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Digital Federal Credit Union (DCU) Reviews — Savings, CD, Checking, Money Market and IRA Accounts

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Year Established1979
Total Assets$8.27B
LEARN MORE on Digital Federal Credit Union (DCU)’s secure website
Digital Federal Credit Union (DCU) was established in 1979. It was originally formed for employees of the Digital Equipment Corporation, a one-time rival to the big tech firms like IBM and Apple. With an employer like that, you know that anything but cutting-edge technology would be unacceptable. In fact, DCU was one of the first credit unions in the country to roll out a website, and later, a smartphone app.

Today, you don’t need to be a Digital Equipment Corporation employee to join this credit union (the company was acquired in 1998 and no longer exists technically). Instead, you are eligible for membership if you live in certain areas in Georgia and Massachusetts, or if you work for or are retired from one of their partner employers. You are also eligible if you’re related to someone who worked for one of their partner employers, or if you’re related to someone who’s a DCU member.

Finally, failing any of those options, you can always join DCU by becoming a member of one of many partner nonprofit organizations, such as Reach Out For Schools, for as little as $10.
Digital Federal Credit Union (DCU)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

5.12%

Savings

Digital Federal Credit Union (DCU) Primary Savings

1.01%

CD Rates

Digital Federal Credit Union (DCU) 12 - 23 Month Certificate (Add-On) - Relationship Rate

1.31%

CD Rates

Digital Federal Credit Union (DCU) 36 - 47 Month Certificate - Relationship Rate

1.75%

CD Rates

Digital Federal Credit Union (DCU) 60 Month Certificate - Relationship Rate

DCU savings account options

Primary Savings

This account establishes membership with Digital Federal Credit Union, and comes with a fantastic interest rate on the first $1,000 saved.

APY

Minimum Balance Amount

5.12%

$5 - $1,000

0.25%

$1,000+

As of 4/16/2018

  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
    2. Be signed up for electronic statements (unless you’re 65 or older)
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

This is the basic savings account that establishes your membership with the credit union. You’ll need to fund it — and keep in it — at least $5 to keep your membership current. Even though this account is required with membership, the good news is that it comes with a smokin’ hot interest rate (even if it’s only applicable to the first $1,000 in your savings account).

One thing to be aware of is that you can only do a certain amount of transactions per month as per Federal Regulation D. For most transfers into and out of the account, you’re limited to just six per month. With most credit unions, you’re allowed to go over this limit if you pay a fee, however Digital Federal Credit Union flat-out won’t allow you to go over this limit at all, unless you go through one of their creative workarounds. To get around these limits, you can call the credit union directly and request a check to be mailed to you, or to make a payment on a DCU loan.

When you apply for any account with this credit union, it automatically comes with this Primary Savings account. To open the account, you’ll need to provide some basic information, such as name, Social Security number and address. You can open an account online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire.

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Ltd Savings

Digital Federal Credit Union’s Ltd Savings account offers a higher interest rate, but you’ll need to bring a lot of cash to the table and keep your withdrawals limited.

APY

Minimum Balance Amount

1.06%

$25,000

As of 4/3/2018

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
    2. Be signed up for electronic statements (unless you’re 65 or older)
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The Ltd Savings account is a bit of an oddity. It’s the highest interest-earning savings account that Digital Federal Credit Union offers, but in exchange for this higher rate, you pay for it with something else: your withdrawals. With this account, you can make one free withdrawal per month (although you can deposit money into the account as often as you like). If you go over that limit, you’ll pay a $25 fee per withdrawal.

You’ll also need a very high balance to earn this higher interest rate — at least $25,000, to be exact, otherwise you won’t earn anything. Still, if you like using DCU, you are comfortable with making one or no withdrawals per month and you have a lot of cash, this account might be worth it to you.

In order to open the Ltd Savings account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with this credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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Holiday Club Savings

An automatic savings plan can help make sure you’ve got enough cash once the holidays roll around.

APY

Minimum Balance Amount

0.05%

$0.01

As of 4/3/2018

  • Minimum opening deposit: $0.01; however, you must set up automatic deposits of at least $20 per month.
  • Monthly account maintenance fee: None
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
    2. Be signed up for electronic statements (unless you’re 65 or older)
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

If you always find yourself going into debt or fretting about money come Christmastime (or any other time really, for that matter) consider opening the Holiday Club savings account. One of the conditions of this account is that you have to set up automatic deposits of at least $20 per month from your Digital Federal Credit Union checking or savings account, so it’s basically a forced savings plan. Each September, the balance of this account will roll over into your regular DCU savings account for you to spend. For people who have difficulty saving, this account can definitely be worth it.

Of course, you can set up automatic deposits and September withdrawals on any savings account and have a de facto Holiday Club savings account. However, having an account expressly designed for the purpose (with “holiday” in its name even) might help motivate you to save even further.

In order to open the Holiday Club Savings account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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How Digital Federal Credit Union’s saving accounts compare

In general, these savings accounts offer very low interest rates. The exceptions are the first $1,000 in your DCU Primary Savings account that comes with your membership, and the Ltd Savings account (but only if you can pony up $25,000 in cash).

Even though the interest rates on these savings accounts are quite low, we really do like DCU’s Holiday Club Savings account. The fact that you can come up with an automatic savings plan for your holiday spending is huge, especially considering that holiday debt for the average American went up to $1,054 in 2017.

But, if high interest rates are what you’re after, consider one of these top online savings accounts instead.

DCU CD rates

Regular certificates

The option to add more money to shorter-term CDs makes Digital Federal Credit Union’s product unique.

Term

APY

3-5 months

0.50%

6-11 months

0.60%

12-23 months

1.01%

24-35 months

1.16%

36-47 months

1.31%

48-59 months

1.50%

60 months

1.75%

As of 4/3/2018

  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty:
    • For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
    • For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
    • For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

In order to earn the stated rates above, you’ll need to also have a DCU checking account and qualify for “Relationship Benefits,” which means that you need to meet each of the following three criteria:

  1. Have your paycheck or other income direct deposited into your Digital Federal Credit Union checking account.
  2. Be signed up for electronic statements.
  3. Have a current loan or credit card with Digital Federal Credit Union.

If you don’t meet these criteria, you’ll earn 0.25% less on the stated rates for the CD terms listed above.

You can also choose a couple of different ways to have your dividends paid out. You can have them added to the balance of your CD account, or paid out to your linked checking or savings account each month. Be warned, though; the rates above are based off of the assumption that you keep your dividends within your CD account. If you withdraw them, you may earn less than the stated rate.

Another nice thing about these CDs is that you can add extra money into your account at any time, as long as it’s a short-term CD (12 months or less), and you deposit at least $100.

When your CD comes close to maturing, Digital Federal Credit Union will send out a notice 15 days in advance. Once the CD matures, it’ll automatically roll over into another CD of the same type. However, you still have a five-day grace period where you can make any changes to the CD, or withdraw the cash.

In order to open a Regular CD with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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Jumbo certificates

Earn a slightly higher interest rate if you have a bigger pot of cash with Digital Federal Credit Union’s Jumbo Certificates.

Term

APY

3-5 months

0.60%

6-11 months

0.70%

12-23 months

1.11%

24-35 months

1.26%

36-47 months

1.41%

48-59 months

1.60%

60 months

1.86%

As of 4/3/2018

  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $25,000
  • Early withdrawal penalty:
    • For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
    • For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
    • For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

If you want to earn slightly higher rates and have more cash (at least $25,000), consider opening a Jumbo Certificate instead. As with the regular certificate, you’ll need to have an existing DCU checking account and qualify for “Relationship benefits” in order to qualify for this higher rate.

If you can’t meet those requirements, you’ll earn 0.25% less than the advertised rates on your CD.

The rest of the rules for this CD are also the same as the Regular Certificate. You also have the option of adding more money to a shorter-term CD (12 months or less), and only if it’s more than $100 per deposit. You can choose to have dividends paid out to your DCU savings or checking account (you’ll earn a slightly lower APY by doing so), or let them pile up in your CD account.

When your CD reaches maturity, you’ll get a 15-day notice before the CD automatically rolls over into another CD of the same type. If you need to make any changes or withdraw the cash at that point, you have a short five-day grace period to do so.

In order to open a Jumbo CD with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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Jump-Up certificates

With DCU’s Jump-Up Certificates, you get the option to raise your rate once per term — but you pay for it with a slightly lower interest rate from the start.

Term

APY

15 months

1.09%

27 months

1.24%

As of 4/3/2018

  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends.

The Jump-Up Certificates were designed to help you if interest rates should rise during your CD’s term. Normally, if interest rates rise, you’re out of luck: You’re still locked in at the old, lower rate. But with a Jump-Up Certificate, you can choose to boost your interest rate once per term if interest rates do indeed rise.

In return for this nicety, however, you pay for it with a slightly lower rate from the get-go. And, just like with the rest of DCU’s CDs, your interest rates will only be the ones stated above if you have a Digital Federal Credit Union checking account with “Relationship benefits.” Otherwise, your rates will be 0.25% less than the ones stated above.

You can choose to have your dividends paid out to your DCU savings or checking account, or have them accrue in your CD account (if you choose to have your dividends paid out to your checking account, be warned that your actual APY may be lower than the stated rate). When your CD matures, it’ll be automatically rolled over into another similar CD unless you make any changes or withdraw the money during a brief five-day grace period after the CD matures.

In order to open a Jump-Up Certificate, you’ll need to apply either online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with this credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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QuickStart certificates

This CD allows people under the age of 23 to get a head start on their savings with a minimum deposit as low as $100.

Term

APY

3-5 months

0.50%

6-11 months

0.60%

12-23 months

1.01%

24-35 months

1.16%

36-47 months

1.31%

48-59 months

1.50%

60 months

1.75%

As of 4/3/2018

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty:
    • For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
    • For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
    • For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

The QuickStart Certificate was specially designed to help young adults start a savings habit. It’s only open to people under age 23 and requires a super-low minimum deposit: just $100. Other than that, this CD works exactly the same as the Regular Certificate.

You can choose to have your dividends paid out in one of three ways: either deposited back into your CD account, or paid out each month to your DCU savings or checking account. Digital Federal Credit Union bases the interest rate off of the assumption that you’ll reinvest your dividends back into the CD account, so be warned that your actual interest rate may be slightly lower if you choose to have them paid out.

Also, Digital Federal Credit Union bases the above-stated rates based on the assumption you have a DCU checking account and qualify for “relationship benefits,” if you don’t, you’ll earn 0.25% less on your CD.

The credit union will send you a notice 15 days before your CD matures. When it does mature, it’ll automatically roll over into another similar CD, but you’ll have a five-day grace period where you can withdraw the money or make any changes to your CD.

In order to open a QuickStart Certificate, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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How Digital Federal Credit Union’s CD rates compare

Just like Goldilocks, DCU’s rates fall somewhere in the middle. They’re certainly not the lowest rates out there, but they’re also not the highest. If you’re looking to earn as much money as possible with your CD, check out one of these top-performing CDs.

This credit union also offers a very short grace period to make changes to your CD after it matures and automatically rolls over. A five-day grace period is shorter than many other banks out there. This means you need to be on top of your CD maturity dates; you don’t want to miss out on withdrawing the money or making changes to your CD because you went on vacation five years from now and forgot about your CD.

DCU checking account options

Dividend Checking

Earn a small amount of interest on your checking account money — but watch out for the monthly maintenance fee.

APY

Minimum Balance Amount

0.05%

$0.01

As of 4/3/2018

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: $10
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
    2. Be signed up for electronic statements (unless you’re 65 or older).
    3. have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

Digital Federal Credit Union offers you the ability to earn a tiny amount of interest on your checking account with this account. However, watch out: you’ll need to keep at least $2,500 in your account every day in order to waive the $10 monthly fee. Thus, we only recommend this account if you tend to keep a larger balance in your checking account, otherwise the monthly fee will wipe out any earnings you do get from this account.

One perk that this account offers is being able to receive your paycheck up to two days earlier if you have recurring direct deposit set up. Normally there’s some bank processing time involved between when the money is deposited into your account and when you can actually use the cash (as anyone who’s ever made a late rent payment knows), but with this account, some of that processing time is cut out.

In order to open a DCU Dividend Checking account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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Free Checking

DCU’s version of a no-frills, free checking account.
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
    2. Be signed up for electronic statements (unless you’re 65 or older).
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.
This is Digital Federal Credit Union’s basic checking account. You won’t earn any dividends, but it won’t cost you much, either. However, this credit union does offer you the option to earn some extra perks if you have “Relationship benefits,” as described above in the ATM fee refund section. If you can meet all three requirements described above, Digital Federal Credit Union will also throw in an extra 120 “custom-style” checks per year for free.

When you open your account, you’ll be prompted to opt in or opt out of overdraft protection. This is a new regulation in the wake of the 2008 financial crisis; now, banks must ask your permission before auto-enrolling you in overdraft services.

If you opt in to overdraft protection services, you’ll need to link up another DCU checking or savings account so that they can transfer the cash to cover any deficits with this account (and charge you a $5 overdraft transfer fee in the process). Still, it’s a cheaper option than not signing up for overdraft protection services; if you don’t, it’ll cost you a whopping $30 per overdraft.

In order to open a Free Checking account with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with this credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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How Digital Federal Credit Union’s checking accounts compare

As far as checking accounts go, these accounts fall pretty flat. Only one of their accounts offers any interest payments, and it’s a palty amount at that, especially compared with the best online checking accounts out there. Furthermore, you need to remember to keep a relatively large balance in this dividend-earning account, otherwise you’ll be slapped with a high account maintenance fee.

DCU’s free checking account, on the other hand, is a basic, plain-Jane vanilla checking account. It doesn’t come with a monthly maintenance fee, but it doesn’t come with much else, either. Still, if this meets your needs, it’s not a bad account — it’s just not the best you can get. And don’t forget — signing up for their free checking account will also allow you to earn Plus and Relationship benefits that will unlock more benefits for other account types.

DCU’s Money Market account

Money Market Savings Account

Earn higher rates the more you save with Digital Federal Credit Union’s Money Market account.

APY

Minimum Balance Amount

0.90%

$1,000 - $9,999.99

0.90%

$10,000 - $24,999.99

0.95%

$25,000 - $49,999.99

0.95%

$50,000 - $99,999.99

1.01%

$100,000 or more

As of 4/3/2018

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
    2. Be signed up for electronic statements (unless you’re 65 or older).
    3. have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

Most of Digital Federal Credit Union’s savings accounts offer a very low interest rate unless you have at least $25,000 to take advantage of the Ltd Savings account. That’s a huge stumbling block for a lot of people — but, until you have that amount of cash saved, this Money Market account can net you a higher return than the credit union’s regular savings accounts.

This account requires just one cent to open up. You can add it it at any time, but you’re limited to just six withdrawals per month as per Federal Regulation D. You won’t earn anything until you’ve saved up at least $1,000, but after that, you’ll earn a decent rate.

In order to open this Money Market account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

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How Digital Federal Credit Union’s Money Market account compares

Perhaps unsurprisingly, this Money Market account offers better rates than most big banks, but they’re not the highest money market account rates out there. If high rates on a money market account is what you’re looking for, check out one of these top-performing money market accounts instead.

Still, if you like banking at Digital Federal Credit Union, we recommend this as your go-to savings account unless you have the $25,000 needed for the Ltd Savings account, which offers a higher rate. In the meantime, this is your best bet at this particular credit union.

DCU IRA account options

IRA CD Rates

A basic, no-frills IRA Certificate with a low minimum balance requirement.

Term

APY

3-5 months

0.60%

6-11 months

0.70%

12-23 months

1.11%

24-35 months

1.26%

36-47 months

1.41%

48-59 months

1.60%

60 months

1.86%

As of 4/3/2018

  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty:
    • For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
    • For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
    • For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

This account comes with an easily achieved minimum opening deposit of just $500, making it super easy to get your retirement savings started in an NCUA-insured environment. You can also choose to open your IRA Certificates as Jump-Up Certificates, which allow you to boost your interest rate once per term if interest rates rise (but, the rates for these certificates are slightly different than the rates listed above).

When your IRA Certificate matures, it’ll automatically roll over into another certificate with the same term length. You can choose to take the money out or change the terms of the CD, however, but you’ll get just a brief five-day grace period to do so after the CD matures.

In order to open this IRA CD, you’ll need to apply either online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE Secured

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s IRA CD rates compare

These IRA CD rates again fall in the middle range — they’re not the highest, but they’re also not the lowest. We like the fact that the minimum opening deposit for DCU’s IRA CDs are quite low, but other than that, there’s nothing fancy about them. If you’re looking for higher rates on your IRA CD, check out one of these other top IRA CDs.

Money Market IRA

Digital Federal Credit Union’s Money Market IRA offers a low minimum balance requirement and pays you higher dividends if you save more money.

APY

Minimum Balance Amount

0.90%

$1,000 - $9,999.99

0.90%

$10,000 - $24,999.99

0.95%

$25,000 - $49,999.99

0.95%

$50,000 - $99,999.99

1.01%

$100,000 or more

As of 4/3/2018

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
    2. Be signed up for electronic statements (unless you’re 65 or older).
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fee: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The Money Market IRA is also another easily accessible account for folks just starting out with their retirement savings. You can technically start this account with just one penny, but you won’t actually earn anything until you have at least $1,000 saved up in the account. After that, your interest rate will increase as you save more money.

And, unlike an iron-clad CD, you can choose to make deposits at any time into your Money Market IRA as you come across the cash.

In order to open a Money Market IRA with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE Secured

on Digital Federal Credit Union (DCU)’s secure website

Savings IRA

Digital Federal Credit Union’s basic savings account — in IRA form.

APY

Minimum Balance Amount

0.40%

$0.01

As of 4/16/2018

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
    1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
    2. Be signed up for electronic statements (unless you’re 65 or older).
    3. Have an active loan or credit card with Digital Federal Credit Union.

    If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).

  • Overdraft fee: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The savings IRA offers a lower rate than their Money Market IRA. However, you’ll start earning dividends from day one, rather than having to wait until you’ve got at least $1,000 saved up in the account as per the Money Market IRA.

Other than that, this is another no-frills account. It’s more flexible than a rigid CD because you can deposit and withdraw your cash at any time. This is a great holding account if you are moving money into or out of a DCU CD.

One thing to be aware of is that you’re still subject to the limits of an IRA (meaning you can’t withdraw the cash before retirement age without a penalty), and any withdrawals are still subject to the Federal Regulation D (meaning you can’t make more than six withdrawals per month). But other than that, this is one of the credit union’s most flexible IRA accounts.

In order to open this Savings IRA account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with the credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE Secured

on Digital Federal Credit Union (DCU)’s secure website

Overall review of DCU’s banking products

Digital Federal Credit Union offers a lot of great products, such as their Holiday Club Savings account and a wide range of CDs to choose from to fit your situation. In general, DCU offers higher rates on their products than most big banks, which is good. However, if you’re looking to earn the highest returns possible from your bank, we suggest passing on this credit union. You can earn higher rates with other banks.

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

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Earning Interest, Reviews, Strategies to Save

Review of Live Oak Bank’s Deposit Rates

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.

Year Established2008
Total Assets$2.67B
LEARN MORE on Live Oak Bank’s secure website
Chances are you haven’t heard of Live Oak Bank. After all, this lender, based mostly on the web, has only been around since 2008, and it mostly focuses on giving out small business loans to businesses in specific industries, such as veterinary practices or craft breweries.That’s no reason to pass it up for your personal banking needs, however. In fact, this little gem of a bank has one of the best-kept secrets in the personal banking world: it has one of the highest savings account interest rates you’ll find from an online bank. (More on that below.) And, most of its other personal deposit accounts offer relatively high rates as well.Let’s take a more in-depth look at its deposit accounts to see if they’re right for you.
Live Oak Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.70%

Savings

Live Oak Bank Savings Account

2.20%

CD Rates

Live Oak Bank 1 Year CD

2.60%

CD Rates

Live Oak Bank 3 Year CD

2.70%

CD Rates

Live Oak Bank 5 Year CD

Live Oak Bank’s savings account

When it comes to the best savings accounts with high interest rates, Live Oak Bank currently has one of the highest rates.

APY

Minimum Deposit

1.70%

Up to $5 million

(but only up to $250,000 is FDIC-insured)

Rate current as of 4/4/2018

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0<
  • ATM fees: None
  • ATM fee refunds: None

Live Oak Bank currently has one of the best savings account rates available. This means that Live Oak Bank is lowering the bar and allowing anyone to take advantage of these high interest rates, no matter how much is in his or her pocket right now.

Live Oak Bank wants you to use your savings account, and use it often, which is one reason why it has no monthly maintenance fee. If there is no activity on your account for 24 months and your balance is less than $10.01, Live Oak Bank will take the remainder of your balance as a Dormant Account Fee and close your account.

Getting money into a Live Oak Bank savings account from an external bank account can take a little bit of time depending on how you do it. If you request the money through Live Oak Bank’s online portal, the funds won’t be available for up to five or six business days. But if you opt instead to send the money to Live Oak Bank from your current bank, the money will be available as soon as it’s received. Your Live Oak Bank savings account will start earning interest as soon as the money posts to your account.

You can easily withdraw your money at any time via ACH transfer. Simply log into your Live Oak Bank savings account and electronically transfer it to whichever bank account you wish. It’ll be available in two to three business days.

You are limited to making just six withdrawals per month with this savings account. That’s not a Live Oak Bank thing; that’s a federal regulation imposed upon savings accounts in the U.S. If you absolutely can’t wait until next month to make another withdrawal past your allotted six per month, you’ll be charged a $10 transaction fee for each additional action.

Live Oak Bank CD rates

Live Oak Bank also has some of the best CD rates with a decent deposit amount.

Term

APY

Minimum Deposit

6-month CD

1.85%

$2,500

1-year CD

2.20%

$2,500

18-month CD

2.40%

$2,500

2-year CD

2.55%

$2,500

3-year CD

2.60%

$2,500

4-year CD

2.65%

$2,500

5-year CD

2.70%

$2,500

Rates current as of 4/19/2018

  • Minimum opening deposit: $2,500
  • Early withdrawal penalty:
    • CD terms that are less than 24 months — 90 days’ interest penalty
    • CD terms that are more than 24 months — 180 days’ interest penalty

Live Oak Bank currently offers the highest CD rates. This bank’s minimum deposit requirements also seem to be right on par with other bank’s minimum deposit requirements. Currently, the best CDs out there have minimum deposit requirements both above and below Live Oak Bank’s $2,500 benchmark.

Only U.S. citizens and permanent residents are eligible to open these accounts. It’s a relatively straightforward process to open a CD: Simply complete the forms online, provide any needed documentation (such as your current bank account details), and wait for an account approval. Once your account is open, you can transfer over your deposit, where it will be held for five days before officially launching your CD.

If you need to take out your deposit early, bad news: As with many CDs, you’ll face an early-withdrawal penalty at Live Oak Bank. If your original CD term was for six months, one year or 18 months, you’ll be charged 90 days’ worth of interest. If your original CD term was for longer than that, you’ll be charged a higher rate of 180 days’ worth of interest.

If you are able to resist the urge to withdraw your money early, congratulations! Your CD will automatically renew into a second CD with the same term length. However, don’t panic if that’s not what you want: You have up to 10 days after the CD has matured to withdraw your money penalty-free and park it in your own bank account (whether it’s with Live Oak Bank or not).

It’s easy to overlook Live Oak Bank for other larger, more established consumer banks like Ally or Discover Bank. But Live Oak has some of the best CD rates around, and the best savings account available on the market today.

Lest you be scared away by its smaller name, consider this: This tiny-but-growing bank is getting rave reviews from customers and employees alike. It carries an “A” health rating, and has a top-notch online banking portal. About the only thing missing is a checking account to let you seamlessly do all of your daily banking with this great company.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

10 Best Apps for Splitting the Check, Group Trips and Rent in 2018

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.

iStock

We’ve all been there: The group decides to “evenly” split the dinner bill, and you’re stuck paying for someone else’s steak and margaritas even though you only had water and an appetizer. There are plenty of ways for you and your supper pals to send or request money using peer-to-peer payment apps such as Venmo or Apple Pay Cash, but few of these help you with the math.

We’ve rounded up the best apps for splitting bills, from rent to dinners out, so you only pay what you owe — resentment avoided, friendships saved. For each category, we give you our top pick, plus a runner-up or two.

For group dinners: Tab

Tab, free on iOS and Android, makes paying for dinner easy. Take a picture of an itemized receipt and select which items are yours. If your fellow diners have Tab, share a code with them so they can join the bill and select what they paid for, too. Shared that appetizer? Multiple people can select the same items. The tax and tip are calculated for you. Venmo is integrated into the app for easy payment, or you can record that you made a cash payment to settle your portion of the bill.

Source: iTunes

Divvy ($1.99) — Like Tab, take a picture of your receipt and Divvy automatically splits the tip and tax proportionately. Thanks to a drag-and-drop feature, you never have to type in anything. The simplicity just might make the app worth paying for.

Source: iTunes

Plates by Splitwise (Free) — Splitwise (more on it in a minute) created Plates by Splitwise specifically for splitting the tab at group dinners. Drag items to an individual’s plate or split shared items among multiple people. The app splits the tip and tax and offers multiple tipping percentage options. It even has a “split the rest” feature that lets you save time if you only want to allocate a few dishes and split the remaining bill between the group. Unlike some other bill-splitting options, this app limits group splitting to 10 people.

Source: iTunes

For splitting the check: Splitwise

With Splitwise, free on iOS and Google Play, keep a running tab of who owes money without having to send over the cash right away. Settle requests at the end of the month — or anytime — with a PayPal or Venmo transfer. You can even bill an entire group, splitting costs evenly among its members. The app sends reminders to all parties when it’s time to pay up.

Source: iTunes

Settle Up ($1.99) — Even though this app, available on iOS and Android, isn’t free, it keeps a running tab of money owed in multiple currencies, a nice perk for frequent overseas travelers. It supports 20 different languages and works offline, which may come in handy if wi-fi is spotty in exotic locales.

Source: iTunes

For group trips: Splittr

Splittr is designed to ease the stress of splitting costs during group vacations. The app is free on iOS and Android; you don’t need to be registered to use it, although you will need to download it. Add expenses as you go and Splittr tells you who should pay next — maybe it’s your turn to pick up the dinner tab — and keeps track of how much each person owes and to whom. Manage multiple groups at once, including your roommates back home and your group trip to Dubai. All major currencies are covered and expenses can be split unevenly, if needed.

Source: iTunes

TriCount (Free) — Although this app, available on iOS and Android, has many of the same features as Splittr, you don’t need to download TriCount to participate. Once one person creates a Tricount account, they can share the link with friends for everyone to see group expenses. Friends who have the link can add their own expenses or see your updates. At the end of the day or week, TriCount lets you know what everyone owes to settle the tab.

Source: iTunes

Trip Splitter ($1.99) — Trip Splitter isn’t free, but it offers some nice perks similar apps do not: Add an unlimited number of participants and multiple trips; send an email with a detailed list of spending to all participants; and view your spending by geography, in case you want to see where you were when you paid for someone’s dinner bill.

Source: iTunes

For roommates: Zently

Last, but not least, when it comes to splitting bills is sharing costs with someone who lives under your same roof. Keep in touch with your landlord, pay rent and split costs with roommates using Zently, a free app for iOS and Android. It can connect to your credit or debit card and find bills you need to split with roommates. Round up your roomies’ money and send it to the landlord free with an electronic transfer, assuming everyone is using the app. If so, you can also use Zently to submit and track repair requests.

Source: iTunes

RentShare (Free) — Like Zently, RentShare only works if everyone is using the app for sending or receiving payments, but that’s about all these apps have in common. With RentShare, set the amount each roommate pays and each person takes care of paying their share directly to the landlord. The app can help work around issues with roommates who aren’t always on time with their half of the rent or utility bill. Users can pay with a credit or debit card or by bank account. You can set up autopay and monthly reminders to help make sure you pay your rent on time.

Source: iTunes

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.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at brittney@magnifymoney.com

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Reviews

Review of Wells Fargo CD Rates

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.

Wells Fargo
Wells Fargo offers numerous products and services, including savings and checking accounts, insurance and investment products. They also offer certificates of deposit (CDs), though their rates are significantly lower compared to other big name competitors. Keep in mind that their rates will differ depending on where you live. The rates you’ll see in this article are based on their headquarters in San Francisco. If you want an accurate list of Wells Fargo CD rates based on your location, head over to their rates page and type in your ZIP code.

Higher CD Rates from Online Banks

While big banks like Wells Fargo tend to be more accessible due to their physical locations, online banks tend to offer some of the highest rates on their CDs. Here are some examples of some of the highest CD rates from online banks:

The Best CD Rates from Online Banks


Ally Bank


Synchrony Bank


Goldman Sachs Bank USA

APY

2.00%

2.35%

2.80%

Minimum Deposit Amount

$25,000

$2,000

$500

Term

1 year

3 years

5 years

on Ally Bank’s secure website

Member FDIC

on Synchrony Bank’s secure website

Member FDIC

on Goldman Sachs Bank USA’s secure website

Member FDIC

Your deposits are FDIC-insured up to the maximum limit.

Wells Fargo’s fixed-rate CDs

Wells Fargo’s Standard CD Rates

CD Term

Annual Percentage Yield (APY)

Minimum Deposit Amount

3 months

0.05%

$2,500

6 months

0.05%

$2,500

1 year

0.10%

$2,500

As of 4/4/2018

The Wells Fargo Standard CD ensures that you get a guaranteed return for the entire CD term. Your rate is locked in once you make an opening deposit into your account. Anyone can open an account online or in person as long as they have a minimum of $2,500 to deposit into an account.

Wells Fargo’s Standard CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

3 months

0.10%

$2,500

6 months

0.10%

$2,500

1 year

0.15%

$2,500

As of 4/4/2018

You can get the Wells Fargo Standard CD bonus rates if you link your CD to a Portfolio by Wells Fargo® account and make a $2,500 minimum deposit. This product is their upgraded checking account which offers better interest rates across many Wells Fargo products. You also get certain fees waived from your account, discounts on loans, as well as additional credit card benefits. This includes avoiding the $30 maintenance fees if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts. All you need to open this checking account is a minimum opening deposit of $25.

If your CD is no longer linked to your Portfolio by Wells Fargo® account, the bonus CD rate will revert back to the standard rate.

Wells Fargo’s Special CD Rates

CD Term

APY

Minimum Deposit Amount

9 months

0.70%

$5,000

19 months

1.15%

$5,000

39 months

1.30%

$5,000

58 months

1.70%

$5,000

As of 4/4/2018

To open a Wells Fargo’s Special CD, you’ll need a minimum opening deposit of $5,000. Additionally, these rates only apply to the initial agreed term. Once your CD matures, it’ll automatically renew to the standard rates.

Wells Fargo’s Special CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

9 months

1.01%

$5,000

19 months

1.20%

$5,000

39 months

1.35%

$5,000

58 months

1.76%

$5,000

As of 4/12/2018

To be eligible for the special bonus CD rates, you’ll need to meet the same requirements as the regular Special CD, plus link your account to a Portfolio by Wells Fargo® and make a $5,000 minimum deposit. This will revert back to standard rates once it matures and you decide to renew your CD. You may be eligible for the bonus Standard CD rate upon renewal.

How to get one of Wells Fargo’s fixed-rate CDs

To open a fixed rate CD, you can apply online using their secure online application form. During the application process, you’ll be asked to choose the term you want and submit details such as your Social Security number, funding account information and a valid ID. You can fund your CD using any bank account, credit card or by mailing a check or money order after you submit your application. (Note: Using a credit card to fund a CD only makes sense if you’re paying off the credit card balance in full. Otherwise, credit card finance charges could significantly outweigh CD interest earnings.) Once you complete the application, you’ll get instant notification of your application status and possible next steps.

LEARN MORE Secured

on Wells Fargo Bank’s secure website

Wells Fargo Step Rate CDs

CD Term

APY

Minimum Deposit Amount

24 months

1.08%

$2,500

As of 4/4/2018

The Step Rate CD offers multiple rate increases and a penalty-free withdrawal every six months as long as you are able to maintain the minimum opening balance. You’re guaranteed automatic rate increases at seven, 13 and 19 months into your CD term. At these times, the interest rate (not APY) goes up as follows:

  • 1 to 6 months: 0.30%
  • 7 to 12 months: 0.55%
  • 13 to 18 months: 0.80%
  • 19 to 24 months: 1.05%

To make your penalty-free withdrawals, you’ll need to do it within five business days at the start of the days when your interest rate goes up. If the rate increase happens to fall on a weekend or on a holiday, the withdrawal period will begin on the next business day. Once your account matures, the CD will be automatically renewed and reverted to a standard 24-month fixed rate CD.

Wells Fargo Step Rate Bonus CD

CD Term

APY

Minimum Deposit Amount

24 months

1.38%

$2,500

As of 4/12/2018

To be eligible for the bonus rate, you’ll need to link your Step Rate CD to a Portfolio by Wells Fargo® account. Keep in mind that there is a monthly maintenance fee of $30 for the checking account unless you have at least $25,000 in qualifying bank deposits or $50,000 in qualifying brokerage, bank and credit balances.

You’ll also get rate increases and penalty-free withdrawals every six months as long as you keep the minimum opening balance. You are subjected to the same requirements as the regular Step Rate CD, but the interest rate increases are as follows:

  • 1 to 6 months: 0.35%
  • 7 to 12 months: 0.60%
  • 13 to 18 months: 0.85%
  • 19 to 24 months: 1.10%

Upon account maturity, your CD will automatically renew into a standard fixed rate bonus CD. If you don’t have a Portfolio by Wells Fargo® account, your rate will revert back to the standard rate.

How to Get a Wells Fargo Step Rate CD

You can only open a Step Rate CD in person at any Wells Fargo branch. You can show up at any one of their physical locations. You can also make an appointment online or by calling 1-800-869-3557.

Here’s how Wells Fargo CD rates compare to other banks

Wells Fargo rates don’t even come close to the top competitors’ offers, even with the bonus rates. Those better CD rates often also come with a lower minimum deposit than what Wells Fargo requires. However, competitors with the highest rates tend to be online-only banks, which is only a disadvantage if you prefer to bank in person. If it’s important to you to keep all your banking products in one place, then Wells Fargo may be worth considering, though that strategy isn’t a financial advantage, as far as CDs go.

Additional information about Wells Fargo CDs

Founded in 1852, Wells Fargo is considered the third largest bank in the U.S. This FDIC insured bank provides retail, commercial and corporate banking services through its branches and online in the U.S. and internationally. Wells Fargo has over 13,000 ATMs and 6,000 branch locations across the country.

All rates earned are compounded daily and interest starts to accrue as soon as you make your deposit, as long as it’s on a business day. Otherwise it’ll begin on the next available business day. Any interest earned is paid out monthly and deposited into a checking account, savings account or via check. You could also opt to leave it your CD until maturity. You can also choose to have your interest payments paid out annually, semi-annually or when your CD matures. The only exception is for CD terms 12 months or more, where you can’t choose to have your interest paid out at maturity.

There are penalties if you make early withdrawals on fixed-rate CDs. You either have to pay the early withdrawal fee or be subjected to the Regulation D penalty.

Those who may need to pay the Regulation D penalty include those who make withdrawals within seven days of account opening. This penalty also applies if you make withdrawals during the grace period and the withdrawal is more than any additional deposits during that time. Regulation D penalty means you’ll need to pay seven days’ simple interest.

Any withdrawals after the first seven days are subjected to the following early withdrawal fee:

  • 90 days or less: one month’s interest
  • 90 days to a year: three months’ interest
  • 12 to 24 months: six months’ interest
  • 24 months and over: 12 months’ interest.

If you make a withdrawal on a Step Rate CD or the Step Rate Bonus CD, the early withdrawal fee will apply if the money you take out will cause the balance to be under the minimum opening deposit. The penalty will be based on the whole amount taken out. You’ll also be subject to early withdrawal penalties if you make a withdrawal on days other than the five day withdrawal period when interest rates increase.

There are some exceptions where you may be able to get early withdrawal penalties waived. Common ones include death of the account owner, but you’ll need to contact Wells Fargo customer service to chat about your exact situation and circumstances. (This exception isn’t unique to Wells Fargo.)

Wells Fargo will send you a notice to remind you of the CD maturity date about a month before it happens. When your CD actually matures, you have a seven day grace period. You can either renew the CD or choose to change the terms (such as linking your Portfolio by Wells Fargo® account). Other options include closing the CD, making another deposit or withdrawing money as long as the remaining balance can meet minimum balance requirements.

If you choose not to do anything, the CDs renew automatically. However, no interest will be paid during the seven day grace period if you don’t choose to reinvest your CD or you take money out of the account.

Overall review on Wells Fargo CD rates

Although Wells Fargo offers a myriad of services, including the ability to link your checking account to your CD, their rates fall short compared to other financial institutions as well as national averages. There are online banks that offer much better rates and with lower minimum deposits.

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

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Earning Interest, Reviews

Discover Bank CD Rates Review

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.

Discover Bank
Most people know Discover as a credit card company, but it also operates an online bank and offers some of the best rates and terms on checking and savings accounts and certificates of deposit (CDs).

If you’re looking for CDs in particular, Discover is currently considered one of the best CDs due to their customer service and digital tools.

Discover Bank CD rates

CD term

Annual Percentage Yield (APY)

Minimum deposit amount

3 months

0.35%

$2,500

6 months

0.65%

$2,500

9 months

0.70%

$2,500

12 months

2.00%

$2,500

18 months

2.05%

$2,500

24 months

2.10%

$2,500

30 months

2.10%

$2,500

3 years

2.25%

$2,500

4 years

2.40%

$2,500

5 years

2.50%

$2,500

7 years

2.50%

$2,500

10 years

2.50%

$2,500

Rates as of 4/11/2018

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How do Discover Bank CD rates compare?

While Discover Bank CD rates aren’t always the highest available, they are consistently among the top offers across all terms. However, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover’s. Currently, several nationwide banks offered a 12-month CD at a rate higher than Discover’s 12-month CD APY, while requiring a lower minimum deposit. For example, at the same time the above rates were available at Discover, there were 12-month CDs with rates as high as 2.00% APY with a lower minimum balance amount to earn the APY.

It’s always great to go for the highest interest rates possible, but keep your CD investing strategy in mind. If you’re investing in CDs using the ladder strategy, it might be easier to keep everything in one bank since you’ll be switching in and out of CDs frequently.

Discover also stands out from its competition in the CD space with its mobile app and 24/7 U.S.-based customer service. If you value such features, keep those particulars in mind when weighing Discover CD rates against others’.

What you need to know about Discover Bank’s CDs

Discover Bank is very transparent in terms of fine print. It’s not difficult to understand what’ll happen with your money after you invest it. We’ll cover the basics here about what you need to know to invest in Discover Bank’s CDs.

How to open a CD

It’s very simple to open up a CD with Discover Bank. Go to their CD webpage and click on the orange “Open an Account” button near the top right of the page. You can then choose which accounts you’d like to open. Select “CD,” choose a CD term and enter how much you’d like to deposit.

You’ll then need to complete the application by providing your name, address, date of birth, phone number, Social Security number, employment status and possibly even your driver’s license. Once your application is complete and accepted, you’ll need to fund the account.

How to fund the CD

You’ll need to fund it within 45 days of submitting your application, which you can do in one of three ways:

  • Transfer funds from another bank account over the phone. (You can only do this when you first fund your account.)
  • Transfer funds from another bank via online transfer.
  • Write a check to yourself and send it to the following address:Discover Bank
    P.O. Box 30417
    Salt Lake City, UT 84130

The minimum deposit amount for each of Discover Bank’s CDs is, as the chart above indicates, $2,500. Once you open a CD, you can’t deposit more money later, so it’s a good idea to make sure you have all the cash you want to invest before you open the account.

Withdrawing funds from the CD

When you want to withdraw money from your CD, the biggest thing to consider is whether that CD has matured yet, or finished its term.

If your CD has not matured, you’ve got options: You can take the interest out penalty-free at any time, or you can withdraw the principal (or the money you deposited) at any time as long as you pay an early-withdrawal penalty. This penalty varies depending on the original term of your CD:

  • less than one year: three months’ worth of simple interest
  • one year to less than four years: six months’ worth of simple interest
  • four years: nine months’ worth of simple interest
  • five years to less than seven years: 18 months’ worth of simple interest
  • seven years or longer: 24 months’ worth of simple interest

If your CD has finished its term, you can withdraw your money penalty-free, allow the CD to renew or roll it into a CD of a different term length. (More on that in a bit).

Earning interest on a Discover CD

Your CD will start earning interest on the same business day that you fund the account. The interest will be added to your account once each month, however.

When it comes to what to do with your interest, you have two options: The default option is to allow it to compound within the CD (meaning you’ll earn interest on that interest), or you can have it automatically deposited each month into another Discover bank account.

What happens once the CD matures?

You’ll get a heads-up notice about a month before your CD matures so you can decide what to do with the money. You have two main options: Either reinvest it into another CD (of the same term length or a different term length), or withdraw the money from the CD and put it into another account (such as a checking or savings account, or perhaps a CD at a different institution).

If you don’t let Discover know what you want to do with the maturing CD, the CD will automatically renew into another one of the same term length. You have a nine-day grace period after your CD automatically rolls over to make any changes or withdrawals penalty-free.

The bottom line

As far as big-name banks go, Discover offers great CD products. Wells Fargo, for example, only offers interest rates as high as 1.55% APY on a $5,000 deposit for a 58-month CD. Chase Bank offers even lower maximum rates — an abysmal 1.05% APY, and only if you can commit a minimum of $100,000 for 10 years.

If you’re the kind of person who likes to keep your finances in one place, Discover also has great credit cards, as well as competitive online savings and checking accounts. No matter how long you’re considering putting money in a CD, Discover is worth a look. Even if it doesn’t have the best available rate, it’s usually within several basis points of the top offerings and well above the average APY.

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

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Reviews

Synchrony Bank Review: CD, Savings Account, Money Market, and IRA Rates

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.

synchrony bank review
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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 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

2.15%

18-months

2.15%

24-months

2.25%

36-months

2.35%

48-months

2.45%

60-months

2.60%

As of 4/10/2018

  • Minimum opening deposit: $2,000
  • Minimum balance 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.

on Synchrony Bank’s secure website

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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

1.55%

$0

As of 4/4/2018.

  • 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.

on Synchrony Bank’s secure website

Member FDIC

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

1.05%

$0

As of 4/4/2018.

  • 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.

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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

2.15%

18-months

2.15%

24-months

2.25%

36-months

2.35%

48-months

2.45%

60-months

2.60%

As of 4/10/2018.

  • Minimum opening deposit: $2,000
  • Minimum balance 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.

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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

1.05%

$0

As of 4/4/2018.

  • 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.

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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

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Featured, Personal Loans, Reviews

Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans

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.

Marcus by Goldman Sachs
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Most Americans probably think of fancy white-collar stock traders on Wall Street when they think of Goldman Sachs, a global investment firm that’s been around since the late 19th century.

In recent years, Goldman made a major pivot, launching a new arm of the company called GS Bank, which would provide internet-only savings accounts to the masses.

They also launched Marcus by Goldman Sachs®, a line of personal loans. Eventually, they decided to rebrand their savings account business, putting it under the Marcus umbrella as well.

Today, through Marcus, you’ll find three product offerings: personal loans, savings accounts, and CDs.

In this article, we’ll take a deep dive into all three products. We’ll tell you what you need to know before opening an account, including what rates they are offering.

All rates are current as of April 9, 2018.

Marcus by Goldman Sachs savings account

A very high interest rate and no fees make this one of the best savings accounts out there.

APY

Minimum Balance Amount

1.60%

None

  • Minimum opening deposit: None. However, you’ll need to deposit at least $1.00 if you want to earn any interest.
  • Monthly account maintenance fee: None.
  • Overdraft fee: None.

This is a great account for almost anyone. However, before you click that “Learn More” button below, there are a couple of things to know.

No ATMs. First, Marcus by Goldman Sachs doesn’t offer ATM access to your savings account. You’ll either need to deposit or withdraw money by sending in a physical check, setting up direct deposits, or by moving the money to and from your other bank accounts via ACH or wire transfer.

No checking account. Second, Marcus does’t offer a corresponding checking account. That means you can only use this account as an external place to park your cash from your everyday money flow.

Keeping a separate savings account does have its benefits. For example, it’s harder to tempt yourself to withdraw the cash if you’re a chronic over-spender. But, it also means that there might be a delay of a few days if you need to transfer the money out of your Goldman Sachs online savings account and into your other checking account.

How to open a Goldman Sachs online savings account

It’s really easy to open an online savings account with Marcus by Goldman Sachs. You can do it online or over the phone as long as you’re 18 years or older, have a physical street address, and a Social Security Number or Individual Taxpayer Identification Number.

You’ll be required to sign a form which you can do online, or by mail if you’re opening the account over the phone.

on Goldman Sachs Bank USA’s secure website

Member FDIC

How their online savings account compares

Marcus’ online savings account can easily be described with one word: outstanding.

You’ll get a relatively high interest rate with this account, which is among the best online savings account rates you’ll find today. In fact, these rates are currently over seven times higher than the average savings account interest rate.

Even better, this account won’t charge you any fees for the privilege of keeping your money stashed there. It’s a tall order to find another bank that offers these high interest rates with terms this good.

Marcus by Goldman Sachs CD rates

Sky-high CD rates, but watch out for early withdrawal limitations.

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

2.10%

$500

18 months

2.15%

$500

24 months

2.20%

$500

3 years

2.35%

$500

4 years

2.40%

$500

5 years

2.75%

$500

6 years

2.80%

$500

  • Minimum amount to open account: $500
  • Minimum amount to earn APY: $500
  • Early withdrawal penalty: For CDs under 12 months, 90 days’ worth of interest. For CDs of 12 months to 5 years, 270 days’ worth of interest. For CDs of 5 years or over, 365 days’ worth of interest.

Marcus’ CDs work a little differently from other CDs. Rather than having to set up and fund your account all at once, Goldman Sachs will give you 30 days to fully fund your account.

Once open, your interest will be tallied up and credited to your CD account each month. You can withdraw the interest earned at any time without paying an early withdrawal penalty, but heads up: If you withdraw the interest, your returns will be lower than the stated APY when you opened your account.

If you need to withdraw the money from your CD, you can only do so by pulling out the entire CD balance and paying the required early withdrawal penalty. There is no option for partial withdrawals of your cash.

Finally, once your CD has fully matured, you’ll have a 10-day grace period to withdraw the money, add more funds, and/or switch to a different CD term. If you don’t do anything, Marcus will automatically roll over your CD into another one of the same type, but with the current interest rate of the day.

How to open a Goldman Sachs CD

Marcus has made it super simple to open up a CD. First, you’ll need to be at least 18 years old, and have either a Social Security Number or an Individual Taxpayer Identification Number.

You can open an account easily online, or call them up by phone. You’ll need to sign an account opening form, which you can do online or via a hard-copy mailed form. Then, simply fund your CD account within 30 days, and you’re all set.

on Goldman Sachs Bank USA’s secure website

Member FDIC

How their CDs compare

The interest rates that Marcus offers on their CDs are top-notch. In fact, a few of their CD terms are among the current contenders for the best CD rates.

If you’re interested in pursuing a CD ladder approach, Marcus is one of our top picks because each of their CD terms offer above-average rates. This means you can rest easy that you’ll get the best rates for your CD ladder without having to complicate things by spreading out all of your CDs among a handful of different banks.

The only downside to these CDs compared with many other banks is that you can’t withdraw a portion of your cash if you need it. It’s either all-in, or all-out. However, once out, you’re still free to open a new CD with the surplus cash, as long as it’s at least the $500 minimum deposit size.

Marcus by Goldman Sachs personal loan

Personal loans offered by Marcus have low APRs, flexible terms, and no fees.

Terms

APR

Credit Required

Fees

Max Loan Amount

36-72 months

6.99%-24.99%

Varies

None

$40,000

Marcus by Goldman Sachs personal loans can be used for just about anything, from consolidating debt to financing a large home improvement project. They offer some of the best rates available, with APRs as low as 6.99%, and you’ll not only be able to choose between a range of loan terms, but you can also choose the specific day of the month when you want to make your loan payments.

While there are no specific credit requirements to get a loan through Marcus, the company does try to target those that have “prime” credit, which is usually those with a FICO score higher than 660. Even with a less than excellent credit score, you may be able to qualify for a personal loan from Marcus, though, those that have recent, negative marks on their credit report, such as missed payments, will likely be rejected.

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

No fees. Marcus charges no extra fees for their personal loans. There are no origination fees associated with getting a loan, but there are also no late fees associated with missing payments. Those missed payments simply accrue more interest and your loan will be extended.

Defer payments. Once you have made on-time payments for a full year, you will have the ability to defer a payment. This means that if an unexpected expense or lost job hurts your budget one month, you can push that payment back by a month without negatively impacting your credit report.

How to apply for a Marcus personal loan

Marcus by Goldman Sachs offers a process that is completely online, allowing you to apply, choose the loan you want, submit all of your documents, and get approved without having to leave home. Here are the steps that you will complete to get a personal loan from Marcus:

  1. Fill out the information that is required in the online application, including your basic personal and financial information, as well as how much you would like to borrow and what you will use the money for.
  2. After a soft pull on your credit, and if you qualify, you will be presented a list of different loan options that may include different rates and terms.
  3. Once you have chosen the loan you want, you will need to provide additional information to verify your identity. You may also be asked for information that can be used to verify your income and you will need to provide your bank account information so that the money can be distributed.
  4. You will receive your funds 1 – 4 business days after your loan has been approved.

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How their personal loans compare

Marcus offers low APRs and flexible terms with their personal loans, but their main feature is that they have no fees. If you are looking for a straightforward lending experience with no hidden fees or costs, Marcus will be perfect for you since you won’t even have to worry about late fees if you happen to miss a payment.

While Marcus offers some great perks, you may be able to get a lower rate if you choose to go with another lender, such as LightStream or SoFi. Both of these lenders offer lower APR ranges and they don’t charge origination fees, though, LightStreamwill do a hard pull on your credit to preapprove you.

LendingClub and Peerform both have lower credit requirements than Marcus, but they also charge origination fees and, being P2P lending platforms, you will need to wait for your loan to be funded and you run the risk that other users might not fund your loan.

Overall review of Marcus by Goldman Sachs‘ products

Marcus has really hit it out of the park with their personal loans, online savings, and CD accounts. Each of these accounts offers some of the best features available on the market, while shrinking the fees down to a minuscule, or even nonexistent, amount. Their website is also slick and easy to use for online-savvy people.

The only thing we can find to complain about with Marcus is that they don’t offer an equally-awesome checking account to accompany their other deposit products. Indeed, it seems like Marcus has turned their former hoity-toity image around: Today, they’re a bank that we’d recommend to anyone, even blue-collar folks.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

PNC Bank Reviews: Checking, Savings, CD, Money Market, and IRA Rates

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.

Year Established1804
Total Assets$370B
LEARN MORE on PNC Bank’s secure website
PNC Bank is one of the oldest and largest banks in the country, founded shortly after the American Revolution. Although it is based out of Pittsburgh and its 2,600 branches are mostly located across the Eastern U.S., that doesn’t mean you’re out of luck if you’re in the western U.S.PNC Bank offers a robust online banking platform with plenty of helpful features. But is it the right bank for you? How do its rates compare with those of other banks? Let’s walk you through the different types of PNC Bank account offerings.
PNC Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

PNC Bank S is for Savings

0.13%

CD Rates

PNC Bank 12 Month CD

0.30%

CD Rates

PNC Bank 36 Month CD

0.60%

CD Rates

PNC Bank 60 Month CD

It’s important to note that PNC Bank charges different rates across the country. To keep things consistent for comparison purposes, we’ll present you with the rates closest to their headquarters in Pittsburgh using the ZIP code 15222. To see rates for your local area, click here.
All rates are current as of April 4, 2018.

PNC Bank’s Virtual Wallet®

Wouldn’t it be great if you could get a super-easy holistic account package when you decide to switch banks? That’s what PNC Bank aims to offer with its Virtual Wallet® kit. It’s a complete set of accounts for everything you need to do, including:

  • Spend : An everyday checking account.
  • Reserve : A savings account for short-term goals, like a vacation or Christmas gifts.
  • Growth : A savings account for long-term goals, like a down payment on a house.

Virtual Wallet® accounts also come with different tiers of interest rates, depending on whether you meet certain qualifications. We’ll do a deeper dive on that later.

What’s really neat about PNC Bank’s Virtual Wallet® is that it comes with all sorts of tools to help you manage your money better. Within the checking account, you can take advantage of the following tools:

  • Calendar : Allows you to see scheduled bills and amounts due.
  • Online bill pay : Will pay your bills for you automatically on their due dates.
  • Danger Day : Shows you when you might run out of money for the month.
  • Spending Zone : Allows you to set up and track your spending in a budget.
  • Money Bar : Shows you how your money is divvied up: savings, scheduled for bills, or free to spend.

The Virtual Wallet® even makes it easier to save in Reserve and Growth savings accounts with the following features:

  • Punch The Pig : Gamifies your savings when you hit a pig icon to transfer money to your Growth account.
  • Wish List : Allows you to set up and track individual savings goals separately from each other.
  • Early closure fee: $25 if you close the account within 180 days of opening.
  • Savings Engine : Automatically puts money into savings when you’re paid, or if you pay a bill.

PNC Bank checking accounts with Virtual Wallet®

Virtual Wallet® Basic Checking Account

A basic account for lower-income earners who want to use Virtual Wallet® features to manage their money.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $7
  • How to waive the account maintenance fee:
    1. Keep at least $500 in your Spend and/or Reserve accounts
    2. Have at least $500 direct-deposited into your Spend account
    3. Be 62 or older
    4. Provide proof of active enrollment in a qualifying education institution (expires six years after the account is enrolled in the student banking program).
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.

If you’re looking to take advantage of PNC Bank’s Virtual Wallet® account package but don’t earn a huge income, this basic account is where you’ll want to start.

This checking account does come with a rewards program, but we’ll be honest: it is confusing. To earn rewards points, you’ll need to log into the PNC Bank Rewards Portal to see and manually activate customized offers just for you, based on your spending history.

You can redeem your rewards through the online rewards catalog or receive cash back directly into your account. If you link up a PNC Points Visa credit card with your account, you can also earn 25 percent more rewards points for your purchases.

Because of the complexity of assessing the value of the rewards program before you sign up, we think that this is a nice bonus feature but not one you should base your decision on. If you’re looking for cashback rewards, there are many better, more transparent options for you.

If you decide to open a basic Virtual Wallet® account with PNC Bank, the process is relatively straightforward.

You can do it online, over the phone, or in a local branch if one is nearby. Simply provide some basic information (name, address, Social Security number and the like), have a government-issued photo ID ready, and a way to make an opening deposit with your existing bank’s routing and account numbers, or with a debit or credit card.

Virtual Wallet® with Performance Spend

A low-interest-earning account for those who earn a higher income and want to use the Virtual Wallet® package.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $9,999.99

0.01%

0.01%

0.40%

$10,000 - $24,999.99

0.01%

0.01%

0.40%

$25,000 - $49,999.99

0.01%

0.01%

0.45%

$50,000 - $99,999.99

0.01%

0.01%

0.45%

$100,000 and above

0.01%

0.01%

0.50%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $15
  • How to waive the account maintenance fee:
    1. Keep at least $2,000 in your Spend and/or Reserve accounts
    2. Have at least $15,000 in another PNC Bank account or loan
    3. Have at least $2,000 direct-deposited into your Spend account each month ($1,000 for military members).
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC ATMs.
  • ATM fee refunds: Two refunds per statement. However, ATM surcharges from the originating financial institution ATMs may not be refunded.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.

The Virtual Wallet® with Performance Spend works exactly like the basic Virtual Wallet® accounts, albeit with some extra threshold levels for higher rewards. You’ll need to log into a portal to view and activate different rewards offers for purchases you make. When you’ve accumulated enough rewards, you can redeem them for an unknown amount of cash back or other rewards.

The Performance Spend also adds in a few extra rewards: You get up to two ATM fee refunds per month. You’ll also get discounts on check designs, an annual safe deposit box rental,`free cashier’s checks, and higher rates on certain CDs and IRA CDs You do have the potential to earn slightly higher (but still paltry) interest rates on your savings accounts.

Virtual Wallet® with Performance Select

A low-interest-earning account for high earners who want to take advantage of Virtual Wallet® features.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $24,999.99

0.01%

0.01%

0.70%

$25,000 - $49,999.99

0.01%

0.01%

0.80%

$50,000 - $99,999.99

0.01%

0.01%

0.90%

$100,000 - $499,999.99

0.01%

0.01%

1.00%

$500,000 and above

0.01%

0.01%

1.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25
  • How to waive the account maintenance fee:
    1. Keep at least $5,000 in your Spend and/or Reserve accounts
    2. Have at least $25,000 in another PNC Bank account or loan
    3. Have at least $5,000 direct-deposited into your account each month.
  • ATM fees: None for PNC Bank ATMS and non-PNC Bank ATMS.
  • ATM fee refunds: Up to $10 per month in non-PNC Bank surcharges (i.e., the fees the ATM owner tacks on).
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Growth accounts.

This Virtual Wallet® package is built to be used by high-income earners. After all, you do not want to be paying a $25 monthly account fee, especially when you can get a much better rates at another bank. The Performance Select package comes with added bonus perks. In addition to all the perks from the Performance Spending package, you also will have fees waived for more obscure services, such as Stop Payment and ATM statements. You’ll also be eligible for savings on home equity lines of credit and personal lines of credit, and up to $10,000 in identity theft protection reimbursement.

Overall, though, we’re left feeling underwhelmed by the bonus perks that this account offers for all of the requirements.

Bonus: New checking account offer

PNC Bank is currently offering sign-up bonuses with the Virtual Wallet® account package. If you open a new account and meet the requirements, you could be eligible for a lucrative sign-up bonus.The bonus amount and the requirements depend on which account tier you open.

For a basic-level Virtual Wallet account, you’ll need to set up at least $500 of direct deposits into the account and make at least 10 purchases with your debit card. If you do those things, you’ll earn a $50 sign-up bonus.

The next level up is the Performance Spend account. To get the $200 sign-up bonus for this account, you’ll need to set up $2,000 of direct deposits and also make 10 purchases with your debit card.

Finally, you can earn a $300 sign-up bonus by opening a Virtual Wallet package with the Performance Select level. To earn this hefty bonus, you’ll need to schedule a $5,000 direct deposit into your account and make 10 debit card purchases.

PNC Bank checking accounts without Virtual Wallet®

Performance Select Checking

A basic interest-earning checking account for high-income earners who don’t need all the fancy Virtual Wallet® features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

The Virtual Wallet® account package is nice for people who want an all-inclusive money management experience. But what if you’re a high-income earner who just wants a simple, no-frills checking account?

That’s where the base Performance Select Checking account comes in. It has the same fees, reward program, requirements and interest-earning structure as the Virtual Wallet®’s Performance Select, just without the extra two Reserve and Growth savings accounts.

Signing up for the Performance Select checking account is easy and takes just a few minutes. You can go to a local branch if you’re near one, call or sign up online. You’ll need that photo ID, a way to fund your new account, and all the basic info, like Social Security number.

Performance checking

A basic interest-earning checking account for medium-income earners who don’t want Virtual Wallet® features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

PNC Bank’s Performance checking account is its lowest-requirement interest-earning checking account. But with a low interest rate that only applies to balances over $2,000, the amount of money you’ll earn with this account will be peanuts.

Furthermore, if you don’t meet all the same requirements (keeping at least $2,000 in your account, having $2,000 of direct deposits, or having $15,000 in another PNC Bank account or loan) as the Virtual Wallet with Performance Spend, you’ll have to pay a $15 monthly account fee.

This account does come with the same reward structure and banking discounts as the Virtual Wallet® with Performance Spend account, however. If this sounds like the right account for you, you can easily sign up online, via phone or by visiting a local branch.

Standard checking

A basic-reward checking account for lower-income or retired consumers.

If you’re not interested in taking advantage of PNC Bank’s Virtual Wallet® money management features but still want a reward checking account without all the red tape, the Standard account might be for you.

This non-interest-earning account, which carries the same fee, reward, and requirement structure as the basic Virtual Wallet® account package, is easy to sign up for. All you need is a photo ID, basic personal information and a way to fund your account. You can sign up in just a few minutes online, over the phone or at a local branch.

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How PNC’s checking accounts compare

PNC Bank’s checking accounts are, overall, pretty lackluster. The only advantage of using them is that you get access to the Virtual Wallet® account package, which actually does offer some nice money management tools. But you can still get access to budgeting tools and savings apps elsewhere that can do all the same jobs as the Virtual Wallet®.

The rewards structure for these checking accounts is confusing. There’s no way to know whether you’ll earn good rewards, since you have to log into a portal and manually activate them ahead of time. Furthermore, once you do earn those rewards points, you have to redeem them through another portal. Some checking accounts do come with discounts, but they’re mostly on more obscure banking products you probably aren’t going to use much anyway, like cashier’s checks or safety deposit boxes.

These accounts carry a lot of red tape and fees. They also don’t pay much interest, if any. If earning the highest interest rates possible (with the least amount of fine print and fees) is your goal, there are much better checking accounts elsewhere.

PNC Savings Accounts

Standard savings

Low interest rates for a fee-heavy savings account.
 

Standard Rates

Relationship Rates with a checking account

$1.00 - $2,499.99

0.01%

0.05%

$2,500 and above

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • How to waive the account maintenance fee:
    1. Keep $300 in your savings account
    2. Be under age 18
    3. Transfer at least $25 from this account to an Auto Savings account
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

PNC Bank’s basic savings account does technically earn interest — but that’s about all we can say about it. Though national savings account rates average around 0.20% APY, the best you can hope for with this account is 0.10% APY—-and only if you have more than $2,500 in your account and qualify for relationship rates.To do this, you can set up a direct deposit into another account in one of the following amounts:

  1. $500 to a Standard checking account
  2. $2,000 to a Performance checking account
  3. $5,000 to a Performance Select checking account

Alternatively, you can also qualify for the higher rates by making at least five purchases with your PNC Bank credit or debit card.

If you’re not able to meet these requirements for the higher relationship interest rates, you’ll only earn a measly 0.01% APY on your savings. That’s as low as you can go while still technically saying it does earn interest.

Furthermore, there are many hidden-fee traps with this account. For example, if you don’t meet another set of requirements to waive the monthly account fee, you’ll pay a $5 monthly account fee.

At least the bank does make it easy to open an account if you decide you want to go this route. You can do it online, over the phone, or at a local branch. You’ll need just a few minutes of your time along with a photo ID, basic personal information and a way to fund your new account.

“S” is for Savings

Fun savings tools for children, but don’t expect to teach them about earning interest.

Minimum Balance to Earn APY

APY

$1.00

0.01%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • How to waive the account maintenance fee:
    1. Be under age 18
    2. Keep at least $300 in this account
    3. Transfer at least $25 from this account to an Auto Savings account each month
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

It can be tough to teach young ones about money, but this savings account can help in a few ways. Children can set savings goals for things like a new bike or a toy.When money is deposited into the account, children are presented with a visual of three buckets that they can choose to put the money in:

  1. Saving (for later)
  2. Sharing (to be given to charity or other people)
  3. Spending (to be spent right away)

Even cooler is an interactive learning center where young savers can learn about basic money management from “Sesame Street” characters.

These features are great for teaching basic financial concepts, except for one thing: how compound interest works. This account earns a rock-bottom interest rate of 0.01% APY. Since your child probably isn’t going to be saving hundreds of thousands of dollars in this account, he or she won’t really be able to see compound interest in action.

Luckily, this account is pretty easy to open. All you need is a photo ID for yourself (not your child), a way to fund the account, and your child’s personal information. It only takes a few minutes to complete an application, which you can do online, in person at a local branch or over the phone.

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How PNC’s savings accounts compare

While you can save money with PNC Bank’s savings accounts, they’re not an effective way to earn interest. Their rates are well below the national average of around 0.20% APY and there are many hidden fees that can trip you up if you aren’t a model customer.

The “S” is for Savings account for children is an exception if you’re looking to teach your youngsters about money, however. With its neat interactive interface and “Sesame Street” characters, it can get any child excited about savings.

That doesn’t mean it’s the best tool for the job, though. There are many other savings accounts that offer better rates for both you and your children.

PNC CD Rates

Fixed-rate CDs

Large amounts of cash needed for below-average returns.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: For CDs with terms between 3 months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

To get started with a PNC Bank Fixed Rate CD, you’ll need a deposit of at least $1,000. The bank will notify you and give you a 10-day grace period when your CD term is due to allow you to decide what to do with it (withdraw, or renew?). If you do nothing, the CD will automatically renew with the same term.Although PNC Bank does allow CDs with a deposit of as little as $1, there’s a hidden catch: deposit amounts between $1 and $999.99 are only available for CDs that are being renewed — which means you can’t start out at this level with your first deposit amount.

Furthermore, the rates offered for their CDs are again very low.

For example, the average national rates for a 1-year and 5-year CD are 0.73% APY and 1.66% APY with a $1,000 deposit, respectively. But PNC Bank? They’re just 0.13% APY and 0.60% APY, respectively—less than half the national average.

If you do decide to open a Fixed Rate CD, you’ll need a bit more information than with a standard checking or savings account. You’ll need current personal and employment information, and a photo ID. You can apply online, at a local branch, or over the phone.

Ready Access CDs

A better option to earn higher interest rates and skirt around the rules of PNC Bank’s savings account.

Term

APY

Minimum Balance Amount

3 months

0.05%

$1,000

12 months

0.15%

$1,000

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You will forfeit any interest earned.

CDs can be tough to invest with. On one hand, they offer higher rates than a savings account. But, if something comes up and you need the cash, you generally can’t withdraw it without paying an early withdrawal fee that could wipe out your earnings.PNC Bank’s Ready Access CD is a great option for these scenarios. While the rates still aren’t the greatest, the 12-month Ready Access CD interest rate is actually higher than their highest-earning savings account that has tons of red tape, fees, and stipulations surrounding it (see PNC Bank’s Standard Savings account above).

You can withdraw the money from this CD at any time penalty-free after the account has been open for at least seven days. These CDs will also automatically renew, meaning they’re a great option to store your emergency savings to earn a higher interest rate. In a worst-case scenario, you won’t be able to pull the money out within a brief seven-day period each year without incurring an early withdrawal fee.

Otherwise, it’s a great way to skirt around the rules and fees of their savings account while still earning a higher rate.

You can open a Ready Access CD online, over the phone or in-person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new account.

Callable CDs

Higher rates that still underperform national averages with added fine print.

Term

APY

Minimum Balance Amount

36 months

0.50%

$10,000

60 months

1.10%

$10,000

  • Minimum deposit amount: $10,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: Six months’ worth of interest.

If the rates of PNC Bank’s Fixed Rate CDs left you feeling a bit underwhelmed, you do have an opportunity to earn a slightly higher rate with Callable CDs. Still these rates are around half of what national averages are for these CD term lengths.The way it works is a little confusing. PNC Bank has the right to call back its CD if it decides the interest rate isn’t working in its favor. This just means that it’ll pay out what you’ve already earned instead of paying a higher interest rate for the full term length of the CD. It can only call back the CD after you’ve had it open for 12 months (for a 36-month Callable CD), or 24 months (for a 60-month Callable).

If this happens, you’ll get an advance notice of the actual “call date” of the CD. After this date, you’ll have 10 full days to decide whether you want to withdraw the cash or renew it into another CD. If you do nothing, the bank will automatically roll the funds over into a 12-month fixed-rate CD.

Getting a Callable CD is relatively straightforward, but you’ll need a few pieces of information. You can open an account over the phone or in person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new CD.

Variable-rate CDs

Earn fair rates through a changing interest rate environment.

You’ve probably heard all the kerfuffle surrounding the Federal Reserve changing interest rates. That can cause banks to change their own CD rates, and if you’re locked into a long-term CD, that change might not be in your favor.

Instead, PNC Bank offers an option for these scenarios. You can choose from just one term length — 18 months — and the interest rate you earn will be tied to the current price of a three-month Treasury Bill. Right now, as of April 4, 2018, that’s running at 1.68%.

After the 18-month period is up, your variable-rate CD will renew into another CD of the same type.

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You’ll lose six months’ worth of interest.

To open a Variable Rate CD, you’ll need a few things. You’ll need to provide personal information and employment history, as well as a photo ID. You can apply in person at a local branch or over the phone.

Step-rate CDs

Frequent access to your cash with an unknown earning potential.

If you want more frequent access to your money but don’t want to commit to a Ready Access CD, then a step-rate CD might be right for you. This CD is available in 36-month term lengths, which are further subdivided into six six-month terms.

Every six months you’re given a 10-day period where you can withdraw your cash penalty-free if you wish. If you choose to leave it in the account, the interest rate will be bumped up a notch each time.

The downside of this CD is that the bank won’t tell you what the interest rates for each step are until you sign up for an account. So, it’ll be a surprise!

  • Minimum deposit amount: $2,500
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: You’ll lose six months’ worth of interest.

To open a Step Rate CD, simply call PNC Bank or visit them in person if you live near a local branch. You’ll need to provide them with basic personal and employment information, and a photo ID.

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How PNC’s CD rates compare

PNC Bank offers a diverse set of CDs, which is great because it provides you with the most flexibility for your personal situation. Not everyone is able or willing to use a one-size-fits-all CD.

The rates offered for these CDs fall well short of national averages, however. If you’re looking to maximize the amount of return for your money, there are better CD rates at other banks.

PNC Bank’s Money Market Account

Premiere Money Market Account

Decent rates if you can meet the additional requirements.

Balance to earn interest

Standard APY

APY when linked to Performance Checking

APY when linked to Performance Select Checking

$1.00 - $9,999.99

0.03%

0.40%

0.70%

$10k - $24,999.99

0.09%

0.40%

0.70%

$25k - $49,999.99

0.11%

0.45%

0.80%

$50k - $99,999.99

0.13%

0.45%

0.90%

$100k - $249,999.99

0.15%

0.50%

1.00%

$250k - $499,999.99

0.15%

0.50%

1.00%

$500k - $999,999.99

0.17%

0.50%

1.10%

$1M and above

0.17%

0.50%

1.10%

  • Minimum opening deposit: $100
  • Maximum opening deposit: $10,000
  • Monthly account maintenance fee: $12
  • How to waive the account maintenance fee: Keep at least $5,000 in your account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.

For most products, PNC Bank offers below-average rates. Its money market account is one exception — if you can meet the added requirements. Otherwise, you’ll earn measly rates and might actually lose money if you have to pay the monthly account fee.To qualify for these higher interest rates, you’ll need to meet at least one of these other requirements in addition to having the extra checking account:

Set up a monthly direct deposit amount ($2,000 to a Performance Checking account, or $5,000 to a Performance Select Checking account)
Make at least five purchases a month with your PNC credit or debit card

Just be sure to watch out for the hidden fees, especially the monthly account maintenance fee. If you’re not able to keep $5,000 in your account, it’ll be a $12 fee each month.

To sign up for a PNC Bank Money Market account, you’ll need to apply either online, in person at a local branch, or over the phone. You’ll need a photo ID, and be able to provide bank account or credit card numbers to provide an opening deposit. Finally, you’ll also need to provide PNC Bank with basic personal information.

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How PNC’s money market account compares

PNC Bank’s basic money market account isn’t anything to write home about on its own. But, if you can take advantage of the higher rates offered if you have a Performance Checking or Performance Select Checking account, you can actually earn decent returns on your savings.

The higher rates offered for customers who qualify are actually right on par with national averages. But, as with the rest of their products, you can still find better money market account rates and terms with other banks.

PNC IRA CDs

Fixed-rate IRA CD account

Low rates for high-fee retirement savings.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%


Promotional rates - 9-month fixed term

Fixed rate only

Fixed rate with Choice/Premium plan

Fixed Rate with Performance/Performance Select/VW Performance

$1.00 - $999.99

0.04%

0.24%

0.29%

$1k - $9,999.99

0.06%

0.26%

0.31%

$10k - $24,999.99

0.08%

0.28%

0.33%

$25k - $99,999.99

0.10%

0.30%

0.35%

$25k - $99,999.99

0.12%

0.32%

0.37%

$500k+

0.15%

0.35%

0.40%

  • Minimum opening deposit: $1,000
  • Annual custodian fee: $25
  • How to waive the annual custodian fee: Keep at least $2,000 in your account.
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Transfer fee: $25 if transferring money to another PNC savings or checking account, or to another bank.
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties: For Fixed Rate IRAs with terms between three months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

This is one of the safest options around for growing your savings. PNC Bank offers multiple term lengths and rate tiers depending on how much money you want to invest and for how long.Although it does offer IRA CDs in amounts from $1.00-$999.99, you actually can’t start your account with these. You can only renew existing IRA CDs in this amount, meaning that you’ll need to bring at least $1,000 to the table if you want to open an account.

If you’d like to open a fixed-rate IRA CD account with PNC Bank, you’ll need to block out about 15 minutes of time from your day. You can apply over the phone, online or in person at a local branch.

Bonus: New IRA account offer

PNC Bank is offering a nice promotion when you sign up for a new IRA Account until June 30, 2018. First, you’ll need to sign up to receive the sign-up bonus coupon. After that, you’ll need to call up PNC Bank or visit a local branch in-person to open your account. You cannot take advantage of this sign-up bonus by signing up for an account online.You’ll also need a hefty deposit amount to be able to take advantage of this offer. You’ll earn the following sign-up bonus based on your deposit amount:

  • $50 sign-up bonus for a $20,000 deposit
  • $100 sign-up bonus for a $50,000 deposit
  • $200 sign-up bonus for a $100,000 deposit
  • $600 sign-up bonus for a $250,000 deposit
  • $1500 sign-up bonus for a $500,000 deposit

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How PNC’s IRA CD rates compare

Unfortunately, PNC Bank falls short of the mark for Fixed Rate IRA CDs as well. The rates offered are measly compared with those of competitors, even when you look at the longest-running CDs with the highest deposit amounts. If you’re looking to grow your money, you can find better rates and terms for IRA CDs elsewhere.

Furthermore, there are fees to watch out for with this account. Unless you come to the table with a $2,000 minimum deposit, you’ll have to pay an annual account fee. If you ever want to transfer your money out of the bank, you’ll need to pay another fee. These fees could really eat into your already-tiny earnings.

PNC Bank’s Student Virtual Wallet® Review

Student Virtual Wallet® Account

Great account package for young adults to learn money management skills.
 

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you provide proof that you’re actively enrolled in an educational institution. Status expires 6 years from when you open the account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: Two per month. ATM surcharges (i.e., the extra fee the ATM’s owner tacks on) are not refunded.
  • Overdraft fees: Your first overdraft fee within 12 months of account opening will be refunded.

PNC Bank offers all the functionality and perks of its regular Virtual Wallet® package (Spend, Reserve, and Growth accounts) with added bonuses for students. One of these great features is parental alerts, so parents can also see, along with students, when the account balance is low.

This account package also comes with helpful financial education. It provides in-person financial education seminars if you’re lucky enough to have a local branch on your campus.

Opening an account is the same as for the regular Virtual Wallet® accounts. In addition, you’ll need some way to prove that you actually are a student for this particular account.

Overall review of PNC Bank

We’ll be honest. PNC Bank really does offer some neat money management tools, especially with its Virtual Wallet® and “S” is for Savings® accounts. These accounts come with seamless tools that help you to simplify your hectic financial life.But that doesn’t mean these are the only places you can get these tools. Other financial products such as Mint or FamZoo can also do just about everything that the Virtual Wallet® does. You’ll have to do research and piecemeal these tools together to create a custom package for you, but it is possible to replace all the functionality of the PNC offerings with other products.

Furthermore, PNC Bank offers rock-bottom rates and super-high fees for most of its banking products. Unless you’re a model customer, these fees have the potential to wipe out your meager earnings.

Instead, you can search for higher-earning, more transparent checking and savings accounts elsewhere and finding your own budgeting and savings tools to help you manage your money. That way, you’ll have the best of both worlds: custom ways to simplify your finances and, with luck and due diligence, the highest-earning accounts possible.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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