Advertiser Disclosure

Reviews

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

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

Written By

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

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

Synovus Bank’s checking account options

Free Checking

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

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

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

How to get Synovus Bank’s Free Checking account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Preferred Account

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

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

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

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

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

How to get Synovus Bank’s Preferred Account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Gold Checking

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

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

How to get Synovus Bank’s Gold Checking account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Military Interest Checking

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

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

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

How to get Synovus Bank’s Military Interest Checking account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

magnifying glass

How Synovus Bank’s checking accounts compare

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

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

Synovus Bank’s savings account options

Signature Personal Savings

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

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

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

How to get Synovus Bank’s Signature Personal Savings account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Minor Savings

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

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

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

How to get Synovus Bank’s Minor Savings account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Holiday Savings

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

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

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

How to get Synovus Bank’s Holiday Savings account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

magnifying glass

How Synovus Bank’s savings accounts compare

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

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

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

Synovus Bank’s CD rates

Certificates of deposit

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

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

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

How to get Synovus Bank’s CDs

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

SEE DETAILS Secured

on Synovus Bank’s secure website

magnifying glass

How Synovus Bank’s CD rates compare

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

Synovus Bank’s money market account options

Signature Money Market

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

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

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

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

How to get Synovus Bank’s Signature Money Market account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

Premium Money Market

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

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

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

How to get Synovus Bank’s Premium Money Market account

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

SEE DETAILS Secured

on Synovus Bank’s secure website

magnifying glass

How Synovus Bank’s money market accounts compare

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

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

Synovus Bank’s IRA account options

IRA CD

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

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

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

How to get Synovus Bank’s IRA CDs

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

SEE DETAILS Secured

on Synovus Bank’s secure website

magnifying glass

How Synovus Bank’s IRA CD rates compare

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

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

Overall review of Synovus Bank’s banking products

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

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

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

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

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

Advertiser Disclosure

Reviews

Capital One Review: Savings, Checking, CD Rates, Money Market, and IRA Accounts

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

Written By

Reviewed By

Capital One savings accounts

Capital One 360 Performance Savings®

A savings account with a slightly lower APY compared with that at other online options, and no ATM access.

APY

Minimum Balance to Earn APY

1.00%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No access to ATMs

Capital One’s 360 Performance Savings account is designed to help you earn a high interest rate while giving you some liquidity. Interest earned is compounded and deposited into your account monthly.

Unfortunately, you don’t get an ATM card with a savings account. As with all savings accounts, Federal Reserve’s Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. You can only make transactions online, via mobile app, by calling customer service or by visiting a branch. If you want to write checks and/or have ATM access, you can open a Capital One 360 Checking account, which easily links to your savings account.

You are not allowed to overdraw this account, and outgoing wires cost $30. This account does seem somewhat restrictive but it is a high-yielding account with a strong annual percentage yield (APY), so features like ATM access and overdraft protection can easily be managed with a linked checking account.

How to get a Capital One 360 Performance Savings account

You can open this account online or in a branch or Capital One Cafe with a Taxpayer Identification Number. (Capital One Cafes are located in major cities, offering co-working space with Wi-Fi, ATMs and banking services; Capital One customers get 50% off beverages.) To open an account online, go to the Capital One website and fill out an online application. You’ll be prompted to enter personal details such as your address, Social Security Number and home address. Afterward, you’ll need to link a personal checking account from Capital One or another U.S. financial institution. After you verify the linked account and fund your Capital One account, you’re good to go.

Capital One Kids Savings Account

Helps those under 18 learn about saving with an account that offers automatic savings plans and the ability to earn a surprisingly competitive APY.

APY

Minimum Balance to Earn APY

0.50%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No access to ATMs

The Capital One Kids Savings Account is meant to help children learn about earning interest and the benefits of a bank account, especially one that isn’t touched as often as a checking account. Any adult who is a parent or legal guardian of the minor can open an account for someone under the age of 18.

As an adult, the account needs to be in both your name and the name of the minor. Therefore, both you and the child will be joint account holders. You’ll also need to link the account to a personal checking account at another U.S. chartered bank. This linked account is the only way to make deposits and withdrawals.

Once you sign up for an account, you and the minor will have separate logins and PINs. The minor on the account can sign in to check his or her balance, but the adult needs to be the one to make deposits or withdrawals. Adults also have the option to make automatic deposits into the account. Since it is a savings account, Federal Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle, including transfers between Capital One accounts.

How to get Capital One’s Kids Savings Account

You can open this account online, or in a branch or Capital One Cafe with a Taxpayer Identification Number. You’ll need to provide personal details for both you and the minor such as name, address and Social Security Number. You’ll then need to link a personal, non-business checking account from Capital One or an external bank. Once you verify you’re the owner of the external account, you can then fund the minor’s Capital One account.

magnifying glass

How Capital One’s savings accounts compare

Capital One’s savings accounts can be a good fit or a pass, depending on your individual needs. Their rates are competitive with those from other institutions listed on our round-up of the best savings accounts. Moreover, the minimum required balances to open and earn APYs are low, so for those who simply want to park their money and watch it grow, these accounts could be a good choice.

Capital One checking accounts

Capital One 360 Checking®

Convenient access to your funds, although APYs are not among the best.

APY

Minimum Balance to Earn APY

0.10%

Less than $50k

0.10%

$50k - $99,999.99

0.10%

$100k +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None for Capital One or Allpoint ATMs with no foreign transaction fees. If you use an out-of-network ATM, surcharge fees may be charged by its owner.
  • ATM fee refund: None
  • Overdraft fee: Capital One 360 Checking provides four options on overdrafts. You can choose auto-decline for transactions that would overdraw your account or you can link your savings account to cover the overdrawn amount. There’s also the Next Day Grace option, which gives you one business day to replace the overdrawn amount before charging a $35 fee. Finally, there is an overdraft line of credit option, which offers you an opportunity to withdraw money from that account while paying an APR (variable 12.75% APR at time of publishing) on the amount borrowed.

Capital One’s checking account is for those who want an account with no fees and no minimum deposit requirement. With this account, you get a 360 Checking MasterCard® debit card, mobile banking, online bill pay and your first checkbook for free. The account will not be considered as open until it has been funded.

The bank’s mobile app includes P2P payments functionality from Zelle, which lets you easily send money to friends and family even if they don’t have a Capital One account. You also get access to over 38,000 Capital One and Allpoint ATMs for free. While you won’t get reimbursed for any fees charged by out-of-network ATMs, Capital One won’t charge you anything on its side.

How to get a Capital One 360 Checking account

To open an account, fill out an application online or in a branch or Capital One Cafe with a Taxpayer Identification Number. You’ll be asked to provide details such as your name, Social Security Number and employment information. After agreeing to receive only paperless statements and linking a bank account, just fund your new checking account and you’re all set.

Capital One MONEY teen checking account

Helps your teens manage money independently by giving them access to a joint account that earns APY and has no monthly fees.

APY

Minimum Balance to Earn APY

0.10%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None for Capital One or Allpoint ATMs with no foreign transaction fees. If you use an out-of-network ATM, surcharge fees may be charged by its owner.
  • ATM fee refund: None
  • Overdraft fee: Transaction will be denied, but if for some reason it is approved, you must cover the overdrawn amount immediately

The MONEY checking account is designed to help those over 8 learn how to manage their own money. You’ll essentially be a joint account owner with your child or minor, and have access to the same features, but you won’t receive a debit card. The teen however will receive a Mastercard debit card. Unlike in the Kids Savings account, you do not need to be the parent or legal guardian of the teen as long as they are over 12 years old.

The MONEY account functions as a joint account, meaning that both the account owners own whatever amount is in the account. There is some leeway if one of the account holders wants to block certain transactions, but it’s at the discretion of the bank.

Your teen will be able to make transactions such as depositing checks via the mobile app, checking their balance and making withdrawals. However, there are no check-writing or bill-pay options. You can monitor account activity by logging in online or signing up to receive text and email alerts. Once the teen turns 18, they have the option to move their money over to a 360 Checking account.

How to get the Capital One MONEY account

To be eligible for a Capital One MONEY account, one owner needs to be at least 18 years old. The adult on the account needs to either link a Capital 360 Checking account or an external one.

To open an account, head over to the Capital One website to fill out an application. You and your teen will be asked to provide personal details such as your address, Social Security numbers and employment information. You’ll also need to comply with certain disclosures, including agreeing to only receive paperless statements. Afterward, you’ll need to link to the adult’s account and verify that you are the owner. Once this account is funded, you and your teen can start making transactions.

magnifying glass

How Capital One’s checking accounts compare

Capital One’s checking accounts do not really match up to the best options listed in our round-up of the top accounts available. The teen MONEY account is a nice option in that it has ATM access, earns an APY and allows for joint ownership. A lot of other accounts that offer joint ownership offer the lowest possible APY, but Capital One’s offering seems to want to rise above those types of accounts, and could be a good choice for those between the ages of 8 and 18.

Unlike in other online banking options, you don’t get third-party ATM fee reimbursements. If you intend on using your debit card often and there aren’t any Allpoint or Capital One ATMs around, you may want to look elsewhere.

Capital One CD accounts

Competitive APYs on certificates of deposit (CDs), with the big advantage of no minimum deposit amounts.

Term

APY

Minimum Deposit to Open

6 months

0.50%

None

9 months

0.70%

None

12 months

0.50%

None

18 months

1.00%

None

24 months

1.10%

None

30 months

1.10%

None

36 months

1.20%

None

48 months

1.20%

None

60 months

1.30%

None

  • Minimum amount to open account: None
  • Maximum amount: $1,000,000
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • 12 months or shorter: three months’ interest
    • Longer than 12 months: six months’ interest

Capital One CDs are best for those looking for a conservative and relatively safe investment option. Once you open and fund an account, your rate is guaranteed until maturity. If rates change, Capital One will offer the highest interest rate up to ten calendar days within the funding period. Deposits are also FDIC-insured up to the legal limit.

Interest earned in the CD is accrued daily and compounded monthly. You can either keep the interest in your CD, or have it deposited to another Capital One account or an external one. Interest disbursements can be credited monthly or yearly. When your account matures, you have a 10-day grace period to make a decision on what to do with your money. Otherwise, Capital One will automatically renew it for the same period as the original term.

How to get a Capital One CD

You can open a Capital One CD online or in a branch or Capital One Cafe with a Taxpayer Identification Number. To open a CD online, go to the bank’s website and fill out an online application. You’ll need to provide personal details such as your address, employment information and Social Security Number. Afterward, you’ll need to link another account, verify you’re the owner and fund your CD, which won’t be considered as open until it is funded.

magnifying glass

How Capital One’s CDs compare

Capital One offers some pretty good rates compared with other banks in our round-up of the top CDs available. What makes its CD stand out is there is no minimum deposit amount. Most other competitors require one, which may not be an issue if you plan on putting a significant amount of money into a CD. Still, there are CDs with better APYs and no minimum deposit requirement. The maximum deposit is high as well for those with access to large amounts of capital.

If you intend on keeping your money in a CD until maturity, you don’t need to worry about early withdrawal penalties. However, if there’s a possibility of you doing so (like if you find a better rate elsewhere), Capital One offers forgiving penalties for early withdrawal. Many competitors have penalties of up to 365 days of interest for longer terms, compared with just six months’ interest with Capital One.

Capital One IRA accounts

Capital One 360 IRA Savings®

An easy-to-open, no-fee investment option — with less-than-competitive returns.

APY

Minimum Balance to Earn APY

0.80%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No access to ATMs

The 360 IRA Savings account is a tax-advantaged account to help you save for retirement, and Capital One offers both traditional and Roth IRA savings accounts. You can make deposits to and withdrawals from (called distributions) this account only online, and any distributions are subject to IRS penalties and taxes. You may, however, transfer money from 360 IRA Savings to 360 IRA CDs. In 2020, you may contribute no more than $6,000 to all of your traditional or Roth IRA accounts, or $7,000 if you’re age 50 or older.

This account is best for savers looking for a very conservative investment while earning an APY, but it will not keep up with inflation in the long term. Unless you’ll be drawing on your retirement funds within the next year, you’re better off putting your money in one of Capital One’s IRA CDs, which offer better rates starting at 12-month terms.

How to get a Capital One IRA Savings account

You can apply for an account online, and it’s considered open once you fund the account and complete the bank’s verification process. Unlike for other Capital One banking products, Taxpayer Identification Numbers are not accepted as proof.

Capital One 360 IRA CD®

A great, conservative investment with no minimum deposit.

Term

APY

Minimum Deposit to Open

6 months

0.25%

None

9 months

0.30%

None

12 months

1.00%

None

18 months

0.50%

None

24 months

0.75%

None

30 months

0.75%

None

36 months

0.80%

None

48 months

0.90%

None

60 months

1.00%

None

  • Minimum amount to open account: $0
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • 12 months or shorter: three months’ interest
    • Longer than 12 months: six months’ interest

What stands out most about Capital One’s 360 IRA CDs is the fact that there’s no minimum deposit requirement. This makes saving for retirement more accessible to people who want to get started but don’t have much cash on hand.

Interest is compounded and credited monthly. You cannot make partial withdrawals of your principal, and the APY assumes you leave the interest in your account to compound. If you do withdraw the principal early, you must pay a penalty, and if you take a distribution from your IRA CD, you may be subject to penalties and taxes.

Upon maturity of your IRA CD, you have a 10-day grace period to redeem your deposit or change the amount or term, before it automatically renews.

How to get a Capital One 360 IRA CD

You can open a Roth or traditional IRA CD by applying online. When you open a 360 IRA CD, you also get a 360 IRA Savings account, so you have a vehicle to put your money after your CD matures but before you want to take a distribution. You open the account by linking a personal checking account to your 360 IRA Savings account and transferring money to the IRA CDs you wish to open.

magnifying glass

How Capital One’s IRA CDs compare

While there are other IRA CDs offering higher APYs listed on our site, it’s rare that the accounts with the top rates require no minimum opening deposit.

Starting with the 12-month IRA CD, Capital One offers a higher rate of return than the IRA savings account, so unless you need your retirement funds soon, it makes sense to put conservative IRA investments into one of these CDs. You can get better returns on investments elsewhere, but IRA CDs offer guaranteed returns. Capital One offers a very accessible product for conservative investors.

Overall review of Capital One’s banking products

Capital One’s banking products offer above-average rates, no minimum deposit amounts and virtually no fees. The bank also offers free checks, mobile banking and a user-friendly website, making it a great option. When you’re looking for the best rates on any given product, keep Capital One in the mix.

What makes this online bank noteworthy is its low barrier to entry, as well as its options for both kids and teens. Capital One’s MONEY account, in particular, offers the ability to give teenagers more independence over their money while still giving parents a way to oversee their finances. The Kids Savings account is also a great choice since it gives children a separate online login and the opportunity to check their balance. Other online banks have limited options in this area.

If you want to keep most of your finances in one place and the ability to earn good rates, Capital One is a great choice. Although some of its accounts may not offer the same features and competitive rates like its competitors, there’s a reason why so many people bank with Capital One.

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

Advertiser Disclosure

Reviews

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

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

Written By

Fidelity Bank checking account options

Fidelity Bank Direct Free Interest Checking account

Rates not available online. Customers will need to contact the bank directly.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

You need to deposit at least $50 to open a Fidelity Bank Direct Free Interest Checking account. After that, there is no minimum balance requirement and this account does not charge a monthly fee.The account earns interest on all balances, but the rate is not published online and you’ll have to call to get it. This account also includes a debit card, online banking and the ability to write checks.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Direct Free Interest Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Fidelity Bank Totally FREE Checking account

A free checking account which doesn’t earn interest. We don’t see the purpose of this account since Fidelity Bank also offers a nearly identical checking account that includes interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

Like the name says, the Fidelity Bank Totally FREE Checking account does not charge a monthly fee and has no minimum balance requirement. You do need to deposit at least $50 when you sign up but after that, it doesn’t matter how much you have in your account.

The Fidelity Bank Totally FREE Checking account does not earn interest. It only offers a debit card, online banking and the ability to write checks.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Fidelity Bank Totally FREE Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Fidelity Bank Lion Share Interest Checking account

Rates are not published online. You’ll need to contact the bank for details.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (only if minimum daily balance falls below $1,000)
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

The Fidelity Bank Lion Share Interest Checking account only requires an opening deposit of $50. However after you open, this account charges an $8 monthly fee whenever your minimum daily balance falls below $1,000. It’s free so long as you stay above this limit.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Fidelity Bank Lion Share Interest Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

magnifying glass

How Fidelity Bank’s checking accounts compare

These checking accounts have some solid features. Two of the accounts are free while you can avoid the monthly fee on Lion Share Interest Checking by keeping a $1,000 balance. We also like that all the accounts include up to $10 monthly refund for out-of-network ATM fees. Finally, the two accounts which earn interest also pay a rate that is significantly better than the nonexistent rates at large national banks.

But while Fidelity Bank’s checking accounts aren’t bad, you can also do a lot better. There are online checking accounts which pay much higher rates than any at Fidelity Bank and they include even more generous refunds for ATMs. Be sure to consider these other options before deciding.

Fidelity Bank savings account options

Fidelity Bank Personal Savings account

The Fidelity Savings account comes with an average interest rate and has a low balance requirement of $200. But be very careful about dropping below the minimum or you’ll get whacked with a costly fee.
APYMinimum Balance to Earn APY
0.15%$0.01
0.20%$25,000
0.25%$50,000
0.25%$100,000
0.30%$250,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (only if daily minimum balance falls below $200)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

You need to deposit at least $50 to open a Fidelity Bank Personal Savings account. After that, your daily minimum balance must stay at least $200 or else you’ll owe a costly $12 monthly fee. This account is free so long as you stay above the minimum.

The Fidelity Bank Personal Savings account earns interest on all balances. The rate is just OK for a savings account. You earn more for larger balances before the rate maxes out at a balance of at least $250,000.

Since this is a savings account, there is a government limit on how often you can take money out. You can make up to six certain debits per statement cycle per Federal Regulation D. If you make more than six, the bank charges a $3 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Personal Savings account at one of their branches. This account is not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

Fidelity Bank Little Lions Savings account

A free savings account for children under the age of 18.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

If you have any children under the age of 18, you can open a Fidelity Bank Little Lions Savings account for them. You only need to deposit $1 to set up this account. After that, there is no minimum balance requirement or a monthly fee.

When your children sign up, they receive a free welcome packet from the bank which covers the basics of managing money. The Little Lions Savings account earns interest on all deposits.

Since this is a savings account, there is a government limit on how often your child can take money out. They can make up to six certain debits per statement cycle per Federal Regulation D. If they make more than six, the bank charges a $3 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Little Lions Savings account at one of their branches. This account is not available over the phone or online. You and your child will need to provide your Social Security numbers, a form of government ID and the initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

magnifying glass

How Fidelity Bank’s savings accounts compare

When we look at the savings account, what jumps out is its monthly maintenance fee of $12. That’s quite steep for a savings account. Yes, you can avoid the fee by always keeping your balance above $200 but if you miscalculate just once, the monthly fee will put a serious dent in your interest earnings.

We don’t think it’s worth the risk, especially since the interest rates on the savings account aren’t that great. These online savings accounts are a safer bet. Not only do they have lower fees, they also pay much higher rates than Fidelity Bank.

Fidelity Bank CD rates

Fidelity Bank CD Rates

Fidelity Bank offers a ton of variety for their CDs but their standard rates are too low across the board.
TermAPY
7-31 days0%
32-60 days0.15%
61-90 days0.15%
91-180 days0.15%
181-364 days0.40%
12-17 months0.50%
18-23 months0.55%
24-35 months0.70%
36-47 months1.00%
48-59 months1.05%
60-95 months1.10%
  • Minimum opening deposit: $500 ($2,500 for CDs of 7-31 days)
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is 7 days’ interest on the amount withdrawn. After Day 6, for CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50. For CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn. For CDs with maturities of 12 months or more, the penalty is the interest earned for half of the CD length.

This bank offers all kinds of options for their CD terms. First, they have CDs as short as seven days all the way up to as long as 95 months. Beyond that, you can also customize the number of days or months on your CD. For example with the 91 to 180 day CD, you can pick any number of days between 91 to 180 and earn the same rate.

Nearly all the CDs require a minimum opening deposit of $500 and require this much in the account to earn the APY. However, the 7 to 31 day CDs require a deposit of at least $2,500. The interest rates are quite low, even on their long-term CDs.

If you take money out of your CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your CD:

  • For CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50.
  • For CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn.
  • For CDs with maturities of 365 or greater, the penalty is the interest earned for half of the CD length.

You can only open the Fidelity Bank CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

Fidelity Bank CD Specials

Fidelity Bank’s CD Specials are a major improvement over their regular CD rates. You can’t customize the exact length but that’s a fair trade-off for a much better rate.
TermAPY
6 months1.00%
12 months1.60%
18 months1.80%
24 months2.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is 7 days’ interest on the amount withdrawn. After Day 6, for CDs with maturities less than 12 months, the penalty is 90 days’ interest on the amount withdrawn. For CDs with maturities of 12 months or greater, the penalty is the interest earned for half of the CD length.

This bank also offers some CD Specials with much higher rates than their Standard CDs. They note that these specials will only be around for a limited time and could be subject to changes in the future.

You need to deposit at least $500 to open a CD Special and keep this much in your account to earn the APY. The most you can deposit in a CD Special is $250,000.

If you take money out of your CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your CD:

  • For CDs with maturities less than 12 months, the penalty is 90 days’ interest on the amount withdrawn.
  • For CDs with maturities of 12 months or greater, the penalty is the interest earned for half of the CD length.

You can only open the Fidelity Bank CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

magnifying glass

How Fidelity Bank’s CD rates compare

If you’re going to open a Fidelity Bank CD, we recommend sticking with their CD Specials only. Their Standard CDs pay almost no interest. Even if you open a 95 month CD, nearly eight years, your rate is still lower than what you could receive on a decent online checking account.

While it’s nice that this bank lets you customize the exact number of days or months for their regular CDs, it’s not worth the low interest rates. You are better off using the higher-paying CD Specials, even though they don’t let you customize the length.

Or even better, consider a CD from this list. We’ve tracked down the best CD rates for every single term and all these options pay more than the CD Specials at Fidelity Bank.

Fidelity Bank money market account options

Fidelity Bank Money Market account

Pays the exact same interest rates as the Fidelity Bank Savings account despite having a much higher balance requirement.
APYMinimum Balance to Earn APY
0.15%$0.01
0.20%$2,500
0.25%$50,000
0.25%$100,000
0.30%$250,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (only if daily minimum balance falls below $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

You can open a Fidelity Bank Money Market account for a deposit of just $50. However, you’ll need to keep much more in the account to avoid a fee. If your minimum daily balance ever falls below $1,000, you’ll owe a $6 monthly fee. The money market account is free so long as you stay above $1,000.

The bank currently pays the exact same interest rates on their money market account as they do on their savings account. The rates increase as you deposit more before maxing out at a balance over $250,000.

Since this is a money market account, there is a government limit on how often you can take money out. You can make up to six certain debits per statement cycle per Federal Regulation D. If you make more than six, the bank charges a $10 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Money Market account at one of their branches. This account is not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

magnifying glass

How Fidelity Bank’s money market accounts compare

The Fidelity Bank Money Market account leaves us a little confused. Typically, banks pay a higher money market rate versus their savings accounts because money market accounts require a much larger balance. But this bank uses the exact same rates on both their Personal Savings and Money Market accounts.

While these rates were average for a savings account, they are quite low for a money market account. The bright side is if you ever fall below the minimum balance requirement, the monthly fee is only $6.

Still, if you’re going to deposit the $1,000 or more to open a money market account, you should receive a respectable interest rate. That won’t happen with Fidelity Bank but perhaps so if you work with one of these institutions, who currently offer the best money market rates in the country.

Fidelity Bank IRA account options

Fidelity Bank IRA CD Rates

You can open any of the Fidelity Bank Standards CDs as part of an IRA but not their CD Specials. That’s too bad because the CD Specials are a much better deal.
TermAPY
7-31 days0.05%
32-60 days0.15%
61-90 days0.15%
91-180 days0.15%
181-364 days0.40%
12-17 months0.50%
18-23 months0.55%
24-35 months0.70%
36-47 months1.00%
48-59 months1.05%
60-95 months1.10%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is seven days’ interest on the amount withdrawn. After Day 6, for IRA CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50. For IRA CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn. For IRA CDs with maturities of 365 or greater, the penalty is the interest earned for half of the IRA CD length.

The bank lets customers open any of their Standard CDs as part of an IRA. However, their higher-earning CD Specials cannot be used in an IRA.The IRA CDs range from seven days all the way up to 95 months. The rates are quite low for every maturity. The IRA CDs have a lower deposit requirement than the regular CDs. You can open any of IRA CDs with just $100.

If you take money out of your IRA CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your IRA CD:

  • For IRA CDs with maturities of 31 days or less, the penalty is the greater of all earned interest, or $50.
  • For IRA CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn.
  • For IRA CDs with maturities of 365 or greater, the penalty is the interest earned for half of the IRA CD length.

You can only open the Fidelity Bank IRA CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

magnifying glass

How Fidelity Bank’s IRA CD rates compare

In our opinion, the Fidelity Bank IRA CD rates leave a lot to be desired. They just do not pay enough interest. It’s disappointing that this bank only offers their Standard CDs for IRAs but not their CD Specials, which pay a much more competitive rate.

Now as far as positives, these IRA CDs can be opened for a small deposit of $100. Other banks typically require $1,000 or more for an IRA. It’s also nice that you can customize your IRA CD to the exact number of days or months.

But these benefits do not come close to making up for the low rates. If you want a decent return on your retirement savings, these are the best IRA CDs on the market today and are a major improvement over the Fidelity Bank rates.

Overall review of Fidelity Bank’s banking products

Standing out as a regional bank is always difficult and it’s even harder when you share the same name as several other competitors. Unfortunately, this bank’s deposit accounts do not rise to this challenge. They just don’t offer anything that stands out.

Their checking accounts are their best deal because they are low-fee, refund ATM fees and offer an average interest rate. Fidelity Bank also has a few decent CD Specials. But while these offers are OK, you can still find much better alternatives.

Beyond that, we really wouldn’t consider anything else at Fidelity Bank. Their savings account comes with too high a monthly fee while their money market account, Standard CDs and IRA CDs do not earn enough interest to be worth using.

If you live close to a Fidelity Bank branch in Georgia or Florida, want a simple low-fee checking account and aren’t too concerned about the interest rate, maybe it could be a good fit. But anyone who wants the best rates on their money should look elsewhere.

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