Advertiser Disclosure

Reviews, Student Loan ReFi

3 Best Parent PLUS Loan Refinance Options

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.

mortar board cash

Updated January 10, 2018

Are you a parent who is still repaying student loans taken out to help your children finance their education? While rising student loan debt totals are concerning for graduates, Parent PLUS loans can be troubling for those in their 40s and 50s trying to plan for retirement.

If you’re in this situation, you should consider refinancing your PLUS loans to lower your interest rate and make the loan more affordable. Direct PLUS loans have had interest rates ranging from 6 – 8% over the last few years, and many refinance programs have rates as low as 2% – 4%. Refinancing can save you hundreds of dollars per month.

Below are the best Parent PLUS refinance programs currently available. We encourage you to check each one out to see which suit your needs the most. You should shop around with each lender with whom you think you can qualify. All credit inquiries made within a 30-day period count as one inquiry in the eyes of the credit bureaus.

A Word of Warning on Refinancing

Thankfully, most student loan refinance programs and Parent PLUS refinance programs don’t have fees associated with the loan, so you don’t need to worry about paying origination or application fees. However, you should do the math to make sure refinancing is worth the paperwork.

If you extend your repayment term, you’ll have a lower monthly payment, but you’ll pay more over the life of the loan due to the amount of interest that will accrue. Additionally, if you’re trying to retire sooner rather than later, extending your term might not be in your best interest.

Ideally, you should find a lender willing to refinance your loan on similar terms with a lower interest rate.

Beyond interest rates, you should also be aware that refinancing your Federal Direct PLUS loan means giving up several benefits specific to Federal student loans. Private lenders don’t offer the same repayment assistance, though some lenders are more flexible than others.

For example, you’ll no longer have access to different repayment plans, such as the Graduated, Extended Repayment Plan or Income-Contingent Repayment. Your loans won’t be eligible for forgiveness under the various Federal student loan forgiveness programs. You’ll also lose out on the benefit of forbearance and deferment, which temporarily allows you to pause payments in the event you experience financial hardship.

If you haven’t been struggling with paying back your PLUS loans, then losing these benefits might not concern you, but it’s a factor you should consider. Otherwise, if you experience difficulty making payments, you should reach out to your lender to see if any other payment arrangements can be made.

SoFi Parent PLUS Refinance Program

SoFi is one of the leaders in the student loan refinance industry, and it offers refinancing specifically for Parent PLUS loans.

  • You can refinance a minimum of $5,000 up to the cost of attendance
  • Fixed APRs range from 4.00% – 7.43% (with autopay)
  • Variable APRs range from 2.48% – 7.15% (with autopay)
  • No application or origination fees, and no prepayment penalties
  • Soft credit inquiry with pre-approval; hard inquiry once you apply for the loan
  • Should have good credit, but it also takes your employment and credit history into account

SoFi

Laurel Road Bank (formerly known as DRB) Parent PLUS Refinance Program

Laurel Road Bank also offers a Parent PLUS refinance program with low interest rates.

  • A minimum of $5,000 is required to refinance and there’s no maximum amount
  • Fixed rates: 3.50% – 7.02% (with autopay)
  • Variable rates: 2.80% – 6.38% (with autopay)
  • Terms of 5, 7, 10, 15, and 20 years are available, though you can request a specific term under 20 years
  • Also offers a hybrid loan (mix of fixed and variable rates), but you must inquire about it
  • Child needs to have graduated college and be professionally employed
  • No origination fee or prepayment penalty
  • Available in all 50 states
  • Soft credit check first and then hard inquiry when you apply for the loan

Laurel Road Bank

CommonBond Parent PLUS Refinance Program

CommonBond is dedicated to making the refinance process as simple as possible for students, and has recently introduced a refinance program specifically for Parent PLUS loans.

  • The maximum amount you can refinance is $500,000
  • Fixed APRs range from 3.20% to 7.25% (with autopay)
  • Variable APRs from 2.72% to 7.25% (with autopay)
  • Hybrid APRs (5 years at fixed, then 5 years at variable) are offered
  • No application or origination fees, and no prepayment penalties
  • 5, 7, 10, 15, and 20 year terms available (hybrid loans offered on a 10 year term)
  • Temporary loan forbearance is available if certain requirements are met
  • Soft credit inquiry first, then hard credit inquiry if you apply for the loan

CommonBond

Keep in mind some lenders, such as SoFi, CommonBond, and Laurel Road Bank, offer the option to transfer your PLUS loans to your child. The Direct PLUS loan doesn’t offer this choice. It’s a great option to have if your child can handle making the payments.

There are many Parent PLUS loan refinance programs being created in wake of the success private lenders have had with refinancing regular student loans. Keep an eye out for them in case you’re not eligible for these. You can also check with your local credit union to see if they have any options available, but be sure the math works out in your favor, as some aren’t offering the best rates. Don’t forget – it’s worth shopping around for the most savings!

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.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS: ,

Advertiser Disclosure

Reviews

Review of SFGI Direct’s Savings 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 Established1995
Total Assets$2.1B

SFGI Direct is the online division of Summit Community Bank and is based in Moorefield, W.Va. SFGI Direct currently offers only a savings account, which is FDIC-insured.

For those looking for a basic savings account with a competitive rate, this bank offers one of the best ones out there. Read this SFGI Direct review to find out about its savings account, including who it’s best for and details about its terms and disclosures.

SFGI Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.81%

Savings

SFGI Direct SFGI Direct Savings Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

SFGI Direct’s savings account

SFGI Direct Savings

Offers one of the highest rates out there and a fairly low minimum opening deposit.

APY

Minimum Balance Amount

1.81%

$1

  • Minimum opening deposit: $500
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: none

The SFGI Direct savings account is a basic account and is great for those who want to stash their money for emergencies or as part of their short-term savings goal. Interest is accrued daily and credited to your account every month.

However, if you’re someone who wants to frequently access cash, then this savings account isn’t necessarily the one for you. There is no ATM access or even mobile banking so there isn’t really an option to bank on the go.

With one of the highest APYs out there, it’s a great choice as it’s more flexible than a CD in that you can make withdrawals whenever you want. Do keep in mind that you are limited to six withdrawals a month. This isn’t set by the bank per se, but part of Regulation D, which is a federal law that limits the amount of withdrawals and transfers you make in any interest-bearing account. Anyone who makes excessive withdrawals may risk having SFGI Direct close their account.

Because SFGI Direct only offers the savings account, you’re out of luck if you want to bank with a place where you can get additional products. This may not be a big deal if you just want to link an external account. However, if you’re one who likes to form a relationship with a bank and open multiple types of accounts, you’ll need to look elsewhere.

One of the biggest benefits to this account is that you earn that high APY at any balance amount and there are no monthly maintenance fees. You can see your account at a glance whenever you log on to the bank’s online banking portal.

Account holders can only make electronic transfers between accounts, which could be a downfall if you want the option of accessing your cash in other ways. It generally takes around two business days to complete transfers between your SFGI Direct account and an external one. It’s great in that it discourages spending your stashed money since it’s a slight inconvenience to access your savings.

If you have ever have any questions or concerns, you can easily reach customer service from Monday through Friday from 8 a.m. to 6 p.m. or Saturday from 8 a.m. to 2 p.m. EST. If your question can wait, you can either send customer service a message when you log into your account or an email.

How to get SFGI Direct’s savings account

You’ll need to fill out an application form on SFGI Direct’s website to open an account. You’ll first be asked to agree to their terms and disclosures, and then provide your personal details. This includes your name, address, employment information, Social Security number and a government-issued ID. If you’re opening a joint account, your co-applicant will need to provide the same information.

Afterward, you’ll need to fund your account. As of right now, you can only do so via electronic transfer.

LEARN MORE 

Member FDIC

magnifying glass

How SFGI Direct’s savings account compares

If we’re only talking about rates, then you can’t go wrong with SFGI Direct’s savings account. The rate is one of the highest we’ve seen compared to other banks and credit unions. Again, if you’re just looking for a place to park some of your savings, this account is a great choice.

The SFGI Direct savings account also offers a relatively low minimum opening balance compared to our list of the best savings accounts out there. While some of these accounts do have higher APYs, they require a higher minimum balance.

However, if you’re looking for more snazzy features such as ATM access and mobile banking, you won’t find that here. Other competitors offer free checking accounts you can link your savings account to, ATM cards and even a mobile app to make transactions on the go.

If you want an even higher rate and other features like check writing capabilities, you could shop around and look at money market accounts as an alternative. Many of these types of accounts are FDIC-insured up to the legal limit and are in many ways similar to a savings account. You are limited to six withdrawals a month as per Regulation D and you may find that some money market accounts require a higher minimum opening deposit. Either way, it pays to shop around and find the current best deal.

Overall review of SFGI Direct’s savings account

Overall, SGFI Direct has a great basic savings account. It offers one of the highest rates out there, a low minimum opening balance and you can earn the advertised APY on any balance amount.

Unfortunately, that’s all the bank offers at this point. If you’re just looking for a savings account and nothing else, then you’ve got a great option here. For those who want other products like checking accounts and CDs, you could consider Summit Community Bank (SFGI Direct is the online division of this bank) as it has a wider variety of banking products. There are also some other great online banks out there that offer great products as well.

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.

Sarah Li Cain
Sarah Li Cain |

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

TAGS:

Advertiser Disclosure

Reviews

Bank OZK Reviews: Checking, Savings, CD, Money Market, and IRA 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 Established1903
Total Assets$22.0B
LEARN MORE on Bank OZK’s secure website

As the Arkansas-based bank reaches well beyond the namesake mountain range where it got its start in 1903, Bank of the Ozarks changed its name to the abbreviated Bank OZK on July 16, 2018.

It has 254 offices in 10 states, including 243 branches; most of the offices are still in the South, along with New York and California. While online banking for other customers across the U.S. is not as developed as other banks, Bank OZK offers a wide range of banking products including personal checking and savings accounts and money market and IRA accounts.

In this review, we’ll go into detail about each and show how they compare with those from other top banks. Since rates may differ depending on location, we based our research on Bank OZK’s headquarters city of Little Rock, Arkansas. As the bank expands its online offerings, some accounts may only be available in states where it has branches. On its account sign-up page, you can check to see if your ZIP code is an area that would allow you to become a customer.

Another thing to keep in mind is that this bank makes it nearly impossible to locate its rates on its website, so you may want to call the bank to check the rates being offered in your area. Hopefully the bank will become more transparent with its rates as it assimilates itself as an online bank.

Bank OZK’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Bank OZK Personal Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

Bank OZK 12 Month Online CD - TN Only

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.41%

CD Rates

Bank OZK 17 Month Online CD - TN Only

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.50%

CD Rates

Bank OZK 24 Month Online CD - TN Only

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Bank OZK checking account options

MaxYield Checking account

This checking account earns interest, but at a price.
  • Minimum opening deposit: $1,000
  • Minimum daily balance requirement: $1,000
  • Monthly account maintenance fee: $12 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bank OZK MaxYield Checking account provides customers with unlimited access to their funds. The first check order is free, and, according to the bank, the account earns interest on balances each month.

The only potential downside is the $1,000 minimum opening balance requirement. As well, the $1,000 minimum daily balance requirement during statement cycle to avoid a monthly maintenance fee makes this account sound more like a savings account.

If you do get charged a monthly fee, it could easily offset the interest earned that month.

On the flip side, having plenty of funds in your account could serve as a buffer to help cover unexpected expenses and could avoid going into overdraft.

This type of checking account may be ideal for someone who’s looking to keep a lot of money in their checking account each month in order to earn interest. The APY for this account isn’t listed on the website, so you may want to call Bank OZK prior to opening this account to check the rate.

LEARN MORE Secured

on Bank OZK’s secure website

My Choice Checking account

This is a free checking account with added value.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

This Bank OZK checking account is free (no monthly maintenance fee) and offers account holders an added value option once direct deposit is set up.

If you set up direct deposit after opening your account, you’ll qualify for one bonus feature. You can choose from receiving free nationwide ATM access, free identity theft protection, or earning interest on your balance.

All would be great benefits to receive for free, but you can only get one with this type of account. If you set up direct deposit, this account definitely wins over the Free Checking account option. The My Choice checking account could be great for someone looking to score one of these benefits for free and utilize all of the basic account features from the Free Checking account.

LEARN MORE Secured

on Bank OZK’s secure website

Free Checking account

This basic checking account is non-interest bearing and has no maintenance fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Bank OZK’s free checking account is a standard account without strict requirements so long as you can meet the minimum deposit amount to open the account.

While it pays no interest, there are no monthly maintenance fees or minimum balance requirements to meet. Account holders also receive benefits like unlimited check writing, online banking options, online bill pay and electronic statements.

Overdraft protection is available after 30 days with their Bounce Proof Security benefit. Bounce Proof Security will pay overdrafts up to your limit, with a maximum overdraft of $500. An overdraft fee will apply.

This account could be best for someone who’s looking for an everyday spending checking account with low fees and doesn’t necessarily want to earn interest.

LEARN MORE Secured

on Bank OZK’s secure website

Bonus Checking account

This is a premium checking account with plenty of perks and reward options.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bonus Checking account doesn’t pay interest, but it makes up for that with its wide range of benefits and added features.

This account provides up to $10,000 accidental death and dismemberment Insurance, up to $2,500 identity theft expense reimbursement coverage for expenses associated with restoring your identity, a fraud management specialist if needed, local merchant savings and cashback rewards for online debit purchases, along with the ability to purchase gift cards with no fees.

For the accidental death and dismemberment insurance, coverage is split between joint accounts and reduced by 50% at the age of 70. Insurance products may have other terms and conditions.

This account could be ideal for someone who’s looking to take advantage of all the benefits and bonuses this account provides. The monthly account fee is low when you consider the insurance and identity theft protection provided.

LEARN MORE Secured

on Bank OZK’s secure website

Heritage Checking account

A checking account for clients age 50+ with a minimum balance requirement
  • Minimum opening deposit: $100
  • Minimum daily balance requirement: $300
  • Monthly account maintenance fee: $6.25 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Heritage Checking Account is geared toward clients age 50 and older. Account holders receive unlimited free wallet-style checks, and no-fee cashier’s checks (limited to three per month).

The downside is that this is also a non-interest bearing account. There’s also a $300 minimum daily balance requirement to meet if you don’t want to be charged a monthly maintenance fee.

The only significant benefit of using this checking account is free checks. If you’re 50 or older and don’t write a lot of checks, you might want to consider one of the other checking accounts.

LEARN MORE Secured

on Bank OZK’s secure website

Pathway Checking account

This checking account offers a second chance at banking responsibly.
  • Minimum opening deposit: $50
  • Minimum daily balance requirement: None
  • Monthly account maintenance fee: $10
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Pathway Checking is Bank OZK’s second-chance checking account geared toward people who have been turned down by other banks. The opening deposit amount is lower than their other accounts but this is a non-interest bearing account.

There’s also no minimum balance requirement, but there is a $10 monthly service fee that can’t be waived. This account would be a great way to start over for someone who might have been turned away from other banks or made some mistakes with previous checking accounts.

How to get a Bank OZK checking account

Opening a Bank OZK checking account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

LEARN MORE Secured

on Bank OZK’s secure website

magnifying glass

How Bank OZK checking accounts compare

Bank OZK offers a wide variety to choose from when it comes to checking account options and the application process is fairly simple. When compared with some of the best online checking accounts, Bank OZK doesn’t rank as high because most of their accounts don’t offer interest and some have monthly maintenance fees if you don’t maintain a certain balance each day. In addition, most online banks are up front about the interest you could earn on accounts, but Bank OZK currently lacks that transparency.

On a positive note, the minimum opening deposit required for most of their checking accounts is lower than some competitors. Banks like TIAA Bank and Consumer Credit Union require a higher opening deposit, but they provide a competitive interest rate to account holders.

The fact that Bank OZK offers a second-chance checking account also sets them apart from other banks because it means they are willing to work with people who have a less-than-perfect banking history.

Bank OZK savings account options

Personal Savings account

Earn interest on your entire balance and boost your savings with added features.

APY

Minimum Balance Amount

0.05%

None

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement of $100
  • Overdraft fee: $35 if overdrawn by more than $5
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

This is Bank OZK’s basic savings account, allowing account holders to earn interest on their entire balance. There is a small monthly maintenance fee if you don’t meet the minimum daily balance requirement.

A free feature that you can add on to this account and all other checking and savings accounts with this bank is called My Change Keeper. My Change Keeper is intended to help you reach your savings goals quicker by rounding up purchases, saving the difference. If you have both a checking account and savings account through Bank OZK, you can choose between three round-up options.

Option A: With every debit transaction you make, My Change Keeper automatically rounds up to the next whole dollar amount and transfers the difference.

Option B: You can set your account to round up to the next whole dollar amount plus throw in an additional dollar amount ranging from $1-$5 each time you make a transaction.

Option C: You can specify an additional dollar amount between $1 and $5 to save with every swipe instead of rounding up.

According to federal regulation D, you are limited to six withdrawals per month from any savings account. Bank OZK will charge a $10 fee each month during which there are more than six withdrawals or transfers, other than those made at an ATM.

LEARN MORE Secured

on Bank OZK’s secure website

First Savings account

A flexible savings account for minors.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

The First Savings account is similar to Personal Savings only it is geared to customer who are 17 years old or younger.

There are no minimum balance requirements or monthly maintenance fees, and interest is earned on the entire balance.

This could be a great account option if you are looking to get your kids into the habit of saving money and have a positive first banking experience.

Bank OZK does not post the rate for this account on its website, so please make sure you call to check the rate for your location prior to opening this account.

LEARN MORE Secured

on Bank OZK’s secure website

Christmas Club account

This savings account provides a unique way to save for the holidays.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: None

Bank OZK’s Christmas Club savings account is perfect for anyone looking to save money specifically for year-end holiday spending.

This account is non-interest bearing but has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is low and you can set up automatic transfers to build your holiday savings. You do not get an ATM card with this account as you would with other Bank OZK savings accounts.

Quarterly statements are provided, and each year, Bank OZK will mail you a check with the full balance of the account by Nov. 3. Then, the account can be funded again for another year via manual or automatic payments.

LEARN MORE Secured

on Bank OZK’s secure website

Health Savings account

This account is a tax-exempt way to save for medical expenses.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

If you have a high-deductible health plan (HDHP), the Bank OZK Health Savings account will allow you to set aside money for medical expenses. With a health savings account (HSA), you can use the funds to pay for qualifying health care expenses or to reimburse yourself for qualifying health care expenses. The bank notes that not all HDHPs are HSA eligible.

There is a 20% additional tax on distributions not used for qualified medical expenses. After the age of 65, the funds can be withdrawn for any purpose without penalty.

This is an interest-bearing savings accounts and earnings from interest are tax-free. The rate is not posted on the website, so you may want to contact the bank to check the APY being offered for your location.

The $100 minimum opening balance for this account is standard compared with Bank OZK’s other accounts. However, there is a $1,000 minimum daily balance requirement in order to avoid a $3 monthly maintenance fee. That fee can be waived for the first six months after opening the account to allow some extra time to save more money to reach the minimum balance requirement.

One benefit of having this account is that your savings can be used to fund your health insurance premium if you’re between jobs so your policy doesn’t lapse.

How to get a Bank OZK savings account

Opening a Bank OZK savings account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

LEARN MORE Secured

on Bank OZK’s secure website

magnifying glass

How Bank OZK savings accounts compare

If you’re going to save money for anything, it would be nice to earn a competitive interest rate on your money. Bank OZK offers a range of savings accounts, but the rate that is posted doesn’t really measure up.

If you’re looking to teach your child how to save, their First Savings account is an option to start with but it won’t be the best long-term solution for growing their money.

Banks on our list of best savings accounts offer rates well above 1% which could give you a much better return on your money.

Bank OZK CD Rates

Term

APY

6 Months

0.05%

12 Months

0.18%

24 Months

0.45%

APY for Tennessee Only

6 Months

1.75%

12 Months

2.30%

17 Months

2.41%

24 Months

2.50%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: Loss of APY. For CDs on a 1 year term of less, 90 days of interest will be deducted. For a CD with a term longer than 1 year, 182 days of interest will be deducted

Bank OZK offers a diverse range of CD options depending on your savings goals. The terms range from the three months to five years. The longer your term, the higher you can expect your APY to be.

While Bank OZK offers a wide range of terms, the only rates it currently shows on its website are the rates above. Like most of the other products, you’ll want to call the bank prior to opening this account to check the rates for the other terms.

Another note about the rates above: Bank OZK is offering special rates for individuals residing in the state of Tennessee. If you don’t live in Tennessee, you’ll be opening a CD with a much lower APY.

There is an early withdrawal penalty if you take money out of your account before the CD’s maturity date and this is in the form of an APY deduction.

However, as long as you can meet the minimum opening deposit amount of $1,000, there are no fees for maintenance or opening the account.

How to open a Bank OZK CD

Opening a Bank OZK CD is easy and you can do it on their website. From there, you’ll need to verify your identity and e-sign to provide consent.

LEARN MORE Secured

on Bank OZK’s secure website

magnifying glass

How Bank OZK CD rates compare

Bank OZK offers various different terms for their CD products which is great if you like options and are not looking for a one-size-fits-all solution.

While the CD terms that are offered to a majority of the states provide a lower rate, these could still be a helpful way to stay disciplined enough to meet a short-term savings goal without feeling tempted to withdraw your money to early.

The minimum opening deposit is standard across all of their CDs, but it is somewhat lower than what many other banks are offering to open up a CD account.

Overall, the rates offered for Bank OZK CDs fall short when compared to some of the best CD rates currently offered by other banks.

If you have more money to deposit into a CD, you can likely get a better return elsewhere.

Bank OZK Money Market account options

Personal Money Market Plus account

This looks a lot like the savings account options.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Plus is an interest-bearing account that requires a higher minimum opening deposit than the other savings account options. You’ll want to call the bank prior to opening this account to check the current rate.

There is a monthly maintenance fee attached to this account but to avoid it, you have to keep your daily balance at a minimum of $1,000.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

LEARN MORE Secured

on Bank OZK’s secure website

Personal Money Market Gold account

Similar structure as the Money Market Plus, but with a bigger opening deposit and balance.
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $10,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Gold is also an interest-bearing account, but we don’t like that it has a higher opening deposit amount than the Money Market Plus account. You’ll also have to keep a much higher balance in the account to avoid a monthly maintenance fee. Contact the bank prior to opening this account to check the current rate.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

Investor’s Choice Money Market

New account looks a lot like the first.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

This account will be available Sept. 1, but it’s a little hard to see what might set it apart from the Money Market Plus account with its identical minimum balance.

Also like the Plus account, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

How to get a Bank OZK market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account. Since Bank OZK doesn’t currenly publish its money market rtes online, you’ll want to call the bank to check the rates prior to opening the account.

LEARN MORE Secured

on Bank OZK’s secure website

magnifying glass

How Bank OZK money market accounts compare

Just like some of its savings accounts, Bank OZK money market accounts fall flat when compared with some of the best money market account options in the industry.

It all boils down to Bank OZK’s low rates and higher minimum opening deposit amounts. Its lack of transparency on the rates give no incentive to transfer from a high-yield savings account with a verified rate or any of the high-yield money market accounts shown here.

Some of the industry’s top money market accounts have no minimum opening deposit amount making it easily accessible to customers.

Bank OZK IRA account options

IRA CD rates

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: 10% Federal tax withdrawal penalty

Bank OZK offers IRA CDs with the same terms as its regular CD products. Despite the security offered, if these rates are anything like the regular CD products, they would be pretty low compared with what you could be earning by investing your retirement savings in other alternatives, like mutual funds.

An IRA CD would be best for someone who wants to play it safe with their savings and is looking for a guaranteed return.

How to get Bank OZK IRA CDs

In order to open an IRA CD with Bank OZK, you’ll need to stop into one of their branch locations shown here. Make sure to request the current rates prior to opening an IRA CD.

LEARN MORE Secured

on Bank OZK’s secure website

magnifying glass

How Bank OZK IRA CD rates compare

Unfortunately, Bank OZK falls short for IRA CDs as well. If the rates are similar to what’s being offered on Bank OZK’s regular CDs, you’ll have to lock your money in an IRA CD for at least five years to earn a decent amount of interest.

Meanwhile, other banks and credit unions offer a 2% – 3% APY and require a lower opening deposit amount.

If you’re looking to grow your money with an IRA CD, you can find better IRA CD rates elsewhere.

IRA Money Market Account

Consider a retirement savings account.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000

This IRA money account earns interest in the entire collected balance. Like other IRA accounts, contribution limits and withdrawals may be subject to Internal Revenue Service rules. You’ll want to call the bank prior to opening this account to check the current rate.

How to get a Bank OZK money market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account.

Overall review of Bank OZK banking products

Considering the range of Bank OZK’s banking products, its the checking accounts that win, hands down. The bank has a simple, free checking account with no fees along with a second-chance checking account option. Minimum opening deposit amounts for checking accounts are higher than other banks and the same goes for savings accounts.

While fees are manageable, the lack of transparency for savings accounts, money market accounts, CDs, and IRA CDs are unimpressive.

Bank OZK occasionally offers special CD rates that are competitive, but they are often only available in selected cities or regions.

On the bright side, Bank OZK is planning for growth and expansion. The bank plans to make its products more accessible in other U.S. cities and online. They are also looking into offering a customer rewards system for checking account holders that would set them apart from competitors.

Given the new changes, we’re hoping for some higher rates to be offered to entice customers to save money with the bank in addition to better transparency on the rates they currently offer.

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

TAGS:

Advertiser Disclosure

Reviews

Bank7 Review of Checking, Savings, CD and IRA 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.

Bank 7
Bank7 is an Oklahoma-based community bank, with branches in Kansas and Texas. Founded in 1901 as The First National Bank Of Medford, it changed its name to Bank7 in September 2004.Bank7 offers mobile and online checking, but you can only open an account by visiting one of their locations or by phone. Their personal accounts have a whole host of features and offers some decent CD rates.

This bank review will cover their checking, savings, CD and IRA CD accounts. Bank7 does not publish its rates online and asks consumers to contact a Customer Service Representative to learn about the current deposit account rates.

Bank7’s checking account options

Bank7 Checking

This account has a low monthly maintenance fee that can easily be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $1 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This is Bank7’s basic checking account, best for those who want a checking account that doesn’t charge high rates. Keep in mind that it doesn’t earn any interest so if that’s of concern, you may want to consider opening their interest-bearing account called the Super7 Checking.

You can avoid the monthly maintenance fee by either enrolling in e-statements (the $1 monthly fee is to receive paper statements), keeping a minimum combined balance of $5,000 in your checking and savings accounts or making a minimum $100 direct deposit each month.

Other perks with this account include online banking and unlimited bill pay, mobile banking and check deposit, and a Visa debit card. You won’t be slapped with any ATM surcharges if you stick with Bank7 or one of the Allpoint network’s more than 55,000 ATMs.

How to get a Bank7 Checking account

You’ll need to head to a local branch or call customer service. You can enroll in online banking once your account is open.

LEARN MORE Secured

on Bank 7’s secure website

Super7 Checking

Earns interest and you can waive maintenance fees.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This Super7 Checking account is the bank’s only interest bearing checking account and is best for those who want to earn some interest and intend on keeping $1,000 in there. You get the same features as the non-interest bearing checking account, including no ATM fees. You may have to pay ATM surcharges unless you stick with a Bank7 ATM or within the Allpoint network’s more-than-55,000 ATMs. On top of the monthly maintenance fee, there’s also a $1 monthly service fee.

Both these recurring fees can be waived. To waive the monthly maintenance fee, you’ll need to maintain a daily balance of at least $1,000. For the monthly fee, you can either enroll in e-statements, make at least $100 in monthly recurring direct deposits or maintain at least $5,000 in combined balances across your Bank7 checking and savings accounts.

How to get the Super7 Checking account

Although there is online banking available, you can only enroll once you have an account open. To do so, you’ll need to head to a local branch or call customer service. While you have a Customer Service Representative on the phone or in person, be sure to verify the APY for this account.

LEARN MORE Secured

on Bank 7’s secure website

magnifying glass

How Bank7’s checking accounts compare

Bank7’s Super7 Checking account offers the ability to earn interest, which is an advantage over most banks, but there are other checking accounts offered by competitors that have better features and verified rates. The fees are a big concern for us. Other online banks offer free checks, no balance minimums and even have ATM fee reimbursements. They also allow you to open accounts online, a service that Bank7 does not provide.

If you’re after higher rates and want the convenience of opening an account online, you may want to consider checking out nbkc bank as they don’t have many fees and allow you to earn a bit of interest.

Institution
APY
Minimum Deposit Amount
Personal Account from nbkc bank
nbkc bank

0.90%

$0

LEARN MORE Secured

on Nbkc Bank’s secure website

Bank7’s savings account options

Tiered Savings

Low monthly maintenance fee and ATM access.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

This savings account is great for those who want a simple savings account with ATM access. You can choose to get an ATM card, but it’s only good for cash withdrawals. You won’t be slapped with any ATM surcharges if you stick with Bank7 ATMs or within the Allpoint network, which has more than 55,000 ATMs. This is an interest-earning account and the interest compounded daily and credited monthly.

To waive the monthly maintenance fee, you can either set up a recurring direct deposit of at least $150 each month, enroll in e-statements or maintain a balance of at least $5,000 across your Bank7 checking and savings accounts.

Because this is a savings account, Federal Reserve Regulation D limits account holders to six pre-authorized or automatic withdrawals per month. Bank7 allows three free withdrawals each month. Make more than that and you’ll be charged $3 for each one. If you continually make excessive withdrawals, Bank7 may either change the type of account or close your savings account.

The tiered account isn’t available to Kansas residents. Instead, Bank7 offers a Kansas Savings at a fixed APY.

How to get the Tiered Savings account

You’ll need to head to a local branch or call customer service. Make sure you verify the APY you can potentially earn based on the amount you’re willing to deposit when you open the account. You can enroll in online banking once your account is open.

LEARN MORE Secured

on Bank 7’s secure website

Member FDIC

Kansas Savings

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

Kansas residents are eligible for this non-tiered account. The APY for this account is fixed, meaning it doesn’t rise or fall depending on the balance of the account. While there’s no interest rate tier, you do get the same features — such as the option to make cash withdrawals with a designated ATM card. Interest earned is compounded daily and credited to your account each month.

Bank7 will waive the monthly maintenance fee if you enroll in e-statements, keep a minimum of $5,000 across your Bank7 checking and savings accounts or make a minimum $100 monthly direct deposit.

As with all savings accounts, Federal Reserve Regulation D limits you to six withdrawals per month, but Bank7 will charge you $3 per withdrawal over three each month. If you consistently make more than three withdrawals a month, your account could be converted into another type of account or closed.

How to get the Kansas Savings account

Kansas residents can open a savings account by going to either one of the two Kansas branch locations, or by calling its customer service line. If you decide to open this account, please be sure to verify the APY on this account when you’re either in the branch or on the phone with a Customer Service Representative. Once an account is opened, you can then sign up for online banking.

LEARN MORE Secured

on Bank 7’s secure website

Member FDIC

magnifying glass

How Bank7’s savings accounts compare

Candidly, the fact that Bank7 doesn’t publicly share the rates on its savings accounts is a little concerning. Most of the accounts on our list of the best savings accounts have verified rates that are publicly displayed on its websites and no minimum balance amounts. However, not all offer the broad ATM access like Bank7. It does have a lower excessive withdrawal fee compared to other places, but the account charges you after three withdrawals, whereas others allow you more than twice that number before charging you.

In any case, you may be better off choosing an online bank like Marcus by Goldman Sachs to place your savings in a high-yield savings account with no minimum balance.

Institution
APY
Minimum Deposit Amount
High-yield Online Savings Account from Goldman Sachs Bank USA
Goldman Sachs Bank USA

1.85%

$0

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Advertiser Disclosure

We'll receive a referral fee if you click here. This does not impact our rankings or recommendations

Bank7’s CD rates

Fixed CD

Get guaranteed rates of return on various CD terms.
  • Minimum opening deposit: $1,000 (6, 12 and 18 months) or $10,000 (24, 36 and 48 months)
  • Minimum balance amount to earn APY: $1,000 or $10,000
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

These CDs are great for those who want a conservative investment and a guaranteed rate of return on their money. As is the case with most CDs, you get rewarded with higher rates on longer terms, but you’ll also need to make a higher minimum deposit, which is a bit steep compared to other banks.

With the 18-month CD, there is the option to choose a step-up rate. If the rate goes up for the before your account matures, you can request to raise your rate twice during the term.

Interest earned for the CD is either compounded monthly, quarterly, semi-annually or annually. It’ll then either be credited monthly, quarterly, semi-annually or annually as well, depending on your CD. You get a statement each quarter outlining your earnings and the maturity date is on all of them which acts as a reminder of when your CD matures.

When your CD matures, you’ll have a 10-day grace period where you can decide to close the account, make additional deposits or renew it for another term. Otherwise, it’ll automatically be renewed.

An early withdrawal requires the bank’s consent and the penalty would be the interest you would have earned or will earn for the term. For example, if you have a 6-month CD and you decide to make a withdrawal two months in, you’ll need to pay up to four months interest.

How to get Bank7’s CDs

You can only open a Bank7 CD either by heading to your local branch or by calling customer service. Once again, be sure to verify the rates for each CD term prior to opening the account.

LEARN MORE Secured

on Bank 7’s secure website

Member FDIC

magnifying glass

How Bank7’s CD rates compare

Bank7’s minimum deposit amount for the longer-term CDs are a bit on the higher side when comparing them with our list of the current best CD rates. Some also offer a wider variety of terms, so if you want a longer or shorter term than what Bank7 has to offer, you may want to consider Synchrony, Ally, or Barclays depending on the minimum amount you’re willing to deposit.

Institution
APY
Minimum Deposit Amount
12 Month CD from Synchrony Bank
Synchrony Bank

2.45%

$2,000

LEARN MORE Secured

on Synchrony Bank’s secure website

High Yield 3 Year CD from Ally Bank
60 Month Online CD from Barclays

Bank7’s IRA account options

Fixed IRA CD

Only offers one term but has a low minimum deposit amount.
  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

The IRA CD may be a great choice for you if you’re looking for a guaranteed rate of return on a tax sheltered or deferred account. The unfortunate thing is that you’re limited to only a 12-month term. However, you’re able to make additional deposits unlike their regular CD account. The minimum deposit is also lower.

Interest earned is compounded and credited to your account every quarter. You’ll receive a statement every quarter which details all activity as well as the maturity date. This will act as a reminder to let you know how much more time you have until your CD matures.

Upon maturity, you get a 10-day grace period in which to decide to either keep making additional deposits, close the account, or renew it. If you do nothing, the CD will automatically be renewed.

The early withdrawal penalty is effectively the interest you would have earned or will earn for the 12-month term. For example, if you decide to make a withdrawal five months before your CD matures, you’ll need to fork over what you would have earned in those five months. You may also face tax penalties from the IRS.

How to get Bank7’s IRA CDs

Like its other banking products, you’ll need to open an IRA CD at a local branch. You can also try calling the customer service line. You’ll also need to verify the rates in person or on the phone.

LEARN MORE Secured

on Bank 7’s secure website

Member FDIC

magnifying glass

How Bank7’s IRA CD rates compare

Bank7’s IRA CD rates fall slightly short of the best offerings out there. When compared to other IRA CDs with the same term, there are much better yields on our list of the current best IRA CD rates.

However, where Bank7 shines is the low minimum opening deposit and the ability to make additional deposits throughout the term. Other banks require much higher minimums and don’t allow you to make additional deposits once you fund the account.

If you’re after the highest rates, you’ll be better off looking at other places. But if you like having the option of making additional funds — up to the maximum amount allowed by the IRS each year — bit by bit, then the Bank7 IRA CD is a great choice.

Overall review of Bank7’s banking products

Looking at the pros and cons of Bank7’s products, the cons are that you currently can’t open an account online — you’ll need to do that in person or by calling customer service — and the products’ rates aren’t published online. In an industry where online banking is becoming more prevalent, those are two important factors when it comes to choosing a bank. You do get access to online banking, but that’s a separate step after you open an account. If, however, you enjoy driving to a bank and interacting with a person to get your banking done, this bank may be a very viable option for you if you reside in a location that has a Bank7 branch.

As far as the actual products go, Bank7 does offer products with low opening deposit amounts. The savings account offers ATM access, but does charge an excessive withdrawal fee after you make three, whereas other banks do so after six. The checking accounts, however, aren’t stellar. They actually require a high minimum balance in order to waive the monthly maintenance fee.

If all you’re looking for is a place to store some cash, the savings account is a good option. And for those looking for conservative investments, the CD accounts are also great. But if you want a bank that offers a wide variety of products with the best rates, you may want to do some comparison shopping.

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.

Sarah Li Cain
Sarah Li Cain |

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

TAGS:

Advertiser Disclosure

Reviews

M&T Bank Reviews: Checking, Savings, CD, and Money Market 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 Established1856
Total Assets$118.1B
LEARN MORE on M&T Bank’s secure website

M&T Bank is headquartered in Buffalo, New York and for more than 160 years has served both individuals and businesses. The bank offers business and commercial services along with consumer products, including checking, savings, CDs, debit cards, credit cards and personal loans. M&T Bank touts its relationship-driven approach, supported by a vast branch network and mobile tools, to provide consumers the ability to bank on the go with ease.

Beyond its home state, the bank has brick-and-mortar locations Connecticut, Delaware, New Jersey, Maryland, Pennsylvania, Virginia, Washington, DC, and West Virginia. There are 750 M&T branches and 1,800 ATMs. For this review, we used M&T Bank’s corporate headquarters location of Buffalo, New York, 14240, for consistency when showing rates.

M&T Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

M&T Bank M&T Starter Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.75%

CD Rates

M&T Bank 12 Month Select Promo CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.90%

CD Rates

M&T Bank 36 Month Select Promo CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.11%

CD Rates

M&T Bank 60 Month Promo CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

magnifying glass

How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which 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.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

LEARN MORE Secured

on M&T Bank’s secure website

Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which 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.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

magnifying glass

How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

1.40%

M&T Select Promo CD - 12 months

1.75%

M&T Select Promo CD - 18 months

2.25%

M&T Select Promo CD - 24 months

2.75%

M&T Select Promo CD - 36 months

0.90%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

LEARN MORE Secured

on M&T Bank’s secure website

magnifying glass

How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

M&T e-Money Market

The M&T e-Money Market account can be opened online and offers no monthly maintenance charges.

APY

Minimum Balance Amount

0.05%

$1.00 -$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T e-Money Market account requires no monthly maintenance charges and can be opened online.

This money market account is best for anyone who wants to easily open a money market account online and who doesn’t want to keep a minimum balance or pay monthly maintenance fees. This account does earn interest.

The interest rate is low, however, it’s better than the rates offered with M&T Bank’s checking accounts, so this could be a good option for someone looking to save and earn a bit of interest income. This account also comes with check writing abilities.

Per Federal Reserve Regulation D, which 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.

How to get M&T Bank’s M&T e-Money Market

Consumers can apply to open a M&T e-Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T e-Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.

APY

Minimum Balance Amount

0.04%

$1.00 - $9,999.99

0.34%

$10,000.00 - $24,999.99

0.36%

$25,000.00 - $49,999.99

0.39%

$50,000.00 - $99,999.99

0.39%

$100,000.00 - $999,999.99

0.13%

$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which 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.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

magnifying glass

How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

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.

Holly Hammersmith
Holly Hammersmith |

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

TAGS:

Advertiser Disclosure

Reviews

TCF Bank Review of Checking, Savings, CD, Money Market, and IRA 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 Established1923
Total Assets$23.4B
LEARN MORE on TCF Bank’s secure website

TCF Bank is based in Wayzata, Minn., with branches in a handful of other states, including Arizona, Colorado, Illinois, Michigan, South Dakota and Wisconsin. For businesses, TCF offers various commercial financing options in all 50 states.

For a regional bank, TCF offers a wide range of products and services, ranging from checking and savings accounts to prepaid debit cards, credit cards, mortgages and CDs. The bank is also committed to financial education and community service where it operates.

Here’s a closer look at the TCF product line, including rate information and tips on how to open various accounts.

TCF Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

TCF Bank TCF Free Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.05%

CD Rates

TCF Bank 3 - 13 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.25%

CD Rates

TCF Bank 30 - 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.35%

CD Rates

TCF Bank 49 - 61 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TCF Bank’s checking account options

TCF® Premier CheckingSM

The TCF® Premier CheckingSM pays little to no interest and charges a monthly fee unless you meet the high minimum balance requirement.

APY

Minimum Balance Amount

0.01%

$2,500+

  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15, which can be waived if you carry a $2,500 minimum balance or $15,000 combined balance across accounts
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived for 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None
  • Overdraft fee:$37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

With a $15 monthly maintenance fee that can only be waived if you carry $2,500 in your checking account or $15,000 across all TCF Bank accounts, this account doesn’t have much going for it. What sets it apart from the free checking account is that you can receive both online and paper statements for free with this account. With Premier Checking, customers can also get free checks and up to four free money orders per day.

The Premier Checking account does pay interest, but just barely. Rates are extremely low. You’ll need to deposit $2,500 just to earn a rock bottom 0.01% APY.

Beyond earning interest, Premier customers get all the benefits of the bank’s Free Checking account, from mobile and online access to a debit card and access to mobile payment apps Google Pay, Apple Pay® or Samsung PayTM.

LEARN MORE Secured

on TCF Bank’s secure website

TCF Premier 62+ Checking®

As the name implies, TCF Bank’s Premier 62+ Checking is an account designed for customers age 62 and older.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $9.95; waived with $200 in direct deposits, 15 qualifying withdrawals, or $10,000 in combined TCF account balances
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

The TFC Premier 62+ Checking account combines many of the best features of the bank’s other checking accounts. Account holders receive free online and paper statements, a free debit card, free checks, up to four free money orders per month, online bill pay, free TCF Bank ATM withdrawals and fee rebates for up to two non-TCF Bank network withdrawals per statement cycle.

Additionally, the Premier 62+ Checking account pays interest. Rates are the same for all deposit levels, and interest is paid starting with the first penny. However, rates are extremely low.

LEARN MORE Secured

on TCF Bank’s secure website

TCF Free Checking®

TCF Free Checking® is a basic checking account, with low minimums and no monthly fees.
  • Minimum opening deposit:$25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with Overdraft Protection linked to savings account; $10 plus 18% annual interest if linked to line of credit

TCF Bank requires a $25 deposit to open its Free Checking account, but once the account is open, there’s no minimum balance requirement. In-network domestic ATMs come free of charge, but you’ll have to pay to use domestic out-of-network ATMs. If you’re traveling overseas, ATM fees are high.

You’ll get the standard bells-and-whistles with the TCF Free Checking® account, as you would at most competitors, including:

  • Free digital banking
  • Free mobile app
  • Free domestic ATM withdrawals (in-network)
  • Free debit card
  • Pay using your phone with Apple Pay®, Samsung PayTM or Google Pay

TCF Bank has a standard overdraft policy that applies to all of the bank’s checking accounts, including the TCF Free Checking® account. If you link up a TCF Bank savings account or line of credit, the bank will automatically transfer enough money to cover an overdraft in your checking account. While you’ll still pay a fee, it’s less than the standard overdraft fee. If you overdraw your account by less than $5, you won’t have to pay the fee. However, for larger amounts, you can get hit with up to five overdraft fees per day.

LEARN MORE Secured

on TCF Bank’s secure website

TCF® Teen Checking

The TCF® Teen Checking account is for customers aged 14 to 17 years old. A parent or legal guardian is required to co-sign for the account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF Bank ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: none
  • Overdraft fee: Overdrafts not paid unless customer opts in; $15 NSF fee for each item returned unpaid; with overdraft protection, $10 fee to cover with linked savings account

The Teen Checking account carries no monthly maintenance fee and has a small minimum opening deposit. No interest is paid. Overdrafts are not paid unless a customer opts in. If opting out, there is a maximum of two overdraft fees per day. With a linked savings account, overdrafts are covered for a smaller fee.

One benefit of the Teen Checking account over most other TCF Bank checking accounts is the fee waiver for two non-TCF Bank ATMs per statement cycle, just as with the Premier Checking account. Another benefit shared with the Premier Checking account is the inclusion of free paper statements.

Account holders also benefit from the standard features and benefits offered to all TCF Bank checking account customers, including mobile and online services, free online statements and a free debit card.

LEARN MORE Secured

on TCF Bank’s secure website

TCF Free Student Checking®

TCF Free Student Checking is designed for customers from ages 18 to 24.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

TCF’s Free Student Checking is very similar to the bank’s Teen Checking, except it’s designed for a slightly older age group. Since the Free Student Checking account is open to customers age 18 to 24, no adult cosigner is required.

The parameters of the Free Student Checking account are similar to other checking accounts at TCF Bank. Customers enjoy no monthly fees, a modest minimum opening deposit, free paperless statements and mobile banking. Paper statements are also free with the Free Student Checking account, as are a debit card and online bill pay. However, the account does not earn interest. To learn more about this account, click here.

How to open a TCF Bank checking account

You can open TCF Bank’s checking accounts either online or by visiting a branch. The account-opening process is standard and similar to the procedures at other banks. If you’re already a TCF Bank customer, you can log in to your account and proceed from there. Otherwise, you’ll need to provide your personal and financial information to the bank online.

To apply, you’ll need to be a legal resident of the United States and at least 18 years old. You’ll also need to provide the following:

  • Social Security number or Individual Tax Identification Number (ITIN)
  • A driver’s license, passport, state or military ID
  • A funding source, such as a checking or savings account

The online application will ask you for additional information, such as your date of birth, phone number, email address and employment information. You can also select a username and password to access your accounts in the future.

With internet access, an online application may be the easiest method to open a TCF Bank checking account. If there’s a branch near you, you can also open an account in-person with a bank representative.

LEARN MORE Secured

on TCF Bank’s secure website

magnifying glass

How TCF Bank’s checking accounts compare

TCF Bank’s checking accounts offer numerous freebies and benefits that are commonplace in today’s competitive market. Unusually, some of the bank’s accounts offer free paper statements, which is a rarity in today’s world. However, the bank’s checking account interest rates can’t compete with the top online banks’ checking accounts.

Beyon

TCF Bank’s savings account options

TCF Free SavingsSM Account

The TCF Free Savings Account’s low APY should send customers looking elsewhere to earn more on their savings deposits, though it is a complementary account to the TCF Free Checking account.

APY

Minimum Opening Deposit

0.01%

$25

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

Among the features is a free debit card that can be used to access funds in both accounts. Despite the minimal interest paid on the account, it can be linked to provide overdraft protection for a TCF Bank checking account. At the same time, account minimums are low, and there’s no monthly maintenance fee attached to the account.

The TCF Free Savings account carries restrictions put in place by the Federal Reserve on all banks on savings and money market accounts. Known as Reg D, this rule restricts your withdrawals from savings accounts to six per month. Every withdrawal above the six allowed will trigger an excess activity fee from TCF Bank.

Interest rates on the Free Savings account do not vary based on size of deposit and balance, the same as with all TCF Bank accounts.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

TCF Power SavingsSM Account

This is another TCF Bank savings product that does little to entice customers with an attractive yield on balances.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $4; waived with $100 minimum balance
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The Power Savings account is similar in many ways to the Free Checking account. Both accounts offer online and mobile access, a debit card and the same ATM withdrawal fee structure. The Power Savings account has a monthly maintenance fee and a higher minimum opening deposit. However, the monthly fee can be waived with just a small balance. As with all TCF Bank savings and money market accounts, monthly withdrawals are limited to six. Excess withdrawals trigger a fee. Interest rates on the Power Savings account are the same across the board, starting with a balance as low as $0.01.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

TCF Performance SavingsSM Account

The TCF Performance Savings account is designed for accounts with larger balances to avoid fees.

APY

Minimum Balance Amount

0.01%

$1,000+

  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10; waived with $1,000 minimum balance
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The TCF Performance Savings account is only open to customers bringing in new money – funds not currently on deposit with TCF Bank. Accounts are limited to one per person. While there is a monthly maintenance fee, the amount required to waive the fee is the same as the minimum balance to earn interest, so customers opening this account can usually avoid the fee.

The account shares many characteristics with other TCF Bank accounts, including mobile and online account access. ATM fees also share the same structure as most other TCF Bank accounts, including free domestic withdrawals from ATMs in the bank’s network. Excess activity fees are the same as all TCF Bank savings and money market accounts, assessed after reaching six transactions per statement period.

How to open TCF Bank’s savings accounts

You can open a TCF Power Savings account online. To begin the application, you’ll need the following:

  • Social Security number
  • A government-issued ID
  • A valid email address
  • A funding source
  • A phone number

After answering some additional questions during the application, your last step will be funding the account.

To open a Free Savings or Performance Savings account, you’ll have to contact a branch directly, or visit in person. For the TCF Free Savings account, a companion TCF Free Checking account must also be opened.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

magnifying glass

How TCF Bank’s savings accounts compare

Although most TCF Bank savings accounts pay interest starting at the first penny, they all offer the same low rate. This rate does not scale up as deposit size increases. The rate is below the national average in all accounts, and is far from the top savings account rates you can find at online banks.

While rates are low, TCF Bank offers standard account services that make banking convenient. Customers have mobile and online access to accounts, free ATM/debit cards, and free online statements. Overdraft fees, however, are high.

TCF Bank’s CD rates

TCF Bank only offers one type of certificate of deposit account, with maturities from three months to 10 years. Higher rates, along with promotional specials, are available to customers with a checking relationship

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CDs span a wide range of maturities. You can’t get a CD longer than 10 years, but you have a wide range of maturity choices shorter than that. A checking relationship can get you a modest boost across certain maturities.

Like most banks, TCF Bank charges an early withdrawal penalty if you need to take money out of your CD before it matures. The penalty varies based on the maturity of the CD.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

TCF Promotional CD Rates

TCF Bank offers a promotional CD for one maturity only.

Term

APY

15 months

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days.

TCF Bank’s promotional CD rate is for the 15-month maturity only. You can only get this rate by visiting a local branch. You must deposit new money to qualify for the promotional rate.

How to get TCF Bank’s CDs

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow CD accounts to be opened online. To open a CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for opening CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birth date, address and occupational information.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

magnifying glass

How TCF Bank’s CD rates compare

Across the board, TCF Bank’s CD rates are low. For every maturity offered, the bank’s rates are well below the national average. When compared to the best CD rates available, TCF Bank comes up short. A checking relationship gives access to TCF Bank’s best rates, but the bump-up in yield is minor for all maturities. The one standout is the relationship rate for the 14-month CD, but even with the bump up, the payout is below average.

TCF Bank’s CD rates are the same for deposits of all sizes. This works against customers with large account balances, as they’d be entitled to higher rates at some competitor banks. However, for average customers that don’t have large sums to deposit, this is a benefit, as these smaller customers have access to the bank’s best rates, just like anyone else.

To find TCF Bank’s highest rates, you’ll have to commit to the longest maturities or take advantage of the relationship rates. Overall, TCF Bank’s low rates mean that extending maturities won’t provide a significant boost in income.

The best current option is to take advantage of the in-branch, new-money special. The yield on this special 15-month CD is the same as you could get on the 10-year relationship CD, and you’d only have to tie up your money for one-eighth of the time.

TCF Bank’s money market account options

TCF Power Money Market Account

TCF Bank’s Power Money Market Account pays interest and offers additional ways to access funds.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit:$50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, waived with minimum balance of $1,500
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refunds: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Transaction limitations: Six transactions per period
  • Excess activity fee: $15 for each transaction above 6 per month

TCF Bank’s Money Market account has a monthly fee, but maintaining a modest balance will get that fee waived. Interest is paid starting from the first cent deposited. Rates are the same regardless of the amount deposited.

One of the benefits of the TCF Bank money market account is that you can write checks to get your money. However, as with all savings and money market accounts, you must keep your withdrawals to six or fewer per period, or you’ll run afoul of the Fed’s Reg D restrictions. TCF Bank assesses a $15 for every withdrawal you make above this six-per-month limit.

Overdrafts and ATM withdrawals carry the same fee structure as most of TCF Bank’s other accounts. The overdraft fee can be reduced if you use another account for overdraft protection, and withdrawals from ATMs in the domestic TCF Bank network are free of charge.

How to get TCF Bank’s money market accounts

You can open a TCF Bank money market account online. Or, you can call or visit a local branch to complete the process. For additional information, contact the bank’s customer service team.

You can use the same personal and financial information you provided to open a checking or savings account to open a TCF Bank money market account. For example, you’ll need to provide important information including your Social Security number, birth date, address and occupational information.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

magnifying glass

How TCF Bank’s money market accounts compare

TCF Bank pays interest on any balance in its money market account, but the rates are low, well below the national average and don’t approach the highest money market rates currently available elsewhere.

TCF Bank’s IRA CD rates

You can buy CDs in a TCF IRA with maturities from three months to 10 years. Rates are higher for those with a checking relationship with the bank.

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 month promotional CD - New money, in branch only

0.50%

0.50%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty: For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CD offerings in IRA accounts are identical to those in regular accounts, with the same options for maturity dates and rates. Customers with checking account relationships will benefit from slightly higher rates. The bank does offer one maturity at a promotional rate, good only for new customers who open the account in a branch.

How to get TCF Bank’s IRA rates

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow IRA CDs to be opened online. To open an IRA CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for open IRA CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birthdate, address and occupational information.

LEARN MORE Secured

on TCF Bank’s secure website

Member FDIC

magnifying glass

How TCF Bank’s IRA rates compare

TCF Bank’s regular CD rates are low, and with IRA CD rates being identical, they are also poor in comparison to other available options. The bank’s IRA CD rates are well below the national average and are no match when compared to the best IRA CD rates available. The minor bump in yields given to customers with checking account relationships is not significant.

As with TCF Bank’s regular CDs, IRA CD rates are the same for deposits of all sizes. Larger deposits won’t help you get a higher rate, but extending your maturity date will. However, the increases offered to longer maturities are minor. The biggest jump in yield comes with the same 15-month promotional CD that is offered in regular accounts, carrying the same yield as a TCF Bank 10-year relationship CD.

Overall review of TCF Bank products

TCF Bank’s branch network is geographically limited to the upper Midwest, Arizona and Colorado. However, the bank offers some compelling account options. Rates across all products are extremely low. Checking options are a bit limited, but it’s easy to get a standard account with no fees. High-service checking and money market accounts are also available, with fee waivers for larger account holders. For those just starting out, there are student checking and saving options as well. However, these accounts don’t share the higher interest payouts offered by the bank’s CDs. Overall, the bank has standout options in some account categories, but not in all of them.

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.

John Csiszar
John Csiszar |

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

TAGS:

Advertiser Disclosure

Reviews

HSBC Bank Reviews: Checking, 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 Established2004
Total Assets$180.0B
LEARN MORE on HSBC’s secure website

As one of the world’s largest financial organizations, HSBC Bank has more than 3,900 offices around the globe, including the U.S. It was founded in 1865, financing trade between Asia and other countries. The bank serves more than 38 million customers worldwide.

HSBC Bank offers a wide range of products and services including bank accounts, loans and investment products. This review will focus on their checking, savings and CD accounts.

HSBC’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

HSBC Online HSBC Everyday Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.95%

CD Rates

HSBC 12 Month Online CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.10%

CD Rates

HSBC 36 Month Online CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.15%

CD Rates

HSBC 48 Month Online CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

HSBC Bank’s checking account options

HSBC Advance

Offers some free perks, but comes with an abysmal rate.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month on U.S. ATMs outside New York state
  • Overdraft fee: None

This checking account is meant for those who want to earn a bit of interest – and we mean “a bit”. You will also be paying a $25 monthly maintenance fee unless you either keep a minimum of $10,000 in combined HSBC Bank account balances or have a recurring direct deposit of at least $5,000.

Perks you get with this account include no ATM fees, free HSBC Advance checks (select styles), and access to Advance relationship benefits. This includes various discounts and the option to apply for a rewards credit card with no annual fee.

How to get the HSBC Advance account

To open an HSBC Advance account, fill out an application form online. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. Then you can fund your account.

You can also open an account by calling the bank or stopping in at a local branch.

LEARN MORE Secured

on HSBC’s secure website

HSBC Premier

The account that takes advantage of all of HSBC Bank’s services.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $50 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

While the interest rate paid on these balances aren’t anything to write home about, this checking account does offer services for those who plan on making a lot of international transactions and have a number of accounts across HSBC Bank.

For one, there are no ATM fees or foreign transaction fees when using your debit card. Account holders also get their best rates for HSBC Bank’s money market accounts and mortgages. You’re also paired with a relationship manager who will help you with emergency financial support and priority service wherever you are. You also have the ability to link all eligible worldwide HSBC Bank accounts and make transfers between them.

To waive the monthly maintenance fee, you’ll need to keep a minimum of $100,000 across any qualifying accounts in the U.S.

How to get the HSBC Premier account

To open an account, you can fill out an application form on HSBC Bank’s website. You’ll need to provide your personal details such as name, address, Social Security number and government-issued identification. Afterwards you’ll need to fund the account.

You can also open an account in person or by calling customer service.

LEARN MORE Secured

on HSBC’s secure website

Basic Banking

When a basic checking account is all you want.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $3
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This account is best for those who are looking for a no-frills checking account with no minimum balance amount. The monthly maintenance fee includes free e-statements, a Mastercard debit card, online banking and bill pay. Unfortunately, this account isn’t interest-bearing, nor can you waive the maintenance fee like at other online banks.

Another important aspect to note is that you only get the first eight checks or withdrawal slips you write for free. Exceed that limit in a month and and you’ll be paying $0.35 for each check or withdrawal you make. Keep in mind that this limit doesn’t apply to bill pay, ATM withdrawals or for Illinois residents

How to get a Basic Checking account

You can open a Basic Checking account by filling out an online application form. You must be at least 18 years of age, have a Social Security number, currently have a U.S. residential address and have had U.S. residency for the past three years to apply for an account online. If you do not have a Social Security number or have a military address, you will need to contact customer service. You’ll also need a government-issued ID.

Alternatively, you can call customer service or open an account in person at your local branch.

LEARN MORE Secured

on HSBC’s secure website

Choice Checking

A step above the basic checking account with the ability to waive the monthly maintenance fee.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

The Choice Checking account is a great option for those who intend to use the account for regular transactions. This account isn’t interest-bearing, but you can waive the maintenance fee like at other online banks. To waive the monthly maintenance fee, you’ll need to either set up a recurring direct deposit from an outside institution or maintain a total combined account balance of at least $1,500.

Aside from free online banking, mobile banking, a Mastercard debit card and bill pay, there are no limits on transactions as with the Basic Checking account.

How to get the Choice Checking account

Head over to the HSBC Bank website and fill out an application form. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. You’ll then be able to fund your account.

Otherwise, you can open an account in person or by calling the bank.

LEARN MORE Secured

on HSBC’s secure website

magnifying glass

How HSBC Bank’s checking accounts compare

Despite the range of services available with HSBC Bank’s checking accounts, the interest rates paid on balances fall way short when compared to some of the best offerings out there. Other competitors offer much higher rates on checking accounts and require no minimum balances. Competitors offer free checks and ATM reimbursements without socking you with hefty fees like those charged by HSBC Bank. Unless have other existing accounts with HSBC Bank or are interested in the bank’s international products, you’re better off looking elsewhere.

HSBC Bank’s savings account options

Everyday Savings

An extremely low rate even for a basic savings account.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This is HSBC Bank’s basic savings account and it really doesn’t offer any bells or whistles. You get free online banking and can avoid the monthly maintenance fee by keeping an average ledger balance of at least $500.

HSBC will charge you $0.75 per withdrawal you make over three in a month, unless you have a minimum average balance of $1,000 or more in the account. And, because this is a savings account, Federal Reserve Regulation D limits account holders to six withdrawals per month.

How to get the Everyday Savings account

To get this account, you can fill out an online application form on HSBC’s website. You’ll be asked to provide information such as your name, address, Social Security number, and government-issued ID. Then you’ll need to fund the account. You can also head to your local branch or call the customer service line.

LEARN MORE Secured

on HSBC’s secure website

Advance Savings

APY

Minimum Balance Amount

0.01%

none

0.05%

$15,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month for U.S. ATMs outside New York state
  • Overdraft fee: None

This account offers a higher rate, but only if you can qualify for the account. To be eligible, you need to already have either the HSBC Advance Savings account or the HSBC Premier checking account.

This savings account is also part of the HSBC Advance relationship program, which has features such as ATM refunds, preferred rates and more. To stay in the program, you need to have at least $10,000 across your qualifying HSBC Bank accounts or have at least $5,000 in direct deposits each month. If you no longer have either the HSBC Advance or Premier checking account, your account could be converted to the Everyday Savings account without notice.

As with all savings accounts, Federal Reserve Regulation D mandates that account holders are limited to six withdrawals a month. HSBC Bank does not charge an excess withdrawal fee for this account, however, once the account has violated the Regulation D limits, HSBC will notify you and may convert the account to a transaction type account or close the account.

How to get the Advance Savings account

To get this account, you’ll need to first enroll in the HSBC Advance program. To do so, you can head over to their online application form and open an HSBC Advance checking account. If you already have one, simply log into your account online and you can begin the application process there.

Otherwise, you can also head to your local branch to open an account or by calling customer service.

LEARN MORE Secured

on HSBC’s secure website

Premier Savings

APY

Minimum Balance Amount

0.01%

none

0.10%

$25,000

0.15%

$100,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

To be sure, these are much better rates compared to the other two savings accounts, but you can only qualify for them if you start an HSBC Premier relationship. This means you’ll need to have an Premier checking account and keep at least $100,000 in qualifying HSBC Bank accounts. Unless you intend on keeping a lot of money with HSBC Bank, you might want to look at other options.

However, if you’re looking for a comprehensive banking solution, this could be a great choice.

How to get Premier Savings account

You can open an account in person, by calling the bank. You can also do so online by first opening a Premier checking account. If you’re an existing Premier checking account holder, simply log into your account online and you can begin the application process there.

LEARN MORE Secured

on HSBC’s secure website

magnifying glass

How HSBC Bank’s savings accounts compare

HSBC Bank requires relatively high minimums for their best rates. Yet these rates are minuscule compared to what other competitors are currently offering on savings accounts and many don’t even offer limited ATM access.

All this said, you’re better off looking elsewhere.

HSBC Bank’s CD rates

Direct CD

Term

APY

New Customers Only

6 months

0.75%

12 months

0.95%

24 months

1.30%

Existing Customers Only

9 months

0.01%

18 months

0.05%

36 months

0.10%

48 months

0.15%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Up to 369 days – 30 days simple interest
    • 370 to 733 days – 90 days simple interest
    • 734 days and greater – 180 days simple interest

This is a fixed rate CD. Interest is compounded daily and credited either monthly, quarterly or semi-annually. If your CD term is a year or less, interest will be credited at maturity.

HSBC’s rates and terms differ depending on whether you’re a new customer or an existing customer.

If you don’t have your CD set to automatically renew, you’ll receive a notice before your maturity date. Once it matures, you’ll have a 10-day grace period in which to decide what to do. Otherwise, it’ll either automatically renew or remain in the account – you won’t earn any interest – until you inform HSBC Bank what you want to do.

How to get HSBC Bank’s Certificates of Deposit

You can open a CD account by filling out an online application form. You’ll need to enter in personal details such as your name, address and Social Security number. Then you’ll need to fund the account.

LEARN MORE Secured

on HSBC’s secure website

magnifying glass

How HSBC Bank’s CD rates compare

HSBC’s CDs are similar to its other retail banking products, with lower than average interest rates. Even the promotional rates for new customer fall short of their online counterparts’ CD rates and other banks and credit unions also offer a wider range of terms. Even though HSBC Bank does offer a lower minimum deposit amount, you’re still better off looking elsewhere.

Overall review of HSBC Bank’s banking products

One of the only advantages we can really come up with for HSBC Bank is it offers a way to transfer between international accounts and no transaction fees for their debit card for certain accounts. Otherwise, there really isn’t much else to differentiate it. Their banking products offer really low rates and minimal features, unless you’re willing to keep a large chunk of cash with the bank.

In short, if you’re looking to park your savings in a checking, savings or CD account, look for better rates 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.

Sarah Li Cain
Sarah Li Cain |

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

TAGS:

Advertiser Disclosure

Reviews

TIAA Bank Reviews: Checking, Savings, CD, Money Market, and IRA 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 Established1998
Total Assets$33.9B
LEARN MORE on TIAA Bank’s secure website

TIAA Bank is representative of the changes in the financial services industry over the past decade. Founded more than 20 years ago as EverBank, it was acquired in 2017 by TIAA, formerly TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund). TIAA’s roots date back to 1918 and a $1 million endowment from the Carnegie Foundation. It has now grown into a Fortune 100 financial services company.

Products and services offered include banking products, personal and commercial investment accounts. The organization prides itself in engaging in corporate social responsibility practices, such as investing in companies that engage in sound agricultural practices and social impact for underserved populations.

TIAA Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.61%

Savings

TIAA Bank Basic Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.25%

CD Rates

TIAA Bank 1 Year CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.55%

CD Rates

TIAA Bank 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.80%

CD Rates

TIAA Bank 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TIAA Bank’s checking account oaptions

Yield Pledge® Checking

Offers one of the highest APYs out there, but only as an introductory rate and with a hefty minimum opening deposit.

APY

Minimum Balance Amount

1.21% (intro rate)*

None, maximum $250,000

0.25%

none

0.46%

$10,000

0.61%

$25,000

0.71%

$100,000

*Introductory rate for first time checking account holders for the first 12 months after account opening
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank offers some pretty competitive rates and minimal fees as well, but requires a $5,000 minimum balance in return. If you’re into earning some interest, this account is a step up from a basic checking account. The introductory rate offered to new account holders is pretty attractive, and after the initial 12 months, the rates are still fairly competitive, though you’ll need a higher minimum balance account to get those rates. For existing TIAA Bank customers, you’ll need to fund a new account with money from an external account in order to be eligible for the intro rate.

TIAA Bank does offer a Yield Pledge promise: That your checking account will remain in the top 5% of other competitor accounts — the 10 biggest banks in the top 10 largest banking markets — to encourage you to keep banking with them even after the introductory APY is gone.

Like other TIAA Bank checking accounts, you get access to free bill pay, mobile banking and a free Visa debit card. You also get your first 20 checks for free. Although you do get ATM fees reimbursed, using your debit card at any Allpoint (43,000 locations) or MoneyPass ATMs (around 24,000 locations) won’t incur an initial fee.

How to get TIAA Bank’s Yield Pledge checking account

Opening a checking account is possible in as little as five minutes using TIAA Bank’s online application form. You’ll need to select “Yield Pledge Checking” under the “Basic Accounts” section. You’ll then be asked to fill in your personal details such as name, citizenship status, address and employment information. TIAA Bank will also ask you to create a security code – a combination of letters and letters or a phrase – as a extra layer of security when contacting its customer service.

Once you agree to their terms and review your information, you’ll need to fund your account which can you do by online transfer, mobile deposit or via mail. Alternatively, you can also call customer service.

LEARN MORE Secured

on TIAA Bank’s secure website

Basic Checking

Requires a low monthly minimum balance amount to avoid fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (free for New York residents)
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank’s basic checking account is great for those who want a low cost or free option. For New York residents, there isn’t any account minimum and no monthly maintenance fee. Those living outside of the Empire state only need to meet the monthly minimum balance of $25, which is one of the lowest out there.

While the account doesn’t earn you any interest, this basic checking account doesn’t charge any ATM fees. If you can meet the $5,000 average daily balance, you could save even more because TIAA Bank reimburses all ATM fees other banks charge. Account holders also get a Visa debit card and 20 checks for free.

Otherwise, you’re looking at what the name says, a basic checking account. You could link this to a TIAA Bank savings account or line of credit for overdraft protection, and it won’t cost you a dime in transfer fees if money does get transferred.

How to get TIAA Bank’s Basic checking account

You can open a basic checking account online in as little as five minutes. Head over to their online application page and select “Basic Checking” under the heading “Basic Accounts.” Then you’ll be asked to provide your personal details such as name, address, citizenship status and employment information. You’ll also need to create a security code, which can be a phrase or a combination of number and letters that acts as an extra layer of security to verify your identity whenever you need to call TIAA Bank. Once you review your information and accept the terms and disclosures, you’ll need to fund your account. Otherwise, you can also call customer service.

LEARN MORE Secured

on TIAA Bank’s secure website

magnifying glass

How TIAA Bank’s checking accounts compare

Both checking accounts offer low fees and many free features offered by other banks. The Yield Pledge account touts one of the highest APYs out there and with its Yield Pledge promise, still offers competitive rates even if you aren’t eligible for the introductory APY. Like many of its competitors, TIAA Bank doesn’t charge ATM fees and even offers reimbursements.

Still, one of the downsides of the Yield Pledge checking account is that you need a higher minimum deposit amount. At $5,000, it’s among one of the highest compared to our list of the current best checking accounts. Since the Basic Checking account doesn’t earn any interest — while other online banks feature interest-bearing accounts and with no minimum deposits — you’re better off looking elsewhere if you want one that allows a low balance amount.

TIAA Bank’s savings account options

Basic savings account

A simple savings account with no ATM fees and refunds.

APY

Minimum Balance Amount

0.61%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

Just like the Basic checking account, the Basic Savings account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, you’re at an advantage as there isn’t a minimum opening deposit. They’re also exempt from the $5 monthly maintenance fee; Account holders in other states can get the fee waived to if they maintain a $25 average daily balance.

Because it is a savings account, there are limits on how many withdrawals you can make each month. Federal Reserve Regulation D states that account holders can make a maximum of six withdrawals per month. TIAA Bank will charge you $10 for each withdrawal beyond six each month. If you exceed the threshold for several months, TIAA may convert it to a checking account.

This account is also great for those who want overdraft protection for their TIAA Bank checking account. Since there isn’t a fee for transfers (unless you make excessive transactions), it’s a great cost effective solution.

How to get TIAA Bank’s Basic Savings account

You can complete an application form on TIAA Bank’s website in as little as five minutes. Once there, you’ll need to pick “Basic Savings” under the category “Basic Accounts.” From there, you’ll need to provide information such as your name, citizenship status, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you fill in all required information, agree to the terms and confirm all details are correct, you’ll need to fund your account. That can be done either by mailing a check, via mobile deposit or online transfer. You can also call customer service to open an account.

LEARN MORE Secured

on TIAA Bank’s secure website

magnifying glass

How TIAA Bank’s savings accounts compare

In terms of the minimum account balance, TIAA Bank has one of the lowest among other online competitors. Even the monthly maintenance fee is relatively low and it’s easily waived with a low minimum balance amount. While other competitors do offer some ATM access, many don’t offer out-of-network refunds like TIAA Bank does.

In terms of rates, though, TIAA Bank falls a bit short of its rivals. If all you’re concerned about is parking your funds somewhere and finding the best APY, then it’s a better idea to look at other banks. To find higher-paying alternatives, check out our list of the current best rates for savings accounts.

TIAA Bank’s CD rates

Basic CDs

Great rates, but features some hefty early withdrawal penalties.

Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

The Basic CD is a fixed rate CD that features some pretty competitive rates and is best for those looking for an account that guarantees a rate of return over a predetermined period of time. Interest is compounded daily and credited monthly to your account. There is a choice of whether to have interest earned sent to your TIAA Bank money market or checking account, or remain in your CD account.

You’ll get a notice 20 days before your account matures to decide what to do. When the CD does mature, you’ll have a 10-day grace period in which to withdraw, add funds or renew for another term. Otherwise, your account will automatically be renewed for the same term at the current rate.

How to get TIAA Bank’s Basic CDs

Other than calling customer service, you can complete an application in as little as five minutes online. Just head over to their online application form and select “Basic CD” option under the category “Basic accounts.” Then you’ll be asked to fill in your personal details such as name, address, employment information and citizenship information. You’ll also need to create a security code – a combination of letters and numbers or a phrase – meant as a way to further verify your identity when contacting customer service.

After confirming entered information and agreeing to the terms, you’ll then fund your account either by mobile deposit, mailing a check or via online transfer.

LEARN MORE Secured

on TIAA Bank’s secure website

Bump Rate CD

Offers the option to increase your APY once during your CD term.

Term

APY

3.5 years

2.80%

  • Minimum opening deposit: $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

The Bump Rate CD offers account holders the opportunity to take advantage of possible rate increases anytime before maturity. TIAA Bank touts that customers can choose when to contact them for the rate increase (if, at all, during the 3.5-year term) but it cannot guarantee you’ll receive the best rate during your term.

To receive a rate increase, it’s up to you to monitor TIAA Bank’s website for current rates. Once you decide you want to take advantage of the rate increase, you’ll need to call 1-888-882-3837 during regular business hours to do so. You can only have one Bump Rate CD at any time and request a rate increase once. Interest is compounded daily and credited monthly. There’s the option to transfer dividends to your TIAA Bank checking or money market account or kept in the CD.

When your account matures, you have a 10 day grace period where you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed at the current APY and term as long as TIAA Bank continues to offer this product.

How to get TIAA Bank’s Bump Rate CDs

You can open a Bump Rate CD by completing an application form in as little as five minutes. Once you select to open the bump rate CD, you’ll need to enter information such as name, address, citizenship information and employment details. On the form is also an area to create a security code which is meant for security purposes when you need to verify your identity if you ever need to contact customer service later on. To create a security code, you can either use a combination of letters, numbers, both letters and numbers or write a phrase.

You can fund your account by mailing a check or via mobile deposit after confirming all details and agree to their terms and disclosures.

LEARN MORE Secured

on TIAA Bank’s secure website

Yield Pledge CD

Get guaranteed rate adjustments so that you’re getting the top 5% of yields of accounts nationwide.

Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

Although it does require a higher minimum deposit than a Basic CD, this account could be a great option if you’re after competitive rates. With TIAA Bank’s Yield Pledge program, rates for your specific CD account will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets – whenever you open, renew or roll any CD into a new Yield Pledge account.

Like the other CD products, interest is compounded daily and credited monthly, either in your CD, TIAA Bank checking or money marketing account. You’ll also get 20-days notice before account maturity, then a 10-day grace period where you can make additional deposits, withdraw your cash or renew for another term. If you do nothing your account will be automatically renewed.

How to get a TIAA Bank Yield Pledge CD

Complete an online application form in as little as five minutes to open this high yield CD. Select the product and term you want then enter in your personal details such as name, employment information and citizenship information. You’ll also need to create a security code by entering a series of numbers, letters, a combination of both or a phrase. After agreeing to the disclosures and confirming all information, you’ll need to fund your account. You can do so my mailing a check or doing so via mobile deposit.

LEARN MORE Secured

on TIAA Bank’s secure website

CDARS® Service CD

Get FDIC insurance for multi-million dollar accounts.

Term

APY

Maximum Contribution Amount

3 months

1.41%

$12.5 million

6 months

1.48%

$12.5 million

1 year

2.17%

$12.5 million

2 years

2.20%

$12.5 million

3 years

2.22%

$1 million

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY:
  • Early withdrawal penalty: Depends on length of term:
    • 13 weeks (3 months) – 90 days simple interest
    • 26 weeks (6 months) – 90 days simple interest
    • 52 weeks (1 year) – 180 days simple interest
    • 2 years – 360 days simple interest
    • 3 years – 540 days simple interest
    • 5 years – 900 days simple interest

While most of us probably won’t be depositing millions of dollars into a CD, it’s helpful to know that there is an option for those who want an FDIC-insured product above the $250,000 limit at most banks. The rates are pretty comparable to the Basic CDs, but this account is best for those who have a large chunk of cash and want a conservative investment vehicle.

Interest earned is compounded daily and credited monthly, and dividends can either be deposited into your checking or savings account. You’ll get a 20-day notice before your account matures. This type of CD won’t renew, so you’ll need to make a decision before your account matures as to where the funds should go.

This account is not as straightforward to open as the other CD accounts, so you’ll want to make sure to read the next section on how to open one.

How to get TIAA Bank’s CDARS service CDs

To open a CDARS Service CD, you’ll need to fill out an online application form. After selecting that you want to open a CDARS Service CD, you’ll need to enter your personal details such as name, address and employment information. The form will also ask you to create a security code which can be a series of numbers, letters, a combination of both or a phrase.

Once you confirm all details and agree to the disclosures, you’ll need to fund your account. How it works is that you’ll need to either send a check, make an internal account transfer or a wire transfer. There are deadlines you’ll need to meet, and each method has its own deadline. For checks, you’ll need to have check deposited by 5 p.m ET on the Friday before the account opening date, and for internal account or wire transfers, it’ll need to be completed by noon ET on the Wednesday before the account opening date.

Instead of the money being directly funded into a CDARS account, it’ll be held in a designated Yield Pledge money market account in your name until TIAA Bank officially opens the CDARS account. When that happens, the Yield Pledge money market account will be closed.

LEARN MORE Secured

on TIAA Bank’s secure website

magnifying glass

How TIAA Bank’s CD rates compare

All of TIAA Bank’s CD products offer competitive rates and a wide range of terms compared to other banks. While some of the rates are slightly lower than the top-ranked options on our list of the best CD rates, TIAA Bank offers CDs with slightly lower minimum deposits. Considering that there are also CDs that can be insured above $250,000, these CDs could be an attractive choice.

TIAA Bank’s money market accounts

Yield Pledge® money market

Minimal fees and a pretty competitive APY.

APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $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

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The Yield Pledge money market account is a great option for those who are looking for a place to store their cash with some liquidity and a competitive rate. The introductory rate is pretty attractive considering there isn’t a minimum balance amount, but it’s only available for first-time money market account holders. After the first 12 months, the APY change may not be that big of a drop depending on how much you intend on keeping in the account.

Like the other Yield Pledge accounts, the money market accounts offer the same guarantees in that the APY will give you a yield in the top 5% of competitor accounts. Even though there aren’t any ATM fees, there is a $10 excess transaction fee if you make more than six withdrawals a month, a limit set by Federal Reserve Regulation D. If you continue to exceed the limit, your account may be converted to a checking account.

How to get TIAA Bank’s Basic money market account

To open a money market account, fill out an online application form on the bank’s website. You’ll need to indicate which account you want to open and enter in your personal information such as your name, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you complete the application, you can either fund the account by mobile deposit, mailing a check or through an online transfer.

LEARN MORE Secured

on TIAA Bank’s secure website

magnifying glass

How TIAA Bank’s money market accounts compare

The introductory rate is on par with the best offerings out there, including the low minimum balance amount. As for the ongoing APYs, they’re still pretty decent, though they’re not nearly as mighty as some of the competitors on our list of the current best money market account rates. You’re also looking at higher minimum balance amounts to get higher APYs for TIAA Bank’s money market accounts. If you don’t intend on keeping a lot in the account but want competitive APY rates, you could look elsewhere.

TIAA Bank’s IRA account options

IRA CD rates

Yield Pledge® IRA CD

Get the top 5% of rates offered out there.

Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

It could be worth it to open this IRA CD even with the higher opening minimum. With the Yield Pledge program, your rate will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets. All interest earned is compounded daily and credited every month to your account.

TIAA Bank will remind you 20 days before your account matures and you’ll have a 10-day grace period in which to decide what to do. Because this is an IRA account, you may be subject to IRS penalties if you withdraw the funds before age 59.5, so make sure to do your research before making any decisions. If you do nothing, your CD will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Basic IRA CD

Offers competitive rates with a low opening deposit amount.

Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

This IRA CD is a great option for those who are looking for competitive rates and don’t want a high opening deposit amount. Interest is compounded daily and credited monthly. In addition to the early withdrawal penalties, you may also be subject penalties imposed by the IRS if you’re under 59.5 years old.

You’ll receive a notice 20 days before your account matures. Once it does, you’ll have a 10-day grace period in which to make a decision. Otherwise, your account will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Bump Rate IRA CD

Offers a one-time rate increase.

Term

APY

3.5 years

2.80%

  • Minimum opening deposit:  $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

Account holders have a chance to get a possible one-time rate increase if the APY goes up before your account matures. You’ll need to keep an eye on the rates and request the increase by calling 1-888-882-3837. Any interest you earn is compounded daily and credited into your account monthly.

You have a 10-day grace period upon account maturity and you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed if TIAA Bank continues to offer this CD.

How to get TIAA Banks’s IRA CDs

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

magnifying glass

How TIAA Bank’s IRA CD rates compare

All of TIAA Bank’s IRA CD rates are on par with some of the best offerings out there. However, some of the minimum opening deposit amounts are slightly higher compared to some of the IRA CDs on our list of the best IRA CD rates. Keep in mind the highest rates for competitors are for longer terms, so do your homework if you intend on open a CD for a short time, you can stick with TIAA Bank or do more comparison shopping.

IRA savings account

Offers a low opening deposit.

APY

Minimum Balance Amount

0.61%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

The Basic savings IRA account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, there is no minimum opening deposit nor the monthly maintenance fee. For other residents, as long as you maintain the low $25 average daily balance, you can get the fee waived.

Keep in mind that IRA accounts may be subject to limitations or penalties, especially if you’re under 59.5 years old. You’ll need to do your due diligence to ensure if you do make withdrawals, you know exactly what you’re getting into.

How to get TIAA Bank’s Basic savings IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

IRA money market account

Higher rates than the IRA savings account and with no monthly fees.

APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $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

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The money market account is a better option compared to the savings account, as long as you’re able to meet the minimum opening deposit amount. You’re still looking a higher APY than the IRA savings account even after the introductory rate is over. In addition, you get the Yield Pledge guarantee, which promises that you’ll get the top 5% of yields of competitor accounts.

How to get TIAA Bank’s money market IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

Overall review of TIAA Bank’s banking products

TIAA Bank’s products offer pretty attractive rates and low minimum opening deposits, making it accessible to many customers. Most of their products do not have ATM or monthly maintenance fees which can help account holders save some of their hard earned cash.

While there are higher rates out there, not all offer the same perks as TIAA Bank does when it comes to ATM fees and refunds. If you intend on making a lot of ATM transactions, TIAA Bank’s banking products are a great choice. Even if not, their rates are worth sticking around for.

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.

Sarah Li Cain
Sarah Li Cain |

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

TAGS:

Advertiser Disclosure

Reviews

Suncoast Credit Union Review of Checking, Savings, CD, Money Market and IRA 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 Established1978
Total Assets$9.1B
LEARN MORE on Suncoast Credit Union’s secure website

Suncoast Credit Union is a regional credit union based in Florida. As a credit union, you have to become a Suncoast member to gain access to the bank’s accounts. Membership is open to anyone who lives, works, worships or attends school in any of the 21 Florida counties where Suncoast Credit Union operates.

Suncoast Credit Union offers standard account options, ranging from checking and savings to money market and IRA accounts. As a community-oriented credit union, it offers its members a wide variety of membership perks and discounts. You can also benefit from a number of freebies when you become a member and open any type of account.

Here’s a closer look at Suncoast Credit Union's product line, with information on rates and how to open various accounts.

Suncoast Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Suncoast Credit Union Regular Share Membership

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.30%

CD Rates

Suncoast Credit Union 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.10%

CD Rates

Suncoast Credit Union 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.60%

CD Rates

Suncoast Credit Union 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Suncoast Credit Union’s checking account options

Suncoast Smart Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit:$25
  • Monthly account maintenance fee: $0
  • ATM fee: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund: None.
  • Overdraft fee: $0; $29 with Courtesy Pay

Unlike many basic checking accounts at other banks, Suncoast Credit Union’s Smart Checking pays interest, on top of numerous other features. The Smart Checking account has a low opening deposit, no monthly service fee, and a vast network of ATMs that members can use to take free cash withdrawals.

On top of these basics, the Smart Checking account comes with numerous free benefits that apply to all Suncoast Credit Union checking accounts, including the following:

  • Free online banking, bill pay and mobile banking
  • Direct deposit and payroll deduction
  • Free images of cleared checks for 90 days
  • Free eStatements and combined account statements (also available in Spanish)
  • Visa Account Updater, which automatically updates your cardholder data with merchants when your information changes

The account also comes with the Suncoast Rewards Debit Card, which is a free debit card that provides both personal and community rewards. The card earns one point for every $3 spent that can be used to to purchase travel or merchandise. Users also get discounts at participating BP gas stations. With every purchase, the credit union also donates two cents to the Suncoast Credit Union Foundation, which provides aid to children in local communities.

All of Suncoast credit union’s checking accounts, including Smart Checking, offer overdraft protection. You’ll need to link up a Suncoast Credit Union savings or money market account to benefit from this service, but the bank will then automatically transfer enough money to cover the overdraft in your checking account. Unlike most institutions, Suncoast Credit Union doesn’t charge any fees for this service. If you don’t link a backup account to cover your overdrafts, you can still sign up for the credit union’s Courtesy Pay service, which will pay any drafts that would normally overdraw your account. For this service, you’ll pay a $29 fee for every day that you are overdrawn, but you will avoid having any of your payments declined.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Smart Start Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit: $25
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay
The Smart Start Checking account is intended for customers who may have trouble qualifying for more traditional checking accounts. Suncoast Credit Union’s Smart Start Checking account is otherwise identical to the credit union’s Smart Checking account. Smart Start comes with all the freebies associated with the Smart Checking account, from the free overdraft protection with linked Suncoast Credit Union savings or money market account to the free debit rewards card. Even the interest rate is the same for any deposited amount.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Teen Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit: $5
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay

The Suncoast Teen Checking account has lower minimums, but otherwise operates like the other Suncoast Credit Union checking accounts. Interest rates earned are still the same, and Teen Checking accounts come with the same benefits, such as online and mobile access, no maintenance fees and a free debit rewards card.

How to open Suncoast Credit Union’s checking accounts

To open a Suncoast Credit Union account, you must first be a member of the credit union. The overall process to apply online takes about 10 minutes. You’ll be asked to provide certain personal and financial information, including a U.S. government-issued ID, your Social Security number and a debit or credit card number to fund your account. If you’re applying for a joint account, you’ll have to provide the same information for the second applicant.

Once you begin the application process, you’ll be required to open a regular savings account, which is known as the Regular Share Membership at Suncoast Credit Union. You can also add additional accounts as you complete your application. Once you consent to various disclosures, your account will be opened.

Since Suncoast Credit Union is only based in Florida, you’ll have to be based in the region if you want to walk in and open an account in a physical branch. If you ever need assistance, you can call the Member Care Center.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

magnifying glass

How Suncoast Credit Union’s checking accounts compare

Suncoast Credit Union’s checking accounts all pay interest, but the rates are low, and none can compete with the top online checking accounts in terms of interest rates. However, all of the credit union’s checking accounts have no monthly maintenance fees, without requiring minimum balances like with many other banks. The credit union also has extensive free ATM access through the CO-OP network.

An interesting benefit offered by the credit union is access to a no-fee rewards program. That program, coupled with no-cost overdraft protection, help offset the low rates of interest paid by the checking accounts.

As a regional credit union, Suncoast doesn’t have an extensive branch network, but it is an active supporter of the local communities in which it operates.

Suncoast Credit Union’s savings account options

Suncoast Regular Share Membership

APY

Minimum Opening Deposit

0.15%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay
This basic savings account is a good companion to a Suncoast Credit Union checking account; in fact, it is a requirement that new customers open a Regular Share account if they want to open a checking account. The savings account pays interest and can be used as a source for overdraft protection funds for a checking account, all with no fee. The minimum balance to both open an account and to earn interest is low.
As a savings account, the Regular Share Membership falls under the Regulation D restrictions put in place by the Federal Reserve. This regulation limits withdrawals from savings accounts to six per month. If you exceed this requirement, Suncoast Credit Union will assess an excess activity fee.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Suncoast Special Share (Savings)

APY

Minimum Opening Deposit

0.15%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  none
  • Overdraft fee:$0; $29 with Courtesy Pay
Suncoast Credit Union’s Special Share account is essentially just a secondary savings account. Once you open your Regular Share Membership, you can have as many Special Share accounts as you’d like. Some members choose to open additional accounts for specific savings goals, such as buying a house or saving for college costs. The Special Share account has a lower opening deposit requirement than the Regular Share Membership, but beyond that, the two accounts are essentially identical. They pay the same interest rate, offer the same ATM and overdraft fee structure, and neither has a monthly maintenance fee.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Suncoast Uniform Transfer to Minors (Custodial) Account

APY

Minimum Balance Amount

0.15%

$0.00 - $999.99

0.50%

$1,000.00+

Suncoast Credit Union offers a custodial account for minors that can be opened as a checking, savings, money market or certificate account for those under age 18. For the most part, rates are the same as standard offerings in those categories. However, the bank does pay an enhanced interest rate for custodial savings deposits of at least $1,000.

How to open Suncoast Credit Union’s savings accounts

You can open a Suncoast Credit Union savings account online in the same manner as if you were opening a checking account. You’ll have to be connected to one of the 21 Florida counties in which Suncoast Credit Union operates, and you’ll have to provide the same basic personal and financial information, such as your Social Security number. After agreeing to disclosures and providing funding information, you’ll be able to open your account.

If you prefer opening an account in person, you’re welcome to visit any Suncoast Credit Union branch. Remember that this credit union is only based in the 21 Florida counties, however, so this is only a realistic option for customers in those areas. For additional assistance, or if you have any questions before you apply, you can contact the Member Care Center.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

magnifying glass

How Suncoast Credit Union’s savings accounts compare

Although the Suncoast Regular Share and Special Share savings accounts pay interest, the rate is well below the national average. Rates do not vary based on size of deposit, so there’s no benefit in terms of interest to make larger deposits. The one bright spot in the credit union’s interest-rate structure is for custodial savings accounts opened with at least $1,000. However, even with the bonus interest rate paid on that account, you can find much higher savings rates at top online banks.

Suncoast Credit Union’s savings accounts do have low fees and minimums, and they can be used as backup accounts under the credit union’s no-cost overdraft protection program.

Suncoast Credit Union’s CD rates

Term

APY

Minimum Deposit

6 months

1.10%

$500

12 months

1.30%

$500

18 months

2.25%

$500

24 months

1.80%

$500

36 months

2.10%

$500

48 months

2.35%

$500

60 months

2.60%

$500

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers CDs in limited maturities known as Share Certificates. The credit union offers CDs between six and 60 months in duration. Rates increase as the term lengthens. Dividends are compounded daily and credited monthly.

If you need to withdraw money from your CD before it matures, Suncoast Credit Union will assess an early withdrawal penalty that will cost you some of your interest.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Smart Start Certificate

Term

APY

12 months

1.30%

  • Minimum opening deposit: $50, with ongoing monthly contributions of at least $40
  • Monthly account maintenance fee: $50
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers a special contribution structure, with lower minimums, on a so-called “Smart Start Certificate.” With this CD, minimums are dropped significantly; however, ongoing contributions are required. Essentially, the Smart Start Certificate offers a way for investors to buy into a Suncoast Credit Union CD for the regular minimum, but with that investment spread out over 12 months. The rate is the same as on a standard 12-month CD

How to get Suncoast Credit Union’s CDs

Suncoast Credit Union offers a number of convenient ways to buy CDs. Once you’re a member, you can open a new certificate by phone simply by calling the Member Service Center.

You can also send a secure email through SunNet Online Banking. If emailing, you can buy a CD simply by indicating the term you’d like to buy and the account number which is the source of your funds. You’ll also have to indicate whether you want the dividends reinvested or simply deposited to another account.

Lastly, you can go into any Suncoast Credit Union branch, if you’re in Florida, to open a CD account.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

magnifying glass

How Suncoast Credit Union’s CD rates compare

Across the board, Suncoast Credit Union’s CD rates are higher than the national average. Although rates aren’t among the very best CD rates you can find, they are still good rates.

Suncoast Credit Union’s CD rates are not tiered, so larger contributions won’t earn you any additional interest. There also aren’t any current promotional rates paying higher interest. As with most institutions, the best way to get the highest rates is to open CDs with the longest maturities.

Suncoast Credit Union’s money market account options

Suncoast Money Market Account

APY

Minimum Balance Amount

0.15%

$0.00 - $999.99

0.35%

$1,000.00 - $24,999.99

0.35%

$25,000.00 - $49,999.99

0.45%

$50,000.00 - $99.999.99

0.60%

$100,000 and greater

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01; $50,000+ for highest rates
  • Monthly account maintenance fee:. $0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refunds: None.
  • Overdraft fees: $0; $29 with Courtesy Pay

Suncoast Credit Union’s Money Market account has a modest opening deposit and no monthly account fees. Once the account is open, there’s no required minimum balance to earn interest. However, higher rates are paid on larger balances.

You can use the money market account as a source of funds for your checking account to prevent overdrafts. This service comes free of charge to Suncoast Credit Union members. If you choose not to link up your money market account, the bank will pay your overdrafts if you sign up for the Courtesy Pay service, but you’ll pay fees.

As with the credit union’s savings accounts, you’ll have to limit your withdrawals, checks or transfers out to six per month with the money market account. This is a federal restriction that applies to accounts in financial institutions nationwide. Suncoast Credit Union will assess an excess activity fee and if you exceed this maximum.

How to get Suncoast Credit Union’s money market accounts

Suncoast Credit Union considers its money market accounts to be part of its savings account family. Thus, the process for opening a Suncoast Credit Union money market account is the same as with opening a savings account.

Once you’re a member, you can open a money market account with the same basic personal and financial information you had to provide for checking or savings accounts. Click through the requisite disclosures, indicate how you’ll fund your account and you’ll have a new money market account.

As with other accounts at Suncoast Credit Union, you can visit a branch to speak with someone in person. Check the website for the closest branch. Remember that Suncoast Credit Union only operates in 21 Florida counties. The Member Care Center can also assist you.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

magnifying glass

How Suncoast Credit Union’s money market accounts compare

Money market rates at Suncoast Credit Union run above average on deposits above $1,000. At the highest tier, rates are significantly above average. However, they still don’t approach the highest available rates that other insitutions offer on money market accounts.

With only one money market account, Suncoast Credit Union doesn’t offer higher-service or higher-rate accounts like some other institutions do. However, the account has no maintenance fee and can be used for the credit union’s free overdraft program.

Suncoast Credit Union’s IRA CD rates

Term

APY

Minimum Deposit

6 months

1.10%

$500

12 months

1.30%

$500

18 months

2.25%

$500

24 months

1.80%

$500

36 months

2.10%

$500

48 months

2.35%

$500

60 months

2.60%

$500

  • Minimum opening deposit:  $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers CDs with maturities from six months to 60 months in its IRAs. These investments are called share certificates. IRA CDs at Suncoast Credit Union come in the same maturities and pay the same rates as the credit union’s standard, non-IRA CDs. Dividends are compounded daily and credited monthly.

If you take money out of a Suncoast Credit Union IRA CD before it matures, you’ll owe an early withdrawal penalty that can cost a considerable amount of your interest.

How to get Suncoast Credit Union’s IRA CDs

You can open Suncoast Credit Union’s IRA CDs in one of three ways, just like with its non-IRA CDs. As a member, you can call the Member Service Center to open a CD, or you can send a secure email through SunNet Online Banking.

The secure email option is an unusual benefit that most other financial institutions don’t offer. Simply choose the term of the share certificate you’d like, indicate your source of funds, and let the credit union know whether you want to reinvest your dividends or have them paid out.

A final option is to visit a Suncoast Credit Union branch in person.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

magnifying glass

How Suncoast Credit Union’s IRA CD rates compare

Suncoast Credit Union’s IRA CD rates are the same as its standard rates, which means they are good. You won’t find Suncoast Credit Union’s IRA CD rates on the lists of the best IRA CD rates, but they are above national averages.

Nationwide, rates for the best IRA CDs are lower than the top rates for non-IRA CDs; since Suncoast Credit Union’s rates are the same for both types of accounts, the credit union improves by comparison when its IRA rates are put up against the best available IRA CD rates.

Overall review of Suncoast Credit Union’s products

Suncoast Credit Union is geographically limited to 21 counties in Florida. Potential customers must have an attachment to the region in order to become members and enjoy the credit union’s benefits.

Suncoast Credit Union offers attractive options across a wide range of accounts, from checking and savings to money market and CD accounts. Rates for checking and savings accounts are low, but the offerings improve with the credit union’s money market and CD options.

The credit union scores points for having low fees, with none of its standard accounts charging a monthly maintenance fee. Overdraft protection comes without charge across the credit union’s accounts when linked to a Suncoast Credit Union savings or money market account. Suncoast Credit Union also has a rewards program that allows customers to earn points for purchases and trigger donations to local communities.

Although Suncoast Credit Union can’t be all things to all customers, thanks to its regional focus and somewhat limited account roster, it does many things quite well.

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.

John Csiszar
John Csiszar |

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

TAGS:

Advertiser Disclosure

Reviews

Synchrony Bank Review: CD, Savings Account, Money Market, and IRA 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 Established1988
Total Assets$79.6B
Synchrony Bank is a relative newcomer to the banking scene, having opened up right around the same time as the World Wide Web was being developed in the late 1980s. Today, it’s one of the largest online-only banks around, offering a range of products including high-interest savings accounts, CDs, money market accounts, and IRAs.

Big banks can have notoriously high fees and low rates, so since Synchrony is a smaller, online bank, we put them to the test. In general, they offered very high rates on their savings and CD accounts, but their money market accounts are a little behind in the rate department. Read on to find out the specific details. This will help you decide whether or not this bank is right for you.
Synchrony Bank’s Most Popular Accounts

APY

Account Type

Account Name

3.00%

CD Rates

Synchrony Bank 60 Month CD

on Synchrony Bank’s secure website

2.70%

CD Rates

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.45%

CD Rates

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

1.85%

Savings

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

Synchrony Bank CD rates

You might need a higher-than-average minimum deposit for these CDs, but you’ll earn a very good interest rate.

Term

APY

3-months

0.75%

6-months

1.00%

9-months

1.25%

12-months

2.45%

13-months

2.65%

18-months

2.55%

24-months

2.65%

36-months

2.70%

48-months

2.80%

60-months

3.00%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty:
    • For CDs of 12 months or less, you’ll pay 90 days’ worth of interest
    • For CDs of between 12 months up to 48 months, you’ll pay 180 days’ worth of interest
    • For CDs over 48 months, you’ll pay 365 days’ worth of interest

You’ll need to come to the table with a fairly hefty minimum deposit of $2,000 to open a CD at Synchrony. But, once you have it, this bank offers a fair amount of flexibility in how you are paid your dividends. You can elect to roll them over in the CD account, or have them paid out to you directly in the form of a check or an electronic deposit into another Synchrony, or other external, bank account.

Once your CD completes its term, you also have a few options. Your CD will automatically roll over into another CD of the same term length, but you’ll get a 10-day grace period to make any changes. During this grace period, you can withdraw the cash, add more cash, and/or open up a new CD with a different term length.

How to open a CD account with Synchrony

You can easily open up a CD account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

magnifying glass

How Synchrony Bank’s CD rates compare

While Synchrony doesn’t currently offer the highest rates, they’re still consistently among the top of the pack for the current highest CD rates. Specifically, their 12-month and 60-month CDs are among some of the best offerings out there right now.

The early-withdrawal penalties at Synchrony Bank are also right on par with many of their competitors. You can rest assured that you won’t be paying inordinately high fees should you need to withdraw your cash early.

Synchrony Bank savings account

Synchrony charges no fees and offers a very high interest rate to boot.

APY

Minimum Balance Amount

1.85%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

This is one of the most accessible high-interest savings accounts for people looking for low fees and low minimum balance requirements. While most banks charge an overdraft fee if you overdraw your account, Synchrony Bank does something different: They may not honor the withdrawal, meaning that you won’t incur an overdraft fee.

Watch out, though: you’re limited to six withdrawals and transfers per month as per Federal Regulation D (not including ATM withdrawals). If you go over that amount, Synchrony Bank reserves the right to close your account for you for “misuse.”

How to open a savings account with Synchrony

You can easily open up a savings account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license. Finally, by signing up for an account, you authorize Synchrony to run your application through ChexSystems, which checks to see if you have any negative standings with other financial institutions.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

magnifying glass

How Synchrony Bank’s savings account compares

Synchrony currently has one of the best online savings accounts. For people looking for a no-minimum-balance account, or those looking to grow a small savings account balance into a larger one, you can’t go wrong with this account.

Synchrony Bank money market account

Synchrony’s money market account doesn’t offer very high interest rates, but does give you the power to write checks.

APY

Minimum Balance Amount

1.15%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony Bank will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

Money market accounts technically work a little differently than savings accounts. But for you, the consumer, Synchrony Bank’s money market and savings accounts essentially operate the same way. One big difference is that the money market account offers a lower interest rate than their savings account. One other important difference is that you can actually request and write checks using your money market account, whereas the savings account doesn’t come with this option.

Otherwise, you can still expect the same withdrawal limits dictated by Federal Regulation D. You’re stuck with six transactions (minus ATM withdrawals) per month, lest the bank close your account for “misuse.” You’ll also incur few, if any, fees with this account. Given that these two accounts are so similar, we recommend going with the regular savings account, because that one offers a truly exceptional interest rate with the same terms of this money market account.

How to get Synchrony Bank’s money market account

You can easily open up a money market account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

magnifying glass

How Synchrony’s money market account compares

Synchrony Bank offers exceptional rates on their savings accounts and CDs. However, their money market account is a little underwhelming in the interest rate department. If you’re looking for the best money market account rates, you can easily find better accounts at other banks and credit unions.

However, Synchrony Bank still does stand out in the fee department. This account — like Synchrony’s savings account — comes with very little fees attached.

Synchrony Bank IRA rates

These IRA CDs are virtually identical to Synchrony’s regular CDs — and still, the fairly high minimum deposit requirements may exclude some savers.

Term

APY

3-months

0.75%

6-months

1.00%

9-months

1.25%

12-months

2.45%

18-months

2.55%

24-months

2.65%

36-months

2.70%

48-months

2.80%

60-months

3.00%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty:
    • For CDs of 12 months or less, you’ll pay 90 days’ worth of interest
    • For CDs of between 12 months up to 48 months, you’ll pay 180 days’ worth of interest
    • For CDs over 48 months, you’ll pay 365 days’ worth of interest

These IRA CDs work just like Synchrony Bank’s regular CDs, with one exception: they play by the rules of IRA accounts. That means you can open them up within a Roth or traditional IRA, complete with all of the rules governing these two accounts.

Just like Synchrony’s regular CDs, these IRA CDs come with some fairly high minimum deposit requirements. This will exclude some people who can’t come to the table with a full $2,000 — but for those folks, Synchrony Bank has another option: the IRA money market account (discussed below).

If you need to withdraw your money early (if you decide to move it to another company to invest in the stock market, for example), you’ll still face an early withdrawal penalty. However, if you are at the age where you need to take required minimum distributions from CD money held in a traditional IRA, Synchrony Bank will waive the early withdrawal penalty.

How to open an IRA CD with Synchrony

You can easily open up an IRA CD account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

magnifying glass

How Synchrony Bank’s IRA CD rates compare

Synchrony’s IRA CDs are again very close to being the top IRA CD rates around. However, there are a few banks offering higher rates on IRA CDs, so if this is your preferred retirement savings option, it may pay to shop around.

Synchrony’s IRA money market account

This money market account — like Synchrony’s regular money market account — doesn’t offer very high rates.

APY

Minimum Balance Amount

1.15%

$0

  • Minimum opening deposit: $250
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony Bank will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

If you need a bit more flexibility in your retirement savings or can’t afford the minimum deposit requirement of Synchrony’s IRA CDs, you might want to consider their IRA money market account.

You can deposit or withdraw cash at any time, however you’re still subject to Federal Regulation D that limits you to six transactions per month. Since this is an IRA account, you’ll also need to stick to the rules of whichever IRA you choose — Roth or traditional — lest you end up paying a tax penalty at the end of the year.

However, in return for this flexibility and low cash requirement to open an account, you’ll pay for it with lower interest rates. You can earn much higher rates on your retirement savings with Synchrony Bank’s IRA CDs, or even with an IRA savings or money market account at another bank entirely. In fact, many of the best money market accounts out there also offer you the ability to open them as an IRA.

How to open an IRA money market account with Synchrony

You can easily open up an IRA money market account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

Overall review of Synchrony’s banking products

We really like Synchrony Bank for their low-fee, high-yielding savings products, especially their savings account and CDs. These accounts are among the top contenders for highest interest rates available.

However, Synchrony’s money market account falls a bit short in the interest rate department. Once upon a time, money market accounts offered higher interest rates than savings accounts, but today that’s often not true — and Synchrony Bank is no exception.

On the whole, however, Synchrony is a great option for people looking for high interest rates on their savings — just skip their money market account.

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: