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Investing, Reviews

Apps That Make Investing Easy: Acorns, Betterment, Robinhood, Stash

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The smartphone has revolutionized the way we manage our finances — from paying bills to tracking our credit scores. Thanks to a wave of new investing apps, it’s never been easier for novice investors to get their start in the market. Services like Acorns, Betterment, Robinhood and Stash let users invest small amounts of money to begin to grow wealth.

But how good are these apps at growing your money, and what are the pros and cons?

Read on to find out all you need to know about investment apps. We’ll periodically update this post with new apps and reviews.

Acorns

acorns

How it works: Acorns is an app that is designed to help users invest their spare change by rounding up purchases to the dollar. By linking your checking account and credit cards to the app, it can take everyday purchases like a $4.22 latte and round it up to the nearest dollar, which in this case would be $5. Once you’ve accumulated $5 in round-up savings, the app invests the money for you in a portfolio of your choosing.

Acorns’ main selling point is how simple it is to choose your investments. To get started, Acorns asks for your age, how long you’re looking to invest, your income, your financial goals, and your risk tolerance. From there, the app recommends one of five portfolio blends. Each portfolio comprises six low-cost exchange traded funds (ETFs). Portfolios range from conservative (with a larger allocation of bonds) to aggressive (with a larger allocation of stocks).

Fees: Like any product aimed at convenience, Acorns’ investing platform comes at a price: $1 per month for accounts with $5,000 or less, and an annual fee of 0.25% of the account value for balances over $5,000.

Making withdrawals: Acorns does not charge a fee for withdrawing money, but it will take some time to hit your bank account. Withdrawals take five to seven business days, the company says. That’s because Acorns has to sell the stocks and bonds from your account to cover the withdrawal, which could take up to three business days alone. Then, the company transfers the funds into your account, a transfer that could take one to three days.

Best suited for: Individuals who struggle to set aside savings each month and want to invest for short-term goals.

The pros:

  • No minimum balance is required.
  • No monthly deposit requirement.
  • You can deposit extra funds to your account at any time or set up a recurring deposit.
  • Withdrawals are free and can be made at any time.
  • The app is totally free for students.
  • Users are free to accept or decline portfolio recommendations and can change portfolios at any time.
  • Easy to withdraw funds without any penalty or fees.

The cons:

  • Acorns’ $1 or 0.25% fee may sound nominal. But for an app aimed at investors who are saving only small amounts of cash on the side, those fees can quickly eat into your long-term investment gains. “If you only have $100 and you’re charged $1 a month, you’re paying $12 a year,” says Robert Farrington, founder of TheCollegeInvestor.com, an investing and personal finance site aimed at millennials. “A 12 percent fee is criminal … and once that money is gone, it is not going to compound.”

There are plenty of ETFs and mutual funds out there that charge far lower fees. But Acorns’ main selling point is the ease of selecting a portfolio, which takes away the headache of comparing dozens of different funds on your own.

Betterment

betterment

How it works: Betterment is a service that pretty much takes all the guesswork out of investing. Users input their investment goals, and the app suggests individual portfolios based on an investor’s risk tolerance and goals. Betterment uses software and algorithms to manage money by investing it into a blend of Vanguard exchange traded funds (ETFs), including U.S. and international stocks, short-term Treasuries, inflation-protected Treasury securities, and emerging market stocks and bonds. Betterment’s algorithm manages your investments for you and rebalances them over time, making sure you’re properly invested in the right mix of funds.

Fees: Betterment currently offers a promotion of up to six months for free. After that, fees are relatively low — 0.35% per year on accounts with a minimum monthly auto deposit of $100 and 0.15% for accounts that hold at least $100,000. But beware: If you do not contribute at least $100 to your Betterment account each month, they’ll hit you with a hefty $3 fee.

Making withdrawals: Betterment does not charge any fees or a penalty for making withdrawals, which usually take four to five business days to process. The website notes that a withdrawal might be delayed if a user recently made a deposit, because the deposit needs to fully settle first before another action.

Best suited for: Novice investors who are investing for long-term goals like retirement.

The pros:

  • Betterment currently offers a promotion of up to six months managed for free. After that, fees are relatively low (0.35% a year on accounts with a minimum monthly auto deposit of $100 and 0.15% with a minimum of $100K).
  • The website also offers personalized retirement advice to help educate first-time investors.
  • It is easy to withdraw funds with no penalty or fee.
  • Betterment recently launched RetireGuide, which offers personal retirement savings advice to users.
  • Betterment’s SmartDeposit feature lets users choose a certain amount the app is able to transfer from their bank account into their Betterment account. It’s a savings feature aimed to help people who struggle to set aside extra funds.

The cons:

Robinhood

robinhood

How it works: Robinhood is a brokerage service that offers zero-commission stock and exchange traded fund (ETF) trading. Once you sign up for the service and link it to a bank account from which to pull funds, you are ready to trade stocks. Just type in the name of a particular stock and either put it on your “watch list” or buy shares. On the company’s homepage you can find out how much each share of stock is selling for and read current news about the stock. Once the trade has been placed, you can either buy more shares or sell what you have.

Fees: There is no minimum investment to get started, and Robinhood charges no trading fees.

Making withdrawals: Uninvested funds must remain in your Robinhood account for five trading days before they can be withdrawn. The company states that the holding period is established for “anti-money laundering and risk management purposes.” You must also wait for your funds to settle after a sale before withdrawing. From the date the trade is made, it will take another three days.

Best suited for: Individuals who know a bit about stock trading and want a commission-free way to try their hand in the market.

The pros:

  • There is no minimum investment to get started and no fees.
  • Users can set up automatic transfers.
  • Proceeds when you sell stocks and ETFs are available immediately to reinvest.

The cons:

  • This app is not for suited for novice investors. Unlike Acorns or Betterment, there is no ready-made portfolio designed for your needs. Robinhood is a hands-on service, aimed at people who have a grasp on buying and selling stocks. Robinhood also provides minimal information to investors to reassure them during times of market volatility. “It’s self-directed and you need to know what you’re doing,” Farrington said.
  • Robinhood currently only allows users to trade stocks and ETFs. You’d have to look elsewhere if you want to trade options, OTC securities, warrants, or mutual funds.
  • The service does not allow users to transfer existing brokerage assets into the app. However, the company says this will be changing soon.

Stash

stash-2stash invest

How it works: Stash lets you pick from 30 different flavors of exchange traded funds (ETFs). To make the app more approachable, the ETFs come with friendly names like “Clean & Green” and “American Innovators.” Clean & Green, for example, is the iShares Global Clean Energy ETF, a fund broadly invested in renewable energy companies. The American Innovators fund is the Vanguard Information Technology ETF, which has holdings in over 300 tech companies like Apple, Microsoft, and Facebook. The Slow & Steady portfolio is the PowerShares S&P 500 Low Volatility ETF, a fund invested in low-volatility stocks. Depending on your risk tolerance and investing goals, Stash suggests which funds best fit your needs.

Fees: Stash is similar to Acorns in terms of fees. It charges $1 per month for balances under $5,000 and 0.25% annually for balances of $5,000 or more. (Stash offers a promotion of the first three months for free.) Fees are taken from your bank account, however, and do not come out of your investment portfolio. You only need $5 to get started.

Making withdrawals: Withdrawing funds is fee- and penalty-free, but they are capped at $10,000 per day. Withdrawals take one to three business days to process before funds become available in your bank account. The company notes that the process might take a few more days if you need to sell investments first.

Best suited for: Novice investors who want to get into the market but are intimidated by all the jargon and don’t have much money to play with. It also works for investors who don’t want to pick stocks piecemeal and like the flexibility of investing in fractional shares.

The pros:

  • Fees are relatively low assuming you put enough money in the account each month to offset a high percentage fee.
  • Along with ETFs, users can invest in some individual stocks, but only if they are listed as investment options.
  • You only need $5 to get started, and Stash offers a promotion of the first three months for free.
  • Stash allows you to invest in fractional (or partial) shares in companies.
  • Its “Auto Stash” feature allows you to schedule automatic deposits into your account.

The cons:

  • The $1 monthly fee can bite into investment gains. And once your account hits $5,000, Stash begins charging 0.25% annually.
  • You can only view your account on a smartphone, as there is no desktop platform.
  • Stash is effectively letting investors choose funds that are widely available for anyone to invest in outside of the app — without the additional 0.25% fee.

Farrington noted that it is important to review your investment portfolio on an annual basis to ensure that fees aren’t too high and that it has the investment choices you want. “These apps are designed to be a kickstarter to help you get started, but they might not be able to get you to the next level,” he said.

Regardless, Farrington believes that investing apps are an overall positive. “In general, the easier companies make it for people to invest, the better it is as a whole,” he said.

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.

Amy Kraft
Amy Kraft |

Amy Kraft is a writer at MagnifyMoney. You can email Amy here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1904
Total Assets$10.5B
LEARN MORE on Renasant Bank’s secure websiteMember FDIC

Renasant Bank was founded in 1904 when a group of businessmen came together to form the bank in a Lee County, Miss. bakery. Currently, Renasant Bank manages more than $12.7 billion in assets and has over 190 branches in Alabama, Georgia, Florida, Mississippi and Tennessee.

Even though it’s still mainly considered a brick-and-mortar bank, you can open many of Renasant Bank’s deposit accounts online. In this review, we’ll go over their personal checking, savings, CD, money market and IRA account options. We’ll also show you how these products compare with other competitors and how you may be able to save on fees.

Renasant Bank’s rates may vary region, so we based them off the ZIP code 38804 which is closest to the bank’s headquarters.

Renasant Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.96%

Savings

Renasant Bank Rewards Savings

2.00%

American Express National Bank High Yield Savings Account

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Renasant Bank checking account options

Renasant Checking

This account could get expensive if you don’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

The Renasant checking account is best for those looking for a simple option. While it’s unfortunate you don’t earn any interest, you do get free online banking and bill pay. You’ll also get a Renasant Debit MasterCard with extra features such as zero liability protection and extended warranty. You can also link the card to Apple Pay.

To waive the monthly maintenance fee, you should either sign up for e-statements or maintain a minimum daily balance of $500.

How to get the Renasant Checking account

There is an online application form you can fill out to open a Renasant Bank Checking account. First, you’ll need to provide the bank your mobile phone number. Once you receive an access code via text and enter it in the appropriate box, you’ll be asked to fill in your personal details such as your name, address and Social Security number, as well as a method to fund the account.

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Rewards Checking

You can get a pretty competitive rate for your first $25,000 but only if you qualify.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.30%
$25,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 each month
  • Overdraft fee: $36

If you’re looking for a great rate and a way to save on ATM fees, this could be the account for you. The Rewards Checking account offers you the opportunity to earn a high APY, up to your first $25,000. To qualify for this bonus rate, you’ll need to elect to receive e-statements, have at least one direct or ACH deposit and a minimum of 10 debit card transactions each month. Otherwise, your rate will go down to the lowest APY — which is super tiny.

With this account, you also get online and mobile banking, bill pay and a debit Mastercard. If you can maintain a $500 minimum daily account balance or receive e-statements, your monthly maintenance fee will be waived.

You’re also in the right place if you’re looking for extra features in an deposit account. For an additional $6 each month, you can get the rewards extra checking add-on, where account holders can get bonuses like identity theft protection, 24/7 roadside assistance, accidental death coverage and over 400,000 discounts at qualifying retailers.

How to get the Rewards Checking account

You’ll need to have your Social Security number and personal information such as your address ready. Aside from showing up at your local branch, you can open an account by filling out an online application form. Before filling in your personal details, you’ll need to enter in your mobile number and enter a verification code. Once you do so and fill out the rest of the application, you can then fund the account.

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Student Checking

This account has the same features as the Renasant Checking account, but you do get ATM refunds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 a month (you’ll need to meet the bank’s qualifications)
  • Overdraft fee: $36

It’s another non-interest bearing account, but you may be able to qualify for ATM refunds if you elect to receive e-statements and make at least 10 debit card transactions each month. Renasant Bank’s website claims you may be to earn some interest, though you’ll need to call the bank directly to find out their current rates.

Just to be clear — only students 16 to 25 years old can open this account. Once you turn 26, this account will switch to the Renasant Checking account and you can no longer get any rate bonuses or ATM refunds. Anyone who wants to open this account and is under 18 years old will need a parent or guardian acting as a joint account owner.

How to get the Student Checking account

If you’re at least 18 years old, you can open an account by filling out an an online application form. First, you’ll need to enter in your mobile number and type in a verification code before proceeding. Then, you can fill in your personal details such as your name, address and Social Security number, and a way to fund the account.

If you’re under 18 years old, you’ll need to head to a local branch with your parent or guardian to open an account. You’ll probably need your Social Security number as well as the joint owner’s.

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How Renasant Bank’s checking accounts compare

We like the rate for the Rewards Checking account as it’s one of the highest we’ve seen — even compared with the ones on our list of the best online checking accounts. You can also get ATM refunds, which is pretty nice if you intend on using out-of-network ATMs. Add the fact that there is a low minimum opening deposit requirement, and this account can be a great choice.

What we don’t love are the Renasant Checking and Student Checking accounts as you currently don’t earn any interest. If you’re after the best rates, you’re better off going with the Rewards Checking or one of the many online competitors.

Renasant Bank savings account options

Regular Savings

A savings account with a high maintenance fee.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Quarterly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest but it isn’t advertised on their site, so you’ll need to call to find out what it is. Plus, you could be paying a fairly high quarterly maintenance fee if you can’t maintain a $50 quarterly account balance. There is no ATM access, but you can link your Renasant checking account to do so. You do get online banking access, but that’s pretty much all there is to this account.

One more thing — the fees can add up if you’re not careful. You’re allowed up to six certain debits a month because of Regulation D. Renasant Bank will charge you $2 per withdrawal if you make more than six each month. You could also face a $0.07 fee per deposit if you make more than 150 during the quarterly statement cycle.

How to get the Regular Savings account

You’re going to have to head to a brick-and-mortar location to open this account. You’ll most likely need to bring your government-issued ID and Social Security number. To find out more, call customer service at 1-800-680-1601.

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Rewards Savings

You can earn a higher rate but you’ll also need to pay a higher maintenance fee (although it can be waived).
APYMinimum Balance to Earn APY
0.96%
$0.01
0.30%
$100,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Rewards Savings account is meant to complement the Rewards Checking account, as in it offers you a higher rate compared with the Regular Savings account. You’re also able to waive the monthly maintenance fee if you choose to receive e-statements or maintain a $2,500 minimum daily account balance.

The eligibility requirements to receive the higher rates are simple — link to your Rewards Checking account that receives e-statements, makes at least 10 debit card transactions and make one direct or ACH deposit per month. Remember, because of Regulation D, you’re allowed up to six certain debits each month. If you go over that amount, your transaction may be denied and could be converted to a checking account if you keep trying to make excessive debits.

How to get the Rewards Savings account

You’ll be able to open an account once you verify your mobile phone number by entering in a verification code on Renanant Banks’s online application form. Then, you can fill in your personal details such as your name, address and Social Security number. Afterward, fund your account.

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Children’s savings

Just a simple savings account for minors.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The children’s savings account is a free account for customers under 13 years old that doesn’t have any minimum balance requirements nor does it charge any monthly fees — a parent or guardian will need to be a joint owner. One of the few times you’ll be charged is if you go over six debits each month — it’s a $2 fee per excessive withdrawal-related transaction. You’ll also need to pay $0.07 for each deposit you make over 150 each quarter.

Once the child turns 18, this account will be converted to the regular savings one. One more thing — the children’s savings account rates aren’t advertised on their website so it’s best to call and find out the current rates.

How to get the children’s savings account

Both the parent or guardian and the child will need to go in person to open an account. You’ll both probably need to bring your government-issued ID and Social Security numbers.

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How Renasant Bank’s savings accounts compare

We’re a little disappointed in these rates considering the Rewards Checking account has a higher APY based on eligibility requirements than any of the above mentioned savings accounts. The Rewards Savings account offer rates way lower than what other places are offering, such as the competitors on our list of the best online savings accounts. If you’re into maximizing your savings as much as we are, you may be better off looking elsewhere.

Renasant Bank CD rates

Certificate of deposit

We like that it’s a fixed rate CD.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Renasant Bank’s CD rates aren’t advertised on their website so we encourage you to call them to double-check. Renasant Bank also offers other terms — anywhere from 32 days to 84 months — so if you’re interested, Renasant Bank’s customer representatives should be able to help.

For these fixed-rate CDs, interest is compounded and credited to your account each quarter. Interest you earn can either be rolled over into your existing CD, transferred to another Renasant Bank account or mailed to you via check. Once your account matures, you’ll get a grace period of 10 business days where you can make any changes like making withdrawals, deposits or renewing your CD for another term. If you don’t do anything, the CD will automatically be renewed for the same term as the original one.

You can also use this CD as collateral, if you decide to take out a personal loan with Renasant Bank. Contacting customer service is your best bet to find out more details.

How to get Renasant Bank’s CDs

Right now, you’re only able to open a CD account in person. The bank will most likely ask you to bring proof of identity such as a government-issued ID and Social Security number.

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How Renasant Bank’s CD rates compare

We can’t tell for certain how good their rates are compared to our list of the best CD rates considering they’re not advertised anywhere on Renasant Bank’s website. If for some reason you do need to make an early withdrawal, the penalties don’t seem as high as some of the other accounts out there.

However, the minimum opening deposit may be a bit high for some people. In that case, it could pay to do some comparison shopping as there are many banks that offer a low or no minimum opening deposit.

Renasant Bank money market account options

Personal Money Market Account

You get ATM access bu the minimum opening deposit may not be feasible for everyone.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

We like that you get a debit card with this money market account, but the minimum opening deposit may be difficult for some to meet. By the way, the rates aren’t advertised on their site so it’s not a bad idea to call and check what the most current ones are. The monthly maintenance fee looks pretty steep but you can get that waived if you can maintain a daily balance fee of at least $1,000.

You’ll need to watch out for how many transactions you make in any given month because you could be charged for them. First, you could be paying $5 for each debit you make over six each month. You could also be paying $0.10 for each deposit if you make more than 150 in any given month.

How to get the Personal Money Market Account

You’re going to have to head to your nearest branch to open a Personal Money Market Account. You may need to bring items such your Social Security number and government-issued ID.

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High-Yield Money Market Account

The bank doesn’t advertise rates for this account online so you’ll need to call to find out.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Given the fact that the High-Yield Money Market account requires you to deposit at least $10,000 to earn interest, it may potentially offer higher rates than the bank’s other offerings. But there’s no way to tell unless you call the bank for rate info, as it is not currently advertised on the website.

For those who don’t have that kind of money laying around, you may want consider opening Renasant Bank’s Rewards Checking or Rewards Savings accounts.

There is a monthly maintenance fee, but you’ll be able to waive that if you can maintain a $10,000 minimum daily balance. You also get a debit card but you’re allowed up to six certain debits a month due to Regulation D. If you go over that amount, you’ll face a $25 excess transaction fee. You’ll also need to pay $0.10 for each deposit you make that’s over 50 each month.

How to get the High-Yield Money Market Account

Head to the nearest branch to open an account. You can call customer service at 1-800-680-1601 to find out what you’ll need to bring but it’ll most likely be your government-issued ID and Social Security number.

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How Renasant Bank’s money market accounts compare

You need a significant amount of money deposited to qualify for any of Renasant Bank’s money market accounts, which can make it out of reach for many. Other online competitors on our list of the best money market rates and accounts have lower minimum requirements, sometimes none at all.

What we’re trying to say is that if you can’t come up with that much cash to open a Renasant Bank money market account, looking at other money market accounts might be a better choice.

Renasant Bank IRA account options

IRA CD rates

IRA CD

These IRA CDs have a fairly average minimum opening deposit amount.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Anyone who’s interested in a conservative investment account might want to consider these IRA CDs. The minimum opening deposit isn’t the lowest we’ve seen but it’s not extremely high either. Just like the regular CDs offered at Renasant Bank, interest you earn is compounded and credited quarterly. However, if you do make an early withdrawal, you’ll face potential IRS penalties on top of what Renasant Bank will charge you. Renasant Bank’s IRA CD rates aren’t advertised on their website so we encourage you to call them to double-check.

Your CD will renew automatically unless you make changes during the grace period, which is 10 business days. You can make changes such as renewing the CD for another term, making withdrawals or additional deposits.

How to get Renasant Bank’s IRA CDs

Head to your nearest branch to open a Renasant Bank IRA CD. You may be asked to provide details and items such as your address and Social Security number.

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How Renasant Bank’s IRA CD rates compare

The minimum opening deposit for these IRA CDs are also around the same as what others require. However, you must open an account in person so it may be a bit of a hassle for you, especially if you don’t live near a branch. In that case, you may want to check out our list of the best IRA CD rates for some ones you can open online.

IRA savings account

This account doesn’t have any monthly maintenance fees and requires a low opening deposit amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account may be a good choice if you need a place to stash your IRA funds until you figure out what to do with it, like opening an IRA CD. You can make unlimited deposits up to the IRS limits each year. As for withdrawals, you can make up to six per month or else your transaction will be denied. If you’re under 59 1/2 years old, you may also face IRS penalties for making withdrawals from an IRA account, so it’s best to check the current rules.

Keep in mind that the rates for the IRA savings account isn’t currently advertised on their website, so before opening one, check by calling customer service to find out what they are.

How to get Renasant Bank’s IRA savings account

To open an IRA savings account, head to the nearest branch. It’s best to check by calling customer service at 1-800-680-1601 to find out what to bring, but you’ll likely be asked to bring items like your government-issued ID and Social Security number.

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Overall review of Renasant Bank’s banking products

We really like Renasant Bank for their Rewards Checking account as it’s one of the best rates we’ve seen. You also get a wide range of benefits, with or without the add-on option. The CDs are also pretty decent even though they do require a fair bit of cash to open an account.

Other than that, the rest of their accounts aren’t really worth it. Combined with high minimum amounts, monthly fees and the fact that you can’t open all of them online, we’re not terribly impressed. Renasant Bank faces some stiff competition from other online banks, so it may be a better idea to keep your eyes peeled for bank accounts that offer better features.

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.

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1991
Total Assets$5.7B
LEARN MORE on East Boston Savings Bank’s secure websiteMember FDIC

East Boston Savings Bank, or EBSB for short, opened in 1848. This makes it the oldest bank founded in Suffolk County, Mass., still using its original name. East Boston Savings Bank is a regional bank with branches in Massachusetts, primarily around the Greater Boston area.

You can only join East Boston Savings Bank if you are a resident of Massachusetts, New Hampshire or Rhode Island. If you live in another state, East Boston Savings Bank does run an online platform, EBSB Direct, with accounts that are available nationwide.

This article will focus on East Boston Savings Bank. We have covered all its personal accounts, using the latest product and interest rate information so that you can decide whether the bank is the right place for your money. Rates do change over time so make sure to double-check any information when you apply.

East Boston Savings Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

East Boston Savings Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.45%

CD Rates

East Boston Savings Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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1.00%

CD Rates

East Boston Savings Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.15%

CD Rates

East Boston Savings Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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East Boston Savings Bank’s checking account options

Simply Free Checking

Like the name says, this is a simple and free checking account. There’s never a monthly fee, and you get access to 55,000 ATMs nationwide. The downside is you won’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

The East Boston Savings Bank Simply Free Checking account only provides the basics. It comes with a debit card, online banking and the ability to order checks. That’s about it. This account does not earn interest or debit card rewards.

In exchange for having few benefits, this account is completely free. There’s no monthly maintenance fee no matter how low your balance drops. You also don’t need to do anything to keep the account free, such as setting up a direct deposit.

With the debit card, you can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. Allpoint® has more than 55,000 ATMs nationwide, so there are plenty of options from which to choose. If you use an out-of-network ATM, East Boston Savings Bank charges a $2.50 fee per transaction. It also will not refund any fees from the ATM owner.

You can open an East Boston Savings Bank Simply Free Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide an opening deposit of $50.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

Interest Checking

Earns some interest, but the rate is incredibly low. At least the account’s free, and you only need a $10 minimum balance to qualify for interest.
APYMinimum Balance to Earn APY
0.05%
$10
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

You must deposit of $50 to open an Interest Checking account. After that, there is no minimum balance requirement, and this account does not charge a monthly maintenance fee. But you must set up a direct deposit of any amount to keep this account open.

This account earns interest so long as your minimum daily balance is $10 or more. But the rate is quite low, even by checking account standards. This account also comes with a debit card, online banking and the ability to order checks.

With the debit card, you can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. Allpoint® has more than 55,000 ATMs nationwide, so there are plenty of options from which to choose. If you use an out-of-network ATM, East Boston Savings Bank charges a $2.50 fee per transaction. It also will not refund any fees from the ATM owner.

You can open an Interest Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of $50.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

Premier Checking

Only makes sense if you have a combined $25,000 balance across all your East Boston Savings Bank accounts. But if you can meet the steep balance requirements, this is an excellent account that offers a high interest rate and other benefits.

APYMinimum Balance to Earn APY
1.25%
$0.01
0.10%
Any amount over $25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (waived if you have a combined balance of at least $25,000 in East Boston Savings Bank personal deposit accounts and loans)
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: Up to $50 per month from out-of-network ATMs
  • Overdraft fees: $35 per item, up to six a day

It takes a deposit of $50 to open a Premier Checking account. This account charges a steep $25 monthly maintenance fee. But East Boston Savings Bank waives the fee if you have a combined $25,000 balance throughout its personal deposit accounts and loans. This includes any personal deposit account, mortgages, home equity lines of credit and car loans.

The East Boston Savings Bank Premier Checking account earns interest on all balances. The rate is excellent on up to $25,000. If you have more than $25,000, you’ll earn a much lower rate for any amount over the limit.

You can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. East Boston Savings Bank will also refund up to $50 a month in fees from out-of-network ATMs. Finally, if you ever take out an East Boston Savings Bank mortgage, it will deduct $100 off the closing costs when you have this account.

You can open a Premier Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of $50.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

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How East Boston Savings Bank’s checking accounts compare

If you can meet the high balance requirements to waive the monthly fee, East Boston Savings Bank’s Premier Checking account is an attractive offer. It earns one of the highest rates in the country for a checking account. It also comes with up to $50 a month in out-of-network ATM refunds so you can conveniently access your money even if you aren’t close to an in-network ATM.

The only downside is you need a $25,000 combined balance throughout deposit accounts and personal loans at East Boston Savings Bank, or else the account charges a costly $25 monthly fee. That’s a tough limit to reach unless you handle all your banking and loans through East Boston Savings Bank.

The rest of East Boston Savings Bank’s checking accounts are less impressive. On one hand, they don’t charge a monthly fee. On the other hand, they don’t offer many benefits. Simply Free doesn’t earn interest, while the rate on Interest Checking is very low. Also, neither account offers ATM refunds.

You don’t have to make these trade-offs for a free checking account. These top online accounts not only offer excellent rates and ATM refunds, but they are also free. They could be a good alternative, especially if you can’t qualify for the Premier Checking account.

East Boston Savings Bank’s savings account options

High Yield Statement Savings

A phenomenal savings account for someone making a large deposit. It earns one of the best rates we’ve seen and doesn’t charge a monthly fee. The only catch is you need $5,000 to earn interest.
APYMinimum Balance Amount to Earn APY
2.50%
$5,000
0.25%
More than $1 million
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

You can open a High Yield Statement Savings account for a deposit of just $50. This account earns interest, but only if you have a balance of at least $5,000. If you have less than $5,000, you stop earning interest. But this account does not charge a monthly fee even if you fall below the balance requirement.

The High Yield Statement Savings account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you can make up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

The limit does not apply to bank or ATM withdrawals. You can make as many of these as you’d like. You can make free withdrawals from any East Boston Savings Bank or Allpoint® network ATM. If you make an out-of-network withdrawal, East Boston Savings Bank charges a $2.50 fee and will not refund any charges from the ATM owner.

You can open a High Yield Statement Savings account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $50. You can only fund this account with new money — funds that aren’t already at East Boston Savings Bank.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

Statement Savings

Doesn’t pay nearly as high a rate as High Yield Statement Savings, but you only need a $25 minimum balance to qualify for interest.
APYMinimum Balance Amount to Earn APY
0.10%
$25
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

For smaller balances, East Boston Savings Bank offers a Statement Savings account. This account has a $50 minimum opening deposit requirement. To earn interest, your minimum balance only needs to be $25. This account pays the same rate on all balances over $25 — and the rate is low.

The Statement Savings account does not charge a monthly fee. If your balance falls below $25, you stop earning interest but don’t have to worry about a charge.

The Statement Savings account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you are allowed up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

The limit does not apply to bank or ATM withdrawals. You can make as many of these as you’d like. You can make free withdrawals from any East Boston Savings Bank or Allpoint® network ATM. If you make an out-of-network withdrawal, East Boston Savings Bank charges a $2.50 fee and will not refund any charges from the ATM owner.

You can open a Statement Savings account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $50.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

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How East Boston Savings Bank’s savings accounts compare

East Boston Savings Bank’s High Yield Statement Savings account is a real beauty. It earns one of the highest interest rates we’ve ever seen. It also doesn’t charge a monthly maintenance fee, no matter how low your balance gets.

It would be a perfect account if it weren’t for the balance requirement, which requires storing at least $5,000 in your account to earn interest. If you ever fall below, you stop receiving interest. This could price out readers looking for a smaller savings account. East Boston Savings Bank does offer a regular Statement Savings account, which only needs $25 to earn interest, but the rate is very low.

There are great options out there for any budget, and you shouldn’t accept a poor rate just because you’re making a smaller deposit. These savings accounts pay rates that are competitive with the bank’s High Yield Statement Savings account, and you don’t need a $5,000 balance to qualify.

East Boston Savings Bank’s CD rates

Certificates of Deposit

East Boston Savings Bank’s CD rates are a mixed bag. Some are excellent, some are average and some are quite poor.
TermAPY
6 months0.30%
9 months0.40%
12 months0.45%
13 months (special)1.26%
14 months (Special)2.20%
15 months2.50%
16 months1.56%
18 months0.50%
19 months1.61%
24 months0.65%
25 months (Bump-Up)1.41%
30 months2.21%
36 months1.00%
48 months1.25%
60 months2.15%
  • Minimum opening deposit: $1,000 ($2,500 for the six-month term)
  • Minimum balance amount to earn APY: $1,000 ($2,500 for the six-month term)
  • Early withdrawal penalty: For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn; for terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn; for terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn.

East Boston Savings Bank offers a huge variety of CDs. It currently has 15 offers, which range from as short as six months to as long as 60 months. Nearly all the CDs require a $1,000 minimum opening deposit, and you need to keep this much in the account to earn the APY. Its six-month CD is the only exception. That requires $2,500 to open and earn the APY.

The quality of East Boston Savings Bank’s CD rates is mixed. Some offers, such as its 15-month CD, are excellent. Others are average and some are quite poor. Pay attention when you apply because the rate is not consistent based on the CD length. For example, the 15-month CD pays roughly five times as much as the 18-month CD, even though they are for nearly the same amount of time.

Its 25-month CD is a Bump-Up, which means if interest rates increase after you sign up, you can adjust to a higher rate.

If you take money out of your CD before the maturity date, East Boston Savings Bank will charge an early withdrawal penalty. The penalty depends on your CD term:

  • For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn
  • For terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn
  • For terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

When your CD matures, East Boston Savings Bank will automatically renew you for another one. You have 10 days after the maturity date to take money out without owing a penalty. While most of the CDs renew for the same offer, some renew into a different term with a lower rate. The ones that renew at a lower rate are 13 months, 14 months, 16 months, 19 months and 25 months.

East Boston Savings Bank only makes some of its CD offers available online — typically the ones with the highest rates. You can only open the rest of the CDs by visiting an East Boston Savings Bank branch. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your initial deposit for the CD.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

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How East Boston Savings Bank’s CD rates compare

Having a lot of choices can be a good thing, but we wonder if East Boston Savings Bank has taken it too far. It has so many terms that it can be a little confusing. Another issue is that there’s such a difference in quality between its rates.

For example, its 15-month CD pays five times as much interest as its 18-month CD, even though they are for nearly an identical amount of time. If someone doesn’t pay attention, they could accidentally pick the wrong option. We also didn’t like that many of its higher-paying offers automatically renew into much worse deals.

If you can look past these issues though, East Boston Savings Bank does have some terrific CD rates. Its 15-month CD is one of the best on the market for this amount of time, and it has a few other options that are nearly as generous. We would recommend paying close attention when you sign up so that you don’t accidentally take a lowball offer.

Or if you’d like some other high-quality options to compare, we’ve tracked down the best CD rates. By following this list, you’ll make sure you receive a competitive return on your savings.

East Boston Savings Bank’s money market account option

Money Market Special 3

If you keep at least $10,000 in your account, East Boston Saving Bank pays an excellent money market rate.
APYMinimum Balance Amount to Earn APY
0.50%
$10
1.57%
$10,000
0.80%
$2 million
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $8 (waived for minimum daily balance of at least $2,500)
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

The East Boston Savings Bank Money Market Special 3 account requires an opening deposit of $2,500. After that, if your minimum daily balance falls below $2,500, this account charges an $8 monthly fee. East Boston Savings Bank waives the fee so long as you stay above the balance requirement.

The Money Market Special 3 account pays interest so long as your balance is at least $10. The rate is just OK for balances less than $10,000. If you have more than $10,000, you’ll earn a much more competitive rate.

This money market account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you are allowed to make up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

You can open a Money Market Special 3 account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $2,500. You can only deposit new money into this account — funds that aren’t already at East Boston Savings Bank.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

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How East Boston Savings Bank’s money market account compares

Whether the East Boston Savings Bank money market account is a good choice depends on how much money you plan on keeping in the account. For balances of $10,000 – $2 Million, it’s an excellent option with a highly competitive interest. On the other hand, if you keep less than $10,000 in your account, the rate is much less impressive. It’s OK, but you can find something better.

If you don’t plan on making a five-figure deposit — and even if you are — we recommend reading up on the best money market accounts in the country. Some of these accounts pay even more than East Boston Savings Bank’s top rate, and you can qualify with a much smaller balance.

East Boston Savings Bank’s IRA account options

Retirement CDs

All the East Boston Savings Bank CDs can be used through an IRA. You can set these up with a smaller $500 deposit.
TermAPY
6 months0.30%
9 months0.40%
12 months0.45%
13 months (special)1.26%
14 months (Special)2.20%
15 months2.50%
16 months1.56%
18 months0.50%
19 months1.61%
24 months0.65%
25 months (Bump-Up)1.41%
30 months2.21%
36 months1.00%
48 months1.25%
60 months2.15%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For six- to 12-month terms, the penalty will equal three’ months interest on the amount withdrawn; for terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn; for terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

If you want to save for retirement, all of East Boston Savings Bank’s regular CDs are available through an IRA. You can set up any of the IRA CDs with a deposit of $500, and you need to keep this much in the account to earn the APY. This limit is lower than the regular CDs, which require $1,000. These accounts charge a $15 IRA annual fee.

East Boston Savings Bank’s IRA CD rates are a mix of quality. Some are excellent, some are average and some are quite poor. Pay attention when you sign up because longer terms don’t always have the higher rate at East Boston Savings Bank.

If you take money out of your IRA CD before the maturity date, East Boston Savings Bank will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn
  • For terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn
  • For terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

Also, if you are younger than 59½, it charges a $25 IRA Premature Withdrawal fee. On the other hand, if you are older than 59½, your IRA CD term is 24 months or less and you only make a partial withdrawal, there is no early withdrawal penalty.

When your IRA CD matures, East Boston Savings Bank will automatically renew you for another one. You have 10 days after the maturity date to take money out without owing a penalty. While most of the IRA CDs renew for the same offer, some renew into a different term with a lower rate. The ones that renew at a lower rate are 13 months, 14 months, 16 months, 19 months and 25 months.

You can open a Retirement CD by visiting one of its branches. They aren’t available online. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

Retirement Money Market Savings

The Retirement Money Market Savings account doesn’t have early withdrawal penalties, but it earns less than the IRA CDs. It’s a below-average rate for this type of account.

APYMinimum Balance Amount to Earn APY
0.25%$25
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

East Boston Savings Bank also offers a Retirement Money Market Savings account for customers who do not want to commit to a set timeline. You can take money out of this account without owing an early withdrawal penalty to East Boston Savings Bank like you would on the IRA CDs.

In exchange, the account earns a much lower interest rate. Compared to similar accounts on the market, it’s also below average.

You need to deposit of $50 to open this account. You’ll earn interest so long as you balance stays above $25. The rate always stays the same; it doesn’t increase for larger balances. This account does not charge a monthly fee. You just stop earning interest if you fall below $25.

You can open a Retirement Money Market Savings account by visiting one of its branches. They aren’t available online. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit.

LEARN MORE Secured

on East Boston Savings Bank’s secure website

Member FDIC

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How East Boston Savings Bank’s IRA CD rates compare

East Boston Savings Bank offers a few excellent IRA CD rates. Its 15-month IRA CD is one of the best in the country for this amount of time, and there are a few others that aren’t far behind. But these excellent offers are mixed with others that are extremely low. Pay close attention when you sign up to make sure you don’t accidentally pick a lowball option.

The Retirement Money Market Savings account is less impressive. The rate is just too low. While you can open it up for a small deposit, your savings really will not grow using this account. You can find better versions of this type of account elsewhere.

Stick with the highest-paying East Boston Savings Bank IRA CDs. If you’d like a second opinion, we’ve researched the best IRA CD rates in the country. They could be another effective way to grow your retirement savings.

Overall review of East Boston Savings Bank’s banking products

If you plan to keep a large amount in savings, you’re going to like East Boston Savings Bank. Its top-tier checking, savings and money market rates are right up there with the best accounts in the country. But these high rates come with high balance requirements. For example, you need a $5,000 balance to earn interest with High Yield Statement Savings and $10,000 to receive the best money market account rate.

East Boston Savings Bank is less generous with smaller accounts. While the fees are low, small balances don’t earn anything close to a competitive interest rate. It seems East Boston Savings Bank’s priority is attracting clients with deeper pockets.

If you can meet the high balance requirements, East Boston Savings Bank could be an attractive choice. Just remember that you must be a resident of Massachusetts, New Hampshire and Rhode Island to sign up.

Live somewhere else? Some of the best offers from East Boston Savings Bank are also available nationwide through its online service, EBSB Direct.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Tally App Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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It’s no secret many Americans have credit card debt. The Federal Reserve reported that as of August 2018, Americans carry a total of $1.04 trillion in revolving credit card balances.

Tally, an automated debt manager, aims to make it easier for those with credit card debt to pay down their debt faster and save money while doing it. The fintech company behind the Tally app, Tally Technologies, was founded by serial entrepreneurs Jason Brown and Jasper Platz.

“We created Tally to help people overcome credit card debt and the anxiety that comes with it,” Brown told MagnifyMoney.

What is Tally?

In simplest terms, Tally is an automated debt manager. With the aid of algorithms, automation and a line of credit, Tally says it helps consumers pay down their credit card debt faster, reduces the costs related to carrying credit card debt and minimizes the emotional stress of debt management.

The free Tally app launched in 2017 for iOS devices. The company released a free app for Android devices in September 2018.

How does Tally work?

Tally acts as the middleman between you and your creditors. You make one payment to Tally each month and Tally uses that money along with your Tally line of credit to make payments on your credit cards at least two days prior the due dates. Tally prioritizes paying off your most expensive debts — the highest balances with the highest interest rates — to save you money in interest payments along the way.

You Pay vs. Tally Pays

For each of your credit cards, you have the option to decide if you want Tally to pay the bill on your behalf using your Tally credit line (Tally Pays) or if you would like to manage the credit card payments on your own (You Pay).

If you elect Tally Pays, then Tally will pay your cards using the Tally credit line.

Cards with rates higher than the rate on your Tally credit line: Tally will pay as much as possible toward the balance with your Tally credit line, so you can repay Tally at a lower interest rate.

Cards with rates lower than the rate on your Tally credit line: Tally will make only the minimum payments.

Tally will then send you one bill. It first uses your payment to cover the minimum payments (minimum payments are not added to your credit line balance), and your remaining payment goes toward paying the principal and interest on the line of credit. Tally does not compound interest. You must pay at least the minimum payment on your Tally line of credit, but you can pay more if you wish. Tally told MagnifyMoney its average customer pays 2.5 times the minimum each month. Tally charges a minimum payment equal to the greater of $25 or at least 1% of the total balance on your credit line each month.

Tally does not charge a fee if you go over the Tally credit line limit. You won’t be charged, for example, if your minimum payments send you over the Tally line of credit limit.

With You Pay, using Tally gets a bit more complicated. Tally reminds people using You Pay to pay their credit cards a few business days before the bills become due. You have the option to pay through the Tally app using funds in a linked checking account or pay directly on the creditor’s website. If you use the Tally app to make the payment(s), Tally will show an estimated date of payment arrival.

If you use the creditor’s website, Tally recommends making the payment at least seven business days ahead of the due date to avoid double payments with late payment protection. Tally’s system needs the time to register that you made a payment. If the system can’t detect you made a payment close to the due date — even if your card is set to You Pay — Tally will still make a payment if you have late free protection enabled. For that reason, the company recommends those who pay through a creditor’s website disable its late fee protection to avoid double payments.

Eligibility

While anyone across the U.S. can download the app, as of this writing Tally is only licensed to serve consumers in 16 states: California, Texas, Florida, New York, Illinois, Ohio, Michigan, New Jersey, Washington, Massachusetts, Wisconsin, Colorado, Louisiana Minnesota, Utah and Arkansas. If you don’t live in one of those states, you can sign up to be notified once Tally is available in your state.

You must be 18 years or older to use Tally’s services, and as of this writing, only those approved for a line of credit are eligible to use Tally. Tally requires a minimum 660 credit score and conducts a soft pull to determine eligibility, so your credit score isn’t harmed if you apply.

Tally’s service is two-part: Tally Advisor and a personal line of credit. (Again, you can only use Tally Advisor if you qualify for the line of credit.)

Tally Advisor

  • Analyzes your debt
  • Tells you which cards to prioritize
  • Encourages you to pay down your debt faster

Tally Advisor is the app’s automated debt management feature. It analyzes your credit card balances, spending habits and goal debt-free date to recommend a monthly payment amount. Tally Advisor also shows you how much faster you can get out of debt by paying more each month.

Image via Tally

Line of credit

  • Personal line of credit for consolidating debt
  • Pays your cards with the highest APRs first

Tally issues a line of credit it will use to help you save money on high-interest credit card debt. Tally charges a variable interest rate between 7.99% and 19.99% APR on the line of credit. Your credit limit and APR on a Tally credit line will be determined by the information obtained using a soft credit pull and other factors, like your card balances, interest rates on your credit cards and spending habits. Tally reevaluates your profile every six months and may offer you a higher line of credit or a lower interest rate.

If you elect Tally Pays, the line of credit automatically consolidates high-interest credit card debt at a lower rate. Tally monitors your card balances, interest rates and due dates, so you don’t have to keep track of which cards it’s consolidating. Considering the average credit card charges 16.5% APR, it’s likely you would save money using Tally’s line of credit.

Tally will automatically use the credit line to pay your credit card balances with APRs higher than the line of credit’s APR, and then you will pay down the line of credit. Once space is freed up on the line of credit, Tally will use it to pay debt from the card with the next highest APR and so on, as long as it saves you money in future interest payments.

For the cards with interest rates below the rate charged on your Tally credit line, Tally will only make minimum payments. Tally says it does not use the line of credit to make minimum payments; rather, it plays middleman by repaying your credit card issuers using the payment you make to Tally.

Cost

  • The Tally app is free to download.
  • Tally doesn’t charge any fees to use the app or any maintenance fees associated with the personal line of credit.
  • You pay interest on the line of credit used to consolidate debts, which is how Tally makes its money.

Is Tally secure? Tally transmits all information through secure SSL encryption and does not store any bank usernames or passwords. In addition, Tally does not store sensitive information on your phone.

Our thoughts on Tally

What we like about Tally

The automated debt avalanche

Tally follows the debt avalanche method. It prioritizes and pays off your credit card debts in order of interest rate, from highest rate to lowest rate, ensuring you pay off debts in the order that saves you the most money.

A credit line using a soft pull

Tally uses a soft credit pull to determine your eligibility for a line of credit. The number of credit inquiries, or hard pulls, on your credit report comprises 10% of your FICO credit score, and having several hard inquiries for new credit can damage your credit score. Since a soft credit pull isn’t factored into credit scoring formulas, applying for a Tally line of credit won’t damage your credit score.

Late fee protection

Tally provides late fee protection. It promises never to miss or make a late payment, as it pays your cards at least two days before the due date. Tally also promises to refund late fees if it makes a mistake.

Improve your credit score

Tally told MagnifyMoney that the majority of its users see an increase in their credit scores after signing up.

The app’s services focus on both ensuring on-time payments and paying down credit card balances, targeting the two factors that make up 65% of your FICO credit score: payment history and credit utilization. Payment history determines 35% of your FICO score, while credit utilization — the amount of credit you use out of your total amount of credit available across all your revolving lines of credit — makes up another 30%.

No fees

Tally does not charge any fees for its services. There is no origination fee on the line of credit and it does not charge a late fee if you miss a payment or make a late payment. Although you wouldn’t pay a fee, Tally does report payments to the credit bureaus.

Willing to work with you

If you miss a payment with Tally, the company’s customer success team will reach out and try to work with you to customize a payment plan, Brown told MagnifyMoney.

“As long as they will collaborate with us we will come up with a plan to work with their situation,” said Brown. However, he added that if someone isn’t willing to communicate or collaborate and refuses to pay, Tally will be forced to turn the account over to collections.

After a user misses two payments and they are unresponsive, Tally begins the collections process.

No compound interest

Most credit cards accrue and compound interest daily. The Tally line of credit accrues interest daily but does not add it to your principal balance.

What’s not so great about Tally

It’s complicated

If Tally approves you for a line of credit large enough to cover all your credit card debt and at a rate that’s lower than all your credit card rates, it’s easy to understand how Tally saves you money — it’s simple debt consolidation.

It gets confusing if your Tally line of credit can’t cover all your debt. The idea with Tally is you don’t have to worry about it — Tally automates the debt-payoff process to save you money — but the bite-by-bite debt consolidation by way of a middleman is difficult to envision. It also makes it difficult to know how much debt you have, because until it’s all consolidated, you’ll continue to get bills from multiple creditors. You have to remember that Tally will distribute all your payments appropriately.

It’s particularly complicated if any of your credit cards have a lower APR than your Tally line of credit, because you will hit a point at which you’re merely using Tally as a payment intermediary. When that happens, you’re likely better off setting up automatic payments with your credit card issuer.

Limited availability

Tally is currently only available to residents of the following 16 states: California, Texas, Florida, New York, Illinois, Ohio, Michigan, New Jersey, Washington, Massachusetts, Wisconsin, Colorado, Minnesota, Utah, Louisiana and Arkansas.

Brown tells MagnifyMoney the company aims to be available in all 50 states by the end of 2018. He adds the states where Tally is already licensed to operate are home to nearly 60% of the American population.

Not for subprime borrowers

As of this writing, those who fall below the minimum required 660 FICO credit score cannot use Tally. While the average FICO score may be 700, about a third of U.S. consumers have scores that fall below 660 and would not be able to take advantage of any of Tally’s features.

Avalanche isn’t for everybody

The debt avalanche method helps people save the most money in the long run, but not everyone finds this approach motivating. Even though it doesn’t save as much money, the debt snowball method (paying off small debts quickly) gives some people the momentum they need to get out of debt.

Doesn’t discourage spending

As Tally consolidates your high-interest credit card debt with the personal line of credit, it frees up space on your credit card. Seeing your credit card bill go down — even though the debt has merely moved to a different creditor — may tempt you to keep spending. And because Tally may not pay off all your credit card balances immediately, it can be hard to tell how much debt you have and how much you’re adding to it by continuing to use your credit cards.

Not the best rates

The high end of Tally’s rate range on its personal line of credit (19.99%) is higher than the average APR on credit cards. The low end of the range (7.99%) is competitive, but borrowers may be able to qualify for a better, fixed rate with a personal loan.

Maxed out line of credit

Even though Tally doesn’t perform a hard inquiry on your credit report in the approval process, using Tally can still affect your credit. The company reports your line of credit activity to the credit bureaus. Because using Tally may not consolidate all your debts immediately, you will have more revolving accounts with outstanding balances, which can hurt your credit score. And because the credit line is designed to consolidate as much of your credit card debt as possible, you will have a maxed-out revolving credit line on your credit report (also not great).

Who Tally is best for

Tally’s services may be appealing to those who have been unsuccessfully trying to dig out of credit card debt, carry a balance most months and find it difficult to manage multiple credit card payments.

For those struggling to get out of debt, Tally comes up with a strategy and takes action automatically. The app sorts and pays off your eligible credit cards in an efficient way. All you need to do at that point is make one payment to Tally each month and avoid putting more debt on the credit cards.

How to sign up for Tally

To sign up for Tally, you must first download the app. You create an account in the app by entering your:

  • first and last name
  • email address
  • password
  • mailing address

Tally then asks about your credit rating. You can choose from four options:

  • excellent
  • good
  • fair
  • rebuilding

Then, Tally asks you to scan in your card information, which you can do using the camera on your mobile device.

Note: Tally currently does not support some retail store cards and the camera has some difficulty scanning the card if the numbers are on the back.

In the event you have trouble scanning the card, you can manually enter the card’s number.After scanning the cards, you must link the accounts by entering your login information for each creditor.

Then it’s time to see if you qualify for a Tally line of credit. You must be at least 18 years old and have either a Social Security number or an equivalent ID number. Enter your date of birth, phone number and income, then agree to a soft credit pull to see if Tally approves you for a line of credit.

If you do not qualify: You can ask to be notified when Tally expands to cover users who are not approved for a line of credit. You can also choose to close your account at this point, given you can’t use any of Tally’s features if you’re not approved for a credit line.

The bottom line

If you want to better manage your debt, Tally’s features may help you learn to be a better credit card user. However, if your goals are to save the most money on your debt payoff and simplify your repayment, a personal loan may be worth considering as an alternative to Tally. Here are a few reasons why:

  • If you have the required minimum 660 FICO score to qualify for line of credit with Tally, you may also qualify for a personal loan.
  • You could use the personal loan to consolidate your credit card debt right away instead of in chunks, like with Tally.
  • Consolidating all of your debt right away at a lower rate could save you money as your debt is immediately removed from your high interest credit card(s).
  • A personal loan generally carries a fixed interest rate as opposed to Tally’s variable interest rate, so you will have the same payment each month. This isn’t guaranteed with Tally.
  • A personal loan has a fixed repayment term, so you know the exact date you’ll be done with your debt, which may help to motivate your payoff.

Additionally, a personal loan may carry a lower rate than the Tally line of credit, so it’s worth shopping and comparing your terms with multiple lenders before you decide. In either case, you have to be serious about getting out of debt, or else you run the risk of racking up more debt if you use up the newly available credit on the consolidated cards.

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.

Brittney Laryea
Brittney Laryea |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1917
Total Assets$20.3B
LEARN MORE on Chemical Bank’s secure websiteMember FDIC

Founded in 1917, Chemical Bank is now the largest bank headquartered and operating in Michigan. Chemical Bank has 212 branches mainly in Michigan, northern Indiana and northeast Ohio. Parent company Chemical Financial Corporation has over $20.3 billion in assets and trades on the NASDAQ Stock Exchange. The bank offers various financial literacy aids, along with games and resources to teach kids about finance on its website and in its branches.

Chemical bank offers a wide range of consumer banking options, from numerous checking and savings options to various types of CDs, money markets and IRA accounts. Unfortunately, if you try to open an account online, you’ll be directed to a branch locator webpage, as the bank doesn’t provide the ability for customers to open accounts online. Here’s a breakdown of the services and accounts offered by Chemical Bank, including required minimum balances, fees, interest rates and other features and benefits.

Chemical Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

CD Rates

Chemical Bank 12 Month Add-On CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

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0.90%

CD Rates

Chemical Bank 36 Month Raise-Your-Rate CD

2.85%

Synchrony Bank 36 Month CD

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1.50%

CD Rates

Chemical Bank 60 Month Raise-Your-Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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Chemical Bank’s checking account options

ChemBasic Checking

Living up to its name, ChemBasic Checking is the bank’s entry-level, no-frills checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 with eStatements ($3 with paper statements)
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

ChemBasic Checking is targeted toward customers who don’t keep large balances in their checking account or frequently write checks. If you’re looking for a no-fee account and can’t qualify for a no-fee relationship checking account, this might be your best option.

Customers who don’t select the eStatement option with this account will be charged a $3 monthly fee for paper statements. The account offers certain features common with entry-level checking accounts, such as eBanking, eBill Pay, Voice Banking, Mobile Banking and Mobile Remote Deposit Capture. However, the bank also offers, on approval, a 0.25% discount on a personal loan. ATM fees are fairly standard, which means they are free for network ATMs but charge a fee for out-of-network withdrawals. Overdraft fees are high, though they can be reduced with overdraft protection.

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ChemPlus Checking

A standard checking account reserved for those 55 and older.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

With the exception of the 55-and-over age requirement, the ChemPlus Checking account does provide a few additional features from that of the ChemBasic Checking account. For starters, this is the only Chemical Bank checking account that doesn’t charge a $3 fee for paper statements. Green-mint safety paper checks are also provided free of charge with this account, and customers can get a 50% discount on orders of other types of checks.

ChemPlus account holders are also entitled to free notary services and photocopies. Beyond that, the account comes with the standard eStatements, bill pay, mobile and telephone banking and the 0.25% personal loan discount.

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Classic Checking

Classic Checking is Chemical Bank’s “traditional” checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5; $0 with a daily minimum balance of $500
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Checking has the same features and benefits of the bank’s ChemBasic checking, with the only difference being the minimum balance requirements. Although technically there is no minimum opening deposit, customers are required to deposit $500 within 30 days of the account being opened to avoid a monthly maintenance fee.

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Advantage Checking

Advantage Checking is the only Chemical Bank checking account that pays interest.
APYMinimum Balance to Earn APY
0.02%$0
0.02%$10,000
0.02%$25,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7; $0 with a daily minimum balance of $1,000, an average daily minimum balance of $1,500, the maintenance of a Midwest Savings Account or an aggregated daily minimum balance of $10,000 in other Chemical Bank deposit accounts
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Advantage Checking pays interest in three tiers, with the top tier for deposits of $25,000 or more. However, at the current time, the interest rate is the same for all tiers. Customers have 30 days after opening the account to deposit enough funds or open a Midwest Savings account to waive the monthly maintenance fee.

This account provides the same basic account features as other Chemical Bank checking accounts, including mobile, online, and telephone banking, along with the 0.25% discount on personal loans.

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Green Checking

Green Checking is an environmentally friendly, completely paper-free account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATMs; $0 foreign ATM fees if 20 debit card signature-based transactions are completed within each monthly cycle
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Green Checking account is best suited for customers that either want to have a small carbon footprint or who otherwise don’t need check-writing capabilities. Account holders access their funds via electronic means or by using a debit card, rather than by writing checks. In that sense, Green Checking isn’t so much a “checking” account as a savings account with unlimited withdrawal capabilities. Other features of the account are the same as the bank’s other checking accounts, including online and mobile capabilities and the 0.25% discount on personal loans.

How to get Chemical Bank’s checking accounts

As noted above, Chemical Bank does not permit accounts to be opened online. To get any of the bank’s checking accounts, you’ll have to visit a Chemical Bank branch.

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How Chemical’s checking accounts compare

Chemical Bank’s checking accounts are mostly variations on the same theme. Nearly every account offers the same basic benefits, with a few tweaks here and there. For example, there’s a dedicated account for those 55 and older, one for those who want to earn interest and one for those who want to go “green” and paperless, but beyond those distinctions, the accounts are mostly similar.

The sole account that pays interest, the Advantage Checking account, pays a low rate across the board, far lower than you can get even with the average checking account nationwide. Those looking for an interest-bearing account should search elsewhere, as Chemical’s rates are a world away from the best nationwide rates for checking accounts.

Chemical Bank’s savings account options

Classic Savings

Classic Savings is Chemical Bank’s traditional savings account, good for first-time savers or for those not in need of additional features.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Classic Savings has no minimum opening deposit requirement, but a small maintaining balance is suggested to eliminate the small monthly fee. The ATM structure of the account is like the bank’s checking accounts, with free withdrawals from in-network ATMs and a small fee for others. Interest is paid on all balances with this account, but rates are not listed on the bank’s website, so you’ll have to visit a branch or talk to a banker to get the current APY. Withdrawals and transfers are limited to six per month, and additional transactions incur a $1 fee each.

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Classic Savings for Minors

Chemical Bank’s Classic Savings account is also available in this format for minors.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM*
  • ATM refund: None
  • Overdraft fee: $32.00; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank offers a special version of Classic Savings for minors, with the most important distinction being that this account carries no monthly maintenance fee, regardless of balance. This account also requires special permission from a branch to have an ATM card issued. As with the Classic Savings account, a fee is charged for non-Chemical ATM withdrawals, and certain withdrawals and transfers in excess of six per month incur a $1 fee per transaction. Overdrafts also have the same fee structure as with Classic Savings.

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Community Savings

Community Savings is a rare bird — a savings account that doesn’t pay any interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with a daily minimum balance of $300
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Community Savings seems like the account that Chemical Bank can do without. In terms of its overall structure, it’s nearly identical to the bank’s Classic Savings account, with no fee on in-network ATM withdrawals, no minimum required opening deposit and a small maintenance fee that can be avoided with a small balance. However, the account doesn’t pay interest. With the same cost and requirements as the Classic Savings account, customers would be better served opening that account — and earning interest — rather than keeping a Community Savings account.

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Holiday Savings

Holiday Savings is a typical club account, with interest earned on deposits until a mandatory distribution date near the end of the year.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s Holiday Savings account allows customers to make regular contributions the account over the course of the year, with a mandatory payout on either Oct. 10th or Oct. 31st. Any withdrawals made before this distribution date will trigger account closure. Interest is paid on Holiday Savings deposits, but you’ll have to contact a banker to get the current rates, as they are not available on the bank’s website.

Customers typically use this account to save for special occasions, such as weddings, vacations or holiday spending. Voice Banking, eBanking and Mobile Banking services are all available with this account.

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Midwest Savings

Midwest Savings is Chemical Bank’s top-tier checking account, good for those with higher balances who want to earn interest and gain a complementary checking account.
APYMinimum Balance to Earn APY
0.05%$0
0.05%$5,000
0.15%$10,000
0.20%$25,000
0.05%$50,000
0.05%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Opening a Midwest Savings account is one of the ways to get Chemical Bank’s Advantage Checking account without a monthly fee; it’s also a way to earn tiered interest on your savings. Somewhat unusual, the bank doesn’t pay its highest rates on the largest deposits. Once your account size reaches $50,000 or more, your money earns the same low rate paid on deposits of up to $10,000.

This account has no monthly fee and requires no balance to open, but withdrawals are limited to just four per month. After that, a $1 fee is assessed per transaction. Beyond these differences, Midwest Savings also offers the same features that can be found across Chemical Bank accounts, from online and mobile banking to a 0.25% APY discount on personal loans.

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Health Savings

Chemical Bank’s Health Savings account is a typical HSA.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3; $0 with eStatements
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

Chemical’s HSA requires no minimum deposit but does charge a small fee if you don’t sign up for eStatements. You can access the account via check writing or a debit card, but you won’t have ATM access. You also will not be allowed to overdraw the account. As with all HSAs, you must meet certain requirements to qualify for this account, such as being under age 65 and participating in a high-deductible health plan.

How to get Chemical Bank’s savings accounts

As mentioned above, Chemical Bank has no online account application. You must visit a branch to open an account.

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How Chemical Bank’s savings account compares

As with the bank’s checking account roster, there is no shortage of available savings accounts at Chemical Bank. Whether you’re looking for a traditional savings account, one for a minor, a holiday savings account or an HSA, you can find it at Chemical. Unfortunately, rates and features of all the accounts are a bit sparse.

When compared with the national average, none of Chemical Bank’s savings accounts can measure up, with each account failing to hit that benchmark. The best available savings rates can be found at other institutions.

Chemical Bank’s CD account options

Regular CDs

Chemical Bank offers an attractive range of CD maturities, with low minimums.
TermAPYMinimum Balance to Earn APY
15 months0.50%$100
18 months0.50%$100
24 months0.50%$100
30 months0.55%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

For a large bank, Chemical offers a pretty low minimum balance requirement to open a regular CD account. Unless you’re looking for an extremely long maturity, you can likely find a term suiting your needs in Chemical’s regular CD lineup. Chemical offers both single maturity and automatic renewal certificates, with interest payments monthly, quarterly or at maturity. Chemical offers terms from 3 to 60 months but doesn’t advertise all of the rates. You need to call the bank for the complete list of rates.

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Raise-Your-Rate CD

The Raise-Your-Rate CD allows you to adjust the yield on your CD to the current rate.
TermAPYMinimum Balance to Earn APY
36 months0.90%$100
48 months1.20%$100
60 months1.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate CDs are only offered in 3 year, 4 year and 5 year maturities. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular CDs.

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Add-On CD

Chemical Bank’s Add-On CD is a single-maturity CD that allows additional deposits before maturity.
TermAPYMinimum Balance to Earn APY
12 months0.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

In all respects but one, Chemical Bank’s Add-On CD is a regular CD, including the minimum opening deposit and the early withdrawal penalty. The distinction is an important one, however. This 12 month CD allows customer to continue making deposits into the account until it matures. The only restriction is that deposits must be at least $100.

How to get Chemical Bank’s CDs

As mentioned above, you can’t open any Chemical Bank CDs online. You must visit a branch.

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How Chemical Bank’s CD rates compare

Overall, Chemical Bank’s CDs are nothing to write home about. Although it’s nice to have the option to choose a Raise-Your-Rate or Add-On CD, the rates paid on Chemical’s CDs of all types are below average. While not all banks can compete with the very best available national CD rates, even the average CD rate tops those offered at Chemical Bank, for every maturity.

Chemical Bank’s money market account options

Money Market

This account is Chemical Bank’s traditional money market account, combining features of both checking and savings accounts.
APYMinimum Balance to Earn APY
0.05%$0
0.15%$10,000
0.15%$25,000
0.15%$50,000
0.20%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with $2,500 average daily minimum balance
  • ATM fee: None; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank’s Money Market account has a fairly high monthly maintenance fee, but you can avoid it with a $2,500 average daily balance. Per Federal Regulation D, certain transactions, including pre-authorized withdrawals or transfers, are limited up to six per month. Interest is paid in tiers, with the highest rates paid on deposits of at least $100,000.

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Premier Money Market

Chemical Bank’s Premier Money Market account allows customers the opportunity to earn higher interest rates but requires a larger maintaining balance.
APYMinimum Balance to Earn APY
0.05%$0
0.10%$10,000
0.20%$50,000
0.40%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $30; $0 with average daily minimum balance of $35,000
  • ATM fee: $0; $2.50 per withdrawal from other/foreign ATM
  • ATM refund: None
  • Overdraft fee: $32; limit of 10 overdraft and NSF Fees ($320) per day; $10 per transfer with overdraft protection

Chemical Bank knows how to put the “premier” into its Premier Money Market account. True, the account pays higher interest rates than those in its regular Money Market account. However, it takes a lot of money to get that benefit. The $30 monthly maintenance fee is one of the highest bank account fees you can find. To avoid it, you’ll need to deposit 14 times the amount required for the bank’s regular Money Market account, and you’ll need to keep it there. Otherwise, the accounts are identical.

How to get Chemical Bank’s money market account

As mentioned above, you’ll have to visit a branch if you want to open a Chemical Bank money market account.

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How Chemical Bank’s money market accounts compare

While the Chemical Bank Money Market account is a perfectly normal, serviceable money market account, the Premier Money Market is one of the most expensive accounts you can find.

With an astronomical annual fee that can only be waived with a significant and ongoing minimum balance, the interest rates paid should be commensurately higher. Sadly, that is not the case. Rates on the Premier Money Market account only climb above the national average on deposits of $100,000 or more, and even this “top” rate is nowhere near the best available money market rates nationwide.

Chemical Bank’s IRA account options

IRA Regular CDs

Chemical Bank’s IRA CD lineup has varying rates and maturities, but you’ll have to check with a bank to get all current options.
TermAPYMinimum Balance to Earn APY
15 months0.50%$100
18 months0.50%$100
24 months0.50%$100
30 months0.55%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest for maturities of 3 to 12 months; 6 months’ interest for maturities of 13 to 35 months; 12 months’ interest for maturities of 36 to 60 months

Chemical’s IRA CDs are similar to the lineup in its non-IRA accounts, but there are a few differences in terms of available maturities. Only a few of the bank’s rates are published on the website. For complete details, you’ll have to contact the bank directly. Chemical offers both single maturity and automatic renewal certificates in its IRAs, with interest payments monthly, quarterly or at maturity.

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IRA Variable-Rate CD

Chemical Bank offers a Variable-Rate IRA CD in a single maturity; this CD is not available in the bank’s taxable accounts.
TermAPYMinimum Balance to Earn APY
6 months0.25%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 3 months’ interest

Chemical Bank’s IRA Variable-Rate CD is an unusual product. Coming in a single, short maturity of six months, the CD pays a rate that can be adjusted after purchase by the bank, but not by the customer. The rate on this variable CD is currently the same as with a regular six-month IRA CD. Minimums and penalties on this account are the same as with regular IRA CDs.

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IRA Raise-Your-Rate

The IRA Raise-Your-Rate CD is a carbon copy of the bank’s non-IRA CD of the same name.
TermAPYMinimum Balance to Earn APY
36 months0.90%$100
48 months1.20%$100
60 months1.50%$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Early withdrawal penalty: 12 months’ interest

Chemical’s Raise-Your-Rate IRA CDs are offered in 3 year, 4 year and 5 year maturities, just like the non-IRA version. Once per term, you can call the bank and have your rate raised to the then-current rate, up to a maximum increase of 1%. Minimums and withdrawal penalties are otherwise the same as with the bank’s regular IRA CDs.

How to get Chemical Bank’s IRA accounts

As with the bank’s non-IRA products, if you want to open an IRA account at Chemical Bank, you’ll have to visit a branch.

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How Chemical Bank’s IRA accounts compare

Chemical Bank’s IRA CDs share the same lackluster yields as the bank’s regular CD lineup. You’ll be able to find better IRA CD rates elsewhere.

Overall review of Chemical Bank’s products

Chemical Bank offers a large number of both checking and savings accounts, but not one of them particularly stand out. Only a single checking account pays interest, and its rates — along with the rates on all of Chemical’s savings accounts — are below average.When it comes to the bank’s money market and CD accounts, sub-par rates continue to prevail.

New customers looking for a bank with a wide range of account options might be curious about Chemical Bank, as they offer accounts for seemingly any need. However, upon comparison shopping, it’s clear that higher rates can be had elsewhere for nearly any type of account. You can find better options at competitor banks.

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Headquartered in Columbus, Ga., Synovus Bank started when a factory executive at a textile mill offered to keep a worker’s money in the company vault, plus pay her interest. What grew to a service that helped all employers at the textile mill turned into a bank that has more than 250 locations throughout Alabama, Florida, Georgia, South Carolina and Tennessee.

Synovus Bank is primarily a brick-and-mortar bank, so you’ll need to open its accounts in person. Also, rates may differ by location.

Synovus Bank’s checking account options

Free Checking

A simple checking account that offers no interest on your deposits.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

While it’s great that Synovus Bank doesn’t charge you a monthly maintenance fee, it’s also a noninterest-bearing account. It’s probably best for those who intend on using this an account for daily use or don’t plan on keeping a lot of money in it.

All checking accounts come with bill pay and online and mobile banking. You also get a Visa check card that you can add to Apple Pay®, Google Pay™ or Samsung Pay®. You can use this card to access Synovus Bank ATMs, as well as over 1,190 surcharge-free ATMs through the Publix Presto! network.

How to get Synovus Bank’s Free Checking account

You’ll need to head a branch to open an account. You’ll most likely need to provide your state-issued ID and Social Security number to do so.

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Preferred Account

The monthly maintenance fee seems a bit steep, but it can be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to four a month
  • Overdraft fee: $36

If you’re looking for more from a checking account, this could be a good choice for you. The rates could change depending on whether you have multiple accounts with Synovus Bank. The rates aren’t advertised on the bank’s website, so it’s best to call to find out the current ones.You may also get bonus rates depending on your average daily balance amounts. If you can maintain $15,000 across your deposit, loan and credit card accounts, you can earn an extra 0.05%. For those who can reach a $25,000 average daily balance across Synovus Bank accounts, you can earn a 0.15% bonus rate.

Other features of the account include free standard checks, up to four ATM withdrawal refunds a month and online and mobile banking. You’ll also get discounts such as 50% off designer checks and safe deposit box rentals. The Visa Platinum check card comes with benefits such as purchase security and lost luggage insurance.

The monthly maintenance fee seems steep considering there are no-fee accounts out there, but you can get it waived in a variety of ways. You can either maintain a $5,000 minimum average balance in the Preferred Account, a $15,000 average daily balance across your deposit, loan and credit card accounts, or $25,000 if you want to include your CD or IRA accounts.

If you do end up paying the monthly maintenance fee, you can knock off $2 if you’re registered for e-statements and online and mobile banking. You also can waive monthly fees on two other Synovus checking or money market accounts. To do so, you’ll need to contact the bank.

How to get Synovus Bank’s Preferred Account

To open a Preferred Account, you’ll need to head to a branch. Synovus Bank will likely ask you for a way to fund the account, proof of ID and your Social Security number. To find out more, call customer service at 888-796-6887.

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Gold Checking

If you’re 55 or older, you can open this account and take advantage of fee features such as notary services and unlimited check-writing.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

This account is for those who are at least 55. The cool part is you can get some savings compared to the Preferred Account — perks such as a lower monthly maintenance fee and free notary services. You also get a box of standard checks for free and other benefits such as zero liability protection with your Visa check card. You do earn some interest with this account, but it isn’t advertised on its website, meaning you’ll need to contact Synovus Bank for details.Like the Preferred Account, you can waive the monthly maintenance fee with the Gold Checking account. To do so, you’ll need to maintain a minimum average daily balance of $1,000 or have at least $500 in monthly direct deposits each month. If you registered for e-statements and online and mobile banking, you can get a $2 credit each month if you are paying the monthly maintenance fee.

How to get Synovus Bank’s Gold Checking account

You’ll need to go to a branch to open an account. To find out more, call customer service at 888-796-6887, but you’ll most likely be asked to bring documentation such as your Social Security card and state-issued ID.

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Military Interest Checking

Members of the military can enjoy benefits such as ATM refunds and lower overdraft fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to five each month ($1.50 per transaction)
  • Overdraft fee: $29

The Military Interest Checking account is only for active duty, retired or reserved personnel, which can include Department of Defense civilians. Account holders can get their first order of standard checks for free, e-statements and online and mobile banking. You’re not charged ATM fees and can get up to five out-of-network ATM refunds a month.Although there is a monthly maintenance fee, you can get that waived if you make a monthly direct deposit of at least $1 from your Defense Finance and Accounting Service paycheck. If you sign up for e-statements and Synovus digital banking, you can get a $2 credit toward your monthly maintenance fee — that is, if you need to pay it for any given month.

One more thing: You do earn interest, but the rates aren’t available on its website. To find out the rates, it’s best to contact Synovus Bank.

How to get Synovus Bank’s Military Interest Checking account

Show up at a Synovus Bank location to open an account. You’ll most likely need to provide funds to open the account, your Social Security number and proof of employment.

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How Synovus Bank’s checking accounts compare

We do like that you don’t need to have a large opening deposit amount, although some of the competitors from our list of the best online checking accounts don’t require one at all.

Other features we like include the Visa check card and the ability to waive monthly maintenance fees, but other banks offer similar features. Since Synovus Bank doesn’t advertise its rates, we can’t help you there. But the fact that you can only open an account in person leaves us thinking that you’re probably better off elsewhere.

Synovus Bank’s savings account options

Signature Personal Savings

You can get more access to your cash with the ATM card that’s included with this account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is a simple savings account that’s best for those who don’t want to worry about minimum balance amounts and are interested in getting ATM access. If you have a checking account, you can link your savings account and access your funds using your Visa check card. Otherwise, when we contacted Synovus Bank on Oct. 22, 2018, customer service mentioned you can request an ATM card. Either way, you have access to over 1,190 surcharge-free ATMs through the Publix Presto! ATM network.

Other features include bill pay, e-statements and online banking. Federal Reserve Regulation D allows up to six certain withdrawals a month, but Synovus Bank will charge you $3 each time you go over two withdrawals in a month.

How to get Synovus Bank’s Signature Personal Savings account

To open a Signature Personal Savings account, go to a Synovus Bank location. You’ll be asked for information such as your name, address and Social Security number, but you can call customer service 888-796-6887 to find out.

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Minor Savings

You don’t need to worry about minimum balance amounts with this account.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Minor Savings account is available to those younger than 18 (or 19 if you’re not married and residing in Alabama) who agree to have a parent or guardian as the joint owner. There is no ATM access, which Synovus Bank told us when we contacted it on Oct. 22, 2018. Once the minor reaches adulthood, this will be converted to a Signature Personal Savings account.

You don’t need to pay any fees unless you end up making more than two withdrawals a month. Go over that amount and you’re looking at $3 per withdrawal.

How to get Synovus Bank’s Minor Savings account

You and your child will need to head to a branch to open an account. You’ll both likely need to bring a state-issued ID and Social Security card. You’ll also need a method to fund the account.

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Holiday Savings

This account may help you with your short-term savings goals.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re after a savings account dedicated to your short-term savings goals, the Holiday Savings account is an option. Think of it like a certificate of deposit where you set aside money for a specific amount of time — in this case annually — and set automatic deposits to the account until the period is up. Synovus Bank will then automatically deposit your balance into your checking account, or you can have a check mailed to you.

Unfortunately, the rates aren’t advertised on the website, so you’ll need to do your own research and call Synovus Bank to find out. And, yes, you can take money out anytime, but you’re looking at a $5 fee each time you do so. Also, federal Regulation D allows you up to six certain withdrawals a month, meaning your account could be converted to a checking account if you continually make excessive withdrawals.

How to get Synovus Bank’s Holiday Savings account

Like all the other accounts so far, you’ll need to head to a branch to open this one. You may need to bring along items such as your Social Security card and state-issued ID.

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How Synovus Bank’s savings accounts compare

We would love to tell you how the rates compare to other competitors, but they aren’t advertised on its website. This could hinder a few folks who want to compare rates quickly — like the ones on our list of the best online savings accounts.

What we do like is that there are low (or no) minimum balance requirements and you get ATM access with some accounts. But other places offer no minimum opening deposits and you may be able to link to a checking account to get ATM access.

If you’re after an account you can open relatively quickly, you may be better off checking places where you can open an account online.

Synovus Bank’s CD rates

Certificates of deposit

These are fixed-rate CDs that have different minimum opening deposits depending on if you want to take advantage of promo rates.
  • Minimum opening deposit: $1,000 (for regular rates) or $10,000 (for promo rates)
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

The fixed-rate CDs have a wide variety of terms — anywhere from less than three months to five years or more. Unfortunately, the rates aren’t advertised, including the current promo rates that require a higher minimum opening deposit. To find out, you can call customer service at 888-796-6887 or stop by one of Synovus Bank’s branches.

The interest you earn for the CD is compounded daily and credited monthly, though you can request other options. These CDs renew at maturity, though you can make changes during the 10-day grace period such as making additional deposits and withdrawals or renewing for another term.

How to get Synovus Bank’s CDs

The only way to open a Synovus Bank CD right now is to head to a branch. Documents you may need to bring include your Social Security card and state-issued ID, as well as funds to open the account. It’s probably best to call customer service at 888-796-6887 before you go.

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How Synovus Bank’s CD rates compare

It’s hard to tell how the rates compare without knowing exactly what they. If you’re interested in seeing the competition, we compiled a list of the best CD rates out there. While it’s great that Synovus Bank offers a wide range of terms, the minimum opening deposit can be a turnoff considering other places have lower minimum amounts. If you don’t have that much set aside to open a CD, it’s probably best to look elsewhere.

Synovus Bank’s money market account options

Signature Money Market

Earn a higher APY with different rate tiers.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Signature Money Market account offers higher APYs the more you have on deposit, though you’ll need to contact customer service since the rates aren’t advertised on Synovus Bank’s website.

There is a monthly maintenance fee, but you can waive it if you can either maintain a $1,000 minimum daily balance or $2,500 average daily balance. We found out when we contacted the bank on Oct. 22, 2018, that you also get limited check-writing capabilities, as well as free notary services and online and mobile banking.

Since this is considered a savings account, Regulation D allows up to six certain withdrawals a month. Otherwise, you’re looking at a $15 excessive transaction fee for each withdrawal you go over.

How to get Synovus Bank’s Signature Money Market account

You’ll need to head to a branch to open a Signature Money Market account. Like other deposit accounts, you’ll most likely need your Social Security number and state-issued ID to open one.

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Premium Money Market

You may be able to earn a higher rate, although there is a higher minimum opening deposit amount.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Premium Money Market account could offer higher rates, though you’ll need to contact Synovus Bank because they aren’t advertised on the website. But with higher rates comes a higher cost — a much bigger minimum opening deposit amount. This could be limiting for many, especially those who don’t have that much money sitting around. It’s something to consider before opening any money market account.

You don’t get ATM access but there are limited check-writing capabilities, according to an Oct. 22, 2018, conversation with customer service. You also get online and mobile banking access. As for the monthly maintenance fee, you can get that waived if you can maintain either a $20,000 average daily balance or a $10,000 minimum daily balance in your account. You’re also allowed up to six certain withdrawals a month thanks to Regulation D. You could be paying a $15 excessive transaction fee for each withdrawal one go over.

How to get Synovus Bank’s Premium Money Market account

To open the Premium Money Market account, go to a Synovus Bank location. You may be asked to provide your Social Security card and state-issued ID, so it’s best to be prepared.

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How Synovus Bank’s money market accounts compare

Synovus Bank offers a fairly high minimum opening balance that may be off-putting to those who may not have a lot of money to spare. Sure, there’s limited check-writing capabilities, but there are other places that offer ATM access. Some competitors also offer low to no minimum deposit amounts, which can be a great choice depending on how much money you want to use to open an account.

If you want to see what you could be earning with a money market account, consider looking at our list of the best money market rates and accounts.

Synovus Bank’s IRA account options

IRA CD

This could be a great choice if you’re after a conservative retirement account.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

Synovus Bank’s IRA CD accounts are essentially the same as the regular CDs, except they’re either tax-sheltered or deferred. You may also be limited to how much you can contribute per year because of IRS regulations.

You can choose from a wide range of terms, though to find out the exact rates you’ll need to contact Synovus Bank. As for the interest, it’s compounded daily and credited either to your account annually or at maturity. The IRA CD will automatically renew unless you make changes during the 10-day grace period. This can include making withdrawals or additional deposits or renewing it for another term.

How to get Synovus Bank’s IRA CDs

You can open an account by going to a Synovus Bank location. It’s best to call customer service at 888-796-6887 to make sure, but you’ll most likely need to provide your Social Security number and a state-issued ID.

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How Synovus Bank’s IRA CD rates compare

We can’t comment on the rates as they’re not advertised on Synovus Bank’s website. But what we do notice is that the minimum opening balance seems to be on par or lower compared to others on our list of the best IRA CD rates.

Many of these financial institutions also offer a wide range of terms, and it looks like you should be able to open these accounts online. Considering the only way to open a Synovus Bank IRA CD is in person, that’s a pretty big barrier, especially if you don’t live near a branch.

Overall review of Synovus Bank’s banking products

We can’t say if the rates for Synovus Bank are great considering they aren’t advertised on the website, so this could be a deterrent.

What we do like is that most of its accounts, such as its checking and savings options, have a low minimum opening balance, meaning it can be accessible to most people. It’s also convenient that both types of accounts offer ATM access and surcharge-free ATMs through the Publix Presto! network.

Unfortunately, the money market and CDs do require a higher minimum opening deposit, which may be a stretch for some if you don’t have a lot of savings to make those initial deposits. Many competitors offer some great rates and have lower minimum opening balances.

What we’re getting at is that Synovus Bank may not be the best choice, considering you need to open accounts in person and its rates aren’t readily available. There are plenty of competitors happy to show you what you could earn in interest on its website.

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.

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1849
Total Assets$72.2B
LEARN MORE on Comerica Bank’s secure websiteMember FDIC

Headquartered in Dallas, Comerica Bank’s parent is one of the 25 largest financial holding companies in the U.S., with 434 banking centers located in seven of the country’s 10 largest cities. In addition to Texas, Comerica Bank branches can be found in Arizona, California, Florida and Michigan. The bank offers numerous types of consumer-based financial products, including checking and savings accounts, CDs, IRAs and money market accounts.

Comerica Bank’s online application process is complicated and incomplete. Only four types of accounts can be opened completely online: the 270 day CD, 1 year CD, 2 year CD and 3 year CD.

Other accounts can be partially opened online. These include the Statement Savings, Access Checking, Money Market Investment and High-Yield Money Market Investment account. For those four types of accounts, a physical signature card must still be processed at a bank branch to fully open the account. All remaining types of accounts must be opened at a branch only.

For each applicant, the bank will request the following information:

  • Home address
  • Phone number
  • Driver’s license, ID card issued by a state DMV or U.S. passport
  • Social Security number or Taxpayer ID number
  • Identity Verification

All applicants must be U.S. residents at least 16 years of age and must have a valid U.S. driver’s license or state-issued ID card. Applicants with other forms of identification, such as military ID, cannot open an account online. Applicants ages 16 to 17 years of age must click on a separate link to apply for an account online.

Here’s a review of the features and benefits of the various Comerica Bank personal account options, including rates and requirements.

Comerica Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Comerica Bank Statement Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.35%

CD Rates

Comerica Bank 1 Year Fixed Rate CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.45%

CD Rates

Comerica Bank 3 Year Fixed Rate CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.60%

CD Rates

Comerica Bank 5 Year Fixed Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Comerica Bank’s checking account options

Access Checking

Access Checking is Comerica Bank’s entry-level checking account, with basic services and features.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $13; $2 discount with eStatements AND suppression of paper statements upon request; $0 fee with either a $1,000.00 minimum daily balance, 1 direct deposit of at least $250 or more per statement cycle, status as a full-time college student up to the age of 26 or a business owner with a Comerica business checking account; active or retired members of the U.S. military or members of a Comerica Platinum Circle Checking household.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5.00 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

Access Checking may be a basic checking account, but the fee structure is high and a bit complicated. For an account that doesn’t have extensive features or pay interest, the monthly maintenance fee is astoundingly high.

Access Checking includes standard features such as ATM access, free online access and bill pay, and it even throws in additional perks such as a rate discount on a home equity line and a free savings account. However, if you agree to both eStatements and the suppression of paper statements, you only get a $2 discount on the high monthly fee. With many other banks, eStatements are enough to waive the fee altogether.

To drop the Access Checking fee to $0, you must meet one of the following qualifications: keep a minimum daily balance of $1,000.00; have a direct deposit; be a full-time college student; be a business owner with a Comerica business checking account; be a member of the U.S. military; or be a Comerica Platinum Circle Checking household.

This account also has a high overdraft fee that increases with the number of occurrences.

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Rich Rewards Checking

Rich Rewards Checking is Comerica’s first-level interest-bearing account, with extra features on top of those offered by Access Checking.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18; $2 discount with eStatements AND suppression of paper statements upon request; $0 with a $5,000.00 minimum daily balance or a minimum combined balance of $7,500.00 each day in this account and/or up to 3 other related Comerica Bank accounts
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences

The high-priced and convoluted fee structure found in Comerica Bank’s Access Checking account continues with the bank’s interest-bearing Rich Rewards Checking Account. With this account, the monthly fee is even higher, and the hurdles to get the fee waived are commensurately higher as well. The increasing overdraft fee structure is also in place with this checking account.

Although Rich Rewards Checking pays interest, the rate is extremely low. The account does come with additional service enhancements, however, including the following:

  • A waiver of the first-year, $65 annual fee on a home equity line, along with a 0.25% APY discount
  • A 0.50% APY discount on a home equity loan
  • A 0.50% APY discount on non-real estate installment loans
  • Enhanced interest rates on new-money CD and IRA deposits
  • Up to $50 off the cost of a safety deposit box rental, with an additional $5 discount with autopay

As with Access Checking, Rich Rewards Checking comes with a free savings account as well.

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Premier Checking

Premier Checking is the next step up the checking account ladder at Comerica Bank, with enhanced services — and fees — when compared with the Rich Rewards Checking account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $22; $2 discount applies with eStatements and suppression of paper statements; $0 with a $7,500.00 minimum balance each day, a revolving home equity Account, or a minimum combined daily balance of $20,000 in this account and/or up to 3 other related Comerica Bank Accounts or an open revolving home equity account
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: Refund of first 4 fees per statement cycle. $2/transaction, including balance inquiries, thereafter
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection; $0 with overdraft protection

Premier Checking offers the same benefits as the bank’s Rich Rewards Checking account, with a few enhancements. Notably, Premier Checking offers another rate bump on CDs with maturities of one year or longer, along with free Comerica Advantage-style checks and a waiver of overdraft protection transfer fees. While the account has a small minimum opening deposit, the fee is another step higher than that on the Rich Rewards Checking account, and it can only be waived with large balances in this or other Comerica Bank accounts. The interest rate is not tiered and is noncompetitive as well.

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Comerica Platinum Circle Checking

Platinum Circle Checking is the top-of-the-line checking account at Comerica Bank, with greatly increased services and the potential for higher interest rates.
APYMinimum Balance to Earn APY
0.03%$1
0.05%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0 with a $50,000 average daily balance in any combination of personal or business deposit accounts or a minimum combined balance of $2,500,000 each day in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances
  • ATM fee: $0; $5 for international ATMs (non-U.S.)
  • ATM refund: Unlimited per statement cycle
  • Overdraft fee: Waived for as long as you maintain your Comerica Platinum Circle Checking account.

Comerica Bank’s Platinum Circle Checking account is the queen bee when it comes to accounts at the bank. Unlike many banks, there’s actually no monthly maintenance fee for this top-level account; however, if you can’t maintain the significant required balances in the account, your account may be converted to a Rich Rewards Checking account, thereby disqualifying you from all of the benefits of the Platinum Circle account.

One of the main benefits of this account is that it qualifies account holders for higher interest rates on CDs and in the High-Yield Money Market Investment account. Other features, on top of those offered by the other checking accounts at the bank, include the following:

  • A Statement Savings account and a High-Yield Money Market Investment account for no monthly fee
  • Waived overdraft protection transfer fees
  • Free Comerica Bank checks of any style
  • A free checking account for a household member
  • A dedicated customer service number
  • Discounts on certain residential mortgage closing costs
  • Professional investment, insurance and banking services

This account also pays the best checking account interest rates at the bank, although they still remain low.

How to get Comerica Bank’s checking accounts

As mentioned above, only the Access Checking account can be opened online. Other account types can only be opened at a Comerica Bank branch.

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How Comerica’s checking accounts compare

Comerica Bank offers a tiered range of four checking accounts, each with a higher level of service. The crown jewel of the bank is the Platinum Circle Checking account, which brings with it an assortment of enhancements, including much higher interest rates on the bank’s CD and money market products.

When it comes to the interest rates paid on the bank’s checking accounts, however, much is left to be desired. The two lower-level interest-bearing accounts, Rich Rewards Checking and Premier Checking, pay embarrassingly low rates. The best rates available for checking accounts nationwide are anywhere from 60 to 100 times as high as Comerica Bank’s rates. Even the top tier of the Platinum Circle Checking account pays just a fraction of the best available rates.

Comerica Bank’s savings account options

Statement Savings

Statement Savings is Comerica Bank’s only traditional savings account.
APYMinimum Balance to Earn APY
0.01%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with a Comerica personal checking account, if you maintain a $400 minimum daily balance, you’re a minor under 18 years of age or you’re age 62 or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account or if you have a personal checking account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7, and $16 for 8+ occurrences.

Statement Savings is a basic savings account, with features you’d expect from most entry-level accounts. A Comerica Bank ATM card gives you 24-hour access to Comerica ATMs, although you’ll pay a fee for non-network machines. The high overdraft fees of the bank’s checking accounts apply to the savings account as well. After six debit transactions per month, Comerica Bank will charge a $5 fee per additional transaction.

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Health Savings Account

Comerica Bank’s Health Savings account is a standard HSA, providing tax-advantaged savings for eligible health expenses.

Per bank representative on Oct. 9, 2018:

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: N/A

As with any HSA, Comerica Bank’s Health Savings account can only be opened by individuals with a HSA-qualified, high-deductible health plan, or via rollover from another HSA. Per IRS rules, contributions may be tax-deductible, and distributions can be tax-free when used for qualifying medical expenses. Unlike come corporate-sponsored health plans, there is no “use-it-or-lose-it” provision with an HSA; balances can be maintained regardless of the change in calendar.

How to get Comerica Bank’s savings accounts

The Statement Savings account can be opened online using the application on the bank’s website. To open a Health Savings account, you’ll have to contact the bank directly.

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How Comerica Bank’s savings account compares

Comerica Bank’s only true, stand-alone savings account doesn’t offer much by way of additional features. If it paid a high interest rate, that could probably be overlooked, but the current APY on the savings account is more of a token interest rate than anything. The Statement Savings APY is dwarfed by even the average national APY. The nation’s best available savings rates simply put it to shame.

Comerica Bank’s CD account options

Fixed-Rate CDs

Comerica Bank’s Fixed-Rate CDs pay a different APY depending on the type of checking account relationship you have with the bank.
TermAPYMinimum Balance to Earn APY
7-29 days0.01%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0.02%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0.02%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0.03%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0.29%$1
180-364 days0.29%$2,500
180-364 days0.29%$10,000
180-364 days0.29%$25,000
180-364 days0.29%$50,000
180-364 days0.29%$100,000
180-364 days0.29%$250,000
180-364 days0.29%$500,000
1 year0.35%$1
1 year0.35%$2,500
1 year0.35%$10,000
1 year0.35%$25,000
1 year0.35%$50,000
1 year0.35%$100,000
1 year0.35%$250,000
1 year0.35%$500,000
2 years0.40%$1
2 years0.40%$2,500
2 years0.40%$10,000
2 years0.40%$25,000
2 years0.40%$50,000
2 years0.40%$100,000
2 years0.40%$250,000
2 years0.40%$500,000
3 years0.45%$1
3 years0.45%$2,500
3 years0.45%$10,000
3 years0.45%$25,000
3 years0.45%$50,000
3 years0.45%$100,000
3 years0.45%$250,000
3 years0.45%$500,000
4 years0.50%$1
4 years0.50%$2,500
4 years0.50%$10,000
4 years0.50%$25,000
4 years0.50%$50,000
4 years0.50%$100,000
4 years0.50%$250,000
4 years0.50%$500,000
5 years0.60%$1
5 years0.60%$2,500
5 years0.60%$10,000
5 years0.60%$25,000
5 years0.60%$50,000
5 years0.60%$100,000
5 years0.60%$250,000
5 years0.60%$500,000
6 years0.60%$1
6 years0.60%$2,500
6 years0.60%$10,000
6 years0.60%$25,000
6 years0.60%$50,000
6 years0.60%$100,000
6 years0.60%$250,000
6 years0.60%$500,000
7-10 years0.65%$1
7-10 years0.65%$2,500
7-10 years0.65%$10,000
7-10 years0.65%$25,000
7-10 years0.65%$50,000
7-10 years0.65%$100,000
7-10 years0.65%$250,000
7-10 years0.65%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Fixed-Rate CDs at Comerica Bank have a complicated payment structure. Each maturity is broken down into eight payment tiers, between $1 and $500,000, although each tier currently pays the same APY for each maturity.

If you have a Rich Rewards Checking account, you’ll earn more on maturities of longer than one year; rates increase even more if you have a Premier Checking account. Customers with a Platinum Circle Checking account earn the highest rates of all.

The bank offers a wide range of maturities, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days, for maturities of less than 30 days, and 10 days for longer maturities.

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Flexible-Rate CDs

Flexible-Rate CDs are misnamed: It’s not the rate that’s flexible, but rather than contribution and withdrawal structure.
TermAPYMinimum Balance to Earn APY
1 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate CDs come in a single maturity of one year. Rates are tiered, but the APY paid doesn’t vary much between tiers — and it’s extremely low across the board. The main advantage of this CD is the ability to add money to it at any time, in increments of $100 or more, and its flexible withdrawal structure.

Unlike most regular CDs, the Flexible-Rate CD allows you to take a one-time withdrawal of up to 50% of your account balance without penalty, as long as the withdrawal comes after seven days of opening the account or making an additional deposit.

As with the bank’s regular CDs, Flexible-Rate CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s CDs

You can open a Fixed-Rate CD using the bank’s online application, but for a Flexible-Rate CD, you must contact the bank directly.

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How Comerica Bank’s CD rates compare

The good news is that the low rates available on Comerica Bank’s regular CDs can be greatly enhanced by opening a higher-level checking account at the bank. The bad news is that even with the bank’s top-tier Platinum Circle Checking account, rates far fall below both the national averages and the best available national CD rates, for every maturity. The Flexible-Rate CD is a nice option for those who don’t want to be tied down for the entire term of the CD, but rates are extremely low, and the withdrawal feature can only be used once, for 50% of the account balance.

Comerica Bank’s money market account options

Money Market Investment account

Comerica Bank’s Money Market Investment account is a check-writing account that allows you to earn a higher rate than the bank’s savings account — but just barely.
APYMinimum Balance to Earn APY
0.03%$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; $0 with a $2,500 minimum daily balance, a $5,000 average daily balance, a Comerica Platinum Circle Checking account or a Premier Checking account while not selecting a Statement Savings account as your no-fee savings account.
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.), according to bank representative
  • ATM refund: None
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences

Comerica Bank’s entry-level money market account offers ATM access and a check-writing option, although checks and certain other debits are limited to six per month. There’s a $5 fee per withdrawal after six transactions per month.

The minimum opening deposit is quite small for a money market account. But to avoid the high monthly fee, customers need to increase their minimum deposit to a more traditional level. The fee can also be avoided through various checking account relationships with the bank, such as having a Comerica Platinum Circle Checking account. Overdraft fees are quite high, although they can be reduced a bit with overdraft protection.

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High-Yield Money Market Investment account

The High-Yield Money Market Investment account pays much higher interest rates than the bank’s regular money market account, but only if you also have a Platinum Circle Checking account.
APYMinimum Balance to Earn APY
0.03%$1
0.04%$15,000
0.06%$100,000+
*You’ll earn different rates with Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25; $0 with $15,000 minimum balance each day
  • ATM fee: $0; $2.50 for non-Comerica ATMs in the U.S; $5 for international ATMs (non-U.S.)
  • ATM refund: None, per bank representative
  • Overdraft fee: $26 for the 1st occurrence, $34 for occurences 2-4, $38 for occurrences 5+; with overdraft protection, $8 for occurences 1-4, $12 for occurrences 5-7 and $16 for 8+ occurrences.

Comerica Bank’s High-Yield Money Market Investment account is really designed for customers that also have a Platinum Circle Checking account. This entitles account holders to much higher yields on their balances. However, this account also has a much higher monthly fee than the regular money market account, and it requires a much larger maintaining balance to eliminate the monthly fee. As with the regular money market account, Comerica Bank assesses a $5 fee per withdrawal from this account, after six debits that are allowed per month.

How to get Comerica Bank’s money market account

You can get Comerica Bank’s regular money market account via the online application. For the High-Yield Investment Money Market account, you’ll need to contact a branch.

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How Comerica Bank’s money market accounts compare

Comerica Bank’s basic money market account has a low minimum balance to open but requires a much higher balance to waive the monthly fee. Although the account pays interest, it’s an extremely low rate, far below the national average and not even close to the best available money market rates nationwide. The High-Yield Money Market Investment account does much better in the yield department, but only with a complementary Platinum Circle Checking account. Even at its top tier, this account still doesn’t match up with the best rates you can find in competitor accounts.

Comerica Bank’s IRA account options

IRA Fixed-Rate CDs

Comerica Bank’s IRA Fixed-Rate CDs are carbon copies of the bank’s non-IRA CDs, including the enhanced yield paid with certain checking account relationships.
TermAPYMinimum Balance to Earn APY
7-29 days0.01%$1
7-29 days0.01%$2,500
7-29 days0.01%$10,000
7-29 days0.01%$25,000
7-29 days0.01%$50,000
7-29 days0.01%$100,000
7-29 days0.01%$250,000
7-29 days0.01%$500,000
30-59 days0.02%$1
30-59 days0.02%$2,500
30-59 days0.02%$10,000
30-59 days0.02%$25,000
30-59 days0.02%$50,000
30-59 days0.02%$100,000
30-59 days0.02%$250,000
30-59 days0.02%$500,000
60-89 days0.02%$1
60-89 days0.02%$2,500
60-89 days0.02%$10,000
60-89 days0.02%$25,000
60-89 days0.02%$50,000
60-89 days0.02%$100,000
60-89 days0.02%$250,000
60-89 days0.02%$500,000
90-179 days0.03%$1
90-179 days0.03%$2,500
90-179 days0.03%$10,000
90-179 days0.03%$25,000
90-179 days0.03%$50,000
90-179 days0.03%$100,000
90-179 days0.03%$250,000
90-179 days0.03%$500,000
180-364 days0.04%$1
180-364 days0.04%$2,500
180-364 days0.04%$10,000
180-364 days0.04%$25,000
180-364 days0.04%$50,000
180-364 days0.04%$100,000
180-364 days0.04%$250,000
180-364 days0.04%$500,000
1 year0.10%$1
1 year0.10%$2,500
1 year0.10%$10,000
1 year0.10%$25,000
1 year0.10%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
2 years0.15%$1
2 years0.15%$2,500
2 years0.15%$10,000
2 years0.15%$25,000
2 years0.15%$50,000
2 years0.15%$100,000
2 years0.15%$250,000
2 years0.15%$500,000
3 years0.20%$1
3 years0.20%$2,500
3 years0.20%$10,000
3 years0.20%$25,000
3 years0.20%$50,000
3 years0.20%$100,000
3 years0.20%$250,000
3 years0.20%$500,000
4 years0.25%$1
4 years0.25%$2,500
4 years0.25%$10,000
4 years0.25%$25,000
4 years0.25%$50,000
4 years0.25%$100,000
4 years0.25%$250,000
4 years0.25%$500,000
5 years0.35%$1
5 years0.35%$2,500
5 years0.35%$10,000
5 years0.35%$25,000
5 years0.35%$50,000
5 years0.35%$100,000
5 years0.35%$250,000
5 years0.35%$500,000
6 years0.35%$1
6 years0.35%$2,500
6 years0.35%$10,000
6 years0.35%$25,000
6 years0.35%$50,000
6 years0.35%$100,000
6 years0.35%$250,000
6 years0.35%$500,000
7-10 years0.40%$1
7-10 years0.40%$2,500
7-10 years0.40%$10,000
7-10 years0.40%$25,000
7-10 years0.40%$50,000
7-10 years0.40%$100,000
7-10 years0.40%$250,000
7-10 years0.40%$500,000
*You’ll earn different rates with Rich Rewards Checking/Premier Checking/Platinum Circle Checking. You need to call and verify interest.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 1 month’s interest for CDs with a term of less than 90 days; 3 months’ interest for terms of 90-179 days; 6 months’ interest for terms of 180 days or longer.

Even the IRA Fixed-Rate CDs have a complicated payment structure at Comerica Bank. Currently, rates are the same in each of the eight payment tiers that are available for each maturity. Rates improve on the 1 year or longer CDs if you have a Rich Rewards Checking account, then bump up again if you have a Premier Checking account. Customers with the top-tier Platinum Circle Checking account earn the highest rates of all.

Maturities span a wide range, from seven days to 10 years. Interest is generally paid or compounded monthly, except for terms of seven to 29 days, where interest is paid at maturity. Maturing CDs automatically renew for the same term at the then-current rate. The grace period to withdraw funds after maturity is three days for maturities of less than 30 days, and 10 days for longer maturities.

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IRA Flexible-Rate CDs

IRA Flexible-Rate CDs allow contributions at any time, along with a one-time, penalty-free withdrawal.
TermAPYMinimum Balance to Earn APY
1 year0.05%$1
1 year0.05%$2,500
1 year0.07%$10,000
1 year0.07%$25,000
1 year0.07%$50,000
1 year0.10%$100,000
1 year0.10%$250,000
1 year0.10%$500,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1-$500,000
  • Early withdrawal penalty: 3 months’ interest

Comerica Bank’s Flexible-Rate IRA CDs are only available in a one-year maturity. Although the APY you can earn increases slightly across the eight tiers, from $1 to $500,000, rates are very low across the board. You can add money to this IRA CD at any time, in increments of $100 or more. The highlighted feature of the Flexible-Rate IRA CD is the ability to withdraw up to 50% of your IRA CD balance without penalty, as long as the withdrawal comes after seven days of opening the IRA CD or making an additional deposit. Bear in mind that the money can come out of the IRA CD product but must remain within the IRA account as a whole to avoid additional taxes and possible IRS penalties. Flexible-Rate IRA CDs automatically renew, but there’s a 10-day grace period during which you can withdraw your maturing funds.

How to get Comerica Bank’s IRA accounts

IRA accounts cannot be opened online at Comerica Bank. You must visit contact the bank directly.

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How Comerica Bank’s IRA accounts compare

Comerica Bank’s IRA CD rates are low in every category. Yields can be greatly enhanced if you open a higher-level checking account at the bank. However, even with this rate boost, the bank’s best yields are well below both the national average and the best available national IRA CD rates. The Flexible-Rate CD is a great idea for those who don’t want to be tied down for the entire term of the CD, but the withdrawal feature can only be used once, for 50% of the account balance, and the interest rates paid are anemic.

Overall review of Comerica Bank’s products

Comerica Bank certainly can’t be accused of having an insufficient number of accounts to offer customers, and the bank is to be commended for offering higher yields and reduced fees on some accounts to customers who open other accounts. However, the end result is a complicated web of relationship banking that makes it hard to determine which accounts you should choose, and how they affect others.

The unfortunate bottom line is that even with the enhanced yields customers can pick up by opening complementary accounts, rates paid by Comerica Bank are low in every category. The Platinum Circle Checking account, for example, offers some impressive bells and whistles, but the interest rates it pays aren’t competitive with the highest rates you can get elsewhere. The bank’s stand-alone savings account can’t even reach the national average savings rate, and the same is true of the bank’s CD offerings, even with the enhanced rates offered with a companion Platinum Circle Checking account. The same refrain can be sung for the bank’s money market accounts and IRA CDs.

When you combine the relatively confusing interplay of accounts at Comerica Bank with the bank’s underwhelming interest rates, most customers are probably better served by shopping around for more competitive options.

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John Csiszar
John Csiszar |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1976
Total Assets$1.6B
LEARN MORE on Sharonview Federal Credit Union’s secure websiteNCUA Insured

Sharonview Federal Credit Union, a financial co-op based out of the Carolinas, started in 1955 when 20 employees from Celanese decided to pool their resources to fund a credit union. They named the organization after two neighboring roads near the initial location in Charlotte: Sharon Road and Fairview Road.

It now has 18 branches, mostly throughout North and South Carolina, including one in New Jersey. In 2018, Forbes rated Sharonview Federal Credit Union as the best credit union in South Carolina. We decided to investigate further to see how its personal deposits compare to the competition, using the latest rates and product information available through its website.

Since it is a credit union, you need to qualify for membership to use its accounts. You could be eligible if:

  • You live, work, worship, attend school or volunteer in one of its charter areas through North Carolina or South Carolina
  • You are a current or retired employee of one of its employer groups, mainly located in the Carolinas
  • You are related to or live with someone who is a Sharonview Federal Credit Union member or who is eligible for membership

If none of these apply to you, Sharonview Federal Credit Union lists several associations on its website that you can join online to qualify for membership. But are its deposit accounts worth this effort? Read on to find out.

Sharonview Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Sharonview Federal Credit Union Regular Share

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.25%

CD Rates

Sharonview Federal Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Sharonview Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Sharonview Federal Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Sharonview Federal Credit Union’s checking account options

Free Anywhere Checking

With this checking account, there’s never a monthly fee. It earns rewards on debit card purchases and refunds up to $10 a month for out-of-network ATM withdrawals. The only downside is it doesn’t earn interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $10 a month for ATMs in the United States; no refunds for international ATM use
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Free Anywhere Checking account doesn’t have an opening deposit requirement. You can set this up with a deposit of any amount, or even without adding money at first. This account also does not have a minimum balance requirement or monthly maintenance fee.

But the Free Anywhere Checking account does not earn interest. If you spend on the account’s debit card, you’ll earn reward points that can be used for all kinds of rewards such as travel, merchandise, cash and discounts on loans at Sharonview Federal Credit Union.

If you use an out-of-network ATM, Sharonview Federal Credit Union does not charge a fee. It will also refund up to $10 a month in fees charged by other ATM owners. To qualify for the refund, you must be enrolled in online and mobile banking. Each month, you also need to make at least one purchase on the debit card and have one direct deposit come into your account. The refund only applies to withdrawals in the U.S. International transactions do not qualify.

Before you can open the Free Anywhere Checking account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You can apply for Sharonview Federal Credit Union’s Free Anywhere Checking account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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on Sharonview Federal Credit Union’s secure website

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How Sharonview Federal Credit Union’s checking account compares

For a free checking account, Sharonview Federal Credit Union’s Free Anywhere Checking does a nice job handling regular banking needs. It offers a respectable up to $10 refund for out-of-network ATM use per month, the debit card earns rewards on your purchases and there’s no minimum balance requirement, so you never have to worry about how much money is in your account.

At a time when some banks are slashing quality and raising fees on their checking accounts, Sharonview Federal Credit Union looks pretty good. But if you were hoping to earn interest, you’ll have to look elsewhere. The credit union does not offer an interest-earning checking account.

This isn’t a sacrifice you have to make. There are free checking accounts out there that pay spectacular interest rates. While Sharonview Federal Credit Union’s checking account is decent, with a little research you can find something even better.

Sharonview Federal Credit Union’s savings account options

Regular Share

Anyone who joins Sharonview Federal Credit Union must open this savings account. Its interest rate is quite low, so we don’t see many customers depositing more than the minimum.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

When you apply to join Sharonview Federal Credit Union, you need to open one of its Regular Share accounts to complete the process. This account requires an opening deposit of $5.

This account does not charge a monthly maintenance fee, so there’s never a cost for keeping your account open. The Regular Share account pays interest on all balances, but the rate is low. It always stays the same and does not increase when you deposit more.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without a fee.

If you have a specific savings goal in mind, you can set up a separate account called a Special Share. There’s no minimum deposit to open this side account, and it earns the same interest rate as Regular Share.

Before you can open the Regular Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You will also need to make your $5 minimum deposit. At this point, you could open other Sharonview Federal Credit Union deposit accounts.

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on Sharonview Federal Credit Union’s secure website

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Holiday Share

The Holiday Share savings account is like the Regular Share account, except it comes with an extra fee for withdrawals. That’s a downgrade we wouldn’t accept.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union also offers a Holiday Share savings account. It’s nearly identical to the Regular Share account. There’s no monthly fee and it earns the same interest rate. This account also does not have a minimum opening deposit requirement, so you can set things up for any amount.

The main difference with this account is it’s designed to motivate you to save for the holidays. You are only supposed to make withdrawals during the holiday season from Oct. 15 to Jan. 31. If you make a withdrawal outside this period, Sharonview Federal Credit Union charges a $5 penalty for each transaction.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without owing the bank fee.

Before you can open the Holiday Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for Sharonview Federal Credit Union’s Holiday Share account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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on Sharonview Federal Credit Union’s secure website

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How Sharonview Federal Credit Union’s savings accounts compare

Sharonview Federal Credit Union’s savings accounts are disappointing. The problem is they pay the same low interest rate. Every Sharonview Federal Credit Union member needs to open a Regular Share account for $5. Our guess is people set these up with the bare minimum deposit for membership and then move on to other products.

Its Holiday Share savings account is even worse because it keeps the same rate while adding an extra penalty for taking out money.

If you’re going to hit your savings goal, you need a real interest rate, and that won’t happen with the options at Sharonview Federal Credit Union. But if you use one of these top online savings accounts, you’ll be pleasantly surprised how quickly your money grows with a respectable rate.

Sharonview Federal Credit Union’s CD rates

Share Certificates

Sharonview Federal Credit Union’s short-term Share Certificate rates are just OK. For longer commitments, the credit union is much more generous. It also offers some lengthy terms, which you don’t see at the average lender.
TermAPY
12 months1.25%
24 months1.50%
36 months1.75%
48 months2.00%
60 months3.00%
72 months3.15%
84 months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Sharonview Federal Credit Union offers eight types of Share Certificates, which range from seven months to 84 months (seven years). You must deposit $500 to open a Share Certificate and keep at least this much in your account to earn the APY.

Sharonview Federal Credit Union’s short-term rates are average, but it pays more generous amounts for longer terms, especially once you get to 60 months or longer.

If you take any of your deposit out of the Share Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your Share Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open a Share Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

Once you’re a member, you can set up a Share Certificate. These accounts cannot be opened online. You can apply at a branch or by mailing in the new account forms to the credit union. You can make your initial deposit by transferring money from another Sharonview Federal Credit Union account or by sending in a check.

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on Sharonview Federal Credit Union’s secure website

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How Sharonview Federal Credit Union’s CD rates compare

If you want a long-term CD that lasts five years or longer, Sharonview Federal Credit Union has some appealing offers. Its long-term rates are very competitive. It also offers terms as long as 84 months, an option you don’t see with every lender.

For short-term CDs, Sharonview Federal Credit Union’s rates are not quite as impressive. They’re OK, but you can find better deals elsewhere.

If you want a more generous short-term CD or to check out some other quality options, we’ve tracked down the best CD rates for every timeline. By comparing here, you can decide whether you’re best off with Sharonview Federal Credit Union or somewhere else.

Sharonview Federal Credit’s Union money market account options

Money Market

Sharonview Federal Credit Union’s main money market account has a lot of quality features: no monthly fee, a low deposit requirement and a decent interest rate. But it doesn’t pay quite enough be rated a top-tier account.
APYMinimum Balance Amount to Earn APY
0.75%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Money Market account does not have a minimum opening deposit requirement. You can open one up for any amount — you can even start an account without making a deposit.

After you open, this account does not charge a monthly fee, regardless of your balance. If your balance stays above $500, you earn a rate that is above average.

Since this is a money market account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open a Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for the Money Market account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

LEARN MORE Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

Investor Money Market

After you become a Sharonview Federal Credit Union customer and develop a relationship with an investment adviser, you could be eligible for this higher-paying money market account.
APYMinimum Balance Amount to Earn APY
0.75%$0.01
1.00%$5,000
  • Minimum opening deposit: Determined by your Sharonview Financial Services investment adviser
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

If you plan on keeping a balance of $5,000, Sharonview Federal Credit Union offers an Investor Money Market account with a higher rate. This account is only available after you open a Sharonview Financial Services investment account and develop a relationship with one of its advisers. The adviser needs to refer you to this account and will set your opening deposit.

To qualify for the money market rate, you must have a balance of $5,000 or more. If your balance falls below $5,000, you earn the Regular Share rate instead. This account does not charge a monthly fee, even if you fall below the balance requirement.

Since this is a money market account, there’s a limit to how often you can take out money because of Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open an Investor Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You also need to have an investment account with Sharonview Financial Services before you can open the Investor Money Market account. After you meet these requirements, you can apply at a branch by meeting with your investment adviser. This account is not available online.

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How Sharonview Federal Credit Union’s money market accounts compare

Sharonview Federal Credit Union’s money market accounts are both respectable. Money market accounts typically come with high balance requirements and monthly fees, but the credit union keeps both its options free.

You can open its regular Money Market account and qualify for the better rate with a balance of just $500, which is also low for these types of deposit accounts. If you plan on making a larger deposit, you could receive a rate upgrade with its Investor Money Market account. Keep in mind that you’ll also need a Sharonview Financial Services investment adviser to qualify for the higher-paying money market rate.

But while Sharonview Federal Credit Union’s money market accounts are decent, we’ve found others that pay even more. These top money market accounts pay nearly twice as much as Sharonview Federal Credit Union’s best offer — and they won’t require you to sign up with an investment adviser.

Sharonview Federal Credit Union’s IRA account options

IRA Certificates

All the Sharonview Federal Credit Union Share Certificates can be used for an IRA. Its short-term IRA CD rates are average, but the long-term rates are excellent.
TermAPY
12 months1.25%
24 months1.50%
36 months1.75%
48 months2.00%
60 months3.00%
72 months3.15%
84 months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

You can open any of Sharonview Federal Credit Union’s Share Certificates as part of an IRA. It offers terms that range from seven months up to 84 months (seven years).

You must deposit $500 to open Sharonview Federal Credit Union’s IRA Certificate and keep this much in your account to earn the APY. The credit union’s IRA CD rates are just OK for its short-term options, but they are very competitive for terms of 60 months or longer.

If you take any of your deposit out of the IRA Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your IRA Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open an IRA Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Certificate. You can open these accounts online or by visiting a Sharonview Federal Credit Union branch. You will need to make your deposit of $500 along with your application.

LEARN MORE Secured

on Sharonview Federal Credit Union’s secure website

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IRA Savings

With an IRA Savings account, you earn less in exchange for more access to your money. Sharonview Federal Credit Union still offers an excellent rate for this type of account.
APYMinimum Balance Amount to Earn APY
0.75%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Sharonview Federal Credit Union also offers an IRA Savings account to go along with its IRA Certificates. With an IRA Savings account, there isn’t a set timeline for depositing your money. You can take funds out without owing Sharonview Federal Credit Union an early withdrawal penalty.

In exchange, these accounts pay less interest than IRA CDs. But Sharonview Federal Credit Union pays an excellent rate for this type of IRA account.

Sharonview Federal Credit Union’s IRA Savings account does not have a minimum opening deposit requirement. You can start one with any amount. But if your balance is below $500, you only earn the lower savings account rate. To earn the higher rate, your balance must stay above $500, but there’s no fee if you fall below.

Before you can open an IRA Savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Savings account. You can open these accounts online or by visiting a Sharonview Federal Credit Union bank branch.

LEARN MORE Secured

on Sharonview Federal Credit Union’s secure website

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How Sharonview Federal Credit Union’s IRA CD rates compare

If you’d like to grow your retirement nest egg, Sharonview Federal Credit Union has some attractive products. Its long-term IRA CDs, lasting 60 months or longer, are particularly impressive. Not only are the rates extremely competitive, but Sharonview Federal Credit Union offers some terms you don’t see that often with IRA CDs, such as 72 or 84 months. Sharonview Federal Credit Union’s short-term IRA CD rates are not quite as strong. They’re OK, but we’ve seen better deals elsewhere.

The credit union also has an excellent IRA Savings account. It offers one of the highest rates we’ve seen for these types of accounts. While an IRA Savings account will not earn as much as an IRA CD, Sharonview Federal Credit Union is a good choice if access to your money is a priority.

Overall, we are quite pleased with Sharonview Federal Credit Union’s IRA CD rates and believe it could be a good choice for an IRA. But if you want a second opinion to make sure it’s the right place for your retirement plan, these are some of the other best IRA CDs on the market today.

Overall review of Sharonview Federal Credit Union’s banking products

Sharonview Federal Credit Union does a nice job with all its banking products. In our opinion, its best accounts are its Share and IRA Certificates because they offer the most competitive rates, especially for long-term deposits of 60 months or longer.

Sharonview Federal Credit Union’s checking and money market accounts are also respectable. Both accounts are free. The checking account has a generous ATM refund program, while the money market account has an above-average interest rate.

The only account we didn’t like was the mandatory savings account because of its mediocre rate. If you want to join the credit union, you’ll need to open one for $5, but we wouldn’t contribute more than the bare minimum.

Besides this one weak account, the rest of Sharonview Federal Credit Union’s products are excellent. It definitely earned its rating from Forbes as the best credit union in South Carolina in 2018.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

The First National Bank of Long Island Review: Checking, Savings and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The First National Bank of Long Island was first established as the The First National Bank of Glen Head in 1927, after many North Shore farmers and small business owners were having to travel about 30 miles from Glen Head, Long Island to New York City to do their banking.

Local residents came together to raise $50,000 in capital to open this first location, and its second branch eventually opened in Roslyn, N.Y. in 1956, followed by several more locations throughout Nassau and Suffolk counties on Long Island, as well as in Manhattan. In 1978, the bank officially changed its name to its current one, The First National Bank of Long Island.

Today, the bank offers a wide selection of personal deposit accounts, including checking, savings and money market accounts. Read on to learn if these accounts will fit your banking needs, and how they compare with the competition.

The First National Bank of Long Island checking account options

First Class Banking Package

A checking and savings package that offers various benefits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $35
  • ATM fee: None; $1.75 for outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This package is a combination of a checking and savings account, which does have the ability to earn interest, though you will need to contact the bank to find out the rates.

It also comes with free standard personalized checks, unlimited check writing, free check images, free ATM withdrawals on both in-network and out-of-network ATMs when minimum balances are maintained (there’s no requirement for the checking account, but it’s $3,000 for the savings account), a debit card with the potential to earn shopping rewards and free travelers checks.

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Free Checking

A basic checking account with no monthly requirements or monthly fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This account does not have the ability to earn interest. However, it does come with a low opening deposit requirement, and no monthly service charges or minimum balance requirements. It also provides a free first order of 50 standard personalized checks, a debit card offering shopping rewards, unlimited check writing and free check images.

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Member FDIC

Regular Checking

A non-interest earning checking account with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum balance of $750
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account doesn’t have the ability to earn interest, and the minimum balance to avoid its monthly fee is pretty high for a checking account. It does, however, come with a free first order of standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn shopping rewards.

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on The First National Bank Of Long Island’s secure website

Member FDIC

Senior Checking

A checking account for customers age 60 or older.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum monthly balance of $250
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account is for bank customers age 60 or older and requires a direct deposit enrollment such as Social Security or pension benefits. While it doesn’t have the ability to earn interest, it has a low minimum balance requirement and offers a free first order of 50 standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn purchase rewards.

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Member FDIC

Student Checking

A checking account with minimal requirements for students ages 13 to 23.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived with minimum monthly balance of $25
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This non-interest bearing student account is available to students ages 13 to 23. Those ages 13 to 17 need to open the account jointly with a parent or guardian. The account holder will need to be sure to transfer the account’s funds to another account before his or her 24th birthday.

This account also requires the owner to receive statements electronically, Otherwise, the minimum opening deposit and balance requirement are extremely low, and the account comes with a free debit card with the potential to earn shopping rewards, a free first order of 50 personalized checks, unlimited check writing and free check images.

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Personal Advantage Checking

An interest-bearing checking account with a higher balance requirement
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20; can be waived with minimum monthly balance of $3,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This interest-bearing checking account has many of the same benefits as the bank’s other checking accounts, though it has a pretty steep minimum balance requirement to avoid its monthly fee. You’ll need to contact the bank to obtain the current rate.

The account also offers 50 free checks, unlimited check writing, free check images and a debit card with the potential to earn rewards.

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Member FDIC

Budget Checking

A basic checking account with minimal restrictions for basic needs.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; additional fee of $9 if you exceed 8 withdrawals in a month
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This basic checking account has a low opening deposit and no minimum deposit requirement. It also comes with a low monthly fee, as well as an additional fee if you exceed eight withdrawals in a month, though that shouldn’t be too difficult to avoid. This account also comes with 50 free checks, and a debit card with the potential to earn rewards.

How to get The First National Bank of Long Island’s checking accounts

All of The First National Bank of Long Island’s checking accounts must be opened in person at a branch. Visit the website to find the location nearest you.

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How The First National Bank of Long Island’s checking accounts compare

The First National Bank of Long Island offers several checking accounts, many of which are able to earn interest, and many with minimal fees and requirements. However, to truly determine if one of these accounts is the best on for you, you should contact the bank to find out available rates and see if they truly stack up against those on our list of the best online checking accounts.

The First National Bank of Long Island savings account options

Platinum Savings

A savings account offering a premium rate in exchange for a very high balance requirement.
  • Minimum opening deposit: $150,000
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10; can be waived with minimum monthly balance of $150,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

The First National Bank of Long Island advertises this account as being beneficial for affluent customers. It has a pretty steep minimum opening deposit requirement and minimum balance requirement to avoid the monthly fee. In comparison, its minimum balance to earn interest appears to be on the low end. Contact the bank to obtain current rate information.

As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Member FDIC

Personal Statement Savings

A basic savings account with no balance requirement to earn interest.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38
This account boasts the ability to earn interest from the day of deposit to the day of withdrawal. It also has a low minimum deposit requirement and balance requirement to avoid its low monthly fee. While no set balance is required to earn interest, you’ll have to contact the bank to find out what the rates are. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Member FDIC

K Savings

A savings account for kids under the age of 18.
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $38

This account is a great option to teach kids and grandkids about good saving habits early in life. It’s available to those under age 18 and comes with a special interest rate for the first 90 days the account is open. From there, the more they save, the more interest they will earn, with up to a $15 credit every year. There is no minimum balance requirement to earn interest, and no monthly maintenance fee. You’ll need to contact the bank to obtain current rate information. Account holders have the choice of a passbook or statement savings account with unlimited access to in-branch withdrawals and free electronic statements. This account is opened as a Uniform Transfer to Minor account. It is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Holiday Club

A savings account specifically meant for socking away funds for the holiday season.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is meant specifically for saving up for the holidays. Interest is earned on all balances at the end of the holiday year, and there is no minimum opening deposit or monthly maintenance fee. You’ll need to call the bank to obtain current rate information. Account owners can set up an automatic transfer from their First National Bank of Long Island checking account.

This account comes with electronic statements and renews automatically every year, with the money credited back into your checking account at the end of the year. Account holders also have the option to set up a 50-week payment schedule, though a fee may apply if it is closed before the final payment. Contact a branch for more information about this. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Gold Savings Passbook

Another interest-bearing savings account with a low balance requirement to earn the rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500.
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This traditional passbook savings account earns interest from the day of deposit to the day of withdrawal. It has a low minimum opening deposit and a minimal balance requirement to earn interest and avoid the money fee. Contact the bank to obtain current rate information. It is also subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get The First National Bank of Long Island’s savings accounts

The First National Bank of Long Island’s savings accounts must be opened in person at a branch. Visit the website to find one near you.

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How The First National Bank of Long Island’s savings accounts compare

Just like with its checking accounts, The First National Bank of Long Island offers and array of savings accounts, most of them with low requirements and monthly fees. All of them have the ability to earn interest, though you’ll have to contact the bank to find out what the rates are. Once you have those rates, you’ll want to be sure to compare them with our list of the best online savings accounts to help determine if you’re truly choosing the best product for your savings goals.

The First National Bank of Long Island money market account option

Personal Money Market Savings

The bank’s Statement Savings account, but with a money market rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $3,000
  • Monthly account maintenance fee: $35; can be waived with minimum monthly balance of $1,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

As with a few of the bank’s savings account, this one boasts having a money market rate — as it should, since it’s a money market account by name. It also has a low opening deposit requirement, and fairly low balance requirements to earn interest and avoid incurring the monthly fee. Be sure to contact the bank to get current rate information. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

How to get The First National Bank of Long Island’s money market account

As with all of The First National Bank of Long Island’s personal account products, this one must be opened in person at a branch. Visit the website to find a location near you.

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How The First National Bank of Long Island’s money market account compares

As with all of The First National Bank of Long Island’s personal accounts, you’ll have to contact the bank to find out the available rate for this one. Once you have that information, you can determine if it compares with those on our list of the best money market account rates. Otherwise, this is your standard, run-of-the-mill money market account, though it has a low opening deposit requirement, and a fairly average balance requirement to earn interest.

Overall review of The First National Bank of Long Island’s banking products

It’s plain to see that The First National Bank of Long Island offers an abundance of checking and savings accounts, in addition to the one money market account. Having so many choices might appear to be overwhelming, especially if you don’t even know the available rates upfront.

Additionally, as the bank’s name implies, it caters specifically to Long Island residents, so you’ll want to be sure you live near one of its many branches, since you’ll have to visit one in person to open an account. It might not be worth all the effort, but be sure to research all rates for the type of account you’re looking for and making sure they stack up against the competition before settling on one of these accounts.

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.

Emilia Benton
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Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1997
Total Assets$11.1B
LEARN MORE on Customers Bank’s secure websiteMember FDIC

Customers Bank is a mid-sized financial institution based in eastern Pennsylvania, with branches in New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington D.C. and Illinois. Not all their branches are full-service locations — at some of them, you have to book an appointment to meet a banker.

You can open nearly all of Customers Bank’s deposit accounts online, so they are available even if you don’t live close to a branch. That’s good news, as they offer some excellent options with generous interest rates, especially for checking and savings accounts.

How does these top performers and the rest of Customer Bank’s deposit accounts stack up against the competition? Read on to find out. Customers Bank only uses one set of rates for their accounts and we used the latest information for our review. Keep in-mind that rates and product terms can change over time so be sure to double check when you apply.

Customers Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Customers Bank Reserve Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.60%

CD Rates

Customers Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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1.25%

CD Rates

Customers Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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1.60%

CD Rates

Customers Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Customers Bank’s checking account options

Convenience Checking

This checking account lets you make free withdrawals from any ATM, but if you don’t meet the balance requirements, you’ll get slammed with a massive monthly fee — we don’t think that’s too convenient.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $29 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited (must meet balance requirements, otherwise none)
  • Overdraft fees: $20

You can open a Customers Bank Convenience Checking account with a deposit of just $10. However, you’ll need to keep much more money with Customers Bank for this account to make sense. It charges a whopping $29 monthly fee, unless you have a combined $5,000 balance in deposit accounts or outstanding loans with the bank. If you meet the account balance requirements, the Convenience Checking account also refunds all fees from out-of-network ATMs, so you can access your money for free from anywhere. If you don’t meet the balance requirements, it will not refund ATM fees for that month.

The Convenience Checking account doesn’t earn any interest, and only comes with online banking and a debit card.

You can open a Customers Bank’s Convenience Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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FREE Checking

This checking account only offers the basics, but it is also completely free. It doesn’t refund ATM fees, which can get expensive if you don’t live close to a branch.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s FREE Checking account requires an opening deposit of at least $10. After that, this account does not have a minimum balance requirement and does not charge a monthly fee.

This account does not earn interest, and only comes with basic checking services like online banking and a debit card. If you use an out-of-network ATM, Customers Bank will not refund any fees charged from the ATM owner.

You can open Customers Bank’s FREE Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Bonus Checking

A free checking account which earns 2% on up to $100,000. An unbelievable offer, and one of the best accounts in the entire country.
APYMinimum Balance Amount to Earn APY
2.00%
$0.01 - $100,000 (debit card requirement met)
0.25%
$0.01 (debit card requirement not met)
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Bonus Checking account earns one of the best interest rates you’ll find anywhere on a checking account. To qualify, you must spend at least $500 each month on your debit card. The top rate applies to your entire balance up to $100,000 and then you earn a lower rate for any amount over $100,000.

However, if you don’t meet the $500 debit card spending requirement in a month, you’ll earn a lower rate on your entire balance.

You only need to deposit $10 to open the Bonus Checking account. After that, this account does not have a minimum balance requirement and does not charge a monthly fee. This account does not refund fees on out-of-network ATM use.

You can open Customers Bank’s Bonus Checking account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s checking accounts compare

If you’re going to open a Customers Bank checking account, the clear choice hands-down is the Bonus Checking account. It earns one of the best interest rates we’ve seen on a checking account — even better than most money market accounts and CDs. It’s also completely free and only requires an opening deposit of $10.

The only downsides are that it doesn’t refund out-of-network ATM fees, and you’ll need to spend $500 per month on the account debit card to earn the high rate. These are reasonable trade-offs for a free account with such a high rate.

The other Customers Bank checking accounts are OK, but nowhere near as impressive as Bonus Checking. Free Checking is a no-frills free account, while Convenience Checking offers unlimited refunds for out-of-network ATM withdrawals. But neither of these accounts earn interest, which is why you could do better.

We recommend only using Bonus Checking at Customers Bank. On the other hand, if you want something that includes more convenient ATM access along with a high rate, you could also check out our list of the best online checking accounts.

Customers Bank’s savings account options

Reserve Savings

A free savings account with a low interest rate. It’s not terrible, but there are much better options out there, including at Customers Bank.
APYMinimum Balance Amount to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Reserve Savings account requires an opening deposit of $10. After that, there’s no minimum balance requirement and this account does not charge a monthly fee.

The Reserve Savings account earns interest on all balances, though the rate is on the low side. It always stays the same and will not increase for larger deposits.

Since this is a savings account, there’s a regulatory limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of a federal government rule, Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Reserve Savings account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Ascent Money Market Savings Account

You should consider this savings account if you plan on depositing $25,000. If you do, you’ll earn a fantastic interest rate.
APYMinimum Balance Amount to Earn APY
2.25%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $20

Customers Bank’s Ascent Money Market Savings account is not meant for small amounts of money. You must deposit at least $25,000 to open and you need to keep at least this much in the account to earn interest — if you do, you’ll earn an excellent rate.

If your balance falls below $25,000, you’ll stop earning interest. However, there’s no monthly fee with this account, even if you fall below this limit. In addition, this account doesn’t offer a debit card or checks, as it is not designed for frequent withdrawals and everyday spending.

You are only allowed to make up to six certain transfers or withdrawals out of the account per month because of a Federal Reserve Regulation D. This includes checks, drafts, debit card purchases and transfers to other accounts.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

Customers Bank’s Ascent Money Market Savings account is online only and must be opened through the bank’s website. You’ll need to provide your name, address, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s savings accounts compare

Customers Bank’s Ascent Money Market Savings account is a spectacular choice. Not only does it earn more than nearly every other savings account out there, it also earns more than most CDs. But while CDs lock up your money for a set period, this savings account allows you to take money out up to six times per month without owing a penalty. The only downside is that you’ll need at least $25,000 to use this account, so it’s not an option unless you plan on making a substantial deposit.

Customers Bank’s other savings account, Reserve Savings, is not nearly as good. Even though it’s free and has a low opening deposit requirement, it doesn’t pay enough interest to be a competitive choice.

If you have $25,000, we strongly recommend the Ascent Money Market Savings account instead. But if you don’t plan on depositing that much or want some more options to compare, here are some of the other top savings accounts available today.

Customers Bank’s CD rates

Customers Bank CDs

The CD rates are mostly low, but they offer one awesome promotion on a 2-year CD for new deposits. Everything else is not worth using.
TermAPY
3 months0.25%
6 months0.35%
9 months0.50%
12 months0.60%
13 months0.65%
18 months0.70%
24 months0.85%
2 years (promotional offer)2.50%
30 months1.05%
36 months1.25%
48 months1.35%
60 months1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

Customers Bank has a wide variety of CDs with terms that range from three months all the way up to 60 months, equivalent to five years. All of Customers Bank’s CDs require a minimum opening deposit of $500 and you must keep at least that amount in your account to earn the APY.

Their regular CD rates are quite low — however, they also offer a promotional 24-month CD with a much higher rate. You can only open the promotional CD with new deposits, not with money already at Customers Bank. At the end of the two years, Customers Bank will automatically convert your promotional CD to a regular 24-month CD with a lower rate, unless you tell them not to.

If you take money out of your CD before the maturity date, Customers Bank will charge an early withdrawal penalty, depending on your CD term:

  • For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s CD rates compare

For the most part, the CDs at Customers Bank pay too little to be worth using. It’s a little surprising that these CD rates are so low, considering the high rates available on some of Customers Bank’s checking and savings accounts.

The only exception is the promotional CD, which does offer a competitive return. This could be worth using, but at the end of the promotion we recommend moving somewhere else before the certificate auto-renews at a lower rate.

Otherwise, we would suggest using something from this list of the best CDs available today. With these options, you can earn an excellent rate for as long as you want; they aren’t one-time promotions that will expire on you.

Customers Bank’s money market account options

Money Market Account

Earns decent money market rates, but has high deposit requirements. You’ll need over $250,000 to earn the best rate.
APYMinimum Balance Amount to Earn APY
0.50%
$0.01
0.75%
$50,001
1.00%
$100,001
1.25%
$250,001
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank’s Money Market account requires an opening deposit of at least $50. This account will charge a $5 monthly fee if your balance ever falls below $1,000, but it’s free so long as you stay above this limit.

The Money Market account earns interest on all balances and the rates are OK. To earn the highest rate, you need a daily balance of at least $250,001.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account — this includes checks, drafts, debit card purchases and transfers to other accounts — because of a government rule, regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can open Customers Bank’s Money Market account online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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Customers Bank Promo Money Market Account

If you open a money market account with new funds, you’ll receive a higher promotional rate for six months. This promotion is only available when you open at a branch and the rate depends on the location.
APYMinimum Balance Amount to Earn APY
2.00% (only available at Hamilton, Yardley, Doylestown and Langhorne branches)$0.01
1.50% (All other branches)$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $20

Customers Bank offers a special promotion for new money market accounts. If you set up your account with new money (funds not already deposited at Customers Bank), you’ll receive a higher interest rate for the first six months.

The rate depends on where you open this money market account: in Pennsylvania, the Hamilton, Yardley, Doylestown and Langhorne branches offer a higher rate than Customers Bank’s other locations. After six months, the promotion ends and you go back to earning the regular money market rates.

The promotional account has the same rules as the regular money market account. You must deposit at least $50 to open and the account charges a $5 monthly fee if your balance falls below $1,000.

Since this is a money market account, there’s a limit on how often you can take money out. Each month, you are allowed to make up to six certain transfers or withdrawals out of the account including checks, drafts, debit card purchases and transfers to other accounts because of Federal Reserve Regulation D.

If you make more than six per month, Customers Bank will first send you a warning letter saying you have gone over the limit. If you go over the limit multiple times, they will close your money market account.

You can only open a Customers Bank Promo Money Market account at one of their bank branches; this account is not available online. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s money market accounts compare

Customers Bank’s money market accounts have some nice features. You only need a balance of $1,000 to avoid the monthly fee and even if you fall below the limit, the fee is also just $5. Their standard rates are above average and if you sign up at a bank branch, you could qualify for an excellent promotional rate for the first six months — a nice way to get started.

We just wish it took less money to qualify for the best money market rates. While their top rate is competitive, you’ll need to deposit over $250,001 to earn it. For smaller amounts, you earn much less.

This limit keeps Customers Bank’s money market account from being a top-tier option. You’d be better off with these money market options: they pay more, and don’t require a six-figure deposit to earn a decent rate.

Customers Bank’s IRA account options

IRA CD rates

Customers Bank offers a lot of variety for their IRA CDs, but the rates are just too low.
TermAPY
3 months0.25%
6 months0.35%
9 months0.50%
12 months0.60%
13 months0.65%
18 months0.70%
24 months0.85%
30 months1.05%
36 months1.25%
48 months1.35%
60 months1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn. For CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

All of Customers Bank’s regular CDs can be part of an IRA. You must deposit at least $500 to open an IRA CD and keep that amount in the account to earn the APY. However, their IRA CD rates are on the low side.

If you take out some of your IRA CD deposit before the maturity date, Customers Bank will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For IRA CD terms of 12 months or less, the penalty is three months of interest on the amount withdrawn.
  • For IRA CD terms over 12 months, the penalty is 365 days of interest on the amount withdrawn.

You can open Customers Bank’s IRA CDs online or at one of their bank branches. You’ll need to provide your address, Social Security number, a form of government-issued ID and your initial deposit to open the account. You can make your initial deposit by bank transfer, money wire or by sending in a check.

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How Customers Bank’s IRA CD rates compare

We’re not that impressed with Customers Bank’s IRA CD rates. If you’re going to lock up your money in an IRA CD, you should be getting a fair return for your commitment, and that won’t happen at Customers Bank — they just don’t pay enough interest.

If you want to earn a decent return for your retirement plan, these other IRA CDs are a much better choice because of their high interest rates. Don’t settle on something worse.

Overall review of Customers Bank’s banking products

Customers Bank promises to deliver exceptional value for their clients and in our opinion, they come through on that promise for most of their banking products.

Their Bonus Checking and Ascent Money Market Savings accounts are two of the best deposit accounts we’ve seen, thanks to their sky-high interest rates and lack of fees.

While the rest of Customers Bank’s deposit accounts don’t pay quite as much, they are still a major improvement over what’s available at large national banks. You can find better options, but you could also do a lot worse than Customers Bank’s CDs and money market accounts.

Our main concern with Customers Bank is ATM access. Only one of their accounts refunds out-of-network ATM fees, and it’s not an interest-earning account. This could be inconvenient unless you live close to one of their branches.

Still, it’s a minor issue and one you can plan around. For example, you could also open a Convenience Checking account, which does refund ATM fees, and transfer funds there whenever you want to make a withdrawal. Considering the sky-high rates available at Customers Bank, it’s well worth the effort.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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