HarborOne Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

HarborOne Bank’s checking account options

Advantage Gold Checking

This account allows customers to use paper checks — but carries a steep monthly fee.
APYMinimum Balance to Earn APY
0.05%
$100
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $20 (waived if you meet certain requirements, detailed below).
  • ATM fee: None, but you may have to pay an ATM surcharge fee for using an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

If you want to earn interest on your checking account balance and use physical, paper checks, this is the best account for you at HarborOne Bank. You only need $10 to open the account, but if you want to earn interest you’ll need to keep at least $100 in the account.

These account requirements are pretty reasonable, but we still suggest waiting to open on this account unless you have at least $15,000 in combined HarborOne Bank accounts (checking, savings, money market, and CDs). If your combined account balance falls below that mark, you’ll have to pay a high $20 monthly fee, which won’t be fun.

Another great feature of this account is that HarborOne Bank won’t charge any ATM fees of its own for using out-of-network ATMs. Still, it’s a good idea to beeline for in-network ATMs anyways, since HarborOne Bank doesn’t refund any ATM surcharge fees. You’ll still have to pay these fees (which are charged by the ATM’s owner and not HarborOne Bank) on your own. To avoid these surcharge fees, stick to using HarborOne Bank ATMs, or ATMs in the SUM or MoneyPass networks.

If you’re a resident of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont, you can apply for this account at HarborOne Bank. You’ll need to provide your Social Security number and a driver’s license or other valid ID, and you’ll also need some way to fund your new account such as with a credit card, check, or a transfer from your existing bank. You can open an account online or at a local HarborOne Bank branch.

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Checkit Checking

This is a well-designed training checking account for teens.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: HarborOne Bank won’t charge you for the first 8 out-of-network ATM withdrawals per month. After that, it’s $1.25 for each out-of-network ATM use. On each out-of-network transaction, you’ll pay whatever ATM surcharge fee the ATM’s owner imposes.
  • ATM fee refund: None.
  • Overdraft fee: $32.50 per charge, on up to five items/day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

When it comes to teen checking accounts, some are better than others. This one’s actually pretty good. It’s available to people aged 15 to 21, and to get it, a parent will have to link up their checking account to this Checkit Checking account. This allows parents to monitor their teen’s spending and set up spending alerts if they want, as well as transfer money into their teen’s account. This would be really handy for doling out allowance money.

There are a few features that’ll appeal to teens specifically. They can design their own debit card, and they won’t pay any HarborOne Bank ATM fees on their first eight ATM transactions of the month.

When the teen accountholder turns 22, this account will automatically transfer into a FreePlus Checking account.

To get this account, you’ll have to apply either online or in person at a local branch. Only people living in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont are eligible to open an account. You’ll need to provide your Social Security Number, address, and a valid government-issued photo ID (like your driver’s license).

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FreePlus Checking

This is HarborOne Bank’s easiest-to-qualify-for free checking account.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: $1.25 for each out-of-network transaction, plus whatever ATM surcharge fee the machine’s owner tacks on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

HarborOne Bank’s other checking accounts can come with high fees if you don’t meet certain qualifications. If you don’t want to bother with that hassle, this might be the best account for you at this bank. It’s not HarborOne’s only free checking account, but it is the only one that anyone — regardless of age or workplace affiliation — can open.

Even though this account is free, HarborOne Bank will still tempt you to open paid products. When you open the account you can opt to get two free months’ worth of a service called Benefits Plus®. This online portal purports to offer deals on all kinds of things from travel, local stores, entertainment, health and wellness, and more. But the webpage is light on details — it doesn’t tell you what specific discounts are offered at what specific retailers, for example — making it hard to assess whether the program is worthwhile unless you give it a spin during the free trial. If you do decide it’s worth the money, you’ll pay $3.95 per month after the trial ends.

Anyone can open an account online or in person, with a few catches: You’ll need to be a resident of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont. Plus, you’ll also need to be able to provide a Social Security number and a government valid ID.

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i-Checking

This account offers a higher interest rate on balances up to $20,000 if you’re prepared to forego paper checks.
APYMinimum Balance to Earn APY
0.15%
$0.01-$19,999.99, if account qualifications are met.
0.05%
Over $20,000, or all balances if account qualifications aren’t met.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5, unless minimum deposits are met.
  • ATM fee: None, if you meet the monthly requirements. Otherwise, $1.25 for each out-of-network ATM transaction, plus any other ATM fees from the ATM owner.
  • ATM fee refund: None.
  • Overdraft fee: $32.50 per charge, on up to five items/day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

HarborOne Bank offers slightly higher rates on this account. The catch? You’ll need to be willing to do all of your banking electronically, without being able to write paper checks.

In addition, you’ll need to be signed up for electronic statements, and either have at least one direct deposit or 10 debit card purchases per month to qualify. If you go for longer than three months without meeting these requirements, HarborOne Bank will downgrade your account so that it doesn’t earn any interest. You also won’t be eligible for ATM fee waivers if you don’t meet the monthly account requirements.

You can apply for an i-Checking account at a local HarborOne Bank branch or online. You’ll need a photo ID, your Social Security Number and a way to fund your account. Accounts are limited just to residents of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

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How HarborOne Bank’s checking accounts compare

HarborOne Bank’s accounts are a bit ho-hum. There’s nothing excessively bad about them. These accounts do charge a relatively high overdraft fee, but the overdraft transfer fee is reasonable if you link up an overdraft transfer account (although some banks and credit unions will still offer this service for free). There’s also no “excessive overdraft fee” for having your account overdrawn by several days in a row like some banks charge, which is nice.

But there’s also nothing excessively good about these checking accounts, either. Several checking accounts offer HarborOne Bank ATM fee waivers, but at the same time, they don’t refund ATM surcharge fees like many other banks do. Some checking accounts also offer interest, but it’s a pretty small amount. For better interest rates, we’d recommend checking out these online checking accounts instead.

HarborOne Bank’s savings account options

Checkit Savings

Teens definitely won’t be getting rich anytime soon with these interest rates.
APYMinimum Balance to Earn APY
0.05%
$25
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

If you and your teen have a Checkit Checking account, you’ll also be eligible for this Checkit Savings account to go along with it. In fact, you’ll need to maintain that account first in order to be able to open this account. When the customer turns 22, this account will automatically roll into a Statement Savings account.

This account is free and only requires a small $5 deposit to get started. You’ll need at least $25 in order to start earning interest with the account.

To open this account, you’ll need to have a valid ID and Social Security number. You can open this account online or in person at a local HarborOne Bank branch. These accounts are only open to New England residents.

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i-Savings

This account offers a poor interest rate and only on very large balance amounts.
APYMinimum Balance to Earn APY
0.50%
$25,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: $2, unless you keep at least $200 in the account, or $2,000 across all of your HarborOne Bank deposit accounts.
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

HarborOne Bank doesn’t offer very good interest rates on its savings accounts. But with this account, you can at least earn a slightly higher interest rate.

You need $1,000 to open this account — but you won’t actually start earning interest until you reach a balance size of $25,000.

You’re also limited in the number of withdrawals you can make. Federal Regulation D limits you up to six certain withdrawals per month, not including in-person withdrawals or withdrawals made by ATM. If you exceed this limit, HarborOne Bank will charge you a $10 per-withdrawal fee. The bank may also downgrade your account to a non-interest earning account.

Local residents can open an account by visiting a branch location. You can also open an account online. Accounts are only available to people living in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

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Club Accounts

These accounts let you save for specific purposes, like for the holidays or for a vacation.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

These special savings accounts operate like a timed deposit. You specify when you want the maturity date to be when you open the account. When that hits, the money will be transferred over to your regular checking account. For example, if you choose to open a holiday club savings account, your balance will automatically be transferred over to your checking account in October, just in time to start holiday shopping in November.

There aren’t any requirements to set up automatic deposits or meet certain deposit requirements each month like with some club savings accounts. It’s all on you to make sure you’re saving consistently so that you do, in fact, have a balance to transfer over when the account matures.

In order to help dissuade you from sticking your hand in the cookie jar too early, HarborOne Bank will impose penalties on you for each early withdrawal. Each time you make a withdrawal before the scheduled transfer date when all funds are deposited into your account, HarborOne Bank will charge you a $5 penalty.

Residents of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont are eligible to open this account. You can open it online or at a local HarborOne Bank branch, and you’ll need to bring a valid photo ID and a way to fund your new account.

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Statement or Passbook Savings

This savings account offers an easy way to get started saving, but it won’t take you very far.
APYMinimum Balance to Earn APY
0.05%
$25
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $2, unless you keep at least $200 in the account, or $2,000 across all of your combined HarborOne Bank deposit accounts.
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

Remember those paper passbooks that you used to have for your savings account as a kid, before the Internet existed? With this account you can choose between keeping track of your savings account with a paper or electronic statement (like most people nowadays) or with a passbook where you record all of your transactions (like a checkbook ledger).

As with all of HarborOne Bank’s other savings and money market accounts, you are allowed to make up to six certain withdrawals per month due to the rules set by federal Regulation D. Some types of withdrawals, notably ATM withdrawals and in-person withdrawals, don’t count towards this limit and you can make as many of these withdrawals as you want. Otherwise, if you exceed this limit, HarborOne Bank may change your account so that it doesn’t earn interest, and it’ll charge you a $10 per-withdrawal penalty.

HarborOne Bank only allows you to open an account if you live in New England. You’ll also need to provide your name, address, Social Security Number and a valid government-issued photo I.D. Finally, you’ll also need some way to fund your new account, such as the routing number for your current bank, a cash deposit, or even a credit card.

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How HarborOne Bank’s savings accounts compare

A good savings account offers two important things: a high interest rate and no monthly fees. Unfortunately, HarborOne Bank fails on both of these fronts.

HarborOne Bank charges a monthly fee on two out of four of its savings accounts, though it is possible to get the fee waived if you meet certain balance requirements. But while these requirements probably aren’t that difficult for most people to meet, still — why bother with them when there are so many other savings accounts out there that don’t have these rules?

Finally, it’s hard to get much lower interest rates than the ones that HarborOne Bank offers. If you want to earn some serious cash for your savings, we recommend one of these top-yielding online savings accounts instead.

HarborOne Bank’s CD rates

Certificate of Deposit

Honestly, these CDs aren’t really worth your time.
Limited Time Specials
TermAPY
11 months2.00%
20 months2.70%
Advantage Gold CDs
TermAPY
35 months0.60%
46 months1.00%
57 months0.75%
Regular CDs
TermAPY
3 months0.20%
6 months0.20%
9 months0.25%
12 months 0.30%
18 months0.35%
24 months0.40%
30 months0.45%
36 months0.50%
48 months1.00%
60 months0.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For CDs under 12 months, you’ll pay 3 months’ worth of interest
    • For CDs 12-24 months, you’ll pay 9 months’ worth of interest
    • For CDs 24-36 months, you’ll pay 12 months’ worth of interest
    • For CDs over 36 months, you’ll pay 18 months’ worth of interest

These CDs offer the highest interest rates available at HarborOne Bank. Interest on these CDs compounds daily and is tallied up and deposited into the CD account once per month. You can choose to have the interest paid out directly to you or one of your other accounts if you wish, but it’s generally a better idea to let it stay in the account and accumulate even more interest.

To qualify for the higher Advantage Gold CD rates, you’ll also need to have an Advantage Gold Checking account. The Limited Time Special CDs offer the best rates of all, but they’re only available if you open them up with money from outside of HarborOne Bank.

You’ll have a 10-day grace period to decide what to do with the CDs after they mature. If you don’t do anything with them (like withdrawing the money, changing the CD’s term, or adding more money), they will automatically renew for another term length and be locked in again.

New England residents (those in the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) are eligible to open up CDs, either at a branch or online. You’ll need to provide your Social Security Number, a valid photo I.D., and a means of funding your new account.

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How HarborOne Bank’s CD rates compare

We’ll make this short and sweet: Skip these CDs. Although it seems like the bank is cutting you a deal by offering higher interest rates for new money and on longer-term accounts, they’re really not. You can find much higher rates for every term length with one of these CDs instead.

HarborOne Bank’s money market account options

Advantage Money Market

This money market account offers pretty sad interest rates.
APYMinimum Balance to Earn APY
0.05%
$2,500
0.05%
$10,000
0.10%
$25,000
0.10%
$50,000
0.15%
$100,000
0.15%
$250,000
0.15%
$1,000,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $3, unless you have at least $1,000 in the account
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

To qualify for the Advantage Money Market account, you’ll need to also concurrently hold an Advantage Gold Checking account. That’s a bit of a hassle, but if you do own it, this money market account will unlock the highest rates that HarborOne Bank offers on a liquid savings-type account.

You can write checks from this account, but remember: As with all other savings and money market accounts, federal rules limit you to just six transactions per month. ATM withdrawals and withdrawals made in person don’t count towards this limit.

If you exceed the six-withdrawal limit, you’ll have to pay a $10 penalty for each withdrawal thereafter, and you run the risk of HarborOne Bank downgrading your account to a non-interest-bearing account. This defeats the entire purpose of having a money market account, so we suggest playing it safe and staying under the limit.

If you have an Advantage Gold Checking account, you can open one of these accounts in person at a local bank branch, or online.

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I-Money Market

If you’re willing to forego checks and maintain a large balance, you can earn slightly better rates with this account.
APYMinimum Balance to Earn APY
0.35%
$25,000
0.45%
$50,000
0.50%
$75,000
0.35%
$250,000
0.35%
$500,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: $3, unless you keep at least $1,000 in the account.
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items per day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

HarborOne Bank’s I-Money Market account is more for high rollers who still want to maintain frequent access to their cash. You’ll need at least $2,500 to open the account, but you won’t actually start earning interest until you have quite a bit more in the account — a whopping $25,000, to be precise.

One of the downsides to this account is that it doesn’t come with checks — that means this is essentially just a glorified savings account. That’s not necessarily a bad thing, and to compensate, this account is paying out a higher interest rate than on HarborOne Bank’s other money market accounts.

You can make as many ATM and in-person withdrawals from this account as you want. Other types of withdrawals are limited to just six per month, due to federal Regulation D. If you make more withdrawals than that in a given month, you’ll owe a $10 per-withdrawal fee, and you run the risk of HarborOne Bank converting your account into a non-interest-bearing account, which defeats the entire purpose of opening this account in the first place.

If you live in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont, you’re able to open this account as long as you have the funds to meet the minimum deposit requirements. You can apply for this account online or in person at a local HarborOne Bank branch.

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Investor’s Money Market

This money market account offers similar rates as the Advantage Money Market account without requiring you to concurrently hold an Advantage Gold Checking account.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$25,000
0.20%
$50,000+
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $3, unless you keep at least $1,000 in the account.
  • ATM fee: $1.25 for each out-of-network ATM transaction, plus whatever ATM surcharge fees the ATM’s owner adds on.
  • ATM fee refund: None
  • Overdraft fee: $32.50 per charge, on up to five items/day. You’ll only be charged if your account is overdrawn by more than $5. If you link up an overdraft transfer account, you’ll instead pay $5 per transfer.

If you don’t have an Advantage Gold Checking account or the hefty initial deposit required to earn interest on the I-Money Market account, this Investor Money Market account might be the best one for you at HarborOne Bank.

It earns similar interest rates to the Advantage Money Market account, with a few tiny exceptions. There’s not really much that separates these accounts besides tiny differences in interest rate tiers which give the Advantage Money Market account only a minute advantage.

As with all of HarborOne Bank’s money market accounts, you’re limited to just six withdrawals per month. This account does come with checks, and those do count towards the withdrawal limit. If you exceed these limits, HarborOne Bank will assess a $10 per-withdrawal penalty, and reserves the right to convert your account to a non-interest-bearing version. You can get around these limits by withdrawing money in person at a branch or through an ATM, since these transactions don’t fall under the limits.

New England residents can apply for an Investor Money Market account by going to a local branch and applying directly, or by applying online. You’ll need to provide a valid government-issued photo I.D. ( like a driver’s license or passport), a Social Security Number and the routing information for your current bank if you’ll be transferring over the opening deposit.

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How HarborOne Bank’s money market accounts compare

The interest rates offered on these accounts aren’t really that impressive. HarborOne Bank offers its best interest rates for people who keep more than $250,000 on deposit — coincidentally, this is the limit of FDIC insurance. It’s generally not wise to keep more than this amount on deposit at a bank, since you could lose that money if the bank were ever to go under.

We also suggest passing on these money market accounts because of their low interest rates. Instead, we recommend these top money market accounts. Many of these accounts come with lower minimum deposit amounts (so more people can take advantage of them), and all of them offer better interest rates than HarborOne Bank (so all people can benefit from them).

HarborOne Bank’s IRA account options

IRA CDs

The only competitive rates are the limited-time special CDs, available only with new money.
Limited Time Specials
TermAPY
11 months2.00%
20 months2.70%
Advantage Gold CDs
TermAPY
35 months0.60%
46 months1.00%
57 months0.75%
Regular CDs
TermAPY
3 months0.20%
6 months0.20%
9 months0.25%
12 months0.30%
18 months0.35%
24 months0.40%
30 months0.45%
36 months0.50%
48 months1.00%
60 months0.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: This depends on your IRA CD’s term length:
    • For IRA CDs under 12 months, you’ll pay 3 months’ worth of interest
    • For IRA CDs 12-24 months, you’ll pay 9 months’ worth of interest
    • For IRA CDs 24-36 months, you’ll pay 12 months’ worth of interest
    • For IRA CDs over 36 months, you’ll pay 18 months’ worth of interest

HarborOne Bank’s IRA CDs may not offer high interest rates, but they do throw bank customers a bone of sorts, in the form of a lower minimum opening deposit. Rather than the $1,000 needed to open a new regular CD, it takes only $500 to open an IRA CD. This makes it more affordable to people just starting their retirement savings.

Some of HarborOne Bank’s IRA CDs have limitations on who can open the account. Anyone can open the regular IRA CDs, but to get the Advantage Gold IRA CDs, you’ll also need to have an open Advantage Gold Checking account. Similarly, the Limited Time Special IRA CDs are only available to “new money” — i.e., money from another bank or credit union that isn’t already in your current HarborOne Bank account.

These IRA CDs will automatically renew for another term length after they mature, though you’ll get a 10-day grace period where you can add money or withdraw it without having to pay any penalty. HarborOne Bank does charge a $25 “retirement plan transfer fee” if and when you decide you move your money to an IRA account at a different financial institution.

To open one of these IRA CDs, you’ll need to provide your Social Security Number, a government I.D. and your current bank’s routing number, if you’re transferring in money from an outside bank account. You can open these IRA CDs online or in person at a local HarborOne Bank branch.

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How HarborOne Bank’s IRA CD rates compare

It’s really important to try and get the highest returns possible on your retirement savings, especially if you’re still young and have a long time to save. Those high interest rates will compound even further over time.

Unfortunately, we can’t recommend HarborOne’s IRA CDs because they offer a much smaller interest rate compared to the top IRA CDs out there. It would be well worth your time to consider one of the latter IRA CDs instead — your future self will thank you.

Overall review of HarborOne Bank’s banking products

HarborOne Bank may be a cozy, regional New England bank, but don’t let that fool you. The interest rates that it offers on most of its accounts aren’t much higher than the notorious mega-banks which offer rock-bottom rates.

The bank does offer a wide variety of account types — which is nice, but still you can earn more money if you aim for a higher rates at a different bank or credit union.

That’s why we recommend passing on HarborOne Bank. It is possible to find local banks and credit unions that pay out higher rates than HarborOne Bank offers. If you’re willing to go online for your banking needs and forego the costly brick-and-mortar banking experience, you’ll be even more surprised with how much more you can be earning from your money.

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