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Eastman Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Eastman Credit Union’s checking account options

ECU Beyond Free Checking

A tiered checking account with very few fees.
APYMinimum Balance to Earn APY
0.15%
$0
0.05%
$10,000
0.10%
$25,000
0.20%
$50,000
0.25%
$100,000
0.30%
$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The ECU Beyond Free Checking is not a bad account. It has no minimum balance requirements, no minimum opening deposit and won’t sock you with ATM fees when you use an out-of-network ATM unless they’re charged by the ATM owner.

The APY on this Eastman Credit Union account isn’t the best, but sometimes it can be exciting that a checking account offers dividends at all. Typically, you hold money in a checking account only to spend it throughout the month, so while you can find special deals and great rates outside of Eastman Credit Union, you will also find some financial institutions offering 0.00% APY on their checking accounts. The credit union’s rates are fairly standard though not the highest on the market.

Overdraft fees on all accounts at Eastman Credit Union are either $5 or $30. If you sign up for overdraft protection, you will be charged $5 every time the credit union has to pull funds from your savings account to cover your purchase. If you sign up for overdraft protection plus, you will be charged $30 every time you overdraw, but the credit union will allow you to make purchases until your account is -$500. Not that the $30 fee will reduce the amount available ($500) to pay other items. If you don’t sign up for any of these protections, you will be charged $30 every time you overdraw, and on top of it, Eastman will not allow the purchase to go through.

How to get Eastman Credit Union’s Beyond Free Checking

You can apply for Beyond Free Checking online or by visiting your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s checking account compares

The ECU Beyond Free Checking does not offer the best rates on the market, but they’re not the worst either. Aided by no minimum balance requirements and limited fees, this account is worthy of your consideration as you compare other checking accounts.

Eastman Credit Union’s savings account options

Regular Savings

This account is required to establish your membership at Eastman Credit Union.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

Eastman Credit Union’s Regular Savings account doesn’t offer even close to the highest APY on the market, but that’s not the real reason to open one of these accounts. In order to establish membership at the credit union, you must have a savings account to access any of their other accounts, making things like lackluster APY and relatively low fees a moot point.

Because it is a savings account, certain terms are dictated by federal regulation. Specifically, Fed Regulation D says that you can make up to six certain withdrawals/transfers from a savings account per month. If you do go over, Eastman Credit Union will charge you an $8 excessive withdrawal fee for any transaction over six in any given month. You also risk having your account shut down, which could result in a loss of membership with this particular account.

How to get Eastman Credit Union’s Regular Savings Account

You can open this account online or in person.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Christmas Club Account

An account that empowers you to save for the holidays but recognizes you might need cash for early shopping.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Early withdrawal fee: $10, if you withdraw before September
  • Overdraft fee: $5 or $30

Saving for the holidays? It’s really easy to dip into that savings pot when something like a big back-to-school sale or an opportunity to take a long weekend trip pops up. The Christmas Club Account is built specifically with this situation in mind.

You can stash money in your Christmas Club Account all year, and then during the first week of November, everything you’ve saved will be disbursed to your regular savings account. To encourage you to keep money in your account throughout the year, you will be charged a $10 fee when you withdraw. The only exceptions are withdrawals made in September and October, for which there are no fees.

How to get Eastman Credit Union’s Christmas Club Account

You can open a Christmas Club Account online or at your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Stash Your Cash Account

A club account that allows you to save for more than just the holidays.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The Stash Your Cash Account is similar to the Christmas Club Account, except that you can use the money you’re saving for any purpose, whether that be vacation or a wedding. You can also set the date that your funds will be released to your Regular Savings, making the account flexible to match your individual financial goals.

Remember that both this account and the Christmas Club Account are still savings accounts, so if you do have to make early withdrawals/transfers, make sure you’re planning ahead to avoid making more than six per month.

How to get Eastman Credit Union’s Stash Your Cash Account

You can open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Health Savings Account

A tax-sheltered account for your health care costs.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

If you have a High-Deductible Health Plan (HDHP), you can put up to $3,450 into a Health Savings Account (HSA) in 2018 — $6,900 if your HDHP offers family coverage.

These contributions are tax-deductible, and earnings are tax-free when you take the money out for qualified health expenses. You can also enjoy tax-free withdrawals if you are disabled or at least the age of 65.

The fact that the credit union offers this type of account is fairly unique. If you have an HDHP and no other insurance, it’s a good way to shelter the dollars you spend on health care costs from the IRS, and since the money is carried over from year to year, it can also serve as an extremely tax-effective retirement account if you don’t end up needing the money for health-related expenses. Granted, if you open it with Eastman Credit Union, the dividends won’t be enough to keep your money from losing value to inflation.

How to get Eastman Credit Union’s Health Savings Account

To get the process of opening an HSA started, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s savings accounts compare

Eastman Credit Union offers a pittance of an APY when compared with the best savings accounts on the market, yet each account it does offer serves a very unique purpose that may put it beyond dividend comparisons.

The Regular Savings account is required to open any type of account at Eastman Credit Union, whether or not you’re a fan of the APY. Christmas Club and special savings accounts exist to enforce self-discipline rather than to rake in extra money through dividends, and HSAs are a way to become more tax efficient with your health care spending.

Rather than comparing these accounts with those with the highest savings rates, you’ll be better off digging in deep and comparing them with accounts at other financial institutions that help you achieve the same goals.

Eastman Credit Union’s CD rates

Investment Certificates

Fairly competitive certificates with an opportunity to increase your APY.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months2.25%
$1,000
18-19 Months2.50%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months2.90%
$1,000
  • Minimum opening deposit: Varies based on desired term and APY
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • The greater of 7 days’ worth of dividends or all dividends earned to date on certificates with terms of up to 6 months;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

The dividend rates on Eastman Credit Union’s Investment Certificates — which are the equivalent of certificates of deposit or CDs — are fairly competitive. It should be noted that this is especially true as you extend the term; the 72 month certificates are far more competitive than the 12 month CDs.  Further, you can add 0.05% APY to your certificate to make it a jumbo certificate with all the same terms save a minimum balance requirement of $100,000.

Also know that if you make a withdrawal that brings you below your minimum opening deposit, you’ll not only incur an early withdrawal penalty, but you’ll also see your certificate shut down. You cannot keep this account open without earning APY, and you can’t continue to earn APY without keeping your minimum opening deposit intact. The only exception to this is jumbo certificates. If you fall below the $100,000 minimum balance threshold, your certificate will just revert to normal rates.

How to get Eastman Credit Union’s CDs

You can open your investment certificate online or in person.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Lifeline Savers Certificate

A low-yield certificate with an extremely low barrier to entry.
TermAPY
1 Year0.55%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 90 days’ worth of dividends

In addition to the Investment Certificate, Eastman Credit Union also offers the Lifeline Savers Certificate. One unique feature compared with Eastman’s other certificate products is that you can add to the balance of this certificate at any time — even midterm. Your rate will be lower than with an Investment Certificate, but the barrier to entry is also far lower with only a $100 required deposit and balance.

That doesn’t mean that this account is competitive overall, though. At this term tier, you can find certificates from other financial institutions offering rates nearly five times higher requiring only about $400 more for a minimum opening deposit.

How to get Eastman Credit Union’s Lifeline Savers Certificate

You can open this account in person or via the online application.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s CD rates compare

At lower rate tiers, Eastman’s certificates are barely competitive. However, as you move up through the ranks of longer term periods, its certificates rival some of the best rates out there. Those should be considered as a viable option as you compare other CDs.

Eastman Credit Union’s money market account options

Money Market

A somewhat standard money market account with high minimum balance requirements for unsatisfying dividends.
APYMinimum Balance to Earn APY
0.25%
$0
0.30%
$10,000
0.35%
$25,000
0.40%
$50,000
0.45%
$100,000
0.55%
$200,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0; $10,000; $25,000; $50,000; $100,000; or $200,000 depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5-$30

The idea behind a credit union money market account is to pull more in from dividends than you would on your typical savings account. Traditionally, this has meant that there are larger minimum balance requirements in order to earn the higher APY.

Eastman Credit Union’s money market account does raise dividend rates as its tiered minimum balance requirements increase, but those rates are extremely low. If you have under $10,000 in your account, you’d be earning less APY than if you kept your money in a savings account at the credit union. But even at higher minimum balance requirements, the APY offered by Eastman Credit Union falls far short when compared with other options on the market.

Money market accounts are regulated by the federal government in the fashion of savings accounts, so remember that if you make more than six certain withdrawals/transfers from this account, you could be facing an $8 excessive withdrawal fee from the credit union per each instance. Beyond that, your account could even be shut down all together.

How to get Eastman Credit Union’s Insured Money Market account

You can open an Insured Money Market Account in person or via the online application.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s money market accounts compare

As mentioned above, traditionally money market accounts have required higher minimum balances in order to earn a higher APY. However, with the advent of online-only banks, we have seen a shift in this practice. Now, many internet banks offer a high APY on money market accounts with low or even no minimum balance requirements, rendering accounts like the one offered by Eastman Credit Union fairly obsolete.

To earn a dramatically higher APY with lower minimum balance requirements, be sure to check out the best money market accounts on the web.

Eastman Credit Union’s IRA account options

IRA CD rates

IRA Investment Certificate

Same rates as a certificate outside of an IRA make this account uncompetitive.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months2.25%
$1,000
18-19 Months2.50%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months2.90%
$1,000
  • Minimum opening deposit: $1,000 or $2,500 depending on term
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • All dividends on 1-month certificates;
    • 7 days’ worth of dividends on 3-month certificates;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

Many financial institutions increase the interest rates offered on certificates when they are held within an IRA, though Eastman Credit Union keeps them static. If you have over $100,000 in an Investment Certificate, it turns into a jumbo certificate and you’ll see a rate hike of 0.05%, but it’s still not enough to compensate for the higher rates offered for lower minimum balances elsewhere.

While the early withdrawal penalties charged by Eastman Credit Union are listed above, remember that any time you take money out of an IRA, you could also owe penalties to the IRS, as well.

How to get Eastman Credit Union’s IRA CDs

You cannot open IRA products with Eastman Credit Union online. Instead, you’ll have to open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Accumulation Account

A competitive savings account within your IRA meant to be used before you retire.
APYMinimum Balance to Earn APY
0.30%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Accumulation Account is a savings account inside your IRA and is meant to be used before your reach retirement age. Eastman Credit Union’s offered rates are not competitive for a portfolio holding of this class. You can find rates more than six times higher elsewhere.

Because you have to come in to fill out paperwork and make withdrawals, you will not be able to accidentally overdraw this account. You should also be aware that with few exceptions, should you make withdrawals from an IRA prior to reaching retirement age, you will have to pay penalties and fees.

How to get Eastman Credit Union’s Accumulation Account

Because Eastman’s IRA products are not available online, you will have to either call (800) 999-2328 to set up your account, or visit your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Access Account

A savings account within your IRA meant to be used in retirement.
APYMinimum Balance to Earn APY
0.25%
$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Access Account is very similar to the Accumulation Account in its intent. It is a savings account within an IRA, though it is meant to be used as you approach retirement. When you reach retirement age, you will be able to take money out of this account — hence the name “access.”

There are higher minimum opening and balance requirements with this account, but that is because you are closer to retirement and will likely want to keep more of your retirement savings in more conservative accounts. The APY is also a little lower than the Accumulation Account, which obviously means this account does not offer a competitive APY either.

How to get Eastman Credit Union’s Access Account

To open any type of product within an IRA, you’ll have to either visit a branch or call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s IRA CD rates compare

You can do better with your IRA certificate than accepting the low rates offered by Eastman Credit Union. Look for financial institutions that up their APY when offering certificates inside an IRA rather than keeping them static. Even if you have more than $100,000 to open a jumbo certificate and get the rate hike, the APY offered by the competitors still dwarfs the credit union’s offerings.

Overall review of Eastman Credit Union’s banking products

At the end of the day, with the potential exception of certain certificate tiers outside of an IRA, Eastman Credit Union’s products simply aren’t competitive with the best options on the market. To be sure, its savings accounts do offer a wide range of services that may help you reach your financial goals outside of APY earnings. For all other products, it’s more likely in your favor to look elsewhere.

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

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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How to Request a Credit Limit Increase With Chase

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

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

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

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

Option 1: Over the phone

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

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

Option 2: Automatic credit limit increases

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

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

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

Understanding credit limit increases

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

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

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

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

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

Alexandria White
Alexandria White |

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

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Review of Edward Jones CD Rates

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

What are brokered CDs?

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

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

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

CD rates from Edward Jones

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

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

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

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

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

How to get CDs from Edward Jones

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

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

LEARN MORE Secured

on Edward Jones’s secure website

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How do CD rates from Edward Jones compare?

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

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

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

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

Overall review of CDs from Edward Jones

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

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

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

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

John Csiszar
John Csiszar |

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