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Balance Transfer, Credit Cards, Reviews

Review: Aspire Credit Union Platinum MasterCard Balance Transfer

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

When you have a less than stellar credit score, and you’re battling credit card debt, it can seem like a steep uphill battle. You want a balance transfer, but finding a card that you qualify for and that has a low introductory rate for balance transfers can be tough. This is where the Aspire Platinum MasterCard (from a credit union) comes into play.

It offers a 0% introductory APR on purchases and balance transfers for the first six months. It also doesn’t charge a balance transfer fee during the introductory period. There is no annual fee, and the standard purchase APR is much lower than the competition. This is the best balance transfer for fair credit that we could find on the market.

Platinum Mastercard® from Aspire FCU

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on Aspire Federal Credit Union’s secure website

Platinum Mastercard® from Aspire FCU

Intro BT APR
0%

promotional rate

Balance Transfer Fee
$5 or 2% of the amount of the transfer, whichever is greater
Regular Purchase APR
9.65%-18.00%

Variable

Duration
6 months
Credit required
fair-credit

Average

How the Card Works

In order to apply for this credit card, you need to open a savings account and maintain a minimum deposit of $5, and you will need to be a member of the credit union. Fortunately, anyone can join the credit union. During the credit card application process, you can elect to join the American Consumer Council (at no cost), which will make you eligible for all credit union products.

The credit card itself is relatively simple. The Platinum MasterCard has been created for people with fair to good credit. The card has a good intro balance transfer offer and much lower ongoing interest rates than traditional credit card companies.

The balance transfer offer is relatively simple. You will get a 0% introductory APR for six months with no balance transfer fee during this period. Although there are much longer balance transfer offers in the market, most of those are not available to people with fair credit. So, although this is a relatively short balance transfer, it might be the best offer for someone with fair credit.

The card has no annual fee. After the 0% intro offer the interest rate will revert to the standard purchase APR, which is from 9.40% to 18%. Most credit card issuers tend to start in the teens and end in the 20s (14%-24%, for example). These are very good rates — and for people with fair credit, these could be excellent rates.

Just remember: You can only transfer debt from other credit card issuers. That is probably not an issue (because you most likely do not already have debt with Aspire), but it is something to remember. Also, the 0% offer lasts for six months from the date you open the card, not six months from the date you transfer the debt. So you should get the transfer done as soon as possible.

How to Qualify for the Card

The Aspire Platinum MasterCard is designed for those with a fair to good credit score, somewhere between 600 and 700. If you fall in this range, you are likely to qualify.

Just remember that credit score is only part of the underwriting decision. Most credit card issuers, including this credit union, will want to know that you can afford to repay the debt. That means you will need to have a job and sufficient income.

What We Like About the Card

Finally, a balance transfer for people with fair credit.

If you have fair credit, it can be impossible to get approved for a balance transfer offer. This is one of the only (and by default, best) deals that we could find to get a 0% balance transfer. Just remember: This offer is for people with fair to good credit. If you have good credit, you can find a much better deal with someone else (with a longer balance transfer). But if you have fair credit (low 600s), this is probably one of the best deals out there.

Low ongoing APR.

Because this balance transfer offer is only for six months, you will probably still have debt remaining after the balance transfer is over. Fortunately, Aspire offers credit union rates. There are no rewards on the card — but that helps to keep the interest rate low.

What We Don’t Like About the Card

Short introductory period.

The Aspire card has a very short introductory period of only six months. This is low compared to other cards that have intro periods around 15 months and can be as many as 21 months (or more). If you have good credit, you can find better deals elsewhere.

No rewards program.

You might also take note that the Aspire Platinum MasterCard does not include any rewards program. Aspire offers the Platinum Rewards MasterCard and World Rewards MasterCard as rewards card options. However, they both require a good to excellent credit score.

How to Complete a Balance Transfer

To transfer your existing credit card debt to a new balance transfer credit card, you need to call your new credit card company and give them your old account number. Then they will pay off that credit card for you and tack that debt onto your new card. There are a few things to make note of before you complete a balance transfer to ensure the most benefit:

  • Note that you can’t transfer balances between cards from the same bank.
  • Make sure you request a balance transfer within six months of receiving your new credit card or receiving an offer.
  • Check to make sure the terms of the balance transfer match the offer you received.
  • Make sure you always pay your bill on time or you may lose your balance transfer offer.

Alternatives to the Card

If you have fair credit (low 600s), this might be one of your only options. However, if you have good or excellent credit, there are much better balance transfer deals on the market.

Many cards offer an introductory period of at least 12 months, and some offer introductory periods of 21 months or longer. These cards also do not charge an annual fee or new member fee.

If You Want a Longer Intro Period (And Are Willing to Pay a Transfer Fee)

Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer has an introductory 0%* for 21 months on Balance Transfers* (and an intro 0%* for 12 months on Purchases*). This is one of the longest intro periods we have seen and can be extremely beneficial. There is a balance transfer fee of 5% of each balance transfer; $5 minimum. This fee is not waived during the intro period, unlike Aspire. However, the length of the intro period may save you money if you have a large amount of debt and need time to pay it off. The APR for this card is higher than Aspire, ranging from 14.74% - 24.74%* (Variable), but if you plan on paying off your debt before the end of the intro period and pay each statement on time, the APR won’t be a major point.

Who Benefits Most from the Card

The short introductory period makes the Aspire Platinum MasterCard a good option for people with a fair credit score who have a debt to pay off. Not only do you get a nice low intro rate, but the ongoing APR will likely be lower than your current credit card.

However, if you have good credit, then you could easily get a balance transfer card with a longer introductory period.

FAQs

Yes, anyone can join at no cost. When you apply for the card, you will also be asked to register as a member of the credit union, at no additional cost. All that is needed is for you to deposit $5 in a savings account. Note that the $5 must remain in the account during the length of time you have the credit card.

Once the introductory period is over, interest will start to accrue at the standard purchase interest rate on a go-forward basis. Interest during the introductory period is waived — so you do not need to worry about a retroactive interest charge.

In the short term, your credit score will probably take a small hit (5-10 points) because you applied for new credit. However, over time, a balance transfer can increase your credit score with proper practices. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. By using a balance transfer, you will reduce your interest rate. That should help you get out of debt a lot faster.

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

Liz Stapleton
Liz Stapleton |

Liz Stapleton is a writer at MagnifyMoney. You can email Liz here

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Reviews

Fifth Third Bank Reviews: Checking, Savings, CD and Money Market Accounts

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

Year Established1865
Total Assets$139.4B
LEARN MORE on Fifth Third Bank (OH)’s secure website

Fifth Third Bank traces its origins back to 1858, when it operated as the Bank of Ohio Valley in Cincinnati. After a series of bank mergers, they were rebranded as Fifth Third Bank at the start of the 20th century.

Today, Fifth Third Bank has more than 1,200 full-service branches in 10 states throughout the Midwest and Southeast. Fifth Third Bank also offers online banking, and partners with Allpoint, Presto!, and 7-Eleven ATMs so their customers can access their accounts nationwide. However, Fifth Third Bank products are only available in the 10 states where it does business.

We’ve covered the full range of Fifth Third Bank’s deposit accounts so you can decide whether they are the right fit for your money. Please keep in mind that Fifth Third Bank’s rates can change depending on the location. To keep things consistent, we’ve pulled rates from Cincinnati, where their headquarters is located. We recommend you check out the local rates in your area before making a decision.

Fifth Third Bank (OH)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

Fifth Third Bank (OH) Fifth Third Relationship Savings

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

0.05%

CD Rates

Fifth Third Bank (OH) 12 - 24 Month Standard CD

2.40%

Barclays 12 Month Online CD

on Barclays’s secure website

0.20%

CD Rates

Fifth Third Bank (OH) 36 - 48 Month Standard CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.40%

CD Rates

Fifth Third Bank (OH) 60 - 84 Month Standard CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website


*All rates are current as of July 19, 2018

Fifth Third Bank Checking accounts

Fifth Third Enhanced Checking

Barely earns any interest but could be worth a look for perks.

APY

Minimum Balance Amount

0.01%

$0.01 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000 - $49,999

0.01%

$50,000 - over

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $20
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Though the Fifth Third Enhanced Checking account claims to pay interest, it’s so low you probably wouldn’t even notice it. It’s definitely not high enough to justify this account on its own. The monthly maintenance fee is $20 and to avoid that charge, you either need to have $5,000 of monthly direct deposits or your combined balance across all Fifth Third investment and deposit accounts needs to reach $20,000 at some point during the month.

However, if you have this account, you are eligible for higher rates on Fifth Third CDs, lower interest rates on loans, and discounts on brokerage services. If you plan on using any of those services, adding a Fifth Third Enhanced Checking account could make sense.

You can open a Fifth Third Enhanced Checking account by phone or at a Fifth Third Bank branch. You cannot open this account online.

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Fifth Third Preferred Checking

Premium account with many bells and whistles, along with a huge deposit requirement.

APY

Minimum Balance Amount

0.10%

$0.01 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.10%

$50,000 - over

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $25
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. 10 free transactions per month at non-Fifth Third Bank ATMs, then $2.75 per transaction.
  • ATM fee refunds: 10 free transactions per month at non-Fifth Third Bank ATMs. Fifth Third will refund the ATM fee charged by the other company on the same day.
  • Overdraft fees: $37 for each item, up to five items per day.

The interest rate on the Fifth Third Preferred Checking is still extremely low, especially considering the high deposit requirements. You need to reach a total balance of $100,000 in your Fifth Third deposit and investment accounts, or else you’ll be hit with the $25 monthly maintenance fee.

This account is loaded with other benefits at Fifth Third Bank. It includes free checks, money orders, notary services, a 3×5 safety deposit box, 10 free transactions at non-Fifth Third Bank ATMs and a World Debit™ Mastercard, which normally costs $3.95 a month.

You also receive better rates on Fifth Third CDs, loans and discounts on investment accounts. If you want these other benefits, this account could be worthwhile especially since the money in your investment and CD accounts will help you reach the $100,000 monthly limit.

To open a Fifth Third Preferred Checking account, you must meet with a Fifth Third Bank advisor in-person or call them by phone. You can’t open this account online.

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Fifth Third Essential Checking

A no-frills checking account with a variety of ways to avoid its monthly fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $11 ($8 if monthly direct deposits total $500 or more.)
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.

The Fifth Third Essential Checking could be worth a look if all you want is a checking account with ATM services. To avoid the monthly maintenance fee of $11, you need to keep an average monthly balance of $1,500 across all your Fifth Third deposit and investment accounts.

That’s a little high for such a basic account especially since it does not offer interest. The good news is there are other ways to avoid the fee, like spending at least $500 per month on a Fifth Third Bank credit card.

You can open an Essential Checking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Student Banking

A basic account for students that waives the standard checking fees.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. Up to five free transactions per month at other ATMs, then $2.75 per transaction.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third Student Banking uses the same setup as Essential Checking but with a discount on the fees. There is no monthly fee or minimum balance requirement on this account. Fifth Third Bank will also not charge a fee on up to five transactions per month at non-Fifth Third Bank ATMs. However, if the ATM owner charges a fee, Fifth Third Bank will not refund it. This account also does not earn interest.

To open this account, you must be at least 16 years old and have a valid student ID. The account discounts will last until you turn 23. At this point, you can apply for one more year if you can prove you are still a student. Otherwise, this account will turn into an Essential Checking account.

You can open an Student Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Military Banking

A discounted checking account for current and former military members.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $11
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. Up to 10 free transactions per month at other ATMs, then $2.75 per transaction.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third Bank offers a discounted checking account for military families. This includes active duty, veterans, retired and members of the reserve/guard as well as commissioned officers of the U.S. Public Health Service and the National Oceanic and Atmospheric Administration. This account is like Essential Checking except that if you make $500 a month in direct deposits, you completely avoid the monthly maintenance fee.

This account also includes 10 free transactions at non-Fifth Third Bank ATMs, though Fifth Bank will not reimburse any fee charged by the owner of the ATM. This account does not earn interest. If you are eligible for Military Banking but want another type of checking account, Fifth Third Bank offers a $5 discount on the monthly maintenance fees for its other checking accounts.

You can open a Fifth Third Military Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Express Banking

Immediate access to deposited checks in exchange for a steep fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: None

Fifth Third Express Banking is a mix of a check cashing service and a checking account. When you cash or deposit a check with Fifth Third Bank, they will give you the money immediately. You don’t have to wait for the check to clear.

But this convenience doesn’t come cheap. Fifth Third charges a fee that ranges from 1-4% of the check amount, with a minimum fee of $4 to $5 per transaction. The amount depends on which type of check you deposit and the number of transactions you make with this account. Another downside is this account does not earn interest.

You can open a Fifth Third Express Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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How Fifth Third Bank’s checking accounts compare

Firth Third Bank’s basic checking accounts are straightforward and offer a range of ways to avoid the monthly fee, especially for students and military families. Its premium accounts offer some attractive perks for other Fifth Third Bank services like CDs and loans, and are worth a look if you plan on using any of these services.

The main downside of Fifth Third’s checking accounts is that most do not earn interest and even their premium accounts earn very little. If earning interest on your checking account is a priority, you should look at these top online checking account recommendations.

Fifth Third Bank Savings Accounts

Fifth Third Goal Setter Savings

A savings account that earns barely any interest, even with its one-time bonus.

APY

Minimum Balance Amount

0.01%

$0.01 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000 - $49,999

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Goal Setter Savings barely earns any interest at all, which is disappointing for a savings account. Its main selling feature is that you can pick a savings goal for yourself, between $500 to $25,000. Once you’ve put that much in your account, Fifth Third will pay you a one-time bonus equal to all the interest you’ve earned up to that point. That might sound good, but realistically most people will earn less than a dollar for this bonus. This account also only pays interest on balances up to a maximum of $50,000.

The upside of this account is that it charges a low $5 monthly fee that’s waived for the first six months. After six months, there are a number of ways to avoid the monthly fee so at least this account is not expensive.

You can open a Fifth Third Goal Setter Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Relationship Savings

Low fees to go along with equally low interest rates.

APY with standard rate

APY with relationship rate

Minimum Balance Amount

0.01%

0.02%

$0.01 - $9,999

0.01%

0.02%

$10,000 - $24,999

0.05%

0.10%

$25,000 - $49,999

0.05%

0.10%

$50,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Relationship Savings account earns a higher interest rate than Goal Setter Savings, but it still doesn’t earn much. This account has two types of interest rates: standard and relationship. To qualify for the higher relationship rate, all you need is to own a Fifth Third checking account to go along with your savings account.

On the bright side, the fees are low on this account as it only charges a $5 monthly maintenance fee that’s also easy to avoid. Still, if you’re opening a savings account you likely want to earn at least some return on your money, and that won’t happen with this account.

You can open a Fifth Third Relationship Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Minor Savings

Minors get to use Fifth Third’s savings accounts for free.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third allows people under the age of 18 to use its savings accounts for free. The person opening a Minor Savings account can choose between using either Goal Setting Saver or Relationship Savings.

Whichever account they pick will be exactly the same as the adult version, except that the $5 monthly fee will be automatically waived until the account holder turns 18. At this point, the account holder will need to either pay the monthly fee or meet the account requirements to have the fee waived.

You can open a Fifth Third Minor Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid photo ID and a way to fund your account.

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Fifth Third 529 Savings and CDs

Tax breaks to help you save for future educational expenses.

Fifth Third’s savings accounts and CDs can be used as part of a Direct 529 Savings Plan through CollegeAdvantage. These accounts offer tax breaks to help you save for a family member’s future college expenses.

You earn the same interest rate as if you had a normal Fifth Third savings account or CD. However, with a 529 plan, you delay income taxes on your interest earnings. If you spend your 529 savings on college expenses, those earnings will be tax-free. With a normal savings account or CD, you’d owe income tax on your interest each year.

You can set up a Fifth Third 529 plan with a minimum deposit as low as $25. To get started, you create an account online with CollegeAdvantage. You’ll need to enter in some basic personal information about yourself and the account beneficiary (the person whose college you’re saving for). You also need to enter your bank information to fund the account. Once you’ve set up, you can choose Fifth Third’s Savings accounts or CDs as your investment choice.

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Fifth Third Health Savings Account

A savings account with tax advantages to help pay for medical expenses.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: See below.
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $37 for each item, up to five items per day.

Monthly fees:

  • Average daily account balance is less than $500, monthly fee = $3.50
  • Average daily account balance is between than $500.01 and $2,000, monthly fee = $3.00
  • Average daily account balance is between than $2,000.01 and $3,000, monthly fee = $2.50
  • Average daily account balance is between than $3,000.01 and $4,000, monthly fee = $2.00
  • Average daily account balance is above $4,000, there is no monthly fee

If you are enrolled in a High Deductible Health Plan, either at work or on your own, you can use a Fifth Third Bank Health Savings Account (HSA). When you add money to an HSA, you get a tax deduction for whatever you put in. From there, you can spend your account on qualified health expenses.

Fifth Third provides a debit card for its HSA to pay for health expenses. You can also pay medical expenses online or by writing checks for this account. Fifth Third pays interest on your account balance, though they do not publicly release their HSA interest rates.

Fifth Third charges a monthly fee if your average month HSA balance is less than $4,000. The lower your average monthly balance, the higher the fee, up to a maximum of $3.50 per month.

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How Fifth Third Bank’s savings accounts compare

Fifth Third’s savings accounts don’t inspire much of a reaction, good or bad. The good news is they all charge a low fee that’s easy to get waived. But they don’t pay much in interest, especially for smaller balances.

Out of its regular savings accounts, Relationship Savings is the better choice because it earns a higher interest rate. While Goal Setter Savings offers a one-time bonus, it’s so small it’s not worth the lower interest rates. Still, there are better savings accounts out there that can earn a much higher interest rate on your savings.

Fifth Third Bank Money Market Accounts

Fifth Third Money Relationship Money Market Account

Easy to set up and manage but the interest rates aren’t great.

APY with standard rate

APY with relationship rate

Minimum Balance Amount

0.01%

0.02%

$0.01 - $9,999

0.02%

0.04%

$10,000 - $24,999

0.10%

0.20%

$25,000 - $49,999

0.15%

0.30%

$50,000 - $99,999

0.20%

0.40%

$100,000 - $249,999

0.20%

0.40%

$250,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Bank Money Market Savings Account is a blend of a savings and money market account. It offers higher interest rates than you’d receive on a Fifth Third Bank’s savings account and it’s still possible to access your money through an ATM. The monthly maintenance fee is only $5 and there are multiple ways to avoid it, including having a Fifth Third Checking account or keeping an average monthly balance of at least $500.

This account has two types of interest rates: Standard and Relationship. To earn the higher Relationship rate, all you’ll need is a Fifth Third Checking account. The downside is even at the Relationship level, the interest rates are still quite low, especially if you have less than $25,000. This account starts earning a more respectable amount once you have more than $25,000, but there are other options out there that earn even more.

You can open a Fifth Third Relationship Money Market account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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How Fifth Third Bank’s money market accounts compare

Fifth Third Bank’s money market account can be a nice addition if you already have a Fifth Third checking account. You can transfer extra funds out of your checking account into the money market account, where they’ll earn a higher interest rate, then transfer back to checking when you need the money.

On the other hand, since the interest rates are low compared to the best accounts on the market, it’s probably not worth setting up a Fifth Third Bank money market account by itself. It’s a better play if you already have a Fifth Third checking account.

Fifth Third Bank CD Rates

Fifth Third Bank Promotional CDs

Decent interest rates that last up to 27 months.
 

APY

Minimum Deposit

11 months

1.50%

$5,000

18 months

2.00%

$5,000

27 months

2.50%

$5,000

Fifth Third Bank offers attractive rates on its Promotional CDs that compare well to the best rates in the country. These are relatively short-term offers as the longest promotional rate CD lasts only 27 months.

You must deposit at least $5,000 to qualify for the promotional rate. The interest rate is the same no matter how much you deposit; it doesn’t increase for larger amounts.

If you need to take out part of your CD principal early, Fifth Third Bank will charge a penalty. The penalty amount depends on how close you are to the CD maturity date:

  • Between seven days to 364 days until maturity: the penalty is 1% of the amount taken out.
  • 365 days up to 36 months: the penalty is 2% of the amount taken out.

However, the penalty will not exceed the amount of interest earned by your CD so you will at least get your original deposit back. The only exception is if you take money out within six days of opening the CD. Then, Fifth Third Bank will charge a minimum penalty equal to 7 days of interest.

To open a Fifth Third Bank Promotional CD, you should visit a Fifth Third Bank branch or contact them by phone. They do not provide the option to open CDs online.

LEARN MORE Secured

on Fifth Third Bank (OH)’s secure website

Fifth Third Bank Standard CDs

A lot of options but overall disappointing interest rates.
 

Less than $5,000

$5,000 to $9,999

$10,000 to $24,999

$25,000 to $49,999

$50,000 to $99,999

7 to 89 days

0.05%

0.05%

0.05%

0.05%

0.05%

3 to 6 months

0.05%

0.05%

0.05%

0.05%

0.05%

6 to 12 months

0.05%

0.05%

0.05%

0.05%

0.05%

12 to 24 months

0.05%

0.10%

0.10%

0.15%

0.15%

24 to 36 months

0.15%

0.15%

0.15%

0.20%

0.20%

36 to 48 months

0.20%

0.20%

0.20%

0.30%

0.30%

48 to 60 months

0.30%

0.30%

0.30%

0.40%

0.40%

60 to 84 months

0.40%

0.40%

0.50%

0.50%

0.50%

84 months

0.50%

0.50%

0.60%

0.60%

0.60%

While Fifth Third Bank offers many different lengths for their standard CDs, the interest rates are disappointingly low compared with the competition. The interest rate is almost non-existent on CDs that last less than a year and don’t get much better as you lock into longer maturities. While there is a small rate bump for larger deposits over $25,000, it’s not large enough to justify adding so much money.

For CDs that last less than 90 days, the minimum deposit is $5,000. For all CDs that last longer than 90 days, the minimum deposit is $500.

If you need to take out part of your CD principal early, Fifth Third Bank will charge a penalty. The penalty amount depends on the length of the CD term.

  • Between seven days to 365 days the penalty is 1% of the amount taken out.
  • 365 days up to 36 months: the penalty is 2% of the amount taken out.
  • More than 36 months: the penalty is 3% of the amount taken out.

However, the penalty will not exceed the amount of interest earned by your CD so you will at least get your original deposit back. The only exception is if you take money out within six days of opening the CD. Then, Fifth Third Bank will charge a minimum penalty equal to seven days of interest.

All of Fifth Third Bank’s CDs can be set up through a 529 plan to save money tax-free for future education expenses.

To open a Fifth Third Bank Standard CD, you should visit a Fifth Third Bank branch or contact them by phone. They do not provide the option to open CDs online.

LEARN MORE Secured

on Fifth Third Bank (OH)’s secure website

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How Fifth Third Bank’s CDs accounts compare

While Fifth Third’s promotional CDs offer an attractive interest rate, once you get past that initial period their rates are pretty disappointing. You really don’t earn that much even if you lock in for more than five years or deposit at least $50,000.

Another downside is that their CDs do not let you take money out without getting hit with a penalty. Other CDs on the market give you at least some penalty-free early access to your money.

If you’re looking for a higher return on your savings, these other CD options might be a better spot for your money.

Overall review of Fifth Third Bank

With Fifth Third Bank, you get accounts with low fees that are easy to avoid. We also like that even though Fifth Third is a regional bank, account holders have free, nationwide access to their money through Allpoint, Presto! or 7-11 ATMs. The main problem we have with Fifth Third Bank is that its interest rates are below average across the board.

With Fifth Third Bank, the more of its services you use, the better its accounts look. If someone has a Fifth Third checking account, they automatically avoid the monthly fee on savings accounts or money market accounts. If someone wants to open a Fifth Third CD or investment account, they’ll qualify for better rates and lower fees by opening an Enhanced or Premier Checking account as well.

On the other hand, there’s nothing in the Fifth Third accounts that would get us to open one all by itself. If all someone wants is a stand-alone account, chances are they would be better off looking elsewhere.

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

David Rodeck
David Rodeck |

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

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Advertiser Disclosure

Reviews

Apple Bank Savings Accounts, CD Rates, Checking Account and Money Market Account

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

Year Established1863
Total Assets$13.1B
LEARN MORE on Apple Bank For Savings’s secure website

Few banks can claim that they started in a tavern, but that’s the case with Apple Bank. The founders gathered in a local Harlem tavern in 1863 to sign the papers establishing the Haarlem Savings Bank. Since then, the bank has gone through numerous mergers and acquisitions until it finally ended up in its present form as Apple Bank in 1983.

Today it’s the 9th largest bank in New York and the 109th largest bank in the country. It operates 79 branches throughout the New York area, including Westchester, Queens, Long Island, Brooklyn and others.

Apple Bank is one of the few major banks left that still allow you to use a passbook with many of its accounts. If you choose this option (as opposed to its “statement savings account,” which works like a normal online bank account), you won’t be allowed to make any ATM transactions or pre-authorized debits from your account, such as ACH transfers.

If you’re interested in opening an account (or several accounts) with Apple Bank, there are a few things you need to know. Most importantly, these accounts are only available to New York residents with a valid New York ID. We’ll cover how these bank accounts work in this review to make an informed decision.

Apple Bank for Savings’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.60%

Savings

Apple Bank for Savings Grand Yield Savings

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

2.15%

CD Rates

Apple Bank for Savings 1 Year CD Special

2.40%

Barclays 12 Month Online CD

on Barclays’s secure website

2.60%

CD Rates

Apple Bank for Savings 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.80%

CD Rates

Apple Bank for Savings 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

*All rates are current as of July 17, 2018

Apple Bank’s savings account options

Grand Yield Savings

This account earns a great interest rate, but you won’t earn anything unless you have $2,500 in the account.

APY

Minimum balance to earn APY

1.60%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

Normally, we would consider this bank an excellent choice if you’re looking for a high interest rate. However, you only earn this high interest rate on $2,500 and up, meaning a significant portion of your deposit won’t earn interest.

One of the nice things about this account, on the other hand, is that you have a wide range of options for how to deal with your interest. You can choose to have it redeposited back into this account, deposited into another Apple Bank account or paid out to you each month in the form of a check (as long as you have at least $10 accrued).

Like all other savings accounts, you’re limited to just six debit card, telephone or ACH withdrawals per month, per Federal Regulation D. If you go over that amount, you’ll pay a $20 per-item fee. If you do this enough times, Apple Bank might change your account type or close the account.

How to get Apple Bank’s Grand Yield Savings account

If you want to open Apple Bank’s Grand Yield Savings account, you’ll need to visit a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

BONUS Savings

Apple Bank’s BONUS Savings account allows you to earn a very tiny bonus each year on your account-opening anniversary.

APY

Minimum deposit amount

0.75%

$2,500

  • Monthly account maintenance fee: $10 if your account balance drops below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

For people who need bonuses in order to motivate them to save, this account may be one option. It doesn’t earn the greatest of interest rates, but it does offer a bonus every year on your anniversary: an extra bonus of 0.25% of the smallest balance you’ve held in the account during the previous year. If your account balance dipped down to just $2,500 (the minimum required to avoid the monthly service fee and to earn any interest at all), that’s just a measly $6.25.

This account also has a six-item limit on certain types of withdrawals (telephone, debit card or ACH). If you go over these limits, you’ll pay a $20 per-item fee, and Apple Bank may downgrade your account to another type or close it if this happens often enough.

How to get Apple Bank’s BONUS Savings account

If you want to open this account, you’ll need to head over to a local branch.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Apple Bank Savings

This savings account has a lower threshold to earn interest, but you won’t earn much with this account.

APY

Minimum balance to earn APY

0.10%

$250

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $4 if your account balance drops below $500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you don’t have the high account balances needed to earn interest with Apple Bank’s BONUS Savings or Grand Yield savings, this could be one alternative. You can open the bank with as little as $100, and you’ll start earning interest after you’ve saved $250. If you can save up $500, you won’t have to pay the monthly account maintenance fee, either.

This account also comes with the option to have your interest paid out in multiple ways. You can choose to have it redeposited back into the account (as with most normal savings accounts), sent to you by check (as long as the interest earned is more than $10) or deposited into another Apple Bank account.

Per Federal Regulation D, you’re limited to just six ACH, debit or telephone withdrawals per month. For each withdrawal you make over that amount, you’ll pay a $20 “excess withdrawal fee.” Apple Bank can close your account or change it to another account type if you do this frequently enough.

How to get the Apple Bank Savings account

You can open this account at any local Apple Bank branch.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Youth Savings

This passbook-style account allows children and teens to earn a small amount of interest, as long as they keep at least $5 in the account.

APY

Minimum balance to earn APY

0.10%

$5

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

Apple Bank allows youth ages 6-17 the chance to earn a small amount of interest with this account. It’s not a traditional savings account because it uses a passbook, just like your grandparents used back before the internet existed.

While your child only needs $1 to open this account, they won’t earn any interest until they have at least $5 saved. After that, if they withdraw money and dip the balance below $5 at any point during the month, they won’t earn interest for that day until the balance is back to $5 or more.

When your child turns 18, they won’t be able to make any more deposits into the account. However, it will still earn interest, and Apple Bank will contact them with their options for converting the account to an adult version at that point.

How to get Apple Bank’s Youth Savings account

If your child is between ages 6-17, has their own ID (even just a school ID or birth certificate), and can sign their own name, you can open a Youth Savings account with your child. You’ll need to visit a local branch in order to open this account.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Holiday/Vacation Club accounts

This is a great forced savings plan for people who need help saving for holidays or for vacations, although you still won’t earn much interest with this account.

APY

Minimum deposit amount

0.10%

$5

  • Monthly account maintenance fee: $0
  • Overdraft fee: $35 per item, for up to six items per day.

If you struggle with saving up for holidays or for vacations, this account can be an excellent choice for you — albeit, you still won’t earn very much interest on your deposit.

The way it works is this: You open the account with as little as $5. Then, you designate how much and how often you want automatic withdrawals taken out of another Apple Bank account and deposited into this one. You can choose either weekly, biweekly, monthly or quarterly transfers.

If you open a Holiday Club Account, all of your money — plus the interest you’ve earned — will be sent to you via check or deposited into another of your Apple Bank accounts (such as your checking account) in the fall, just in time for holiday spending. If you instead opt for the Vacation Club account, the money will instead be sent to you via check or deposited into your other Apple Bank account during the spring, before your spring or summer vacation.

But watch out: If you make a partial withdrawal before the fall or spring (depending on which account type you have), Apple Bank will completely close the account. This account also does not come with ATM access.

How to get Apple Bank’s Holiday/Vacation Club accounts

You can’t open these accounts online — you’ll need to visit a branch in-person to do this.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s savings accounts compare

We’re a bit torn with Apple Bank’s savings accounts. Its highest-earning account, the Grand Yield Savings account, actually does earn a decent interest rate. However, you won’t earn interest on a significant portion of your deposit. If you live in the New York area and want an in-person bank offering a good interest rate, this can be a great option for you.

The rest of its savings accounts, however, offer very little interest. If you’re comfortable banking online and want to earn the best rates possible (on all of your deposit), consider one of these top online savings accounts instead.

Apple Bank CD rates

Apple Bank’s CD accounts offer much higher interest rates than your average neighborhood bank — but watch out for the high early withdrawal penalty.

Term

APY

6 months

2.00%

1 year

2.15%

13 months

2.15%

1 ½ years

2.30%

2 years

2.40%

3 years

2.60%

4 years

2.75%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For the 6 month CD, you’ll pay a $50 fee plus an extra 1% of the amount withdrawn. For all other CDs, you’ll pay a $50 fee plus an extra 3% of the amount withdrawn.

This account may be a great choice for you as long as you’re fairly certain that you won’t be tempted to withdraw money from this account. That’s because the early withdrawal penalty is very high with this account — you’ll pay a flat $50 fee, plus an extra 1%-3% of the amount withdrawn. Furthermore, if you withdraw enough to drop the balance below the $1,000 mark, Apple Bank will close your CD outright and charge you the penalty on the entire balance.

If you keep the CD open until maturity, it will automatically renew unless you instruct Apple Bank not to do so. If you opt for the account not to renew at maturity, then it’ll earn the same interest rate as the Apple Bank Saving Account until you do something with the cash. But if the CD automatically renews, you’ll still get a five-day grace period to make any changes to the account.

How to get Apple Bank’s CDs

If you want to open one of Apple Bank’s CDs, you’ll need to visit a local branch to set up your new account.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s CD rates compare

Apple Bank’s CDs carry interest rates right on par with our current best CD picks. This can be an especially good option if you want to bank in person with a local branch, yet don’t want to earn the measly CD interest rates that many community banks offer.

However, we advise watching out for the fees that come along with this account. If you think you might need to withdraw the cash at some point during the CD’s term, you may end up paying more than you would at other banks, thanks to this CD’s high early withdrawal penalties. This is especially true if you only open the CD with the minimum opening deposit.

Apple Bank’s checking account options

Grand Yield NOW Checking

You can earn a high interest rate on your checking deposit with this account, but you’ll need to keep a high balance in the account.

APY

Minimum balance to earn APY

0.50%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: Your first four non-Apple Bank ATM transactions of the month are free. However, the ATM’s owner may still charge you a surcharge fee, and this is not reimbursed.
  • Overdraft fee: $35 per item, for up to six items per day.

Apple Bank’s Grand Yield NOW checking account offers an exceptionally high interest rate on your checking deposit. It does this by shuffling around money from a money market sub-account to this high interest-earning checking account in the background for you. You don’t need to worry about any of this: All you’ll see on your monthly statement are the transactions you’ve made, along with the one interest rate you’ll receive for this account.

Although you can open this account with as little as $100, you’ll need to keep at least $2,500 in the account in order to earn interest and avoid the monthly maintenance fee. Finally, when you open this account, you’ll also receive your first order of personalized checks for free.

How to get Apple Bank’s Grand Yield NOW Checking account

You can open this account by visiting a local branch in the greater New York area.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Free ExtraValue Checking

This Apple Bank’s version of a standard no-frills checking account.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you want a bank account with no hassle about remembering to keep up a certain balance level to avoid a monthly fee, this may be one option for you. Of course, this is a noninterest-bearing account, so you won’t earn anything from your deposit either.

One of the perks of this account is that you’ll get your first order of personalized checks for free after you open the account.

How to get Apple Bank’s Free ExtraValue Checking account

If you live near an Apple Bank branch, you can easily open this account in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

BasicValue Checking

This account makes little sense. It charges a monthly fee, earns no interest and only allows a limited amount of transactions.
  • Minimum deposit amount: $10
  • Monthly account maintenance fee: $3, regardless of your balance.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

We don’t know why anyone would want this account.

First of all, there’s a $3 monthly charge, with no way to avoid it. You’ll be paying $3 per month for this account for as long as you own it. Secondly, you’re limited to just eight withdrawals per month with this account. If you go over that amount, you’ll pay a $1 per-item fee. This account seems more like a savings account than a checking account because of these transaction limitations, but it doesn’t offer any interest.

On the bright side, your first order of personalized checks is free.

How to get Apple Bank’s BasicValue Checking account

If you do decide that this account is right for your situation, you’ll need to visit a branch in person to open this account.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

Free ClassValue Checking

This free checking account is open to students between the ages of 17 and 25.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: Your first two non-Apple Bank ATM transactions of the month are free. However, the ATM’s owner may still charge you a surcharge fee, and Apple Bank does not reimburse such fees.
  • Overdraft fee: $35 per item, for up to six items per day.

New York students looking to bank with a local institution may find this a decent option. There are no monthly maintenance fees, and you get two out-of-network ATM fees reimbursed per month.

You’ll need to be between the ages of 17 and 25 to apply for this account, however. Once you reach age 26, you won’t be able to use this account anymore. Apple Bank will let you know your options for transferring your money to a new checking account before your birthday.

Like the rest of Apple Bank’s checking accounts, your first order of personalized checks comes free with this account.

How to get Apple Bank’s Free ClassValue Checking account

If you want to open this account, you’ll need to visit a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s checking accounts compare

Compared with most community banks, Apple Bank does offer a decent checking option with its Grand Yield NOW account. The rest of its accounts, however, are mediocre, because they come with account maintenance fees or few perks. This is especially the case with the BasicValue Checking account, which charges you an unavoidable monthly fee for a limited amount of monthly transactions.

If you’re looking for an interest-bearing checking account, we recommend one of these online checking accounts instead.

Apple Bank’s Money Market account

This account earns a decent rate, but only on balances above $2,500.

APY

Minimum balance to earn APY

1.25%

$2,500

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500.
  • ATM fee: $2 per transaction at a non-Apple Bank ATM.
  • ATM fee refund: None
  • Overdraft fee: $35 per item, for up to six items per day.

If you want to earn a higher interest rate on your savings but also want the ability to write checks from your deposit, this money market account might be right for you. You can make up to six withdrawals per month via check, debit card, ACH transfer or telephone transfer. After that, you’ll pay a $20 per-item “excess withdrawal” fee. If you violate these limits too many times, Apple Bank may close your account or downgrade it to another type.

Although this account earns a decent interest rate, you’ll need to keep a hefty balance in the account to benefit. If your balance dips below $2,500, you won’t earn any interest for that day unless your balance is brought back up to $2,500. In addition, you’ll also pay a $10 monthly fee if your account balance dips below the $2,500 mark.

How to get Apple Bank’s Money Market account

You can open this account by visiting a branch in person.

LEARN MORE Secured

on Apple Bank For Savings’s secure website

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How Apple Bank’s Money Market account compares

Apple Bank definitely does not offer the highest-earning money market account on the market today. Still, its rate isn’t bad, as long as you can pony up the $2,500 needed to earn interest and waive the monthly maintenance fee. This would be a good option for people looking for a local in-person bank they can work with, but don’t want to sacrifice earning good rates on their money market deposit.

Overall review of Apple Bank’s products

We think Apple Bank is a bit hit-or-miss. None of its accounts are front-runners in their classes by any means. But, many of its accounts are also not bad options either, especially for folks who want to do their banking in person and not pay for it in the form of piddly interest rates.

We do recommend watching out for some of its accounts, such as the BasicValue Checking account which offers limited transactions for an unavoidable monthly fee. But, if you choose your accounts carefully, you might very well come out ahead by choosing Apple Bank.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

TAGS: , , , , , ,

Advertiser Disclosure

Reviews

UFB Direct Reviews: Savings, Money Market and Checking Accounts

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

Year Established2000
Total Assets$10.0B
LEARN MORE on UFB Direct’s secure website

UFB Direct is another bank born of the digital age, opening its metaphorical doors in 1999. It’s a subsidiary branch of BofI Holdings, which also owns other online banks such as BofI Federal Bank.

It’s important to note that if you also have any money at BofI Federal Bank or any other company under the BofI umbrella, your money is pooled together when determining your FDIC coverage. For example, if you have $200,000 at UFB Direct and $200,000 at BofI Federal Bank, only $250,000 total will be covered under FDIC insurance in the unlikely event that these banks go under.

This bank proclaims to have some of the best rates and rewards out there for personal banking accounts, and indeed — it does. But that’s not the only thing that counts when deciding where to park your money. We’ll go into detail about UFB Direct’s banking products in this review.

UFB Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

UFB Direct UFB Premium High-Yield Savings Account

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

*All rates are current as July 13, 2018.

UFB Direct savings account

UFB Premium Savings

UFB Direct’s Premium Savings account offers a high interest rate for those who have a lot of money.

APY

Balance amount

0.20%

$0-$24,999

1.30%

$25,000+

  • Minimum deposit amount to open the account: $100
  • Monthly account maintenance fee: $0
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $25 per each item over $25, up to $75 per day

UFB Direct’s Premium Savings account is a good choice for folks with large deposits looking for a place to park it indefinitely. You need to keep at least $0.01 in this account at all times. If you don’t, and the month ends without any money in the account, UFB Direct may close the account. In addition, if you close your account mid-cycle, you give up any interest that may have been accruing. With this account, it’s better to wait to close your account until right after a new cycle begins.

In addition, like most savings accounts, you’re limited to six transactions per month (not including deposits into the account). If you make more than this amount, you’ll face a $10 excessive withdrawal fee per item. If you do it enough times, UFB Direct may even change or close your account.

How to get UFB Direct’s Premium Savings account

You can only open an account with UFB Direct online, and only if you’re depositing “new money” into the account. This means that the initial deposit must come from a non-UFB Direct or non-BofI bank brand.

LEARN MORE Secured

on UFB Direct’s secure website

Member FDIC

UFB Savings

This account is a carbon copy of UFB Direct’s Premium Savings account, but with a slightly smaller minimum balance requirement to earn a slightly smaller interest rate.

APY

Balance amount

0.20%

$0-$19,999

1.00%

$20,000+

  • Minimum deposit amount to open the account: $100
  • Monthly account maintenance fee: $0
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

If you’ve got a slightly smaller balance than the hefty $25,000 needed to earn the highest rate from UFB Direct’s Premium Savings account, then this regular UFB Direct Savings account might be the best option for you at this bank. You’ll only need $100 to open it, and unlike the UFB Direct Premium Savings account, that money doesn’t need to come from outside the BofI banking brand.

Other than that, this account is very similar to the bank’s Premium Savings account. If you don’t have a balance in the account at the end of the month, UFB Direct may close it. If you go over six transactions (not including deposits) per month, you’ll face a $10 excessive withdrawal charge. If you do this too many times, UFB Direct might change it to a different account type or even close it.

How to get a UFB Direct Savings account

The only way to get a UFB Direct Savings account is by applying online. You can do that here:

LEARN MORE 

Member FDIC

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How UFB Direct’s savings accounts compare

UFB Direct does offer good interest rates on its savings accounts. However, they’re not the highest rates out there, and you need deep pockets in order to earn them. Unless you’ve got at least $20,000 rattling around in your metaphorical coin purse, you won’t earn very much with these accounts.

Instead, if you want to earn the highest rates out there and with less of a minimum deposit requirement, check out these top online savings accounts.

UFB Direct’s checking account

Airline Rewards Checking

Earn up to 120,000 American Airlines miles per year with this low-fee checking account — but be careful never to end the month with a $0 balance.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: None.
  • ATM fee refund: UFB Direct will reimburse an unlimited amount of domestic ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

If you’ve ever wanted to earn travel rewards points but aren’t into using credit cards to do it, this checking account could be a great option for you. You can currently earn up to 120,000 miles per year, but only with American Airlines.

You’ll earn one American Airlines mile for every $3 you spend through this account. Unfortunately, there are a lot of limitations on this program.

For starters, many purchases don’t count. Purchases made using “virtual wallets,” or at stores such as supermarkets, grocery stores, discount stores, wholesale outlets, “money transfer institutions” and any purchases made at the U.S. post office won’t earn any miles. In addition, in order to count, the purchase must be a POS (point-of-sale) purchase. This means that you used your debit card to make a purchase, and didn’t pay via check, ATM withdrawal or bank transfer.

Your airline miles will be deposited into your American Airlines rewards account within 60 days after the end of each month. If you happen to close your account in the middle of the month, you’ll lose any points you’ve been accumulating since the beginning of the month, so it’s a better idea to wait to close your account until just after a new month has begun.

Finally, make sure you never end the month with a $0 balance in your account. If you do, UFB Direct won’t give you any miles you’ve earned for that month, and it may even close your account.

How to get UFB Direct’s Airline Rewards Checking account

In order to get UFB Direct’s Airline Rewards Checking account, you must apply online. You’ll also already need to have an American Airlines account already opened, because you’ll need to enter in your AA frequent flier number as a part of the application process.

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How UFB Direct’s checking account compares

We really like the fact that you can earn travel rewards with this checking account. This is truly a unique feature among banks. However, there are a lot of limitations with this account: You need to be careful about never zeroing out your account at the end of the month, you can only earn travel rewards with one airline and many purchases you’ll make won’t count toward earning rewards.

If you’re comfortable with these limitations, this can be a great account for you, especially if you’re a frequent traveler. If you’re looking for a checking account with less limitations, or a checking account that earns interest, however, check out these top online checking accounts instead.

UFB Direct’s money market account

UFB High Yield Money Market account

If you can keep a high balance in this money market account, you can earn a great interest rate and skirt the monthly fee.

APY

Minimum Deposit Amount

1.60%

$5,000

  • Monthly account maintenance fee: $10
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

This money market account does come with a $10 monthly fee, however if you keep at least $5,000 in the account, you won’t be charged this fee. In addition, when you make your opening deposit, the money needs to come from a non-BofI branded bank, or you won’t be able to open the account.

You can write checks with this account, however keep in mind that you’ll still be limited to just six transactions per month due to the Federal Regulation D limits. If you go over that amount, you’ll face a $10 fee for each occurence, and UFB Direct may change or close your account if you do this repeatedly.

How to get UFB Direct’s High Yield Money Market account

You can open a High Yield Money Market account with UFB Direct online. Remember, you need to deposit at least $5,000 of “new” money into your account from a non-BofI brand.

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How UFB Direct’s Money Market account compares

UFB Direct does offer a high interest rate on its money market account. But, that high interest rate has some downsides: You need to maintain a very high balance to avoid the monthly maintenance fee, and if you have your money in another BofI brand, you can’t use the money to open the account. The money has to come from a non-BofI branded bank.

Even though this bank does have one of the highest interest rates currently available, it’s not technically the highest out there. Plus, there are many more options for a high-yielding money market account with a lower minimum deposit amount. It’s important to check out all your options for high yielding money market accounts before deciding.

Overall review of UFB Direct’s banking products

We like many of UFB Direct’s accounts. Its money market account is one of the highest-earning money market accounts currently available. The fact that you can earn airline rewards points with its checking account is truly unique and valuable for frequent fliers.

However, it’s important to keep in mind that even though these accounts may offer good rewards and returns, there are still a lot of limitations with them. You may need to come to the table with a large deposit amount, or there may be so many stipulations and rules with its checking account that you may not earn as much as you thought you would.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Review of State Farm Bank Rates

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

Year Established1999
Total Assets$16.7B
LEARN MORE on State Farm Bank’s secure website

When you hear about State Farm, chances are that the first thing that comes to mind is insurance. After all, for years their slogan — “Like a good neighbor” — implied that State Farm’s main business was to protect you with insurance for when things in life don’t go as planned.

But with a rebrand, they’ve now shifted their message to imply that not only are they around when life goes wrong, but they’re also “here to help life go right” with a larger focus on their other products and services — more specifically, banking and financial products outside the realm of insurance.

State Farm Bank offers all of the traditional banking products you’d expect: home loans, vehicle loans, and credit cards, plus checking and savings accounts, money market accounts, and more.

For this review, we’ll be focusing on their certificates of deposit, IRA accounts, checking accounts, savings accounts, and money market accounts.

*Note: All rates below are based on State Farm's corporate location (zip code: 61791). To see rates in your area, enter your zip code on their rates page.

State Farm Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

State Farm Bank Savings

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

0.10%

CD Rates

State Farm Bank 12 Month CD

2.40%

Barclays 12 Month Online CD

on Barclays’s secure website

1.45%

CD Rates

State Farm Bank 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.65%

CD Rates

State Farm Bank 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

State Farm CD rates

Regular CDs

CDs from State Farm Bank don’t offer the highest rates available, and with a somewhat complex early withdrawal fee policy, you can likely find a better place to keep your money in a CD.

Term

Less than $100,000

$100,000+

12 months

0.10%

0.10%

24 months

0.40%

0.40%

30 months – special term

2.30%

2.30%

36 months

1.45%

1.45%

48 months

1.75%

1.75%

60 months

2.65%

2.65%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make a principal withdrawal within six days of your initial deposit, or within six days of your previous withdrawal, the penalty is seven days’ interest. For all other principal withdrawals, the penalty will be the greater of a minimum of $25 or:
    • 90 days of interest for a CD term of 11 months or less
    • 180 days of interest for a CD term of 12 to 23 months
    • 365 days of interest for a CD term of 24 to 47 months
    • 545 days of interest for a CD term of 48 months or greater

We like that the account minimum is low at only $500, which makes it easy to get started with little money. Another benefit is that interest compounds daily and can be added to the CD, paid out to you by check, or deposited into a State Farm Bank account.

However, rates are low compared to many other banks’ CD products, and the complex early withdrawal penalty makes it less attractive if you’d have to withdraw your funds early for any reason.

If you decide to use this product, make sure you invest money that you likely will not need to access during the time that it is invested. Also, you have to move quickly when your CD matures if you want to withdraw your funds without a penalty — there is only a 10-calendar-day grace period after which the CD will automatically renew.

How to get State Farm’s CDs

You can apply for an account directly on State Farm’s website. To be eligible, you must have a Social Security Number, Tax Identification Number, or Individual Taxpayer Identification Number. Minors may open a CD and be listed as the primary or secondary account holder; however these accounts must be opened through a State Farm agent or by phone.

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Coverdell Education Savings Account (ESA) CDs

If saving for your child’s education is important to you, you might consider using a Coverdell ESA. Contributions are not tax deductible, but funds will grow tax-free until distributed. Plus, the earnings are used for qualified education expenses, they can be withdrawn tax-free.

Coverdell ESA funds can be invested in a CD or in mutual funds. CD rates are listed in the table below.

Term

APY (Less than $100,000)

APY ($100,000+)

12 months

0.10%

0.10%

24 months

0.40%

0.40%

30 months – special term

2.30%

2.30%

36 months

1.45%

1.45%

48 months

1.75%

1.75%

60 months

2.65%

2.65%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make a principal withdrawal within six days of your initial deposit, or within six days of your previous withdrawal, the penalty is seven days’ interest. For all other principal withdrawals, the penalty will be the greater of a minimum of $25 or:
    • 90 days of interest for a CD term of 11 months or less
    • 180 days of interest for a CD term of 12 to 23 months
    • 365 days of interest for a CD term of 24 to 47 months
    • 545 days of interest for a CD term of 48 months or greater

Coverdell ESA CD rates are the same as traditional CD rates. The only difference is that these funds are to be used for educational expenses for students.

The contribution maximum is $2,000 per student per year up to age 18, even if multiple accounts are opened for the same student. This means if you open account for your child and your parents open an account for your child, the combined maximum is still $2,000 per year.

There is also a modified adjusted gross income cap of $95,000 for single tax filers and $190,000 for married filing jointly, after which only a partial contribution can be made to a Coverdell ESA. If your modified adjusted gross income is above $110,000 for single tax filers, or $220,000 for married filing jointly, you are not eligible to contribute to a Coverdell ESA.

Distributions from a Coverdell ESA don’t have to be reserved for college expenses. Any educational expenses for kindergarten through grad school may qualify. Qualified expenses include things like:

  • Tuition and fees
  • Academic tutoring
  • Books, supplies, and equipment
  • Room and board
  • Uniforms
  • Transportation
  • Computers and technology

Coverdell ESA funds can also be invested in mutual funds instead of CDs. Mutual funds may offer higher interest rates, depending on which funds are selected.

How to get State Farm Bank’s Coverdell Education Savings Account (ESA) CDs

An ESA can be opened by anyone, including the child for whom the funds are being saved, as long as their modified adjusted gross income falls without the limits outlined above. The combined total per year cannot exceed $2,000. There is no limit to the number of accounts that can be established for one student.

If funds contributed exceed $2,000, they must be withdrawn before June 1 of the following tax year. If they aren’t, the funds will be subject to a 6% excise tax, which will be reported on the child’s tax return each year that the excess funds remain in the account.

To open an account, call State Farm Bank at 1-877-734-2265.

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How State Farm’s CD rates compare

While State Farm Bank offers a low minimum account deposit to open a CD, better CD rates can be found elsewhere. We’d suggest shopping around to find a higher interest rate CD, or investing your money in a different type of account.

State Farm’s IRA accounts

IRA CD rates

State Farm Bank’s IRA CD has a low account minimum of only $500 and also offers both a traditional and Roth plan. Interest is compounded daily, but rates are low compared to what is available from other banks.

Term

APY

12 months

0.10%

24 months

0.40%

30 months Special Term

2.30%

36 months

1.45%

48 months

1.75%

60 months

2.65%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $10. If you’re age 59 ½ or older and are taking normal distributions, the account balance may fall below the minimum opening balance. However, it cannot fall below $10.
  • Early withdrawal penalty: If you’re age 59 1/2 or older, normal distributions are allowed without an early withdrawal penalty. However, if you want to transfer funds to a different IRA, withdrawals will be subject to early withdrawal fees. If you make a principal withdrawal within six days of your initial deposit, or within six days of your previous withdrawal, the penalty is seven days’ interest. For all other principal withdrawals, the penalty will be the greater of a minimum of $25 or:
    • 90 days of interest for a CD term of 11 months or less
    • 180 days of interest for a CD term of 12 to 23 months
    • 365 days of interest for a CD term of 24 to 47 months
    • 545 days of interest for a CD term of 48 months or greater

Like other CD products with State Farm Bank, you can withdraw interest earnings without penalty. Another nice benefit with this retirement investing account, you are also eligible to withdraw a portion of your original deposit as a normal distribution without penalty if you are over age 59 1/2. Keep in mind that any interest payments withdrawn will be considered distributions and taxes and IRS penalties may apply if you are under age 59 1/2.

However, one drawback with this account is that you can’t easily access your balance information online, and there are no electronic statements available.

How to get State Farm’s IRA CDs

To open an account, call State Farm Bank at 877-734-2265.

You can open your account with $500 or more and select either a Traditional or Roth plan with terms between 12 and 60 months.

The contribution limit for 2018 is $5,500, or 100% of your earned income, whichever is less. If you are over age 50, you can contribute an additional $1,000 per year.

There are also limits to the amount you can deduct from your taxes based on your adjusted gross income. These limits are based on federal law.

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How State Farm’s IRA CD rates compare

Rates for State Farm’s IRA CD rates aren’t the highest on the market. There are other banks that offer better IRA CD rates so you can earn more interest on your money. One nice benefit that may not be available at all banks is that interest is compounded daily at State Farm Bank.

IRA Money Market Account

Investing in an IRA Money Market account with State Farm Bank may be easier than using their IRA CD product because you can electronically contribute a portion of each paycheck into your Money Market account. Plus, there’s no time commitment required for your investment.

Minimum balance amount

APY

$100 - $9,999

0.35%

$10,000 - $24,999

0.45%

$25,000 - $49,999

0.45%

$50,000 - $99,999

0.45%

$100,000 - $249,999

0.45%

$250,000 - $24,999,999

0.45%

$25,000,000+

0.45%

Rates effective as June 13, 2018

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $100
  • ATM fee: None
  • ATM fee refund for foreign transactions: Up to $10
  • Overdraft fee: $25 maximum of 3 per day

With State Farm Bank’s IRA Money Market Account, there is a minimum deposit of $1,000 required to open your account. However, if you take distributions, your account balance may fall to less than $1,000. The minimum balance required to earn interest is $100; however if your average daily balance is less than $500, you will be charged a minimum balance fee of $10.

Withdrawals from this account prior to age 59 1/2 may be subject to IRS penalties. Plus, you must give at least seven days notice before making any transfers or withdrawals from your account.

Interest on this account compounds daily but is only added to your account balance monthly.

You are only allowed to make six transfers from your account each month by phone or mail, otherwise you may be subject to an excessive transaction fee of $10. State Farm also has the right to refuse transactions after you’ve hit the limit, or even close your account. You can make unlimited withdrawals by mail or telephone.

How to get State Farm’s IRA money market account

To open an account, call State Farm Bank at 877-734-2265.

To be eligible, you must be at least 18 years old. IRA money market accounts can only have one owner.

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State Farm’s checking account options

Interest Checking

Although the minimum amount required to open a State Farm Bank Interest Checking account is only $100, you must maintain an average daily balance of $500 in order to avoid a minimum balance fee. In addition, your account must have a balance of $2,500 in order to earn the stated interest rates.

Minimum deposit amount

APY

$0 - $2,499

0.00%

$2,500+

0.25%

Rates effective as June 13, 2018

  • ATM fee: None.
  • ATM fee refund for foreign transactions: Up to $10
  • Overdraft fee: $25, maximum of 3 per day. Overdraft protection is $3 for a transfer from another State Farm Bank account.

You can’t just deposit $100 to open your account and begin earning interest. In fact, if you only deposit $100 to open your account, you will be subject to a minimum balance fee of $10 if your average daily balance isn’t at least $500.

Plus, if you want to earn interest on your money, you have to have a balance of at least $2,500, significantly more than the minimum required to open the account, or even the minimum required to avoid the minimum balance fee. If you don’t read the fine print, this can be misleading.

There are much better options for interest bearing checking accounts with higher APYs and lower minimum balance requirements.

How to get State Farm’s Interest Checking account

You can apply for an account online in only 10 minutes. You must have a Social Security Number, Tax Identification Number, or Individual Taxpayer Identification Number in order to apply.

There must be at least one account holder that is age 18 or older. Minors may be account holders, but you must open an account with a State Farm agent or by phone.

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Regular Checking

The requirement to open a regular checking account is much lower, plus there are no minimum balance fees to contend with.
  • Minimum deposit amount: $25
  • ATM fee: None.
  • ATM fee refund for foreign transactions: Up to $10
  • Overdraft fee: $25, maximum of 3 per day. Overdraft protection is $3 for a transfer from another State Farm Bank account.

While this account doesn’t earn any interest, we like that there are essentially no fees if you don’t overdraw your account. It also has handy features like mobile check deposit and a mobile banking app. You can also get account alerts by text or email.

It may be a good option for those who aren’t able to meet the minimum balance requirements for State Farm Bank’s Interest Checking account.

However, there are still plenty of online banks that offer interest-bearing checking accounts with no or low minimum balance requirements. You may as well be earning interest on your money with an online bank if you can.

How to Get State Farm Bank’s Regular Checking Account

You can apply for a regular checking account online on State Farm’s website in only a few minutes.

To be eligible for a checking account, you have to have a Social Security Number, Tax Identification Number, or Individual Taxpayer Identification Number. There can be multiple account holders listed, but at least one of them must be 18 years or older. If the account will have a minor listed, it must be opened over the phone or with a State Farm agent.

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How State Farm’s checking accounts compare

Compared to these interest-bearing checking accounts with several online banks, there’s no way State Farm Bank can be competitive. Their account minimums are much higher in order to earn interest. Even then, the amount of interest earned with State Farm is significantly lower than other banks.

We suggest checking out other options besides State Farm if you want to earn interest on your checking account.

State Farm Bank’s savings account options

Consumer Savings Account

The interest rate on State Farm’s Consumer Savings Account may be higher than some brick-and-mortar banks, but it can’t compete with online savings options.

Minimum balance amount

APY

$0 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.15%

$50,000 - $99,999

0.25%

$100,000 - $249,999

0.30%

$250,000 - $24,999,999

0.30%

$25,000,000+

0.30%

Rates effective as June 13, 2018

  • ATM fee: None.
  • ATM fee refund for foreign transactions: Up to $10
  • Overdraft fee: $25, up to 3 per day. Eligible for $3 overdraft protection from a linked State Farm Bank account.

The minimum deposit to open a savings account is $100. If the main account holder is over age 18, there is a minimum balance requirement of $100; if the balance falls below $100, a $3 fee will be charged.

This could be a good starter savings account for those under age 18 who are looking to earn a little interest on their money, especially since there’s no minimum balance fee for main account holders under age 18. That said, there are other online savings accounts with much higher interest rates available.

How to get State Farm’s savings account

A savings account can be opened online if you are over age 18 and a minor won’t be listed as an account holder. However, if a minor will be an account holder, you must open the account by phone or by working with a State Farm agent.

To be eligible for a State Farm savings account, you have to have a Social Security Number, Tax Identification Number, or an Individual Taxpayer Identification Number.

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Health Savings Account (HSA)

Having a HSA is a nice option for State Farm Bank customers; however, higher interest rates can be found elsewhere.

Minimum balance amount

APY

$0 - $2,499

0.05%

$2,500 - $9,999

0.15%

$10,000+

0.40%

Rates effective as June 13, 2018

  • Annual fee: $25
  • ATM fee: None
  • ATM fee refund for foreign transactions: None

An HSA can be a good way to get tax benefits and earn a little interest at the same time. State Farm’s HSA works essentially like a checking account, but it’s only to be used for qualified medical expenses.

There is no minimum balance fee associated with this HSA account, and after opening, you can make deposits at any time. There is an annual fee of $25 on the first anniversary of your account opening and every year thereafter.

Having an HSA can be a good idea, but you can likely find one with a better interest rate.

How to Get State Farm’s HSA

If you want to open an HSA with State Farm, call 877-734-2265. There is no option to apply online.

By federal law, you can only use an HSA in combination with a high-deductible health insurance plan.

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How State Farm’s savings accounts compare

While it is a good idea to have a savings account, you can earn more interest on your savings by using a different institution. Savings interest rates with State Farm are low, especially when compared to online savings accounts.

State Farm Bank’s Money Market account

Consumer Money Market Account

If you’re new to State Farm Bank, this is the best way to earn extra interest on your initial account opening and deposit. There is an introductory interest rate of 2.00% (1.17% APY) for your first deposit up to $249,999.

Minimum balance amount

APY

$0 - $9,999

0.30%

$10,000 - $24,999

0.40%

$25,000 - $49,999

0.45%

$50,000 - $99,999

0.45%

$100,000 - $249,999

0.45%

$250,000 - $24,999,999

0.45%

$25,000,000+

0.45%

Rates effective as June 13, 2018

  • ATM fee: None.
  • ATM fee refund for foreign transactions: Up to $10
  • Overdraft fee: $25, up to 3 per day. Eligible for $3 overdraft protection from a linked State Farm bank account

A State Farm Money Market Savings account will help you earn more interest than a traditional savings account with State Farm. If you have the funds available to do a large introductory deposit, you can earn extra interest versus depositing smaller amounts over time because of State Farm’s special introductory offer.

The minimum amount required to open an account is $1,000. However, if you withdraw a portion of your funds later, keep in mind that there is a minimum balance fee of $10 that will be imposed if the average daily balance is below $500.

Like other savings accounts, there is a limit of six transfers from your account each month, including automatic transfer, bill pay, etc. If you go beyond six transfers, State Farm has the right refuse your transaction or even shut down your account. You may also be subject to a $10 fee for excessive transactions. There is also a requirement that you must provide written notice at least seven days before any withdrawal or transfer from the account.

How to get State Farm’s Consumer Money Market Account

You can apply for an account online. To be eligible, you must have a Social Security Number, Tax Identification Number, or Individual Taxpayer Identification Number. One account owner must be over age 18. If a minor will be an account owner, the account must be opened over the phone or via a State Farm agent.

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How State Farm’s money market account compares

While the regular rates on State Farm’s Money Market Savings are not as high as the special introductory rate, they’re much higher than with State Farm’s regular savings account. However, there are still higher money market rates available at other banks. We think it’s a good idea to shop around for a better rate.

Overall review of State Farm banking products

State Farm does have decent terms and interest rates on their products, but they’re certainly not the lowest rates on the market. However, if your main concern is getting the most interest for your money, we recommend finding another bank to house your funds. State Farm is consistently outperformed by other banks that offer higher rates and similar (if not better) terms.

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

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla here

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Reviews

nbkc bank Review of Deposit Rates

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

Year Established1999
Total Assets$0.6B
LEARN MORE on Nbkc Bank’s secure website

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

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

nbkc bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.51%

Savings

nbkc bank Personal Money Market Savings

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

All rates in this review are current as of July 11, 2018.

nbkc bank’s personal checking account

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

APY

Minimum deposit amount

0.90%

$5

  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 24,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Overdraft fee: $0

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

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

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

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

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

How to get nbkc bank’s personal account

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

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

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How nbkc bank’s checking account compares

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

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

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

nbkc bank’s money market account

Personal Money Market Savings

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

APY

Minimum balance amount

1.51% APY

$0.01 - $1,000,000

1.00% APY

$1,000,000.01+

  • Monthly account maintenance fee: $0
  • ATM fee: No fee if you use any of the 24,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Excessive withdrawals fee: None
  • Overdraft fee: $0

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

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

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

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

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

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

LEARN MORE Secured

on nbkc bank’s secure website

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How nbkc bank’s money market account compares

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

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

nbkc bank’s CD Rates

Personal CDs

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

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.11%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.28%

24 months

1.31%

36 months

1.61%

48 months

1.82%

60 months

2.12%

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

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

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

How to get nbkc bank’s CDs

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

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on nbkc bank’s secure website

Add-to Starter CD

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

Term

APY

12 months

1.11%

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

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

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

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

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

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on nbkc bank’s secure website

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How nbkc bank’s CD rates compare

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

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

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

nbkc bank’s Personal Health Savings Account

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

APY

Minimum balance amount

1.01%

$0.01 - $1,000,000.00

0.50%

$1,000,000.01+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 24,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 in ATM fees each month.
  • Overdraft fee: $0

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

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

How to get nbkc bank’s Personal Health Savings Account

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

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on nbkc bank’s secure website

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How nbkc bank’s health savings account compares

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

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

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

nbkc bank’s IRA account options

IRA CD Rates

Personal IRA CDs

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

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.11%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.28%

24 months

1.31%

36 months

1.61%

48 months

1.82%

60 months

2.12%

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

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

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

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

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

How to get nbkc bank’s IRA CDs

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

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on nbkc bank’s secure website

Add-to Starter IRA CD

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

Term

APY

12 months

1.11%

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

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

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

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

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

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

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on nbkc bank’s secure website

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How nbkc bank’s IRA CD rates compare

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

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

Overall review of nbkc bank’s products

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

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

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

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

Chonce Maddox
Chonce Maddox |

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

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Reviews

PurePoint Financial Review of Savings and CD Rates

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

Year Established1979
Total Assets$120.9B
LEARN MORE on PurePoint Financial’s secure website
PurePoint Financial has been making a splash on the market ever since its launch in 2017. Even though it’s a new bank, don’t let that fool you: It falls under the umbrella of the Mitsubishi UFJ Financial Group Inc. This conglomerate is the fifth-largest bank in the world, with $2.59 trillion in assets.

This is a unique hybrid online/physical bank. You can do all of your banking online or if you prefer, you can visit one of the branches if you live in certain cities in Florida, Illinois, New York or Texas. If you visit a branch in person, representatives can assist you with opening and managing an account, but you cannot make cash deposits or withdrawals at a branch.

PurePoint claims that its main mission is to spur more Americans to save in order to counter the overall poor savings rate in this country. In this review we’ll cover its two products — CDs, and its savings account. We’ll fill in all the details to let you know if this bank is right for you and if it really does live up to its hype.
PurePoint Financial’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.90%

Savings

PurePoint Financial Online Savings

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

2.30%

CD Rates

PurePoint Financial 12 Month Online CD

2.40%

Barclays 12 Month Online CD

on Barclays’s secure website

2.75%

CD Rates

PurePoint Financial 24 Month Online CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

3.00%

CD Rates

PurePoint Financial 36 Month Online CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

All rates are as of 7/11/2018

PurePoint Financial’s Savings Account

This is one of the higher earning accounts available today, but you’ll need a lot of money to open this account.

APY

Minimum deposit amount

1.90%

$10,000

0.25%

Up to $10,000

  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re looking for a simple, no-fuss online savings account that earns a good rate, this is definitely an account to consider. You’ll need a $10,000 minimum deposit to open the account and earn the high interest rate listed, but you can withdraw money and drop the balance below $10,000 after the account is open, if you wish. If you do this, you’ll earn a lower interest rate (currently 0.25% APY).

This account also does not come with ATM access or overdraft protection. Rather, if you happen to overdraw the account, you “agree to pay the amount of the overdraft promptly, without notice or demand from us,” according to PurePoint Financial’s disclosure. Additionally, there is no way to make a cash deposit into the account — you can only make transactions via bank or wire transfer, mobile deposit or by writing a check to make a deposit into the account.

Federal Regulation D limits you to making just six transactions (ACH, telephone, mobile or online banking, or wire transfer) per month. If you go over that amount, you’ll pay a $10 per-item fee, up to $50 per month. If you go over these limits regularly, PurePoint Financial may take away your transfer privileges or even close your account.

How to get the PurePoint Financial Savings Account

You can easily open this account in three different ways: in person at one of its financial centers, over the phone or online.

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on PurePoint Financial’s secure website

Member FDIC

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How PurePoint Financial’s Savings Account compares

PurePoint Financial isn’t offering the very highest interest rates, but they’re pretty darn close. This bank is a decent choice if you have a lot of cash. If you’re starting off with a smaller balance size, want ATM access to your savings account or want to earn the highest rates currently available, however, we recommend choosing a high-yielding savings account at another bank.

PurePoint Financial’s CD rates

These CDs earn decent rates but they’re not the highest earning CDs out there.

Term

APY

12 months

2.30%

18 months

2.50%

24 months

2.75%

36 months

3.00%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 181 days’ worth of interest, regardless of CD term length.

PurePoint Financial’s CDs are another no-fuss, straightforward product. Any interest you earn will be compounded daily and credited to your CD account once a month. You can choose to withdraw the interest earned penalty-free at any time, but remember: The APY quoted for these accounts assumes you keep rolling the interest back into the CD account. If you make a withdrawal of interest, you’ll earn a lower rate than the one quoted when you open your account.

Your CD will renew automatically, however you’ll get a 10-day grace period to make any changes.

One of the nice things about PurePoint Financial’s CDs is that it offers you a 10-day rate promise. When you open a CD or an existing CD is automatically renewed, PurePoint Financial will give you the best rate available during the 10-day period after you open the account or renew it. This helps ensure you get its best rate possible, which can ease your mind in a fluctuating interest rate environment (like we’re in today).

How to get PurePoint Financial’s CDs

There are three ways to open a PurePoint Financial CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself such as your name, address and Social Security number.

LEARN MORE Secured

on PurePoint Financial’s secure website

Member FDIC

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How PurePoint Financial’s CD rates compare

Much like its savings account, PurePoint Financial offers good — but not the best — rates. Furthermore, if you make only the minimum deposit with this CD account, you do not have the option to make a partial withdrawal and still be able to earn interest on this account.

If you don’t have this hefty minimum deposit, or if you think you’ll need to make a partial withdrawal below the minimum deposit amount or if you just want to earn higher rates, we suggest checking out these top-yielding CD accounts instead.

Overall review of PurePoint Financial’s banking products

PurePoint Financial has a worthy goal of getting people to save more. It does offer decent rates on its products, but it is possible to find even higher rates at some other banks.

Furthermore, the minimum deposit needed to save with this bank makes it only available to advanced savers. If you’re just getting started with your savings, it’s unlikely you’ll be able to afford the minimum deposits at this bank unless you were born with a silver spoon in your mouth or received a large inheritance.

Overall, we don’t think this bank is a bad choice, but it’s not the absolute best out there. We recommend scoping out a few more options before deciding whether you want to open an account here or not.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

EverBank Changes Name to TIAA Bank: What You Need to Know

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

Year Established1998
Total Assets$33.9B
LEARN MORE on EverBank’s secure website
As far as major banks go, EverBank, now known as TIAA Bank, is relatively young but gives other banks a run for their money. They started up in 1961 and since then, they’ve ramped up their business and provide a suite of award-winning bank accounts. Now, the bank has been acquired by TIAA and is newly named TIAA Bank. While the name has changed, the fairly competitive rates have not.

Although EverBank offers a wide range of lending, investment and banking services, in this review, we’ll just focus on the crux of their business — their banking products. While EverBank offers consistently high rates on their accounts, that’s not the only thing you need to consider when deciding whether or not to open an account at this bank.

We’ll cover everything else you need to know — rates, fees, minimum deposits and rules — in this review as well.
EverBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.50%

Savings

EverBank Yield Pledge Money Market - First Time Client (1st Yr)

1.75%

Ally Bank Online Savings Account

on Ally Bank’s secure website

2.35%

CD Rates

EverBank 1 Year Yield Pledge CD

2.40%

Barclays 12 Month Online CD

on Barclays’s secure website

2.70%

CD Rates

EverBank 3 Year Yield Pledge CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.90%

CD Rates

EverBank 5 Year Yield Pledge CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

EverBank’s CD rates

Yield Pledge CDs

EverBank offers some of the top rates out there on this standard CD account.

Term

APY

3 months

1.60%

6 months

1.75%

9 months

1.93%

1 year

2.35%

18 months

2.45%

2 years

2.50%

2.5 years

2.60%

3 years

2.70%

4 years

2.80%

5 years

2.90%

As of 7/11/2018

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: For each of the following CDs, the early withdrawal penalty will be:
    • For each of the following CDs, the early withdrawal penalty will be:
    • 6-month CD: 45 days’ worth of interest
    • 9-month CD: 68 days’ worth of interest
    • 1-year CD: 91 days’ worth of interest
    • 18-month CD: 136 days’ worth of interest
    • 2-year CD: 182 days’ worth of interest
    • 2.5-year CD: 228 days’ worth of interest
    • 3-year CD: 273 days’ worth of interest
    • 4-year CD: 365 days’ worth of interest
    • 5-year CD: 456 days’ worth of interest

EverBank’s Yield Pledge CD has pretty standard terms, which means you don’t need to worry about any funny business. You’re allowed to withdraw the interest earned without penalty, but if you do so, you might not earn the stated APY (the stated APY assumes that you let interest pile up within the account rather than withdrawing it).

Once the CD matures, it’ll automatically roll over into a new CD of the same type. But, you also get a 10-day grace period from the date of maturity to make any changes, such as withdrawing the money, adding any funds and/or changing the terms of the CD.

It’s easy to open a Yield Pledge CD account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using their mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on TIAA Bank’s secure website

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How EverBank’s CD rates compare

When it comes to high rates on a CD, you can’t really go wrong with EverBank. They currently offer some of the best CD rates available, which puts them on par with some of the bigger online banks.

In particular, we really like EverBank’s Yield Pledge promise, which states that EverBank will always keep their rates among the top 5% of all banks. This makes them a really attractive bank to stick with if you plan on opening multiple CDs, or doing a CD ladder strategy. This gives you peace of mind that the bank isn’t luring you in with temporarily high rates, only to drop them back down after you’ve already got a bunch of CDs with them. You can rest assured you’ll always get high rates, even in the future.

EverBank’s checking account

Yield Pledge Checking

High interest rates and low (or even no) ATM fees make this a great checking account for people who use ATMs frequently.

APY

Minimum Balance Amount

1.21% (1-Year Intro APY)

$5,000 - $250,000

0.25%

$0-$9,999.99

0.46%

$10,000-$24,999.99

0.61%

$25,000-$49,999.99

0.61%

$50,000-$99,999.99

0.71%

$100,000-$10,000.000

As of 7/11/2018

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fees: None (we are excluding any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 insufficient funds fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You’ll need a hefty amount of money to open this account, but if you’ve got it, it’s one of the highest-earning bank checking accounts. You’ll even earn a higher premium rate in your first year, regardless of how much you have in the account. After that, it’ll drop back down to the normal (but still high) interest rates for this account.

This account is especially great for people who use ATMs frequently and keep a large amount of money in their checking account. You’re not required to keep $5,000 in your account after opening it, but if you do, you get an added bonus: EverBank will refund all ATM surcharge fees that other ATM owners charge. Plus, they, themselves won’t charge you any fees for using whichever ATM you wish. It’s truly free-for-all ATM use.

It’s easy to open a Yield Pledge Checking account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on EverBank’s secure website

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How EverBank’s checking account compares

EverBank offers exceptional rates on their checking account. In fact, it’s one of the best online checking accounts available. There’s only one catch: You need to have a large opening deposit of at least $5,000, which is a lot of cash for most people.

But, once you open the account, you don’t necessarily need to keep it funded with $5,000 every day, although you do get some ATM perks and can earn higher interest rates by doing so. Still, it’s a great checking account for most people, although you can earn even higher interest rates by keeping your excess cash in an EverBank Money Market account.

EverBank’s money market account

Yield Pledge Money Market

EverBank’s Money Market account also offers great rates and low (or no) ATM charges.

APY

Minimum Balance Amount

1.60% (1-Year Intro APY)

$5,000 - $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000.000

As of 7/11/2018

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $0
  • ATM fees: None (not including any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 NSF fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You can earn high rates with EverBank’s Checking account, but you can earn even higher rates for your savings in an EverBank Money Market account. Plus, it’s a tiered account, so as your balance grows, you’ll earn even more money.

Just watch out; you’re limited to six transactions per month with this account, unless they’re in-person, by mail or ATM transactions. If you go over that amount, you’ll pay $10 per transaction, and they may even close your account or convert it into a checking account if you do this enough times.

It’s easy to open a Yield Pledge Money Market account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on EverBank’s secure website

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How EverBank’s money market account compares

EverBank also offers high interest rates on their Money Market account. Unlike their Yield Pledge Checking account, however, they’re not actually among the current top contenders for best money market account rates. There are many other banks out there offering higher rates on money market accounts than EverBank.

You also need to bring a lot of cash to the table with this account — $5,000, which again, is a lot for many people.

Overall review of EverBank’s products

We really like EverBank and their Yield Pledge promise, which states that they commit to being among the top 5% of banks offering the highest interest rates on their accounts. This makes them especially appealing if you’re doing a CD ladder because you might not want to fuss around every few years figuring out where you’re going to deposit your CD money next, depending on who’s offering the highest interest rates. With EverBank, you can plop it down in one spot and rest assured that you’ll earn great rates.

One thing we do not like about EverBank is that it requires high minimum deposits for all of their accounts. This precludes a lot of people from getting started with their savings. Still, it’s an all-around great option for folks who already have a small pile of cash saved up to earn even more money on their deposits.

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Lindsay VanSomeren
Lindsay VanSomeren |

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

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