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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1917
Total Assets$20.3B
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Founded in 1917, Chemical Bank is now the largest bank headquartered and operating in Michigan. Chemical Bank has 212 branches mainly in Michigan, northern Indiana and northeast Ohio. Parent company Chemical Financial Corporation has over $20.3 billion in assets and trades on the NASDAQ Stock Exchange. The bank offers various financial literacy aids, along with games and resources to teach kids about finance on its website and in its branches.

Chemical bank offers a wide range of consumer banking options, from numerous checking and savings options to various types of CDs, money markets and IRA accounts. Unfortunately, if you try to open an account online, you’ll be directed to a branch locator webpage, as the bank doesn’t provide the ability for customers to open accounts online. Here’s a breakdown of the services and accounts offered by Chemical Bank, including required minimum balances, fees, interest rates and other features and benefits.

Chemical Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

CD Rates

Chemical Bank 12 Month Add-On CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

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0.90%

CD Rates

Chemical Bank 36 Month Raise-Your-Rate CD

2.85%

Synchrony Bank 36 Month CD

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1.50%

CD Rates

Chemical Bank 60 Month Raise-Your-Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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Chemical Bank’s checking account options

ChemBasic Checking

Living up to its name, ChemBasic Checking is the bank’s entry-level, no-frills checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 with eStatements ($3 with paper statements)
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

ChemBasic Checking is targeted toward customers who don’t keep large balances in their checking account or frequently write checks. If you’re looking for a no-fee account and can’t qualify for a no-fee relationship checking account, this might be your best option.

Customers who don’t select the eStatement option with this account will be charged a $3 monthly fee for paper statements. The account offers certain features common with entry-level checking accounts, such as eBanking, eBill Pay, Voice Banking, Mobile Banking and Mobile Remote Deposit Capture. However, the bank also offers, on approval, a 0.25% discount on a personal loan. ATM fees are fairly standard, which means they are free for network ATMs but charge a fee for out-of-network withdrawals. Overdraft fees are high, though they can be reduced with overdraft protection.

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ChemPlus Checking

A standard checking account reserved for those 55 and older.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

With the exception of the 55-and-over age requirement, the ChemPlus Checking account does provide a few additional features from that of the ChemBasic Checking account. For starters, this is the only Chemical Bank checking account that doesn’t charge a $3 fee for paper statements. Green-mint safety paper checks are also provided free of charge with this account, and customers can get a 50% discount on orders of other types of checks.

ChemPlus account holders are also entitled to free notary services and photocopies. Beyond that, the account comes with the standard eStatements, bill pay, mobile and telephone banking and the 0.25% personal loan discount.

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Classic Checking

Classic Checking is Chemical Bank’s “traditional” checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5; $0 with a daily minimum balance of $500
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Checking has the same features and benefits of the bank’s ChemBasic checking, with the only difference being the minimum balance requirements. Although technically there is no minimum opening deposit, customers are required to deposit $500 within 30 days of the account being opened to avoid a monthly maintenance fee.

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Advantage Checking

Advantage Checking is the only Chemical Bank checking account that pays interest.
APYMinimum Balance to Earn APY
0.02%$0
0.02%$10,000
0.02%$25,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7; $0 with a daily minimum balance of $1,000, an average daily minimum balance of $1,500, the maintenance of a Midwest Savings Account or an aggregated daily minimum balance of $10,000 in other Chemical Bank deposit accounts
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Advantage Checking pays interest in three tiers, with the top tier for deposits of $25,000 or more. However, at the current time, the interest rate is the same for all tiers. Customers have 30 days after opening the account to deposit enough funds or open a Midwest Savings account to waive the monthly maintenance fee.

This account provides the same basic account features as other Chemical Bank checking accounts, including mobile, online, and telephone banking, along with the 0.25% discount on personal loans.

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Green Checking

Green Checking is an environmentally friendly, completely paper-free account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATMs; $0 foreign ATM fees if 20 debit card signature-based transactions are completed within each monthly cycle
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Green Checking account is best suited for customers that either want to have a small carbon footprint or who otherwise don’t need check-writing capabilities. Account holders access their funds via electronic means or by using a debit card, rather than by writing checks. In that sense, Green Checking isn’t so much a “checking” account as a savings account with unlimited withdrawal capabilities. Other features of the account are the same as the bank’s other checking accounts, including online and mobile capabilities and the 0.25% discount on personal loans.

How to get Chemical Bank’s checking accounts

As noted above, Chemical Bank does not permit accounts to be opened online. To get any of the bank’s checking accounts, you’ll have to visit a Chemical Bank branch.

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How Chemical’s checking accounts compare

Chemical Bank’s checking accounts are mostly variations on the same theme. Nearly every account offers the same basic benefits, with a few tweaks here and there. For example, there’s a dedicated account for those 55 and older, one for those who want to earn interest and one for those who want to go “green” and paperless, but beyond those distinctions, the accounts are mostly similar.

The sole account that pays interest, the Advantage Checking account, pays a low rate across the board, far lower than you can get even with the average checking account nationwide. Those looking for an interest-bearing account should search elsewhere, as Chemical’s rates are a world away from the best nationwide rates for checking accounts.

Chemical Bank’s savings account options

Classic Savings

Classic Savings is Chemical Bank’s traditional savings account, good for first-time savers or for those not in need of additional features.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Savings has no minimum opening deposit requirement, but a small maintaining balance is suggested to eliminate the small monthly fee. The ATM structure of the account is like the bank’s checking accounts, with free withdrawals from in-network ATMs and a small fee for others. Interest is paid on all balances with this account, but rates are not listed on the bank’s website, so you’ll have to visit a branch or talk to a banker to get the current APY. Withdrawals and transfers are limited to six per month, and additional transactions incur a $1 fee each.

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Classic Savings for Minors

Chemical Bank’s Classic Savings account is also available in this format for minors.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM*
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank offers a special version of Classic Savings for minors, with the most important distinction being that this account carries no monthly maintenance fee, regardless of balance. This account also requires special permission from a branch to have an ATM card issued. As with the Classic Savings account, a fee is charged for non-Chemical ATM withdrawals, and certain withdrawals and transfers in excess of six per month incur a $1 fee per transaction. Overdrafts also have the same fee structure as with Classic Savings.

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Community Savings

Community Savings is a rare bird — a savings account that doesn’t pay any interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Community Savings seems like the account that Chemical Bank can do without. In terms of its overall structure, it’s nearly identical to the bank’s Classic Savings account, with no fee on in-network ATM withdrawals, no minimum required opening deposit and a small maintenance fee that can be avoided with a small balance. However, the account doesn’t pay interest. With the same cost and requirements as the Classic Savings account, customers would be better served opening that account — and earning interest — rather than keeping a Community Savings account.

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Holiday Savings

Holiday Savings is a typical club account, with interest earned on deposits until a mandatory distribution date near the end of the year.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s Holiday Savings account allows customers to make regular contributions the account over the course of the year, with a mandatory payout on either Oct. 10th or Oct. 31st. Any withdrawals made before this distribution date will trigger account closure. Interest is paid on Holiday Savings deposits, but you’ll have to contact a banker to get the current rates, as they are not available on the bank’s website.

Customers typically use this account to save for special occasions, such as weddings, vacations or holiday spending. Voice Banking, eBanking and Mobile Banking services are all available with this account.

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Midwest Savings

Midwest Savings is Chemical Bank’s top-tier checking account, good for those with higher balances who want to earn interest and gain a complementary checking account.
APYMinimum Balance to Earn APY
0.05%$0
0.05%$5,000
0.15%$10,000
0.20%$25,000
0.05%$50,000
0.05%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Opening a Midwest Savings account is one of the ways to get Chemical Bank’s Advantage Checking account without a monthly fee; it’s also a way to earn tiered interest on your savings. Somewhat unusual, the bank doesn’t pay its highest rates on the largest deposits. Once your account size reaches $50,000 or more, your money earns the same low rate paid on deposits of up to $10,000.

This account has no monthly fee and requires no balance to open, but withdrawals are limited to just four per month. After that, a $1 fee is assessed per transaction. Beyond these differences, Midwest Savings also offers the same features that can be found across Chemical Bank accounts, from online and mobile banking to a 0.25% APY discount on personal loans.

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Health Savings

Chemical Bank’s Health Savings account is a typical HSA.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with eStatements
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s HSA requires no minimum deposit but does charge a small fee if you don’t sign up for eStatements. You can access the account via check writing or a debit card, but you won’t have ATM access. You also will not be allowed to overdraw the account. As with all HSAs, you must meet certain requirements to qualify for this account, such as being under age 65 and participating in a high-deductible health plan.

How to get Chemical Bank’s savings accounts

As mentioned above, Chemical Bank has no online account application. You must visit a branch to open an account.

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How Chemical Bank’s savings account compares

As with the bank’s checking account roster, there is no shortage of available savings accounts at Chemical Bank. Whether you’re looking for a traditional savings account, one for a minor, a holiday savings account or an HSA, you can find it at Chemical. Unfortunately, rates and features of all the accounts are a bit sparse.

When compared with the national average, none of Chemical Bank’s savings accounts can measure up, with each account failing to hit that benchmark. The best available savings rates can be found at other institutions.

Chemical Bank’s CD account options

Regular CDs

Chemical Bank offers an attractive range of CD maturities, with low minimums.
TermAPYMinimum Balance to Earn APY
15 months0.50%$100
18 months0.50%$100
24 months 0.50%$100
30 months0.55%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

For a large bank, Chemical offers a pretty low minimum balance requirement to open a regular CD account. Unless you’re looking for an extremely long maturity, you can likely find a term suiting your needs in Chemical’s regular CD lineup. Chemical offers both single maturity and automatic renewal certificates, with interest payments monthly, quarterly or at maturity. Chemical offers terms from 3 to 60 months but doesn’t advertise all of the rates. You need to call the bank for the complete list of rates.

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Raise-Your-Rate CD

The Raise-Your-Rate CD allows you to adjust the yield on your CD to the current rate.
TermAPYMinimum Balance to Earn APY
36 months0.90%$100
48 months1.20%$100
60 months1.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate CDs are only offered in 3 year, 4 year and 5 year maturities. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular CDs.

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Add-On CD

Chemical Bank’s Add-On CD is a single-maturity CD that allows additional deposits before maturity.
TermAPYMinimum Balance to Earn APY
12 months0.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

In all respects but one, Chemical Bank’s Add-On CD is a regular CD, including the minimum opening deposit and the early withdrawal penalty. The distinction is an important one, however. This 12 month CD allows customer to continue making deposits into the account until it matures. The only restriction is that deposits must be at least $100.

How to get Chemical Bank’s CDs

As mentioned above, you can’t open any Chemical Bank CDs online. You must visit a branch.

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How Chemical Bank’s CD rates compare

Overall, Chemical Bank’s CDs are nothing to write home about. Although it’s nice to have the option to choose a Raise-Your-Rate or Add-On CD, the rates paid on Chemical’s CDs of all types are below average. While not all banks can compete with the very best available national CD rates, even the average CD rate tops those offered at Chemical Bank, for every maturity.

Chemical Bank’s money market account options

Money Market

This account is Chemical Bank’s traditional money market account, combining features of both checking and savings accounts.
APYMinimum Balance to Earn APY
0.05%$0
0.15%$10,000
0.15%$25,000
0.15%$50,000
0.20%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with $2,500 average daily minimum balance
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Money Market account has a fairly high monthly maintenance fee, but you can avoid it with a $2,500 average daily balance. Per Federal Regulation D, certain transactions, including pre-authorized withdrawals or transfers, are limited up to six per month. Interest is paid in tiers, with the highest rates paid on deposits of at least $100,000.

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Premier Money Market

Chemical Bank’s Premier Money Market account allows customers the opportunity to earn higher interest rates but requires a larger maintaining balance.
APYMinimum Balance to Earn APY
0.05%$0
0.10%$10,000
0.20%$50,000
0.40%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $30; $0 with average daily minimum balance of $35,000
  • ATM fee: $0; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank knows how to put the “premier” into its Premier Money Market account. True, the account pays higher interest rates than those in its regular Money Market account. However, it takes a lot of money to get that benefit. The $30 monthly maintenance fee is one of the highest bank account fees you can find. To avoid it, you’ll need to deposit 14 times the amount required for the bank’s regular Money Market account, and you’ll need to keep it there. Otherwise, the accounts are identical.

How to get Chemical Bank’s money market account

As mentioned above, you’ll have to visit a branch if you want to open a Chemical Bank money market account.

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How Chemical Bank’s money market accounts compare

While the Chemical Bank Money Market account is a perfectly normal, serviceable money market account, the Premier Money Market is one of the most expensive accounts you can find.

With an astronomical annual fee that can only be waived with a significant and ongoing minimum balance, the interest rates paid should be commensurately higher. Sadly, that is not the case. Rates on the Premier Money Market account only climb above the national average on deposits of $100,000 or more, and even this “top” rate is nowhere near the best available money market rates nationwide.

Chemical Bank’s IRA account options

IRA Regular CDs

Chemical Bank’s IRA CD lineup has varying rates and maturities, but you’ll have to check with a bank to get all current options.
TermAPYMinimum Balance to Earn APY
15 months0.50%$100
18 months0.50%$100
24 months0.50%$100
30 months0.55%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

Chemical’s IRA CDs are similar to the lineup in its non-IRA accounts, but there are a few differences in terms of available maturities. Only a few of the bank’s rates are published on the website. For complete details, you’ll have to contact the bank directly. Chemical offers both single maturity and automatic renewal certificates in its IRAs, with interest payments monthly, quarterly or at maturity.

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IRA Variable-Rate CD

Chemical Bank offers a Variable-Rate IRA CD in a single maturity; this CD is not available in the bank’s taxable accounts.
TermAPYMinimum Balance to Earn APY
6 months0.25%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

Chemical Bank’s IRA Variable-Rate CD is an unusual product. Coming in a single, short maturity of six months, the CD pays a rate that can be adjusted after purchase by the bank, but not by the customer. The rate on this variable CD is currently the same as with a regular six-month IRA CD. Minimums and penalties on this account are the same as with regular IRA CDs.

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IRA Raise-Your-Rate

The IRA Raise-Your-Rate CD is a carbon copy of the bank’s non-IRA CD of the same name.
TermAPYMinimum Balance to Earn APY
36 months0.90%$100
48 months1.20%$100
60 months1.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate IRA CDs are offered in 3 year, 4 year and 5 year maturities, just like the non-IRA version. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular IRA CDs.

How to get Chemical Bank’s IRA accounts

As with the bank’s non-IRA products, if you want to open an IRA account at Chemical Bank, you’ll have to visit a branch.

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How Chemical Bank’s IRA accounts compare

Chemical Bank’s IRA CDs share the same lackluster yields as the bank’s regular CD lineup. You’ll be able to find better IRA CD rates elsewhere.

Overall review of Chemical Bank’s products

Chemical Bank offers a large number of both checking and savings accounts, but not one of them particularly stand out. Only a single checking account pays interest, and its rates — along with the rates on all of Chemical’s savings accounts — are below average.When it comes to the bank’s money market and CD accounts, sub-par rates continue to prevail.

New customers looking for a bank with a wide range of account options might be curious about Chemical Bank, as they offer accounts for seemingly any need. However, upon comparison shopping, it’s clear that higher rates can be had elsewhere for nearly any type of account. You can find better options at competitor banks.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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

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

Synovus Bank’s checking account options

Free Checking

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

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

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

How to get Synovus Bank’s Free Checking account

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

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Preferred Account

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

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

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

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

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

How to get Synovus Bank’s Preferred Account

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

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Gold Checking

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

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

How to get Synovus Bank’s Gold Checking account

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

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Military Interest Checking

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

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

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

How to get Synovus Bank’s Military Interest Checking account

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

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How Synovus Bank’s checking accounts compare

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

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

Synovus Bank’s savings account options

Signature Personal Savings

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

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

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

How to get Synovus Bank’s Signature Personal Savings account

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

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Minor Savings

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

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

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

How to get Synovus Bank’s Minor Savings account

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

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Holiday Savings

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

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

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

How to get Synovus Bank’s Holiday Savings account

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

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How Synovus Bank’s savings accounts compare

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

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

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

Synovus Bank’s CD rates

Certificates of deposit

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

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

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

How to get Synovus Bank’s CDs

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

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How Synovus Bank’s CD rates compare

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

Synovus Bank’s money market account options

Signature Money Market

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

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

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

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

How to get Synovus Bank’s Signature Money Market account

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

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Premium Money Market

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

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

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

How to get Synovus Bank’s Premium Money Market account

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

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How Synovus Bank’s money market accounts compare

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

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

Synovus Bank’s IRA account options

IRA CD

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

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

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

How to get Synovus Bank’s IRA CDs

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

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How Synovus Bank’s IRA CD rates compare

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

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

Overall review of Synovus Bank’s banking products

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

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

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

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

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1849
Total Assets$72.2B
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Headquartered in Dallas, Comerica Bank’s parent is one of the 25 largest financial holding companies in the U.S., with 434 banking centers located in seven of the country’s 10 largest cities. In addition to Texas, Comerica Bank branches can be found in Arizona, California, Florida and Michigan. The bank offers numerous types of consumer-based financial products, including checking and savings accounts, CDs, IRAs and money market accounts.

Comerica Bank’s online application process is complicated and incomplete. Only four types of accounts can be opened completely online: the 270 day CD, 1 year CD, 2 year CD and 3 year CD.

Other accounts can be partially opened online. These include the Statement Savings, Access Checking, Money Market Investment and High-Yield Money Market Investment account. For those four types of accounts, a physical signature card must still be processed at a bank branch to fully open the account. All remaining types of accounts must be opened at a branch only.

For each applicant, the bank will request the following information:

  • Home address
  • Phone number
  • Driver’s license, ID card issued by a state DMV or U.S. passport
  • Social Security number or Taxpayer ID number
  • Identity Verification

All applicants must be U.S. residents at least 16 years of age and must have a valid U.S. driver’s license or state-issued ID card. Applicants with other forms of identification, such as military ID, cannot open an account online. Applicants ages 16 to 17 years of age must click on a separate link to apply for an account online.

Here’s a review of the features and benefits of the various Comerica Bank personal account options, including rates and requirements.

Comerica Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Comerica Bank Statement Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.35%

CD Rates

Comerica Bank 1 Year Fixed Rate CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.45%

CD Rates

Comerica Bank 3 Year Fixed Rate CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.60%

CD Rates

Comerica Bank 5 Year Fixed Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Comerica Bank’s checking account options

Access Checking

Access Checking is Comerica Bank’s entry-level checking account, with basic services and features.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $13; $2 discount with eStatements AND suppression of paper statements upon request; $0 fee with either a $1,000.00 minimum daily balance, 1 direct deposit of at least $250 or more per statement cycle, status as a full-time college student up to the age of 26 or a business owner with a Comerica business checking account; active or retired members of the U.S. military or members of a Comerica Platinum Circle Checking household.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5.00 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

Access Checking may be a basic checking account, but the fee structure is high and a bit complicated. For an account that doesn’t have extensive features or pay interest, the monthly maintenance fee is astoundingly high.

Access Checking includes standard features such as ATM access, free online access and bill pay, and it even throws in additional perks such as a rate discount on a home equity line and a free savings account. However, if you agree to both eStatements and the suppression of paper statements, you only get a $2 discount on the high monthly fee. With many other banks, eStatements are enough to waive the fee altogether.

To drop the Access Checking fee to $0, you must meet one of the following qualifications: keep a minimum daily balance of $1,000.00; have a direct deposit; be a full-time college student; be a business owner with a Comerica business checking account; be a member of the U.S. military; or be a Comerica Platinum Circle Checking household.

This account also has a high overdraft fee that increases with the number of occurrences.

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Rich Rewards Checking

Rich Rewards Checking is Comerica’s first-level interest-bearing account, with extra features on top of those offered by Access Checking.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18; $2 discount with eStatements AND suppression of paper statements upon request; $0 with a $5,000.00 minimum daily balance or a minimum combined balance of $7,500.00 each day in this account and/or up to 3 other related Comerica Bank accounts
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

The high-priced and convoluted fee structure found in Comerica Bank’s Access Checking account continues with the bank’s interest-bearing Rich Rewards Checking Account. With this account, the monthly fee is even higher, and the hurdles to get the fee waived are commensurately higher as well. The increasing overdraft fee structure is also in place with this checking account.

Although Rich Rewards Checking pays interest, the rate is extremely low. The account does come with additional service enhancements, however, including the following:

  • A waiver of the first-year, $65 annual fee on a home equity line, along with a 0.25% APY discount
  • A 0.50% APY discount on a home equity loan
  • A 0.50% APY discount on non-real estate installment loans
  • Enhanced interest rates on new-money CD and IRA deposits
  • Up to $50 off the cost of a safety deposit box rental, with an additional $5 discount with autopay

As with Access Checking, Rich Rewards Checking comes with a free savings account as well.

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Premier Checking

Premier Checking is the next step up the checking account ladder at Comerica Bank, with enhanced services — and fees — when compared with the Rich Rewards Checking account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $22; $2 discount applies with eStatements and suppression of paper statements; $0 with a $7,500.00 minimum balance each day, a revolving home equity Account, or a minimum combined daily balance of $20,000 in this account and/or up to 3 other related Comerica Bank Accounts or an open revolving home equity account
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: Refund of first 4 fees per statement cycle. $2/transaction, including balance inquiries, thereafter
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection; $0 with overdraft protection

Premier Checking offers the same benefits as the bank’s Rich Rewards Checking account, with a few enhancements. Notably, Premier Checking offers another rate bump on CDs with maturities of one year or longer, along with free Comerica Advantage-style checks and a waiver of overdraft protection transfer fees. While the account has a small minimum opening deposit, the fee is another step higher than that on the Rich Rewards Checking account, and it can only be waived with large balances in this or other Comerica Bank accounts. The interest rate is not tiered and is noncompetitive as well.

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Comerica Platinum Circle Checking

Platinum Circle Checking is the top-of-the-line checking account at Comerica Bank, with greatly increased services and the potential for higher interest rates.
APYMinimum Balance to Earn APY
0.03%$1
0.05%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0 with a $50,000 average daily balance in any combination of personal or business deposit accounts or a minimum combined balance of $2,500,000 each day in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances
  • ATM fee: $0; $5 for international ATMs (non-U.S.)
  • ATM refund: Unlimited per statement cycle
  • Overdraft fee: Waived for as long as you maintain your Comerica Platinum Circle Checking account.

Comerica Bank’s Platinum Circle Checking account is the queen bee when it comes to accounts at the bank. Unlike many banks, there’s actually no monthly maintenance fee for this top-level account; however, if you can’t maintain the significant required balances in the account, your account may be converted to a Rich Rewards Checking account, thereby disqualifying you from all of the benefits of the Platinum Circle account.

One of the main benefits of this account is that it qualifies account holders for higher interest rates on CDs and in the High-Yield Money Market Investment account. Other features, on top of those offered by the other checking accounts at the bank, include the following:

  • A Statement Savings account and a High-Yield Money Market Investment account for no monthly fee
  • Waived overdraft protection transfer fees
  • Free Comerica Bank checks of any style
  • A free checking account for a household member
  • A dedicated customer service number
  • Discounts on certain residential mortgage closing costs
  • Professional investment, insurance and banking services

This account also pays the best checking account interest rates at the bank, although they still remain low.

How to get Comerica Bank’s checking accounts

As mentioned above, only the Access Checking account can be opened online. Other account types can only be opened at a Comerica Bank branch.

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How Comerica’s checking accounts compare

Comerica Bank offers a tiered range of four checking accounts, each with a higher level of service. The crown jewel of the bank is the Platinum Circle Checking account, which brings with it an assortment of enhancements, including much higher interest rates on the bank’s CD and money market products.

When it comes to the interest rates paid on the bank’s checking accounts, however, much is left to be desired. The two lower-level interest-bearing accounts, Rich Rewards Checking and Premier Checking, pay embarrassingly low rates. The best rates available for checking accounts nationwide are anywhere from 60 to 100 times as high as Comerica Bank’s rates. Even the top tier of the Platinum Circle Checking account pays just a fraction of the best available rates.

Comerica Bank’s savings account options

Statement Savings

Statement Savings is Comerica Bank’s only traditional savings account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with a Comerica personal checking account, if you maintain a $400 minimum daily balance, you’re a minor under 18 years of age or you’re age 62 or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account or if you have a personal checking account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences.

Statement Savings is a basic savings account, with features you’d expect from most entry-level accounts. A Comerica Bank ATM card gives you 24-hour access to Comerica ATMs, although you’ll pay a fee for non-network machines. The high overdraft fees of the bank’s checking accounts apply to the savings account as well. After six debit transactions per month, Comerica Bank will charge a $5 fee per additional transaction.

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Health Savings Account

Comerica Bank’s Health Savings account is a standard HSA, providing tax-advantaged savings for eligible health expenses.

Per bank representative on Oct. 9, 2018:

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

As with any HSA, Comerica Bank’s Health Savings account can only be opened by individuals with a HSA-qualified, high-deductible health plan, or via rollover from another HSA. Per IRS rules, contributions may be tax-deductible, and distributions can be tax-free when used for qualifying medical expenses. Unlike come corporate-sponsored health plans, there is no “use-it-or-lose-it” provision with an HSA; balances can be maintained regardless of the change in calendar.

How to get Comerica Bank’s savings accounts

The Statement Savings account can be opened online using the application on the bank’s website. To open a Health Savings account, you’ll have to contact the bank directly.

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How Comerica Bank’s savings account compares

Comerica Bank’s only true, stand-alone savings account doesn’t offer much by way of additional features. If it paid a high interest rate, that could probably be overlooked, but the current APY on the savings account is more of a token interest rate than anything. The Statement Savings APY is dwarfed by even the average national APY. The nation’s best available savings rates simply put it to shame.

Comerica Bank’s CD account options

Fixed-Rate CDs

Comerica Bank’s Fixed-Rate CDs pay a different APY depending on the type of checking account relationship you have with the bank.
TermAPYMinimum Balance to Earn APY
7-29 days0.01%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0.02%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0.02%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0.03%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0.29%$1
180-364 days0.29%$2,500
180-364 days0.29%$10,000
180-364 days0.29%$25,000
180-364 days0.29%$50,000
180-364 days0.29%$100,000
180-364 days0.29%$250,000
180-364 days0.29%$500,000
1 year0.35%$1
1 year0.35%$2,500
1 year0.35%$10,000
1 year0.35%$25,000
1 year0.35%$50,000
1 year0.35%$100,000
1 year0.35%$250,000
1 year0.35%$500,000
2 years0.40%$1
2 years0.40%$2,500
2 years0.40%$10,000
2 years0.40%$25,000
2 years0.40%$50,000
2 years0.40%$100,000
2 years0.40%$250,000
2 years0.40%$500,000
3 years0.45%$1
3 years0.45%$2,500
3 years0.45%$10,000
3 years0.45%$25,000
3 years0.45%$50,000
3 years0.45%$100,000
3 years0.45%$250,000
3 years0.45%$500,000
4 years0.50%$1
4 years0.50%$2,500
4 years0.50%$10,000
4 years0.50%$25,000
4 years0.50%$50,000
4 years0.50%$100,000
4 years0.50%$250,000
4 years0.50%$500,000
5 years0.60%$1
5 years0.60%$2,500
5 years0.60%$10,000
5 years0.60%$25,000
5 years0.60%$50,000
5 years0.60%$100,000
5 years0.60%$250,000
5 years0.60%$500,000
6 years0.60%$1
6 years0.60%$2,500
6 years0.60%$10,000
6 years0.60%$25,000
6 years0.60%$50,000
6 years0.60%$100,000
6 years0.60%$250,000
6 years0.60%$500,000
7-10 years0.65%$1
7-10 years0.65%$2,500
7-10 years0.65%$10,000
7-10 years0.65%$25,000
7-10 years0.65%$50,000
7-10 years0.65%$100,000
7-10 years0.65%$250,000
7-10 years0.65%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Fixed-Rate CDs at Comerica Bank have a complicated payment structure. Each maturity is broken down into eight payment tiers, between $1 and $500,000, although each tier currently pays the same APY for each maturity.

If you have a Rich Rewards Checking account, you’ll earn more on maturities of longer than one year; rates increase even more if you have a Premier Checking account. Customers with a Platinum Circle Checking account earn the highest rates of all.

The bank offers a wide range of maturities, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days, for maturities of less than 30 days, and 10 days for longer maturities.

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on Comerica Bank’s secure website

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Flexible-Rate CDs

Flexible-Rate CDs are misnamed: It’s not the rate that’s flexible, but rather than contribution and withdrawal structure.
TermAPYMinimum Balance to Earn APY
1 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate CDs come in a single maturity of one year. Rates are tiered, but the APY paid doesn’t vary much between tiers — and it’s extremely low across the board. The main advantage of this CD is the ability to add money to it at any time, in increments of $100 or more, and its flexible withdrawal structure.

Unlike most regular CDs, the Flexible-Rate CD allows you to take a one-time withdrawal of up to 50% of your account balance without penalty, as long as the withdrawal comes after seven days of opening the account or making an additional deposit.

As with the bank’s regular CDs, Flexible-Rate CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s CDs

You can open a Fixed-Rate CD using the bank’s online application, but for a Flexible-Rate CD, you must contact the bank directly.

LEARN MORE Secured

on Comerica Bank’s secure website

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How Comerica Bank’s CD rates compare

The good news is that the low rates available on Comerica Bank’s regular CDs can be greatly enhanced by opening a higher-level checking account at the bank. The bad news is that even with the bank’s top-tier Platinum Circle Checking account, rates far fall below both the national averages and the best available national CD rates, for every maturity. The Flexible-Rate CD is a nice option for those who don’t want to be tied down for the entire term of the CD, but rates are extremely low, and the withdrawal feature can only be used once, for 50% of the account balance.

Comerica Bank’s money market account options

Money Market Investment account

Comerica Bank’s Money Market Investment account is a check-writing account that allows you to earn a higher rate than the bank’s savings account — but just barely.
APYMinimum Balance to Earn APY
0.03%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; $0 with a $2,500 minimum daily balance, a $5,000 average daily balance, a Comerica Platinum Circle Checking account or a Premier Checking account while not selecting a Statement Savings account as your no-fee savings account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.), according to bank representative
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences

Comerica Bank’s entry-level money market account offers ATM access and a check-writing option, although checks and certain other debits are limited to six per month. There’s a $5 fee per withdrawal after six transactions per month.

The minimum opening deposit is quite small for a money market account. But to avoid the high monthly fee, customers need to increase their minimum deposit to a more traditional level. The fee can also be avoided through various checking account relationships with the bank, such as having a Comerica Platinum Circle Checking account. Overdraft fees are quite high, although they can be reduced a bit with overdraft protection.

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High-Yield Money Market Investment account

The High-Yield Money Market Investment account pays much higher interest rates than the bank’s regular money market account, but only if you also have a Platinum Circle Checking account.
APYMinimum Balance to Earn APY
0.03%$1
0.04%$15,000
0.06%$100,000+
*You’ll earn different rates with Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25; $0 with $15,000 minimum balance each day
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None, per bank representative
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences.

Comerica Bank’s High-Yield Money Market Investment account is really designed for customers that also have a Platinum Circle Checking account. This entitles account holders to much higher yields on their balances. However, this account also has a much higher monthly fee than the regular money market account, and it requires a much larger maintaining balance to eliminate the monthly fee. As with the regular money market account, Comerica Bank assesses a $5 fee per withdrawal from this account, after six debits that are allowed per month.

How to get Comerica Bank’s money market account

You can get Comerica Bank’s regular money market account via the online application. For the High-Yield Investment Money Market account, you’ll need to contact a branch.

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How Comerica Bank’s money market accounts compare

Comerica Bank’s basic money market account has a low minimum balance to open but requires a much higher balance to waive the monthly fee. Although the account pays interest, it’s an extremely low rate, far below the national average and not even close to the best available money market rates nationwide. The High-Yield Money Market Investment account does much better in the yield department, but only with a complementary Platinum Circle Checking account. Even at its top tier, this account still doesn’t match up with the best rates you can find in competitor accounts.

Comerica Bank’s IRA account options

IRA Fixed-Rate CDs

Comerica Bank’s IRA Fixed-Rate CDs are carbon copies of the bank’s non-IRA CDs, including the enhanced yield paid with certain checking account relationships.
TermAPYMinimum Balance to Earn APY
7-29 days0.01%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0.02%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0.02%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0.03%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0.04%$1
180-364 days0.04%$2,500
180-364 days0.04%$10,000
180-364 days0.04%$25,000
180-364 days0.04%$50,000
180-364 days0.04%$100,000
180-364 days0.04%$250,000
180-364 days0.04%$500,000
1 year0.10%$1
1 year0.10%$2,500
1 year0.10%$10,000
1 year0.10%$25,000
1 year0.10%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
2 years0.15%$1
2 years0.15%$2,500
2 years0.15%$10,000
2 years0.15%$25,000
2 years0.15%$50,000
2 years0.15%$100,000
2 years0.15%$250,000
2 years0.15%$500,000
3 years0.20%$1
3 years0.20%$2,500
3 years0.20%$10,000
3 years0.20%$25,000
3 years0.20%$50,000
3 years0.20%$100,000
3 years0.20%$250,000
3 years0.20%$500,000
4 years0.25%$1
4 years0.25%$2,500
4 years0.25%$10,000
4 years0.25%$25,000
4 years0.25%$50,000
4 years0.25%$100,000
4 years0.25%$250,000
4 years0.25%$500,000
5 years0.35%$1
5 years0.35%$2,500
5 years0.35%$10,000
5 years0.35%$25,000
5 years0.35%$50,000
5 years0.35%$100,000
5 years0.35%$250,000
5 years0.35%$500,000
6 years0.35%$1
6 years0.35%$2,500
6 years0.35%$10,000
6 years0.35%$25,000
6 years0.35%$50,000
6 years0.35%$100,000
6 years0.35%$250,000
6 years0.35%$500,000
7-10 years0.40%$1
7-10 years0.40%$2,500
7-10 years0.40%$10,000
7-10 years0.40%$25,000
7-10 years0.40%$50,000
7-10 years0.40%$100,000
7-10 years0.40%$250,000
7-10 years0.40%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Even the IRA Fixed-Rate CDs have a complicated payment structure at Comerica Bank. Currently, rates are the same in each of the eight payment tiers that are available for each maturity. Rates improve on the 1 year or longer CDs if you have a Rich Rewards Checking account, then bump up again if you have a Premier Checking account. Customers with the top-tier Platinum Circle Checking account earn the highest rates of all.

Maturities span a wide range, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days for maturities of less than 30 days, and 10 days for longer maturities.

LEARN MORE Secured

on Comerica Bank’s secure website

Member FDIC

IRA Flexible-Rate CDs

IRA Flexible-Rate CDs allow contributions at any time, along with a one-time, penalty-free withdrawal.
TermAPYMinimum Balance to Earn APY
1 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate IRA CDs are only available in a one-year maturity. Although the APY you can earn increases slightly across the eight tiers, from $1 to $500,000, rates are very low across the board. You can add money to this IRA CD at any time, in increments of $100 or more. The highlighted feature of the Flexible-Rate IRA CD is the ability to withdraw up to 50% of your IRA CD balance without penalty, as long as the withdrawal comes after seven days of opening the IRA CD or making an additional deposit. Bear in mind that the money can come out of the IRA CD product but must remain within the IRA account as a whole to avoid additional taxes and possible IRS penalties. Flexible-Rate IRA CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s IRA accounts

IRA accounts cannot be opened online at Comerica Bank. You must visit contact the bank directly.

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How Comerica Bank’s IRA accounts compare

Comerica Bank’s IRA CD rates are low in every category. Yields can be greatly enhanced if you open a higher-level checking account at the bank. However, even with this rate boost, the bank’s best yields are well below both the national average and the best available national IRA CD rates. The Flexible-Rate CD is a great idea for those who don’t want to be tied down for the entire term of the CD, but the withdrawal feature can only be used once, for 50% of the account balance, and the interest rates paid are anemic.

Overall review of Comerica Bank’s products

Comerica Bank certainly can’t be accused of having an insufficient number of accounts to offer customers, and the bank is to be commended for offering higher yields and reduced fees on some accounts to customers who open other accounts. However, the end result is a complicated web of relationship banking that makes it hard to determine which accounts you should choose, and how they affect others.

The unfortunate bottom line is that even with the enhanced yields customers can pick up by opening complementary accounts, rates paid by Comerica Bank are low in every category. The Platinum Circle Checking account, for example, offers some impressive bells and whistles, but the interest rates it pays aren’t competitive with the highest rates you can get elsewhere. The bank’s stand-alone savings account can’t even reach the national average savings rate, and the same is true of the bank’s CD offerings, even with the enhanced rates offered with a companion Platinum Circle Checking account. The same refrain can be sung for the bank’s money market accounts and IRA CDs.

When you combine the relatively confusing interplay of accounts at Comerica Bank with the bank’s underwhelming interest rates, most customers are probably better served by shopping around for more competitive options.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Sharonview Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1976
Total Assets$1.6B
LEARN MORE on Sharonview Federal Credit Union’s secure websiteNCUA Insured

Sharonview Federal Credit Union, a financial co-op based out of the Carolinas, started in 1955 when 20 employees from Celanese decided to pool their resources to fund a credit union. They named the organization after two neighboring roads near the initial location in Charlotte: Sharon Road and Fairview Road.

It now has 18 branches, mostly throughout North and South Carolina, including one in New Jersey. In 2018, Forbes rated Sharonview Federal Credit Union as the best credit union in South Carolina. We decided to investigate further to see how its personal deposits compare to the competition, using the latest rates and product information available through its website.

Since it is a credit union, you need to qualify for membership to use its accounts. You could be eligible if:

  • You live, work, worship, attend school or volunteer in one of its charter areas through North Carolina or South Carolina
  • You are a current or retired employee of one of its employer groups, mainly located in the Carolinas
  • You are related to or live with someone who is a Sharonview Federal Credit Union member or who is eligible for membership

If none of these apply to you, Sharonview Federal Credit Union lists several associations on its website that you can join online to qualify for membership. But are its deposit accounts worth this effort? Read on to find out.

Sharonview Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Sharonview Federal Credit Union Regular Share

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.25%

CD Rates

Sharonview Federal Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Sharonview Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Sharonview Federal Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Sharonview Federal Credit Union’s checking account options

Free Anywhere Checking

With this checking account, there’s never a monthly fee. It earns rewards on debit card purchases and refunds up to $10 a month for out-of-network ATM withdrawals. The only downside is it doesn’t earn interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $10 a month for ATMs in the United States; no refunds for international ATM use
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Free Anywhere Checking account doesn’t have an opening deposit requirement. You can set this up with a deposit of any amount, or even without adding money at first. This account also does not have a minimum balance requirement or monthly maintenance fee.

But the Free Anywhere Checking account does not earn interest. If you spend on the account’s debit card, you’ll earn reward points that can be used for all kinds of rewards such as travel, merchandise, cash and discounts on loans at Sharonview Federal Credit Union.

If you use an out-of-network ATM, Sharonview Federal Credit Union does not charge a fee. It will also refund up to $10 a month in fees charged by other ATM owners. To qualify for the refund, you must be enrolled in online and mobile banking. Each month, you also need to make at least one purchase on the debit card and have one direct deposit come into your account. The refund only applies to withdrawals in the U.S. International transactions do not qualify.

Before you can open the Free Anywhere Checking account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You can apply for Sharonview Federal Credit Union’s Free Anywhere Checking account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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How Sharonview Federal Credit Union’s checking account compares

For a free checking account, Sharonview Federal Credit Union’s Free Anywhere Checking does a nice job handling regular banking needs. It offers a respectable up to $10 refund for out-of-network ATM use per month, the debit card earns rewards on your purchases and there’s no minimum balance requirement, so you never have to worry about how much money is in your account.

At a time when some banks are slashing quality and raising fees on their checking accounts, Sharonview Federal Credit Union looks pretty good. But if you were hoping to earn interest, you’ll have to look elsewhere. The credit union does not offer an interest-earning checking account.

This isn’t a sacrifice you have to make. There are free checking accounts out there that pay spectacular interest rates. While Sharonview Federal Credit Union’s checking account is decent, with a little research you can find something even better.

Sharonview Federal Credit Union’s savings account options

Regular Share

Anyone who joins Sharonview Federal Credit Union must open this savings account. Its interest rate is quite low, so we don’t see many customers depositing more than the minimum.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

When you apply to join Sharonview Federal Credit Union, you need to open one of its Regular Share accounts to complete the process. This account requires an opening deposit of $5.

This account does not charge a monthly maintenance fee, so there’s never a cost for keeping your account open. The Regular Share account pays interest on all balances, but the rate is low. It always stays the same and does not increase when you deposit more.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without a fee.

If you have a specific savings goal in mind, you can set up a separate account called a Special Share. There’s no minimum deposit to open this side account, and it earns the same interest rate as Regular Share.

Before you can open the Regular Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You will also need to make your $5 minimum deposit. At this point, you could open other Sharonview Federal Credit Union deposit accounts.

LEARN MORE Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

Holiday Share

The Holiday Share savings account is like the Regular Share account, except it comes with an extra fee for withdrawals. That’s a downgrade we wouldn’t accept.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union also offers a Holiday Share savings account. It’s nearly identical to the Regular Share account. There’s no monthly fee and it earns the same interest rate. This account also does not have a minimum opening deposit requirement, so you can set things up for any amount.

The main difference with this account is it’s designed to motivate you to save for the holidays. You are only supposed to make withdrawals during the holiday season from Oct. 15 to Jan. 31. If you make a withdrawal outside this period, Sharonview Federal Credit Union charges a $5 penalty for each transaction.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without owing the bank fee.

Before you can open the Holiday Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for Sharonview Federal Credit Union’s Holiday Share account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

LEARN MORE Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

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How Sharonview Federal Credit Union’s savings accounts compare

Sharonview Federal Credit Union’s savings accounts are disappointing. The problem is they pay the same low interest rate. Every Sharonview Federal Credit Union member needs to open a Regular Share account for $5. Our guess is people set these up with the bare minimum deposit for membership and then move on to other products.

Its Holiday Share savings account is even worse because it keeps the same rate while adding an extra penalty for taking out money.

If you’re going to hit your savings goal, you need a real interest rate, and that won’t happen with the options at Sharonview Federal Credit Union. But if you use one of these top online savings accounts, you’ll be pleasantly surprised how quickly your money grows with a respectable rate.

Sharonview Federal Credit Union’s CD rates

Share Certificates

Sharonview Federal Credit Union’s short-term Share Certificate rates are just OK. For longer commitments, the credit union is much more generous. It also offers some lengthy terms, which you don’t see at the average lender.
TermAPY
12 months1.25%
24 months1.50%
36 months1.75%
48 months2.00%
60 months3.00%
72 months3.15%
84 months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Sharonview Federal Credit Union offers eight types of Share Certificates, which range from seven months to 84 months (seven years). You must deposit $500 to open a Share Certificate and keep at least this much in your account to earn the APY.

Sharonview Federal Credit Union’s short-term rates are average, but it pays more generous amounts for longer terms, especially once you get to 60 months or longer.

If you take any of your deposit out of the Share Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your Share Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open a Share Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

Once you’re a member, you can set up a Share Certificate. These accounts cannot be opened online. You can apply at a branch or by mailing in the new account forms to the credit union. You can make your initial deposit by transferring money from another Sharonview Federal Credit Union account or by sending in a check.

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How Sharonview Federal Credit Union’s CD rates compare

If you want a long-term CD that lasts five years or longer, Sharonview Federal Credit Union has some appealing offers. Its long-term rates are very competitive. It also offers terms as long as 84 months, an option you don’t see with every lender.

For short-term CDs, Sharonview Federal Credit Union’s rates are not quite as impressive. They’re OK, but you can find better deals elsewhere.

If you want a more generous short-term CD or to check out some other quality options, we’ve tracked down the best CD rates for every timeline. By comparing here, you can decide whether you’re best off with Sharonview Federal Credit Union or somewhere else.

Sharonview Federal Credit’s Union money market account options

Money Market

Sharonview Federal Credit Union’s main money market account has a lot of quality features: no monthly fee, a low deposit requirement and a decent interest rate. But it doesn’t pay quite enough be rated a top-tier account.
APYMinimum Balance Amount to Earn APY
0.75%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Money Market account does not have a minimum opening deposit requirement. You can open one up for any amount — you can even start an account without making a deposit.

After you open, this account does not charge a monthly fee, regardless of your balance. If your balance stays above $500, you earn a rate that is above average.

Since this is a money market account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open a Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for the Money Market account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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Investor Money Market

After you become a Sharonview Federal Credit Union customer and develop a relationship with an investment adviser, you could be eligible for this higher-paying money market account.
APYMinimum Balance Amount to Earn APY
0.75%$0.01
1.00%$5,000
  • Minimum opening deposit: Determined by your Sharonview Financial Services investment adviser
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

If you plan on keeping a balance of $5,000, Sharonview Federal Credit Union offers an Investor Money Market account with a higher rate. This account is only available after you open a Sharonview Financial Services investment account and develop a relationship with one of its advisers. The adviser needs to refer you to this account and will set your opening deposit.

To qualify for the money market rate, you must have a balance of $5,000 or more. If your balance falls below $5,000, you earn the Regular Share rate instead. This account does not charge a monthly fee, even if you fall below the balance requirement.

Since this is a money market account, there’s a limit to how often you can take out money because of Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open an Investor Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You also need to have an investment account with Sharonview Financial Services before you can open the Investor Money Market account. After you meet these requirements, you can apply at a branch by meeting with your investment adviser. This account is not available online.

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How Sharonview Federal Credit Union’s money market accounts compare

Sharonview Federal Credit Union’s money market accounts are both respectable. Money market accounts typically come with high balance requirements and monthly fees, but the credit union keeps both its options free.

You can open its regular Money Market account and qualify for the better rate with a balance of just $500, which is also low for these types of deposit accounts. If you plan on making a larger deposit, you could receive a rate upgrade with its Investor Money Market account. Keep in mind that you’ll also need a Sharonview Financial Services investment adviser to qualify for the higher-paying money market rate.

But while Sharonview Federal Credit Union’s money market accounts are decent, we’ve found others that pay even more. These top money market accounts pay nearly twice as much as Sharonview Federal Credit Union’s best offer — and they won’t require you to sign up with an investment adviser.

Sharonview Federal Credit Union’s IRA account options

IRA Certificates

All the Sharonview Federal Credit Union Share Certificates can be used for an IRA. Its short-term IRA CD rates are average, but the long-term rates are excellent.
TermAPY
12 months1.25%
24 months1.50%
36 months1.75%
48 months2.00%
60 months3.00%
72 months3.15%
84 months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

You can open any of Sharonview Federal Credit Union’s Share Certificates as part of an IRA. It offers terms that range from seven months up to 84 months (seven years).

You must deposit $500 to open Sharonview Federal Credit Union’s IRA Certificate and keep this much in your account to earn the APY. The credit union’s IRA CD rates are just OK for its short-term options, but they are very competitive for terms of 60 months or longer.

If you take any of your deposit out of the IRA Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your IRA Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open an IRA Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Certificate. You can open these accounts online or by visiting a Sharonview Federal Credit Union branch. You will need to make your deposit of $500 along with your application.

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IRA Savings

With an IRA Savings account, you earn less in exchange for more access to your money. Sharonview Federal Credit Union still offers an excellent rate for this type of account.
APYMinimum Balance Amount to Earn APY
0.75%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Sharonview Federal Credit Union also offers an IRA Savings account to go along with its IRA Certificates. With an IRA Savings account, there isn’t a set timeline for depositing your money. You can take funds out without owing Sharonview Federal Credit Union an early withdrawal penalty.

In exchange, these accounts pay less interest than IRA CDs. But Sharonview Federal Credit Union pays an excellent rate for this type of IRA account.

Sharonview Federal Credit Union’s IRA Savings account does not have a minimum opening deposit requirement. You can start one with any amount. But if your balance is below $500, you only earn the lower savings account rate. To earn the higher rate, your balance must stay above $500, but there’s no fee if you fall below.

Before you can open an IRA Savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Savings account. You can open these accounts online or by visiting a Sharonview Federal Credit Union bank branch.

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How Sharonview Federal Credit Union’s IRA CD rates compare

If you’d like to grow your retirement nest egg, Sharonview Federal Credit Union has some attractive products. Its long-term IRA CDs, lasting 60 months or longer, are particularly impressive. Not only are the rates extremely competitive, but Sharonview Federal Credit Union offers some terms you don’t see that often with IRA CDs, such as 72 or 84 months. Sharonview Federal Credit Union’s short-term IRA CD rates are not quite as strong. They’re OK, but we’ve seen better deals elsewhere.

The credit union also has an excellent IRA Savings account. It offers one of the highest rates we’ve seen for these types of accounts. While an IRA Savings account will not earn as much as an IRA CD, Sharonview Federal Credit Union is a good choice if access to your money is a priority.

Overall, we are quite pleased with Sharonview Federal Credit Union’s IRA CD rates and believe it could be a good choice for an IRA. But if you want a second opinion to make sure it’s the right place for your retirement plan, these are some of the other best IRA CDs on the market today.

Overall review of Sharonview Federal Credit Union’s banking products

Sharonview Federal Credit Union does a nice job with all its banking products. In our opinion, its best accounts are its Share and IRA Certificates because they offer the most competitive rates, especially for long-term deposits of 60 months or longer.

Sharonview Federal Credit Union’s checking and money market accounts are also respectable. Both accounts are free. The checking account has a generous ATM refund program, while the money market account has an above-average interest rate.

The only account we didn’t like was the mandatory savings account because of its mediocre rate. If you want to join the credit union, you’ll need to open one for $5, but we wouldn’t contribute more than the bare minimum.

Besides this one weak account, the rest of Sharonview Federal Credit Union’s products are excellent. It definitely earned its rating from Forbes as the best credit union in South Carolina in 2018.

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.

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

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Reviews

The First National Bank of Long Island Review: Checking, Savings and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The First National Bank of Long Island was first established as the The First National Bank of Glen Head in 1927, after many North Shore farmers and small business owners were having to travel about 30 miles from Glen Head, Long Island to New York City to do their banking.

Local residents came together to raise $50,000 in capital to open this first location, and its second branch eventually opened in Roslyn, N.Y. in 1956, followed by several more locations throughout Nassau and Suffolk counties on Long Island, as well as in Manhattan. In 1978, the bank officially changed its name to its current one, The First National Bank of Long Island.

Today, the bank offers a wide selection of personal deposit accounts, including checking, savings and money market accounts. Read on to learn if these accounts will fit your banking needs, and how they compare with the competition.

The First National Bank of Long Island checking account options

First Class Banking Package

A checking and savings package that offers various benefits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $35
  • ATM fee: None; $1.75 for outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This package is a combination of a checking and savings account, which does have the ability to earn interest, though you will need to contact the bank to find out the rates.

It also comes with free standard personalized checks, unlimited check writing, free check images, free ATM withdrawals on both in-network and out-of-network ATMs when minimum balances are maintained (there’s no requirement for the checking account, but it’s $3,000 for the savings account), a debit card with the potential to earn shopping rewards and free travelers checks.

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Free Checking

A basic checking account with no monthly requirements or monthly fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This account does not have the ability to earn interest. However, it does come with a low opening deposit requirement, and no monthly service charges or minimum balance requirements. It also provides a free first order of 50 standard personalized checks, a debit card offering shopping rewards, unlimited check writing and free check images.

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Regular Checking

A non-interest earning checking account with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum balance of $750
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account doesn’t have the ability to earn interest, and the minimum balance to avoid its monthly fee is pretty high for a checking account. It does, however, come with a free first order of standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn shopping rewards.

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Senior Checking

A checking account for customers age 60 or older.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum monthly balance of $250
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account is for bank customers age 60 or older and requires a direct deposit enrollment such as Social Security or pension benefits. While it doesn’t have the ability to earn interest, it has a low minimum balance requirement and offers a free first order of 50 standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn purchase rewards.

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Student Checking

A checking account with minimal requirements for students ages 13 to 23.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived with minimum monthly balance of $25
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This non-interest bearing student account is available to students ages 13 to 23. Those ages 13 to 17 need to open the account jointly with a parent or guardian. The account holder will need to be sure to transfer the account’s funds to another account before his or her 24th birthday.

This account also requires the owner to receive statements electronically, Otherwise, the minimum opening deposit and balance requirement are extremely low, and the account comes with a free debit card with the potential to earn shopping rewards, a free first order of 50 personalized checks, unlimited check writing and free check images.

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Personal Advantage Checking

An interest-bearing checking account with a higher balance requirement
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20; can be waived with minimum monthly balance of $3,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This interest-bearing checking account has many of the same benefits as the bank’s other checking accounts, though it has a pretty steep minimum balance requirement to avoid its monthly fee. You’ll need to contact the bank to obtain the current rate.

The account also offers 50 free checks, unlimited check writing, free check images and a debit card with the potential to earn rewards.

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Budget Checking

A basic checking account with minimal restrictions for basic needs.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; additional fee of $9 if you exceed 8 withdrawals in a month
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This basic checking account has a low opening deposit and no minimum deposit requirement. It also comes with a low monthly fee, as well as an additional fee if you exceed eight withdrawals in a month, though that shouldn’t be too difficult to avoid. This account also comes with 50 free checks, and a debit card with the potential to earn rewards.

How to get The First National Bank of Long Island’s checking accounts

All of The First National Bank of Long Island’s checking accounts must be opened in person at a branch. Visit the website to find the location nearest you.

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How The First National Bank of Long Island’s checking accounts compare

The First National Bank of Long Island offers several checking accounts, many of which are able to earn interest, and many with minimal fees and requirements. However, to truly determine if one of these accounts is the best on for you, you should contact the bank to find out available rates and see if they truly stack up against those on our list of the best online checking accounts.

The First National Bank of Long Island savings account options

Platinum Savings

A savings account offering a premium rate in exchange for a very high balance requirement.
  • Minimum opening deposit: $150,000
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10; can be waived with minimum monthly balance of $150,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

The First National Bank of Long Island advertises this account as being beneficial for affluent customers. It has a pretty steep minimum opening deposit requirement and minimum balance requirement to avoid the monthly fee. In comparison, its minimum balance to earn interest appears to be on the low end. Contact the bank to obtain current rate information.

As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Personal Statement Savings

A basic savings account with no balance requirement to earn interest.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38
This account boasts the ability to earn interest from the day of deposit to the day of withdrawal. It also has a low minimum deposit requirement and balance requirement to avoid its low monthly fee. While no set balance is required to earn interest, you’ll have to contact the bank to find out what the rates are. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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K Savings

A savings account for kids under the age of 18.
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $38

This account is a great option to teach kids and grandkids about good saving habits early in life. It’s available to those under age 18 and comes with a special interest rate for the first 90 days the account is open. From there, the more they save, the more interest they will earn, with up to a $15 credit every year. There is no minimum balance requirement to earn interest, and no monthly maintenance fee. You’ll need to contact the bank to obtain current rate information. Account holders have the choice of a passbook or statement savings account with unlimited access to in-branch withdrawals and free electronic statements. This account is opened as a Uniform Transfer to Minor account. It is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Holiday Club

A savings account specifically meant for socking away funds for the holiday season.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is meant specifically for saving up for the holidays. Interest is earned on all balances at the end of the holiday year, and there is no minimum opening deposit or monthly maintenance fee. You’ll need to call the bank to obtain current rate information. Account owners can set up an automatic transfer from their First National Bank of Long Island checking account.

This account comes with electronic statements and renews automatically every year, with the money credited back into your checking account at the end of the year. Account holders also have the option to set up a 50-week payment schedule, though a fee may apply if it is closed before the final payment. Contact a branch for more information about this. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Gold Savings Passbook

Another interest-bearing savings account with a low balance requirement to earn the rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500.
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This traditional passbook savings account earns interest from the day of deposit to the day of withdrawal. It has a low minimum opening deposit and a minimal balance requirement to earn interest and avoid the money fee. Contact the bank to obtain current rate information. It is also subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get The First National Bank of Long Island’s savings accounts

The First National Bank of Long Island’s savings accounts must be opened in person at a branch. Visit the website to find one near you.

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How The First National Bank of Long Island’s savings accounts compare

Just like with its checking accounts, The First National Bank of Long Island offers and array of savings accounts, most of them with low requirements and monthly fees. All of them have the ability to earn interest, though you’ll have to contact the bank to find out what the rates are. Once you have those rates, you’ll want to be sure to compare them with our list of the best online savings accounts to help determine if you’re truly choosing the best product for your savings goals.

The First National Bank of Long Island money market account option

Personal Money Market Savings

The bank’s Statement Savings account, but with a money market rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $3,000
  • Monthly account maintenance fee: $35; can be waived with minimum monthly balance of $1,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

As with a few of the bank’s savings account, this one boasts having a money market rate — as it should, since it’s a money market account by name. It also has a low opening deposit requirement, and fairly low balance requirements to earn interest and avoid incurring the monthly fee. Be sure to contact the bank to get current rate information. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

How to get The First National Bank of Long Island’s money market account

As with all of The First National Bank of Long Island’s personal account products, this one must be opened in person at a branch. Visit the website to find a location near you.

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How The First National Bank of Long Island’s money market account compares

As with all of The First National Bank of Long Island’s personal accounts, you’ll have to contact the bank to find out the available rate for this one. Once you have that information, you can determine if it compares with those on our list of the best money market account rates. Otherwise, this is your standard, run-of-the-mill money market account, though it has a low opening deposit requirement, and a fairly average balance requirement to earn interest.

Overall review of The First National Bank of Long Island’s banking products

It’s plain to see that The First National Bank of Long Island offers an abundance of checking and savings accounts, in addition to the one money market account. Having so many choices might appear to be overwhelming, especially if you don’t even know the available rates upfront.

Additionally, as the bank’s name implies, it caters specifically to Long Island residents, so you’ll want to be sure you live near one of its many branches, since you’ll have to visit one in person to open an account. It might not be worth all the effort, but be sure to research all rates for the type of account you’re looking for and making sure they stack up against the competition before settling on one of these accounts.

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

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1997
Total Assets$11.1B
LEARN MORE on Customers Bank’s secure websiteMember FDIC

Customers Bank is a mid-sized financial institution based in eastern Pennsylvania, with branches in New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington D.C. and Illinois. Not all their branches are full-service locations — at some of them, you have to book an appointment to meet a banker.

You can open nearly all of Customers Bank’s deposit accounts online, so they are available even if you don’t live close to a branch. That’s good news, as they offer some excellent options with generous interest rates, especially for checking and savings accounts.

How does these top performers and the rest of Customer Bank’s deposit accounts stack up against the competition? Read on to find out. Customers Bank only uses one set of rates for their accounts and we used the latest information for our review. Keep in-mind that rates and product terms can change over time so be sure to double check when you apply.

Customers Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Customers Bank Reserve Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.60%

CD Rates

Customers Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.25%

CD Rates

Customers Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.60%

CD Rates

Customers Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Customers Bank’s checking account options

Convenience Checking

This checking account lets you make free withdrawals from any ATM, but if you don’t meet the balance requirements, you’ll get slammed with a massive monthly fee — we don’t think that’s too convenient.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $29 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited (must meet balance requirements, otherwise none)
  • Overdraft fees: $20

You can open a Customers Bank Convenience Checking account with a deposit of just $10. However, you’ll need to keep much more money with Customers Bank for this account to make sense. It charges a whopping $29 monthly fee, unless you have a combined $5,000 balance in deposit accounts or outstanding loans with the bank. If you meet the account balance requirements, the Convenience Checking account also refunds all fees from out-of-network ATMs, so you can access your money for free from anywhere. If you don’t meet the balance requirements, it will not refund ATM fees for that month.

The Convenience Checking account doesn’t earn any interest, and only comes with online banking and a debit card.

You can open a Customers Bank’s Convenience Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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FREE Checking

This checking account only offers the basics, but it is also completely free. It doesn’t refund ATM fees, which can get expensive if you don’t live close to a branch.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s FREE Checking account requires an opening deposit of at least $10. After that, this account does not have a minimum balance requirement and does not charge a monthly fee.

This account does not earn interest, and only comes with basic checking services like online banking and a debit card. If you use an out-of-network ATM, Customers Bank will not refund any fees charged from the ATM owner.

You can open Customers Bank’s FREE Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Bonus Checking

A free checking account which earns 2% on up to $100,000. An unbelievable offer, and one of the best accounts in the entire country.
APYMinimum Balance Amount to Earn APY
2.00%
$0.01 - $100,000 (debit card requirement met)
0.25%
$0.01 (debit card requirement not met)
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Bonus Checking account earns one of the best interest rates you’ll find anywhere on a checking account. To qualify, you must spend at least $500 each month on your debit card. The top rate applies to your entire balance up to $100,000 and then you earn a lower rate for any amount over $100,000.

However, if you don’t meet the $500 debit card spending requirement in a month, you’ll earn a lower rate on your entire balance.

You only need to deposit $10 to open the Bonus Checking account. After that, this account does not have a minimum balance requirement and does not charge a monthly fee. This account does not refund fees on out-of-network ATM use.

You can open Customers Bank’s Bonus Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s checking accounts compare

If you’re going to open a Customers Bank checking account, the clear choice hands-down is the Bonus Checking account. It earns one of the best interest rates we’ve seen on a checking account — even better than most money market accounts and CDs. It’s also completely free and only requires an opening deposit of $10.

The only downsides are that it doesn’t refund out-of-network ATM fees, and you’ll need to spend $500 per month on the account debit card to earn the high rate. These are reasonable trade-offs for a free account with such a high rate.

The other Customers Bank checking accounts are OK, but nowhere near as impressive as Bonus Checking. Free Checking is a no-frills free account, while Convenience Checking offers unlimited refunds for out-of-network ATM withdrawals. But neither of these accounts earn interest, which is why you could do better.

We recommend only using Bonus Checking at Customers Bank. On the other hand, if you want something that includes more convenient ATM access along with a high rate, you could also check out our list of the best online checking accounts.

Customers Bank’s savings account options

Reserve Savings

A free savings account with a low interest rate. It’s not terrible, but there are much better options out there, including at Customers Bank.
APYMinimum Balance Amount to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Reserve Savings account requires an opening deposit of $10. After that, there’s no minimum balance requirement and this account does not charge a monthly fee.

The Reserve Savings account earns interest on all balances, though the rate is on the low side. It always stays the same and will not increase for larger deposits.

Since this is a savings account, there’s a regulatory limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of a federal government rule, Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Reserve Savings account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Ascent Money Market Savings Account

You should consider this savings account if you plan on depositing $25,000. If you do, you’ll earn a fantastic interest rate.
APYMinimum Balance Amount to Earn APY
2.25%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $20

Customers Bank’s Ascent Money Market Savings account is not meant for small amounts of money. You must deposit at least $25,000 to open and you need to keep at least this much in the account to earn interest — if you do, you’ll earn an excellent rate.

If your balance falls below $25,000, you’ll stop earning interest. However, there’s no monthly fee with this account, even if you fall below this limit. In addition, this account doesn’t offer a debit card or checks, as it is not designed for frequent withdrawals and everyday spending.

You are only allowed to make up to six certain transfers or withdrawals out of the account per month because of a Federal Reserve Regulation D. This includes checks, drafts, debit card purchases and transfers to other accounts.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

Customers Bank’s Ascent Money Market Savings account is online only and must be opened through the bank’s website. You’ll need to provide your name, address, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s savings accounts compare

Customers Bank’s Ascent Money Market Savings account is a spectacular choice. Not only does it earn more than nearly every other savings account out there, it also earns more than most CDs. But while CDs lock up your money for a set period, this savings account allows you to take money out up to six times per month without owing a penalty. The only downside is that you’ll need at least $25,000 to use this account, so it’s not an option unless you plan on making a substantial deposit.

Customers Bank’s other savings account, Reserve Savings, is not nearly as good. Even though it’s free and has a low opening deposit requirement, it doesn’t pay enough interest to be a competitive choice.

If you have $25,000, we strongly recommend the Ascent Money Market Savings account instead. But if you don’t plan on depositing that much or want some more options to compare, here are some of the other top savings accounts available today.

Customers Bank’s CD rates

Customers Bank CDs

The CD rates are mostly low, but they offer one awesome promotion on a 2-year CD for new deposits. Everything else is not worth using.
TermAPY
3 months0.25%
6 months0.35%
9 months0.50%
12 months0.60%
13 months0.65%
18 months0.70%
24 months0.85%
2 years (promotional offer)2.50%
30 months1.05%
36 months1.25%
48 months1.35%
60 months1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

Customers Bank has a wide variety of CDs with terms that range from three months all the way up to 60 months, equivalent to five years. All of Customers Bank’s CDs require a minimum opening deposit of $500 and you must keep at least that amount in your account to earn the APY.

Their regular CD rates are quite low — however, they also offer a promotional 24-month CD with a much higher rate. You can only open the promotional CD with new deposits, not with money already at Customers Bank. At the end of the two years, Customers Bank will automatically convert your promotional CD to a regular 24-month CD with a lower rate, unless you tell them not to.

If you take money out of your CD before the maturity date, Customers Bank will charge an early withdrawal penalty, depending on your CD term:

  • For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s CD rates compare

For the most part, the CDs at Customers Bank pay too little to be worth using. It’s a little surprising that these CD rates are so low, considering the high rates available on some of Customers Bank’s checking and savings accounts.

The only exception is the promotional CD, which does offer a competitive return. This could be worth using, but at the end of the promotion we recommend moving somewhere else before the certificate auto-renews at a lower rate.

Otherwise, we would suggest using something from this list of the best CDs available today. With these options, you can earn an excellent rate for as long as you want; they aren’t one-time promotions that will expire on you.

Customers Bank’s money market account options

Money Market Account

Earns decent money market rates, but has high deposit requirements. You’ll need over $250,000 to earn the best rate.
APYMinimum Balance Amount to Earn APY
0.50%
$0.01
0.75%
$50,001
1.00%
$100,001
1.25%
$250,001
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Money Market account requires an opening deposit of at least $50. This account will charge a $5 monthly fee if your balance ever falls below $1,000, but it’s free so long as you stay above this limit.

The Money Market account earns interest on all balances and the rates are OK. To earn the highest rate, you need a daily balance of at least $250,001.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account — this includes checks, drafts, debit card purchases and transfers to other accounts — because of a government rule, regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Money Market account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Promo Money Market Account

If you open a money market account with new funds, you’ll receive a higher promotional rate for six months. This promotion is only available when you open at a branch and the rate depends on the location.
APYMinimum Balance Amount to Earn APY
2.00% (only available at Hamilton, Yardley, Doylestown and Langhorne branches)$0.01
1.50% (All other branches)$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank offers a special promotion for new money market accounts. If you set up your account with new money (funds not already deposited at Customers Bank), you’ll receive a higher interest rate for the first six months.

The rate depends on where you open this money market account: in Pennsylvania, the Hamilton, Yardley, Doylestown and Langhorne branches offer a higher rate than Customers Bank’s other locations. After six months, the promotion ends and you go back to earning the regular money market rates.

The promotional account has the same rules as the regular money market account. You must deposit at least $50 to open and the account charges a $5 monthly fee if your balance falls below $1,000.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of Federal Reserve Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can only open a Customers Bank Promo Money Market account at one of their bank branches; this account is not available online. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s money market accounts compare

Customers Bank’s money market accounts have some nice features. You only need a balance of $1,000 to avoid the monthly fee and even if you fall below the limit, the fee is also just $5. Their standard rates are above average and if you sign up at a bank branch, you could qualify for an excellent promotional rate for the first six months — a nice way to get started.

We just wish it took less money to qualify for the best money market rates. While their top rate is competitive, you’ll need to deposit over $250,001 to earn it. For smaller amounts, you earn much less.

This limit keeps Customers Bank’s money market account from being a top-tier option. You’d be better off with these money market options: they pay more, and don’t require a six-figure deposit to earn a decent rate.

Customers Bank’s IRA account options

IRA CD rates

Customers Bank offers a lot of variety for their IRA CDs, but the rates are just too low.
TermAPY
3 months0.25%
6 months0.35%
9 months0.50%
12 months0.60%
13 months0.65%
18 months0.70%
24 months0.85%
30 months1.05%
36 months1.25%
48 months1.35%
60 months1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

All of Customers Bank’s regular CDs can be part of an IRA. You must deposit at least $500 to open an IRA CD and keep that amount in the account to earn the APY. However, their IRA CD rates are on the low side.

If you take out some of your IRA CD deposit before the maturity date, Customers Bank will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For IRA CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For IRA CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s IRA CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s IRA CD rates compare

We’re not that impressed with Customers Bank’s IRA CD rates. If you’re going to lock up your money in an IRA CD, you should be getting a fair return for your commitment, and that won’t happen at Customers Bank — they just don’t pay enough interest.

If you want to earn a decent return for your retirement plan, these other IRA CDs are a much better choice because of their high interest rates. Don’t settle on something worse.

Overall review of Customers Bank’s banking products

Customers Bank promises to deliver exceptional value for their clients and in our opinion, they come through on that promise for most of their banking products.

Their Bonus Checking and Ascent Money Market Savings accounts are two of the best deposit accounts we’ve seen, thanks to their sky-high interest rates and lack of fees.

While the rest of Customers Bank’s deposit accounts don’t pay quite as much, they are still a major improvement over what’s available at large national banks. You can find better options, but you could also do a lot worse than Customers Bank’s CDs and money market accounts.

Our main concern with Customers Bank is ATM access. Only one of their accounts refunds out-of-network ATM fees, and it’s not an interest-earning account. This could be inconvenient unless you live close to one of their branches.

Still, it’s a minor issue and one you can plan around. For example, you could also open a Convenience Checking account, which does refund ATM fees, and transfer funds there whenever you want to make a withdrawal. Considering the sky-high rates available at Customers Bank, it’s well worth the effort.

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.

David Rodeck
David Rodeck |

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

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Reviews

Delta Community Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1940
Total Assets$5.8B
LEARN MORE on Delta Community Credit Union’s secure websiteNCUA Insured

Delta Community Credit Union started in 1940 when eight employees from Delta Airlines combined $45 to start a financial co-op. From this humble beginning, they expanded into the largest credit union in all of Georgia. Delta Community’s headquarters are in Atlanta and most of its branches in the state of Georgia, though they also have locations in Kentucky, Texas and Utah.

Delta Community Credit Union is also part of the CO-OP network. This national network of credit unions shares branches and ATMs so you can take care of your banking needs at these partners when you aren’t close to a Delta Community branch.

Since Delta Community is a credit union, you must qualify for membership to use their accounts. You could qualify if:

  • You live or work in a Georgia county served by Delta Community.
  • You work or used to work for a list of companies, including Delta Airlines, Chick-fil-A and other Georgia-based employers.
  • You are part of an organization that partners with Delta Community.
  • You have a family member who is an existing Delta Community customer.

If you can qualify for Delta Community Credit Union, is it worth the effort? We’ve reviewed all their personal deposit accounts to find out. For this review, we used the latest rates and product information on their website. Since Delta Community is a regional organization, they only have one set of rates that don’t change based on your location.

Delta Community Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.35%

Savings

Delta Community Credit Union Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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1.95%

CD Rates

Delta Community Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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1.75%

CD Rates

Delta Community Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.15%

CD Rates

Delta Community Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Delta Community Credit Union checking account options

Delta Community Credit Union Personal Checking Account

A basic, free checking account. Though it earns interest, the rate is so low and balance requirement is so high it may as well be a non-interest account.
APYMinimum Balance Amount to Earn APY
0.03%$5,000
0.05%$25,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

Delta Community Credit Union’s Personal Checking account does not have a minimum opening deposit requirement. This account is also completely free and does not have a monthly maintenance charge, regardless of your balance.

The Personal Checking account earns interest, but only if you have a balance of  $5,000 or more. The rate is also very low, even if you earning the highest rate with a balance of $25,000. If you make purchases using the account debit card, you’ll earn reward points which you can redeem for travel, merchandise, gift cards and cash back. The account earns one point for every $3 made in eligible purchases. Terms apply.

You can make free withdrawals from any Delta Community ATMs, as well as any ATMs in the CO-OP network. If you use another ATM, Delta Community doesn’t charge anything, but they will not refund any fees from the ATM owner.

Before you can open a Personal Checking account, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Personal Checking account at the same time using this information — there’s no initial deposit requirement, so you can set up an account without adding money.

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How Delta Community Credit Union’s checking accounts compare

Delta Community Credit Union only offers one checking account, which does a respectable job delivering banking basics. The account has no minimum balance requirement and no monthly fee, and you can also access thousands of free ATMs through the CO-OP network. At a time when large banks are increasing fees and balance requirements, a free checking account with decent ATM access isn’t bad.

But if you want more than the basics, Delta Community account doesn’t deliver. Though their checking account claims to pay interest, the rate is extremely low. Even worse, you need a minimum balance of $5,000 or more to earn interest. We also don’t like that Delta Community doesn’t refund out-of-network ATM fees. While the CO-OP network gives you access to large network of free ATMs, chances are you’ll still make the occasional out-of-network withdrawal — which means fees.

That’s why you can do better than Delta Community’s checking account. If you want to actually earn interest, these are the best online checking accounts on the market. They pay much more than Delta Community and include generous ATM refund programs.

Delta Community Credit Union savings account options

Delta Community Credit Union Personal Savings Account

Every member of Delta Community Credit Union is required to open this savings account. The rate is decent enough that we could see people using this account even if it wasn’t required.
APYMinimum Balance Amount to Earn APY
0.35%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

To join Delta Community Credit Union, you need to open their Personal Savings account as part of your application. You must deposit at least $5 when you open and keep at least $5 in the account to maintain your membership. However, this account does not charge a monthly maintenance fee regardless of your balance.

Delta Community’s Personal Savings account earns interest on all deposits and the rate is respectable. It always stays the same so you won’t earn more for a larger balance.

Since this is a savings account, there are limits on how often you can take money out because of a government rule, Reg. D. Each statement cycle, you are allowed to make up to six certain withdrawals/transfers including debit card purchases, checks, bill payments and transfers to other accounts. If you try to make more than six, Delta Community will deny the transaction. This rule does not apply to ATM withdrawals, so you’re able make as many of those as you need without any problems.

Before you can open a Personal Savings account, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. You will also need to make your deposit of at least $5. As you apply for the Personal Savings account for your membership, you can also open other Delta Community deposit accounts at the same time.

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How Delta Community Credit Union’s savings accounts compare

You can’t join Delta Community Credit Union without opening their savings account — fortunately, they offer decent terms for this mandatory account. First, it offers a respectable savings account interest rate. Even though you just need a $5 minimum balance, the savings rate is high enough that we could see people depositing more.

We also like that the account never charges a monthly fee. It also caught our attention that Delta Community does not charge a fee when you make too many transactions mandated by Regulation D — they just deny the transaction. Other lenders charge a costly fee when this happens, but Delta Community lets you off the hook; it’s convenient if you ever lose track.

Though this is a good savings account, if you put in your due diligence you can find others which are even better. We’ve reviewed the very best savings accounts here if you’d like to earn the highest possible rate for your money.

Delta Community Credit Union’s CD rates

Delta Community Credit Union Certificates of Deposit

Delta Community Credit Union’s CD rates are just average. They’re not the worst deals out there, but there are other lenders paying much more.
Term
APY
6 months1.05%
12 months1.95%
24 months1.45%
36 months1.75%
60 months2.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a 6-month term, the penalty is 60 days of interest. For a 12-month term, the penalty is 90 days of interest. For 24 or 36-month terms, the penalty is 180 days interest. For a 60-month term, the penalty is 270 days interest.

Delta Community Credit Union offers five different CD terms, ranging from six months up to 60 months (five years). You need to deposit at least $1,000 to open a Delta Community CD and keep this much in the account to earn the APY.

Delta Community’s CD rates are average and straightforward: you earn more by committing to a longer amount of time.

If you take money out of your CD before the maturity data, Delta Community charges an early withdrawal penalty. The penalty depends on your CD term:

  • For a 6-month term, the penalty is 60 days of interest.
  • For a 12-month term, the penalty is 90 days of interest.
  • For 24 or 36-month terms, the penalty is 180 days interest.
  • For a 60-month term, the penalty is 270 days interest.

These CDs automatically renew after the maturity date unless you tell Delta Community not to continue. If your CD renews, you have a 10-day grace period to cancel without an early withdrawal penalty.

Before you can open a CD, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Certificate of Deposit at the same time using this information. You will need to provide your deposit along with the application.

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How Delta Community Credit Union’s CD rates compare

Delta Community Credit Union’s CDs don’t leave much of an impression, good or bad. Their rates definitely aren’t the worst. They pay much more than some of the large national banks, but at the same time, there are other CDs which earn a whole lot more.

There also isn’t much variety with Delta Community’s CDs. They only have five options and they are all the standard, fixed-rate CDs. There’s no way to customize the length of your CD or include other features, like the ability to adjust your rate partway through the term.

Now, a boring CD isn’t necessarily a bad thing if it comes with an exciting interest rate. But Delta Community doesn’t offer that. For a CD rate you can actually get excited about, check out these CD options instead.

Delta Community Credit Union money market account options

Delta Community Credit Union Personal Money Market Account

Money market accounts typically comes with high monthly fees, but not at Delta Community Credit Union. Their account is completely free. It would be an attractive choice if only the rates were higher.
APYMinimum Balance Amount to Earn APY
0.53%$1,000
0.63%$10,000
0.73%$25,000
0.78%$50,000
0.85%$100,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

Delta Community Credit Union’s Personal Money Market account does not have a minimum opening deposit requirement. You can set one up for any amount or even with no deposit at all.

This account does not charge a monthly maintenance fee. It stays free no matter how low your balance drops. However, you will need a balance of $1,000 or more before you start earning interest. The interest rates gradually increase as you deposit more, before maxing out at a balance of $100,000. Still, Delta Community’s Money Market rates are just OK.

Since this is a money market account, there are limits on how often you can take money out because of a government rule, Reg. D. Each statement cycle, you are allowed to make up to six certain withdrawals/transfers including debit card purchases, checks, bill payments and transfers to other accounts. If you try to make more than six, Delta Community will charge a $20 excess transfer fee on the extra transactions.

While Regulation D does not apply to ATM and bank withdrawals, Delta Community also puts a monthly limit on these. You are allowed up to 10 free withdrawals per month, and if you make more, Delta Community charges a $20 fee on the additional withdrawals.

Before you can open a Personal Money Market account, you first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Credit Union Personal Money Market account at the same time using this information. There’s no initial deposit requirement, so you can set up an account without adding money.

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How Delta Community Credit Union’s money market accounts compare

Money market accounts typically come with large balance requirements and high monthly fees, so we respect that Delta Community Credit Union offers a completely free account. If your balance falls below $1,000, all that happens is you stop earning interest, but there’s never a fee — even this $1,000 cutoff to earn interest is low by money market account standards.

It’s just too bad Delta Community doesn’t pay more interest. The rates aren’t bad, but they don’t quite match the truly top-tier money market accounts available today. Even at the highest rate, for a deposit of $100,000, you still won’t earn what we would consider a quality rate.

For more generous rates, you could use something on this list of the best money market accounts in the country. While Delta Community’s money market account isn’t bad, with these other options you could earn more — and you won’t have to deposit $100,000 to make it happen.

Delta Community Credit Union IRA account options

Delta Community Credit Union IRA CD Rates

Most of Delta Community Credit Union’s CDs can be used through an IRA. Once again, the rates are just average.
TermAPY
12 months1.95%
24 months1.45%
36 months1.75%
60 months2.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a 12-month term, the penalty is 90 days of interest. For 24 or 36-month terms, the penalty is 180 days interest. For a 60-month term, the penalty is 270 days interest.

Nearly all of Delta Community Credit Union’s CDs can be set up as part of an IRA; the only one that isn’t available is the 6-month CD. Everything else can be used as an IRA CD and the rates are the same.

You must deposit at least $1,000 to open a Delta Community IRA CD and keep at least this much in your account to earn the APY.

If you take money out of your IRA CD before the maturity data, Delta Community Credit Union charges an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For a 12-month term, the penalty is 90 days of interest.
  • For 24 or 36-month terms, the penalty is 180 days interest.
  • For a 60-month term, the penalty is 270 days interest.

Before you can open an IRA CD, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

Once you’re a member, you can apply for a Delta Community IRA CD. However, these accounts are not available through their online portal; instead, they ask you to download the IRA application form through their website. You can either complete the application at home and mail/fax to Delta Community’s IRA department or you can visit a branch to complete everything in-person.

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Delta Community Credit Union IRA Savings Account

If you want the flexibility to take money out of your retirement plan, Delta Community Credit Union offers an IRA Savings account. The rates are respectable for this type of account, but lower than an IRA CD.
APYMinimum Balance Amount to Earn APY
0.50%$0.01
0.60%$10,000
0.70%$25,000
0.75%$50,000
0.83%$100,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Delta Community Credit Union also offers an IRA Savings account to go along with their IRA CDs. There is no minimum opening deposit requirement so you can set one up for any amount. In addition, this account does not charge a monthly fee.

Delta Community’s IRA Savings account earns interest on all balances. You earn more for larger deposits before the rate maxes out at balances of $100,000+.

The IRA Savings account rates are lower than their IRA CDs. In exchange, this account gives you more flexibility to take money out. There is no early withdrawal penalty and you can move money out when you want.

Before you can open an IRA Savings account, you first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

Once you’re a member, you can apply for a Delta Community IRA CD. However, these accounts are not available through their online portal; instead, they ask you to download the IRA application form through their website. You can either complete the application at home and mail/fax to Delta Community’s IRA department or you can visit a branch to complete everything in-person.

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How Delta Community Credit Union’s IRA CD rates compare

Delta Community Credit Union’s IRA CDs are middle of the pack. Their rates are much better than what’s available at the large national banks, yet nowhere near the top options out there. Another potential downside is that Delta Community doesn’t offer much variety. There are only four IRA CD terms to choose from, so it’s hard to customize your retirement plan.

Their IRA Savings account is decent. There’s no minimum deposit or balance requirement and the rates are above average for this type of account. However, these accounts pay a lot less than IRA CDs and limit how much your retirement savings will grow. It’s usually a better move to use an IRA CD, unless you can’t meet the deposit requirements or really might need your money in the short-term.

In the end, Delta Community’s IRA CDs just don’t provide enough earning power for your retirement goals. Want a more respectable return? We’ve tracked down the very best offers for every IRA CD term so you can find a great match for any savings timeline.

Overall review of Delta Community Credit Union’s banking products

When a lender designs their deposit accounts, it’s always a tradeoff. Do they create a few exceptional offers while sacrificing the quality of the others, or do they keep everything at a solid, but not spectacular, level? Delta Community Credit Union has gone with the second approach.

All their accounts are good. They keep the fees low, pay mostly fair interest rates and have low deposit and balance requirements. The downside is that none of Delta Community’s accounts are great. Their rates just do not compete with the best offers in the country.

Since they’re a regional bank, we guess they created accounts to impress at a statewide level. They aren’t trying to reach the hyper-competitive, national market online. This makes sense since Delta Community’s membership requirements mean most of their customers either live or work in Georgia.

If you live in Georgia and want a credit union where all the accounts are decent, Delta Community Credit Union makes sense. But if you’re on the hunt for the truly best deposit account rates, you 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.

David Rodeck
David Rodeck |

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

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Reviews

First National Bank of America Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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

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

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

First National Bank of America’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

First National Bank of America Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.60%

CD Rates

First National Bank of America 12-23 Month Time CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

First National Bank of America 36-47 Month Time CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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3.25%

CD Rates

First National Bank of America 60 Month Time CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

First National Bank of America’s checking account options

Personal Checking

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

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

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

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

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

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Simple Checking

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

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

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

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

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

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

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How First National Bank of America’s checking accounts compare

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

You’re probably better off looking elsewhere.

First National Bank of America’s savings account option

Statement Savings

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

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

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

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

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

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

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How First National Bank of America’s savings account compares

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

First National Bank of America’s CD rates

Certificate of Deposit

These rates aren’t half-bad.
TermAPY
1 to 5 months0.75%
6 to 11 months1.25%
12 to 23 months2.60%
24 to 35 months2.70%
36 to 47 months2.80%
48 to 59 months3.00%
60 months3.25%
84 months3.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the term:
    • Less than 12 months: 90 days’ interest
    • 12 to 23 months: 180 days’ interest
    • 24 to 47 months: 360 days’ interest
    • 48 to 84 months: 540 days’ interest

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

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

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Flex CD

It’s a lower rate than the fixed-rate CD, but you may be able to get a rate increase.
TermAPY
3 years2.75%
4 years2.90%
5 years3.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the term:
    • 3 years: 360 days’ interest
    • 4 or 5 years: 540 days’ interest

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

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

How to get First National Bank of America’s CDs

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

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How First National Bank of America’s CD rates compare

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

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

First National Bank of America’s money market account option

HomeTowne Money Market Checking

It’s a pretty unique product in that it’s a savings account that acts like a checking account.
APYMinimum Balance to Earn APY
0.65%Less than $1,000
0.75%$1,000
0.80%$20,000
0.90%$100,000
1.16%$250,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

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

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

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

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

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

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

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

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

First National Bank of America’s IRA account options

IRA CD rates

IRA CD

These rates are on par with what’s currently being offered by competitors.
TermAPY
12 to 23 months2.60%
24 to 35 months2.70%
36 to 47 months2.75%
48 to 59 months2.80%
60 months3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $,1000
  • Early withdrawal penalty: Depends on the term:
    • Less than 12 months: 90 days’ interest
    • 12 to 23 months: 180 days’ interest
    • 24 to 47 months: 360 days’ interest
    • 48 to 72 months: 540 days’ interest

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

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

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

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

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

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

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

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

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Bank of the West Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1874
Total Assets$89.6B
LEARN MORE on Bank Of The West’s secure websiteMember FDIC

Bank of the West started in 1874 as Farmers National Gold Bank, issuing paper currency backed by its gold reserves.

Organic growth and acquisitions have created a large institution with more than 600 locations in 23 states on the West Coast, as well as across the Rocky Mountains, Southwest and Midwest. In 1979, it changed its name to Bank of the West. In 1980, it became affiliated with BNP Paribas, a French bank and one of the largest in the world.

With that rich history, just how good are its banking products?

In this review, we cover Bank of the West’s range of deposit accounts to see what it does well and what it doesn’t. To keep the Bank of the West reviews consistent, we used the rate and product information for its San Francisco headquarters. Rates and product terms could be different in your area, so you should double-check before signing up.

Bank of the West’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.04%

Savings

Bank of the West Online Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.12%

CD Rates

Bank of the West 12 - 23 Month Flexible Term CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.55%

CD Rates

Bank of the West 36 - 47 Month Flexible Term CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.65%

CD Rates

Bank of the West 48 - 60 Month Flexible Term CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Bank of the West’s checking account options

Any Deposit Checking

If you make a deposit of any size during the month or if you’re younger than 25, this basic checking account waives the monthly fee.
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fees: None at Bank of the West ATMs; $2.50 at non-Bank of the West ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Bank of the West Any Deposit Checking account offers the standard services for a checking account: online banking, a free debit card and ATM access. It also waives one overdraft or returned item fee per year, upon request. But it does not pay interest.

You can open this account with a deposit of any size. Also, to avoid the $10 monthly maintenance fee, all you have to do is make a deposit of any size during the month. That’s where the name “Any Deposit” comes from. Your deposit could be a direct deposit, mobile deposit, ATM deposit or branch deposit. But transfers from an existing Bank of the West account don’t count.

If you are younger than 25, this account automatically waives the monthly fee even if you don’t make a monthly deposit.

With this account, you can make free withdrawals from any Bank of the West ATM. The bank will charge a $2.50 fee for withdrawals from other banks’ ATMs and won’t refund the ATM owner’s fees.

How to open an Any Deposit Checking account

You can open a Bank of the West Any Deposit Checking account online or by visiting a bank branch. It offers live chat and phone support as you fill out the online application.

These accounts are not available nationwide — only in the 23 states where the bank operates its 600-plus brick-and-mortar locations. At the start of the application process, you’ll be asked to enter your ZIP code to see whether you’re eligible. If you are, you will be asked for your name, address, Social Security number and government-issued ID, plus a way to make your first deposit to open the account.

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Premier Checking

Comes with a nice mix of benefits, but it’s only worthwhile for those who keep at least $25,000 combined in all Bank of the West accounts.
APYMinimum Balance Amount to Earn APY
0.01%
$0.01
0.01%
$2,500
0.01%
$10,000
0.02%
$25,000
0.02%
$50,000
0.02%
$100,000
0.02%
$250,000
0.02%
$500,000
0.02%
$1,000,000
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited rebates on ATM withdrawals worldwide
  • Overdraft fees: $35 per transaction

The Bank of the West Premier Checking account offers a nice mix of benefits. You receive free withdrawals from any ATM in the world. You can also get a once-a-year refund of an overdraft fee or returned item fee, upon request.

When you have this account, you are eligible for interest rate discounts on Bank of the West consumer loans, bonus rates on certificates of deposit (CDs) and money market accounts, and 15 zero-commission trades through BancWest Investment Services. This checking account also pays interest, though the rates are very low.

In exchange, you are required to keep a combined average monthly balance of at least $25,000 in your Bank of the West deposit and investment accounts. If you don’t, this account charges a $25 per month maintenance fee.

How to open a Premier Checking account

You can open a Bank of the West Premier Checking account online or by visiting a bank branch. These accounts are not available nationwide — only in the 23 states where the bank operates its 600-plus brick-and-mortar locations. At the start of the application process, you’ll be asked to enter your ZIP code to see whether you’re eligible.

It offers live chat and phone support as you fill out the online application. If you’re eligible, you will be asked for your name, address, Social Security number and government-issued ID, plus a way to make your first deposit to open the account.

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How Bank of the West’s checking accounts compare

The two Bank of the West checking accounts serve two very different markets, but they do a solid job in each. The Any Deposit Checking account is a good choice for someone who lives close to Bank of the West ATMs and wants a simple, free checking option. It’s incredibly easy to avoid the maintenance fee as the only requirement is to make a monthly deposit of any kind and any amount (or if you are younger than 25).

The Premier Checking account offers free worldwide ATM access and adds discounts and bonuses for other services at Bank of the West. It can be a helpful addition for someone who plans on using the other loans, investments or deposit accounts at Bank of the West and plans on keeping a larger amount of money with the bank — at least $25,000 to avoid the maintenance fee.

The big downside of these accounts is their interest rates: Any Deposit Checking doesn’t pay interest, while Premier Checking offers a rate that is next to nothing. If you’d like to earn interest on your money while still receiving similar benefits, these top online checking accounts could be a better alternative.

Bank of the West’s savings account option

Classic Savings

A low-cost savings account that barely pays any interest.
APYMinimum Balance Amount to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

While the Bank of the West Classic Savings account pays interest, the rate is incredibly low. And while you only need to make a deposit of at least $25, this account will charge a $5 monthly maintenance fee unless you meet one of the following conditions:

  • Set up Auto-Save to make monthly transfers of at least $25 from a Bank of the West personal checking account.
  • Keep an average monthly balance of at least $300 ($50 in Minnesota) in your savings account.
  • Are 18 or younger.

Since this is a savings account, Federal Reserve Regulation D limits you to six withdrawals from the account per month. Plus, Bank of the West will charge a $15 penalty for each transaction over the limit. This includes debit purchases, bank drafts and online, phone or automatic transfers. But you can make unlimited ATM withdrawals without incurring the penalty.

How to open a Classic Savings account

You can open a Bank of the West Classic Savings account online or by visiting a bank branch. Just as with the bank’s checking accounts, these savings accounts are not available nationwide — only in the 23 states where the bank operates its 600-plus brick-and-mortar locations. At the start of the application process, you’ll be asked to enter your ZIP code to see whether you’re eligible.

It offers live chat and phone support as you fill out the online application. If you’re eligible, you will be asked for your name, address, Social Security number and government-issued ID, plus a way to make your first deposit to open the account.

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How Bank of the West’s savings account compares

We are not big fans of the Bank of the West savings account. The interest rate is practically nonexistent and doesn’t increase, even for large deposits.

There are some positives, such as the unlimited ATM withdrawals and a small, easy-to-avoid monthly maintenance fee. But if you’re going to set up a savings account, chances are you want to earn at least some return on your money. These other savings accounts are better options because they are still very low-cost and offer much higher interest rates.

Bank of the West’s CD rates

Flexible-Term CDs

Being able to customize your CD term is an interesting touch, but the interest rates aren’t that impressive.
TermAPY ($1,000 to $9,999)APY ($10,000 to $24,999)APY ($25,000 to $49,999)APY ($50,000 to $99,999)APY ($100,000 and up)
32 to 89 days0.05%
0.05%
0.05%
0.05%
0.05%
90 to 179 days0.03%
0.03%
0.03%
0.03%
0.03%
180 to 364 days0.09%
0.09%
0.09%
0.09%
0.09%
12 to 23 months0.12%
0.12%
0.12%
0.12%
0.12%
24 to 35 months0.45%
0.45%
0.45%
0.45%
0.45%
36 to 47 months0.55%
0.55%
0.55%
0.55%
0.55%
48 to 60 months0.65%
0.65%
0.65%
0.65%
0.65%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25, plus 1% of the amount withdrawn for CD terms less than 12 months; $25, plus 3% of the amount withdrawn for CD terms 12 months and longer.

With Bank of the West’s Flexible-Term CDs, you can pick exactly how long you want your CD to last. Most CDs only give you specific options, such as 90 days or 12 months. But with Flexible-Term CDs, you can pick the exact length in days or months so that you can customize them to fit your schedule and needs.

Unfortunately, these CDs do not pay the highest interest rates, and they don’t increase the interest rates for larger deposits.

They also charge an early withdrawal penalty. It’s a flat $25 plus 1% of the amount taken out for terms shorter than 12 months, or 3% of the amount taken out for terms 12 months or longer.

How to open a Flexible-Term CD

You can only open a Bank of the West Flexible-Term CD by visiting a bank branch. They are only available to residents of states where Bank of the West does business. You will need to provide your Social Security number and government-issued ID, plus a way to make your first deposit to open the CD.

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Premium Money Market CD

These certificates have a couple of attractive yields mixed in with mostly low interest rates.
TermAPY ($2,500 to $9,999)APY ($10,000 to $24,999)APY ($25,000 to $49,999)APY ($50,000 to $99,999)APY ($100,000 and up)
91 days0.03%
0.03%
0.03%
0.03%
0.03%
182 days0.09%
0.09%
0.09%
0.09%
0.09%
8 months0.11%
0.11%
0.11%
0.11%
0.11%
10 months0.11%
0.11%
0.11%
0.11%
0.11%
12 months0.12%
0.12%
0.12%
0.12%
0.12%
13 months0.15%
0.15%
0.15%
0.15%
0.15%
14 months0.15%
0.15%
2.36%
2.36%
2.36%
15 months0.20%
0.20%
0.20%
0.20%
0.20%
16 months1.85%
1.85%
1.85%
1.85%
1.85%
18 months0.27%
0.27%
0.27%
0.27%
0.27%
24 months0.45%
0.45%
0.45%
0.45%
0.45%
60 months0.80%
0.80%
0.80%
0.80%
0.80%
  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: $25, plus 1% of the amount withdrawn for CD terms less than 12 months; $25, plus 3% of the amount withdrawn for CD terms 12 months and longer.

If you’re looking for less flexibility in your CD term, Bank of the West also offers fixed-term Premium Money Market CDs with no customization in the number of days and months. The interest rates on these CDs are similar to the Flexible-Term CDs … and still quite low.

There are a couple of exceptions: The 14-month CD has a promotional rate that is worth considering. To qualify for the promotional rate, you must deposit at least $25,000 and the money must either be new funds to Bank of the West or from the renewal of another 14-month Bank of the West CD for at least $25,000.

The 16-month CD also offers a higher rate than what is available on the longer Bank of the West CDs, even the 60-month CD. You should check the bank’s most-recent rates before signing up. Don’t assume the longest term will have the higher interest rate.

How to open a Premium Money Market CD

You can only open a Bank of the West Premium Money Market CD by visiting a bank branch. They are only available to residents of states where Bank of the West does business. You will need to provide your Social Security number and government-issued ID, plus a way to make your first deposit to open the CD.

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Relationship CD

A slightly better rate on the 12-month CD for applicants with select Bank of the West checking accounts.
TermAPY ($2,500 to $9,999)APY ($10,000 to $24,999)APY ($25,000 to $49,999)APY ($50,000 to $99,999)APY ($100,000 and up)
12 months0.20%
0.20%
0.20%
0.20%
0.20%
  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: $25, plus 3% of the amount withdrawn

If you have a Bank of the West Premier Checking account, you can sign up for a Relationship CD. It’s a 12-month CD with almost twice the interest rate of Bank of the West’s regular 12-month CD. Still, even with the rate bump, this 12-month CD interest rate is still low.

The Relationship CD requires a minimum deposit of $2,500. It also charges the same early withdrawal penalty as the other CDs.

How to open a Bank of the West Relationship CD

You can only open a Bank of the West Relationship CD by visiting a bank branch. They are only available to residents of states where Bank of the West does business. You will need to provide your Social Security number and a government -issued ID, plus a way to make your first deposit to open the CD.

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How Bank of the West’s CDs compare

Bank of the West’s CDs simply don’t pay a high enough interest rate. Even if you use its Relationship CDs, the rate is still much lower than what you could get from the best CDs in the country.

The rate aside, there are some nice features. You can open the CDs with relatively small deposits, and we like that the early withdrawal penalty is only a percentage of what you take out. That way, withdrawing a small amount will lead to a smaller penalty. With other banks, the penalty is usually the same size regardless of how much you take out.

The ability to choose your CD length on the Flexible-Term product could also be attractive if you have a strict timeline for when you need your money and want a CD that matches exactly that.

Bank of the West’s money market account option

Choice Money Market Savings

Earns some interest and pays more for larger deposits. But still far from a top money market account.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
0.05%
$5,000
0.14%
$10,000
0.15%
$25,000
0.17%
$50,000
0.17%
$100,000
0.20%
$250,000
0.20%
$500,000
0.21%
$1,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

While a Bank of the West Choice Money Market Savings account pays interest on a balance of any amount, even a penny, the rate nearly triples when that balance is at least $10,000 and continues to increase as you deposit more. It takes a minimum deposit of $100 to open an account.

This money market account charges a $15 per month maintenance fee unless you:

  • Set up monthly deposits of at least $75 through Auto-Save from a Bank of the West checking account.
  • Keep a monthly average balance of at least $5,000 in your Choice Money Market Savings account.
  • Have a Bank of the West Premier Checking account.

Since this is a money market account, Federal Reserve Regulation D limits how often you can take out money. You can only make six transactions or withdrawals out of the account per month. Bank of the West will charge a $15 penalty for each transaction over that limit. This includes debit purchases, bank drafts and online, phone or automatic transfers from the account. But you can make unlimited ATM withdrawals without owing the penalty.

How to open a Choice Money Market Savings account

You can open a Bank of the West Choice Money Market Savings account online or by visiting a bank branch. It offers live chat and phone support as you fill out the online application. At the start of the application, it will ask you to enter your ZIP code to see whether you can open from your location. These accounts are not available nationwide. If you’re eligible, you will need to enter in your name, address, Social Security number and a government-issued ID, plus a way to make your first deposit to open the account.

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How Bank of the West’s money market account compares

The Bank of the West money market account is a clear upgrade over its savings account. It pays a higher interest rate, offers the same unlimited ATM withdrawals and only has slightly tougher standards to avoid the monthly maintenance fee.

But even with the upgrades, the Bank of the West money market account is still not that competitive compared to what else is out there. Its interest rate is just too low, even for larger deposits. Take a look at these top money market accounts to see how you could do better versus Bank of the West.

Bank of the West’s IRA account options

Premium Money Market IRA CD

Can be opened with a small deposit, but it unfortunately comes with a low interest rate and an annual fee.
TermAPY
91 days0.03%
182 days0.09%
8 months0.11%
12 months0.12%
18 months0.27%
24 months0.45%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: $25, plus 1% of the amount withdrawn for CD terms below 12 months; $25, plus 3% of the amount withdrawn for CD terms 12 months and longer.

You can open a Bank of the West Premium Money Market IRA CD with a deposit as small as $100, much less than the $1,000 it takes to open a regular Bank of the West CD. These IRA CDs also pay the same interest rates as the Premium Money Market CDs. But the IRA CDs are only available in terms from 91 days to 24 months.

The IRA CDs charge a $12 per-year fee. They charge the same early withdrawal penalties as the regular CDs for taking money out before the end of the term. If you end up closing the IRA altogether, Bank of the West charges a $25 fee.

How to open a Premium Money Market IRA CD

You can open a Bank of the West Premium Money Market IRA CD by visiting a bank branch. You cannot open these CDs online or by phone, and they are only available in states where Bank of the West does business. You will need to provide your Social Security number and government ID, plus a way to make your first deposit to open the CD.

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Flexible IRA CD

The “flexible” is that these IRA CDs let you pick the number of months for your term. They have low deposit requirements — but also low interest rates.
TermAPY
12 to 23 months0.12%
24 to 35 months0.45%
48 to 60 months0.65%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: $25, plus 3% of the amount withdrawn for CD terms 12 months and longer.

The Bank of the West Flexible IRA CD lets you pick the number of months your IRA CD will last. The interest rate will fit whatever range you pick in. For example, you could pick an IRA CD that lasts anywhere from 12 months to 23 months and get the same interest rate.

You can open a Bank of the West Flexible IRA CD with a deposit as small as $100. These IRA CDs pay a low interest rate. They also charge a $12 annual fee, which can wipe out a fair amount of your earnings, especially on small balances.

The IRA CDs charge the same early withdrawal penalties as the regular CDs for taking money out before the end of the term. If you end up closing the IRA altogether, Bank of the West charges a $25 fee.

How to open a Flexible IRA CD

You can open a Bank of the West Flexible IRA CD by visiting a bank branch. You cannot open these CDs online or by phone, and they are only available in states where Bank of the West does business. You will need to provide your Social Security number and a government-issued ID, plus a way to make your first deposit to open the CD.

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IRA Add-On CD

A 12-month IRA CD that lets you add more money before the end of the term.
TermAPY
12 months0.12%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: $25, plus 3% of the amount withdrawn for CD terms 12 months and longer.

With most IRA CDs, once you make the deposit to set things up, you can’t add more money until the end of the term. The Bank of the West IRA Add-On CD lets you make additional deposits before the term ends. Each additional deposit must be at least $100. This CD is only available as a 12-month term.

The Add-On CD charges a $12 annual fee. The Add-On CDs charge the same early withdrawal penalties as the regular CDs for taking money out before the end of the term. If you end up closing the IRA altogether, Bank of the West charges a $25 fee.

How to open an Add-On IRA CD

You can open a Bank of the West Add-On IRA CD by visiting a bank branch. You cannot open these CDs online or by phone, and they are only available in states where Bank of the West does business. You will need to provide your Social Security number and a government-issued ID, plus a way to make your first deposit to open the CD.

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How Bank of the West IRA CDs compare

Bank of the West’s IRA CDs have the same problem as its regular CDs: interest rates are too low. While Bank of the West offers a nice variety of terms, you won’t be earning much, no matter what level you pick. The IRA CDs don’t have the Relationship CD rates so they earn even less than the normal Bank of the West CDs.

You have to be careful with making a small deposit, too. While you can open a Bank of the West IRA CD with a deposit as low as $100, making such a small deposit doesn’t make sense because of the $12 annual fee. The interest rates are so low that whatever you’d earn would most likely get wiped out — and more — by the fee. You might think you’re building retirement savings, but chances are you’d be losing money.

Other IRA CDs found elsewhere require a larger initial deposit — of at least $500 — but will pay you a much higher return on your money. You’re better off waiting until you can open one of these rather than accepting a $100 IRA CD with Bank of the West, which would get wiped out by the annual fee.

Overall review of Bank of the West’s banking products

The Bank of the West deposit accounts are all straightforward, have reasonable deposit requirements and make it easy to avoid monthly maintenance fees. But if there’s a common issue among them all, it’s that the accounts just do not earn enough interest.

Its money market account is OK but doesn’t pay enough, while its savings account is not worth opening because of its near-zero rate. With the IRA CDs, any interest earnings are partly canceled out by the $12 annual fee. Even the Bank of the West CDs with relationship rates are not competitive with other top options on the market.

The best offerings at Bank of the West are its checking accounts, partly because with checking, the interest rate is less important versus having low fees and easy access to your money. The Bank of the West checking accounts do a good job in this area, which could make a decent option if you live close to Bank of the West ATMs.

The other Bank of the West deposit accounts could be worth a look if you plan on using the other services, such as a mortgage or investment account. That way, you handle all your banking in one place. Still, you’d be giving up a lot of earning power for the convenience. If you want the very best deposit account for your money, you should look somewhere else.

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.

David Rodeck
David Rodeck |

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

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Reviews

SchoolsFirst Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$15.0B
LEARN MORE on SchoolsFirst Federal Credit Union’s secure websiteNCUA Insured

SchoolsFirst Federal Credit Union serves the educational community in Southern California. Specifically, you can open an account if you are an employee of public or private K-12 schools, your county’s Superintendents of Schools, community colleges, authorized colleges or universities or certain authorized educational foundations in one of the following counties: Imperial, Kern, San Bernardino, Los Angeles, Orange, Riverside, San Diego, San Luis Obispo, Santa Barbara or Ventura. You can also qualify for membership as a member of the Board of Trustees at select schools or as a pension-collecting retiree of the school system.

If you are a member, your siblings, parents, spouse, domestic partner, children, grandparents and grandchildren also qualify for membership.

But just because you’re an educator in the Southern California area doesn’t necessarily mean this bank is the right one for your needs.

SchoolsFirst Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

SchoolsFirst Federal Credit Union Share Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

SchoolsFirst Federal Credit Union 12 - 17 Month Share Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.60%

CD Rates

SchoolsFirst Federal Credit Union 36 - 47 Month Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.85%

CD Rates

SchoolsFirst Federal Credit Union 60 Month Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

SchoolsFirst Federal Credit Union’s checking account options

Free Checking

This account comes with no monthly maintenance fee — and no dividends.
  • Minimum opening deposit: $25, waived for school employees
  • Monthly account maintenance fee: $0
  • ATM fee: $1 for non-SchoolsFirst Federal Credit Union or non-CO-OP network ATMs
  • ATM fee refund: If you qualify for membership as a school employee, the ATM fee will be waived
  • Overdraft fee: $22

SchoolsFirst Federal Credit Union’s Free Checking account has limited fees and balance requirements, but it also earns no dividends — which is the equivalent of interest for credit unions. This account, along with many others from this credit union, will benefit you most if you are a current school employee since the minimum opening deposit and ATM fees will be waived for you. If you’d like to earn dividends on your checking account, be sure to check out other available options below.

If you’re between the ages of 16 and 18, the Free Checking account may interest you even though it doesn’t pay dividends. This is because SchoolsFirst Federal Credit Union’s other checking account option (its Investment Checking account) is only available to those 18 and older.

How to get SchoolsFirst Federal Credit Union’s Free Checking account

You can only open a Free Checking account over the phone or in person. Fortunately, SchoolsFirst Federal Credit Union has nearly 50 locations across Southern California, and can easily be reached at 800-462-8328. This toll-free number operates from 7 a.m. to 7 p.m. Pacific time Monday through Friday and from 9 a.m. to 3 p.m. Pacific time Saturday.

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Investment Checking

While this checking account does come with fees and minimum balance requirements, there are several ways to dodge them.

APY

Minimum Balance Amount to Earn APY

0.05%

$0-$24,999

0.08%

$25,000-$99,999

0.10%

$100,000+

  • Minimum opening deposit: $25; waived for school employees if you set up direct deposit
  • Monthly account maintenance fee: $3 if you do not meet the minimum balance requirement, which is $1,000 if you have a direct deposit of $1 or more every month, or $2,500 if you do not have direct deposit set up. If you’re 62 or older, you’re exempt from this fee.
  • ATM fee: All transactions at SchoolsFirst Federal Credit Union or CO-OP network ATMs are free. Your first six transactions per month at other ATMs are free. After that, you will be charged $1 per transaction at these outside ATMs.
  • ATM fee refund: The $1 ATM fee is waived if you qualify for membership as a school employee
  • Overdraft fee: $22

Unlike Free Checking, the credit union’s Investment Checking account does earn dividends based on a tiered model. While rates do pale in comparison to some of the best checking accounts around, it is fairly typical for financial institutions with brick-and-mortar locations.

While this account does come with a maintenance fee, there are several ways to avoid it.

Your ATM fees will be waived if you are a school employee, though they aren’t very high to begin with. Your first six transactions per month at non-SchoolsFirst Federal Credit Union or non-CO-OP network ATMs are free regardless of your profession. Starting with your seventh transaction, you’ll be charged $1 each time you use one of these outside ATMs.

Keep in mind that you must be 18 or older to qualify for the Investment Checking account.

How to Get SchoolsFirst Federal Credit Union’s Investment Checking account

Besides opening an Investment Checking account in person or over the phone, you can also do so online. First, you’ll need to be a member of the credit union. From there, you simply log in to your account, click “Open New Share” and then select ”Share Draft Checking.” This will get you set up to open your Investment Checking account online.

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How SchoolsFirst Federal Credit Union’s checking accounts compare

SchoolsFirst Federal Credit Union’s checking account options aren’t anything to write home about with no or low dividends and a monthly maintenance fee on the one checking account that does offer dividends at all. There are checking accounts with higher rates and lower fees out there — especially if you go with an online-only bank.

Instead, the biggest reason to join this credit union is for its unique financial products for educators, some of which we’ll get to in the next section.

SchoolsFirst Federal Credit Union’s savings account options

Share Savings

This account is unlikely to be the reason why you join the credit union, but it is mandatory to establish membership.

APY

Minimum Balance Amount to Earn APY

0.10%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for non-SchoolsFirst Federal Credit Union or non-CO-OP network ATMs
  • ATM fee refund: The $1 ATM fee is waived if you qualify for membership as a school employee
  • Overdraft fee: $22

The Share Savings account isn’t there to earn you a ton of money in dividends. Instead, its primary function is to establish and maintain your membership with the credit union. When you join the credit union, you will be required to deposit $5 into your Share Savings account. You will need to maintain a balance of at least $5 in this account to keep both your savings account and credit union membership active.

Bear in mind that all savings accounts are federally regulated by Regulation D. Because of this rule, you are allowed up to six “convenient” withdrawals or outbound transfers per month from your SchoolsFirst Federal Credit Union savings account. The only type of withdrawal or transfer that counts as “inconvenient” at this financial institution — and is therefore allowed past six transactions — is coming into a branch office of the credit union.

If you complete more than six convenient withdrawals or outbound transfers in a month, the credit union will be forced to shut your account or convert it into a checking account.

How to get SchoolsFirst Federal Credit Union’s Share Savings account

You will set up this account as part of your credit union membership application. You can complete this application online, at a branch or by submitting via mail. If you choose the latter option, you will need to print out your membership application and mail your paperwork to:

SchoolsFirst Federal Credit Union
ATTN: Membership Services
P.O. Box 11957
Santa Ana, CA 92711-1957

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Junior Varsity Club Account

The Junior Varsity Club Account is a fairly restrictive savings account for children through the age of 12.

APY

Minimum Balance Amount to Earn APY

0.10%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for non-SchoolsFirst Federal Credit Union and non-CO-OP network ATMs
  • ATM fee refund: None
  • Overdraft fee: $22

The Junior Varsity Club Account is a savings account for children through ages 12. It is relatively low in fees, with no monthly maintenance fee, and gives you a decent amount of oversight as a parent. While your child will not be issued an ATM card to make withdrawals, you as the parent will be.

Keep in mind that this account is also subject to Regulation D, so you won’t be able to make more than six withdrawals or outbound transfers per month unless you do so in a branch.

How to get SchoolsFirst Federal Credit Union’s Junior Varsity Club Account

You can set up this account by calling 800-462-8328 or visiting any SchoolsFirst Federal Credit Union branch.

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on SchoolsFirst Federal Credit Union’s secure website

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Varsity Club Account

The Varsity Club Account is very similar to the Junior Varsity Club Account, save for the fact that it gives your child a bit more autonomy.

APY

Minimum Balance Amount to Earn APY

0.10%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for non-SchoolsFirst Federal Credit Union and non-CO-OP network ATMs
  • ATM fee refund: None
  • Overdraft fee: $22

The Varsity Club Account, built for children ages 13 to 17, gives your child a bit more freedom than the Junior Varsity Club Account. Your child will be issued a debit card in his or her own name. Children ages 13 to 15 can withdraw up to $40 a day. Children ages 16 to 17 can withdraw up to $100 a day.

Again, because this is a savings account, you and your child both need to remember that you will only be able to make six outbound transfers or withdrawals per month unless you visit a branch to complete the transaction.

How to get SchoolsFirst Federal Credit Union’s Varsity Club Account

Visit a branch with your child or call 800-462-8328.

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Summer Saver

One of SchoolsFirst Federal Credit Union’s premier products, Summer Saver accounts come with high interest rates, high accessibility to your money and the goal of making educators’ financial lives easier throughout the summer months.

APY

Minimum Balance Amount to Earn APY

4.00%

$0

  • Minimum opening deposit: $1
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for non-SchoolsFirst Federal Credit Union and non-CO-OP network ATMs
  • ATM fee refund: ATM fee is waived if you qualify for membership as a school employee
  • Overdraft fee: $22

The Summer Saver account is one of the credit union’s most attractive products. Built specifically for educators, it allows you to stow away part of your paycheck every pay period to build a cushion for those summer months. This is especially helpful to staff who are paid hourly, as they’re less likely than salaried faculty to get paid on a 12-month schedule.

You must fund this account with at least $1 but no more than $2,000 every month in which you get paid. It has an extremely high interest rate, helping your money grow until school’s out. You get to pick the date when your savings will be transferred to your Share Savings account — anytime between June 1 and Aug. 31. You can withdraw your money anytime, bearing in mind that you can only make six withdrawals per month unless you make the transaction at a credit union branch office.

How to get SchoolsFirst Federal Credit Union’s Summer Saver account

To open a Summer Saver account, you must visit a branch  or call 800-462-8328.

LEARN MORE Secured

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How SchoolsFirst Federal Credit Union’s savings accounts compare

Share Savings isn’t going to build very quickly — it’s just there to maintain your membership. The Junior Varsity and Varsity Club Accounts exist primarily to give your child a hands-on opportunity with their own money. As such, dividends are not competitive.

But the Summer Saver account shines. While it’s a great tool for educators paid on a 10-month or 11-month schedule, it also offers dividends that blow even the most competitive online-only savings accounts out of the water.

SchoolsFirst Federal Credit Union’s CD rates

Share Certificates

Share Certificates work like Certificates of Deposit, and the credit union gives you plenty of options for minimum deposits and corresponding dividends.

$500 Minimum Opening Deposit

Term

APY

30 days

0.40%

3-5 months

0.95%

6-11 months

1.70%

12-17 months

2.00%

18-23 months

2.10%

24-35 months

2.45%

36-47 months

2.60%

48-59 months

2.70%

60 months

2.85%

$20,000 Minimum Opening Deposit

Term

APY

30 days

0.45%

3-5 months

1.01%

6-11 months

1.75%

12-17 months

2.05%

18-23 months

2.15%

24-35 months

2.50%

36-47 months

2.65%

48-59 months

2.75%

60 months

2.90%

$50,000 Minimum Opening Deposit

Term

APY

30 days

0.50%

3-5 months

1.05%

6-11 months

1.80%

12-17 months

2.10%

18-23 months

2.20%

24-35 months

2.55%

36-47 months

2.70%

48-59 months

2.80%

60 months

2.95%

$100,000 Minimum Opening Deposit

Term

APY

30 days

0.55%

3-5 months

1.10%

6-11 months

1.85%

12-17 months

2.15%

18-23 months

2.25%

24-35 months

2.60%

36-47 months

2.75%

48-59 months

2.85%

60 months

3.00%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 30-day certificates: 30 days’ worth of dividends; certificates for more than than 30 days or less than 18 months: 90 days’ worth of dividends; 18 months or longer: 180 days’ worth of dividends

You may have heard of CDs at banks. Share Certificates are SchoolsFirst Federal Credit Union’s equivalent. If you want to save money without being tempted to touch it, investing in a Share Certificate can be a good option. This product is a general catch-all certificate (we will cover more specific products below).

The only time you can withdraw your money from your Share Certificate without incurring penalties is during the 10 days after its maturity. If you do not withdraw the money during this time period, it will automatically be reinvested in a new Share Certificate with the same term.

How to get SchoolsFirst Federal Credit Union’s Share Certificates

You can open a Share Certificate online by logging in to your account. Alternatively, you can open a certificate by visiting a branch location or calling 800-462-8328.

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on SchoolsFirst Federal Credit Union’s secure website

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College Saver Share Certificate

The College Saver Share Certificate is most commonly used as a laddered CD that will count heavily against your child when they go to apply for financial aid.

Term

APY

12 months

2.10%

  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: 90 days’ worth of dividends

The College Saver Share Certificate is for children younger than 18. It has a term of 12 months. Unless you withdraw the money during the 10-day grace period after maturation, it will be automatically invested into another 12-month College Saver Share Certificate every year until your child turns 18.

You should take note that this certificate is a custodial account in your child’s name. That means that any money saved will be weighted against them heavily when they fill out the Free Application for Federal Student Aid, or FAFSA. If you open a share certificate for their benefit in your own name outside of the College Saver program, it will not be weighted as heavily.

How to get SchoolsFirst Federal Credit Union’s College Saver Share Certificate

College Saver Share Certificates can only be opened at a branch or over the phone at 800-462-8328.

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on SchoolsFirst Federal Credit Union’s secure website

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My Club Custom Savings Account

Despite its name, the My Club Custom Savings Account is actually a share certificate that has no minimum opening deposit requirements.

Term

APY

6-18 months

0.55%

  • Minimum opening deposit: $0
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: None

You get to customize your My Club share certificate terms and initial deposit amount. You can pick a term anywhere between six and 18 months. After its initial maturation, it will be automatically reinvested in a 12-month share certificate should you decide not to withdraw your money during the 10 days after maturation.

This certificate is of note for its flexibility and nonexistent initial deposit requirement. If you only have a small amount to put into a CD, this account is the option for you.

How to get SchoolsFirst Federal Credit Union’s My Club Custom Savings Account

You cannot open this account online. Instead, you’ll have to visit a branch or call 800-462-8328.

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on SchoolsFirst Federal Credit Union’s secure website

NCUA Insured

Paycheck Planner

Paycheck Planner is another unique financial product for school employees on 10- or 11-month pay schedules.

Term

APY

10 or 11 months

4.00%

  • Minimum opening deposit: $0
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: $50 and closure of account

Like the Summer Saver account, Paycheck Planner is built for those who work in education and received their pay on a 10- or 11-month schedule. As a certificate, this plan comes with more restrictions — but also higher odds that you’ll have enough money to get you through summer. It’s essentially forced savings.

If you get paid on a 10-month schedule, SchoolsFirst Federal Credit Union will automatically transfer 16.70% of your paycheck to your Paycheck Planner account every pay period. If you get paid on an 11-month schedule, that percentage is 8.30%. You also have the option of making one additional deposit during the maturation period, which cannot exceed $3,000.

When summer comes, 10-month employees will be able to choose any two consecutive months between June and September to receive their Paycheck Planner savings in two equal payments. Eleven-month employees will choose one month for their singular payment: June, July or August.

How to get SchoolsFirst Federal Credit Union’s Paycheck Planner

To open a Paycheck Planner account, you must visit a branch or call 800-426-8328.

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on SchoolsFirst Federal Credit Union’s secure website

NCUA Insured

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How SchoolsFirst Federal Credit Union’s CD rates compare

Unless you work in education with a pay cycle that aligns with a Paycheck Planner account, the credit union’s rates are lacking. You can find CD rates out there that will beat SchoolsFirst Federal Credit Union by entire percentage points. The College Saver rate gets closest to being competitive for a CD of its term length and required minimum initial deposit, but it is a potentially dangerous way to save for college if you plan on relying on any type of financial aid for your child’s education.

SchoolsFirst Federal Credit Union’s money market account option

Liquid Advantage Money Market Account

A money market account with rates higher than the credit union’s Share Savings account, but far lower rates than those offered by other lenders.

APY

Minimum Balance Amount to Earn APY

0.30%

$2,000

0.40%

$10,000

0.55%

$25,000

0.65%

$50,000

0.75%

$100,000

  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at all non-SchoolsFirst Federal Credit Union or non-CO-OP network ATMs
  • ATM fee refund: None
  • Overdraft fee: $22

Money market accounts are similar to savings accounts, save for the fact that they tend to require higher monthly balances and offer higher interest rates. The Liquid Advantage Money Market Account is no exception, at times offering rates up to six times that of a Share Savings account.

Remember that as a savings account, you will only be able to make six withdrawals per month without incurring additional fees, having your account shut down or having it turned into a checking account.

How to get SchoolFirst Federal Credit Union’s Liquid Advantage Money Market Account

To open this type of account, you will have to visit a branch or set it up over the phone by calling 800-462-8328.

LEARN MORE Secured

on SchoolsFirst Federal Credit Union’s secure website

NCUA Insured

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How SchoolsFirst Federal Credit Union’s money market account compares

While the Liquid Advantage Money Market Account certainly has an edge over the credit union’s Share Savings option, it doesn’t do so well when you compare it to competitor’s money market offerings. If a higher APY is your goal, you’ll be able to find it elsewhere.

SchoolsFirst Federal Credit Union’s IRA options

IRA CD rates

IRA Share Certificate

A conservative investment option for your individual retirement account with average dividend rates.

$500 Minimum Opening Deposit

Term

APY

30 days

0.45%

3-5 months

1.01%

6-11 months

1.75%

12-17 months

2.05%

18-23 months

2.15%

24-35 months

2.50%

36-47 months

2.65%

48-59 months

2.75%

60 months

2.90%

$20,000 Minimum Opening Deposit

Term

APY

30 days

0.50%

3-5 months

1.05%

6-11 months

1.80%

12-17 months

2.10%

18-23 months

2.20%

24-35 months

2.55%

36-47 months

2.70%

48-59 months

2.80%

60 months

2.95%

$50,000 Minimum Opening Deposit

Term

APY

30 days

0.55%

3-5 months

1.10%

6-11 months

1.85%

12-17 months

2.15%

18-23 months

2.25%

24-35 months

2.60%

36-47 months

2.75%

48-59 months

2.85%

60 months

3.00%

$100,000 Minimum Opening Deposit

Term

APY

30 days

0.60%

3-5 months

1.15%

6-11 months

1.90%

12-17 months

2.20%

18-23 months

2.30%

24-35 months

2.65%

36-47 months

2.80%

48-59 months

2.90%

60 months

3.05%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 30-day certificates: 30 days’ worth of dividends; certificates for more than than 30 days or less than 18 months: 90 days’ worth of dividends; 18 months or longer: 180 days’ worth of dividends. These penalties are in addition to IRS penalties. Penalties will be waived if you’re older than 59½ and making automatic, regular or required minimum distributions.

SchoolFirst Federal Credit Union’s IRA Share Certificates are the credit union’s equivalent to IRA CDs. IRA CDs are CDs that you hold in your IRA. They are a conservative investment, gaining a set percentage of dividends over the CD’s term. The dividend APY will vary based on when you open your certificate, as opening rates can change from month to month.

How to get SchoolsFirst Federal Credit Union’s IRA Share Certificate

There are four different ways you can open an IRA share certificate. You can do so online, at one of the credit union’s physical locations, by calling 800-462-8328 or by emailing investments@schoolsfirstfcu.org.

LEARN MORE Secured

on SchoolsFirst Federal Credit Union’s secure website

NCUA Insured

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How SchoolsFirst Federal Credit Union’s IRA CD rates compare

Both minimum deposits and interest rates for the credit union’s IRA Share Certificates are about average for an IRA CD. You can find higher IRA CD rates out there, though, so keep looking.

Accumulation IRA Savings Account

The Accumulation IRA Savings Account is a savings account inside your IRA that requires a lot more paperwork.

APY

Minimum Balance Amount to Earn APY

0.55%

$10

  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: None
  • ATM fee: You cannot make an ATM withdrawal from this account
  • ATM fee refund: N/A
  • Overdraft fee: Because you have to fill out paperwork to make a withdrawal from this account at SchoolsFirst Federal Credit Union, you will not be able to overdraw.

The credit union’s IRA Savings Account is another conservative option to put inside your IRA portfolio. It operates just like a savings account outside of an IRA, but withdrawals are more complicated with this type of account at SchoolsFirst Federal Credit Union and require more paperwork. Withdrawals also may incur IRS or state tax penalties.

How to get SchoolsFirst Federal Credit Union’s Accumulation IRA Savings Account

To open this type of account, you can log in online, visit a branch, email investments@schoolsfirstfcu.org or call 800-462-8328.

LEARN MORE Secured

on SchoolsFirst Federal Credit Union’s secure website

NCUA Insured

Overall review of SchoolsFirst Federal Credit Union’s banking products

Generally speaking, the dividend rates on SchoolsFirst Federal Credit Union’s banking products aren’t anything to write home about. They’re not terrible, but there are far better options out there. We do appreciate how almost all of the accounts are no- or low-fee, but depending on how you manage your money, that may not be enough to make up for these low rates.

But if you are a school employee, you’ll appreciate the institution waiving outside ATM fees, and have access to their most competitive products: Summer Saver and Payroll Planner accounts. You will have to weigh whether the benefits of these products are worth losing out on the higher rates you can find at other financial institutions. After all, with enough self-discipline, you can budget your 10- or 11-month pay yourself to last you the entire year.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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