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CD Rates and Terms
AAA Banking Review: Checking, Savings, CD, Money Market and IRA Accounts
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Written By
Updated on Sunday, November 1, 2020
AAA Banking checking account options
Personal Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: None
- ATM fee: $3 for out-of-network ATMs
- ATM fee refunds: Up to three a month
- Overdraft fee: $33
If you’re looking for a basic, low-cost checking account, this one might be a good choice. You don’t earn interest, but you don’t need to maintain a minimum balance, nor are there monthly maintenance fees. The bonus is that you get up to three domestic ATM refunds a month, as well as access to surcharge-free ATMs throughout the Accel network.
Other features include a Mastercard® debit card, online or paper statements, and mobile and online banking. You also have access to Popmoney®, a payment system that lets you send money to anyone in the U.S. with a valid mobile number or email address.
How to get the Personal Checking account
Opening an account online can take about 10 minutes. Before filling out an online application, you’ll need to indicate your location by entering your ZIP code. Then you’ll need to provide personal details such as your name, address and Social Security number. Afterward, you’ll fund your account.
High-Yield Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.40% | $0.01 (exceptions apply) |
| 0.05% | Over $10,000, or if qualifications aren’t met |
- Minimum opening deposit: $100
- Monthly account maintenance fee: None
- ATM fee: None (you’ll need to meet certain qualifications)
- ATM fee refunds: Unlimited (you’ll need to meet certain qualifications)
- Overdraft fee: $33
This is a great account for those looking to maximize their savings and who plan on using the ATM often. To qualify for the advertised APY and receive unlimited ATM refunds, you’ll need to make at least 12 debit card purchases worth $5 or more, enroll in e-statements and make at least one automatic payment or direct deposit of at least $200. Otherwise, your rate will go down to 0.05% APY.
Other features of the account include a free Mastercard® debit card, bill pay, access to Popmoney®, and online and mobile banking.
How to get the High-Yield Checking account
You can fill out an online application in as little as 10 minutes. First, indicate your location by entering your ZIP code, then fill in personal details such as your name, address and Social Security number. Afterward, fund your account.
How AAA Banking’s checking accounts compare
AAA Banking’s High-Yield Checking account has one of the highest rates we’ve seen, and there are some pretty great ones on our list of the best online checking accounts. There are no fees, and you’ll have unlimited ATM refunds as long as you can meet certain qualifications. But if you do not qualify for these perks, you may want to shop around — though you could be sacrificing a great rate.
AAA Banking savings account options
Personal Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.05% | None |
| 0.12% | $1,500 |
| 0.16% | $5,000 |
| 0.25% | $15,000 |
| 0.40% | $40,000 |
- Minimum opening deposit: $25
- Minimum balance to earn APY: None
- Monthly account maintenance fee: None
- ATM fee: $3 for out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: None
The rates for the Personal Savings account aren’t great compared to the High-Yield Checking account, but it could be useful if you want overdraft protection. You get an ATM card and can deposit your cash via a wire transfer, as well as online and mobile banking. Account holders get access to surcharge-free ATMs throughout the Accel network.
As per Regulation D, savings accounts are allowed up to six certain withdrawals a month. AAA Banking will charge you $5 for each withdrawal after that.
How to get the Personal Savings account
You can complete the application process in as little as 10 minutes online. Head over to AAA Banking’s application and enter your ZIP code, then fill in your personal details such as your name, address and Social Security number. Then you can fund the account.
High-Yield Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.30% | $100 |
- Minimum opening deposit: $100
- Minimum balance to earn APY: $100
- Monthly account maintenance fee: $5 (this can be waived)
- ATM fee: $3 for out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: None
If you intend on stashing money away for a rainy day, this could be the account for you. First, the rate is pretty decent, and you could waive the monthly fee by maintaining a $100 minimum daily balance.
This savings account also gives you an ATM card, as well as access to online and mobile banking. You are allowed up to six certain withdrawals a month because of Regulation D. If you go over that amount, you’ll be charged a $10 fee each time by the bank.
How to get the High-Yield Savings account
To open a High-Yield Savings account, head over to AAA Banking’s website and fill out an application. You first need to enter your ZIP code, then personal information such as your name, address and Social Security number. Then you can fund your account.
How AAA Banking’s savings accounts compare
The High-Yield Savings account offers a rate that’s slightly lower than some of the highest competitors out there. Where this account stands out is that there are low minimum balance requirements, as well as a lot of surcharge-free ATMs across the U.S.
This is a decent account, but if you want even more competitive rates, check out our list of the best online savings accounts.
AAA Banking CD rates
Certificates of deposit
| Term | APY |
|---|---|
| 3 months | 0.30% |
| 6 months | 0.45% |
| 9 months | 0.50% |
| 12 months | 0.75% |
| 13 months | 2.20% |
| 18 months | 0.75% |
| 2 years | 0.75% |
| 25 months | 2.45% |
| 30 months | 0.55% |
| 3 years | 0.80% |
| 4 years | 0.85% |
| 5 years | 0.90% |
| 7 years | 3.00% |
| 10 years | 3.10% |
- Minimum opening deposit: $1,500
- Minimum balance amount to earn APY: $1,500
- Early withdrawal penalty: Depends on length of term (you’ll be charged on the amount withdrawn):
- Less than 12 months: 3 months’ worth of simple interest
- 12-35 months: Six months’ worth of simple interest
- 36-48 months: 12 months’ worth of simple interest
- 49-83 months: 18 months’ worth of simple interest
- 84 months and up: 24 months’ worth of simple interest
This is a fixed-rate CD that’s best for those who have money lying around that they want to set aside for savings. The interest you earn is compounded daily and deposited into your account annually, or when it matures. You can access your account information anytime by logging in online or via the bank’s mobile app.
Advertised rates are higher than the national average. There is a wide range of options offered, so you can choose a short-term or long-term CD. When your account matures, you have a 10-day grace period in which you can make changes such as additional deposits or withdrawals, as well as renew for another term. If your maturity date falls on a Sunday, AAA Banking will extend your grace period by one day. Otherwise, your account will automatically be renewed.
How to get AAA Banking’s CDs
Completing the application process to open an AAA Banking CD can take as little as 10 minutes. First, head to their online application and enter your ZIP code, then provide your name, address and Social Security number. Afterward, fund your account.
How AAA Banking’s CD rates compare
AAA Banking’s CDs are pretty comparable to other competitors. Its minimum opening deposit amount is lower than some of the other ones on our list of the best CD rates, plus it features a wide range of terms. All this to say, these CDs aren’t a bad choice.
AAA Banking money market account options
Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.60% | $1,500 |
| 0.75% | $100,000 |
- Minimum opening deposit: $100
- Minimum balance to earn APY: $1,500
- Monthly account maintenance fee: $9 (this can be waived)
- ATM fee: $3 for out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: None
This Money Market account offers the convenience of a checking account while offering a pretty great rate. Account holders also get ATM access and limited check-writing capabilities. It’s not as great as the High-Yield Checking account, but you don’t need to meet any qualifications except for the minimum balance. You can waive the monthly account maintenance fee if you keep an average monthly balance of $1,500.
You can access your cash both online and via mobile app, but remember that you’re allowed up to six certain withdrawals a month because of Regulation D. Otherwise, you’ll need to pay an excessive withdrawal fee of $6 each time.
How to get AAA Banking’s Money Market account
Completing the application process to open an AAA Banking CD can take as little as 10 minutes. First, head to their online application and enter your ZIP code, then provide details such as your name, address and Social Security number. Afterward, fund your account.
How AAA Banking’s money market accounts compare
Although the rates for AAA Banking’s Money Market account are slightly lower than the ones on our list of the best money market account rates, it’s still a decent account. First, it does have a fairly low minimum deposit amount. Secondly, it offers ATM access and limited check-writing capabilities. Few competitors offer both.
What we’re saying is that this Money Market account is worth considering.
AAA Banking IRA account options
IRA CD
| Term | APY |
|---|---|
| 3 months | 0.30% |
| 6 months | 0.45% |
| 9 months | 0.50% |
| 12 months | 0.75% |
| 13 months | 2.20% |
| 18 months | 0.75% |
| 2 years | 0.75% |
| 25 months | 2.45% |
| 30 months | 0.55% |
| 3 years | 0.80% |
| 4 years | 0.85% |
| 5 years | 0.90% |
| 7 years | 3.00% |
| 10 years | 3.10% |
- Minimum opening deposit: $1,500
- Minimum balance amount to earn APY $1,500
- Early withdrawal penalty: Depends on length of term (you’ll be charged on the amount withdrawn):
- Less than 12 months: Three months’ worth of simple interest
- 12-35 months: 6 months’ worth of simple interest
- 36-48 months: 12 months’ worth of simple interest
- 49-83 months: 18 months’ worth of simple interest
- 84 months and up: 24 months’ worth of simple interest
The IRA CD is a fixed-rate account and is best for those looking for a conservative investment vehicle. Interest earned is compounded daily and deposited into your account annually, or when it matures. You can also access your account by doing so online or via the mobile banking app.
Once your account matures, you have a 10-day grace period in which you can renew for another term, as well as make withdrawals or additional deposits. If your maturity date happens to be on a Sunday, you’ll get an extra day tacked on the grace period. If you do nothing, your account will automatically be renewed.
Since this is a retirement account, you could face IRS penalties — as well as whatever fees AAA Banking will charge — if you make early withdrawals.
How to get AAA Banking’s IRA CDs
You can head to AAA Banking’s website and fill out an application. After entering your ZIP code, you’ll need to provide personal information such as your name, address and Social Security number. Then you’ll fund your account.
How AAA Banking’s IRA CD rates compare
The IRA CD rates for AAA Banking aren’t that great when compared to what’s being offered out there. While some of the rates are comparable for certain terms, the minimum opening deposit is higher than the ones on our list of the best IRA CD rates. Your best bet is to do some shopping around to find the best deal for you.
IRA Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.40% | None |
- Minimum opening deposit: $25
- Minimum balance to earn APY: None
- Monthly account maintenance fee: None
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: None
The IRA Savings account is best for those looking for a variable rate, and one that isn’t as restrictive as the IRA CD. There is no ATM access, but you can access your account via online or mobile banking. One of the great aspects of this account is that there is no monthly maintenance fee, nor any minimum balance requirements.
Just like other savings accounts, you are allowed to make up to six certain withdrawals a month, as per Regulation D. Otherwise, you’ll need to fork over $6 per excessive withdrawal.
How to get AAA Banking’s IRA savings account
You can open an account in as little as 10 minutes by filling out an online application. First, enter your ZIP code, then provide your personal information such as your name, address and Social Security number. Then fund your account.
Overall review of AAA Banking’s banking products
AAA Banking offers competitive deposit accounts with high rates and low fees. The High-Yield Savings and High-Yield Checking accounts offer high rates with low minimum balance requirements. Its CD rates are also a good option to consider.
Where the bank falls short are with its IRA accounts. If you’re looking for a great savings or checking account, you can’t go wrong. But if you want the most competitive CD or IRA deposit accounts, you may want to consider other options.
