on a variable-rate CD may fluctuate daily so earnings may be affected. However, interest is compounded daily and just like the other CD accounts and you can either keep earned interest with the CD balance and allow the interest to compound, or you can have it paid out to another account every month.

There are also early-withdrawal penalties with a variable rate CD. You’ll be charged 30 days’ worth of interest if you take your money out before the maturity date.

CD Term

APY

Minimum Deposit Amount

182 days

0.46%

$250

1 year

0.46%

$250

Overall review on USAA’s CD rates

Above all, it’s important to remember that only USAA members can get its products, so if you’re not eligible for membership, USAA CDs aren’t an option for you.USAA’s CD rates are not as competitive as other institutions’ products (you can see the best CD rates in our monthly roundup). While the $1,000 minimum deposit requirement is lower than some other banks that offer higher APYs on their CDs, you can get a better CD rate on accounts with deposit requirements as low as $500. While the rates for jumbo and super jumbo CDs are better than its standard offers, you can find better rates.

One of the main advantages of opening a CD with USAA is the ability to bump up your rate with an adjustable-rate CD, as other banks don’t always offer this option.. It’s important to note that a rate increase is not guaranteed. However, you are given an opportunity to make another deposit into your account before maturity.

As for USAA’s variable-rate CD, you may be better off opening a high-interest savings account if you’re looking for an account with a good APY and some liquidity.

Overall, if you want a bank with excellent customer service and the ability to choose from a wide variety of services, USAA is a good option. USAA may be your best choice if you want your CDs at a bank that understands needs specific to military members and their families. But if high yields are your priority, you’re better off looking elsewhere.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

TAGS: , , , ,

Advertiser Disclosure

Reviews

First Citizens 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 Established1898
Total Assets$34.9B
LEARN MORE on First Citizens Bank (NC)’s secure websiteMember FDIC

Founded in 1898 in Johnston County, N.C., First Citizens Bank now has more than 500 branches in 19 states. It is headquartered in Raleigh, N.C.

The bank serves customers residing in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin.

First Citizens Bank offers a wide range of products, including investment and insurance products, but this review will cover its personal checking, savings, CD and money market accounts. Rates may differ depending on location, so the ones you see below are based in North Carolina, the bank’s home state.

First Citizens Bank (NC)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

First Citizens Bank (NC) e.Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.15%

CD Rates

First Citizens Bank (NC) 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.25%

CD Rates

First Citizens Bank (NC) 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.30%

CD Rates

First Citizens Bank (NC) 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

First Citizens Bank’s checking account options

Free Checking

It’s a noninterest-bearing account, but you don’t need to pay any monthly fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for out-of-network ATMs (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The Free Checking account is a simple one that requires a low minimum opening deposit and has no monthly maintenance fees. You can link it to a savings account or line of credit for overdraft. The account also comes with a free Visa debit card, bill pay, online and mobile banking. To make sure you’re eligible for this account, you need to elect to receive e-statements within 60 days of opening the account. Otherwise, it’ll automatically be converted to a Select Checking account.

Although there are no ATM refunds, you can opt to receive a Together Card. This is a prepaid reloadable Visa debit card in which you can track its usage and balance via online or mobile banking. You’ll need to pay $3 a month. In return, you’ll receive up to five free withdrawals a month at non-First Citizens Bank ATMs.

How to get the Free Checking account

You can open the Free Checking account by filling out an online form. After indicating your state of residence, you’ll need to provide information such as your address, Social Security number and driver’s license. Then you’ll provide information to fund your account such as a debit card or another First Citizens Bank account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

Select Checking

It’s not that much different from the Free Checking account, except you can get paper statements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The only noticeable difference between the Select Checking and Free Checking accounts is that you have the option to receive paper statements with this one. But there is a $12 monthly maintenance fee that you can get waived if you have $250 or more in monthly direct deposits or you maintain an average daily balance of at least $1,500.

Other features of this account include free mobile and online banking, bill pay and a Visa debit card. You can also opt to receive a Together Card — a reloadable prepaid debit card — for $3 a month, which gives you up to five free withdrawals from an out-of-network ATM.

How to get the Select Checking account

You can open an account by filling out an application on First Citizens Bank’s website. You’ll first need to indicate your state of residence, then you’ll provide personal details such as your address, driver’s license and Social Security number. Then you can fund the account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

Premier Checking

You get a free Together Card with this account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $18 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs (up to five waived per month)
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The Premier Checking account is an interest-bearing account, but the rate is not available on First Citizens Bank’s website, so you’ll need to check with the bank for its current rates.

But there are some perks not offered with the noninterest-bearing accounts: A free Together Card account, cashier’s and traveler’s checks, money orders and better rates for select CDs and home equity lines of credit (HELOCs).

To waive the $18 monthly maintenance fee, you’ll need to either:

  • Make at least $4,000 in direct deposits each month
  • Have a minimum of $5,000 in combined daily balances across your First Citizens Bank deposit and investment accounts
  • Have a HELOC with at least $25,000
  • Have a First Citizens Bank consumer loan that originated at more than $10,000

How to get the Premier Checking account

You can open an account by filling out an online application. You’ll be asked to provide information such as your state of residence, address, Social Security number and driver’s license. Afterward, you’ll fund your account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

Prestige Checking

This account offers a few more benefits than Premier Checking.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The Prestige Checking account offers interest, but you’ll have to check with First Citizens Bank for its current rates because it does not publish them on its website. But the account does come with some free stuff for account holders.

You don’t pay any fees for using out-of-network ATMs, though other financial institutions may have a surcharge. You’ll also get free cashier’s and traveler’s checks, money orders, a 3-inch by 5-inch safe deposit box and unlimited specialty checks. There are no overdraft protection transfer fees.

You also can take part in the Your Family First program, which provides a free Together Card account — a prepaid debit card. As well, you may qualify for preferred rates on select CDs and HELOCs.

There are a few ways you can get the $25 monthly maintenance fee waived:

  • Have at least $100,000 in a HELOC
  • Have an original loan amount of at least $25,000 on a consumer loan
  • Make at least $6,500 in direct deposits
  • Have a minimum of $25,000 in combined daily balances across your deposit or investments accounts

How to get the Prestige Checking account

You can head to First Citizens Bank’s online form to open an account. First, choose your state of residence, then enter personal information such as your name, address and Social Security number. Afterward, indicate how you’ll be funding your account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

Premier Executive Checking

You can get way more benefits.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $50 (this can be waived)
  • ATM fee refund: Unlimited
  • Overdraft fee: $36 per item

The Premier Executive Checking account offers quite a few benefits, so it’s best for those who intend to keep a lot of cash with First Citizens Bank. The monthly maintenance fee seems a bit steep, but you can get it waived if you can maintain a minimum of $100,000 across your deposit or investment accounts.

The account earns interest on a tiered structure. The rates are not listed on First Citizens Bank’s website, so check with the bank for its latest rates.

With this account you get perks such as a free Premier Executive Visa debit card (which gives you higher ATM and purchase limits), free Together Card accounts, unlimited ATM usage and refunds, a free 3-inch by 5-inch safe deposit box, cashier’s and traveler’s checks, money orders, free paper checks and no overdraft protection transfer fees.

How to get the Premier Executive Checking account

You’ll need to head to a branch or call customer service at 888-323-4732 to apply for this account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

magnifying glass

How First Citizens Bank’s checking accounts compare

There may be a benefit to having a prepaid debit card depending on your needs. The fees are quite high compared to some of the best checking accounts out there. Many of First Citizens Bank’s competitors don’t charge any fees and offer benefits such as free checks, ATM refunds and no overdraft fees.

Here’s what we’re getting at: You may be better off opening an account elsewhere.

First Citizens Bank’s savings account options

Regular Savings

An option if you’re looking for a simple, no-frills account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

The Regular Savings account is best for those who want a simple, no-frills savings account. You don’t need a high minimum opening deposit to get this account. You do get a free Visa debit or ATM card, text alerts, online and mobile banking.

The account does offer interest, but First Citizens Bank does not put its rates on its website. You’ll need to check with the bank for its current rates.

Yes, there’s a $5 monthly maintenance fee, but you can get that waived if you maintain a $300 minimum daily balance. If you’re opening this account for a minor, then the fee is automatically waived.

Here’s where this account can get expensive: You may be required to pay $3 for each withdrawal or transfer you make over two each month — that is, if you can’t maintain a $2,500 minimum daily balance. Because of Regulation D, you’re still allowed up to six certain withdrawals a month, or else you’ll face a $15 excess withdrawal fee regardless of your account balance.

How to get the Regular Savings account

You can call customer service at 888-323-4732 or head to a branch to open an account. You’ll be asked to provide personal details such as your full name, address, Social Security number and driver’s license.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

E.savings

You can open this account online, although you may not be able to waive as many fees as with the Regular Savings account.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

It’s great you have the option to open this account online and that there are no monthly maintenance fees, but it can come with a cost.

First, you can get an ATM card to make deposits only, unless you link it to a checking account. Secondly, there isn’t an option to waive the withdrawal or transfer fee — you’ll need to pay $3 for each one once you exceed two per month. If you go over six withdrawals a month because of Regulation D, you’re subject to a $15 excess transaction fee from the bank — no matter your deposit amount.

Some of the positives do include a lower opening deposit amount, online banking and e-statements.

Contact the bank for its latest rates with the e.savings account.

How to get the e.savings account

You can fill out an online form to open the e.savings account. First, select your state of residence, then enter in details such as your name, address and Social Security number. Then you’ll need to indicate how you’ll fund the account.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

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How First Citizens Bank’s savings accounts compare

We don’t believe much stands out about these accounts when looking at what competitors are offering. We can’t compare First Citizens Bank’s rates against our list of the best savings account offerings because the bank doesn’t publish these rates online. Many of its competitors don’t require a minimum deposit amount and only charge an excess transaction fee instead of extra ones such as this bank does.

First Citizens Bank’s CD rates

Fixed-rate CDs

The promo rates aren’t half-bad.
TermAPY
12 months0.15%
15 months (promo)2.53%
24 months0.25%
36 months0.30%
39 months (promo)3.10%
  • Minimum opening deposit: $500 ($5,000 for Premier or Prestige checking account holders or if you’re opening a CD with a promo rate)
  • Minimum balance amount to earn APY: $500 ($5,000 for promo rates)
  • Early withdrawal penalty: Depends on the length of the term:
    • 12 months: 3 months’ interest
    • More than 12 months: 6 months’ interest

The fixed-rate CDs are best for those who want a higher APY that what some of First Citizens Bank’s other accounts offer. There may be more terms available and rate bonuses for Premier or Prestige checking account holders that aren’t listed on the site. But it’s best to call the bank to find out if it offers any other terms. As for its promo rates, you’ll only be able to qualify for them if you deposit new money, which First Citizens Bank defines as money not on deposit with its bank.

Any interest you earn is compounded daily and credited either monthly, quarterly, semiannually or annually. If you qualify for the bonus rates for Premier and Prestige checking account holders, you will earn that rate as long as you maintain a $5,000 minimum balance. If for some reason it falls below that, you’ll earn the rate for a regular CD. There may not be a massive difference between the bonus and regular rates for the same term, so it doesn’t hurt to find out with the bank.

Upon maturity, your account will automatically renew unless you make changes within the 10-day grace period.

How to get First Citizens Bank’s CDs

First Citizens Bank requires you to either head to a branch or call customer service at 888-323-4732 to open an account. You may be asked to provide documents such as your Social Security number and driver’s license.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

magnifying glass

How First Citizens Bank’s CD rates compare

You may want to consider these CDs as some of the promo rates have comparable rates to other competitors — many also don’t require a minimum deposit unlike the ones at First Citizens Bank. We can’t say for certain what the rates for other terms are. It’s not a bad idea to check our list of the best CD rates to see your options.

First Citizens Bank’s money market account option

Money Market Savings

This account could get expensive if you don’t maintain the daily balance amount.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$50,000
0.15%$100,000
0.20%$500,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $10, and 30 cents for each PIN-based transaction (these can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Yes, the money market account offers an APY, but it’s low. Other benefits of this account include a free Visa debit card, online and mobile banking. You are limited to six withdrawals per month, except for ones you make at a First Citizens Bank ATM or at a branch. If you go over that amount, you’ll be facing a $15 excess transaction fee for each one beyond six.

This account can get pricey: If you don’t keep a minimum balance amount, you’ll not only face a monthly maintenance fee, but you’ll need to pay 30 cents for each PIN-based transaction. To waive these fees, you need to keep a daily collected balance of at least $1,000.

How to get the Money Market Savings account

To open a Money Market Savings account, head to a branch or call customer service at 888-323-4732. Documents you may need to bring include your driver’s license and Social Security number card.

LEARN MORE Secured

on First Citizens Bank (NC)’s secure website

Member FDIC

magnifying glass

How First Citizens Bank’s money market account compares

Sure, there is no minimum balance requirement to earn the lowest advertised APY, but the rates are still low compared to the ones found on our list of the best money market rates. Most of these competitors also offer low minimum opening deposit amounts and no monthly maintenance fees.

Overall review of First Citizens Bank’s banking products

The rates for almost all the personal deposit accounts that are advertised are pretty abysmal when you look at what else is out there. First Citizens Bank doesn’t seem that transparent about its rates — you need to call to find out what they are — and there are a bunch of fees that can add up real fast. If you want to maximize your savings, you may have better luck looking elsewhere.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

TAGS:

Advertiser Disclosure

Reviews

MemoryBank Review: Checking 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 Established1982
Total Assets$5.3B
LEARN MORE on MemoryBank’s secure websiteMember FDIC

MemoryBank is the all-digital division of Republic Bank & Trust Co., based in Louisville, Ky. The online-only bank offers checking and money market accounts that boast some of the most competitive APYs offered. There are more than 85,000 fee-free ATMs in its global network.

This review covers MemoryBank’s checking and money market accounts, including their features, APYs and how they compare to competitors.

MemoryBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.25%

Savings

MemoryBank Online Money Market Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

MemoryBank’s checking account option

EarnMore

Offers one of the highest APYs around with no ATM fees.
APYMinimum Balance Amount to Earn APY
1.60%
$0.01 – $249,999.99
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $36 per item (exceptions apply; more details below)

If you’re looking for a checking account with one of the best rates around, look no further. It’s hard to find a rate that tops MemoryBank, especially on balances up to $250,000. The account provides free mobile banking, bill pay and a Mastercard debit card.

MemoryBank offers what it calls the Overdraft Honor program for account holders as long as your account is in good standing. This includes you not defaulting on any loan or overdrawing your account for more than 30 days. If you opt in to the program when opening your checking account, you’ll receive a fixed limit of $100 for the first 30 days. This money is to cover any overdrafts you may have rather than MemoryBank rejecting a transaction.

In the event of an overdraft, you’ll then be charged a $36 overdraft fee and you have 30 days to cover the negative account balance, up to five overdrafts per day. Go past 30 days and MemoryBank will review your account daily. The Overdraft Honor limit is between $0 and $2,000, which is based on your account history and deposit behavior. If you decide to opt out of the overdraft feature, you’ll be charged $36 for each returned item.

Another feature of this account is MemoryAlert, which provides you with customized balance and activity notifications via text, emails or push notifications on your phone, either set up from the MemoryBank app or online.

The mobile app is fairly easy to use, and offers a variety of features. Aside from standard features, you also get access to the Popmoney® personal payment service. This service, built into the MemoryBank app, allows you to securely send or receive money with no fee from a U.S. bank account to or from anyone with an email or mobile number. You can also use your debit card with Apple Pay, Android Pay or Samsung Pay for in-app or in-store purchases

Another neat feature on the mobile app is being able to use fingerprint ID to log in instead of a name and password. But this is only available for certain iPhone and Android phones with qualifying operating systems.

MemoryBank also offers a rewards program whenever you use your debit card. To start redeeming rewards, you’ll need to log in to your account to activate offers for various stores and restaurants. According to the bank, these offers are customized based on places where you already shop. It’ll take up to 60 days after you begin to use your debit card for these offers to appear as the rewards program uses your current and past purchases to determine relevant offers.

Once you activate your offers online, they’ll be automatically loaded onto your debit card. You can then head to the retailer and pay with your card and earn the reward if your purchase meets the offer’s requirements. You’ll then receive the cash rewards in your account a month after you redeem the offer.

Even though MemoryBank is an online-only bank, customer service is available by email through your online account, by chat or by calling its customer hotline at 877-757-3400 from 7:30 a.m. to 8 p.m. Eastern time Monday through Friday.

How to get MemoryBank’s EarnMore checking account

You can open an account in as little as 10 minutes by filling out the application online or on your smartphone. MemoryBank will ask you for personal details, such as your current address, name, Social Security number and government-issued ID. If you open a joint account, the other person will need to enter this information, too. Once that’s done, you’ll need to fund your account, either via a checking or savings account, or a credit or debit card.

LEARN MORE Secured

on MemoryBank’s secure website

Member FDIC

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How MemoryBank’s checking account compares

MemoryBank’s checking account is consistently on our list of the best online checking accounts with the highest rates. Like most of its competitors, MemoryBank’s checking account has a low opening deposit and no monthly maintenance fees. Its app — highly rated on both the iTunes App Store and Google Play — appears more intuitive to use compared to others, and MemoryBank offers a rewards program that some of its competitors do not.

But where this account falls short are with some of its fees. While MemoryBank doesn’t charge any ATM fees, its checking account doesn’t offer ATM fee refunds like some of the other online banks do. Considering that MemoryBank has about 85,000 surcharge-free ATMs in its network, it shouldn’t be a problem, but you never know.

If you’re after the best rates offered for a checking account, MemoryBank is a great choice.

MemoryBank’s money market account option

Online Money Market

Offers one of the best rates we’ve seen.
APYMinimum Balance to Earn APY
2.25%
$0.01 - $1,000,000
0.01%
$1,000,000+
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: None

Just like the savings account, the Online Money Market account offers one of the best rates we’ve seen around. You can access your account online anytime or via mobile banking. Although there aren’t technically any monthly fees, you will need to pay a $3 fee each month for paper statements.

Since this is a savings account, Federal Reserve Regulation D limits account holders to six withdrawals a month. If you go over this number, MemoryBank will charge you a $10 excess transaction fee.

How to get the Online Money Market account

To open an account, you can do so in as little as 10 minutes by filling out an online application. You’ll need to provide your personal details such as your name, government-issued ID and Social Security number. Afterward, you can fund your account via check, credit card, mobile deposit or wire transfer.

LEARN MORE Secured

on MemoryBank’s secure website

Member FDIC

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How MemoryBank’s money market account compares

MemoryBank’s new offering is on par with some of the best out there on our list of the best money market accounts. It’s got one of the highest rates, a low minimum opening deposit and practically no fees.

Perhaps the only shortcoming of the account is that it doesn’t offer ATM access and provides limited check-writing capabilities. If either of these is important to you, you may want to look elsewhere.

Overall review of MemoryBank’s banking products

If you’re looking for an everyday checking account, the EarnMore account is great as it offers myriad features, including mobile banking, free checks, Apple Pay, Android Pay, and Samsung Pay. The Online Money Market account offers a high rate and no monthly maintenance fee. Both of these accounts are a great choice.

But if you’re looking for a bank that offers other products, you’ll need to look elsewhere. MemoryBank isn’t the place to establish a relationship and get other products and services such as loans, certificates of deposit (CDs) and individual retirement accounts (IRAs). Still, MemoryBank has a pretty decent product and one that you should consider if you’re looking for a great checking account.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

TAGS:

Advertiser Disclosure

Reviews

Community Bank of Pleasant Hill 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 Established2006
Total Assets$0.1B
LEARN MORE on Community Bank Of Pleasant Hill’s secure websiteMember FDIC

Founded in 2006, Community Bank of Pleasant Hill is a classic community bank. While it has grown and offers a broad range of products, it prides itself on what is described as “Midwest Service” and remains committed to serving the local community. Most of its stockholders live in the Pleasant Hill, Mo., area.

This Federal Deposit Insurance Corp.-insured bank retains its local flavor through its two branches, while its nationwide customers have access to 25,000 surcharge-free ATMs via the MoneyPass network and mobile banking. Any U.S. resident can open an account online within a few minutes or by contacting customer service.

This Community Bank of Pleasant Hill review will cover its checking, savings, CD, money market and IRA accounts.

Community Bank of Pleasant Hill’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.51%

Savings

Community Bank of Pleasant Hill Kasasa Saver

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.30%

CD Rates

Community Bank of Pleasant Hill 1 Year 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

Community Bank of Pleasant Hill 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.70%

CD Rates

Community Bank of Pleasant Hill 4 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Community Bank of Pleasant Hill’s checking account options

Free Kasasa Cash

This free checking account offers a competitive rate if you meet its qualifications.
APYMinimum Balance Amount to Earn APY
1.01%Up to $10,000
0.20%$10,000
A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This checking account is great for those looking for a low-cost option that gives you a decent rate, as this one has the best APY for lower balance amounts as long as you meet its qualifications. To qualify, you’ll need to either have one direct deposit or at least 10 debit purchases greater than $5 each month.

The free checking account also comes with a free Visa debit card, bill pay, e-statements and mobile banking. You can also link it to a Kasasa Saver account for overdraft protection. Keep in mind you’ll need to pay $10 per transfer, which is less than the standard overdraft fee.

How to get the Free Kasasa Cash account

The application process takes around 10 minutes online. To do so, head over to the bank’s website for the application and fill in your personal details such as your address, Social Security number and government-issued ID. If you want to open a joint account, he or she will need to fill in personal details as well. You’ll then need to fund your account after choosing which account you want.

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Free Kasasa Cash Back

A free checking account that rewards you every time you use your debit card but doesn’t earn you any interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This free checking account — while it doesn’t earn any interest — is best for those who make frequent purchases with their debit card and don’t intend on keeping a lot in their account. That’s because you can earn up to $9 a month back from your qualified debit card purchases. Account holders get 3% cash back on each purchase, up to $300 in purchases each month. You’re looking at up to $108 per year, which could be more than what you can earn in interest with the Free Kasasa Cash account. Terms and conditions apply.

Features also include free bill pay, e-statements, mobile banking and a Visa debit card. You’ll need to make at least one direct deposit or at least 10 debit card purchases larger than $5 per month to qualify for the cashback rewards.

How to get the Free Kasasa Cash Back account

You can apply for the cashback account in about 10 minutes using the online application. You’ll need to fill in you personal details such as your address, government-issued ID and Social Security number. Then, you can fund your account.

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Free Kasasa Tunes

Account holders don’t earn interest, but you’ll get refunds on iTunes®, Amazon® and Google PlayTM purchases.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This checking account is best for those who frequently make purchases on Amazon®, Google PlayTM or iTunes®. You won’t earn any interest, so you’ll want to make sure you can maximize the rewards this account offers before signing up.

When you open an account, you’ll get a sign-up bonus of $9.90 in refunds for iTunes®, Amazon® and Google PlayTM as long as you make your purchases with your Kasasa debit card within the first 90 days of the account opening. You can also earn up to $9.90 in refunds for iTunes®, Amazon®, or Google Play™ purchases each month as long as you make at least 10 debit card purchases that are larger than $5. Terms and conditions may apply.

You also get the same features as the other Kasasa checking accounts — free mobile banking, a Visa debit card, online bill pay and e-statements.

How to get the Free Kasasa Tunes account

You can complete the application in about 10 minutes using Community Bank of Pleasant Hills’ online application. You’ll need to provide your personal details such as your name, employment information, Social Security number and government-issued ID. Afterward, you can fund your account.

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Green Checking

This is the bank’s basic checking account with no frills and no rewards.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This is your basic checking account. It’s best for those who don’t want to pay monthly maintenance fees. You get free bill pay, mobile banking and a Visa debit card. But it’s not the best option the bank offers as it doesn’t earn you any interest. That would still be the Kasasa Cash account, because even if you don’t meet the month’s transaction requirements, you’re still earning some interest.

How to get the Green Checking account

Head to the bank’s website and fill out an application, which takes about 10 minutes. You’ll need to provide personal details such as your name, address, employment information, Social Security number and government-issued ID. Afterward, you’ll need to pick the product you want and fund your account.

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Interest Checking

You can earn a bit of interest — but it does come with a monthly maintenance fee.
APYMinimum Balance Amount to Earn APY
0.10% None
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This interest-bearing checking account isn’t anything to write home about, as the rates are pretty low compared to what you could get with other accounts here. So this account is probably best for those who won’t use their debit card often or use the account for direct deposits.

You’ll get the same features as the other checking accounts — free mobile banking, bill pay and a Visa debit card. You can waive the monthly maintenance fee by keeping a minimum daily balance of $400 and opting to receive e-statements. If you want paper statements, you’ll pay $4 a month, but this fee can be waived if you keep a daily balance of at least $10,000.

How to get the Interest Checking account

You can open an account by filling out an application on its website. You’ll need to provide details such as your name, address, Social Security number, employment information and government-issued ID. Afterward, you’ll need to indicate what type of account you want and fund the account.

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Wall Street Checking

You get a higher APY than the Interest Checking account.
APYMinimum Balance Amount to Earn APY
0.10% $0.01
0.25%$2,500+
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to five refunds ($25 total) a month per debit card
  • Overdraft fee: $12 for amounts $10 or less; $29 for amounts higher than $10

This account is for those who want a higher interest rate and intend on keeping larger amounts of cash in there. You can waive the monthly maintenance fee if you maintain a minimum daily balance of $1,000.

Aside from the higher rate, you get the same features as the regular Interest Checking account — a free Visa debit card, bill pay, mobile banking and e-statements.

How to get the Wall Street Checking account

You can fill out an application online on the bank’s website. The form will ask you to provide personal details such as your name, address, employment information, government-issued ID and Social Security number. You can then fund your account afterward.

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How Community Bank of Pleasant Hill’s checking accounts compare

Overall, the checking accounts at Community Bank of Pleasant Hill are on par with what’s being offered out there. But its Kasasa accounts aren’t unique in that other banks can also offer those. Given that, the bank does offer a better APY for the Kasasa Cash account — and not all seem to offer the same amount of cash back.

In terms of its own accounts, those rates fall short with the competitors. The benefits to those accounts are that you don’t get charged any ATM fees and get reimbursed for some out-of-network ATM use. Check out our list of the best checking accounts.

Community Bank of Pleasant Hill’s savings account options

Free Kasasa Saver

This savings account doesn’t have a monthly maintenance fee.
APYMinimum Balance Amount to Earn APY
0.51%None
0.20%$10,000
 A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A

This is a great account for those considering getting any of the Kasasa checking accounts who want to link a savings account for overdraft protection. It’s also ideal for those who don’t intend on keeping a large amount of money, as the APY goes down the more you keep in the account.

You’ll need to link your account to Kasasa Cash or the Kasasa Cash Back rewards account. With either of those accounts, you’ll then need to either make at least one direct deposit or make a minimum of 10 debit card purchases larger than $5 each month.

With this account, you also get free mobile banking, e-statements and telephone banking. And because this is a savings account, you’re allowed up to six certain withdrawals a month, as per Federal Reserve Regulation D.

How to get the Free Kasasa Saver account

You can complete the application process in 10 minutes. Fill in your details in the online form, which includes your name, address, employment information, Social Security number and government-issued ID. If you have a joint owner, he or she will need to fill in their personal details. Afterward, it’s a matter of funding your account.

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Savings Account

The APY is pretty low compared to its other accounts.
APYMinimum Balance Amount to Earn APY
0.05%None
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $1 (can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A

This savings account has pretty low rate. It is best for those who want to link it to a checking account for overdraft protection. You can avoid the monthly maintenance fee if you can maintain a minimum daily balance of $50.

Although Regulation D allows a maximum of six certain withdrawals a month for savings accounts, Community Bank of Pleasant Hill starts charging you an excessive withdrawal fee after two. You’ll pay $1 per transaction each month that you exceed the bank’s limit.

How to get Community Bank of Pleasant Hill’s Savings Account

You can complete the application process in 10 minutes. Fill in your details in the online form ,which includes your name, address, employment information, Social Security number and government-issued ID. If you have a joint owner, he or she will need to fill in their personal details. Afterward, it’s a matter of funding your account.

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Premier Money Management

Earn a competitive rate, but you’re restricted to when you can withdraw your cash.
APYMinimum Balance Amount to Earn APY
2.02%None
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A

This savings account is great for those who want to earn a competitive APY and intend on keeping a larger balance. As long as you have at least $10,000 in your account, you can waive the monthly maintenance fee.

Community Bank of Pleasant Hill also guarantees that your rate will not be less than quarter of a percent under the U.S. Treasury Bill Index rate. You’re also limited to free withdrawals on the second and fourth Wednesdays of each month. Any other time and you’ll need to pay a $25 fee.

How to get the Premier Money Management account

To open an account, you’ll need to contact Community Bank of Pleasant Hill either via this form, by calling customer service at 816-540-2525 or heading to one of its local branches.

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How Community Bank of Pleasant Hill’s savings accounts compare

This bank’s savings accounts fall short when compared to other online banks and and credit unions. The free and mid-tier checking accounts offer much lower rates than the ones found on our list of the best rates for savings accounts. Although the Premier Money Management account offers a pretty high rate, it’s a bit too restrictive for our liking. All this to say, you’re better off looking elsewhere.

Community Bank of Pleasant Hill’s CD rates

Fixed-rate CD

Offers a wide range of terms but doesn’t pay stellar rates.
TermAPY
30 days0.15%
90 days0.15%
6 months0.20%
1 year0.30%
2 years0.35%
3 years0.70%
4 years0.70%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $100 or 3% of the withdrawal amount, whichever is more

This fixed-rate CD offers guaranteed rates as long as you keep the initial deposit amount in the account until maturity, so it’s best for those looking for conservative investment option. Interest is compounded and credited to your account quarterly. When your account matures, you’ll have a 10-day grace period where you can decide what you want to do. If you do nothing, your CD will automatically be renewed.

How to get Community Bank of Pleasant Hill’s CDs

To open a CD, you can head to its website and fill out an application. The form will ask you to provide personal details such as your name, address, employment information, Social Security number and government-issued ID. Afterward, you’ll need to fund the account.

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Rate Watcher CD

Get the chance to bump up your rate.
TermAPY
15 months0.25%
27 months0.35%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: $100 or 3% of withdrawal amount, whichever is more

This CD is great for those who want to increase their rates without switching CD accounts. If you’re able to meet the $5,000 opening balance, then you may be able to increase your rate if the advertised APY goes up anytime before your CD matures. You’re allowed one rate bump during your term if the rate goes up. You’ll need to contact the bank to request it.

Interest is compounded and credited to your account quarterly. When your CD matures, there is a 10-day grace period in which you can close the account, make additional withdrawals or renew the CD. If you do nothing, your account will automatically be rolled over.

How to get a Rate Watcher CD

To open a CD, you can head to its website and fill out an application in about 10 minutes. The form will ask you provide personal details such as your name, address, employment information, Social Security number and government-issued ID. Afterward, you’ll need to fund the account.

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How Community Bank of Pleasant Hill’s CD rates compare

Even with the option to bump up your rates, the bank’s CD options fall way short of online competitors. Some of these other banks and credit unions don’t even require a minimum opening deposit to get the best rates. Those looking for the highest rates are better off going elsewhere.

To see your options, check our list of the best CD rates.

Community Bank of Pleasant Hill’s money market account option

Money market account

These CDs come in varying terms and can be used to build a nest egg or as an IRA certificate.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
0.15%$25,000
0.20%$50,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

The money market account gives account holders the opportunity to earn higher rates than the bank’s regular Savings Account, but it’s nothing to write home about. Interest you earn is compounded and credited monthly.

You can waive the monthly maintenance fee if you can keep a minimum daily account balance of $1,000. Because it’s technically a savings account, Federal Reserve Regulation D allows account holders up to six certain withdrawals a month. Community Bank of Pleasant Hill does charge an excessive withdrawal fee of $10 per transfer whenever you exceed the threshold. You do get limited check-writing capabilities, mobile banking and e-statements with this account.

How to get Community Bank of Pleasant Hill’s money market account

To open the account, you can fill out an online application in about 10 minutes. The form will ask you to provide personal details such as your name, address, employment information, Social Security number and government-issued ID. Afterward, you’ll need to fund the account.

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How Community Bank of Pleasant Hill’s money market account compares

Community Bank of Pleasant Hills’ money market rate falls significantly short of other financial institutions. Some don’t even charge monthly maintenance fees, while offering check-writing capabilities and ATM access. Seriously, you’re better off doing some comparison shopping elsewhere, picking from our list of the best money market rates.

Community Bank of Pleasant Hill’s IRA account options

Fixed IRA CD

Get a guaranteed rate of return with this IRA option.
TermAPY
1 year0.30%
2 years0.35%
3 years0.70%
4 years0.70%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $100 or 3% of withdrawal amount, whichever is more

This fixed-rate IRA CD is great for those who want a conservative retirement account that promises a guaranteed rate of return. Interest is compounded and credited to your account quarterly. You’ll have a grace period of 10 days in which you can decide whether to add addition funds (there may be a limited imposed by the IRS), renew for another term or close the account (you may be subject to tax penalties if you make a withdrawal before you’re 59 1/2). If you do nothing, then your CD will be automatically be renewed.

How to get Community Bank of Pleasant Hill’s IRA CDs

You’ll need to contact the bank using this form, calling customer service at 816-540-2525 or heading to one of its local branches.

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Rate Watcher IRA CD

Offers a wide range of terms but doesn’t offer stellar rates.
TermAPY
15 months0.25%
27 months0.35%
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Early withdrawal penalty: $100 or 3% of withdrawal amount, whichever is more

The Rate Watcher IRA CD is a great option if you want to be able to take advantage of rising rates after opening. Interest is compounded and credited quarterly. If you can make the opening balance amount — remember there may be restrictions as to how much you can put into an IRA account, so check IRS regulations — then you could find yourself earning a higher rate during your CD term. Account holders are eligible for one rate increase. You’ll need to contact the bank to request one.

You’ll have a 10-day grace period when your CD matures. You can decide to close the account (you may be subject to tax penalties by the IRS), make additional withdrawals or renew the CD. If you decide to do nothing, your CD will automatically be renewed.

How to get Community Bank of Pleasant Hill’s IRA CDs

To open an account, you’ll need to use this form to make an inquiry, call customer service at 816-540-2525 or head to one of its branches.

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How Community Bank of Pleasant Hill’s IRA CD rates compare

Even with the potential of a rate increase, these IRA CD rates fall pretty short of online competitors. While some of those require high minimum opening deposits, the APYs are worth it.

You’re better off looking at our list of the best IRA CD rates to find the best option for you.

Overall review of Community Bank of Pleasant Hill’s banking products

Community Bank of Pleasant Hill’s Kasasa checking accounts are a great choice for those looking for competitive rates and unique cashback or rewards options. The low minimum opening deposit — plus minimal fees — makes it worth taking a look at.
But the rest of their banking products aren’t much to look at. The rates for its savings, CD, money market and IRA accounts are significantly lower than other competitors. While they may have lower minimum opening deposits, it doesn’t pay to go with those accounts. For those looking for a great everyday banking account, consider the checking accounts. Otherwise, it’s better to do some comparison shopping at other financial institutions.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

Wells Fargo Bank 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 Established1870
Total Assets$1,675.1B
LEARN MORE on Wells Fargo Bank’s secure websiteMember FDIC

As one of the largest financial institutions in the U.S., Wells Fargo has millions of customers, 8,300 branches and 13,000 ATMs and offers both personal and business banking products and services. What started as a simple banking service at the height of the gold rush in San Francisco turned this company into a global institution. Although Wells Fargo has had a tumultuous year — in April it was fined $1 billion for violating the Consumer Financial Protection Act (CFPA) — it’s still one of the most widely recognized brands in consumer banking.

Wells Fargo offers a wide range of products, including checking and savings accounts, CD, Money Market and IRA accounts. The company is also one of the largest mortgage and student loan providers in the country. Customers can access their accounts via a mobile app, online and telephone banking as well as at any Wells Fargo branch.

Wells Fargo products may have varying rates depending on where you live. The rates you’ll see below are for ones close to their headquarters in San Francisco. To get an accurate list of rates based on your location, go to the Wells Fargo website and type in your ZIP code.

Wells Fargo Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Wells Fargo Bank Wells Fargo Way2Save Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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1.35%

CD Rates

Wells Fargo Bank 1 Year CD - Bonus

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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2.55%

CD Rates

Wells Fargo Bank 39 Month CD Special

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.60%

CD Rates

Wells Fargo Bank 58 Month CD Special

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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Wells Fargo checking account options

Preferred Checking

A slightly higher monthly maintenance fee in exchange for an extremely low interest rate.

APY

Minimum Balance Amount

0.01%

$500

  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $15 (You can waive this if you meet certain requirements.)
  • ATM fees: None at Wells Fargo ATMs. Non-Wells Fargo ATMs in the U.S. will set you back $2.50 per transaction and international ATMs $5 per transaction.
  • ATM fee refunds: None
  • Overdraft fee: $35 per item. If you opt in for overdraft protection and link your savings or line of credit account, you’ll be charged $12.50 per transfer.

This account isn’t anything special as you’re not getting much more than the Everyday Checking account other than the miniscule APY and a higher monthly maintenance fee. You do, however, get to waive the maintenance fee if you link to a Wells Fargo home mortgage account, have at least $1,000 in qualifying direct deposits or at least $10,000 in qualifying deposit balances each month.

Aside from a debit card, mobile and text banking, account holders also get cashier’s checks for free and a $10 discount when purchasing personalized checks. If you intend on maintaining a higher balance in your checking account, you may be better off choosing the Portfolio by Wells Fargo account® (see below) or looking elsewhere for higher rates.

How to get a Preferred Checking account

You can easily open an account online within a few minutes. Just provide your personal information, a way to verify your identity and a way to fund your account. Alternatively, you can head to any one of their branches or call customer service at 1-800-869-3557.

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Portfolio by Wells Fargo®

High minimum balance to avoid maintenance fees

APY

Minimum Balance Amount

0.01%

N/A

0.05%

$5,000

  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $30 (This can be waived if you meet certain requirements.)
  • ATM fees: None
  • ATM fee refunds: No out of network fees imposed by Wells Fargo. You’ll also be reimbursed any ATM fees imposed by third parties (unlimited in the U.S. and up to five every statement period at international ATMs) if you have qualifying balances of at least $250,000.
  • Overdraft fee: $35 per item for ATM withdrawals, $12.50 per transferred from a linked savings account if you’re enrolled in overdraft protection.

Aside from having no ATM fees this account includes other fee free services, including Wells Fargo Personal Wallet Checks, cashier’s checks and money orders. Unfortunately, you’ll earn only a tiny amount of interest while paying a pretty hefty fee for this account. However, you can waive the monthly fee mentioned above if you have a minimum of $50,000 in qualifying linked brokerage, bank and credit balances or a minimum of $25,000 in qualifying linked bank account deposits at Wells Fargo.

While this may seem like a steep amount to keep at one bank, remember that Wells Fargo has a wide range of products. Those who have an eligible HELOC account can link it to this one and get overdraft protection fees waived. Customers may also be eligible for rate discounts on loan products such as lines of credit, auto loans and personal loans.

So if you want to keep all your accounts in one place and reap the rewards (e.g. no-to-low bank fees) from doing so, then this account could work for you.

How to get a Portfolio by Wells Fargo Account

Anyone can open an account within a few minutes by filling out an application online. You’ll be asked to provide personal details such as your Social Security Number, address and other types of information to verify your identity. After you’ve applied, you’ll need to fund the $25 minimum opening deposit. You can also open an account at your local branch or by calling 1-800-869-3557.

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Everyday Checking

No interest earned, but comes with a low monthly maintenance fee and discount for college students.
  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $10, $5 for those 17 to 24 years of age (This can be waived if you meet certain requirements.)
  • ATM fees: None at Wells Fargo ATMs. Cash withdrawals at out of network ATMs will cost $2.50 each, and $5 per withdrawal for international ATMs.
  • ATM fee refunds: None.
  • Overdraft fee: $35 per item. If you link your savings or line of credit account for overdraft protection, you’ll be charged $12.50 per transfer.

Those who need just a basic checking account and aren’t concerned with earning interest will probably do best with this account. It’s also great for those who are in their teens or are transitioning into adulthood, as you can get the discounted maintenance fee.

It’s easy to waive the monthly maintenance fee if you can maintain a daily balance of a minimum of $1,500, have at least $500 or more in qualifying direct deposits or make a minimum of 10 debit card payments. College students can waive the fee by linking their Wells Fargo Campus ATM or debit card.

If you don’t want to pay hefty fees and earn interest, you may be better off looking at other options for free checking accounts that may earn you a bit of interest.

How to get an Everyday Checking account

It’ll only take you a few minutes if you open an account online. You’ll need to provide personal information such as your address and other details such as your Social Security number to verify your identity. Then fund your account and you’re good to go. If you prefer speaking to someone you can open an account by calling 1-800-869-3557 or go to any local branch.

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Teen Checking

Helps teens build good money habits while giving parents control of account activity.
  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $3 (fee can be waived)
  • ATM fees: Free at Wells Fargo ATMs. Out of network ATMs in the US will set you back $2.50 per transaction and international ATMs $5 per transaction.
  • ATM fee refunds: none
  • Overdraft fee: $15 per item, or $12.50 per transfer if you link to a savings account.

Even though it doesn’t earn any interest, this account is a great way to give your teen a bit of freedom and learn to manage money while they’re young. Parents (or guardians) will rejoice as you’re able to oversee all account activity as well as put a cap on how much your teen can spend.

Sure, the account maintenance fee is low, but you can waive that amount if you opt for online-only statements. Adults are also able to move money easily to their teen’s account and check account activity via the mobile app. Teens can also take advantage of Wells Fargo’s free money management to learn much needed budgeting skills before they turn 18.

Once your teen turns 20, Wells Fargo will automatically convert this account to a standard checking account.

How to get a Teen Checking account

You’ll need to go into a local Wells Fargo branch to open one. An adult needs to sign on to be a co-owner of the account.

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Opportunity Checking

Great for those who can’t open a standard checking account, though comes with limited features and no interest.
  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $10 (if you meet certain requirements this can be waived)
  • ATM fees: Transactions at Wells Fargo ATMs are free. You’ll need to pay $2.50 per transaction at US out of network ATMs or $5 each for international ATMs.
  • ATM fee refunds: none
  • Overdraft fee: $35 per item, or $12.50 per transfer from a linked savings account.

If for whatever reason you don’t meet the requirements to open a standard checking account at Wells Fargo, this account is the best (and probably only) option for you. You get most of the features that come with the Everyday Spending checking account except that you can only cash checks drawn from Wells Fargo or affiliates.

Although you can use the bank’s mobile app, mobile deposit isn’t available with this account. You also don’t earn any interest nor can you link to other types of Wells Fargo accounts except for an Opportunity Savings account on your ATM card.

Account holders can waive the monthly maintenance fee if they can keep a minimum daily balance of $1,500, have at least $500 in qualifying direct deposits or make at least 10 debit card payments.

How to get an Opportunity Checking account

You’ll need to open an Opportunity Checking account at your local branch. Be sure to call ahead to find out what documents you may need to bring with you to open an account.

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How Wells Fargo’s checking accounts compare

Like many big banks, Wells Fargo’s checking accounts have high fees and low interest rates compared to other online checking accounts available. Sure, there are two checking accounts that offer interest, but it’s so low that’s it’s not even worth considering unless you have a few accounts at Wells Fargo already and want to keep everything in one place.

Other banks also offer mobile, telephone and online banking plus the added bonus of free checks and no ATM fees on all their accounts. Looking side by side with its competitors, Wells Fargo’s monthly maintenance fees are pretty high, unless you can make the minimum requirements to waive them. Even then, some of the requirements seem high, especially when competitors don’t have any minimum requirements.

Wells Fargo savings account options

Way2Save® Savings

Offers different options to automatically save towards your goals, but at the cost of an extremely low rate.

APY

Minimum Balance Amount

0.01%

N/A

  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $5 (fee can be waived if you meet minimum requirements)
  • ATM fees: None if transactions made at a Wells Fargo ATM. Out of network ATMs will incur a $2.50 fee and $5 for international ATM transactions.
  • ATM fee refunds: none
  • Overdraft fee: $35 each

This account is best for those who want to look for a way to automatically save toward their goals. One of the unique features of this account is the Save As You Go® transfers, where $1 is automatically transferred from a linked Wells Fargo checking account. This happens every time you make a debit card purchase, make auto payments from your checking account or when you use bill pay with Wells Fargo.

There’s also the option of setting up automatic transfers from a Wells Fargo checking account. You can set up daily or monthly automatic transfers, as long as you meet the minimum requirements. If you transfer from your savings to checking account, however, keep in mind that federal regulation makes it so that you can only make up to six transactions a month with a savings account. If you make more than six, you’ll be charged an excess activity fee and your account could be either closed or converted to a checking account.

Good news on the monthly maintenance fee: you can get that waived if you set up any of the savings options mentioned above, keep a minimum daily balance of $300 or more, or the primary account holder is 18 or younger.

If you don’t meet Wells Fargo’s requirements to open this account, you can opt to open what’s called an Opportunity Savings account. You’ll get the same features and have the same minimum requirements except you don’t get the Save As You Go® transfers bonuses.

How to get a Way2Save® Savings account

You can fill out an application online within minutes. You’ll need to provide personal details, ID to verify your identity and a way to fund your new account. There’s also the option to open an account by calling 1-800-869-3557 or opening an account at your local branch. If you do so, you may be able to save some time by making an appointment in advance.

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Platinum Savings

Great for those looking for a savings account with check writing capabilities.

APY

Bonus APY*

Minimum Balance Amount

0.01%

0.06%

N/A

0.05%

0.10%

$250,000

*Account holders will earn bonus APY if this account is linked to a Portfolio by Wells Fargo account.
  • Minimum Opening Deposit: $25
  • Monthly account maintenance fee: $12 (This fee can be waived if you meet minimum requirements.)
  • ATM fees: none if transactions made at a Wells Fargo ATM. Out of network ATMs will incur a $2.50 fee and $5 for international ATM transactions.
  • ATM fee refunds: none
  • Overdraft fee: $35 each

The rates aren’t necessarily the greatest or that much higher than the Way2Save® savings account, but this account does offer limited check writing capabilities. As with all savings account, you can only make six withdrawals per month as stated by Regulation D. Wells Fargo will charge and excessive withdrawal fee, up to a maximum of three. If you keep continue to make excessive withdrawals, your account may be closed or converted into a checking account.

If you wanted to earn a bit more interest, this account does offer a bonus APY if you link to any Portfolio by Wells Fargo® account. There are also special rates, though you’ll need a minimum deposit of $25,000 and you need to open the account in person.

The monthly maintenance fees does seem like a huge jump from the Way2Save® account, but you can get it waived if you maintain a $3,500 minimum daily balance.

How to get a Platinum Savings account

Wells Fargo allows those who want to open a checking account to do so by filling out an application form online. To open an account, you’ll be asked to provide your personal details, including your ID and Social Security number, as well as a method to fund the new account. Otherwise, you can stop by a local branch (you can make an appointment beforehand) or call 1-800-869-3557.

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How Wells Fargo’s savings accounts compare

There’s no way around it: Wells Fargo savings accounts rates are dismal compared to other online bank offerings. Many competitors offer APYs that are way higher and don’t have any monthly maintenance fees. Though not all have check writing capabilities, many offer mobile banking and ATM access.

Wells Fargo CD Rates

Fixed Rate CDs

Earn a higher APY with the bonus rate and a bigger minimum opening deposit

Standard CD Rates

Term

APY

Bonus APY

3 months

0.05%

0.10%

6 months

0.05%

0.10%

1 year

1.30%

1.35%

Special CD Rates

Term

APY

Bonus APY

9 months

1.15%

1.20%

19 months

2.50%

2.55%

39 months

2.55%

2.60%

58 months

2.60%

2.65%

  • Minimum opening deposit: $2,500 for Standard CDs or $5,000 for Special CDs
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: Depends on length of term:
    • Less than 3 months – 1 month interest
    • Anywhere from 3 months to 1 year – 3 months interest
    • Anywhere from 1 to 2 years – 6 months interest
    • More than 2 years – 12 months interest
  • How to earn bonus APY: Link your CD to a Portfolio by Wells Fargo® account

Even with the bonus APY, the Wells Fargo CD rates aren’t stellar. It’s pretty much on par with other big banks. Wells Fargo lets you customize how you want your interest payments paid out, either monthly, quarterly, semi-annually or annually. You can also keep dividends earned in the CD, transferred to another Wells Fargo account or paid via check.

There is a seven-day grace period in which to decide what you want to do with the CD. Otherwise it’ll renew at the state term (warning: it may not be for the same term you signed up for) and at the current rate in effect.

How to get Wells Fargo’s Fixed Rate CDs

Anyone can open a Wells Fargo CD by filling out their online application form. You’ll need to choose the term and the opening deposit amount. You’ll also need to provide your personal details and a way to verify your identity, such as your Social Security number. To fund your account, you can either a use an existing Wells Fargo or external account, money order or a credit card.

Alternatively, you can head to your local branch or call 1-800-869-3557.

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Step Rate CDs

Guaranteed rate increases and limited access to funds.

Term

APY

Bonus APY

24 months

1.53%

1.58%

  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: 6 months interest (unless you take funds out within the three alloted withdrawal periods)
  • How to earn bonus APY: Link your CD to a Portfolio by Wells Fargo® account

The rate for this variable rate CD isn’t great either, but you do get the opportunity to withdraw funds without incurring a penalty. The rate will automatically increase at the 7th, 13th, and 19th month of the term. Whenever the rate increases, you get five business days to make a partial withdrawal. However, if you don’t keep the minimum balance stated or make withdrawals outside these periods, you’ll be subject to an early withdrawal penalty.

Once your account matures, you’ll have a seven-day grace period to decide what you want to do with the CD. If you don’t do anything, your account will automatically be renewed to a 24-month standard fixed rate CD.

How to get Wells Fargo’s Step Rate CDs

You can only open a Step Rate CD in person. To save time, request an appointment and learn what documentation you need to bring with you.

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How Wells Fargo’s CD rates compare

Aside from the guaranteed rate increases and opportunity to withdraw money with the Step Up CD, there isn’t really anything special about Wells Fargo CDs. Sadly, the interest rates are way lower than CDs that you can get elsewhere. If you’re looking to keep all your accounts in one place, it could be worth it, but give these CDs a pass if you’re after the highest interest rates possible.

Wells Fargo IRA Account Options

IRA CD rates

Retirement CD

Low minimum deposit but at the expense of a low rate.

Standard IRA CD Rates

Term

APY

Bonus APY

1 to 2 months

0.01%

0.06%

3 to 5 months

0.05%

0.10%

6 to 11 months

0.05%

0.10%

12 to 23 months

1.30%

1.35%

24 to 35 months

1.35%

1.40%

36 to 47 months

1.35%

1.40%

48 to 59 months

1.40%

1.45%

60 to 71 months

1.40%

1.45%

72 to 144 months

1.40%

1.45%

Special IRA CD Rates

Term

APY

Bonus APY

9 months

1.15%

1.20%

19 months

2.50%

2.55%

39 months

2.55%

2.60%

58 months

2.60%

2.65%

  • Minimum opening deposit: $1,000 ($2,500 for special rates)
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: Interest penalized depends on length of CD:
    • Less than 3 months – 1 month interest
    • Anywhere from 3 months to 1 year – 3 months interest
    • Anywhere from 1 to 2 years – 6 months interest
    • More than 2 years – 12 months interest

This is a fixed rate IRA CD that generally has higher rates the longer you lock it in. Any interest earned is compounded daily and credited to your account monthly. The standard rates aren’t anything spectacular, but the special rates are ok, if slightly lower than others you’ll find out there. To qualify for the special rates, you’ll need to meet the higher minimum opening balance and you can only get them for the initial term. Like other accounts, if you link a Portfolio by Wells Fargo® account, you could be eligible for the bonus APY.

When your account matures, it’ll automatically revert to the standard rates. You do, however, have a seven-day grace period in which to decide whether to add more funds, make withdrawals or change the CD term.

How to get Wells Fargo’s IRA CDs

To apply for an account, you can fill out an application online. Choose between a Traditional or Roth, and provide your personal details. Once you fund your account, your application should be processed within five to seven business days. Otherwise, you can stop by your local branch or call 1-800-237-8472 to complete an application.

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How Wells Fargo’s IRA CD rates compare

Though the minimum deposit amount is in par with many of its competitors, the rates fall significantly short. While the special rates are higher, it’s still almost half compared to the best offering out there. You’re better off looking elsewhere, such as on our list of the best IRA CDs.

IRA savings account

Great for those looking for an FDIC-insured option, though rates are miniscule.

Name of Account

APY

Minimum Balance Amount

Way2Save® Retirement Account

0.03%

$100

Retirement High Yield Savings Account

0.03% to 0.05%

$100

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: none

Wells Fargo offers two types of IRA savings accounts — one meant for those just starting out in their retirement savings, and the other for those who want a higher rate. The Retirement High Yield account offers tiered rates, though you’ll only see a rate increase if you have a balance of $100,000 or more. Account holders can also elect to make automatic deposits and adjust to a schedule of your choosing. Remember, with an IRA account, you may need to pay fines if you make withdrawals or tax penalties, so be sure to understand what goes into opening an IRA beforehand.

How to get a Wells Fargo IRA Savings account

You can open an account online by filling out an application and providing a way to fund the account. Wells Fargo will ask you to choose between a Traditional or Roth IRA before proceeding, so do your research and pick one that best suits your needs. Afterward, you’ll be asked to fill in personal details such as your name, address and Social Security number. Once you agree to the terms and fund your account, your application should be processed within five to seven business days.

Like with the other Wells Fargo accounts, you can open an IRA in person (make an appointment if you want to save time) or call 1-800-237-8472.

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Overall review of Wells Fargo’s banking products

While we like that Wells Fargo has a wide range of products to suit almost everyone’s needs (including a variety of loan and investment options), its rates fall way short compared to other options. Its checking and savings accounts have hefty fees and don’t offer anything truly unique that other banks and credit unions don’t. The only exception is its Save As You Go® transfer bonuses, though other competitors are starting to offer their own versions of it.

Unless you’re looking for a one-stop shop for all your banking products, you may be better off looking elsewhere.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

KeyBank 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 Established1849
Total Assets$135.9B
LEARN MORE on KeyBank’s secure websiteMember FDIC

Originally founded in 1865 in New York as the National Commercial Bank of Albany, KeyBank has grown to become one of the country’s largest financial services institutions. Currently headquartered in Cleveland, Ohio, the bank has more than 1,200 branches and more than 1,500 ATMs in 15 states.

KeyBank is a recognized leader in community service and philanthropy. It offers a variety of products such as a checkless checking account and interest rate bonuses through their Hello Wallet program.

Rates for KeyBank products may vary by region, so figures you’ll see below were based on the area closest to their Ohio headquarters. Also note that KeyBank can only open and service accounts for customers in Alaska, Colorado, Connecticut, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

KeyBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

KeyBank Key Saver

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.15%

CD Rates

KeyBank 12 Month Tiered CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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0.15%

CD Rates

KeyBank 36 Month Tiered CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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0.20%

CD Rates

KeyBank 5 Year Tiered CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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KeyBank Checking account options

Key Advantage Checking

Earn a minimal amount of interest and get a discount on checks.

APY

Minimum Balance Amount

0.01%

N/A

0.02%

$2,500

  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18 (waived the first three months of account opening)
  • ATM fee: None
  • ATM fee refund: Up to $6 every month when you use your KeyBank Debit Mastercard
  • Overdraft fee: $33 for the first two items and $39 afterwards

Even though you do earn a bit of interest with this account, it may not be worth it unless you intend to keep a higher deposit amount. However, if you have other accounts with KeyBank, you can waive the monthly maintenance fee. All you need to do is keep at least $10,000 across a combination of your KeyBank accounts, including savings, retirement accounts, credit cards, lines of credit or other checking accounts. You can also avoid the fee by making an autopay deduction of at least $500 each month for your KeyBank mortgage.

If you intend on making a lot of transactions, you do get 50% off checks and ATM reimbursements, which is a plus.

How to get a Key Advantage Checking account

You can open an account by filling out their application form online to open this account. Before entering your personal details, you’ll need to indicate your ZIP code and what account you want to open. Afterwards, you’ll be asked to fund your account, either via credit card, an external or existing KeyBank account.

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Key Privilege Checking

Get free checks and a higher interest rate.

APY

Minimum Balance Amount

0.05%

N/A

0.10%

$100,000

  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (waived for the first three months for new accounts)
  • ATM fee: None
  • ATM fee refund: Up to $6 every month when you use your KeyBank Debit Mastercard
  • Overdraft fee: $33 for the first two items and $39 for each additional

For those that have larger amounts of cash and want to maximize their earnings across all KeyBank accounts, this checking account may be for you. Account holders get free checks, ATM reimbursements and preferred rates on loans, lines of credit and CDs.

You also don’t need to pay an annual fee for being part of the KeyBank Relationship Rewards program. The rewards program allows you to earn points for things you already do, such as bill pay, ATM deposits and getting online statements. Points can go toward merchandise, travel and even cash back.

This account also helps you save money by doing automatic daily sweeps into an FDIC-insured account. How does it work? After daily transactions are reconciled, any money left in your account is automatically transferred overnight into an interest-bearing KeyBank deposit account.

How to get a Key Privilege Checking account

Anyone can open an account by filling out an application form online. You’ll need to enter your zip code and indicate the type of account you want to open, then you can enter your personal details, including your Social Security number. Afterwards, you’ll be asked to fund your account, either with a credit card, an external or existing KeyBank account.

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Key Privilege Select Checking

Earn the maximum rates offered with a checking account with a whole host of other perks.

APY

Minimum Balance Amount

0.15%

N/A

0.20%

$25,000

0.25%

$100,000

  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $50 (waived for the first three months with a new account)
  • ATM fee: None
  • ATM fee refund: Yes, unlimited reimbursements.
  • Overdraft fee: $33 for the first two items and $39 for each additional

This account offers the same perks as the Key Privilege Checking account, plus you get a higher rate, unlimited ATM reimbursements, discounted services and premium rates for other KeyBank products. It’s best for those who have at least $100,000 or more in balances at KeyBank so you can take advantage of the better rates.

In order to get the maintenance fee waived, you’ll need to have at least $100,000 in this account or a combination of other KeyBank deposit and investment accounts. If you’re a Key@Work member through your employer, then you can waive the fee if you have at least $5,000 in direct deposit credited every statement period.

How to get a Key Privilege Select Checking® account

Fill out an application form in order to open an account. You’ll need to indicate what account you want to open (you can open up to three at a time) and your ZIP code. The form will ask you to enter your personal details such as name, address and Social Security number. You’ll then need to fund your account with an existing KeyBank account, an external bank account or your credit card.

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KeyBank Hassle-Free Account

Save on fees with this checking account, featuring no checks and no maintenance fee.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 for out-of-network ATMs and $5 for international ATMs
  • ATM fee refund: none
  • Overdraft fee: There is no overdraft protection with this account

This is a checkless account that allows you to pay others using online bill pay, automatic payment deductions, a credit/debit card and wire transfers. Instead of paying someone with a paper check, you use KeyBank’s bill pay feature, which is great for those who don’t want to pay for checks (or most other fees, for that matter).

Another advantage to this account is that there are no overdraft fees. Instead, a transaction will usually be declined if you do not have sufficient funds available. If this happens, KeyBank won’t charge you an overdraft fee.

You don’t earn any interest with this checking account. If you can meet the requirements to waive the monthly maintenance fees with other KeyBank checking accounts, you may want to look at those if you’re really keen on earning some interest.

How to get the KeyBank Hassle-Free Account®

You can open an account online by completing an application form on KeyBank’s website. After entering your ZIP code, you’ll need to provide your personal details and your Social Security number. After you provide your opening deposit amount from another KeyBank or external bank account, you’re good to go.

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Key Express Checking

Take advantage of a low fee account with unlimited check-writing capabilities.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None for the first month; $7 thereafter
  • ATM fee: $2.50 for out of networks and $5 for international ATMs
  • ATM fee refund: none
  • Overdraft fee: $33 for the first two items and $39 afterwards

Just like the Hassle-Free Checking Account, this one doesn’t earn any interest. However, you do get to use paper checks with this account, as well as bill pay. Even though there is a maintenance fee, it’s fairly easy to get it waived. All you need to do is make a $500 deposit or use your account at least eight times each month. Plus, you won’t be charged the first month you have your account open.

This account offers overdraft protection. If you choose, you can ask KeyBank to process certain items into overdraft from a linked account. You will still be charged a fee, but less than if you don’t have a linked account.

How to get a Key Express Checking® account

You can open an account by filling out an application form online. You’ll need to enter your ZIP code and choose the account type you want to open. KeyBank will ask you to provide your personal details, Social Security number and your opening deposit.

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Key Student Checking

Students can learn to manage their funds with a low monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5
  • ATM fee: None
  • ATM fee refund: up to $6 each month for the first two transactions
  • Overdraft fee: $33 for the first two items and $39 for each additional

Parents or guardians can help their child get off on the right financial foot by helping them open their own checking account. It’s available to those between 16 and 24 years old and enrolled either in high school or post-high school education. This isn’t an interest bearing account, but students get a debit Mastercard and there are no ATM fees.

To waive the monthly fee, you’ll either need to have a minimum of $200 in deposits or make at least five transactions every month. It’s a fairly basic account, but for first-time account holders, you don’t need much else.

When your child turns 24 or four years after the account is opened, it will automatically convert into the Key Express Checking account.

How to get Key Student Checking

To open an account, you can fill out an application online. Those under the age of 18 need to open an account with a parent or guardian as the joint owner. You’ll both need to fill on your personal details and your Social Security numbers, then sign an additional supplemental agreement. Then, fund your account and you’re good to go.

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How KeyBank’s checking accounts compare

While KeyBank accounts do have some unique features, their rates fall short compared to other offerings out there. Many competitors offer much higher rates and no monthly maintenance fees. However, where KeyBank does shine is their discounted rates on loans and higher rates for loyal customers. Their rewards program may also be worth it if you make a lot of transactions which earn you a decent number of points. For those only interested in higher rates, you may want to check out MagnifyMoney’s list of the best online checking accounts.

KeyBank Savings account options

Key Active Saver Account

Potentially earn more in interest while improving your overall financial wellness.

APY

Minimum Balance Amount

0.01%

N/A

0.02%

$25,000

  • Minimum opening deposit: $50
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: $4
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $10 per transfer if opted into overdraft protection

This is your standard savings account, but with an extra perk. You can earn rate bonuses if you get a high Financial Wellness Score. This is part of KeyBank’s HelloWallet program where you can assess your current financial situation, looking at your spending habits, account balance over time, income and ways to improve your score. The higher your score, the more interest you can earn on your savings account, with a maximum of 0.10% APY if your Financial Wellness score is at least 91.

Enrolling in HelloWallet will also help you waive the monthly maintenance fee as long as your score it as least one (it shouldn’t be too hard to do). Otherwise, you need to have a minimum balance of $300 or make a minimum of $5 in direct deposits or recurring online banking transfers each month

Because this is a savings account, Regulation D states that these types of accounts are limited to six withdrawals per month. If you exceed this amount, you’ll be charged $5 per transfer.

How to get a Key Active Saver Account

You can open an savings account online by filling out an application form on KeyBank’s website. You’ll be asked for your personal details such as address, Social Security number and a piece of government issued-ID to verify your identity. Afterwards, fund your account using any of the approved methods and your account will be considered opened.

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Health Savings Account (HSA)

APY

Minimum Balance Amount

0.10%

$0

0.15%

$2,500

0.20%

$25,000

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0 with a $500 minimum or if you have KeyBank checking account; $5 if direct deposit isn’t set up; $2.50 if direct deposit is set up
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: none

This account is for those looking for a place to park their HSA funds, whether from an employer or their own contributions. As with any HSA account, you need to make sure you are qualified to do so, so check on the latest IRS rules and regulations. Since an employer can also contribute to this account, it’s best for those who plan on making contributions or may be switching employers, as this account will stay with you no matter who you work for.

This account does have a $25 setup fee and a $10 yearly charge if you don’t have a KeyBank checking account. You can also waive the monthly maintenance fee if you have a KeyBank checking account or you have a balance of at least $500. Although there is technically no limit to how much you can keep in the HSA, there are annual contribution limits, so check to make sure you’re not exceeding them.

How to get a Health Savings Account (HSA)

Before opening an account, determine if you’re eligible to open an HSA account (you can do so by checking the IRS website for updated rules and regulations). If you do qualify, head over to KeyBank’s online application form and fill in your personal details. Then, fund your account and you’re good to go.

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Key4Kids Savings Account

Help your kids learn to manage money with this joint account.
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: TBD
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is good for existing KeyBank customers who want to give their children under 18 the opportunity to start learning how to manage their money. This joint account offers online and mobile banking options and the ability to earn interest.

How to get a Key4Kids Savings Account

This account can only be opened at a bank branch. Click here to see one closest to you or call 1-800-539-2968 for more information.

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How KeyBank’s savings accounts compare

While KeyBank offers premium and bonus rates, they fall short when compared to others out there. Even their highest rates are less than half of those offered by their competitors, many with low to no minimum deposit amounts. Those who just want a basic no-frills savings account with the highest rates will do better to look elsewhere, like our list of the best online savings accounts.

KeyBank CD Rates

Short-Term CD

Earn higher rates with Relationship Rewards and a longer term.

Term

APY

Relationship Rewards APY

7-31 Day

0.10%

0.10%

32-59 Day

0.10%

0.10%

60 - 89 Day

0.10%

0.10%

90 - 119 Day

0.10%

0.10%

120 - 149 Day

0.10%

0.20%

150-179 Day

0.10%

0.20%

  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: Simple interest charged depending on length of term
    • 7 to 31 days – 7 days interest
    • 32 to 89 days – 30 days interest
    • 90 to 179 days – 90 days interest

This type of account is perfect for those who have specific short-term savings goals and want to earn more than what the savings or checking accounts offer. While it’s nothing to write home about, these CDs are short enough that you don’t need to worry about keeping funds locked into an account for a long time before getting access to it.

With short-term CDs, interest is kept in the account until it matures. When your term is up, you’ll get a 10-day grace period only if the account term is 32 days or more. Otherwise, there is no grace period and the CD will automatically be renewed upon maturity. In other words, if you don’t want to pay any penalties, you need make sure you are on top of your maturity date and act accordingly.

How to get a Short-Term CD

Opening a short-term CD is the same process as with a savings account. Go to KeyBank’s website and fill out an application form. Indicate what term you are interested in and your deposit amount. Provide your personal details, fund your account and it’ll be considered open.

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Tiered CD Accounts

Higher rates than short-term CDs and competitive rates depend on length of term.

Term

APY

Relationship Reward APY

6 Months

0.10%

0.20%

12 Months

0.15%

0.25%

24 Months

0.10% to 0.25%*

0.30% to 0.45%*

36 Months

0.15% to 0.30%*

0.50% to 0.65%*

48 Months

0.15% to 0.30%*

0.60% to 0.75%*

5 years

0.20% to 0.35%*

0.70% to 0.85%*

6 Years

0.35% to 0.50%*

0.85% to 1.00%*

7 Years

0.35% to 0.50%*

0.85% to 1.00%*

8 Years

0.35% to 0.50%*

0.85% to 1.00%*

9 Years

0.35% to 0.50%*

0.85% to 1.00%*

10 years

0.60% to 0.75%*

1.10% to 1.25%*

*Tiered rates depend on deposit amount
  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: Simple interest charged depending on length of term:
    • Up to 359 days – 3 months’ interest
    • 360 days to 23 months – 6 months’ interest
    • 24 to 47 months – 9 months’ interest
    • 48+ months – 12 months’ interest

This fixed rate CD does allow you to earn a bit more interest compared to the short-term CDs, though that really depends on the length of term and your deposit amount. If you can qualify for the premium rates, even better. To qualify, account holders need to have a Key Advantage Checking®, Key Privilege Checking® or Key Privilege Select Checking® account that’s enrolled in KeyBank Relationship Rewards.

Otherwise, it’s a pretty standard CD account. Interest is compounded daily and you may be able to choose when you get it credited to your account, and whether you want interest earned paid out to another account, by check (you’ll need to have a $5,000 minimum deposit for this option) or kept in the CD until maturity. When your CD matures, you have a 10-day grace period in which you can decide what to do or else it’ll be automatically renewed.

How to get a Tiered CD Account

To open a CD account, go to KeyBank’s website and fill out an online application form. After typing in your ZIP code and the type of account you want to open, you’ll need to fill in your personal details including name, address and a piece of ID to verify your identity. You’ll then be asked to fund your account with either an external or KeyBank account.

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Jumbo CDs

Available as short-term CDs but rates fall flat compared to other banks.

Term

APY

Relationship Rewards APY

7-13 Day

0.10%

0.10%

14 - 29 Day

0.10%

0.10%

30 - 59 Day

0.10%

0.10%

60 - 89 Day

0.10%

0.10%

90 - 119 Day

0.10%

0.10%

120 - 149 Day

0.10%

0.20%

150-179 Day

0.10%

0.20%

6 Months

0.10%

0.20%

12 Months

0.15%

0.25%

24 Months

0.25%

0.45%

36 Months

0.30%

0.65%

48 Months

0.30%

0.75%

5 Years

0.35%

0.85%

6 Years

0.50%

1.00%

7 Years

0.50%

1.00%

8 Years

0.50%

1.00%

9 Years

0.50%

1.00%

10 Years

0.75%

1.25%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Simple interest charged depending on length of term:
    • 7 to 31 days – 7 days’ interest
    • 32 to 89 days – 30 days’ interest
    • 90 to 359 days – 3 months’ interest
    • 360 days to 23 months – 6 months’ interest
    • 24 to 47 months – 9 months’ interest
    • 48+ months – 12 months’ interest

The terms and conditions for the Jumbo CD is pretty much on par with the standard tiered CDs mentioned above.

To qualify for the Relationship Rewards APY, you’ll need to be enrolled in the KeyBank’s Relationship Reward program and have an active Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking® account.

For account terms higher than 180 days, you can choose whether to get interest paid out monthly or at maturity. You will get a 10-day grace period in which to decide what to do, unless your CD term is less than 32 days. If that’s the case, your account automatically renews upon maturity.

KeyBank will convert your account to a standard fixed rate CD if your account balance falls below $100,000.

How to get a Jumbo CD

Fill out an online application at KeyBank’s site to open a Jumbo CD account. You’ll need to indicate your ZIP code and choose the terms and deposit amount. Afterwards, fill in your personal details, fund your account and your Jumbo CD is open.

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How KeyBank’s CD rates compare

Unfortunately, KeyBank’s CDs fall short compared to the best offerings out there. Even with the Relationship Rewards rates, competitors still offer higher rates and lower deposit minimums. However, where KeyBank shines is their short-term CDs. If you intend on parking your cash for a short period of time, these may be a good option. Otherwise, it may pay to shop around to see what the current best CD offers are.

KeyBank Money Market account options

Key Silver Money Market Savings Account

Earn higher rates with the promotional APY or with KeyBank’s Relationship Rate.

APY

Promotional APY

Relationship Rate APY

Minimum Balance Amount

0.10%

0%

0.10%

N/A

0.11%

0.65%

0.45%

$5,000

  • Minimum opening deposit: $50 ($5,000 for promotional rate)
  • Minimum balance amount to earn APY: $0
  • Monthly account maintenance fee: $12
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Those who are looking for a money market account that doesn’t require a large minimum opening deposit will benefit the most from the Key Silver account. While the minimum opening deposit is fairly low, account holders will benefit the most if they can make the $5,000 minimum, which is a bit steep compared to other banks with their standard APYs. Still, it’s higher than their regular savings account so you may want to consider giving this account a try.

Just like with all savings accounts, Federal Reserve rules limit customers to six withdrawals per statement cycle. If you go above that, KeyBank will charge you $15 per withdrawal. Although the monthly maintenance charge seems a bit steep for what you get, you can easily waive it if you have an active personal relationship package checking account, make a minimum of $25 in recurring transfers into the account or keep a daily balance of at least $500 every month.

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Key Gold Money Market Savings® Account

Get limited check-writing capabilities at the expense of

APY

Promotional APY

Relationship Rate APY

Minimum Balance Amount

0.10%

0%

0.10%

$0

0.12%

2.20%

1.45%

$5,000

  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $0
  • Monthly account maintenance fee: $18
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $33 for the first two items and $39 afterwards. $15 per transfer if opted into overdraft protection

This money market account could be worth if you can qualify for the bonus rate. To do so, you’ll need to keep a minimum of $25,000 in your account and have either an active Key Advantage, Key Privilege or Key Privilege Select Checking account. Otherwise, it’ll either drop to the standard or relationship rate APY. It’s the same requirements to waive the monthly maintenance fee.

As with all savings accounts, you’re limited to six withdrawals per month. After that and you’ll be charged $15 per transfer.

How to get a KeyBank money market accounts

To open a money market account you can full out an application form on KeyBank’s website. Type in your ZIP code and the type of money market you want to open. Then you’ll be directed to a form where you’ll need to enter your personal details and a way to fund the money market account from another bank.

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How KeyBank’s money market accounts compare

Even with the added perk of check-writing capabilities, KeyBank’s money market accounts fall short compared with what’s available out there. Many of their competitors have lower minimum opening deposits and way higher rates. Some even offer limited check- writing and ATM access. If you’re after the best rates, you’re better off checking our list of the best money market rates.

KeyBank IRA options

IRA CD rates

Fixed Rate IRA CD

Get premium rates if you have select KeyBank checking accounts.

Term

APY

Relationship Reward APY

6 Months

0.10%

0.20%

12 Months

0.15%

0.25%

24 Month

0.10% to 0.25%*

0.30% to 0.45%*

36 Months

0.15% to 0.30%*

0.50% to 0.65%*

48 Months

0.15% to 0.30%*

0.60% to 0.75%*

5 Years

0.20% to 0.35%*

0.70% to 0.85%*

6 Years

0.35% to 0.50%*

0.85% to 1.00%*

7 Years

0.35% to 0.50%*

0.85% to 1.00%*

8 Years

0.35% to 0.50%*

0.85% to 1.00%*

9 Years

0.35% to 0.50%*

0.85% to 1.00%*

10 Years

0.60% to 0.75%*

1.10% to 1.25%*

*Tiered rates depend on deposit amount
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: You’ll be charged simple interest depending on term of CD:
    • 12 months or less – 3 months’ interest
    • 13 to 3 months – 6 months’ interest
    • 24 to 47 months – 9 months’ interest
    • 48+ months – 12 months’ interest

As you can see in the chart above, KeyBank’s IRA CD rates can vary widely depending on the term. You can qualify for the premium rates if you have an active Key Advantage, Key Privilege or Key Privilege Select checking account. As long as you maintain those accounts, your CD will automatically renew to the premium rates upon maturity.

Sure, the rates for the shorter terms seem abysmal, but it could be a good way to get a better rate than a regular savings or checking account if you don’t need to access your cash for a few months. If you already have the above mentioned checking accounts, the rates aren’t too shabby either.

When your account matures, you have a 10-day grace period in which to decide what to do. Otherwise, your CD will automatically be renewed. Also, you’ll be charged a $25 annual fee each June unless you’re a Key Privilege member and you have less than $1,000 in your CD or in your combined accounts during the last 10 days of June.

How to get KeyBank’s Fixed Rate IRA CDs

Anyone can open an IRA CD account online. Head over to their online application form and indicate your ZIP code and the CD term you want. Fill in your personal details (including your Social Security number) and fund your account.

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Variable Rate IRA CD

Possibly earn higher rates with positive market adjustments.

Term

APY

18 months

0.11%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ simple interest

If you’re willing to be on increasing rates, you may want to give this CD a shot. With a fairly low minimum opening deposit, interest compounds daily and is credited monthly to your account. There aren’t limits on how much the interest rate may change, meaning it could go as high (or low) as determined by KeyBank. You can deposit as much as you want (up until IRA contribution limits) after you open your account up to six days before maturity.

Upon maturity, your account will automatically renew unless you decide to make a change during the 10 day grace period. You may be charged a $25 annual fee unless you’re a Key Privilege member and you have less than $1,000 in your CD or you have that amount across your KeyBank accounts during the last 10 days of June.

How to get KeyBank’s Variable Rate IRA CDs

Head over to KeyBank’s website and fill out an online application form and indicate your ZIP code and the CD term you want. Fill in your personal details (including your Social Security number) and fund your account.

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How KeyBank’s IRA CD rates compare

Depending on the term you choose, KeyBank’s rates aren’t too far off compared other banks and credit unions. For those who are Key Privilege members, it makes sense to take advantage of the premium rates. Unfortunately, their rates still fall short compared to other IRA CD rates out there. Most have low minimum deposit requirements, so check out our list of the best IRA CD rates to shop around.

IRA money market account

Grow your retirement savings with a variable rate account.

Term

Minimum Balance Amount

0.15%

$500

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account has a variable rate that allows you to earn interest daily and compounds monthly. You can make as many deposits as you want up to the IRS guidelines. Unlike the IRA CD, there is no maturity date and the interest rate can fluctuate with no limits at any time.

While there technically isn’t an early withdrawal penalty, you’re only allowed six withdrawals each month per Federal Reserve banking regulations. KeyBank will need at least seven days notice before you make any withdrawals. You may also be subject to a penalty if you make withdrawals before age 59½.

How to get KeyBank’s money market IRA account

You can open a money market IRA account by filling out an online application form on KeyBank’s website. You’ll be asked to enter your ZIP code, the type of account you want to open and your personal details. Your account will be considered opened once you fund it.

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Overall review of KeyBank’s banking products

KeyBank does offer some unique perks such as their Relationship Rewards program, checkless checking, and short term CDs. If you’re a current KeyBank customer and want to take advantage of premium rates and other types of discounts, their products may a good choice. However, if you’re after the best rates, you may be better off looking elsewhere, particularly for their savings and checking 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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

First Tennessee 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 Established1864
Total Assets$40.9B
LEARN MORE on First Tennessee’s secure websiteMember FDIC

Founded in 1864, First Tennessee Bank is headquartered in Memphis. It was originally known as First National Bank until 1997, when the bank changed its name to First Tennessee Bank.

Part of the First Horizon family of companies, First Tennessee Bank acquired Capital Bank, which serves customers throughout Florida, North Carolina, South Carolina and Virginia. There are over 300 branches and 43,000 surcharge-free ATMs from the Allpoint network.

This review will cover First Tennessee Bank deposit products only, though account holders can conduct transactions at a Capital Bank location. Also, not everyone may qualify for a First Tennessee Bank account depending on location. If you don’t qualify for a First Tennessee Bank account, you’ll be offered the opportunity to open an account through Capital Bank, though you’ll need to contact them directly to find out what their products and rates are.

If you’re interested in First Tennessee Bank, here’s a look at some of their deposit accounts.

First Tennessee’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

First Tennessee Traditional Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.10%

CD Rates

First Tennessee 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

First Tennessee 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.55%

CD Rates

First Tennessee 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 Tennessee Bank checking account options

Classic Checking

This is First Tennessee Bank’s basic checking account and you can’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $37

The Classic Checking account is a non-interest bearing account, and there’s no option to waive the monthly fee — which is pretty terrible, considering other places offer opportunities to do so. However, it does come with a few perks. First, you get a standard First Tennessee Bank Visa debit card, which comes with the First Tennessee Bank Cash Rewards program. You’re automatically enrolled in this program and can receive cashback offers from participating retailers, up to 10%. The bank will email you each week with upcoming offers and you select the ones you want.

Other benefits of the account include free online statements, and mobile and online banking. You may also be eligible for bonus rates for First Tennessee Bank’s Regular CDs just for keeping a checking account. If you choose, you can opt for overdraft protection by linking your savings, credit card or home equity line of credit (HELOC) account.

How to get the Classic Checking account

You can open an account by filling out an application form online. You’ll first be asked to enter in your ZIP code to see whether to qualify for a First Tennessee Bank account. If so, you’ll need to enter details such as your name, address and Social Security number. Afterward, you’ll fund your account with a minimum $50 opening deposit.

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Express Checking

This account is a small step up from the classic checking account in that you can waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived)
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $37

The Express Checking account is pretty much the same as the Classic Checking account except that you can rebate the monthly maintenance fee. To do so, you’ll need to make at least one direct deposit each month. This account could be best for those who want an account to deposit their paycheck.

You also get a standard First Tennessee Bank Visa debit card that comes with a cash rewards program. Card holders get cash back — up to 10% — from participating retailers. You also get online and mobile banking, online statements and a CD rate bonus. There’s also overdraft protection. You can link your savings, credit card or HELOC account.

How to get the Express Checking account

You can open an account in as little as 15 minutes when you fill out an online application form. You’ll be asked to enter in your ZIP code to see if you qualify. If you do, then enter in details such as your name, address, Social Security number and a method to fund the account with a $50 minimum opening deposit.

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Select Checking

You don’t earn any interest, but you do get one overdraft fee waived each year.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (this can be waived)
  • ATM fee: $3 for out-of-network ATM
  • ATM fee refund: None
  • Overdraft fee: $37

This is also another non-interest bearing account. But it does reward you for making frequent debit transactions. To get your monthly fee waived, you’ll need to make one monthly direct deposit and a minimum of 15 debit transactions each month.

The account comes with free online and mobile banking, estatements, a CD rate bonus opportunity and one overdraft fee waived each year. You can even link your savings, credit card or HELOC account for overdraft protection.

Account holders also get a free standard Visa debit card with the First Tennessee Cash Rewards program. You can get up to 10% cash back at select retailers depending on what is offered each week.

How to get the Select Checking account

You can open an account on First Tennessee Bank’s website by completing an online application form. After entering your ZIP code and finding out if you can qualify, you can go through the process in as little as 15 minutes. The form will ask you for your personal information such as your name, address and Social Security. Then, go ahead and fund your new account with a minimum $50 opening deposit.

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Premier Checking

You can earn interest and receive extra perks, but it comes with a higher monthly maintenance (which you can waive).
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $37

The Premier Checking account is best for those who intend on keeping a larger stash of cash at the bank and want to earn a bit of interest. The rates aren’t currently advertised on the website, so it’s a good idea to call the bank to double-check before opening an account.

Aside from free online and mobile banking, you get a free set of standard checks, cashier’s checks, two free overdrafts each year and half off a safe deposit box. You also get a CD rate bonus and a free standard Visa debit card that comes with a cash rewards program. With this program, you can receive up to 10% cash back at participating retailers.

Though the monthly maintenance fee seems a bit steep, you can get it waived if you have at least $5,000 in combined monthly balances in your First Tennessee Bank deposit accounts.

If you’re after more benefits, there’s the Premier Plus Banking add-on, which gives you a rate bonus on the Money Market Savings account, no early withdrawals for CDs when you take funds out for personal hardships and a dedicated customer hotline. There is an additional $6 monthly maintenance fee. However, you get that fee rebated if you maintain at least $25,000 in combined deposit balances.

How to get the Premier Checking account

You can fill out an online application form to open the Premier Checking account. First enter in your ZIP code then fill in your personal information such as your name and Social Security, then fund your account with a minimum $50 deposit.

For the Premier Plus Banking add-on, you’ll need to visit a branch or call customer service at 1-888-598-6003.

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How First Tennessee Bank’s checking accounts compare

We’re not terribly impressed with First Tennessee Bank’s checking accounts, to be frank. Most of their accounts aren’t interest-bearing and require monthly maintenance fees. The Premier Checking account earns a pittance of an APY and requires a high minimum balance amount. You’re probably better off looking at other places like the ones on our list of the best online checking accounts.

First Tennessee Bank savings account options

Traditional Savings

You’re barely earning any interest on this account, plus there’s no ATM access.
APYMinimum Balance to Earn APY
0.01%
None
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Quarterly account maintenance fee: $5

The Traditional Savings account doesn’t help you earn a lot of interest and there’s a maintenance fee, though it’s a quarterly fee. To get that waived, you’ll need to maintain a minimum daily balance of $250.

There is no ATM access, though you can link it to a checking account to do so. You can access your account via online banking and see monthly statements at the ATM.

You can also set up automatic savings transfers between your accounts. You are limited up to six debits a month due to Regulation D. However, First Tennessee Bank will charge you $2 per withdrawal if you make more than three each quarter and your average daily balance is lower than $250.

How to get the Traditional Savings account

You can open an account in as little as 15 minutes by filling out an online application form. To do so, first enter in your ZIP code to see if you qualify, then provide personal details such as your name, address and Social Security number. Then you can fund the account.

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How First Tennessee Bank’s savings accounts compare

There’s not much to say except that you’re barely earning any interest with the savings account. Most savings accounts out there will offer much better rates. To help you compare accounts, check out our list of the best online savings accounts.

First Tennessee Bank CD rates

Regular CD

These fixed-rate CD rates are quite low.
TermAPYAPY with checking account
30 days0.02%
N/A
60 days0.02%
N/A
90 days0.02%
N/A
180 days0.06%
N/A
270 days0.06%
N/A
12 months0.10%
0.25%
24 months0.15%
0.30%
36 months0.30%
0.45%
48 months0.40%
0.55%
60 months0.55%
0.70%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • 7 to 29 days: 30 days’ interest
    • 30 to 364 days: 90 days’ interest
    • 365 days to 5 years: 180 days’ interest

This fixed-rate CD is best for those looking for a higher APY than what the First Tennessee Bank savings account offers. If you happen to have a First Tennessee Bank checking account, you can qualify for the bonus rates you see in the chart above. To qualify, you’ll need to open the CD at a branch or request the rate increase within seven days from your CD renewal date.

Interest earned is compounded daily and credited at maturity or annually if your CD term is over a year. The rate you see above assumes that you keep the entire balance in the account until maturity.

When your CD matures, you have a seven-day grace period to make changes — either make additional deposits, withdrawals or renew for another term — or else it’ll automatically be renewed.

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Add-On CD

You get the ability to make additional deposits and a fee-free withdrawal, but at the cost of a lower APY.
TermAPYMinimum balance to earn APY
6 months0.02%
$25
6 months0.06%
$25,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $25
  • Early withdrawal penalty: 1 free withdrawal every 6 months. Otherwise, 90 days’ interest on amount withdrawn.

The Add-On CD can be a great option if you don’t have a lot of money to open an account initially. With this account, there’s a low opening deposit and you get the opportunity to make additional deposits — a minimum of $25 each time — throughout your CD term, except within seven days of the maturity date.

Interest earned is compounded daily and credited to your account at maturity. Your account will automatically renew unless you notify First Tennessee Bank within the seven-day grace period of any changes you want to make.

How to get First Tennessee Bank CDs

You can open both the Traditional and Add-On CD accounts by filling out an online application form. The process can take as little as 15 minutes. First, enter in your ZIP code and if you are allowed to proceed, enter in details such as your name, address and Social Security number. After that, fund your account.

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How First Tennessee Bank’s CDs compare

Sadly, both the Traditional and the Add-On CD accounts have extremely low rates when compared with what else is out there. Sure, you can make additional deposits with the Add-On CD, but it may not be worth it when you see how high some of the CD rates are out there.

First Tennessee Bank money market account options

Money Market Savings

These rates are pretty low and you’ll need a hefty deposit amount to qualify for the higher rates.
APYAPY with Premier Plus add-onMinimum Balance to Earn APY
0.01%
0.06%
$0
0.02%
0.07%
$25,000
0.45%
0.50%
$50,000
0.75%
0.80%
$100,000
1.00%
1.06%
$250,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $9 (this can be waived)

This money market account has a low minimum opening deposit. But the minimum balance to earn high APYs are steep for the rates you get. If you have the Premier Plus checking account add-on, however, you do get a bonus rate.

You don’t get ATM access to this account unless you link it to your First Tennessee Bank checking account. You’re also limited up to six debits a month per Regulation D, and your transaction may be denied if you exceed that amount in a month.

To waive the monthly maintenance fee, you’ll need to maintain a minimum of $5,000 in combined balances in First Tennessee Bank deposit accounts.

How to get the Money Market Savings account

You can open a money market account by completing an online application form in as little as 15 minutes. To do so, enter in your ZIP code to make sure you’re eligible to open an account. Then you’ll be asked to provide details such as your name, address and Social Security number, as well as a way to fund the account.

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How First Tennessee Bank’s money market accounts compare

As with the bank’s other deposit accounts, the rates are lower compared with money market accounts offered by competitors. Even First Tennessee Bank’s highest APY (1.06%) falls far behind the rates found on our list of the best money market rates. And qualifying for that 1.06% rate requires a shockingly high $250,000 minimum balance, plus the Premier Plus add-on.

Overall review of First Tennessee Bank’s banking products

Even with the bonus rates and perks such as the Visa debit card with cash rewards, First Tennessee Bank’s products aren’t that great. To be frank, many other online competitors offer higher rates, lower minimum opening deposits and no monthly fees. If you want accounts that help you maximize your savings, you’re better off doing some shopping around.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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