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Reviews, Student Loan ReFi

Laurel Road Bank Student Loan Refinance Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Students throwing graduation hats

Updated August 14, 2017

Laurel Road Bank offers a highly competitive student loan refinance product. In addition to a competitive interest rate, Laurel Road Bank offers some decent loan perks that sets it apart from others.

According to Laurel Road Bank, someone who refinances $100,000 has the potential to save up to $15,000 over the life of a 10 year loan. And in special circumstances like disability or financial hardship, the bank might completely forgive loans or allow for partial payments. Read on for the ins and outs of a Laurel Road Bank loan to see if it’s the right refinance for you.

Loan Details

Laurel Road Bank will refinance up to 100% of Federal, private and Parent PLUS loans. The minimum amount you can refinance is $5,000 and loan terms are available for 5, 7, 10, 15 and 20 years.

Fixed interest rates are available from 3.50% to 7.02% APR. Starting variable interest rates are available from 2.80% to 6.22% APR. If you choose a variable interest loan, the rate will fluctuate throughout the loan term depending on market conditions. Only consider variable interest if you can pay off your student loan refinance quickly. Otherwise, you might be taking too much interest rate risk since your interest has the potential to increase over time.

The interest rates above include a 0.25% discount for using auto-pay. You just need to set up automatic payment from any checking account in order to get the auto-pay discount.

[Look into refinance options on our table here.]

Loan Qualifications

You must be a working U.S citizen or permanent resident with a degree from an accredited U.S. school program to be eligible. In terms of creditworthiness, Laurel Road Bank does not disclose its underwriting requirements. The requirements can change over time. However, Laurel Road Bank is targeting people with good credit.

To have the best chance of approval, your existing student loans should be in good standing. You should be able to demonstrate affordability and have limited negative marks on your credit report.

A cosigner is not required to be eligible for refinancing although you’ll probably need one if you only meet the minimum credit score or income requirements above. Laurel Road Bank does not have an official co-signer release program. However, a representative of Laurel Road Bank confirmed to MagnifyMoney that Laurel Road Bank will consider a co-signer release upon request of the borrower on a case by case basis.

Laurel Road Bank will ask for documents to backup the details of your application like photo ID, pay stubs, proof of graduation and student loan pay off statements.

Fees & Gotchas

Laurel Road Bank is very transparent with fees. There are no fees for origination or loan prepayment. There’s a late fee of 5% or $28 (whichever one is less) for payments that are over 15 days late. Laurel Road Bank also charges $20 for returned checks or electronic payments whether it’s due to insufficient funds or a closed account.

Pros and Cons

Low interest is the major pro of refinancing with Laurel Road Bank. Loan benefits like forbearance, deferment and loan forgiveness are other advantages. Laurel Road Bank may forgive loans if you die or if you can prove a significant reduction in income due to disability. Hopefully these situations don’t occur, but it’s good to know you and your family is covered if it does.

On a less morbid note, Laurel Road Bank offers full or partial forbearance of payments if you can prove that you’re going through financial hardship. You may also qualify to pay just $100 per month while you complete a full-time post-graduate training program like an internship, fellowship or residency. If you graduate less than 6 months before refinancing, Laurel Road Bank may allow you to defer payments for up to 6 months.

There aren’t many disadvantages of going with Laurel Road Bank other than it not having an official co-signer release program with explicit qualification terms. This may be a turnoff for cosigners since your loan will likely appear on his or her credit report until it’s repaid.

Laurel Road Bank

APPLY NOW Secured

on Laurel Road Bank’s secure website

Student Loan Refinance Alternatives

How does Laurel Road stack up to other available student loan refinances?

SoFi has a higher rate cap for fixed interest and a higher starting rate cap for variable interest than Laurel Road. SoFi currently offers variable rates from 2.57% APR and fixed rates from 3.90% APR(if you sign up for autopay). However, the SoFi refinance does come with a benefit comparable to Laurel Road Bank called unemployment insurance. If you’re laid off, SoFi will pause your payments and help you find a new job.

SoFi

APPLY NOW Secured

on SoFi’s secure website

CommonBond has similar rates to Laurel Road Bank. Fixed interest rates are available from 3.20% APR and variable interest rates are available starting at 2.48% APR (if you use autopay). Although to qualify for the CommonBond refinance you must have obtained a degree from one of the graduate programs on its eligibility list. On the other hand, Laurel Road Bank will refinance any loan (graduate or undergraduate) from an accredited program in the U.S.

CommonBond

APPLY NOW Secured

on CommonBond’s secure website

Who Will Benefit Most From This Refinance?

The Laurel Road Bank refinance may work out really well for people who need to complete a post-graduate training program before finding a job in their profession. Since Laurel Road Bank allows for reduced payments in this circumstance, you’re given some leeway until you can earn your full professional salary. Still, you should compare the benefits of any Federal loans you have to the benefits of a refinance before making a decision.

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Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Reviews

Status Money Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Would knowing what other people are doing with their money affect how you save, spend and invest your money? Status Money, a New York City-based fintech company, is betting you’ll make a change for the better if you can see exactly where you stand compared with your peers and millions of other people.

Status Money’s founders are data scientists who hope the information their platform provides — like how much the average person your age spends dining out — puts your finances in context. Ideally, you can then use those insights to make improvements.

What is Status Money?

Status Money is a free financial management and budgeting service, similar to Mint or Personal Capital but with the added benefit of being able to compare your financial standing with about 15 million other people in the U.S. Like other personal finance services, Status suggests financial products or services, based on its analysis of your accounts and other financial information you provide.

You can access it online at StatusMoney.com, and a mobile app is in the works, slated for Apple and Android devices by the end of 2018. The service launched in September 2017 and, as of this writing, Status is only available to users based in the U.S.

Here’s a breakdown of what Status Money offers, as well as my experiences with the service since using it in May 2018.

Peer comparisons

Status’ major standout feature is the anonymous peer comparisons it provides — something none of its competitors in the fintech space do. Status collects and sorts data from millions of public and private records — including the U.S. Census report, credit reporting bureaus and the like — and organizes it for you in easy-to-read charts and graphs so you quickly see how you stack up compared with millions of others.

Source: statusmoney.com

“The information itself should be available. There is no rhyme or reason in the world that the information isn’t available for free for everybody,” said Majd Maksad, Status Money co-founder. “It has to be useful and it just has to be out there.”

On Status, you can see in real time how every detail of your financial picture compares with your peers and either the national average, income range, your age group or a random sample.

Your peer group comprises of people in your age range (e.g. 18 to 29), your income range (e.g. $50,000 to $65,000), your area (e.g. the NY/NJ/PA area), the type of location you live in (urban versus rural), your credit score and whether you pay rent or own your home. All of those factors are taken into account for an accurate peer comparison.

Status provides analytics for just about every financial aspect from your spending habits broken down by category, to your net worth, credit score and the interest rate you pay on your debt.

Insights

Status provides algorithmically derived, real-time insights about how your data compares with your peers’ and lets you know about opportunities for improvement. For example, Status may recommend you consolidate your credit card debt with a personal loan at a lower rate if it notices you pay more interest on your debt compared with your peers.

Source: statusmoney.com

Status recently added an entirely separate “Opportunities” tab where you can not only see recommended financial opportunities, but also how well you match with the opportunity. Maksad told MagnifyMoney the match was developed with Netflix in mind. It’s based on your financial behavior and your peers. It takes into account things like your financial situation, the financial institutions you use, your previous interaction with similar opportunities and opportunities your peers may have taken advantage of.

Source: statusmoney.com

Spending tracker

You can use the monthly tracker feature in Status as a budgeting tool. You can set a spending limit by category for the month overall, and Status will send you an alert when you go over your intended spending limit. You’ll receive an email, for example, if you spend $110 on expenses in the transportation category for the month when your limit was $109.

You can also see your projected spending in the current month for that category, your historical spending habits broken down by category and how your spending compares to your peer group and a second group you have selected (either the national average, income range, your age group or a random sample).

Source: statusmoney.com

Is Status Money secure?

You might be wondering: With the ability to compare your financial stats with those of 15 million other people, is your information secure?

“Security and privacy have been our focus areas since the beginning,” said Maksad. “From day one we had to buckle down on privacy and security.”

Status says it encrypts and stores personal information using security technology independently rated by BitSight, a top security agency.

What about my data?

Status doesn’t sell your information to anyone but it may share your personal information with its partners that help it provide its service. That means Status won’t try to make money off your data, but it would share some of the information you provide with TransUnion in order to access your credit reporting data so you can use it with Status Money to help make financial decisions.

If Status is free and doesn’t sell data, how does it make money?

Status makes money through ads for products advertised to you based on your profile, as many of its competitors do.

What we like about Status Money

Peer pressure through information

Status money gives you information about the people most similar to you, and research has shown that knowing what your peers do may influence your behavior.

In a study released this year, researchers at the University of Chicago’s Booth School of Business and the University of Maryland Smith School of Business analyzed the spending habits of 6,000 Status Money users from September 2017 to April 2018.

The study found the average Status Money user reduced their spending as a percentage of monthly income by about 7% after joining. When people realized they were spending more than their peers, they reduced their spending by an average 23%, or $600 per month, regardless of income level. Those who realized they were underspending increased spending by an average 1%.

The university researchers approached Status to conduct the research and were not incentivized in any way.

Reviewer’s take: I was shocked to see I spent thousands less than my peers on average, and that made me feel good. So good, in fact, that I started paying more attention to my spending habits so I could stay ahead of the curve.

I was also surprised to see I have $10,000 more in debt on average than the 34 million others in my age group, but I was I was pleasantly surprised to know I have competitive rates on all my credit cards and student loans.

And seeing that I don’t have as much in assets as my peers do motivated me to rebalance my retirement funds, increase my retirement contribution and get serious about my emergency fund.

Actionable information

Status doesn’t simply tell you that you’re paying more in credit card interest than your peers do. It will show you opportunities to reduce your costs, like debt consolidation. Just keep in mind that the products Status shows you may not be your only options, and you should shop around before opening any new accounts to make sure you’re getting the best deal.

Reviewer’s take: I didn’t personally take advantage of the Opportunities tab, but I thought they were fairly accurate and I’m interested in moving forward with some of them when I’m ready.

I thought it was interesting that one Opportunity was saving on things to do in NYC with Groupon. I already use Groupon for self-care services like massages and facials, but didn’t really think to use it for entertainment, although I do spend a fair amount of money on live events. It made me feel the options were very personalized — more tailored to my tastes than recommendations from other budgeting apps.

Multiple levels of comparison

You can compare yourself in just about every way to your peers, and either the national average, income range or your age group on Status. Here are a few examples of what you can compare with Status:

  • Monthly income
  • Credit score
  • Debt as a whole
  • Debt, broken down by type
  • Interest rate on debt
  • Overall monthly spending
  • Monthly spending by category
  • Overall savings
  • Monthly savings
  • Overall net worth
  • Net worth, broken down by debt and assets
  • Overall assets
  • Assets, broken down by type
  • Historical home and car values

Maksad told MagnifyMoney the service aims to add comparison categories like marital status, household size, education level and gender in the future.

Important insights, all in one place

Like most of its competitors, Status allows you to see your net worth, track your spending and manage your budget, using a single platform. These are crucial components of any personal financial management system.

Reviewer’s take: The app was pretty good about categorizing my transactions, but I did have to routinely go in and recategorize some of them. This was a minor hassle since editing transactions is quick and easy. I’d spend a few minutes a week reviewing the transactions.

Free

You get all of the insights, comparisons, budgeting features and financial opportunities Status provides, for free. There is no paid version of Status Money and there might never be, Maksad told MagnifyMoney.

Downsides to Status Money

No mobile app

Status says it plans to release iOS and Android mobile apps in 2018. Maksad said the app will also be free once it’s released.

Reviewer’s take: This bothered me because it’s not my natural inclination to type a web address into a web browser when I’m on my phone. Also, I absolutely abhor having to manually enter my login information. If it doesn’t say “continue as Brittney” or use FaceID, I’m not logging in. I didn’t try creating a shortcut prior to writing this review, but I am considering the switch. Again, it’s putting in the effort. For now, I can’t wait for Status to roll out the app for iOS so I can log in more regularly.

No bill pay

As of this writing, Status doesn’t offer bill pay, but that’s on par with competitors.

No investing

As of this writing, Status doesn’t offer wealth management or investing features, which some competitors do (for a fee).

Who Status Money would be best for

Status may be a good tool for anyone who wants to see where they stand financially in reference to others, track their budget or monitor and build their wealth.

The service’s tech-savvy design and use of peer comparisons to influence spending behavior make it a better money-management app for the younger generations (millennials and Generation Zers).

Several studies have shown that peers are more influential to younger people. As we age, our peers have less and less influence on our beliefs and behaviors. On top of that, millennials and Gen Z are the first generations to grow up with social media. They are the demographics that have been conditioned to want to know what their peers are doing and care about keeping up with trends in the groups they identify with.

If you aren’t interested in what your peers are doing and would prefer to have access to bill management or investment features, you may want to try out a different budgeting and financial management service.

How to sign up for Status Money

To sign up for Status Money, you provide the usual personal information (name and email) and set a password to create an account.

Source: statusmoney.com

Then Status requires you to enter more detailed personal information that’s needed to track your finances, set your peer group and pull your credit information like your income, housing status, Social Security number and assets like your car or home. When all of that’s done, you can link your financial accounts and access Status Money’s services.

Status says it can connect to more than 12,000 financial institutions. If your institution isn’t available, you can email Status and request to have it added. It took me about 20 minutes to link all of my accounts, but it could have taken less than 10 minutes if I had all of my passwords on hand. For that reason, I recommend you gather all of your login information for all of your accounts ahead of time.

After that’s handled, you’re all set. You will see a dashboard with various options to see high-level and more detailed financial information and comparisons.

How Status Money compares with competitors

Status Money has something no other fintech service provides: anonymous peer comparisons. But the service also lacks features its peers offer like access to a human financial adviser, and Status doesn’t yet have a mobile app.

Here’s a breakdown of how Status Money fares against its main competitors: Mint and Personal Capital.

Status Money vs. Mint vs. Personal Capital

Feature

Status Money


Status Money

Mint


Mint Budgeting APP

Personal Capital


Personal Capital App

Peer comparisons

Yes

No

No

Budgeting/spending tracker

Yes

Yes

Yes

Credit score monitoring

Yes

Yes

Yes

Credit report information

Yes

Yes

Yes

Spending alerts

Yes

Yes

Yes

Bill pay

No

No

No

Bill management

No

Yes

No

Mobile app

No. iOS and Android apps to be released by the end of 2018

Yes. Apps for iOS and Android.

Yes, but only for budgeting features. Apps for iOS and Android.

Website/web app

Yes

Yes

Yes

View net worth

Yes

Yes

Yes

Paid version

No

Yes

Yes, 0.49%-0.89% of what you invest, if you want to use wealth management features

Investing/wealth management

No

No

Yes, charged as a percentage of invested funds

Retirement planning

No

No

Yes

Tax preparation assistance

No

Yes

No

Customer service

Email

Email

Phone 24/7 & Email

The bottom line

The lack of a mobile app is pretty annoying, but I’m hoping Status stays on track with its plan to release apps for iOS and Android soon. Overall, I feel having the comparison in front of me motivated me to become more mindful about how I use my money so that I could “win” in my financial life. I know that is technically impossible, but it feels like a competition and if you are competitive, you will be driven to do better than your peers, too.

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

Brittney Laryea
Brittney Laryea |

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

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Reviews

M.Y. Safra Reviews: Checking, Savings, CD, Money Market, and IRA Rates

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2000
Total Assets$0.4B

M.Y. Safra is a small, boutique bank located in New York City. Though they only have one physical bank branch on Park Avenue in Manhattan, accounts can be opened from anywhere in the United States.

Not to be confused with Safra National Bank of New York, M.Y. Safra is a high-end bank focused on delivering personal service for their clients, especially those with larger accounts. As part of their high-end image, M.Y. Safra Bank offers several promotions where if your initial deposit is large enough, you will receive a gold bar or silver coin as a signup bonus. More detail on the bonus below.

For personal banking, M.Y. Safra offers a range of checking, savings, CD, money market and IRA accounts. We reviewed each account so you can decide if this is the right place for your money. As part of this review, we pulled the most recent interest rates from their website, the ones they use nationwide on all their accounts. However, rates can frequently change, so make sure to get the most recent terms before making your decision.

M.Y. Safra Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

M.Y. Safra Bank Personal Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.70%

CD Rates

M.Y. Safra Bank 12 Month Classic CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

M.Y. Safra Bank 36 Month Classic CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.65%

CD Rates

M.Y. Safra Bank 60 Month Classic CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

M.Y. Safra Bank’s checking account options

Basic Checking Account

Earns interest but not enough to make up for the unavoidable monthly maintenance fee.

APY

Minimum Balance Amount



0.05%

$0 - $5,000

0.05%

$5,000 - $25,000

0.10%

$25,000 - $50,000

0.10%

$50,000 - $100,000

0.10%

$100,000 - $250,000

0.15%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact them for a personal quote

Over $1,000,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fees: None for the first 8 transactions per month. $1 per transaction after that.
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Bank Basic checking account is suited for people who only want to keep a small balance. You can open this account for only $25 and there is no minimum balance requirement to keep the account open.

What’s nice about the Basic checking account is it offers the exact the same banking services as the bank’s Silver and Gold accounts: an ATM card, online banking, the ability to order checks and a limited refund on ATM fees worldwide.

However, this account has a couple significant downsides. First, it charges a $3 monthly maintenance fee no matter what. They don’t waive the fee for a minimum account balance. Also, this account only offers eight free transactions per month, including ATM withdrawals, checks and purchases with the debit card. The bank charges a $1 fee for every transaction over the monthly limit.

To open a basic checking account, you can visit the New York branch in person or you can complete and mail in their new account form. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a government-issued ID.

Silver Checking accounts

While better than M.Y. Safra Bank’s Basic account — and comes with a silver coin, to boot — the Silver account is still not great compared to other accounts on the market.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

If you can meet the average balance requirements, the M.Y. Safra Silver checking account is a significant upgrade over the Basic checking account. This account gives you three ways to avoid the $10 monthly maintenance fee:

  • Keep an average monthly balance of at least $1,500;
  • Make at least one direct deposit of any amount during the statement cycle; or,
  • Maintain a balance of at least $25,000 in your combined M.Y. Safra Bank accounts

This account also lets you make unlimited transactions per month without being charged a fee. Finally, if your opening deposit is at least $250 and you sign up for direct deposit, M.Y. Safra Bank will give you a one-oz silver coin.

While that’s an interesting perk, keep in mind that the value of silver was only about $16 an ounce as of this writing. Also, this is not an interest bearing account.

To open a Silver checking account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

M.Y. Safra Gold checking account

The bar of gold sign-up bonus is tempting but not enough to justify the high balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Gold checking account is nearly identical to the Silver checking account, with the same services. The main perk with this account is if you open with an initial deposit of at least $2,500 and set up a recurring direct deposit of at least $500, you will receive a 2.5-gram bar of gold. With a current price of about $40 per gram as of this writing, that gold bar is worth about $100.

In exchange, this account has larger balance requirements if you want to avoid the $15 monthly maintenance fee. To avoid the fee, you can:

  • Keep an average monthly balance of at least $2,500 in this account;
  • Make at least one direct deposit of at least $500 during the account cycle; or,
  • Maintain a combined average balance of at least $50,000 in all of your M.Y. Safra Bank accounts

If you can’t meet any of these three requirements, the high maintenance fee will quickly wipe out the value of the gold bar. This is also a non-interesting bearing account.

To open a Gold Checking account, you can visit the New York bank branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

magnifying glass

How M.Y. Safra Bank’s checking accounts compare

Of the three M.Y. Safra checking accounts, Silver and Gold look the best. The Basic account is not a good option because of the unavoidable maintenance fee and the monthly limit on transactions.

Compared to the competition, the Silver and Gold checking accounts do have some positive features. They let you make unlimited withdrawals and have limited rebate ATMs fees from withdrawals anywhere in the world. The silver coin or gold bar signup bonuses are also a unique welcoming gift if you qualify.

Still, there are online checking accounts out there that offer a much better combination of higher interest rates, smaller balance requirements and lower fees while also including free ATM access around the world.

M.Y. Safra Bank’s savings account options

M.Y. Safra Silver Savings Account

A better-than-average interest rate with a low, avoidable monthly fee. Not a bad combination.

APY

Minimum Balance Amount



0.25%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.75%

$100,000 - $250,000

0.75%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Silver savings account offers an interest rate that is a clear step up from the bank’s checking accounts. The interest rate stays the same for all account balances up to $100,000, before increasing significantly after you have more than $100,000.

This account charges a low $5 monthly maintenance fee which you can avoid by:

  • Keeping an average monthly balance of at least $1,000 in your savings account; or,
  • Having a balance of at least $25,000 combined in all of your M.Y. Safra accounts

Since this is a savings account, Federal Reserve rules limit you to six pre-authorized withdrawals per month, which includes checks, debit purchases, telephone, fax and internet transfers. However, you can make unlimited ATM withdrawals with this account. If you go over the six-transaction monthly limit, M.Y. Safra bank will charge a $15 fee per transaction.

To open a Silver savings account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

LEARN MORE 

Member FDIC

magnifying glass

How M.Y. Safra Bank’s savings accounts compare

If you plan on keeping at least $1,000 in your account, the M.Y. Safra Silver savings account is worth a look. It offers a much better interest rate compared to accounts at large national banks, but unfortunately that’s not saying much. There are other savings accounts that offer an even better rate and have lower balance requirements than what is available at M.Y. Safra Bank.

On the plus side, the account gives you unlimited ATM access and only charges a $5 monthly fee if you fall below the minimum balance requirement. Since this account keeps the same interest rate for all account balances up to $100,000, it’s a better deal for smaller accounts versus larger ones. Someone who deposits $80,000 will not receive a higher return than someone who has $800 to put in.

M.Y. Safra Bank’s money market account options

M.Y. Safra Platinum Money Market Account

This money market offers a hefty gold coin for six-figure deposits but that’s still not enough to make up for the low interest rates.

APY

Minimum Balance Amount



0.25%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.75%

$100,000 - $250,000

0.75%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The interest rates on the M.Y. Safra Platinum money market account are disappointing. They are exactly the same as what’s offered on the Silver savings account. And yet, this account has much higher balance requirements and fees. This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your Platinum money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The Platinum money market account also has the Federal Reserve restriction of six pre-authorized transactions per month, but allows unlimited ATM access. If you go over the six-transaction monthly limit, M.Y. Safra Bank will charge a $15 fee per transaction.

The one clear advantage of this account is it’s eligible for another gold sign-up bonus. If you deposit at least $100,000 in the Platinum Money Market account, then open a Gold Checking account with $2,500 and set up recurring direct deposits for at least $500 and M.Y. Safra Bank will give you a 0.25-oz gold coin.

To open a Platinum money market account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

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MYSB Direct Online Money Market Account

No gold coin bonus but this account comes with a much better interest rate.

APY

Minimum Balance Amount



1.26%

$0 - $5,000

0.20%

$500,000 +

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The MYSB Direct Online money market account offers a substantially better interest rate than the Platinum Money Market account. It has the same account rules as Platinum except you can only sign up for this account online.

The sign-up process asks for the same information as the manual new account opening process. Once that’s done, you can only fund the account with a maximum initial deposit of $20,000 through the platform but can add more later through wire transfers or check.

This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your MYSB Direct Online money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The MYSB Direct Money Market account also restricts you to six pre-authorized transactions per month but allows unlimited ATM access.

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How M.Y. Safra money market accounts compare

Of the two M.Y. Safra Bank money market accounts, MYSB Direct Online is a much better deal thanks to its far-higher interest rate. Though it does not come with the gold coin sign-up bonus, you will likely earn more in interest than the value of the coin within a year.

While the MYSB Direct interest rate is solid and better than a lot of the competition, it is still not the very best rate in the country. Also, the higher interest rate only applies on accounts up to $500,000. Anything above $500,000 earns a much lower rate. If you’d like to deposit more than this limit, you may want to look elsewhere.

Be sure to check out these other top money market accounts in the country before making a decision.

M.Y. Safra Bank’s CD rates

M.Y. Safra Classic CDs

Terrific interest rates but watch out for the steep penalty on early withdrawals.

Term

APY


30 days

0.75%

90 days

1.10%

6 months

1.20%

9 months

1.30%

12 months

1.70%

18 months

1.60%

24 months

2.10%

36 months

2.30%

48 months

2.35%

60 months

2.65%

84 months

3.20%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Classic CDs offer excellent variety, with terms that range from as short as 30 days to as long as seven years. The interest rates are also extremely competitive at every CD term.

However, where the M.Y. Safra Bank Classic CDs can get costly is with their early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Classic CD online, by mailing in their new account form or by visiting their branch in New York City. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

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M.Y. Safra Jumbo CDs

The rates are still good but not much better than Classic, despite the six-figure jumbo deposit requirements.

Term

APY


30 days

0.75%

90 days

1.15%

6 months

1.25%

9 months

1.35%

12 months

1.75%

18 months

1.65%

24 months

2.15%

36 months

2.35%

48 months

2.40%

60 months

2.70%

84 months

3.25%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Jumbo CDs offer a small increase in the interest rate compared to their Classic CDs. It’s not much of a bump but still better than nothing if you were thinking of depositing over $100,000.

The Jumbo CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Jumbo CD online, by mailing in their new account form or by visiting their branch in New York City. If you open an account online, the largest CD you can open is up to $250,000. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

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How M.Y. Safra Bank CDs compare

The M.Y. Safra Bank’s CDs are some of the best in the country. They offer a wide variety of terms along with top interest rates for all their CDs. If you plan on depositing at least $5,000, the minimum deposit for a Classic CD, this bank is worth seriously considering.

However, their biggest downside is the steep early withdrawal penalty. Before you sign up for a M.Y. Safra Bank CD, make sure you won’t need your money until the end of the term because an early withdrawal will cost you all your interest earnings.

If you are unsure about whether you will need money early, you could check out these other top CD options to find one that gives you more flexibility for taking money out while still offering a high interest rate.

M.Y. Safra Bank’s IRA rates

M.Y. Safra Classic IRA Rates ($5,000 minimum)

Fantastic interest rates for an IRA CD.

Term

APY


30 days

N/A

90 days

N/A

6 months

1.20%

9 months

1.30%

12 months

1.70%

18 months

1.60%

24 months

2.10%

36 months

2.30%

48 months

2.35%

60 months

2.65%

84 months

3.20%

M.Y. Safra Jumbo IRA Rates ($100,000 minimum)

Term

APY


30 days

N/A

90 days

N/A

6 months

1.25%

9 months

1.35%

12 months

1.75%

18 months

1.65%

24 months

2.15%

36 months

2.35%

48 months

2.40%

60 months

2.70%

84 months

3.25%

  • Minimum opening deposit: $5,000 ($100,000 for Jumbo rates).
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra IRAs use the same interest rates as their non-IRA CDs. The only difference is you cannot use a 30-day or 90-day CD in a M.Y. Safra IRA.

If your total account balances at M.Y. Safra Bank add up to less than $5,000, they will charge a $3 monthly maintenance fee on your IRA. This $5,000 minimum includes funds in the IRA as well as any other deposit account at M.Y. Safra Bank.

The IRA CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point. The minimum penalty is 90 days worth of interest so if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you take out. They calculate the penalty at the time of your withdrawal request

To open a M.Y. Safra IRA account, you can visit the New York branch in-person or you can complete and mail in their new IRA account form from home. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a form of ID.

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Member FDIC

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How M.Y. Safra Bank’s IRA CDs compare

The M.Y. Safra IRAs are excellent because they offer the same top-notch interest rates as the non-IRA CDs. If you’d like to open an IRA CD, you could get one of the best rates in the country through M.Y. Safra Bank for accounts ranging from six months all the way to seven years.

The main downside of these accounts is it takes at least $5,000 to open an IRA CD and the CDs have very expensive early withdrawal penalties. If you are looking to open a smaller IRA CD or want one that might give you the ability to take money out early, these are some of the other top IRA CDs on the market.

M.Y. Safra Bank’s overall review

If you are looking for a CD or IRA CD, M.Y. Safra Bank is one of the best in the business thanks to their high interest rates and variety of CD terms. Their online money market also offers a competitive interest rate for someone who needs more access to their money.

However, the M.Y. Safra Bank checking, savings and Platinum money markets are not at this same high standard. Their balance requirements and fees are too high considering their low interest rates. To be sure, if you make a large enough deposit in a M.Y. Safra CD or IRA CD, they will waive the monthly maintenance fee on a checking or savings account. In this case, you might want to accept the free account to transfer money in and out of the CD. Otherwise it’s not worth setting one up.

And as a final note, don’t get too excited about their gold and silver coin sign-up bonuses. They are an unusual marketing touch but not valuable enough to go out of your way for.

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

David Rodeck
David Rodeck |

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

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Reviews

Review of the Chase Sapphire Bank Account

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Chase Bank’s newest offering is its premium Sapphire Banking, which replaces its Premier Platinum checking option. Although the account requirements will remain basically the same, Sapphire Banking comes with a number of new-and-improved features and perks.

Check out the handy chart for an overview of how Chase’s new banking solution stacks up with its now-defunct Chase Premier Platinum account. Next, dive deep and explore everything you’ll get with a Chase Sapphire account. Finally, decide if maybe a Chase Sapphire Bank account is a good solution for your financial needs.

Chase Sapphire vs. Chase Premier Platinum

Chase Sapphire Bank Account Details


Sign-up bonus


60,000 Ultimate Rewards points when you bring in $75,000 in qualifying deposits and investments

Monthly service fee

$25 or $0 w/ $75,000 or more in combined, qualifying deposits/investments

Foreign transaction fee

$0

Domestic wire transfer

$0

ATM fee

$0 for Chase ATMs; Chase refunds fees from non-Chase ATMs

Overdraft fee

$0 for up to four insufficient funds or returned item occurrences per 12 months

Online stock and ETF trades

$0

The differences between Chase’s new Sapphire Banking checking account and its old Premier Platinum Checking include Sapphire Banking’s $0 ATM fees worldwide, 0% foreign transaction fees and $0 outgoing wire transfer fees. In addition, Sapphire bank account holders receive free stock and ETF trades through JP Morgan’s new investing service, You Invest.

Besides no ATM fees and free, online investing, Sapphire Banking comes with a host of perks. You’ll get premier relationship rates when you link your checking to a Chase Premier savings account; access to experts who can help you with mortgage lending, banking, and small business needs; and a dedicated, 24/7 customer service line.

You’ll also get fun perks like VIP access to entertainment and sports lounges, special seating and early ticket available for sports and entertainment events and $0 monthly service fee if you link your checking account to qualifying deposit or investment accounts. All of these add up to an account that packs a lot of value — if you don’t mind the $25 service fee each month when your average balance dips below a whopping $75,000.

Who the Chase Sapphire Bank account is best for

For narrow cases, Chase Sapphire Banking might make sense, according to Ken Tumin, editor in chief of DepositAccounts, a LendingTree subsidiary. The features are only worth it if you can avoid charges, especially the $25 monthly fee.

“It’s definitely not wise to maintain a deposit account balance of $75,000+ at Chase, however, because you can get much higher interest rates elsewhere, especially at internet banks. Even if you put $75,000 in a Chase Premier Savings account you’d earn only a 0.07% APY. That $75,000 could be easily earning 1.85% APY at one of several internet savings accounts. That’s a difference of about $111 per month,” said Tumin.

However, if a Sapphire Banking client maintains $75,000+ in a J.P. Morgan brokerage account, and that money is in stocks or ETFs, that can be a way to get the features and perks without an opportunity cost. Your J.P Morgan ETF would have the same return as one from another brokerage, Tumin said.

How to open a Chase Sapphire Banking account

If you previously had a Chase Premier Platinum account, you’ll automatically be enrolled in the new Chase Sapphire Banking account. You can open a new Chase Sapphire Banking account by visiting a local branch or sign up online; if you choose the latter, the application takes only a few minutes. Follow these steps to open a Chase Sapphire Banking account:

  1. Have your personal data on hand, including your Social Security number, driver’s license or state-issued ID email address and phone number.
  2. Visit the Chase website and click on “Next.”
  3. Fill out the form with your personal data and click on “Next.”
  4. Fund your account by using a debit card or making a transfer from another Chase account.

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Chase Sapphire Banking vs. the competition

So how does Chase Sapphire Banking stack up against the competition? To find out, take a look at how it compares with Bank of America’s Interest account and Wells Fargo’s Portfolio account.

Chase Sapphire Banking vs. Bank of America Checking vs. Portfolio by Wells Fargo

Chase Sapphire Banking

Bank of America Interest Checking

Portfolio by Wells Fargo

APY

0.01%

0.01%
for less than $50,000; 0.02% for $50,000 to $99,000; 0.02% for $100,000 and more

0.01% for $0 to $4,999 and 0.05% for $5,000 or more

Min. balance required to waive fees

$75,000 in combined, eligible deposits and investments

$10,000

$25,000 in linked bank deposits or $50,000 in linked bank, brokerage and credit balances

Monthly service fee

$25

$25

$30

Foreign transaction fee

$0

3%

3%

Domestic wire transfer fee

$0

$0 for incoming; $30 for outgoing

$15 incoming; $30 outgoing

ATM fee

$0

$0 for BOA ATMs; $2.50 for non-BOA ATMs

$0

Overdraft fee

$0 for 4 within 12 months

$35

$35

Account perks

Free, online investing; special rates when you link checking to savings; VIP access to sports and entertainment tickets, lounges and seating; dedicated 24/7 customer service

$0 maintenance fee for up to 4 savings accounts linked to your primary Interest Checking account; free standard checks; cash-back deals with BankAmeriDeals

Annual fee waiver on 1 home equity line of credit; interest rate discounts on loans; special credit card benefits, ATM reimbursements for non-Wells Fargo ATMs; bonus interest rates on qualifying savings products; access to online investing guidance from Wells Fargo Advisors

Chase Sapphire Banking vs. Bank of America Interest Checking

Bank of America’s Interest Checking account is closest to the Chase Sapphire Banking account, for comparison’s sake.

Although you’ll get a higher APY for higher balances with a Bank of America Interest Checking account, it goes only as high as 0.02%, which isn’t that much better than Chase Sapphire Banking’s APY of 0.01%. The biggest difference is that you need significantly less to qualify for free monthly maintenance from Bank of America than for Chase Sapphire Banking.

That said, Bank of America charges fees where Chase Sapphire Banking does not. The BofA account’s 3% foreign transaction fee, $35 overdraft fee, $30 fee for incoming domestic wires and $2.50 charge for using non-BOA ATMs can really add up. You don’t have to worry about any of those charges with the Chase Sapphire banking, unless you have more than four overdrafts in 12 months.

The winner depends largely on how much money you have to sock away, how often you plan to use the account internationally and also whether or not you’ll take advantage of Chase Sapphire’s additional perks.

Considering the fact that these are checking accounts and experts recommend you use credit cards when making purchases abroad, there’s no real tangible benefit to Chase Sapphire Banking’s 0% foreign transaction fee and no real threat from the fact that Bank of America’s Interest Checking comes with a 3% fee. But if you don’t want to use your debit card abroad, there are plenty of credit cards that are safer to use for international purchases and they don’t charge a foreign transaction fee.

If you don’t want to sock away $75,000 to avoid Chase’s monthly service fee and don’t care about the free investing perks that come with it, then the Bank of America Interest Checking account is probably the better bet — you can avoid the fee with far less money in the bank.

Chase vs. Portfolio by Wells Fargo

Another strong Chase Sapphire competitor is the Portfolio by Wells Fargo. Once again, comparing this mega-bank to Chase is a good way to gauge what’s out there in big-bank checking.

Wells Fargo offers a 0.05% APY on account balances in excess of $5,000, which beats Chase Sapphire by a country mile. Its qualifiers to waive the monthly maintenance fee are also cheaper: $25,000 in linked bank deposits or $50,000 in linked bank, brokerage and credit balances. But Wells Fargo charges a pesky 3% foreign transaction fee, plus $15 for incoming domestic wires and $30 for outgoing ones. And if you happen to overdraw your account, you won’t love the $35 overdraft fee.

Some of the perks are pretty nice with the Portfolio by Wells Fargo account, though. This includes an annual fee waiver on a home equity line of credit, interest rate discounts on loans and bonus rates on qualifying savings products. When push comes to shove, we would say that this account ties with the Chase Sapphire Banking account. Each has its pros and cons, but when you compare them they come out pretty even overall.

Are premium checking accounts ever worth it?

In general, premium checking accounts are for high-balance customers. You get most of the perks and benefits when your balance is high. If you meet that balance requirement via a brokerage account, that’s one thing. But if you just let that much cash sit in your account so your monthly fee is waived and you get special perks, consider parking it in a high-yield savings account instead.

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

Barri Segal
Barri Segal |

Barri Segal is a writer at MagnifyMoney. You can email Barri here

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Auto Loan, Reviews

The Best Auto Loans: 2018 New & Used Car Loan Rates

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

 

The best auto loan for you depends on your priorities, but two common goals are to get the most competitive rate and the lowest monthly payment. That’s why longer-term loans are so popular right now, with more people stretching out new and used car loans over 60 months or more. Despite that, new and used car payments hit an all-time high in 2017, meaning that people are spending more than ever on their vehicle purchases. That’s why MagnifyMoney has compiled a list of the best auto loans in 2018. We know that with rising rates, you need as much help as you can get finding the best rates to secure the vehicle you want and need.

Overview of the best auto loans in 2018

Edit

Company name

Best for

Loan types offered

LendingTree

Comparison shopping auto loan rates

New, used, refinance, lease-buyout

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on LendingTree’s secure website

LightStream

Car buyers with good or excellent credit

New, used, refinance, lease-buyout

APPLY NOW Secured

on Lightstream’s secure website

Capital One

Car buyers with fair or poor credit

New, used, refinance

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on LendingTree’s secure website

SpringboardAuto

Car buyers with fair or poor credit

New, used, refinance

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on LendingTree’s secure website

Carvana Auto Loan

Buying a used car online

Used

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on LendingTree’s secure website

How we picked the best auto loan rates

Using information from LendingTree, MagnifyMoney’s parent company, we compiled auto loan data over a six month period (August 2017 through January 2018) spanning across 22 auto lenders. We analyzed the loan data by applicant credit tier, and whether the loans were to purchase a used or new car to determine 1) the lenders consumers chose most often, and 2) the lowest average APR offered by the lender.

A closer look at the best new and used auto loans

Start with LendingTree

With LendingTree, you can fill out one short online form, and there are dozens of lenders ready to compete for your business. Upon completing the form, you can see real interest rates and approval information instantly. Some auto lenders will do a hard pull on your credit and this is common with auto lending. It’s important to remember, multiple hard pulls will only count as one pull, so the best strategy is to have all your hard pulls done at one time.

LendingTree
APR

As low as 3.09%

Terms

24 To 84

months

Fees

Varies

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on LendingTree’s secure website

LendingTree is our parent company. LendingTree is unique in that they allow you to compare multiple, auto loan offers within minutes. Everything is done online. LendingTree is not a lender, but their service connects you with up to five offers from auto loan lenders.

 

Where people with good credit (680+) get the lowest rates

LightStream

LightStream is the online consumer lending division of SunTrust Bank. LightStream seeks to make the online lending process easy, so you may apply, be approved, sign your loan agreement and receive your funds all through your computer or mobile device — no papers to fill out or sign.

Why we chose Lightstream

Out of the lenders compared, borrowers with good and excellent credit were most likely to choose a loan with LightStream and receive the lowest APR. You can read our full LightStream review here.

New auto loan product details

  • APR: See table below
  • Terms offered: 24 – 84months
  • Loan amounts: $5,000 – $100,000
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Lightstream New Auto Loan APRs

Loan Amount

Loan Term (months) *

24 – 36

37 – 48

49 – 60

61 – 72

73 – 84

$5,000 to $9,999

3.99% – 6.49%

4.84% – 7.09%

5.04% – 7.29%

5.94% – 7.94%

N/A

$10,000 to $24,999

3.09% – 6.19%

3.44% – 6.44%

3.44% – 6.44%

4.29% – 7.29%

N/A

$25,000 to $49,999

3.59% – 6.19%

3.69% – 6.44%

3.69% – 6.44%

4.54% – 7.29%

5.14% – 7.89%

$50,000 to $100,000

3.59% – 6.19%

3.69% – 6.44%

3.69% – 6.44%

4.34% – 7.09%

5.04% – 7.79%

As of 9/01/18. Includes a 0.50 point discount for autopay. Exact rates depend on your credit profile.

Used auto loan product details

  • APR: See table below.
  • Terms offered: 24 – 84 months
  • Loan Amounts: $5,000 – $100,000
Edit

LightStream Used Auto Loan APRs

Loan Amount

Loan Term (months) *

24 – 36

37 – 48

49 – 60

61 – 72

73 – 84

$5,000 to $9,999

4.19% – 6.69%

5.04% – 7.29%

5.24% – 7.49%

5.94% – 7.94%

N/A

$10,000 to $24,999

3.09% – 5.69%

3.69% – 6.54%

3.69% – 6.54%

4.54% – 7.04%

N/A

$25,000 to $49,999

3.59% – 5.69%

3.69% – 6.54%

3.69% – 6.54%

4.54% – 7.04%

5.14% – 7.64%

$50,000 to $100,000

3.59% – 5.69%

3.69% – 6.19%

3.69% – 6.19%

4.34% – 6.84%

5.04% – 7.54%

As of 9/01/18. Includes a 0.50 point discount for autopay. Exact rates are dependent on your credit profile and for purchases made from dealer. 

What we like

  • Fixed rate, simple interest fully amortizing installment loans. This means you won’t pay interest on your interest, and if you follow the payment schedule, your loan will be fully paid off at the end of the term.
  • No fees or prepayment penalties
  • No restrictions on the vehicles year, make, model or mileage
  • If you’re not 100% satisfied, Lightstream will pay you $100 (conditions apply)

Where it may fall short

  • Loans may not be used for a cash-out refinance
  • Secured loans may not be used for commercial vehicles
  • Vehicle must be classified as automobile, sport-utility vehicle (SUV), light-duty truck, passenger or conversion van
  • No phone support for customer service. Everything is handled by email

How to apply

Before you apply, keep in mind that you’ll need to:

  • Have good credit
  • Have sufficient income and assets
  • Agree to electronic records and signatures

Applying is done entirely online. You’ll provide:

  • Personal information. Name, address, phone, Social Security number, driver’s license, etc.
  • Employment information. Employer name and address, income and other financial assets
  • Loan information. Loan purpose, loan amount and term
  • Security information. Create a username and password
LightStream

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on Lightstream’s secure website

Where people with fair (620-679) & bad credit (500-619) get the lowest rates

Capital One Auto Finance

Capital One is a Fortune 500 company and a trusted name in banking and other financial services. In the fourth quarter of 2017, Capital One originated $6.215 billion worth of auto loans, making it one of the top five U.S. banks offering auto loans.

Why we chose Capital One

The most borrowers with fair and bad credit chose a loan with Capital One, and it came in second in terms of lowest average APR.

New auto loan product details

  • APR: See table below
  • Terms offered: 36 – 72 months
  • Loan Amounts: $4,000 – $40,000
Edit

Capital One new auto loan APRs

Credit

Loan Term (months) *

36

48

60

72

Rebuilding

6.51%

7.11%

7.11%

9.68%

Average

4.22%

4.63%

4.63%

5.76%

Excellent

3.99%

3.99%

3.99%

3.99%

As of 9/01/18

Used auto loan product details

  • APR: See table below
  • Terms offered: 36 – 72 months
  • Loan Amounts: $4,000 – $40,000
Edit

Capital One used auto loan APRs

Credit

Loan Term (months) *

36

48

60

72

Rebuilding

8.49%

11.73%

11.73%

13.29%

Average

5.29%

6.52%

6.52%

8.24%

Excellent

3.99%

3.99%

3.99%

4.58%

As of 9/01/18

What we like

  • Easy to pre-qualify online without a hard inquiry on your credit
  • Minimum monthly income required is $1,500 or $1,800, depending on your credit
  • 12,000 auto dealers work with Capital One

Where it may fall short

  • The best rates require excellent credit with 20% down on the vehicle
  • Vehicles must be 2006 or newer
  • Vehicles must have less than 120,000 miles
  • Dealers may charge additional fees, including document fees, dealer preparation fees and delivery charges
  • Maximum loan amount may not cover the cost of the vehicle you desire

How to apply

Apply using Capital One’s Auto Navigator. Enter your personal information including your Social Security number to get pre-qualified for an auto loan without affecting your credit. Then take your financing certificate to the dealership to shop for cars and make a selection. Once you’ve selected a vehicle, the dealer will have you fill out a credit application and you’ll finalize the paperwork for your vehicle purchase with the dealer.

Capital One

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SpringboardAuto.com

SpringboardAuto was started in order to streamline the auto finance experience online. The company says its online application takes less than a minute to complete. You may upload documents via your computer or mobile device, and online tools allow you to check the status of your loan and move through the auto finance process at your own pace.

Why we chose them

Fewer people chose Springboard compared with other lenders, but when they did, they were offered the lowest average APR.

New auto loan product details

  • APR: Average is 8.29%
  • Terms offered: Up to 72 months
  • Loan Amounts: $7,500 – $45,000

Used auto loan product details

  • APR: Average is 8.29%
  • Terms offered: Up to 72 months
  • Loan Amounts: $7,500 – $45,000

What we like

  • Get a personalized rate after filling out an online application that doesn’t affect your credit
  • Fast and easy online application
  • Quick loan decision
  • No prepayment penalties

Where it may fall short

  • Depending on your state, you may pay an origination fee ($395 for a private party purchase, $395 for a dealer purchase and $295 for a refinance).
  • Auto loans are only available in 26 states.
  • Vehicle must be 2008 or newer.
  • Vehicle must have no more than 138,000 miles.
  • Must be one of the eligible makes (see below).
  • No loans for commercial vehicles.
  • No loans for leased vehicles.

Eligible makes

  • Acura
  • Audi
  • BMW
  • Buick
  • Cadillac
  • Chevrolet
  • Chrysler
  • Dodge
  • FIAT
  • Ford
  • Genesis
  • GMC
  • Honda
  • Hyundai
  • INFINITI
  • Jaguar
  • Jeep
  • Kia
  • Land Rover
  • Lexus
  • Lincoln
  • Mazda
  • Mercedes-Benz
  • MINI
  • Mitsubishi
  • Nissan
  • Ram
  • Scion
  • Subaru
  • Toyota
  • Volkswagen
  • Volvo

Online experience

SpringboardAuto makes the loan process simple and easy online. After filling out your online application, you may upload the required documentation using a computer or smartphone. At closing, you’ll sign your loan documents electronically.

How to apply

Fill out the single-page online application, and it determines your eligibility without affecting your credit. You’ll need to provide your personal information, like your name, address, Social Security number and income, along with the vehicle information if you’ve selected a vehicle (VIN, mileage, year, make, model, trim).

SpringboardAuto

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Where to buy (and finance) a used car online

Carvana

Carvana specializes in helping you shop for a car online. It uses things such as 360-degree photos, free vehicle history reports, details and specs, ratings and reviews to provide you with the maximum amount of information.

Why we chose them

We looked at the three used auto lenders chosen most often in each credit tier, and Carvana was the only lender in the top three in every tier. That’s why we chose Carvana, even though other lenders offered lower average APRs on used auto loans.

Product details – Used auto loans only

  • APR: APR depends on credit history, vehicle type and down payment.
  • Terms offered: Up to 72 months.
  • Minimum loan amount: None
  • Maximum loan amount: Any amount, as long as it’s a vehicle listed on the Carvana website.

What we like

  • High level of detail on vehicles makes online shopping easy
  • Online application personalizes your shopping experience and doesn’t require a hard pull on your credit
  • You can return the vehicle within seven days and get your money back (Make sure you’re familiar with the limits on this policy before you buy)
  • All vehicles are certified with a 150-point inspection

Where it may fall short

  • Only available for used vehicles
  • Carvana is a car dealership, and you must select a vehicle through their website

Online experience

Carvana provides a lot of information about each vehicle. You won’t have to visit other sites to find specs or read reviews

When you fill out the online application, you’ll see a breakdown of your monthly payment, minimum required down payment and your APR, making your shopping experience truly personalized.

How to apply

You may get pre-qualified with Carvana without a hard pull on your credit by filling out the online application. After you complete it, you may start shopping for a used vehicle, and your payment, down payment and APR will be displayed for each vehicle. Keep in mind, with Carvana, you must purchase a vehicle in their inventory.

Carvana

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Understanding the auto loans process

How do auto loans work?

For the lenders we detailed above, you may apply for a loan online and receive personalized loan rates without a hard pull to your credit. So while you don’t see rate tables on certain lender websites, don’t be discouraged. If you’re serious, just fill out an application to see what you may qualify for.

Once you’ve completed the initial application, you’ll be able to shop for a vehicle knowing which type of financing you’ll likely qualify for.

Once you’ve selected a vehicle, you’ll need to submit a full application for the loan. This can be done online or with a dealer, if you’re working with one. Once again, most lenders are streamlining this process online, so for the lenders we discussed on this page, you may upload your documents using a computer or mobile device.

Once you’ve purchased the vehicle and completed your loan documents, you’ll just need to make payments. Making payments has moved online as well, and many lenders offer apps to help you manage your payments and loan information using your mobile device.

Tips when shopping for car loans

Here are some tips to help you avoid common mistakes and shop confidently for a car loan.

  • Set a budget. Everyone says it, but it’s not always easy to do. If you aren’t keeping a budget, here’s how to start in four easy steps.
  • Know how much you can afford. MagnifyMoney suggests you keep your total car expense less than 10% of your monthly budget. This is part of the 20/4/10 rule, which also says you should put down at least 20% and choose a maximum loan term of four years.
  • Save for a down payment. The amount of your down payment is likely to affect the interest rate you receive when financing your vehicle. So saving for a larger payment will help save you money and putting more down will lower your monthly payment, too.
  • Check your credit. You’re entitled to a free copy of your credit report from each of the three major credit bureaus every 12 months, and it’s easy to get your free credit score from a variety of sources.
  • Consider a co-signer. If your credit score is low or you have a limited credit history that needs improvement, having a co-signer with good credit on your auto loan could significantly lower your interest rate.
  • Shop around. It’s smart to get multiple rate quotes, so you may compare loans.
  • Get pre-approved. Shopping for a vehicle doesn’t make a lot of sense if you don’t know how much money you’ll have to work with. Shoppers have many options for getting auto loan quotes without a hard inquiry on their credit, but if you’re serious about buying a car, doing all your loan shopping in a short period of time will minimize the potential impact on your credit score, if loan applications result in a hard pull.
  • Talk to local credit unions. While banks and online auto loan companies offer easy-to-use online tools, don’t forget to talk to your local credit union to see if it has a more competitive rate.
  • Beware of extra fees. Keep in mind you’ll need to pay state taxes and title fees. In addition, dealers may charge fees, including document fees, dealer preparation fees and delivery charges. These fees will affect your APR if you finance them into your loan.
  • Check your paperwork. Everyone makes mistakes. When you get the final copy of your auto loan, check to make sure you got everything you were promised and there are no extra fees.

How to apply for an auto loan

From choosing the right car to getting approved for financing, this article will walk you through the complete online car buying process.

When you apply for an auto loan, it will help to have your documentation ready. This will include proof of identity, proof of income, credit and banking history and proof of residence. If you’ve selected a vehicle, you also want that information, including VIN, mileage, year, make and model.

While many online lenders advertise the loan process as being quick, be prepared for roadblocks. Sometimes a lender may request additional information or take time to verify information, and that may delay the process.

Be proactive! Once you’ve started the auto loan process, the lender will walk you through what’s needed. But that doesn’t mean you have to wait for your lender to get back to you. If the loan process has stalled, make a call or send an email to your lender asking what’s needed. In many cases, you’ll have an online login that will allow you to see your loan status, or take the next step online.

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

Ralph Miller

Ralph Miller |

Ralph Miller is a writer at MagnifyMoney. You can email Ralph here

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

Ralph Miller
Ralph Miller |

Ralph Miller is a writer at MagnifyMoney. You can email Ralph here

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Advertiser Disclosure

Reviews

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

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1804
Total Assets$369.0B
LEARN MORE on PNC Bank’s secure website
PNC Bank is one of the oldest and largest banks in the country, founded shortly after the American Revolution. Although it is based out of Pittsburgh and its 2,600 branches are mostly located across the Eastern U.S., that doesn’t mean you’re out of luck if you’re in the western U.S.PNC Bank offers a robust online banking platform with plenty of helpful features. But is it the right bank for you? How do its rates compare with those of other banks? Let’s walk you through the different types of PNC Bank account offerings.
PNC Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

PNC Bank S is for Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.13%

CD Rates

PNC Bank 12 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.30%

CD Rates

PNC Bank 36 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.60%

CD Rates

PNC Bank 60 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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

PNC Bank’s Virtual Wallet®

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

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

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

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

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

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

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

PNC Bank checking accounts with Virtual Wallet®

Virtual Wallet® Basic Checking Account

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

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

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

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

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

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

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

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

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Virtual Wallet® with Performance Spend

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $9,999.99

0.01%

0.01%

0.55%

$10,000 - $24,999.99

0.01%

0.01%

0.55%

$25,000 - $49,999.99

0.01%

0.01%

0.60%

$50,000 - $99,999.99

0.01%

0.01%

0.60%

$100,000 and above

0.01%

0.01%

0.65%

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

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

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

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Virtual Wallet® with Performance Select

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $24,999.99

0.01%

0.01%

1.20%

$25,000 - $49,999.99

0.01%

0.01%

1.40%

$50,000 - $99,999.99

0.01%

0.01%

1.60%

$100,000 - $499,999.99

0.01%

0.01%

1.70%

$500,000 and above

0.01%

0.01%

1.70%

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

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

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

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Bonus: New checking account offer

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

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

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

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

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PNC Bank checking accounts without Virtual Wallet®

Performance Select Checking

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

Minimum Balance to Earn APY

APY

$2,000

0.01%

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

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

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

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Performance checking

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

Minimum Balance to Earn APY

APY

$2,000

0.01%

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

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

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

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Standard checking

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

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

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

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How PNC’s checking accounts compare

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

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

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

PNC Savings Accounts

Standard savings

Low interest rates for a fee-heavy savings account.
 

Standard Rates

Relationship Rates with a checking account

$1.00 - $2,499.99

0.01%

0.05%

$2,500 and above

0.01%

0.10%

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

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

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

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

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

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

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

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“S” is for Savings

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

Minimum Balance to Earn APY

APY

$1.00

0.01%

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

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

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

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

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

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

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How PNC’s savings accounts compare

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

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

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

PNC CD Rates

Fixed-rate CDs

Large amounts of cash needed for below-average returns.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

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

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

Ready Access CDs

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

Term

APY

Minimum Balance Amount

3 months

0.05%

$1,000

12 months

0.15%

$1,000

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

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

Callable CDs

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

Term

APY

Minimum Balance Amount

36 months

0.50%

$10,000

60 months

1.10%

$10,000

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

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

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

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

Variable-rate CDs

Earn fair rates through a changing interest rate environment.

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

Instead, PNC Bank offers an option for these scenarios. You can choose from just one term length — 18 months — and the interest rate you earn will be tied to the current price of a three-month Treasury Bill. As of July 5, 2018, that’s running at 1.92%.

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

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

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

Step-rate CDs

Frequent access to your cash with an unknown earning potential.

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

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

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

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

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

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How PNC’s CD rates compare

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

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

PNC Bank’s Money Market Account

Premiere Money Market Account

Decent rates if you can meet the additional requirements.

Balance to earn interest

Standard APY

APY when linked to Performance Checking

APY when linked to Performance Select Checking

$1.00 - $9,999.99

0.03%

0.55%

1.00%

$10k - $24,999.99

0.09%

0.55%

1.00%

$25k - $49,999.99

0.11%

0.60%

1.10%

$50k - $99,999.99

0.13%

0.60%

1.20%

$100k - $249,999.99

0.15%

0.65%

1.30%

$250k - $499,999.99

0.15%

0.65%

1.30%

$500k - $999,999.99

0.17%

0.65%

1.30%

$1M and above

0.17%

0.65%

1.30%

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

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

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

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How PNC’s money market account compares

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

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

PNC IRA CDs

Fixed-rate IRA CD account

Low rates for high-fee retirement savings.

Standard rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months - Fixed Rate Only

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

9 months - with Choice/Premium Plan

0.24%

0.26%

0.28%

0.30%

0.32%

0.35%

9 months - with Performance Select/VW Performance

0.29%

0.31%

0.33%

0.35%

0.37%

0.40%

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

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

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

LEARN MORE Secured

on PNC Bank’s secure website

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How PNC’s IRA CD rates compare

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

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

PNC Bank’s Student Virtual Wallet® Review

Student Virtual Wallet® Account

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

Reserve Rates

Standard Growth Rates

Relationship Growth Rates

$1.00 - $2,499.99

0.01%

0.01%

0.05%

$2,5000 and above

0.01%

0.01%

0.10%

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

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

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

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

LEARN MORE Secured

on PNC’s secure website

Overall review of PNC Bank

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

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

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

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

KS StateBank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1969
Total Assets$1.9B
LEARN MORE on KS StateBank’s secure website

KS StateBank was founded in 1969. In 2015, the bank rebranded itself as KS StateBank. It’s headquartered in Manhattan — the other Manhattan, in Kansas. Today, the bank also operates six branches in Kansas as well as a branch way out in Phoenix, Ariz.

Although this bank is still relatively small — it’s the 454th biggest bank in the nation — it is a relatively solid financial institution. It received an A+ rating on the Texas Ratio scale (a measure of the bank’s capital versus its loans), and it has $1.9 billion in assets.

KS StateBank offers a wide range of loan products including home loans, personal loans and business accounts. In this review, however, we’ll be discussing its deposit accounts. We’ll tell you whether they’re worth their salt, and if they are worth keeping, what you need to know to get the most out of them.

KS StateBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

Savings

KS StateBank Simple Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.40%

CD Rates

KS StateBank 1 Year CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

3.10%

CD Rates

KS StateBank 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.37%

CD Rates

KS StateBank 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

KS StateBank checking account

Checking PLUS

You can earn a very good rate on your checking account if you meet qualifications. But if you can’t, no worries — it’s still free.

APY

Minimum Balance Amount

1.90%

Up to $25,000 (but only if qualifications are met)

0.50%

Over $25,000 (but only if qualifications are met)

*If you don’t meet the qualifications, you may still earn interest, but with a smaller rate.

  • Minimum opening deposit: $100
  • Monthly account maintenance fee:  None
  • ATM fee: None for in-network or out-of-network ATMs. However, you may have to pay an ATM surcharge fee if you use an out-of-network ATM. This is determined by the ATM’s owner.
  • ATM fee refund: Up to $25 in ATM surcharge fee reimbursements if you meet the account qualifications.
  • Overdraft fee: $25 per item, up to five items per day (so, $125 total).

If you’re looking to earn the best rate possible on your money in a checking account, this should definitely be one account to take a close look at. You’ll need to meet three qualifications each month:

  • Make at least 10 debit card purchases
  • Make at least one ACH transfer or direct deposit
  • Be signed up to receive eStatements

If you can do that, you’ll earn the high interest rate and be eligible to receive up to $25 in ATM surcharge fee reimbursements each month. If not, you won’t earn the high interest rate or receive the ATM fee reimbursements, but you still will earn a smaller (but still decent) rate for a checking account.

There aren’t any monthly fees if you can’t meet the monthly requirements, which means that this account is entirely free (from monthly fees, at least). Make sure to keep this account open for at least 90 days after you open it, otherwise you’ll face a $25 early account-closing fee.

How to get KS StateBank’s Checking PLUS account

Unfortunately, you can only apply for the Checking PLUS account if you’re a resident of Kansas, Missouri, or Arizona. You can still apply for KS StateBank’s other accounts if you live in other states; just not this account.

If you’re a resident of one of the eligible states and over age 18, you can apply for an account online in just a few minutes. You’ll also need to provide your Social Security number and a valid ID.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s checking account compares

This bank offers a very good rate for its checking account. In fact, it’s even better than many of our top online checking account picks. We really like the fact that you aren’t charged a fee if you don’t meet the minimum requirements each month. Rather, you’ll earn a reduced — but still decent — rate on your checking account. In addition, if you do meet the qualifications, you’ll be reimbursed for a tidy amount of ATM fees, which would be super handy if you use ATMs frequently.

KS StateBank savings account

Simple Savings

This account doesn’t earn the highest rate, but it’s no-fuss and easy to maintain.

APY

Minimum Balance Amount

0.50%

$0.01

  • Minimum opening deposit: $100, or $20 for children and teens under age 18
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network or out-of-network ATMs, though you may have to pay an ATM surcharge fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $25 per item, with a maximum of five items per day (so, $125 total).

As long as you have at least $100 in your pocket (or $20 if you’re a minor), you can open this account. Once it’s open, you can drop the balance down as low as you like without suffering any consequences — a nice feature, especially if you’re saving up for one big, shiny purchase and may eventually liquidate the account.

As with all savings accounts, you’re limited to just six withdrawals per month (not including ATM or in-person withdrawals). If you go over that amount, you’ll pay a $5 per-transaction fee. In addition, you agree to receive E-Statements with this account. If you prefer paper copies instead, you’ll pay a $2 monthly fee.

How to get KS StateBank’s Simple Savings account

If you’re over age 18 and a U.S. citizen, you can open this account online regardless of where you live. However, if you’re under age 18, you’ll have to visit a local branch to open this account.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s savings account compares

KS StateBank’s Simple Savings account rate doesn’t even come close to the top rates being offered by the best online savings accounts. Still, it’s not necessarily a bad rate per se, especially when compared to many big banks. This could be a good option for you if you prefer banking with a local community bank, but otherwise we’d suggest taking your deposit elsewhere to earn the most amount of money possible.

KS StateBank’s CD rates

Choose Your Term CD

These CDs offer an excellent rate and have a low minimum deposit requirement.

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your CD’s term:
    • For the 1 year CD, you’ll pay six months’ worth of interest.
    • For the 2 year CD, you’ll pay nine months’ worth of interest.
    • For the 3 year CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year and 7 year CDs, you’ll pay 18 months’ worth of interest.

These CDs are definitely worth a second glance if you’re looking to lock down a good interest rate, and especially if you don’t have a huge deposit to put away. With a minimum deposit of just $500, almost anyone who’s been saving for a little while should be able to afford these CDs.

A further benefit of these CDs is that you can use them as collateral for a KS StateBank loan. This may help to lower your interest rate and save you even more money, or allow you to get a loan in the first place if your credit score isn’t quite up to par yet. You can also choose to receive interest paid out quarterly via a check, or have it deposited back into another account of your choice.

If you do happen to have really deep pockets, you can also choose to open up these CDs through KS StateBank’s CDARS program. This allows you to receive FDIC coverage on balances larger than the standard $250,000 limit.

When your CD matures, it’ll automatically renew for the same term. You do get a 10-day grace period to make any changes to the CD or withdraw the money.

How to get KS StateBank’s Choose Your Term CDs

You can open these CDs online as long as you’re a U.S. resident and over 18 years of age. You’ll need your driver’s license, Social Security number, and date of birth.

LEARN MORE Secured

on KS StateBank’s secure website

27 Month Jump Up CD

You can bump up your rate once per term with this CD.

Term

APY

27 months

2.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12 months’ worth of interest

Interest rates seem to be rising these days, and it might make you a little leery to lock your money away for so long considering these rises. With this CD, however, you do get the option of increasing your interest rate once during its term if the published rate for this CD increases. To do this, either call KS StateBank, visit a local branch, or send them a secure message through the Online Banking platform.

Interest earned on this CD will be tallied up and credited to you quarterly. If you open the CD online, you only have one option for handling interest payments: they’ll automatically be rolled back into the CD account. If you open this CD in a local branch, you also get the option to receive quarterly interest checks mailed to you, but keep in mind that if you do this you may earn less than the advertised APY.

Once your CD matures it’ll be automatically renewed, but for a different CD: a 3 year regular Choose Your Term CD. If you want to change this, you have a 10-day period to withdraw the money and/or change the CD type, if you wish.

How to get KS StateBank’s 27 Month Jump Up CD

You can open this account online or by visiting a local branch. The online option is probably the simplest, but remember that you can’t opt for quarterly interest checks to be mailed to you if you do this.

LEARN MORE Secured

on KS StateBank’s secure website

Internet-only Jumbo CD specials

These Jumbo CDs actually offer the same rates as KS StateBank’s regular CDs.

Term

APY

1 year

2.40%

18 month

2.65%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This depends on your Jumbo CD’s term:
    • For the 1 year and 18 month Jumbo CDs, you’ll pay six months’ worth of interest.
    • For the 2 year Jumbo CD, you’ll pay nine months’ worth of interest.
    • For the 3 year Jumbo CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year Jumbo CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year Jumbo CD, you’ll pay 18 months’ worth of interest.

Normally, jumbo CDs offer higher rates to folks who deposit a larger amount of cash. Strangely, that’s not the case with these accounts, however. That means that there really isn’t any functional difference between opening one of these Jumbo CDs versus KS StateBank’s regular Choose Your Term CDs.

These CDs also have the same maturity policies. When the CD reaches the end of its span, it’ll automatically be renewed into another CD of the same term length. You’ll get a 10-day grace period to make any withdrawals or changes to the CD without penalty.

How to get KS StateBank’s Internet Only Jumbo CD Specials

As the name suggests, you can only open these CDs online. You’ll need a valid ID, Social Security number, and need to be a U.S. resident age 18 or older.

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on KS StateBank’s secure website

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How KS StateBank’s CD rates compare

Although we’re still a bit baffled by KS StateBank’s claim that its Jumbo CDs offer a premium rate when in fact they do not, we can’t deny it: these are all-around excellent rates for CDs. In fact, they’re even better than some of our current top CD picks for certain term lengths.

Furthermore, the minimum deposit amount is low for these CDs, making them accessible to almost anyone. It even offers an uber-long 7 year CD in case you really want to earn the highest rates possible.

KS StateBank’s money market account

Advantage Money Market

You can earn a higher rate if you have a very large amount of cash with KS StateBank’s Advantage Money Market account.

APY

Minimum Balance Amount

0%

$0-$2,499

0.75%

$2,500-$24,999

1.00%

$25,000-$99,999

1.25%

Over $100,000

  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY:  $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network or out-of-network ATMs. However, you may be charged an ATM surcharge fee if you use an out-of-network ATM, which is determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per item, up to five items per day (so a maximum of $125).

Currently you can earn just as much with KS StateBank’s Simple Savings account as you can with this money market account, up until a deposit amount of $25,000. After that, it makes more sense to use this account instead if you want to earn a higher rate while still being able to access your money at any time.

This account also comes with federal Regulation D rules that limit how often you can make withdrawals out of the account. You can make six withdrawals per month — excluding in-person or ATM withdrawals — for free. After that, you’ll have to pay $5 for each withdrawal, and if you abuse these privileges enough, KS StateBank may close your account.

If you want the account to remain free, you need to make sure you’re signed up for electronic statements. If you want monthly paper statements, there’ll be a $2 monthly fee.

How to get KS StateBank’s Advantage Money Market account

You can open this account online quite easily if you’re a U.S. citizen and over 18 years of age. You’ll need a valid ID such as a driver’s license and your Social Security number.

LEARN MORE Secured

on KS StateBank’s secure website

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How KS StateBank’s money market account compares

Again, KS StateBank doesn’t offer a bad rate with this account, but it’s definitely not the best out there. For the biggest bang for your buck, you’ll need to check out one of these top money market accounts.

Otherwise, if you’re looking for a local bank to keep your money with, KS StateBank may not be a bad option depending on what other banks are near you.

KS StateBank’s IRA account options

IRA CD rates

These are the same accounts as KS StateBanks’ regular CDs, just within the framework of an IRA.

Term

APY

1 year

2.40%

2 years

2.85%

3 years

3.10%

4 years

3.29%

5 years

3.37%

7 years

3.39%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your IRA CD’s term:
    • For the 1 year IRA CD, you’ll pay six months’ worth of interest.
    • For the 2 year IRA CD, you’ll pay nine months’ worth of interest.
    • For the 3 year IRA CD, you’ll pay 12 months’ worth of interest.
    • For the 4 year IRA CD, you’ll pay 15 months’ worth of interest.
    • For the 5 year and 7 year IRA CDs, you’ll pay 18 months’ worth of interest.

You can open any of KS StateBank’s regular Choose Your Term CDs as IRA CDs, with the exception of the Internet Only Jumbo CD Specials. But as we’ve already discussed, its jumbo CDs really don’t offer anything different from its normal CDs, so there’s nothing holding you back from depositing a large sum of money in these accounts anyway.

You can open these CDs as either a Traditional or a Roth IRA — whichever you prefer.

When the CD matures, it’ll automatically roll over into another CD of the same type. You do get a 10-day grace period to make any changes to the CD or move the money to a different retirement account. Keep in mind that the IRS governs withdrawals out of all IRAs. If you make an early withdrawal (i.e., before retirement age) and don’t roll it over into a new IRA, you could be responsible for paying a penalty and/or taxes on the money you withdraw.

How to get KS StateBank’s IRA CDs

The only way to open an IRA or IRA CD with KS StateBank is to visit them in person. You cannot open these accounts online, unfortunately.

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on KS StateBank’s secure website

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How KS StateBank’s IRA CD rates compare

KS StateBank’s IRA CD rates are very competitive. They’re actually right on par with our top IRA CDs. We also like that you can get started with as little as $500, which will be very helpful to folks who are just starting out on their savings journey.

Overall review of KS StateBank’s banking products

We’re a fan of KS StateBank’s checking account, CDs and IRA CDs. These accounts offer very high rates — some of which can’t be beat elsewhere — and have very consumer-friendly policies.

For example, select CDs require just a small $500 investment to get started. In another example, if you don’t meet the requirements for the checking account’s high interest rate for a given month, you simply won’t earn that high interest rate. You won’t be lambasted with any outrageous monthly fees or penalties, and you’ll still get to earn a bit of interest.

Overall we recommend KS StateBank for folks looking for a great local bank to work with. Even if you’re not local, it’s definitely worth looking into KS StateBank further if you’re interested in saving with CDs (but not IRA CDs, unfortunately, since you can’t open those online).

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Air Force Federal Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1952
Total Assets$0.4B
LEARN MORE on AFFCU’s secure website

From money pooled together in 1952 by 10 servicemen at San Antonio’s Lackland Air Force, Air Force Federal Credit Union (AFFCU) has grown to serve more than 47,000 member-owners worldwide.

For service members, mobility is part-and-parcel to their lives, so while Air Force Federal Credit Union only has physical branches in Texas, close to their San Antonio headquarters, they have co-op relationships with more than 5,000 other credit unions around the world. They also allow free withdrawals from thousands of partner-owned ATMs, including at 7-11 stores.

Membership is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

This review of Air Force Federal Credit Union highlights the range of personal banking products available. APY rates cited are based on information for the San Antonio locations, as listed on the credit union’s website. As rates can change, you should check the latest information before opening an account.

AFFCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

AFFCU Regular Share Account

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

AFFCU 1 Year CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.60%

CD Rates

AFFCU 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.90%

CD Rates

AFFCU 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Air Force Federal Credit Union’s checking account options

Elite Checking

A loaded checking account that also requires a massive balance for maximum perks.
Dividend RateMinimum Balance Amount
0.05%$0.00
0.35%$10,000
0.50%$25,000
0.70%$50,000
0.90%$100,000
1.10%$250,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6 (waived for minimum balance of $50,000.)
  • ATM fees: None
  • ATM fee refunds: Covers all fees at other ATMs.
  • Overdraft fees: None

The Air Force Federal Credit Union Elite Checking account is meant for large balances. While you can open this account with a deposit of only $25, you’ll need to keep a minimum balance of $50,000 to waive the $6 monthly maintenance fee and get into the higher APY tiers.

In exchange, this account comes with a bunch of perks. First, it earns interest, though the calculation is a little complicated: Rather than paying a flat interest rate on your entire balance, they split it up in different brackets.

For example, if you have $12,000 in your account, they will pay 0.05% on your first $10,000 and then 0.23% on the remaining $2,000. Your APY depends on exactly how much money you have in each bracket.

This account also provides three free orders of checks a year, doesn’t charge overdraft fees and refunds all ATM fees so you can make free withdrawals from anywhere in the World. When you shop with the debit card, it earns 12 cents cash back for every purchase over $5.

How to open an Air Force Federal Credit Union Elite Checking account

To open an Elite Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Elite Checking account.

LEARN MORE Secured

on AFFCU’s secure website

Plus Checking

This account comes with perks to similar Elite Checking but earns a lot less interest.
APYMinimum Balance Amount
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (waived for minimum balance of $750.)
  • ATM fees: None
  • ATM fee refunds: Covers all fees at other ATMs.
  • Overdraft fees: $29 per transaction

With the AFFCU Plus Checking account, you only need to keep a minimum balance of at least $750 to avoid the monthly maintenance fee.

If you sign up for Plus Checking, you receive two free orders of checks per year, free withdrawals from any ATM in the world and cash back on debit purchases (12 cents for every purchase of at least $5). This account also earns interest though the rates are not as high as what you would receive with the Elite Checking account.

How to open an Air Force Federal Credit Union Plus Checking account

To open a Plus Checking account, you must become a member of Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Plus Checking account.

LEARN MORE Secured

on AFFCU’s secure website

Advantage Checking

This account has a smaller balance requirement and still earns interest. In exchange, it doesn’t have some of the other account benefits.
APYMinimum Balance Amount
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4 (waived for minimum balance of $500.)
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $29 per transaction

The Air Force Federal Credit Union Advantage Checking account only requires a minimum balance of $500 to waive the $4 monthly maintenance fee. It earns the same interest rate as the Plus Checking account.

However, in exchange this account does not offer free access to ATMs worldwide. If you use an ATM that isn’t part of the AFFCU network or one of their partners, Air Force Federal Credit Union will charge you a $1 fee per transaction and will not refund any fees charged by the owner of the ATM.

This account comes with one free order of checks per year and provides cash back on debit purchases (12 cents for each purchase of at least $5).

How to open an Air Force Federal Credit Union Advantage Checking account

To open an Advantage Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Advantage Checking account.

LEARN MORE Secured

on AFFCU’s secure website

Value Checking

A free checking account with no minimum balance requirement, no interest and not as many of the perks.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $29 per transaction

If all you want is free basic checking, the Air Force Federal Credit Union Value Checking account, could be a good option. It does not have a minimum balance requirement and never charges a monthly maintenance fee.

With this account, you receive free online banking, a debit card and the ability to order checks. You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

How to open an Air Force Federal Credit Union Value account

To open a Value Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Value Checking account.

LEARN MORE Secured

on AFFCU’s secure website

SAF-T Account

A no-check checking account with limits to prevent fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: None (overdrafts not allowed.)

AFFCU’s SAF-T account sets limits on how the account can be used in order to prevent bank fees. It requires you sign up for e-statements to avoid the cost and trouble of paper statements and fees for delivering a statement to the wrong address, as service members often move locations.

It also only allows debit transactions, so you can’t spend beyond your account balance. That way you won’t get hit with overdraft or NSF fees. This account does not charge monthly maintenance fees or have a minimum balance requirement.

You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

How to open an Air Force Federal Credit Union SAF-T account

To open a SAF-T account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a SAF-T account.

LEARN MORE Secured

on AFFCU’s secure website

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How Air Force Federal Credit Union’s checking accounts compare

We love the variety with Air Force Federal Credit Union’s checking accounts. Whether your goal is to earn tons of perks, minimize fees on a small account or do something in the middle, AFFCU offers something that could be a good fit.

If you can manage the $750 balance requirement, the Plus account seems like the best value because it comes with nearly all the features of Elite Checking with a fraction of the balance requirement — $750 versus $50,000.

The key downside of Air Force Federal Credit Union’s checking accounts is they do not pay enough interest. Elite starts to pay a decent rate once you deposit about $100,000 but that’s not realistic for most people. The other accounts pay nothing or practically nothing. If you’d like the same benefits as what’s available through this credit union, while earning a decent interest rate, take a look at the top online checking accounts.

Air Force Federal Credit Union’s savings account options

AFFCU Savings Account

This takes only $5 to open and never charges an annual fee. Unfortunately, it pays a low rate for a savings account.
APYMinimum Balance Amount
0.10%$5.00
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

You can open an Air Force Federal Credit Union Savings Account with a deposit of only $5. This account does not charge a monthly maintenance fee or have a minimum balance requirement but it will stop paying interest if your balance falls below $5.

This account limits how often you can take out money per month, which is a Federal Reserve requirement for savings accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, AFFCU will charge a $10 fee per excess transaction.

How to open an Air Force Federal Credit Union Savings Account

To open this account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Savings account.

LEARN MORE Secured

on AFFCU’s secure website

Christmas Club

Don’t let the cheery name fool you. It’s basically the regular savings account with a costly early withdrawal penalty.
APYMinimum Balance Amount
0.10%$0.00
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

Air Force Federal Credit Union markets their Christmas Club account as a way to save for the holidays. You put money aside during the year and then on November 1, Air Force Federal Credit Union transfers everything to your checking account.

But if you need your money before November, AFFCU will charge a $10 early withdrawal fee. This account pays the same interest rate as the regular Savings account. The only difference is you can open this account with a deposit of any size, instead of $5.

How to open an Air Force Federal Credit Union Christmas Club account

To open a Christmas Club account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Christmas Club account.

LEARN MORE Secured

on AFFCU’s secure website

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How Air Force Federal Credit Union savings accounts compare

The Air Force Federal Credit Union savings accounts are not that great. They just do not pay enough interest to make up for the extra restrictions for using a savings account instead of a checking account.

The Christmas Club account is a good example of the cost of those restrictions: If you ever need your money before November 1, AFFCU charges a $10 fee which will likely erase your earnings and eat into your initial deposit. You can receive the same interest rate through the regular Savings account, making that account a better option to prepare for the holidays.

Or even better, check out these other savings accounts which also have low fees but pay much higher rates.

Air Force Federal Credit Union’s CD rates

Air Force Federal Credit Union share certificates

Terrific CD rates, especially for small, short-term deposits.
Term$1,000$2,500$12,500$25,000$100,000
6 Months1.75%1.75%1.75%1.75%1.75%
1 Year2.30%2.30%2.30%2.30%2.30%
2 Years2.55%2.55%2.55%2.55%2.55%
3 Years2.60%2.60%2.60%2.60%2.60%
5 YearsN/A2.90%2.90%2.90%2.90%
7 YearsN/A3.20%3.20%3.20%3.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY:  For the 6 month – 3 year terms are $1,000 and for the 5 year – 7 year terms are $2,500
  • Early withdrawal penalty: The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date, applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further.

The Air Force Federal Credit Union Share Certificates range in terms from six months to seven years. You can open an Air Force Federal Credit Union Share Certificate with a deposit as low as $1,000. However, their five-year and seven-year certificates are not available unless you deposit at least $2,500.

The credit union currently pays the same interest rate regardless of the size of your deposit. They do offer a rate bonus if you use other services there. If you have either an AFFCU checking account or loan, they will add an additional 10 basis points to your interest rate; if you have both a checking account and loan they will add 20 basis points.

These Share Certificates do charge an early withdrawal penalty if you take money out before the end of the term. Their owner’s manual (account agreement) states the complicated penalty as follows:

“The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further withdrawal.”

Translation: Make an early withdrawal and you’ll lose one half of the payments you are still set to earn from the withdrawal date to the maturity date. The further you are away from the maturity date, the higher the penalty will be.

How to open an Air Force Federal Credit Union share certificate

To open a Share Certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Share Certificate.

LEARN MORE Secured

on AFFCU’s secure website

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How the Air Force Federal Credit Union CDs compare

Despite the complicated — and potentially costly — early withdrawal penalty, the Air Force Federal Credit Union Share Certificates are a terrific option. They pay high interest rates, especially for their shorter-term CDs of three years or less.

The rates look even better when you add in their relationship bonus for having an Air Force Federal Credit Union loan and checking account. We also like that you can open a Share Certificate with a deposit of only $1,000 and still earn the full APY on 6 month to three year terms.

One downside of these CDs is they don’t pay a higher rate for larger deposits: $1,000 or $1 million, it’s the same rate. Also, for longer-term deposits their rates are good but not quite as good as the short-term ones. If you want a larger, long-term CD or just want to compare your options, you should look at these other top CDs as well.

Air Force Federal Credit Union’s money market account options

Money market account

Doesn’t earn enough interest to justify the high balance requirement and monthly maintenance fee.
APYMinimum Balance Amount
0.05%$0.01
0.25%$2,500.01
0.25%$25,000.01
0.25%$50,000.01
0.25%$100,000.00
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10 (waived for balance of at least $250).
  • ATM fees: Free at AFFCU and co-op ATMs. $1 at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $29 per transaction

You need to deposit at least $2,500 to open an Air Force Federal Credit Union money market account. If your balance drops below $2,500, this account will reduce the interest rate. If your account balance drops below $250, the account starts charging a $10 monthly maintenance fee.

This account limits how often you can take out money per month, a Federal Reserve requirement for money market accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, the Air Force Federal Credit Union will charge a $10 fee per transaction.

How to open an Air Force Federal Credit Union money market account

To open a money market account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a money market account.

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on AFFCU’s secure website

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How the Air Force Federal Credit Union money market account compares

The Air Force Federal Credit Union money market account earns more than its savings counterpart, but the rate is still not that high. Especially when compared to the top money market accounts on the market. We also don’t like that the interest rate stays the same even after your account balance exceeds the $2,500 minimum initial deposit. There’s no increase for larger deposits. Also, that initial deposit requirement is on the high side.

On the plus side, this account is free so long as you have a balance of at least $250. But there are other free money market accounts that still pay more. If you’re going to deal with all the money market restrictions, you should look for an account that offers a more reasonable rate.

Air Force Federal Credit Union IRA account options

IRA certificates

The credit union’s terrific share certificates are available through an IRA.
Term$1,000$2,500$12,500$25,000$100,000
1 Year2.30%2.30%2.30%2.30%2.30%
2 Years2.55%2.55%2.55%2.55%2.55%
3 Years2.60%2.60%2.60%2.60%2.60%
5 YearsN/A2.90%2.90%2.90%2.90%
7 YearsN/A3.20%3.20%3.20%3.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: For the 1 year – 3 year terms are $1,000 and for the 5 year – 7 year terms are $2,500
  • Early withdrawal penalty: The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date, applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further.

The Air Force Federal Credit Union share certificates can also be set up as part of an IRA. That way you can delay taxes on the interest earnings until retirement. The rules and interest rates are mostly the same as the share certificates. The only major difference is the six-month term is not available for the IRA certificates.

You need to deposit at least $1,000 to open a certificate and earn the APY on one to three year terms. These IRA Certificates also charge the same early withdrawal penalty as the regular Share Certificates.

How to open an Air Force Federal Credit Union IRA share certificate

Before you can open an IRA share certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the Air Force Federal Credit Union website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number, and how you plan on funding the IRA. As part of the application, you pick which IRA certificates you want to open and how much money you want to go in each.

LEARN MORE Secured

on AFFCU’s secure website

IRA share accounts

Lower interest rates in exchange for lower deposit requirements and no early withdrawal penalties.
APYMinimum Balance Amount
0.30%$5.00
0.30%$2,500.00
0.30%$10,000.00
0.45%$25,000.00
0.45%$50,000.00
0.55%$90,000.00
0.55%$100,000.00
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: None

You can open an Air Force Federal Credit Union IRA share account with a deposit as small as $5. This IRA option is more like a money market account in an IRA. The interest rate is just based on the amount of money in your account. You also don’t have to commit your money for a set amount of time like you would with an IRA CD.

This account does not charge an early withdrawal penalty. However, the interest rates are significantly lower compared to the Air Force Federal Credit Union IRA Certificates.

How to open an Air Force Federal Credit Union IRA share account

Before you can open an IRA share account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the AFFCU website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number and how you plan on funding the IRA. As part of the application, you can select the IRA share account and list how much money you want to go into it.

LEARN MORE Secured

on AFFCU’s secure website

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How Air Force Federal Credit Union’s IRA accounts compare

Out of the two deposit IRAs from the Air Force Federal Credit Union, the IRA Certificate is the much better choice. It offers terrific interest rates that match up well even with the best IRA CDs in the country. Another great feature is you can set up an Air Force Federal Credit Union IRA Certificate for a deposit of only $1,000 for select tiers. Most top IRA CDs usually require more.

The IRA Share account is just OK. It’s nice that you can open one with just $5 and that Air Force Federal Credit Union lets you move money out of the account without a penalty. Still, the interest rates are just not high enough.

You are better off using either the IRA Certificates or considering another one of the top IRA CDs on the market.

Overall review of Air Force Federal Credit Union’s banking products

Air Force Federal Credit Union has some excellent accounts along with some that really aren’t great. Our favorites were their CDs and IRA CDs thanks to their terrific interest rates. AFFCU also has a nice variety of checking accounts so you can find a good fit for all kinds of different needs.

We didn’t like their savings and money market accounts: They don’t earn enough interest to make up for their withdrawal restrictions. If you sign up with this credit union, focus on its other accounts besides savings and money market.

But before getting too excited about any of the Air Force Federal Credit Union accounts, you should make sure you are eligible to join. As a local credit union, they restrict who can become a member. Their accounts are only available to people in a few Southern states who also meet the memberships requirements, like being in the military or part of select Texas organizations and businesses. If you can make the cut, then the Air Force Federal Credit Union is definitely worth considering.

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

David Rodeck
David Rodeck |

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

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Reviews, Strategies to Save

BB&T CD Rates and Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Trying to find BB&T CD rates
Source: iStock

As you may know if you’ve done a search for BB&T CD rates, their website is not a helpful place to turn for information. Beyond a basic overview of their CDs on their website stating that they have CDs with terms ranging from seven days to five years, they do not give details on their current rates. BB&T did not respond to email and phone inquiries from MagnifyMoney asking why the bank does not publish its CD rates online. When we called their customer service number, a representative said BB&T’s CD rates change on a daily basis and said the best way to learn about CD rates is to call or visit a local branch.

So that’s what we did.

We reached out to BB&T branches on September 5th. After conducting this research, it’s not surprising BB&T makes their CD rates hard to find — they’re terrible.

BB&T CD rates and products

BB&T offers CD terms ranging from as short as seven days to as long as five years. They have eight CD options, each with different investment goals.

7-day to 60-month

For short-term investments, BB&T offers CDs ranging from seven days to 60 months. These personal CDs offer a fixed rate of return along with the flexibility to focus on developing either a short- or long-term investment.

BB&T CD Term

APY

Minimum Deposit Amount

3 Months

0.03%

$1,000

6 Months

0.05%

$1,000

1 Year

0.10%

$1,000

18 Months

0.15%

$1,000

2 years

0.20%

$1,000

3 Years

0.40%

$1,000

4 Years

0.45%

$1,000

5 Years

0.50%

$1,000

Rates as of September 5, 2018

Not only can you find better CD rates at other banks and credit unions for each of the terms BB&T offers, you can get those better rates with smaller minimum deposits. BB&T’s offerings are far from the best in every term length above — you can see some of the top options in our monthly roundup of the best CD rates.

With the seven-day to 60-month BB&T CDs, there are no penalty-free options for withdrawing your funds prior to the CD reaching maturity. The early withdrawal penalty is the lesser of $25 or 12 months of interest for longer-term CDs. So with smaller initial deposits, early withdrawal penalties will negate any interest you may have earned.

Can’t Lose

As the name of this CD implies, whether rates go up or down, you can’t lose. Well, actually, you can: The APY is so low, you’re almost certainly going to lose money to inflation.

At the 12-month mark of the CD’s term, you may make one withdrawal without paying any fees. So if the market rate is higher than what you’re currently getting, simply withdraw the money and reinvest at the higher rate.

If, however, the interest rate you’re receiving is better than what’s currently available, you also have the option of making a second deposit into the Can’t Lose CD, up to $10,000. This locks in the rate for the new investment amount for the remainder of the term. So whether rates go up or down, you’ll lock in the higher rate.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

30-month "Can't Lose"

0.25

$1,000

No penalty for one
withdrawal after 12 months

As of September 5, 2018

Still, you can find many CDs with better APYs than BB&T’s Can’t Lose, whether you’re looking for a 12-month investment or longer.

Stepped Rate

Laddering is a way to stagger your CD investments so you’re able to take advantage of increasing rates. With the Stepped Rate option from BB&T, laddering is built into the CD product. The initial CD starts out at a lower rate and increases each year. For example:

Months

APY

12

0.30%

24

0.40%

36

0.55%

48

0.75%

As of September 5, 2018

This product also allows you to make an additional deposit each year (up to $10,000). So if the interest rate you’re receiving is better than the market, you can invest more money into your existing CD to make a higher return. But if the current CD market is offering better rates than your existing CD, you can simply take advantage of that offer and still make a higher return.

In addition, you may make a withdrawal from what you initially deposited into your Stepped Rate CD after two years. So, again, if the market changes dramatically, you may withdraw your money with no penalty and reinvest in a better option.

Or you could create a CD ladder on your own, choosing CDs with better rates than BB&T’s — higher rates are certainly available.

Add-on

The Add-on CD option from BB&T offers a 12-month CD at 0.10% and an opening deposit of $100. You’ll need a BB&T checking account and a $50/month automatic deposit from your checking account into the CD. To get a personal account, you’ll just need to set up direct deposit or maintain a $1,500 balance.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

12-month Add-on

0.10%

$100

Greater of $25 or
6 months’ interest

As of September 5, 2018

Home Saver

If you’re in the market for a new home, and you want to earn a little more interest on the money you’re saving, consider the Home Saver CD. Starting with as little as $100, you’ll be able to deposit money earmarked for your new home every month and earn 0.40% APY. With this CD, as long as you’re withdrawing the money for use toward the purchase of your new home, you won’t pay any penalties for the withdrawal. But you will need a BB&T checking account set up for a monthly deposit of $50 into your Home Saver CD.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month Home Saver

0.40%

$100

No penalty for
home purchase

As of September 5, 2018

College Saver

Similar to the Home Saver CD, the College Saver CD is meant for parents or students saving for college. It offers the benefit of starting at a higher APY (0.40%) with the flexibility of withdrawing the money up to four times per year to pay for the cost of attending school. As with the Home Saver, you’ll need to have a BB&T checking account with an automatic monthly deposit of $50. The College Saver offers terms of 36, 48, and 60 months.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month College Saver

0.40%

$100

No penalty for
school costs

48-month College Saver

0.45%

$100

No penalty for
school costs

60-month College Saver

0.50%

$100

No penalty for
school costs

As of September 5, 2018

Treasury

This CD offers the ability to make additional deposits of at least $100 into your CD at any time and one monthly withdrawal without penalty. The CD has a six-month term with a variable interest rate tied to the U.S. Treasury Bill — if the rate goes up, you’ll make more money, but if the rate declines, you’ll make less. Right now, rates start at 1.96% and adjust quarterly. Throughout 2017, Treasury Bill rates increased almost every month and have continued to rise in 2018, reaching 1.969% in July. So this is a great option if you have the $5,000 minimum deposit amount and want a short-term investment with the option to add or remove funds from the CD.

CDARS

CDARS stands for Certificate of Deposit Account Registry Service and protects your principal and interest by making sure your money is placed into multiple CDs across a network of banks to keep your CDs insured by the FDIC (maximum limit for each CD is $250,000).

Other things to know about BB&T CDs

Does BB&T allow customers to take advantage of rising rates once they’ve opened a CD?

BB&T has two CD options that allow you to take advantage of rising rates: the 30-month Can’t Lose CD and the 48-month Stepped Rate CD. Both allow you to make a withdrawal before the CD comes to maturity in case rates increase (terms apply). They also allow additional deposits in case rates drop and you want to invest more at the existing rate of your CD. However, the current rates on those products are very low, negating the value of their flexibility.

About BB&T

BB&T (Branch Banking and Trust Co.) is a North Carolina-based bank with locations in 16 states and the District of Columbia, including Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia.

BB&T offers a mobile app for both iOS and Android. While their website is easy enough to use, finding specific information, particularly about rates, is impossible. Their customer service number isn’t much help in that regard either, with most questions answered with a suggestion to visit a branch location. As a result, if you don’t live in an area with a branch, we don’t recommend using BB&T’s CDs. To find the BB&T branch closest to you, use their branch locator.

Pros and cons of CDs

A certificate of deposit (CD) may offer a higher return than you’ll get with your savings accounts, without the risk of loss that accompanies other investment options with higher return rates. The drawbacks associated with CDs are the inability to access your funds during the term of the investment without suffering a penalty and the risk of interest rates increasing while your money is locked into a CD for a specified term.

The bottom line: Are BB&T CDs right for you?

BB&T does offer some flexible deals to its customers, but in general, better CD rates can be found at both banks and credit unions with comparable terms. You can find them on our list of the best CD rates, which we update every month.

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

Ralph Miller
Ralph Miller |

Ralph Miller is a writer at MagnifyMoney. You can email Ralph here

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Reviews, Strategies to Save, Uncategorized

American Express® Personal Savings Account and CD Rates Review: A Solid Choice for Online Banking

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1989
Total Assets$114.2B
If you’re working hard to stay disciplined and stash away a portion of your income, you’ll want to earn the highest interest rate possible on your money. Unfortunately, that’s difficult as bank savings accounts earn an average of 0.08% in interest annually, according to September 4, 2018 data from the FDIC. Our advertiser, American Express National Bank, offers a rate on the American Express Personal Savings high yield savings account that is nearly 20 times that rate. It's currently advertised (as of 9/5/2018) at 1.80% annual percentage yield (APY). What’s better, the high yield savings account does not require a minimum deposit or charge fees, so you don’t need anything but your personal information on hand to open the account.
American Express National Bank’s Most Popular Accounts

APY

Account Type

Account Name

3.00%

CD Rates

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

2.70%

CD Rates

American Express National Bank 48 Month CD

on American Express National Bank’s secure website

2.65%

CD Rates

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

2.60%

CD Rates

American Express National Bank 24 Month CD

on American Express National Bank’s secure website

2.50%

CD Rates

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

1.80%

Savings

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

American Express Personal Savings Account

This account is a great option for anyone who wants the flexibility of earning a high interest rate without the withdrawal restrictions that come with a CD.

APY (%)

1.80% Variable

Minimum Deposit Amount

$1

Account Minimum

$1

Permitted Monthly Withdrawals

6

Annual Fee

$0

FDIC Insured?

Yes

Mobile App?

No

Transfer Time

Deposits will be available within five business days.
Transfers from savings to a checking account
take one to three business days.

In an American Express® Personal Savings account, your money earns 1.80% variable APY. It’s currently one of the best rates you can earn from an online savings account. The account does not have a monthly fee and they don’t require a minimum deposit, which makes it an affordable account to open. You will have to fund your account within 60 days of applying, and the FDIC insures your deposits up to full legal limit.

How the American Express Personal Savings account works

The American Express savings account compounds daily at a variable 1.80% APY, and interest earned is credited to your account on your monthly cycle date. The rate is variable, so American Express can raise or lower the interest rate at any time without notice to you before or after the savings account is opened.

Account holders must fund the account within 60 days, which you can do by setting up a bank transfer or direct deposit to the savings account, as well as by sending a check.

What we like about the American Express Personal Savings account

  • High interest rate The 1.80% variable APY is better than what you would earn putting your money in the accounts most brick-and-mortar banks offer. While there are higher rates to be had, American Express has a good offer.
  • Automatic savings It’s easy to make saving automatic when you have an online savings account. With the American Express Personal Savings account, you can easily set up a recurring deposit to pull funds from an external savings or checking account. To make it even easier to resist touching your savings, you can even have a portion of your paycheck directly deposited to the account.
  • Discourages spending With your money in an online account like the American Express Personal Savings account, you can only get your cash after making a transfer to an external checking account to which you have debit card access. The inconvenience makes it that much more difficult to spend your savings.

What we don’t like about the American Express Personal Savings account

  • No ATM card Not having card access is great when you need to prevent yourself from spending your savings, but the hassle of setting up and making an ACH transfer from your online American Express Personal Savings account can be problematic in a pinch. (American Express says transfers will take one to three business days for funds to become available in your checking account.) If you’re worried about this, you can instead turn to an online bank like Synchrony Bank that makes it easier to access your savings by issuing an ATM card tied to your high yield savings account.
  • Variable interest rate The annual yield rate American Express is offering on this savings account is high at 1.80%, but the bank can change that rate at any time for any reason, as the rate is variable. If you’re looking for a more predictable rate of return, consider a certificate of deposit.
  • Limited withdrawals Because this is a high yield savings account, banks are limited by Federal Reserve Board Regulation D to a maximum of six withdrawals and/or transfers from your online savings account per statement cycle without penalty. With that in mind, before you decide how much you’ll put away each month, make sure it’s not more than you can afford to, so you aren’t repeatedly reaching into your savings.

How the American Express Personal Savings account compares

As indicated earlier, the American Express Personal Savings account offer is strong, but how does it compare to other savings accounts?
Institution
APY
Minimum Deposit Amount
High Yield Savings Account from American Express National Bank
American Express National Bank

1.80%

$0

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on American Express National Bank’s secure website

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Synchrony Bank – 1.85% APY and no minimum balance

Institution
APY
Minimum Deposit Amount
High Yield Savings from Synchrony Bank
Synchrony Bank

1.85%

$0

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on Synchrony Bank’s secure website

Advertiser Disclosure

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

With $0 to open the account, you can earn an annual yield of 1.85% on savings account balances through Synchrony Bank and there are no monthly fees.

Savings accounts through Synchrony interest is compounded daily and is credited to the account monthly. An ATM card is offered through this account and you can still easily transfer or deposit funds through an ACH transaction or online.

Goldman Sachs Bank USA – 1.90% APY* and $0 minimum to open

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

1.90%

$0

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on Goldman Sachs Bank USA’s secure website

Advertiser Disclosure

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

Goldman Sachs Bank USA currently offers an APY of 1.90% on their Marcus Online Savings Account. You don’t need to deposit a minimum amount to open the account, but you will need to have a minimum balance amount of $1* to earn the APY. Interest on the Marcus Savings Account starts accruing the business day you deposit funds into the account. Goldman Sachs Bank USA doesn’t apply any service charges to their savings accounts.

Barclays Bank – 1.85% APY and no minimum balance

Institution
APY
Minimum Deposit Amount
Online Savings Account from Barclays
Barclays

1.85%

$0

LEARN MORE Secured

on Barclays’s secure website

Advertiser Disclosure

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

With $0 to open the account, you can earn an annual yield of 1.85% on savings account balances through Barclays. While there are no monthly fees, an account that has a balance that is less than $1 for 180 days or more may be closed by Barclays. Savings accounts through Barlcays will start accruing interest the day your initial deposit posts to your account, and interest is compounded daily. While an ATM card is not offered through this account, you can easily transfer or deposit funds through an ACH transaction or online through your account.

American Express CD Rates

These CDs are great for those who don’t have a lot of money to deposit, but the rates are slightly lower than the best CD rates available.

Term

APY

6 months

0.40%

12 months

0.55%

18 months

2.50%

24 months

2.60%

36 months

2.65%

48 months

2.70%

60 months

3.00%

CDs from American Express do not come with a minimum deposit amount. You’re free to deposit as little or as much as you want to begin earning interest on any of its CD terms. This is great for individuals who don’t have a lot of money to deposit in CDs offered by other online banks. The downside is that you won’t be receiving as high of an APY as you could at other online banks. While the rates aren’t terribly low, they just don’t compare to most of the best CD rates currently available.

How CDs offered by American Express work

American Express offers terms spanning from 6 months to 5 years. Interested is credited on a monthly basis and compounds until it matures. You can choose to have the interest transferred out of the CD and into the American Express Personal Savings Account on a monthy basis, transferred into a linked account, or mailed to you monthly, quarterly, or annually via a check. If you touch the principal, however, you’ll incur an early withdrawal penalty. The penalty is based on your CDs term:

  • For CDs with a term of less than 12 months: 90 days worth of interest
  • For CDs with a term of 12 months, but less than 48 months: 270 days worth of interest
  • For CDs with a term of 48 months: 365 days worth of interest
  • For CDs with a term of 60 months: 540 days worth of interest

If you’re able to keep your principal and interest within the CD, you’ll receive notice, either by mail or email, that your CD is about to mature in ten days. If you don’t tell American Express that you do not wish to renew your CD, they’ll automatically renew the CD with the same term unless they no longer offer that term. You can call American Express any time before your maturity date to tell them that you do not wish to have your CD automatically renewed.

Online banks vs. brick-and-mortar banks

Online banks have been having a moment not only because of the rise in mobile banking among consumers, but also because they can simply offer consumers more benefits because they don’t have to worry about as many overhead expenses as brick-and-mortar banks. An August 2017 study by DepositAccounts.com, another subsidiary of LendingTree, shows the annual percentage yield internet banks offer on savings accounts is more than four times what brick-and-mortar banks or credit unions offer. The same analysis shows annual percentage yields on internet bank savings accounts have surged 29 percent since January 2016.

Simply put, the main benefit of putting your money in an online savings account is your money does more for you. To show this, DepositAccounts provided an example, based on the average APYs in those savings categories: If a saver were to put $100,000 in a savings account and leave it alone for 10 years, they would earn $8,338.79 at an online bank versus $1,747.04 in a brick-and-mortar bank and $1,895.28 in a credit union, assuming a fixed APY.

Overall Review of the American Express Personal Savings Account and CDs

Overall, the American Express Personal Savings Account is a solid online savings option. The interest rate they offer is high and the features of the account are comparable to other online banks’ savings accounts. While there are certain aspects of the Personal Savings account that could use improvement, other online banks present the same obstacles. As was mentioned earlier, the American Express Personal Savings account is one of the best options available.

The CDs American Express offers, on the other hand, aren’t quite as good. The 6 and 12-month CDs are nowhere near the best rates offered by other online banks and the 18 – 60-month CDs fall short of the other rates offered. The only feature that makes American Express stand out from most of the other online banks is that this bank doesn’t require a minimum deposit to open an account or start earning interest. If you’re not quite ready to deposit a huge chunk of money into a locked account, you may want to start out with on of the CDs offered by American Express.

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

Brittney Laryea
Brittney Laryea |

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

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