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Reviews

M.Y. Safra Reviews: Checking, Savings, CD, Money Market, and IRA Rates

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

Year Established2000
Total Assets$0.4B

M.Y. Safra is a small, boutique bank located in New York City. Though they only have one physical bank branch on Park Avenue in Manhattan, accounts can be opened from anywhere in the United States.

Not to be confused with Safra National Bank of New York, M.Y. Safra is a high-end bank focused on delivering personal service for their clients, especially those with larger accounts. As part of their high-end image, M.Y. Safra Bank offers several promotions where if your initial deposit is large enough, you will receive a gold bar or silver coin as a signup bonus. More detail on the bonus below.

For personal banking, M.Y. Safra offers a range of checking, savings, CD, money market and IRA accounts. We reviewed each account so you can decide if this is the right place for your money. As part of this review, we pulled the most recent interest rates from their website, the ones they use nationwide on all their accounts. However, rates can frequently change, so make sure to get the most recent terms before making your decision.

M.Y. Safra Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

M.Y. Safra Bank Personal Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.70%

CD Rates

M.Y. Safra Bank 12 Month Classic CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

M.Y. Safra Bank 36 Month Classic CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.65%

CD Rates

M.Y. Safra Bank 60 Month Classic CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

M.Y. Safra Bank’s checking account options

Basic Checking Account

Earns interest but not enough to make up for the unavoidable monthly maintenance fee.

APY

Minimum Balance Amount



0.05%

$0 - $5,000

0.05%

$5,000 - $25,000

0.10%

$25,000 - $50,000

0.10%

$50,000 - $100,000

0.10%

$100,000 - $250,000

0.15%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact them for a personal quote

Over $1,000,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fees: None for the first 8 transactions per month. $1 per transaction after that.
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Bank Basic checking account is suited for people who only want to keep a small balance. You can open this account for only $25 and there is no minimum balance requirement to keep the account open.

What’s nice about the Basic checking account is it offers the exact the same banking services as the bank’s Silver and Gold accounts: an ATM card, online banking, the ability to order checks and a limited refund on ATM fees worldwide.

However, this account has a couple significant downsides. First, it charges a $3 monthly maintenance fee no matter what. They don’t waive the fee for a minimum account balance. Also, this account only offers eight free transactions per month, including ATM withdrawals, checks and purchases with the debit card. The bank charges a $1 fee for every transaction over the monthly limit.

To open a basic checking account, you can visit the New York branch in person or you can complete and mail in their new account form. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a government-issued ID.

Silver Checking accounts

While better than M.Y. Safra Bank’s Basic account — and comes with a silver coin, to boot — the Silver account is still not great compared to other accounts on the market.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

If you can meet the average balance requirements, the M.Y. Safra Silver checking account is a significant upgrade over the Basic checking account. This account gives you three ways to avoid the $10 monthly maintenance fee:

  • Keep an average monthly balance of at least $1,500;
  • Make at least one direct deposit of any amount during the statement cycle; or,
  • Maintain a balance of at least $25,000 in your combined M.Y. Safra Bank accounts

This account also lets you make unlimited transactions per month without being charged a fee. Finally, if your opening deposit is at least $250 and you sign up for direct deposit, M.Y. Safra Bank will give you a one-oz silver coin.

While that’s an interesting perk, keep in mind that the value of silver was only about $16 an ounce as of this writing. Also, this is not an interest bearing account.

To open a Silver checking account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

M.Y. Safra Gold checking account

The bar of gold sign-up bonus is tempting but not enough to justify the high balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Gold checking account is nearly identical to the Silver checking account, with the same services. The main perk with this account is if you open with an initial deposit of at least $2,500 and set up a recurring direct deposit of at least $500, you will receive a 2.5-gram bar of gold. With a current price of about $40 per gram as of this writing, that gold bar is worth about $100.

In exchange, this account has larger balance requirements if you want to avoid the $15 monthly maintenance fee. To avoid the fee, you can:

  • Keep an average monthly balance of at least $2,500 in this account;
  • Make at least one direct deposit of at least $500 during the account cycle; or,
  • Maintain a combined average balance of at least $50,000 in all of your M.Y. Safra Bank accounts

If you can’t meet any of these three requirements, the high maintenance fee will quickly wipe out the value of the gold bar. This is also a non-interesting bearing account.

To open a Gold Checking account, you can visit the New York bank branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

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How M.Y. Safra Bank’s checking accounts compare

Of the three M.Y. Safra checking accounts, Silver and Gold look the best. The Basic account is not a good option because of the unavoidable maintenance fee and the monthly limit on transactions.

Compared to the competition, the Silver and Gold checking accounts do have some positive features. They let you make unlimited withdrawals and have limited rebate ATMs fees from withdrawals anywhere in the world. The silver coin or gold bar signup bonuses are also a unique welcoming gift if you qualify.

Still, there are online checking accounts out there that offer a much better combination of higher interest rates, smaller balance requirements and lower fees while also including free ATM access around the world.

M.Y. Safra Bank’s savings account options

M.Y. Safra Silver Savings Account

A better-than-average interest rate with a low, avoidable monthly fee. Not a bad combination.

APY

Minimum Balance Amount



0.25%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.75%

$100,000 - $250,000

0.75%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Silver savings account offers an interest rate that is a clear step up from the bank’s checking accounts. The interest rate stays the same for all account balances up to $100,000, before increasing significantly after you have more than $100,000.

This account charges a low $5 monthly maintenance fee which you can avoid by:

  • Keeping an average monthly balance of at least $1,000 in your savings account; or,
  • Having a balance of at least $25,000 combined in all of your M.Y. Safra accounts

Since this is a savings account, Federal Reserve rules limit you to six pre-authorized withdrawals per month, which includes checks, debit purchases, telephone, fax and internet transfers. However, you can make unlimited ATM withdrawals with this account. If you go over the six-transaction monthly limit, M.Y. Safra bank will charge a $15 fee per transaction.

To open a Silver savings account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

LEARN MORE 

Member FDIC

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How M.Y. Safra Bank’s savings accounts compare

If you plan on keeping at least $1,000 in your account, the M.Y. Safra Silver savings account is worth a look. It offers a much better interest rate compared to accounts at large national banks, but unfortunately that’s not saying much. There are other savings accounts that offer an even better rate and have lower balance requirements than what is available at M.Y. Safra Bank.

On the plus side, the account gives you unlimited ATM access and only charges a $5 monthly fee if you fall below the minimum balance requirement. Since this account keeps the same interest rate for all account balances up to $100,000, it’s a better deal for smaller accounts versus larger ones. Someone who deposits $80,000 will not receive a higher return than someone who has $800 to put in.

M.Y. Safra Bank’s money market account options

M.Y. Safra Platinum Money Market Account

This money market offers a hefty gold coin for six-figure deposits but that’s still not enough to make up for the low interest rates.

APY

Minimum Balance Amount



0.25%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.75%

$100,000 - $250,000

0.75%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The interest rates on the M.Y. Safra Platinum money market account are disappointing. They are exactly the same as what’s offered on the Silver savings account. And yet, this account has much higher balance requirements and fees. This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your Platinum money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The Platinum money market account also has the Federal Reserve restriction of six pre-authorized transactions per month, but allows unlimited ATM access. If you go over the six-transaction monthly limit, M.Y. Safra Bank will charge a $15 fee per transaction.

The one clear advantage of this account is it’s eligible for another gold sign-up bonus. If you deposit at least $100,000 in the Platinum Money Market account, then open a Gold Checking account with $2,500 and set up recurring direct deposits for at least $500 and M.Y. Safra Bank will give you a 0.25-oz gold coin.

To open a Platinum money market account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

LEARN MORE 

Member FDIC

MYSB Direct Online Money Market Account

No gold coin bonus but this account comes with a much better interest rate.

APY

Minimum Balance Amount



1.26%

$0 - $5,000

0.20%

$500,000 +

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The MYSB Direct Online money market account offers a substantially better interest rate than the Platinum Money Market account. It has the same account rules as Platinum except you can only sign up for this account online.

The sign-up process asks for the same information as the manual new account opening process. Once that’s done, you can only fund the account with a maximum initial deposit of $20,000 through the platform but can add more later through wire transfers or check.

This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your MYSB Direct Online money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The MYSB Direct Money Market account also restricts you to six pre-authorized transactions per month but allows unlimited ATM access.

LEARN MORE 

Member FDIC

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How M.Y. Safra money market accounts compare

Of the two M.Y. Safra Bank money market accounts, MYSB Direct Online is a much better deal thanks to its far-higher interest rate. Though it does not come with the gold coin sign-up bonus, you will likely earn more in interest than the value of the coin within a year.

While the MYSB Direct interest rate is solid and better than a lot of the competition, it is still not the very best rate in the country. Also, the higher interest rate only applies on accounts up to $500,000. Anything above $500,000 earns a much lower rate. If you’d like to deposit more than this limit, you may want to look elsewhere.

Be sure to check out these other top money market accounts in the country before making a decision.

M.Y. Safra Bank’s CD rates

M.Y. Safra Classic CDs

Terrific interest rates but watch out for the steep penalty on early withdrawals.

Term

APY


30 days

0.75%

90 days

1.10%

6 months

1.20%

9 months

1.30%

12 months

1.70%

18 months

1.60%

24 months

2.10%

36 months

2.30%

48 months

2.35%

60 months

2.65%

84 months

3.20%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Classic CDs offer excellent variety, with terms that range from as short as 30 days to as long as seven years. The interest rates are also extremely competitive at every CD term.

However, where the M.Y. Safra Bank Classic CDs can get costly is with their early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Classic CD online, by mailing in their new account form or by visiting their branch in New York City. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

LEARN MORE 

Member FDIC

M.Y. Safra Jumbo CDs

The rates are still good but not much better than Classic, despite the six-figure jumbo deposit requirements.

Term

APY


30 days

0.75%

90 days

1.15%

6 months

1.25%

9 months

1.35%

12 months

1.75%

18 months

1.65%

24 months

2.15%

36 months

2.35%

48 months

2.40%

60 months

2.70%

84 months

3.25%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Jumbo CDs offer a small increase in the interest rate compared to their Classic CDs. It’s not much of a bump but still better than nothing if you were thinking of depositing over $100,000.

The Jumbo CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Jumbo CD online, by mailing in their new account form or by visiting their branch in New York City. If you open an account online, the largest CD you can open is up to $250,000. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

LEARN MORE 

Member FDIC

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How M.Y. Safra Bank CDs compare

The M.Y. Safra Bank’s CDs are some of the best in the country. They offer a wide variety of terms along with top interest rates for all their CDs. If you plan on depositing at least $5,000, the minimum deposit for a Classic CD, this bank is worth seriously considering.

However, their biggest downside is the steep early withdrawal penalty. Before you sign up for a M.Y. Safra Bank CD, make sure you won’t need your money until the end of the term because an early withdrawal will cost you all your interest earnings.

If you are unsure about whether you will need money early, you could check out these other top CD options to find one that gives you more flexibility for taking money out while still offering a high interest rate.

M.Y. Safra Bank’s IRA rates

M.Y. Safra Classic IRA Rates ($5,000 minimum)

Fantastic interest rates for an IRA CD.

Term

APY


30 days

N/A

90 days

N/A

6 months

1.20%

9 months

1.30%

12 months

1.70%

18 months

1.60%

24 months

2.10%

36 months

2.30%

48 months

2.35%

60 months

2.65%

84 months

3.20%

M.Y. Safra Jumbo IRA Rates ($100,000 minimum)

Term

APY


30 days

N/A

90 days

N/A

6 months

1.25%

9 months

1.35%

12 months

1.75%

18 months

1.65%

24 months

2.15%

36 months

2.35%

48 months

2.40%

60 months

2.70%

84 months

3.25%

  • Minimum opening deposit: $5,000 ($100,000 for Jumbo rates).
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra IRAs use the same interest rates as their non-IRA CDs. The only difference is you cannot use a 30-day or 90-day CD in a M.Y. Safra IRA.

If your total account balances at M.Y. Safra Bank add up to less than $5,000, they will charge a $3 monthly maintenance fee on your IRA. This $5,000 minimum includes funds in the IRA as well as any other deposit account at M.Y. Safra Bank.

The IRA CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point. The minimum penalty is 90 days worth of interest so if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you take out. They calculate the penalty at the time of your withdrawal request

To open a M.Y. Safra IRA account, you can visit the New York branch in-person or you can complete and mail in their new IRA account form from home. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a form of ID.

LEARN MORE 

Member FDIC

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How M.Y. Safra Bank’s IRA CDs compare

The M.Y. Safra IRAs are excellent because they offer the same top-notch interest rates as the non-IRA CDs. If you’d like to open an IRA CD, you could get one of the best rates in the country through M.Y. Safra Bank for accounts ranging from six months all the way to seven years.

The main downside of these accounts is it takes at least $5,000 to open an IRA CD and the CDs have very expensive early withdrawal penalties. If you are looking to open a smaller IRA CD or want one that might give you the ability to take money out early, these are some of the other top IRA CDs on the market.

M.Y. Safra Bank’s overall review

If you are looking for a CD or IRA CD, M.Y. Safra Bank is one of the best in the business thanks to their high interest rates and variety of CD terms. Their online money market also offers a competitive interest rate for someone who needs more access to their money.

However, the M.Y. Safra Bank checking, savings and Platinum money markets are not at this same high standard. Their balance requirements and fees are too high considering their low interest rates. To be sure, if you make a large enough deposit in a M.Y. Safra CD or IRA CD, they will waive the monthly maintenance fee on a checking or savings account. In this case, you might want to accept the free account to transfer money in and out of the CD. Otherwise it’s not worth setting one up.

And as a final note, don’t get too excited about their gold and silver coin sign-up bonuses. They are an unusual marketing touch but not valuable enough to go out of your way for.

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

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Review of the Chase Sapphire Bank Account

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

Chase Bank’s newest offering is its premium Sapphire Banking, which replaces its Premier Platinum checking option. Although the account requirements will remain basically the same, Sapphire Banking comes with a number of new-and-improved features and perks.

Check out the handy chart for an overview of how Chase’s new banking solution stacks up with its now-defunct Chase Premier Platinum account. Next, dive deep and explore everything you’ll get with a Chase Sapphire account. Finally, decide if maybe a Chase Sapphire Bank account is a good solution for your financial needs.

Chase Sapphire vs. Chase Premier Platinum

Chase Sapphire Bank Account Details


Sign-up bonus


60,000 Ultimate Rewards points when you bring in $75,000 in qualifying deposits and investments

Monthly service fee

$25 or $0 w/ $75,000 or more in combined, qualifying deposits/investments

Foreign transaction fee

$0

Domestic wire transfer

$0

ATM fee

$0 for Chase ATMs; Chase refunds fees from non-Chase ATMs

Overdraft fee

$0 for up to four insufficient funds or returned item occurrences per 12 months

Online stock and ETF trades

$0

The differences between Chase’s new Sapphire Banking checking account and its old Premier Platinum Checking include Sapphire Banking’s $0 ATM fees worldwide, 0% foreign transaction fees and $0 outgoing wire transfer fees. In addition, Sapphire bank account holders receive free stock and ETF trades through JP Morgan’s new investing service, You Invest.

Besides no ATM fees and free, online investing, Sapphire Banking comes with a host of perks. You’ll get premier relationship rates when you link your checking to a Chase Premier savings account; access to experts who can help you with mortgage lending, banking, and small business needs; and a dedicated, 24/7 customer service line.

You’ll also get fun perks like VIP access to entertainment and sports lounges, special seating and early ticket available for sports and entertainment events and $0 monthly service fee if you link your checking account to qualifying deposit or investment accounts. All of these add up to an account that packs a lot of value — if you don’t mind the $25 service fee each month when your average balance dips below a whopping $75,000.

Who the Chase Sapphire Bank account is best for

For narrow cases, Chase Sapphire Banking might make sense, according to Ken Tumin, editor in chief of DepositAccounts, a LendingTree subsidiary. The features are only worth it if you can avoid charges, especially the $25 monthly fee.

“It’s definitely not wise to maintain a deposit account balance of $75,000+ at Chase, however, because you can get much higher interest rates elsewhere, especially at internet banks. Even if you put $75,000 in a Chase Premier Savings account you’d earn only a 0.07% APY. That $75,000 could be easily earning 1.85% APY at one of several internet savings accounts. That’s a difference of about $111 per month,” said Tumin.

However, if a Sapphire Banking client maintains $75,000+ in a J.P. Morgan brokerage account, and that money is in stocks or ETFs, that can be a way to get the features and perks without an opportunity cost. Your J.P Morgan ETF would have the same return as one from another brokerage, Tumin said.

How to open a Chase Sapphire Banking account

If you previously had a Chase Premier Platinum account, you’ll automatically be enrolled in the new Chase Sapphire Banking account. You can open a new Chase Sapphire Banking account by visiting a local branch or sign up online; if you choose the latter, the application takes only a few minutes. Follow these steps to open a Chase Sapphire Banking account:

  1. Have your personal data on hand, including your Social Security number, driver’s license or state-issued ID email address and phone number.
  2. Visit the Chase website and click on “Next.”
  3. Fill out the form with your personal data and click on “Next.”
  4. Fund your account by using a debit card or making a transfer from another Chase account.

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on Chase Bank’s secure website

Chase Sapphire Banking vs. the competition

So how does Chase Sapphire Banking stack up against the competition? To find out, take a look at how it compares with Bank of America’s Interest account and Wells Fargo’s Portfolio account.

Chase Sapphire Banking vs. Bank of America Checking vs. Portfolio by Wells Fargo

Chase Sapphire Banking

Bank of America Interest Checking

Portfolio by Wells Fargo

APY

0.01%

0.01%
for less than $50,000; 0.02% for $50,000 to $99,000; 0.02% for $100,000 and more

0.01% for $0 to $4,999 and 0.05% for $5,000 or more

Min. balance required to waive fees

$75,000 in combined, eligible deposits and investments

$10,000

$25,000 in linked bank deposits or $50,000 in linked bank, brokerage and credit balances

Monthly service fee

$25

$25

$30

Foreign transaction fee

$0

3%

3%

Domestic wire transfer fee

$0

$0 for incoming; $30 for outgoing

$15 incoming; $30 outgoing

ATM fee

$0

$0 for BOA ATMs; $2.50 for non-BOA ATMs

$0

Overdraft fee

$0 for 4 within 12 months

$35

$35

Account perks

Free, online investing; special rates when you link checking to savings; VIP access to sports and entertainment tickets, lounges and seating; dedicated 24/7 customer service

$0 maintenance fee for up to 4 savings accounts linked to your primary Interest Checking account; free standard checks; cash-back deals with BankAmeriDeals

Annual fee waiver on 1 home equity line of credit; interest rate discounts on loans; special credit card benefits, ATM reimbursements for non-Wells Fargo ATMs; bonus interest rates on qualifying savings products; access to online investing guidance from Wells Fargo Advisors

Chase Sapphire Banking vs. Bank of America Interest Checking

Bank of America’s Interest Checking account is closest to the Chase Sapphire Banking account, for comparison’s sake.

Although you’ll get a higher APY for higher balances with a Bank of America Interest Checking account, it goes only as high as 0.02%, which isn’t that much better than Chase Sapphire Banking’s APY of 0.01%. The biggest difference is that you need significantly less to qualify for free monthly maintenance from Bank of America than for Chase Sapphire Banking.

That said, Bank of America charges fees where Chase Sapphire Banking does not. The BofA account’s 3% foreign transaction fee, $35 overdraft fee, $30 fee for incoming domestic wires and $2.50 charge for using non-BOA ATMs can really add up. You don’t have to worry about any of those charges with the Chase Sapphire banking, unless you have more than four overdrafts in 12 months.

The winner depends largely on how much money you have to sock away, how often you plan to use the account internationally and also whether or not you’ll take advantage of Chase Sapphire’s additional perks.

Considering the fact that these are checking accounts and experts recommend you use credit cards when making purchases abroad, there’s no real tangible benefit to Chase Sapphire Banking’s 0% foreign transaction fee and no real threat from the fact that Bank of America’s Interest Checking comes with a 3% fee. But if you don’t want to use your debit card abroad, there are plenty of credit cards that are safer to use for international purchases and they don’t charge a foreign transaction fee.

If you don’t want to sock away $75,000 to avoid Chase’s monthly service fee and don’t care about the free investing perks that come with it, then the Bank of America Interest Checking account is probably the better bet — you can avoid the fee with far less money in the bank.

Chase vs. Portfolio by Wells Fargo

Another strong Chase Sapphire competitor is the Portfolio by Wells Fargo. Once again, comparing this mega-bank to Chase is a good way to gauge what’s out there in big-bank checking.

Wells Fargo offers a 0.05% APY on account balances in excess of $5,000, which beats Chase Sapphire by a country mile. Its qualifiers to waive the monthly maintenance fee are also cheaper: $25,000 in linked bank deposits or $50,000 in linked bank, brokerage and credit balances. But Wells Fargo charges a pesky 3% foreign transaction fee, plus $15 for incoming domestic wires and $30 for outgoing ones. And if you happen to overdraw your account, you won’t love the $35 overdraft fee.

Some of the perks are pretty nice with the Portfolio by Wells Fargo account, though. This includes an annual fee waiver on a home equity line of credit, interest rate discounts on loans and bonus rates on qualifying savings products. When push comes to shove, we would say that this account ties with the Chase Sapphire Banking account. Each has its pros and cons, but when you compare them they come out pretty even overall.

Are premium checking accounts ever worth it?

In general, premium checking accounts are for high-balance customers. You get most of the perks and benefits when your balance is high. If you meet that balance requirement via a brokerage account, that’s one thing. But if you just let that much cash sit in your account so your monthly fee is waived and you get special perks, consider parking it in a high-yield savings account instead.

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

Barri Segal
Barri Segal |

Barri Segal is a writer at MagnifyMoney. You can email Barri here

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Reviews

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

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

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

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

PNC Bank S is for Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.13%

CD Rates

PNC Bank 12 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.30%

CD Rates

PNC Bank 36 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.60%

CD Rates

PNC Bank 60 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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

PNC Bank’s Virtual Wallet®

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

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

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

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

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

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

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

PNC Bank checking accounts with Virtual Wallet®

Virtual Wallet® Basic Checking Account

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

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

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

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

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

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

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

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

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Virtual Wallet® with Performance Spend

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $9,999.99

0.01%

0.01%

0.55%

$10,000 - $24,999.99

0.01%

0.01%

0.55%

$25,000 - $49,999.99

0.01%

0.01%

0.60%

$50,000 - $99,999.99

0.01%

0.01%

0.60%

$100,000 and above

0.01%

0.01%

0.65%

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

Virtual Wallet® with Performance Select

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $24,999.99

0.01%

0.01%

1.20%

$25,000 - $49,999.99

0.01%

0.01%

1.40%

$50,000 - $99,999.99

0.01%

0.01%

1.60%

$100,000 - $499,999.99

0.01%

0.01%

1.70%

$500,000 and above

0.01%

0.01%

1.70%

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

Bonus: New checking account offer

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

PNC Bank checking accounts without Virtual Wallet®

Performance Select Checking

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

Minimum Balance to Earn APY

APY

$2,000

0.01%

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

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

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

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on PNC Bank’s secure website

Performance checking

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

Minimum Balance to Earn APY

APY

$2,000

0.01%

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

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

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

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Standard checking

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

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

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

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magnifying glass

How PNC’s checking accounts compare

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

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

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

PNC Savings Accounts

Standard savings

Low interest rates for a fee-heavy savings account.
 

Standard Rates

Relationship Rates with a checking account

$1.00 - $2,499.99

0.01%

0.05%

$2,500 and above

0.01%

0.10%

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

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

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

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

“S” is for Savings

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

Minimum Balance to Earn APY

APY

$1.00

0.01%

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

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

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

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

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

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

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How PNC’s savings accounts compare

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

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

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

PNC CD Rates

Fixed-rate CDs

Large amounts of cash needed for below-average returns.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

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

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

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

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

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

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Ready Access CDs

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

Term

APY

Minimum Balance Amount

3 months

0.05%

$1,000

12 months

0.15%

$1,000

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

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

Callable CDs

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

Term

APY

Minimum Balance Amount

36 months

0.50%

$10,000

60 months

1.10%

$10,000

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

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

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

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

Variable-rate CDs

Earn fair rates through a changing interest rate environment.

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

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

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

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

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

Step-rate CDs

Frequent access to your cash with an unknown earning potential.

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

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

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

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

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

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How PNC’s CD rates compare

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

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

PNC Bank’s Money Market Account

Premiere Money Market Account

Decent rates if you can meet the additional requirements.

Balance to earn interest

Standard APY

APY when linked to Performance Checking

APY when linked to Performance Select Checking

$1.00 - $9,999.99

0.03%

0.55%

1.00%

$10k - $24,999.99

0.09%

0.55%

1.00%

$25k - $49,999.99

0.11%

0.60%

1.10%

$50k - $99,999.99

0.13%

0.60%

1.20%

$100k - $249,999.99

0.15%

0.65%

1.30%

$250k - $499,999.99

0.15%

0.65%

1.30%

$500k - $999,999.99

0.17%

0.65%

1.30%

$1M and above

0.17%

0.65%

1.30%

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

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

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

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

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

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on PNC Bank’s secure website

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How PNC’s money market account compares

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

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

PNC IRA CDs

Fixed-rate IRA CD account

Low rates for high-fee retirement savings.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

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

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

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

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on PNC Bank’s secure website

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How PNC’s IRA CD rates compare

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

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

PNC Bank’s Student Virtual Wallet® Review

Student Virtual Wallet® Account

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

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

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

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

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

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on PNC’s secure website

Overall review of PNC Bank

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

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

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

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

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

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

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

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

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

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

KS StateBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

Savings

KS StateBank Simple Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.40%

CD Rates

KS StateBank 1 Year CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

3.10%

CD Rates

KS StateBank 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.37%

CD Rates

KS StateBank 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

KS StateBank checking account

Checking PLUS

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

APY

Minimum Balance Amount

1.90%

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

0.50%

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

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

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

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

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

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

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

How to get KS StateBank’s Checking PLUS account

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

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

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s checking account compares

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

KS StateBank savings account

Simple Savings

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

APY

Minimum Balance Amount

0.50%

$0.01

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

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

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

How to get KS StateBank’s Simple Savings account

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

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s savings account compares

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

KS StateBank’s CD rates

Choose Your Term CD

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

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

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

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

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

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

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

How to get KS StateBank’s Choose Your Term CDs

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

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on KS StateBank’s secure website

27 Month Jump Up CD

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

Term

APY

27 months

2.75%

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

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

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

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

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

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

LEARN MORE Secured

on KS StateBank’s secure website

Internet-only Jumbo CD specials

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

Term

APY

1 year

2.40%

18 month

2.65%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

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

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

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

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

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

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s CD rates compare

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

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

KS StateBank’s money market account

Advantage Money Market

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

APY

Minimum Balance Amount

0%

$0-$2,499

0.75%

$2,500-$24,999

1.00%

$25,000-$99,999

1.25%

Over $100,000

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

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

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

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

How to get KS StateBank’s Advantage Money Market account

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

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s money market account compares

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

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

KS StateBank’s IRA account options

IRA CD rates

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

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

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

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

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

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

How to get KS StateBank’s IRA CDs

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

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How KS StateBank’s IRA CD rates compare

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

Overall review of KS StateBank’s banking products

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

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

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

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Air Force Federal Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

Year Established1952
Total Assets$0.4B
LEARN MORE on AFFCU’s secure website

From money pooled together in 1952 by 10 servicemen at San Antonio’s Lackland Air Force, Air Force Federal Credit Union (AFFCU) has grown to serve more than 47,000 member-owners worldwide.

For service members, mobility is part-and-parcel to their lives, so while Air Force Federal Credit Union only has physical branches in Texas, close to their San Antonio headquarters, they have co-op relationships with more than 5,000 other credit unions around the world. They also allow free withdrawals from thousands of partner-owned ATMs, including at 7-11 stores.

Membership is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

This review of Air Force Federal Credit Union highlights the range of personal banking products available. APY rates cited are based on information for the San Antonio locations, as listed on the credit union’s website. As rates can change, you should check the latest information before opening an account.

AFFCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

AFFCU Regular Share Account

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

AFFCU 1 Year CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.60%

CD Rates

AFFCU 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.90%

CD Rates

AFFCU 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Air Force Federal Credit Union’s checking account options

Elite Checking

A loaded checking account that also requires a massive balance for maximum perks.
Dividend RateMinimum Balance Amount
0.05%$0.00
0.35%$10,000
0.50%$25,000
0.70%$50,000
0.90%$100,000
1.10%$250,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6 (waived for minimum balance of $50,000.)
  • ATM fees: None
  • ATM fee refunds: Covers all fees at other ATMs.
  • Overdraft fees: None

The Air Force Federal Credit Union Elite Checking account is meant for large balances. While you can open this account with a deposit of only $25, you’ll need to keep a minimum balance of $50,000 to waive the $6 monthly maintenance fee and get into the higher APY tiers.

In exchange, this account comes with a bunch of perks. First, it earns interest, though the calculation is a little complicated: Rather than paying a flat interest rate on your entire balance, they split it up in different brackets.

For example, if you have $12,000 in your account, they will pay 0.05% on your first $10,000 and then 0.23% on the remaining $2,000. Your APY depends on exactly how much money you have in each bracket.

This account also provides three free orders of checks a year, doesn’t charge overdraft fees and refunds all ATM fees so you can make free withdrawals from anywhere in the World. When you shop with the debit card, it earns 12 cents cash back for every purchase over $5.

How to open an Air Force Federal Credit Union Elite Checking account

To open an Elite Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Elite Checking account.

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Plus Checking

This account comes with perks to similar Elite Checking but earns a lot less interest.
APYMinimum Balance Amount
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (waived for minimum balance of $750.)
  • ATM fees: None
  • ATM fee refunds: Covers all fees at other ATMs.
  • Overdraft fees: $29 per transaction

With the AFFCU Plus Checking account, you only need to keep a minimum balance of at least $750 to avoid the monthly maintenance fee.

If you sign up for Plus Checking, you receive two free orders of checks per year, free withdrawals from any ATM in the world and cash back on debit purchases (12 cents for every purchase of at least $5). This account also earns interest though the rates are not as high as what you would receive with the Elite Checking account.

How to open an Air Force Federal Credit Union Plus Checking account

To open a Plus Checking account, you must become a member of Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Plus Checking account.

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Advantage Checking

This account has a smaller balance requirement and still earns interest. In exchange, it doesn’t have some of the other account benefits.
APYMinimum Balance Amount
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4 (waived for minimum balance of $500.)
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $29 per transaction

The Air Force Federal Credit Union Advantage Checking account only requires a minimum balance of $500 to waive the $4 monthly maintenance fee. It earns the same interest rate as the Plus Checking account.

However, in exchange this account does not offer free access to ATMs worldwide. If you use an ATM that isn’t part of the AFFCU network or one of their partners, Air Force Federal Credit Union will charge you a $1 fee per transaction and will not refund any fees charged by the owner of the ATM.

This account comes with one free order of checks per year and provides cash back on debit purchases (12 cents for each purchase of at least $5).

How to open an Air Force Federal Credit Union Advantage Checking account

To open an Advantage Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Advantage Checking account.

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on AFFCU’s secure website

Value Checking

A free checking account with no minimum balance requirement, no interest and not as many of the perks.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $29 per transaction

If all you want is free basic checking, the Air Force Federal Credit Union Value Checking account, could be a good option. It does not have a minimum balance requirement and never charges a monthly maintenance fee.

With this account, you receive free online banking, a debit card and the ability to order checks. You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

How to open an Air Force Federal Credit Union Value account

To open a Value Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Value Checking account.

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SAF-T Account

A no-check checking account with limits to prevent fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: None (overdrafts not allowed.)

AFFCU’s SAF-T account sets limits on how the account can be used in order to prevent bank fees. It requires you sign up for e-statements to avoid the cost and trouble of paper statements and fees for delivering a statement to the wrong address, as service members often move locations.

It also only allows debit transactions, so you can’t spend beyond your account balance. That way you won’t get hit with overdraft or NSF fees. This account does not charge monthly maintenance fees or have a minimum balance requirement.

You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

How to open an Air Force Federal Credit Union SAF-T account

To open a SAF-T account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a SAF-T account.

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on AFFCU’s secure website

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How Air Force Federal Credit Union’s checking accounts compare

We love the variety with Air Force Federal Credit Union’s checking accounts. Whether your goal is to earn tons of perks, minimize fees on a small account or do something in the middle, AFFCU offers something that could be a good fit.

If you can manage the $750 balance requirement, the Plus account seems like the best value because it comes with nearly all the features of Elite Checking with a fraction of the balance requirement — $750 versus $50,000.

The key downside of Air Force Federal Credit Union’s checking accounts is they do not pay enough interest. Elite starts to pay a decent rate once you deposit about $100,000 but that’s not realistic for most people. The other accounts pay nothing or practically nothing. If you’d like the same benefits as what’s available through this credit union, while earning a decent interest rate, take a look at the top online checking accounts.

Air Force Federal Credit Union’s savings account options

AFFCU Savings Account

This takes only $5 to open and never charges an annual fee. Unfortunately, it pays a low rate for a savings account.
APYMinimum Balance Amount
0.10%$5.00
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

You can open an Air Force Federal Credit Union Savings Account with a deposit of only $5. This account does not charge a monthly maintenance fee or have a minimum balance requirement but it will stop paying interest if your balance falls below $5.

This account limits how often you can take out money per month, which is a Federal Reserve requirement for savings accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, AFFCU will charge a $10 fee per excess transaction.

How to open an Air Force Federal Credit Union Savings Account

To open this account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Savings account.

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Christmas Club

Don’t let the cheery name fool you. It’s basically the regular savings account with a costly early withdrawal penalty.
APYMinimum Balance Amount
0.10%$0.00
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

Air Force Federal Credit Union markets their Christmas Club account as a way to save for the holidays. You put money aside during the year and then on November 1, Air Force Federal Credit Union transfers everything to your checking account.

But if you need your money before November, AFFCU will charge a $10 early withdrawal fee. This account pays the same interest rate as the regular Savings account. The only difference is you can open this account with a deposit of any size, instead of $5.

How to open an Air Force Federal Credit Union Christmas Club account

To open a Christmas Club account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Christmas Club account.

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How Air Force Federal Credit Union savings accounts compare

The Air Force Federal Credit Union savings accounts are not that great. They just do not pay enough interest to make up for the extra restrictions for using a savings account instead of a checking account.

The Christmas Club account is a good example of the cost of those restrictions: If you ever need your money before November 1, AFFCU charges a $10 fee which will likely erase your earnings and eat into your initial deposit. You can receive the same interest rate through the regular Savings account, making that account a better option to prepare for the holidays.

Or even better, check out these other savings accounts which also have low fees but pay much higher rates.

Air Force Federal Credit Union’s CD rates

Air Force Federal Credit Union share certificates

Terrific CD rates, especially for small, short-term deposits.
Term$1,000$2,500$12,500$25,000$100,000
6 Months1.75%1.75%1.75%1.75%1.75%
1 Year2.30%2.30%2.30%2.30%2.30%
2 Years2.55%2.55%2.55%2.55%2.55%
3 Years2.60%2.60%2.60%2.60%2.60%
5 YearsN/A2.90%2.90%2.90%2.90%
7 YearsN/A3.20%3.20%3.20%3.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY:  For the 6 month – 3 year terms are $1,000 and for the 5 year – 7 year terms are $2,500
  • Early withdrawal penalty: The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date, applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further.

The Air Force Federal Credit Union Share Certificates range in terms from six months to seven years. You can open an Air Force Federal Credit Union Share Certificate with a deposit as low as $1,000. However, their five-year and seven-year certificates are not available unless you deposit at least $2,500.

The credit union currently pays the same interest rate regardless of the size of your deposit. They do offer a rate bonus if you use other services there. If you have either an AFFCU checking account or loan, they will add an additional 10 basis points to your interest rate; if you have both a checking account and loan they will add 20 basis points.

These Share Certificates do charge an early withdrawal penalty if you take money out before the end of the term. Their owner’s manual (account agreement) states the complicated penalty as follows:

“The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further withdrawal.”

Translation: Make an early withdrawal and you’ll lose one half of the payments you are still set to earn from the withdrawal date to the maturity date. The further you are away from the maturity date, the higher the penalty will be.

How to open an Air Force Federal Credit Union share certificate

To open a Share Certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Share Certificate.

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How the Air Force Federal Credit Union CDs compare

Despite the complicated — and potentially costly — early withdrawal penalty, the Air Force Federal Credit Union Share Certificates are a terrific option. They pay high interest rates, especially for their shorter-term CDs of three years or less.

The rates look even better when you add in their relationship bonus for having an Air Force Federal Credit Union loan and checking account. We also like that you can open a Share Certificate with a deposit of only $1,000 and still earn the full APY on 6 month to three year terms.

One downside of these CDs is they don’t pay a higher rate for larger deposits: $1,000 or $1 million, it’s the same rate. Also, for longer-term deposits their rates are good but not quite as good as the short-term ones. If you want a larger, long-term CD or just want to compare your options, you should look at these other top CDs as well.

Air Force Federal Credit Union’s money market account options

Money market account

Doesn’t earn enough interest to justify the high balance requirement and monthly maintenance fee.
APYMinimum Balance Amount
0.05%$0.01
0.25%$2,500.01
0.25%$25,000.01
0.25%$50,000.01
0.25%$100,000.00
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10 (waived for balance of at least $250).
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

You need to deposit at least $2,500 to open an Air Force Federal Credit Union money market account. If your balance drops below $2,500, this account will reduce the interest rate. If your account balance drops below $250, the account starts charging a $10 monthly maintenance fee.

This account limits how often you can take out money per month, a Federal Reserve requirement for money market accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, the Air Force Federal Credit Union will charge a $10 fee per transaction.

How to open an Air Force Federal Credit Union money market account

To open a money market account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a money market account.

LEARN MORE Secured

on AFFCU’s secure website

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How the Air Force Federal Credit Union money market account compares

The Air Force Federal Credit Union money market account earns more than its savings counterpart, but the rate is still not that high. Especially when compared to the top money market accounts on the market. We also don’t like that the interest rate stays the same even after your account balance exceeds the $2,500 minimum initial deposit. There’s no increase for larger deposits. Also, that initial deposit requirement is on the high side.

On the plus side, this account is free so long as you have a balance of at least $250. But there are other free money market accounts that still pay more. If you’re going to deal with all the money market restrictions, you should look for an account that offers a more reasonable rate.

Air Force Federal Credit Union IRA account options

IRA certificates

The credit union’s terrific share certificates are available through an IRA.
Term$1,000$2,500$12,500$25,000$100,000
1 Year2.30%2.30%2.30%2.30%2.30%
2 Years2.55%2.55%2.55%2.55%2.55%
3 Years2.60%2.60%2.60%2.60%2.60%
5 YearsN/A2.90%2.90%2.90%2.90%
7 YearsN/A3.20%3.20%3.20%3.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: For the 1 year – 3 year terms are $1,000 and for the 5 year – 7 year terms are $2,500
  • Early withdrawal penalty: The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date, applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further.

The Air Force Federal Credit Union share certificates can also be set up as part of an IRA. That way you can delay taxes on the interest earnings until retirement. The rules and interest rates are mostly the same as the share certificates. The only major difference is the six-month term is not available for the IRA certificates.

You need to deposit at least $1,000 to open a certificate and earn the APY on one to three year terms. These IRA Certificates also charge the same early withdrawal penalty as the regular Share Certificates.

How to open an Air Force Federal Credit Union IRA share certificate

Before you can open an IRA share certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the Air Force Federal Credit Union website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number, and how you plan on funding the IRA. As part of the application, you pick which IRA certificates you want to open and how much money you want to go in each.

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on AFFCU’s secure website

IRA share accounts

Lower interest rates in exchange for lower deposit requirements and no early withdrawal penalties.
APYMinimum Balance Amount
0.30%$5.00
0.30%$2,500.00
0.30%$10,000.00
0.45%$25,000.00
0.45%$50,000.00
0.55%$90,000.00
0.55%$100,000.00
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: None

You can open an Air Force Federal Credit Union IRA share account with a deposit as small as $5. This IRA option is more like a money market account in an IRA. The interest rate is just based on the amount of money in your account. You also don’t have to commit your money for a set amount of time like you would with an IRA CD.

This account does not charge an early withdrawal penalty. However, the interest rates are significantly lower compared to the Air Force Federal Credit Union IRA Certificates.

How to open an Air Force Federal Credit Union IRA share account

Before you can open an IRA share account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the AFFCU website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number and how you plan on funding the IRA. As part of the application, you can select the IRA share account and list how much money you want to go into it.

LEARN MORE Secured

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How Air Force Federal Credit Union’s IRA accounts compare

Out of the two deposit IRAs from the Air Force Federal Credit Union, the IRA Certificate is the much better choice. It offers terrific interest rates that match up well even with the best IRA CDs in the country. Another great feature is you can set up an Air Force Federal Credit Union IRA Certificate for a deposit of only $1,000 for select tiers. Most top IRA CDs usually require more.

The IRA Share account is just OK. It’s nice that you can open one with just $5 and that Air Force Federal Credit Union lets you move money out of the account without a penalty. Still, the interest rates are just not high enough.

You are better off using either the IRA Certificates or considering another one of the top IRA CDs on the market.

Overall review of Air Force Federal Credit Union’s banking products

Air Force Federal Credit Union has some excellent accounts along with some that really aren’t great. Our favorites were their CDs and IRA CDs thanks to their terrific interest rates. AFFCU also has a nice variety of checking accounts so you can find a good fit for all kinds of different needs.

We didn’t like their savings and money market accounts: They don’t earn enough interest to make up for their withdrawal restrictions. If you sign up with this credit union, focus on its other accounts besides savings and money market.

But before getting too excited about any of the Air Force Federal Credit Union accounts, you should make sure you are eligible to join. As a local credit union, they restrict who can become a member. Their accounts are only available to people in a few Southern states who also meet the memberships requirements, like being in the military or part of select Texas organizations and businesses. If you can make the cut, then the Air Force Federal Credit Union is definitely worth considering.

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

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews, Strategies to Save

BB&T CD Rates and Review

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

Trying to find BB&T CD rates
Source: iStock

As you may know if you’ve done a search for BB&T CD rates, their website is not a helpful place to turn for information. Beyond a basic overview of their CDs on their website stating that they have CDs with terms ranging from seven days to five years, they do not give details on their current rates. BB&T did not respond to email and phone inquiries from MagnifyMoney asking why the bank does not publish its CD rates online. When we called their customer service number, a representative said BB&T’s CD rates change on a daily basis and said the best way to learn about CD rates is to call or visit a local branch.

So that’s what we did.

We reached out to BB&T branches on September 5th. After conducting this research, it’s not surprising BB&T makes their CD rates hard to find — they’re terrible.

BB&T CD rates and products

BB&T offers CD terms ranging from as short as seven days to as long as five years. They have eight CD options, each with different investment goals.

7-day to 60-month

For short-term investments, BB&T offers CDs ranging from seven days to 60 months. These personal CDs offer a fixed rate of return along with the flexibility to focus on developing either a short- or long-term investment.

BB&T CD Term

APY

Minimum Deposit Amount

3 Months

0.03%

$1,000

6 Months

0.05%

$1,000

1 Year

0.10%

$1,000

18 Months

0.15%

$1,000

2 years

0.20%

$1,000

3 Years

0.40%

$1,000

4 Years

0.45%

$1,000

5 Years

0.50%

$1,000

Rates as of September 5, 2018

Not only can you find better CD rates at other banks and credit unions for each of the terms BB&T offers, you can get those better rates with smaller minimum deposits. BB&T’s offerings are far from the best in every term length above — you can see some of the top options in our monthly roundup of the best CD rates.

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

Can’t Lose

As the name of this CD implies, whether rates go up or down, you can’t lose. Well, actually, you can: The APY is so low, you’re almost certainly going to lose money to inflation.

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

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

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

30-month "Can't Lose"

0.25

$1,000

No penalty for one
withdrawal after 12 months

As of September 5, 2018

Still, you can find many CDs with better APYs than BB&T’s Can’t Lose, whether you’re looking for a 12-month investment or longer.

Stepped Rate

Laddering is a way to stagger your CD investments so you’re able to take advantage of increasing rates. With the Stepped Rate option from BB&T, laddering is built into the CD product. The initial CD starts out at a lower rate and increases each year. For example:

Months

APY

12

0.30%

24

0.40%

36

0.55%

48

0.75%

As of September 5, 2018

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

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

Or you could create a CD ladder on your own, choosing CDs with better rates than BB&T’s — higher rates are certainly available.

Add-on

The Add-on CD option from BB&T offers a 12-month CD at 0.10% and an opening deposit of $100. You’ll need a BB&T checking account and a $50/month automatic deposit from your checking account into the CD. To get a personal account, you’ll just need to set up direct deposit or maintain a $1,500 balance.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

12-month Add-on

0.10%

$100

Greater of $25 or
6 months’ interest

As of September 5, 2018

Home Saver

If you’re in the market for a new home, and you want to earn a little more interest on the money you’re saving, consider the Home Saver CD. Starting with as little as $100, you’ll be able to deposit money earmarked for your new home every month and earn 0.40% APY. With this CD, as long as you’re withdrawing the money for use toward the purchase of your new home, you won’t pay any penalties for the withdrawal. But you will need a BB&T checking account set up for a monthly deposit of $50 into your Home Saver CD.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month Home Saver

0.40%

$100

No penalty for
home purchase

As of September 5, 2018

College Saver

Similar to the Home Saver CD, the College Saver CD is meant for parents or students saving for college. It offers the benefit of starting at a higher APY (0.40%) with the flexibility of withdrawing the money up to four times per year to pay for the cost of attending school. As with the Home Saver, you’ll need to have a BB&T checking account with an automatic monthly deposit of $50. The College Saver offers terms of 36, 48, and 60 months.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month College Saver

0.40%

$100

No penalty for
school costs

48-month College Saver

0.45%

$100

No penalty for
school costs

60-month College Saver

0.50%

$100

No penalty for
school costs

As of September 5, 2018

Treasury

This CD offers the ability to make additional deposits of at least $100 into your CD at any time and one monthly withdrawal without penalty. The CD has a six-month term with a variable interest rate tied to the U.S. Treasury Bill — if the rate goes up, you’ll make more money, but if the rate declines, you’ll make less. Right now, rates start at 1.96% and adjust quarterly. Throughout 2017, Treasury Bill rates increased almost every month and have continued to rise in 2018, reaching 1.969% in July. So this is a great option if you have the $5,000 minimum deposit amount and want a short-term investment with the option to add or remove funds from the CD.

CDARS

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

Other things to know about BB&T CDs

Does BB&T allow customers to take advantage of rising rates once they’ve opened a CD?

BB&T has two CD options that allow you to take advantage of rising rates: the 30-month Can’t Lose CD and the 48-month Stepped Rate CD. Both allow you to make a withdrawal before the CD comes to maturity in case rates increase (terms apply). They also allow additional deposits in case rates drop and you want to invest more at the existing rate of your CD. However, the current rates on those products are very low, negating the value of their flexibility.

About BB&T

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

BB&T offers a mobile app for both iOS and Android. While their website is easy enough to use, finding specific information, particularly about rates, is impossible. Their customer service number isn’t much help in that regard either, with most questions answered with a suggestion to visit a branch location. As a result, if you don’t live in an area with a branch, we don’t recommend using BB&T’s CDs. To find the BB&T branch closest to you, use their branch locator.

Pros and cons of CDs

A certificate of deposit (CD) may offer a higher return than you’ll get with your savings accounts, without the risk of loss that accompanies other investment options with higher return rates. The drawbacks associated with CDs are the inability to access your funds during the term of the investment without suffering a penalty and the risk of interest rates increasing while your money is locked into a CD for a specified term.

The bottom line: Are BB&T CDs right for you?

BB&T does offer some flexible deals to its customers, but in general, better CD rates can be found at both banks and credit unions with comparable terms. You can find them on our list of the best CD rates, which we update every month.

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

Ralph Miller
Ralph Miller |

Ralph Miller is a writer at MagnifyMoney. You can email Ralph here

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Reviews

nbkc bank Review of Deposit Rates

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

Year Established1999
Total Assets$0.7B
LEARN MORE on nbkc bank’s secure website

You may or may not have heard of nbkc bank before. It’s a full-service, FDIC-insured national bank with just four physical bank branches located in Kansas and Missouri. nbkc, established in 1999, offers mortgage loans in all 50 states, as well as personal and business bank accounts, IRAs and money market accounts.

In this review, we’ll be focusing on their personal banking options, CDs, health savings account and IRA.

nbkc bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.51%

Savings

nbkc bank Personal Money Market Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

nbkc bank’s personal checking account

nbkc’s personal checking account provides a competitive interest rate, unlimited transactions and no hidden fees.

APY

Minimum deposit amount

0.90%

$5

  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Overdraft fee: $0

This checking account has no minimum balance requirement and needs just a small deposit to get started. Account holders will pay absolutely nothing to take advantage of features like eStatements, talking to a rep on the phone, ordering checks (first book of 120 checks are free, then $18 fee), a debit card, or online banking and bill pay.

On top of that, a competitive APY is offered on all balances, making this a great option to store savings as well without having to worry about exceeding a monthly transaction limit.

The only fees you might incur is if you’re sending or receiving wire transfers. It doesn’t cost anything to receive a domestic wire, but there are two other fees detailed below.

  • $5 to send a domestic wire anywhere in the U.S.
  • $45 to send or receive international wire transfers

This personal account would be great for someone who’s looking to earn interest with a checking account and avoid costly bank and ATM fees.

How to get nbkc bank’s personal account

Applying for an nbkc personal bank account is simple and you can do it online. Just go to their website and click on the drop-down menu on the far right corner at the top of the page. Click on “Personal” under the “Open Account” heading. Then, click on “Open Personal Account.”

In order to complete the online application, you’ll need your Social Security number, valid driver’s license or state ID, and you must be at least 18 years old and a U.S. citizen or resident alien.

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How nbkc bank’s checking account compares

When compared with some of the other top checking accounts, nbkc’s personal account is a strong contender.

Their interest rate is not the highest, but some of the banks with higher interest rates require a much higher minimum deposit when opening an account.

However, nbkc isn’t the only bank offering a competitive interest rate with a low minimum deposit.

nbkc bank’s money market account

Personal Money Market Savings

nbkc bank’s money market account acts as a personal savings account and rewards you with a generous interest rate.

APY

Minimum balance amount

1.51% APY

$0.01 - $1,000,000

1.00% APY

$1,000,000.01+

  • Monthly account maintenance fee: $0
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Excessive withdrawals fee: None
  • Overdraft fee: $0

nbkc describes their money market account as a “no gotcha” savings that pays even more interest. It’s very similar to the personal checking account in that it has virtually little to no fees. It also offers the first box of 120 checks free; after, it’s $18.

The only difference is that you can earn much more interest on your money given the higher rate and there is a limit of six debit transactions you can make per month. Although there is no fee when withdrawing over the limit, withdrawing excessively may lead to the bank changing your account into a personal checking account.

In order to earn the rates mentioned above, you can have as little as a penny in your account so you don’t have to worry about meeting high minimum balance requirements. This account would be a great option for someone who’s looking for a simple savings account with no balance requirements and a competitive interest rate.

How to get nbkc bank’s Personal Money Market Savings account

Applying for a nbkc money market account is simple and you can do it online. Just go to their website and click on the drop-down menu on the far right corner at the top of the page. Click on “Personal” under the “Open Account” heading. Then, click on “Open Money Market Savings.”

In order to complete the online application, you’ll need your Social Security number, valid driver’s license or state ID, and you must be at least 18 years old and a U.S. citizen or resident alien.

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How nbkc bank’s money market account compares

When compared with other money market accounts, nbkc’s interest rate actually comes in a bit low. That fact that they don’t really have a minimum balance requirement to obtain the APY, helps the account stand out from others.

Another trend noticed among the top money market accounts is that they allow account holders to write checks. nbkc offers checks with this account.

nbkc bank’s CD Rates

Personal CDs

A simple, yet basic personal CD solution that is not one of our favorites.

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.11%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.28%

24 months

1.31%

36 months

1.61%

48 months

1.82%

60 months

2.12%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: Varies. 3-6 months=90 days’ interest; 12 months=180 days’ interest; 24-36 months=360 days’ interest, 48-60 months= 540 day’s interest

nbkc bank offers flexible terms for personal CDs ranging from three months to five years. This might be ideal for someone who wants options in order to decide on a term or who would prefer a short-term savings plan for less than a year.

While their rates are not that great, you can open an account for as little as $1,000 and the only fee you’d have to worry about is an early withdrawal penalty. For 3- to 6-month CD, the penalty is 90 days’ interest; for a 12-month CD, the penalty is 180 days’ interest; for 24- and 36-month CDs, the penalty is 360 days’ interest, for 48- and 60-month CDs, the penalty is 540 days’ interest.

How to get nbkc bank’s CDs

In order to open a personal CD account, you need to contact them either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

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Add-to Starter CD

nbkc also offers a 12-month add-to-starter CD as a flexible way to automatically increase your savings.

Term

APY

12 months

1.11%

  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ interest

With nbkc’s add-to CD product, account holders can increase the balance for their CD or CD IRA during the first year by adding money to it. The benefit is that once you open a CD with the bank, you can add to it consistently, starting with just $25.

From there, you can set up a $25+ automatic deposit from your nbkc checking account. This account would be best for someone who wants to work toward a savings goal, like preparing for a down payment on a house.

How to get nbkc bank’s Add-to Starter CD

In order to get an add-to starter CD, you need to first have a CD account with nbkc, then contact them either by calling their main line: (816) 965-1400, toll free number: (888) 905-2165 or by stopping in one of their branches.

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How nbkc bank’s CD rates compare

nbkc’s personal CDs leave a lot to be desired when compared with other banks’ CD products.

While it’s nice that the bank offers CD terms that are less than 12 months, it won’t really do consumers much good since the interest rate is so low. If you’re looking for a CD with a term less than 12 months, you will earn some interest using nbkc, but it will probably compare to what an online savings account can offer.

The interest increases as you increase your term, but it still falls flat compared with other banks. Many banks also have a lower minimum deposit amount as well making their CDs an all around better option than what nbkc offers.

nbkc bank’s Personal Health Savings Account

nbkc allows you to save for medical expenses while earning a guaranteed amount of interest.

APY

Minimum balance amount

1.01%

$0.01 - $1,000,000.00

0.50%

$1,000,000.01+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 in ATM fees each month.
  • Overdraft fee: $0

A Health Savings Account or (HSA) is a savings account that people with a high-deductible health insurance policy can use to save money tax-free for qualifying medical expenses.

nbkc offers an average interest rate for this account compared with their other personal accounts. It’s higher than what you can earn with a personal checking account but you can get a better APY with their money market account.

How to get nbkc bank’s Personal Health Savings Account

To open a personal Health Savings Account with nbkc, you need to contact the bank either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

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How nbkc bank’s health savings account compares

Like many of their other products, nbkc offers a standard interest rate for their Health Savings Account. While it is competitive and more than what most other banks offer, it’s not the highest rate on the market right now.

While a few other banks and credit unions may offer a higher interest rate, they also have higher account minimums while nbkc offers a $0 minimum opening balance.

If you don’t have hundreds or thousands to deposit into your HSA right off the bat and you want to earn interest, nbkc’s Health Savings account is a good option.

nbkc bank’s IRA account options

IRA CD Rates

Personal IRA CDs

This account is basically a copycat of nbkc’s personal CD, only you can use it to save for your retirement with varying withdrawal terms.

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.11%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.28%

24 months

1.31%

36 months

1.61%

48 months

1.82%

60 months

2.12%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: Varies. It depends on how much is withdrawn as well as the term.

nbkc’s IRA CDs have the same rates and minimum opening deposit requirements as their personal CDs. The only difference is that you can invest your IRA contributions.

There is no fee to transfer funds from another bank, and if applicable, you’re free in the clear to withdraw your designated required minimum distribution each year.

This would be a good option for someone looking to store their retirement savings for a shorter term whether it be six months or five years.

By holding your account at a bank like nbkc that’s backed by the FDIC, your funds will be protected by the U.S. government for up to $250,000.

How to get nbkc bank’s IRA CDs

To open a personal IRA CD, you need to contact the bank either by calling their main line: (816) 965-1400, toll free number: (888) 905-2165 or by stopping in one of their branches.

LEARN MORE Secured

on nbkc bank’s secure website

Add-to Starter IRA CD

This account is a copycat of nbkc’s add-to starter CD, only with an IRA framework.

Term

APY

12 months

1.11%

  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ interest

nbkc’s add-to IRA CD product works just like the personal CD add-to account where you can contribute funds to your account over a 12-month period.

You just need $25 to get started and can set up automatic transfers of $25+ regularly. This would be a favorable option for someone looking to increase their retirement savings and grow their account at a steady, guaranteed interest rate.

However, the APY is quite low and if rates do increase, you won’t be able to take advantage of them while your term is still active.

How to get nbkc bank’s Add-to Starter IRA CD

In order to get an add-to starter IRA CD, you need to first have an IRA CD account with nbkc, then contact them either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

LEARN MORE Secured

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How nbkc bank’s IRA CD rates compare

nbkc bank’s personal IRA CDs definitely comes in on the low end when compared with other IRA CD products.

The APY is much lower than other banks but one of the perks is that you can start adding to your IRA CD with just a small amount of money. Other banks also have lower minimum deposit requirements and offer higher rates so it best to shop around.

Overall review of nbkc bank’s products

We like that nbkc offers a wide variety of banking products, low minimum deposit requirements and hardly any hidden fees. It’s clear that this bank has fulfilled their mission of offering simple and straightforward solutions to customers. However, little information is readily available on their site about some of their accounts.

In terms of their personal checking account, being able to earn interest is also a worthy perk.

However, the APY for many of their other accounts, like the money market and their CDs, falls short compared with other banks. If you want to get more bang for your buck with a CD, IRA CD or personal IRA account, you should look elsewhere.

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

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at chonce@magnifymoney.com

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Reviews

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

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

CitiBank

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

How Citibank’s checking and savings accounts work

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

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

Citibank’s savings account options

Citi® Savings

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

APY

Minimum Deposit Amount

1.60%

<$10,000

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

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

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

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

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Citi® Savings Account Packages

Generally lackluster interest rates on savings account packages

Citigold® and Citi Priority Savings Account Rates

 

Annual Percentage Yield (APY) by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.06%

0.10%

0.10%

0.12%

0.15%

0.15%

Citibank Account Package

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.08%

0.08%

0.10%

0.13%

0.13%

Basic Banking and Access Account Packages

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.06%

0.06%

0.06%

0.06%

0.06%

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

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

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

magnifying glass

How Citibank’s savings accounts compare

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

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

Citibank checking account options

Citigold® Package

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

APY

Minimum Deposit Amount

0.03%

$0

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

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

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

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

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Citi Priority Account Package

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

APY

Minimum Deposit Amount

0.03%

$0

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

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

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

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

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The Citibank® Account Package

Average account with above-average requirements

APY

Minimum Deposit Amount

0.01%

$0

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

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

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

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

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Basic Banking Package

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

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

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

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Access Account Package

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

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

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

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

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How Citibank’s checking accounts compare

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

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

Citibank CD Rates

Small earnings, but small early withdrawal penalties as well.

CD Rates for Citigold® account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

CD Rates for Citi Priority account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

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

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.05%

0.05%

0.05%

0.05%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.10%

0.10%

0.10%

0.10%

0.10%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

1.75%

1.75%

1.75%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.25%

0.25%

0.25%

0.25%

0.25%

13 month

0.20%

0.20%

2.00%

2.00%

2.25%

18 month

0.25%

0.25%

2.35%

2.35%

2.35%

2 year

0.50%

0.50%

0.50%

0.50%

0.50%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.70%

0.70%

0.70%

0.70%

0.70%

4 year

0.75%

0.75%

0.75%

0.75%

0.75%

5 year

0.80%

0.80%

0.80%

0.80%

0.80%

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

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

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

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

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

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How Citibank’s CDs compare

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

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

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

Citibank IRA accounts

Guaranteed low returns, especially when compared to equity investments

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

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

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

Overall review of Citibank

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

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

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

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Santander Bank Review of Checking, Savings, CD, and Money Market Accounts

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

Year Established1907
Total Assets$74.4B
LEARN MORE on Santander Bank, N.A’s secure website

Santander Bank is a fully owned U.S.-based subsidiary of Banco Santander, the storied Spanish bank that was founded in 1857. In the U.S., Santander Bank operates in the northeast, with over 600 branches in states from New Hampshire to Rhode Island. The only state outside the northeast where you can find a Santander branch is Florida.

For a regional U.S. institution, Santander has a diverse product line, encompassing everything from checking and savings accounts to CDs and money market accounts. Rates and terms are subject to change and vary based on type of account.

Here’s a closer look at the Santander product line, with information on rates and how to open various accounts.

Santander Bank, N.A’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Santander Bank, N.A Santander Savings Account

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.15%

CD Rates

Santander Bank, N.A 15 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.40%

CD Rates

Santander Bank, N.A 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.40%

CD Rates

Santander Bank, N.A 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website


Santander Bank’s checking account options

Santander Premier Plus Checking

The Santander Premier Plus Checking Account offers the highest level of service of any checking account offered by the bank.

APY

Minimum Deposit Amount

0.01%

Any Amount

  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $35 if not waived through a combined $75,000 in deposits or investments at the bank or $6,000 in monthly direct deposits
  • ATM fee: Free for Santander ATMs, $3 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: none
  • Overdraft fee: $35; $12 with Overdraft Protection

The fee is high on the Santander Premier Plus Checking account, but it can be waived for customers with high account balances or those who make large direct deposits. Premier Plus customers enjoy a suite of premium services, including a Premier debit card with higher spending limits, savings on Santander Premier Plus Money Market accounts and priority phone service.

Premier Plus customers also benefit from access to a dedicated banker who can coordinate daily banking needs with a team of financial service experts.

Account holders also benefit from the standard features and benefits offered to all Santander customers, including mobile and online services, free statements, and thousands of ATMs.

On the downside, while the Premier Plus Checking account does pay interest, the rate is extremely low, and far below national averages. Larger deposits are of no benefit, as the rate applies to all balances, regardless of size.

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Santander Basic Checking

Basic checking has a low fee, but it doesn’t pay interest and the fee cannot be waived.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3, non-waivable
  • ATM fee: Free for Santander ATMs, $3 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: None
  • Overdraft fee: $35; $12 with Overdraft Protection

Santander refers to its Basic Checking account as “an account with a low, predictable monthly fee.” This is true, as the fee is modest. However, Santander offers no way to avoid this fee, unlike many checking accounts offered by its competitors.

For that fee, you get an account with a low minimum opening balance that provides access to free online statements. You’ll also have your foot in the door as a client of Santander, which provides access to a host of benefits that apply to all accounts, including the following:

  • Online and mobile banking
  • Access to over 600 branches and 2,000 Santander ATMs, including many CVS locations
  • Mobile check deposit
  • A debit MasterCard
  • Customizable alerts
  • FDIC insurance
  • Apple Pay

All of Santander’s checking accounts, including Basic Checking, offer overdraft protection. You’ll need to link up a Santander savings or money market account to benefit from this service, but the bank will then automatically transfer enough money to cover the overdraft in your checking account. You’ll still pay a fee, but it’s less than the standard overdraft fee.

As a Basic Checking customer, you can also benefit from a waiver of the fee to open a savings or money market account at the bank.

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Simply Right Checking

The Simply Right Checking account doesn’t pay interest but offers an easy way to avoid the monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 if not waived via any transaction
  • ATM fee: Free for Santander ATMs, $3 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: None
  • Overdraft fee: $35; $12 with Overdraft Protection

Santander’s Simply Right Checking account can be considered the bank’s “standard” account, with basic services attached and multiple ways to avoid the monthly fee. As long as you make a single transaction in the account in any given month, you won’t have to pay the account maintenance fee. Santander has a broad definition of “any transaction,” which includes any withdrawal, deposit, transfer, or bill payment that posts to the account.

Simply Right customers get all the benefits of the bank’s Basic Checking account, from mobile and online access to free paperless statements and fee waivers for savings or money market accounts opened at the bank.

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Student Value Checking

As the name implies, Santander’s Student Value Checking is an account designed for students, with low fees and minimums.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0, if you’re a student ages 16-25
  • ATM fee: Free for Santander ATMs, $2 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: None
  • Overdraft fee: $35; $12 with Overdraft Protection

With no monthly fees, a modest minimum opening deposit, free paperless statements and mobile banking, Santander’s Student Value Checking lives up to its name. Even fees for domestic, non-Santander ATMs are reduced over the bank’s other checking accounts.

On top of this low fee structure, the Student Value Checking account offers the same standard benefits enjoyed by the full range of Santander’s checking accounts, including mobile and online access, Apple Pay and ATM/debit card access. However, you won’t earn interest on this account.

How to open Santander Bank’s checking accounts

Applying for a checking account is easy through Santander’s online portal. You can open any type of checking account within about 10 minutes. If you’re already a customer, this process can move more quickly, as the bank already has your important personal and financial information.

To apply, you’ll need the following:

  • Social Security number
  • A government-issued ID
  • A valid email address
  • A funding source
  • A phone number

The online application will ask you for additional information as you click through it, such as your employment status and your full address. After agreeing to standard regulations, you can provide a username and password to access your accounts in the future.

Since Santander Bank is only based in the northeastern U.S. and Florida, an online application can often be the easiest method. However, if you’re near a branch, you can walk in and provide the same personal and financial information to a Santander Bank representative in person.

You’ll need to fund your account at the time you open it, although Santander Bank’s minimum opening deposits are small. If you ever need help, you can call the bank’s customer service line at (877) 768-2265.

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How Santander Bank’s checking accounts compare

Santander Bank’s checking accounts offer numerous freebies that are commonplace in today’s competitive market. However, the bank’s checking accounts can’t compete with top online banks in terms of interest rates and ATM fee reimbursement.

Santander’s Basic Checking and Simply Right Checking are very similar accounts, but there’s no way to waive the Basic Checking account fee. This makes the Simply Right account more appropriate for customers that make even one transaction per month in their accounts.

On the high end, Santander’s Premier Plus Checking offers a host of services for customers who are more likely to need them. However, interest rates are nearly nonexistent and are not tiered, meaning customers with large deposits might want to look elsewhere for higher-paying options.

Santander Bank savings account options

Santander Savings Account

The Santander Savings Account is best used in conjunction with a Santander checking account. It offers low fees and typical online services.

APY

Minimum Opening Deposit

0.03%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $1, waived with a $100 balance or an open Santander checking account
  • ATM fee: Free for Santander ATMs, $3 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: None
  • Overdraft fee: $35; $12 with Overdraft Protection
  • Excess activity fee: $5 for each transaction above six per month

This basic savings account is a good companion to one of Santander Bank’s checking accounts. The account pays interest and can be used as a source for overdraft protection funds for a checking account, or vice versa. Opening a companion Santander Bank checking account will waive the monthly fee, as will a small maintaining balance.

Santander Bank offers an AutoSave feature, which will automatically transfer funds from your checking account to the savings account on a regular basis. You can also consolidate your checking and savings accounts onto one monthly statement.

As with any savings account, you’ll have to be wary of Regulation D restrictions put in place by the Federal Reserve. This regulation restricts withdrawals from savings accounts to six per month. If you exceed this requirement, Santander Bank will assess an excess activity fee. If you’re a repeat offender, the bank will convert your account into a non-interest bearing checking account.

Although the Santander Savings Account pays interest, the rate is well below the national average. Rates do not vary based on the size of the deposit.

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Santander Youth Savings Account

The Santander Youth Savings account, like the Student Value Checking account, is designed to appeal to students with its low minimums and simplified fee structure.
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: None
  • ATM fee: Free for Santander ATMs, $2 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: None
  • Overdraft fee: $35; $12 with Overdraft Protection
  • Excess activity fee: $5 for each transaction above 6 per month

Santander Bank’s Youth Savings account mirrors its Student Value Checking account in many ways. Both accounts carry the same opening deposit amount, charge no monthly fees, and carry the same ATM fee structure. The account is open to children under age 18. The account also requires a parent or guardian as a joint owner.

This account offers the standard bells and whistles, such as bill pay, mobile check deposit, Apple pay and access to a debit MasterCard. However, the account does not pay any interest. It is merely a place for young savers to accumulate deposits.

How to open Santander savings accounts

The process for opening Santander Bank’s savings accounts is the same as if you’re opening a checking account. You can visit the bank’s online portal to start the process, which only takes a few minutes. Applying is a bit quicker if you’ve already got your information on file with the bank as an existing customer.

To apply, you’ll need the following:

  • Social Security number
  • A government-issued ID
  • A valid email address
  • A funding source
  • A phone number

After answering some additional questions during the application, your last step will be funding the account.

If you prefer opening an account in person, you’re welcome to visit any Santander branch. Remember that Santander Bank is only based in the northeastern U.S. and Florida, however, so this is only a realistic option for customers living in those areas. For additional assistance, or if you have any questions before you apply, you can contact the bank directly at (877) 768-2265.

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How Santander Bank’s savings accounts compare

Essentially, Santander Bank only offers one savings account. The account pays interest, but the rate is far lower than national averages and well below the top savings account rates you can find at online banks.

The savings account does have low fees and minimums, and can be used as a backstop in case you overdraw your checking account. You can also still access the full range of services offered to all Santander clients, such as free mobile and online access.

The bank’s student savings account can be a good way to get young investors involved in the savings process. However, as the account pays no interest, it is merely a place to store money rather than to earn savings.

Santander CD rates

Santander only offers one main type of certificate of deposit account, its “Choose-Your-Term” CD product. Higher rates are available to those with Premier Plus Checking relationships.

Term

Standard APY*

Premier Plus Checking APY*

3 - 5 months

0.01%

0.11%

6 - 7 months

0.01%

0.11%

8 - 11 months

0.01%

0.11%

12 - 17 months

0.10%

0.20%

18 - 35 months

0.20%

0.30%

36 - 120 months

0.30%

0.40%

*All rates are current as of 7/31/2018

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Three months’ interest for maturities of less than one year; six months’ interest for maturities between one and five years; one year’s interest for maturities of five years or longer

Santander’s “Choose-Your-Term” CD product offers maturities ranging from three months to 10 years. You won’t be able to buy a longer-dated CD at Santander, unlike with some other banks.

Premier Plus Checking customers benefit from higher rates across the board.

When interest hits your Santander account, you can choose to either re-invest the funds in your CD account or transfer the money to your checking, savings or money market account.

If you need to withdraw money from your CD before it matures, you’ll face an early withdrawal penalty that will cost you some of your interest.

Promotional CD rates

Santander offers promotional rates to customers with any type of checking relationship, from Basic Checking to Premier Plus Checking, on particular CD maturities.

Term

APY

9 months

0.15%*

12 months

0.20%*

15 months

2.15%

18 months

2.10%

24 months

1.01%*

36 months

2.40%

48 months

0.40%*

50 months

0.40%*

60 months

2.40%

*These rates are current as of 7/31/2018

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Three months’ interest for maturities of less than one year; six months’ interest for maturities between one and five years; one year’s interest for maturities of five years or longer

Promotional rates may vary from branch to branch and can be offered, changed or removed at any time. While some promotional rates are published on the general bank website, you may have to visit or call a local branch to get additional rates.

How to get Santander’s CDs

Santander doesn’t allow CD accounts to be opened online. To buy a CD, you’ll need to contact the bank directly at (877) 768-2265. You can also call an individual branch directly. This might give you better access to that particular branch’s current promotional CD rates. You can also visit a branch and open a CD account in person.

The application process for buying CDs at Santander is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, address and birth date, and occupational information.

Note: Santander Bank doesn’t publicly promote all of the CD rates on its website, so we had to call the bank to get the current rates. We advise that you do the same prior to applying for a CD from this bank.

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How Santander’s CD rates compare

Santander’s promotional CD rates are high and well above the national averages, but they aren’t the best CD rates you can find. Although you need a checking relationship to get Santander Bank’s best rates, you don’t have to sign up for the bank’s highest-tier checking account to receive them, unlike with some banks. Even a free checking account at Santander Bank gives you access to the bank’s promotional rates.

Santander’s CD rates are not tiered, so all customers get the same rates. If you’re a customer with a large account balance, this might work against you, as a higher deposit won’t garner you any additional interest. However, this is of great benefit to Santander customers with smaller account balances, as rates are the same whether you buy a $500 CD or a jumbo CD.

As with most banks, you can generally earn Santander’s highest CD rates by selecting the longest maturities. Things vary a bit with the bank’s promotional CDs, as there are rate dips with the 24-, 48- and 50-month maturities.

Santander’s Money Market Account Options

Santander Money Market Savings Account

At most deposit levels, you can earn an APY far above the national average with the Santander Money Market Savings account.

Interest Rate for the First Six Months

APY

Minimum Deposit Amount

0.30%

0.25%

$0 - $9,999.99

1.70%

1.35%

$10,000 - $49,999.99

1.70%

1.38%

$50,000 - $99,999.99

1.70%

1.41%

$100,000 - $399,999.99

1.70%

1.41%

$400,000 - $4,999,999.99

1.70%

1.41%

$5,000,000 - $9,999,999,999,999.99

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $1; $10,000+ for highest rates
  • Monthly account maintenance fee: $10, waived if daily average balance is $10,000 or if a Santander checking account is opened
  • ATM fee: Free for Santander ATMs, $3 for domestic non-Santander ATMs, $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: none
  • Overdraft fee: $35; $12 with Overdraft Protection
  • Transaction limitations: Six transactions per period
  • Excess activity fee: $5 for each transaction above six per month

Santander’s Money Market account has a modest fee that is easily avoidable. Rates begin high and climb from there, with deposits over $10,000 earning generous interest rates, far above national averages. You can use the money market account as a backstop to prevent overdrafts in your checking account, although you’ll still pay a reduced fee for an overdraft.

As with savings and money market accounts nationwide, you’ll have to limit your withdrawals, checks or transfers out to six per month with the Santander Money Market account. In addition to violating federal rules if you exceed this amount, Santander will assess an excess activity fee and may convert your account to a non-earning checking account.

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Santander Premier Plus Money Market Savings Account

Rates for the Premier Plus Money Market Savings account are identical to those of the regular Money Market Savings account.

Interest Rate for the First Six Months

APY

Minimum Deposit Amount

0.30%

0.25%

$0 - $9,999.99

1.70%

1.35%

$10,000 - $49,999.99

1.70%

1.38%

$50,000 - $99,999.99

1.70%

1.41%

$100,000 - $399,999.99

1.70%

1.41%

$400,000 - $4,999,999.99

1.70%

1.41%

$5,000,000 - $9,999,999,999,999.99

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $1; $10,000+ to earn highest rates
  • Monthly account maintenance fee: $0
  • ATM fee: Free for Santander ATMS and non-Santander domestic ATMs; $6 for international ATM usage, with the exception of Santander ATMs in Mexico
  • ATM fee refund: none
  • Overdraft fee: $35; $12 with Overdraft Protection
  • Transaction limitations: 6 ACH withdrawals per period
  • Excess activity fee: $5 for each transaction above 6 per month

Santander’s Premier Plus Money Market Savings account offers a high level of service and is free of charge. However, you can only open this account if you have a Santander Premier Plus Checking account. This means that you’ll need either $6,000 in monthly deposits or $75,000 in combined balances to have access to this account.

The main benefit of the Premier Plus account is that it comes with the services of a dedicated banker. This banker can assist you with coordinating your entire financial picture.

As a money market account, the Premier Plus account comes with the same restrictions on monthly withdrawals as the regular Santander Money Market Savings account. However, a key benefit lies in the ability to avoid fees at non-Santander Bank domestic ATMs.

How to get Santander Bank’s money market accounts

Unlike with the bank’s other accounts, you can’t open a Santander Money Market account online. For both the Money Market Savings and the Premier Plus Money Market Savings accounts, you’ll have to visit a local branch to open your account.

You can begin the process on the bank’s website by finding the location nearest you. You can call the local branch for more information, or you can call the bank’s general customer service number at (877) 768-2265. However, you’ll have to physically go in to a branch to complete all the paperwork.

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How Santander’s money market accounts compare

Money market rates for both Santander accounts run on the high side. In fact, rates on both money market accounts run near the highest available, even from online banks. Decent rates can be had for a minimum deposit amount, good rates kick in at the $10,000 deposit level, and the best rates are available for deposits of at least $100,000.

Between the two Santander accounts themselves, there are a few distinctions. Although both accounts pay the same high interest rates, there’s no scenario in which you’d pay a monthly fee with the Premier Plus account. You also get the services of a private banker, and you can avoid all ATM fees.

Overall review of Santander Bank products

Santander is geographically limited to the northeastern U.S. and Florida. However, the bank offers some compelling account options. Rates for both CD and money market accounts run very high. Checking options are a bit limited, but it’s easy to get a standard account for no fee. High-service checking and money market accounts are also available, with fee waivers for larger account holders. For those just starting out, there are student checking and saving options as well. However, these accounts don’t share the high interest payouts offered by the bank’s CDs and money market accounts. Overall, the bank has standout options in some account categories, but not in all of them.

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

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John 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 by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1870
Total Assets$1,675.1B
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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

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.15%

CD Rates

Wells Fargo Bank 1 Year CD - Bonus

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.15%

CD Rates

Wells Fargo Bank 39 Month CD Special

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.20%

CD Rates

Wells Fargo Bank 58 Month CD Special

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website


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

0.10%

0.15%

Special CD Rates

Term

APY

Bonus APY

9 months

1.15%

1.20%

19 months

2.10%

2.15%

39 months

2.15%

2.20%

58 months

2.20%

2.25%

  • 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

0.10%

0.15%

24 to 35 months

0.20%

0.25%

36 to 47 months

0.40%

0.45%

48 to 59 months

0.60%

0.65%

60 to 71 months

0.80%

0.85%

72 to 144 months

0.80%

0.85%

Special IRA CD Rates

Term

APY

Bonus APY

9 months

1.15%

1.20%

19 months

2.10%

2.15%

39 months

2.15%

2.20%

58 months

2.20%

2.25%

  • 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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on Wells Fargo Bank’s secure website

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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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on Wells Fargo Bank’s secure website

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

Sarah Li Cain
Sarah Li Cain |

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

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