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

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

Union Bank’s checking account options

Ready to Go checking

Get unlimited checks for a low monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This checking account gives you the opportunity to add extra features, though some do come with added fees. Free features include bill pay, online, telephone and mobile banking. You also get an unlimited supply of checks and a debit card.

One of the extra features is an ATM transaction benefit, where, for $3 a month, you can use any non-Union Bank ATM worldwide for any transaction. The benefit also allows for no Union Bank ATM fees and a rebate of non-Union Bank fees for the first two transactions per statement period.

Other add-on services include unlimited incoming wire transfers for $1 a month. You also can pay $1 a month for cashier’s checks or money orders. Note that if you sign up for these optional features, you will still be charged even if you do not use the service. You can cancel anytime.

You can waive the monthly maintenance fee if you make at least $500 worth of mobile check or direct deposits, maintain a $1,500 average monthly balance or maintain a minimum balance of $5,000 in linked deposit accounts each month.

How to get the Ready to Go checking account

You can open an account by filling out an online form in as little as 10 minutes. You’ll need to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll then need to verify your identity by answering questions that Union Bank provides. Afterward, you can fund your account and create your profile online. Then print, sign and mail a signature card so that you can use it to make transactions at your local branch or to write checks.

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Banking by Design checking

There’s a lower monthly maintenance fee but there are fewer features.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account is best for those who want a simple checking account that doesn’t require high deposit minimums. To waive the monthly maintenance fee, you’ll need to either make at least a $250 mobile check or direct deposit each month. Account holders get a free debit card, bill pay, online and mobile banking.

Like the Ready to Go checking account, you can choose to get some add-on features. Unfortunately, you’ll need to pay $1 a month for the unlimited check supply. You’ll also need to pay $3 each month for the ATM service where you don’t pay fees for out-of-network. You can also get unlimited incoming wire transfers or cashier’s checks for $1 each per month.

How to get the Banking by Design checking account

You can complete an application in as little as 10 minutes. Head over to the bank’s online application and fill in your details such as your name, Social Security number, employment information and state-issued ID. The bank will ask you to verify your identity by answering a few questions. Then you can fund your account and create an online profile. You’ll also need to print, sign and mail a signature card so that you can write checks and make transactions in person.

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Priority Banking

Low tiered interest, but the fees are waived for a few other accounts across Union Bank.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.05%
$2,500
0.05%
$50,000
0.05%
$100,000
0.05%
$500,000
0.05%
$1,000,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $30 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This checking account has some pretty low APYs, but the benefits you get could be worth it. Account holders don’t pay any ATM fees worldwide, plus you get two additional deposit accounts in which there are no monthly maintenance fees. You will have no annual custodial fees for one of your IRAs, and receive free checks. You also get better rates for certain accounts.

This account is best for those who intend to keep a large sum of money or who have a mortgage with Union Bank, as you can waive the monthly fee if you link your mortgage account or have at least $50,000 in a combined balance every month. If hands-on service is important to you, this account gives you before- and after-hours access to customer service exclusively for Priority Banking customers.

How to get the Priority Banking account

Fill out an online application and provide information such as your name, address, employment details, Social Security number and state-issued ID. You’ll also need to answer a few security questions to verify your ID. Afterward, create your online profile and fund your account. You’ll also need to print, sign and mail a signature card to do in-person transactions and write checks.

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Teen Access

This account offers similar perks to the Banking by Design checking account.
  • Minimum opening deposit: $100
  • Monthly maintenance fee: $0
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $15 per debit

This account is meant for those between ages 13 and 17. An adult will need to be a joint account owner, though the teen is the primary account holder. Although the account doesn’t earn any interest, teens get check-writing capabilities, bill pay, mobile and online banking. Teens also get an ATM or debit Mastercard that comes with a choice on daily spending limits.

Once the primary holder turns 18, the account is automatically converted to another checking account. You’ll receive notice 60 days before it happens.

How to get the Teen Access account

This account can only be opened in person. Click here to find the nearest location.

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Private Advantage

Get a bunch of great perks if you have $250,000 to stash away.
APYMinimum Balance to Earn APY
Varies$250,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Unlimited refunds
  • Overdraft fee: None (up to 20 linked accounts)

The Private Advantage checking account is meant for those who have large sums of money and want to build an ongoing relationship with Union Bank. Think of it as ideal for those requiring robust wealth management services such as investment advisory, insurance and brokerage services.

You’ll be working with a relationship manager who will help you with managing your accounts.

One such account is its checking account. It’s only available to customers who can maintain a minimum of $250,000 in combined account balances such as personal checking, savings, money market, CD and retirement accounts. As for rates, you’ll need to speak with the relationship manager first to determine how much you’ll have on deposit with Union Bank and the types of products you intend on opening. Your rates with other Union Bank products could go up, depending on which one it is.

With this account, you get the benefits of no monthly fees, free ATM usage worldwide (including out-of-network machines), free wire transfers, a Private Bank Debit Mastercard with no foreign transaction fees, no overdraft fees and a free safe deposit box. Also, these features can be extended to up to 20 linked accounts.

How to get the Private Advantage checking account

You’ll need to speak with a relationship manager to open an account. To do so, go to Union Bank’s Private Advantage checking account page and enter your ZIP code. You’ll then be presented with a list of people you can speak with to find out out if you can qualify for an account.

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How Union Bank’s checking accounts compare

Unfortunately, the rates for Union Bank’s checking accounts are much like the ones from big banks — miniscule. Sure, you get some nifty features, such as unlimited checks and ATM refunds, but other banks offer that as well, sometimes for free. Those other banks, particularly the online-only ones, also have much higher rates and low minimum balance amounts.

Instead of going with Union Bank, you’ll probably get better rates elsewhere like the ones listed on our best checking accounts page.

Union Bank’s savings account options

Regular Savings

You’re earning next to nothing with this savings account.
APYRelationship APYMinimum Balance to Earn APY
0.01%
0.05%
$0.01
0.01%
0.05%
$2,500
0.01%
0.05%
$10,00
0.01%
0.05%
$25,000
0.01%
0.05%
$50,000
0.01%
0.05%
$100,000
0.01%
0.05%
$500,000
0.01%
0.05%
$1,000,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: N/A

This savings account does earn interest, but it’s really nothing significant. The relationship rates you see are only available if you have a Priority Banking checking account. This savings account might be useful if you want to link it to a Union Bank checking account for overdraft transfer protection. You can waive the monthly maintenance fee if you maintain a minimum daily balance of $300 or make at least one $25 deposit each month.

This account also comes with free bill pay, telephone banking, online banking and an ATM card, though you are allowed up to six certain withdrawals each month, as per Federal Reserve Regulation D. Otherwise, you’ll be charged $15 for each excess transaction.

How to get the Regular Savings account

To get a Regular Savings account, head over to Union Bank’s website and fill out an online application. Complete the form by filling in your name, employment details, government-issued ID and Social Security number. The bank will ask a few verification questions to confirm your identity. Then you can go ahead and create an online profile and fund your account. You’ll also be required to print, sign and mail a signature card so that you can write checks and do in-person transactions.

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Kidz Savings

Your child has the opportunity to earn gift cards with this account.
APYMinimum Balance to Earn APY
0%
$0.01
0.01%
$2,500
0.01%
$10,00
0.01%
$25,000
0.01%
$50,000
0.01%
$100,000
0.01%
$500,000
0.01%
$1,000,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $15 per debit

The Kidz Savings account offers children ages 8 to 12 an opportunity to start learning the importance of using a bank account. An adult needs to be the joint account holder, but the child is the primary owner. You don’t get an ATM card, so the only way to access funds is through in-person transactions, either in cash or cashier’s check, though you are allowed up to six certain withdrawals a month, as mandated by Federal Reserve Regulation D. If you make more than six withdrawals, you’ll be charged a $15 excess transaction fee.

A unique feature of this account is the Kidz Savings bonus card. Every deposit with a $5 minimum gets your child a stamp. Once he or she reaches 10 stamps, the bank will give your child a retail gift card. The types of gift cards available may vary.

How to get the Kidz Savings account

You can only open an account in person. Click here to find the nearest location.

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Teen Savings

Your teen can open this account to opt in to overdraft protection for the Teen Access checking account.
APYMinimum Balance to Earn APY
0%
$0.01
0.01%
$2,500
0.01%
$10,00
0.01%
$25,000
0.01%
$50,000
0.01%
$100,000
0.01%
$500,000
0.01%
$1,000,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $15 per debit, or $10 per day if you opt into overdraft transfer

This savings account is for those ages 13 to 17 who want the opportunity to earn some interest, though it’s not going to be much. The teen (primary account holder) gets an ATM card with a $100 withdrawal limit per day. The account also has paper statements, mobile, online and telephone banking. Your teen can also link it to a checking account for overdraft protection, though keep in mind that this account is limited up to six certain withdrawals a month, as per Federal Reserve Regulation D.

Like the Kidz Savings account, an adult is required to be a joint account owner.

How to get the Teen Savings account

You can only open an account in person. Click here to find the nearest location.

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How Union Bank’s savings accounts compare

Just like the checking accounts, Union Bank’s savings accounts have incredibly low rates. Other banks offer much better ones and some don’t have any balance minimums or maintenance fees. In short, you’re better off looking at our list of the best online savings accounts if you’re after earning more in interest.

Union Bank’s CD rates

Certificates of Deposit

Most of the rates you see here aren’t worth it.
Term: 7 to 31 days
Minimum Account Balance to Earn APYAPY
$2,5000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 32 to 89 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$1,0000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 90 to 179 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$1,0000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 180 to 364 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$1,0000.05%
$10,0001.85%
$25,0001.85%
$50,0001.85%
Term: 12 to 17 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$1,0000.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
Term: 18 to 23 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$1,0000.15%
$10,0001.50%
$25,0001.50%
$50,0001.50%
Term: 24 to 35 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 36 to 47 months
Minimum Account Balance to Earn APYAPY
$3500.35%
$1,0000.35%
$10,0000.35%
$25,0000.35%
$50,0000.35%
Term: 48 to 59 months
Minimum Account Balance to Earn APYAPY
$3500.40%
$1,0000.40%
$10,0000.40%
$25,0000.40%
$50,0000.40%
Term: 60 months
Minimum Account Balance to Earn APYAPY
$3500.50%
$1,0000.50%
$10,0000.50%
$25,0000.50%
$50,0000.50%
  • Minimum opening deposit: $350 for CDs with a 32-day to 60-month term; $2,500 for seven to 31 days
  • Minimum balance amount to earn APY: $350 or $2,500, depending on the term (see above)
  • Early withdrawal penalty: Depends on the length of term:
    • 7 to 31 days: Either all interest earned, seven days’ interest or what you would have earned in half the term, whichever is greater
    • 32 to 91 days: Either 31 days’ interest or compensating penalty (more details below), whichever is greater
    • 92 days to a year: Either 91 days’ interest or compensating penalty (more details below), whichever is greater
    • More than a year: Either 181 days’ interest or compensating penalty (more details below), whichever is greater

These are fixed-rate CDs that are best for those looking for a conservative investment option. Interest earned is compounded daily, except for CDs with $1 million or more, which will only earn simple interest. With all accounts, you can either keep the interest earned in the CD, paid out via paper check or transferred to a Union Bank checking, savings or money market account.

Interest you earn will be credited differently depending on the CD term:

  • 7 to 31 days: Credited at maturity
  • 32 days to a year: Credited monthly, quarterly, semiannually, annually or at maturity
  • More than a year: Credited monthly quarterly, semiannually or annually

If you make early withdrawals, be aware that you may need to pay what the bank calls a compensating penalty. The bank will subtract the rate on your current CD from the one that’s equivalent to the number of days left in your term. The difference will then be used to calculate the simple interest that you would have earned.

When your account matures, you have a 10-day grace period in which to make additional deposits, withdrawals or renew for another term. Otherwise, it’ll automatically be renewed. If your CD term is 31 days or less, you’ll get a three-day grace period.

How to get Union Bank’s CDs

You can either go to the nearest branch or call customer service at 888-818-6060 to open an account.

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How Union Bank’s CD rates compare

The only CD term worth considering at Union Bank is its 18-to-23 month certificate, but you’ll need to deposit a minimum of $10,000 to even qualify for that one. If not, other banks and credit unions offer much more competitive rates in wide ranges of terms and with lower minimum opening deposits.

To kick-start your research, head over to our page featuring the best CD rates.

Union Bank’s money market account options

MoneyMarket

This account gives you limited check writing capabilities and an ATM card.
APYRelationship APYMinimum Balance to Earn APY
0.01%
0.05%
$0.01
0.05%
0.10%
$2,500
0.08%
0.13%
$25,000
0.08%
0.13%
$50,000
0.08%
0.13%
$100,000
0.08%
0.13%
$500,000
0.08%
0.13%
$1,000,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $9 with e-statements, $10 with paper statements (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account is best for those looking for a hybrid checking-savings account. The rates are slightly higher than the standard savings account and even higher if you can qualify for the relationship rate — only applicable to those who have a Priority Banking or Priority Advantage checking account. You also get check-writing capabilities and an ATM or debit card, though you are allowed up to six certain withdrawals a month, per Federal Reserve Regulation D. If you make more than six withdrawals, you’ll be charged a $15 excess transaction fee.

Other features of the account include paper or online statements, bill pay, mobile, online and telephone banking. You can also link this account to a Union Bank checking account for overdraft protection.

To waive the monthly maintenance fee, you’ll need to maintain a minimum daily balance of $2,500.

How to get the MoneyMarket account

You can open an account by filling out an application form online. You’ll be asked to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll also need to answer a few verification questions before creating an online profile and funding your account. Afterward, print, sign and mail a signature card so you can do in-person transactions and write checks.

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High Rate MoneyMarket

This account requires a significant amount of money and a Union Bank checking account to open.
APYMinimum Balance to Earn APY
0%
$0.01
0.05%
$2,500
0.08%
$10,000
0.10%
$50,000
0.10%
$100,000
0.10%
$500,000
0.10%
$1,000,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $14 with e-statements, $15 with paper statements (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account has higher interest rates, but you need a significant amount of money — $10,000 — to open the account. You’ll also need to link a Union Bank checking account to qualify. Like the other money market account, you get an ATM or debit card, bill pay, online and telephone banking. Since this is technically a savings account, you are allowed up to six certain withdrawals a month as required by Federal Reserve Regulation D. Otherwise, you’ll be charged a $15 excess transaction fee for each withdrawal you make over six.

To waive the monthly maintenance fee, you’ll need to maintain a minimum daily balance of $10,000.

How to get the High Rate MoneyMarket account

You can open an account by filling out an application form online. You’ll be asked to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll also need to answer a few verification questions before creating an online profile and funding your account. Afterward, print, sign and mail a signature card so you can do in-person transactions and write checks.

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How Union Bank’s money market accounts compare

Sadly, Union Bank’s money market accounts aren’t worth a second look. The rates are extremely low compared to other banks, even with the relationship rates. Sure, you get limited check-writing capabilities and ATM access, but you’ll get that at other places, too. In short, you’re better off looking elsewhere, like ones from our list of the best money market rates.

Union Bank’s IRA options

IRA CD rates

IRA Time Deposits

There’s a low minimum opening deposit — and even lower rates.
Term: 90 to 181 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
$100,0000.05%
Term: 182 to 364 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
$100,0000.05%
Term: 12 to 17 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
$100,0000.15%
Term: 18 to 23 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
$100,0000.15%
Term: 24 to 35 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
$100,0000.20%
Term: 36 to 47 months
Minimum Account Balance to Earn APYAPY
$3500.35%
$10,0000.35%
$25,0000.35%
$50,0000.35%
$100,0000.35%
Term: 48 to 59 months
Minimum Account Balance to Earn APYAPY
$3500.40%
$10,0000.40%
$25,0000.40%
$50,0000.40%
$100,0000.40%
Term: 60 months
Minimum Account Balance to Earn APYAPY
$3500.50%
$10,0000.50%
$25,0000.50%
$50,0000.50%
$100,0000.50%
  • Minimum opening deposit: $350
  • Minimum balance amount to earn APY: $350
  • Early withdrawal penalty: Depends on the length of term (exceptions apply):
    • Up to 91 days: Either 31 days’ interest or compensating penalty (more details below), whichever is greater
    • 92 days to a year: Either 91 days’ interest or compensating penalty (more details below), whichever is greater
    • More than a year: Either 181 days’ interest or compensating penalty (more details below), whichever is greater

This retirement account is best for those looking for a guaranteed rate of return. Interest is compounded daily and credited either monthly or quarterly. Account holders need to pay a $25 annual custodial fee, unless you have at least $25,000 in any of your personal Union Bank IRA accounts, contribute at least $4,000 to an IRA each year, own a Priority Banking or Private Advantage checking account checking account or are 70 years old.

Those who make early withdrawals may face a penalty, which may entail what the bank calls a compensating penalty. How it works is that Union Bank will take the rate on your current CD term and subtract it from one that’s equal to how many days are left in your term. This difference will be used to calculate the simple interest you would have earned if you kept your entire deposit in your CD.

But the early withdrawal penalty doesn’t apply if you’re age 70½ or older or you’re at least 59½ years old and made plans for distributions or transferring it to another IRA.

When your account matures, you have a 10-day grace period in which to make additional deposits and withdrawals, or renew for another term. Otherwise, it’ll automatically be renewed. Union Bank offers a bonus rollover rate that pays an extra 0.25% bonus interest rate for the first 12 months if you have a 36- to 59-month term, or for the first 24 months if you have a 60-month term.

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Variable-Rate IRA Time Deposits

Earn much higher rates compared to the fixed-rate CD.
TermAPY
12 months1.33% Variable
18 months1.23% Variable
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term (exceptions apply):
    • 12 months: 91 days’ interest or compensating penalty (more details below), whichever is greater
    • 18 months: 181 days’ interest or compensating penalty (more details below), whichever is greater

This account offers you the opportunity to earn higher rates plus the ability to make additional deposits. Once you open an account, you can keep making additional deposits — a minimum of $10 if it’s an electronic deposit, or $25 if made made in person. Also, only those older than 59½ can open the 12-month CD.

Interest is compounded daily and credited to your account either monthly or quarterly. Just like the fixed-rate IRA CD, you’ll need to pay a $25 annual custodial fee. This can be waived if you have a minimum of $25,000 across your Union Bank IRAs, own a Priority or Private Advantage checking account, are 70 or older or you contribute a minimum of $4,000 to an IRA every year.

You may face an early withdrawal penalty if you’re younger than 70½ or younger than 59½ and you don’t intend on making plans for distributions or transferring funds to another IRA account. This early withdrawal penalty may include what Union Bank calls a compensating penalty. The bank will take the rate of your CD term and subtract it from a rate that’s equivalent to how many days you have left until your CD matures. The difference will be used to calculate the simple interest that you could owe had you kept your funds in the account until maturity.

You’ll get a 10-day grace period, or else your account will automatically be renewed.

How to get Union Bank’s IRA CDs

You can only open an IRA CD in person or by calling customer service at 800-304-3854.

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How Union Bank’s IRA CD rates compare

You’re not really missing much if you end up going elsewhere. These IRA CDs don’t earn you much, even the variable-rate IRA. While it’s great you do get the option to make additional deposits, the lower rates may not be worth it. You’re probably better off going with one of the banks on our list of the best IRA CD rates.

IRA MoneyMarket Savings

This account offers low rates and you need to pay a custodial fee.
APYMinimum Balance to Earn APY
0.01%
$25
0.05%
$2,500
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.05%
$100,000
0.05%
$500,000
0.05%
$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $25
  • Annual account custodial fee: $25 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A

This IRA money market account is a simple account to store your retirement savings. You can waive the annual custodial fee if you have at least $25,000 in your Union Bank IRA accounts, make at least a $4,000 contribution to an IRA account, are at least 70 years old and own either a Priority Banking or Private Advantage checking account.

Interest is compounded daily and credited to your account either monthly or quarterly. Just like the fixed-rate IRA CD, you’ll need to pay a $25 annual custodial fee. This can be waived if you have a minimum of $25,000 across your Union Bank IRA accounts, own a Priority or Private Advantage checking account, are 70 years or older or contribute a minimum of $4,000 to an IRA account every year.

Since this is a savings account, Federal Reserve Regulation D limits you up to six certain withdrawals a month, or else you may face a $15 excess activity fee for each withdrawal over the six allowed. If you keep making excessive withdrawals, your account may be closed and you won’t be allowed to open another Union Bank savings or money market account for 12 months.

How to get Union Bank IRA money market account

You can only open an IRA in person or by calling customer service at 800-304-3854.

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Overall review of Union Bank’s banking products

Union Bank does offer some nifty features, such as an unlimited supply of checks and an add-on feature to get unlimited ATM withdrawals. But it doesn’t necessarily make up for the fact that its rates are significantly lower than its online counterparts. If you want to maximize your earnings, you’re going to want to look at other places that can offer much more competitive rates.

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Reviews

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

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


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

0.05%

0.10%

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

0.20%

0.25%

1 year

0.15%

0.20%

Special CD Rates

Term

APY

Bonus APY

9 months

1.35%

1.40%

19 months

2.40%

2.45%

39 months

1.05%

1.10%

58 months

2.30%

2.35%

  • 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

1.06%

1.11%

  • 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

0.20%

0.25%

12 to 23 months

0.15%

0.20%

24 to 35 months

0.20%

0.25%

36 to 47 months

0.25%

0.30%

48 to 59 months

0.30%

0.35%

60 to 71 months

0.35%

0.40%

72 to 144 months

0.35%

0.40%

Special IRA CD Rates

Term

APY

Bonus APY

9 months

1.35%

1.40%

19 months

2.40%

2.45%

39 months

1.05%

1.10%

58 months

2.30%

2.35%

  • 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.

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KeyBank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

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

0.01%

$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

0.04%

N/A

0.04%

$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

0.05%

N/A

0.05%

$25,000

0.10%

$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 [email protected] 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

0.01%

$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

0.05%

0.10%

32-59 Day

0.05%

0.10%

60 - 89 Day

0.05%

0.10%

90 - 119 Day

0.05%

0.10%

120 - 149 Day

0.05%

0.10%

150-179 Day

0.05%

0.10%

  • 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

0.05%

0.10%

12 Months

0.05%

0.25%

24 Months

0.05% to 0.05%*

0.25% to 0.25%*

36 Months

0.05% to 0.05%*

0.35% to 0.35%*

48 Months

0.05% to 0.05%*

0.45% to 0.45%*

5 years

0.05% to 0.05%*

0.50% to 0.50%*

6 Years

0.05% to 0.05%*

0.55% to 0.55%*

7 Years

0.05% to 0.05%*

0.60% to 0.60%*

8 Years

0.05% to 0.05%*

0.65% to 0.65%*

9 Years

0.05% to 0.05%*

0.70% to 0.70%*

10 years

0.05% to 0.05%*

0.75% to 0.75%*

*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

0.05%

0.10%

14 - 29 Day

0.05%

0.10%

30 - 59 Day

0.05%

0.10%

60 - 89 Day

0.05%

0.10%

90 - 119 Day

0.05%

0.10%

120 - 149 Day

0.05%

0.10%

150-179 Day

0.05%

0.10%

6 Months

0.05%

0.10%

12 Months

0.05%

0.25%

24 Months

0.05%

0.25%

36 Months

0.05%

0.35%

48 Months

0.05%

0.45%

5 Years

0.05%

0.50%

6 Years

0.05%

0.55%

7 Years

0.05%

0.60%

8 Years

0.05%

0.65%

9 Years

0.05%

0.70%

10 Years

0.05%

0.75%

  • 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

0.05%

0%

0.10%

N/A

0.05%

0%

0.16%

$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

0.05%

0%

0.10%

$0

0.10%

0.52%

1.20%

$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

0.05%

0.10%

12 Months

0.05%

0.25%

24 Month

0.05% to 0.05%*

0.25% to 0.25%*

36 Months

0.05% to 0.05%*

0.35% to 0.35%*

48 Months

0.05% to 0.05%*

0.45% to 0.45%*

5 Years

0.05% to 0.05%*

0.50% to 0.50%*

6 Years

0.05% to 0.05%*

0.55% to 0.55%*

7 Years

0.05% to 0.05%*

0.60% to 0.60%*

8 Years

0.05% to 0.05%*

0.65% to 0.65%*

9 Years

0.05% to 0.05%*

0.70% to 0.70%*

10 Years

0.05% to 0.05%*

0.75% to 0.75%*

*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.

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