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BB&T Reviews: Checking, Savings, CD and Money Market Accounts

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

BB&T checking account options

BB&T Fundamentals

This is a basic checking account with a fixed monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $36 for each item BB&T pays.

The BB&T Fundamentals checking account is intended to simplify consumer budgeting (because it has a predictable monthly fee). It also offers a fixed monthly fee and there is a low opening deposit requirement. After that, there is no minimum balance requirement — but also no interest on this account.

This checking account is best for those who are worried about the direct deposit requirements or minimum balance requirements of other checking accounts.

This account could work well for someone who does not have direct deposit through their employer, or receives irregular or little income. This account simply offers the basics, at a small monthly fee for those basics.

But while this account is simple, the fee could add up over time for very little benefit because there is no added interest or any additional perks.

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Bright Banking

Bright Banking allows the consumer to avoid a monthly fee if requirements are met.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $36 for each item BB&T pays.

The Bright Banking checking account offers a low opening deposit amount, but a higher monthly fee. The fee can be avoided if either of the following requirements are met by the consumer:

  • Combined ACH direct deposits totaling $500 or more per statement cycle
  • $1,500 average checking balance per statement cycle.

This account is touted by BB&T as their most popular checking account and one that works well for “everyday banking needs.” While Bright Banking does not offer interest, it does offer overdraft protection and debit card personalization. Direct deposit can also be set up with this account.

This account would be good for anyone who wants a basic checking account and has a moderate average daily balance — such as from a weekly paycheck. However, this account offers little more than the BB&T Fundamentals account — but with a higher monthly fee.

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Student Checking

The Student Checking account is intended for those up to age 24.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank. Account comes with two no-BB&T fee, non-BB&T ATM transactions per statement cycle.
  • Overdraft fee: $36 for each item BB&T pays.

Student Checking is a checking account made for students. It is available for account holders up to age 24. The account is intended to make personal banking less stressful for younger customers.

This account has no monthly maintenance fee, no minimum balance requirement, no direct deposit requirement, no fee for online statements and provides two fee-free ATM transactions per month.

With the age maximum, this account is ideally suited for a teenager or college student. This account has few fees associated with it, making banking easy and almost penalty-free for younger customers. Additionally, there is no interest with this account.

This account could help a young person gain a better understanding of banking and money management. The only downside to this account is that once the account holder reaches their 24th birthday, they are no longer eligible for this account.

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Senior Checking

BB&T’s Senior Checking is a personal checking account for those 55 and older.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

If you are age 55 or older, Senior Checking is the checking account to have at BB&T. While this account doesn’t earn interest, it does allow the consumer to avoid the monthly account fee by meeting one of the following requirements:

  • Having combined ACH direct deposits totaling $500 or more per statement cycle
  • $1,000 average checking balance per statement cycle.

This account would be a good option to consider if you have a part-time job that comes with a modest direct deposit amount. You’ll get all of the perks of a conventional checking account, along with mobile banking.

The downsides to this account are the age minimum and that it does not pay interest on balances.

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Elite Gold

The Elite Gold checking account is the only checking account offered by BB&T with interest.

APY

Minimum Balance Amount

0.01%

$0 to $2,499

0.01%

$2,500-$24,999

0.01%

$25,000 and up

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $30 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner. Four no fee from BB&T non-BB&T ATM transactions per statement cycle.
  • Overdraft fee: $36 for each item BB&T pays.

Elite Gold is the top of the line checking account offered by BB&T. It’s also the only BB&T checking account that offers interest. This account comes with a hefty monthly fee and it can be avoided by meeting certain — but stringent — requirements.

The interest provided on this account is better than nothing but is not tiered and remains the same even if the account holder’s balance increases. This account is going to be best for anyone who can maintain the high balance requirement (to avoid the monthly fee) and would like to earn interest on their checking account balance.

A main drawback to this account is its $30 monthly fee, which can be avoided by either of the following:

  • Maintaining $25,000 combined personal deposit or investment balance
  • Holding a BB&T personal mortgage with an original loan amount of at least $150,000

Other benefits that come with this account include bonus rates on CDs and IRA products, overdraft protection for two transactions per month and a waiver on four non-BB&T ATM transactions per month.

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How to get BB&T’s checking accounts

Applications for all of BB&T’s checking accounts described above can be completed online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

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How BB&T’s checking accounts compare

If you are seeking a high interest rate, don’t even consider BB&T when you are looking for the best online checking accounts. The “competitive” interest rate on BB&T’s only interest-bearing checking account pales in comparison with the best rates available.

That said, both the student account and older adult accounts should be considered if you are in either of those age groups and you’re looking for a checking account with minimal fees, but willing to forego interest.

BB&T savings account options

eSavings

The eSavings is a basic savings account and can be opened online.

APY

Minimum Balance Amount

0.03%

$0.01

  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

The eSavings is BB&T’s most-popular savings account, according to the bank. It comes with no minimum balance requirements, no monthly fees and no minimum opening deposit.

This savings account is best for someone who is looking for an option with no monthly fees and easy access to funds; this account comes with a debit card and access to ATMs. It also has overdraft protection.

This account does offer interest, albeit at a low rate. Overall this account covers the basics most are looking for in a savings account, no more, no less.

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Young Savers

The Young Savers is a savings account for those under age 18.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

The Young Savers account is designed for children under age 18 to help them learn the importance of budgeting and saving money. The Young Savers account has no monthly maintenance fees, no minimum balance requirements and no minimum opening deposit.

This account is interest bearing and also comes with ATM access and online banking, so children can learn about using those tools as well. You’ll have to call the bank for the current rate on this product. A nice bonus with this account is there is no inactivity fee — so if the child doesn’t use the account or make any transactions, they are not penalized.

Apply for a Young Savers account in person at a BB&T branch.

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How to get BB&T’s savings accounts

Applications for all of BB&T’s savings accounts described below can be completed online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

Also, note that Federal Reserve Regulation D regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account. Banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals. If specified for the particular account, the fee is included in the following account descriptions.

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How BB&T’s savings accounts compare

BB&T’s savings accounts cover the basics. There is one for adults and one for children. Both offer interest; however, the rates are quite low when compared to the best online savings accounts. That being said, the bank’s accounts also do not require minimum balances — whereas some of the best online savings accounts do.

BB&T certificate of deposit rates

7 day to 60 month

This is a personal CD product with a guaranteed rate of return.

Term

APY

180 Days

0.05%

270 Days

0.10%

360 Days

0.10%

18 months

0.15%

24 months

0.20%

36 months

0.30%

48 months

0.30%

60 months

0.30%

  • Minimum opening deposit: $1,000 and up depending on CD
  • Minimum balance amount to earn APY: Available directly from bank
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

In short, this CD offers predictability. These certificates of deposit are available at increasing rates at longer terms up to 5 years in duration. The rates are fixed once a term is selected. There are minimum deposit amounts, and they vary depending on the term of the CD.

With its fixed rate, this CD could be a good option for someone who has a specific amount of money to invest for a specific time.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Can’t Lose

This CD product is intended to protect the consumer’s investment even if rates rise or fall.

Term

APY

30 months

0.25%

  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

With a catchy name, the Can’t Lose CD is intended to “protect your investment whether rates rise or fall,” according to the bank. It comes with a modest opening deposit requirement and while an additional deposit can be made into this account after the first 12 months — there is a cap on that deposit amount.

This CD also allows one penalty-free withdrawal within the first 12 months of the term. This would be a good option for someone who wants to invest in a CD but is concerned they may need some of their money during the CD’s term.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Stepped Rate

The Stepped Rate CD offers interest rates which are guaranteed by the bank to increase every year at least once a year.

Term

APY

48 months

Rates for this CD and annual percentage yield for all 4 years of the term are disclosed by the bank when the account is opened.

  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

For investors looking for a CD that offers rising rates, the Stepped Rate CD is the product to check out at BB&T. However, this product is also a little cryptic in that the rates are not disclosed until the consumer opens the CD.

The bank says the rate on this CD will rise once a year, every year. This CD has a minimum opening deposit requirement and an additional deposit up to $10,000 can be added once a year.

This CD would be a good option if the consumer is satisfied with the opening APY. This account also comes with penalty-free withdrawals 24 months after initial deposit, so there is some access to the money — if needed.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Add-On

BB&T calls this CD a flexible product that allows the customer to add funds to the CD at any time.

Term

APY

12 months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

With its clever name, the Add-On CD allows account holders to add extra funds to the balance whenever they choose. BB&T describes this as a “flexible” CD.

This certificate of deposit requires only a $100 opening deposit. However, the catch is it also requires a $50 minimum automatic monthly deposit from a bank checking or savings account.

The minimum amount is modest, however, so this CD would not be good for anyone not willing or able to commit to that monthly investment. This CD could be good for anyone living on a budget who wants to experiment with CDs. The term of this CD is shorter, so it may be less intimidating for a new investor.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Home Saver

The Home Saver CD is intended to help a consumer save for their home.

Term

APY

36 Months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The Home Saver CD is pretty straightforward: It’s for someone saving to buy a home. This CD has a modest minimum opening deposit requirement. There is also a minimum monthly automatic deposit amount — to encourage saving for that home, of course.

There is a maximum balance on this CD. This CD would be good for anyone saving to buy a home in the next few years. However, if the person saving thinks they would surpass the $100,000 maximum balance within the 36-month term, they may want to look into a different product.

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College Saver

The College Saver CD helps customers save for college costs by allowing monthly automatic deposit into the CD.

Term

APY

36 Months

Available directly from bank

48 Months

Available directly from bank

60 Months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Up to four withdrawals a year to pay for school costs. Beyond those, penalty varies depending on duration of each CD term; penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The College Saver CD offers varying terms. It is intended to help save for or pay for higher education for a student. There is a $100 minimum opening deposit requirement and a $50 minimum monthly deposit requirement. There is also a maximum account balance of $100,000.

This CD would be good for anyone who needs a secure place to put their college money. A perk is that four withdrawals are allowed per year to pay for school costs.

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Treasury

Funds can be deposited into this CD at any time and funds can also be withdrawn once a month without penalty.

Term

APY

6 Months

Variable interest rate tied to the US Treasury Bill

  • Minimum opening deposit: $5,000
  • Early withdrawal penalty: One penalty-free withdrawal per month. Beyond that, varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The Treasury CD offers sort of a flexible option. There is a $5,000 minimum opening deposit requirement for this CD and it allows deposits of at least $100 at any time. In addition, funds can be withdrawn once a month without penalty.

This CD would be good for anyone seeking a short-term CD with flexibility. However, the sizes of the minimum opening deposit and additional contributions may be too much for some customers.

The rate paid on these certificates of deposit vary based on the U.S. Treasury Bill.

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CDARS (Certificate of Deposit Account Registry Service)

This CD was designed to let the consumer “relax” while earning interest.
  • Minimum opening deposit: Available directly from bank
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

CDARS are a way for depositors to combine the security of access to FDIC insurance above $250,000 with the convenience of working directly with just one financial institution. In this case, BB&T advertises this CD as an option to allow the investor to relax while the bank does the work… managing the principal and interest. You’ll have to get the rate directly from the bank as it’s not advertised on BB&T’s website.

The CDARS option could be an attractive option for someone with a lot of money to invest but doesn’t have the time or desire to oversee their own investment.

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How to get BB&T’s CDs

Applications for all of BB&T’s line of certificates of deposit can only be opened in person at a bank branch. These CDs don’t have monthly fees, are automatically renewed, come with “guaranteed rates” according to the bank and are FDIC-insured.

Some of the account information in the following product reviews — including selected APY and account minimums — is available only directly from the bank and is noted accordingly.

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How BB&T’s CD rates compare

In terms of pure yield, it’s a little difficult to compare the many products offered by BB&T to the best CD rates available. If we look at their basic promotional CD, even the highest APY offered is nothing in comparison to the best rates online.

However, if the consumer is looking for a CD as an investment vehicle to save for a specific need — first home, college education, etc. — then BB&T’s unique products are worth a look.

BB&T money market account options

High Performance Money Market Account

This money market account offers tiered rates and check-writing ability.

APY

Minimum Balance Amount

0.01%

$0 to $999

0.10%

$1,000 to $9,999

0.75%

$10,000 to $49,999

0.80%

$50,000 to $99,999

0.95%

$100,000 to $249,999

1.10%

$250,000 to $99,999,999,999

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank.
  • Overdraft fee: $36 for each item BB&T pays.

The High Performance Money Market Account provides tiered money market rates. This account can be opened in conjunction with a BB&T checking account.

The account does have a $1,000 minimum balance requirement in order to avoid the $12 monthly maintenance fee. This account comes with check-writing ability, deposits and withdrawals at ATMs — all the basics for a money market account.

Because this account requires a checking account with BB&T, this option would be best for anyone who wants or already has a checking account with the bank. It’s also intended for someone who usually keeps a “higher balance” in their savings account.

This account includes a few other perks such as overdraft protection and check-writing ability. The account offers interest at tiered rates which increase as the consumer’s balance in the account increases. For example, by boosting a balance above $9,999, a customer can double the rate paid on their money. However, increasing balances to even-higher tiers will only gain more-modestly higher rates.

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Investor’s Deposit Account

This account allows the customer with a high savings balance to earn interest.

APY

Minimum Balance Amount

0.01%

$0 to $9,999

0.02%

$10,000 - $24,999

0.02%

$25,000 - $49,999

0.02%

$50,000 - $99,999

0.02%

$100,000 - $999,999

0.02%

$1,000,000 - $99,999,999,999

  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $15
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank.
  • Overdraft fee: $36 for each item BB&T pays.

The Investor’s Deposit Account is a tiered money market account with a high minimum balance requirement. This account is going to be best for someone looking to earn interest and keep their money sitting a bit — it could be a rainy day fund that won’t likely ever be touched.

That said, this account also comes with check writing ability and the basics such as ATM access.

While the bank’s website lists six balance tiers for this account, the rate on the top five is the same, and only a few percentage points above the lowest level. All the more curious is that the bank’s High Performance Money Market Account offers better rates with similar benefits to the Investor’s Deposit Account.

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How to get BB&T’s money market accounts

All of BB&T’s money market accounts described below can be applied for online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

Also, note that Federal Reserve Regulation D regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account. Banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals. If specified for the particular account, the fee is included in the following account descriptions.

Some of the account information in the following product reviews — including selected APY and account minimums — is available only directly from the bank and is noted accordingly.

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How BB&T’s money market accounts compare

Of BB&T’s money market accounts, only the High Performance Money Market Account is worth considering. As with all account consideration, you should compare these account with the best money market rates and other accounts’ balance requirements.

Overall review of BB&T’s banking products

The range of this bank’s personal banking products can be confusing. To be sure, BB&T is worth consideration if you want a specific product, e.g., a student account, college CD, or over-55 checking account. However, for basic accounts — savings and checking — the accounts are just that, basic.

Because this institution prefers face-to-face interaction and likes to offer rates to consumers in person at a branch, it could be a good option for someone who also values a personal banking relationship and lives in a BB&T branch state.

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

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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Reviews

How to Request a Credit Limit Increase With Chase

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

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

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

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

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Reviews

Review of Edward Jones CD Rates

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

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

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John Csiszar
John Csiszar |

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