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Reviews

The 2017 MagnifyMoney Mobile Bank App Ratings

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.

It’s difficult to remember how frustrating mobile banking was for users just five years ago. Some mobile banking apps would struggle to find the nearest ATM. Depositing checks by capturing an image was considered cutting edge. It was even quite possible your bank didn’t have a smartphone app.Fast forward to today. Now, alerts from banking apps are a feature we take for granted. Most apps, if the bank offers a credit card account, will show you your current credit score. Some banks are even allowing you to make ATM withdrawals through the app, without a bank card.

The data in MagnifyMoney’s 2017 mobile banking ratings indicates that, as a class, banking apps have matured. Overall, apps haven’t appreciably improved, with users on the Apple App Store and Google Play rating banking apps an average of 3.7 stars (out of 5), as they did in 2016. But this year, none of the mobile banking apps can be considered especially awful anymore.

How we reviewed the apps

Summary of key findings:

  • Best Overall App: Discover with a score of 4.8, up from 4.2 in 2016.
  • Best Apps Among the 10 Largest Banks: Chase and Capital One both scored 4.6.
  • Worst App Among the 10 Largest Banks: BB&T with a score of 3.0, improving from 2.8 in 2016.
  • Best Apps Among the 10 Largest Credit Unions: SchoolsFirst, PenFed, Alliant, BECU and America First all scored 4.3, well above the average of 3.7 for all credit union apps.
  • Worst App Among the 10 Largest Credit Unions: Star One with a score of 3.2, down from 3.3 in 2016.
  • Best Online Direct Bank App: Discover Bank with a score of 4.8, up from 4.2 in 2016.
  • Worst Online Direct Bank App: Ally Bank, with a score of 3.4, improving from 3.1 in 2016.
  • Overall Most Improved App: First Tech Federal Credit Union, with a score increase of 122% year over year, from 1.9 to 4.2.
  • Most Improved Traditional Bank: Umpqua Bank, with a 30% ratings increase year over year, from 2.3 to 2.9.
  • Overall Most Deteriorated App: First Tennessee, whose score dropped 40%, from 3.5 to 2.1 year over year.

Overall Best and Worst Bank Apps

Discover tops them all

Discover has managed to keep the more than 1 million people who have used its mobile app relatively content. Part of its success may lie in serving more credit card-only users than mobile apps from other large banks, which tend to have customers primarily using mobile apps for more traditional checking and savings accounts. Nonetheless, its score of 4.8 is the highest of any institution in our rankings this year.

Sample Discover feedback from Android app users:

Excellent mobile app with TU FicoScore 8 to know your creditworthiness. Also, allow the manage of authorized user to freeze their credit cards awesome feature. The only secured credit card with rewards. Overall perfect, Thanks Discover. – December 3, 2017

Does pretty much everything you could ever need. Slick UI. Reliable. The only thing I’d change which is minor is being able to manage my bank and my card in the same tab. – November 18, 2017

Screenshots via Google Play

Credit unions still among those highly rated, but traditional banks are catching up

Last year, credit unions monopolized the highest rated app list, when all but one name was a credit union. But this year, credit unions share the stage with two traditional banks and an online direct bank. Capital One and BBVA Compass were also ranked highly by app users this year, each garnering a 4.6 overall rating by mobile app users.

Sample Capital One feedback from iOS app users:

App is super simple and fast. Doesn’t crash. Quick two-factor security. All normal features promised and delivered like auto-pay, one click to see my credit score, simple rewards features, etc. – November 2017

Screenshots via Google Play

Sample BBVA Compass feedback from Android app users:

Love this app. Makes it so easy to do banking without the hassle of going to the ?!!! I can do everything right from my phone. With the new updates it’s gotten even better!!! – November 7, 2017

Screenshots via Google Play

10 Best and Worst Bank Apps

(Among the 10 largest banks and credit unions)

Bigger is getting better

Apart from laggard BB&T, the apps of the 10 largest banks were rated better than average by users, which is quite a feat when you consider that many of these apps, like Wells Fargo Mobile and Citi Mobile, not only offer savings, checking and credit card accounts, but also more complicated products like brokerage accounts and holistic personal finance management programs similar to websites like Mint.com.

Sample Chase feedback from iOS app users:

I use this app every day. It’s pretty simply laid out, intuitive. It combines my multiple personal accounts and business accounts in one app. – August 5, 2017

Online banking still a mixed bag

Among the 10 online direct apps we found more dispersion in app user satisfaction. While Discover tops the list with a weighted overall rating of 4.8, four of the banks had apps with a rating of less than 4. Still, nearly all the apps in this category saw a modest improvement in user satisfaction versus last year.

Credit unions hold steady

Credit union customers (shareholders, in Credit Union’s language) tend to be happier than those who use traditional banks, and that trend continues for mobile apps.

5 of the 10 largest credit unions have the same overall score of 4.3, which is unsurprising as the interface of many credit union apps are from the same software developer.

Methodology

App ratings were recorded the week of Nov. 15, 2017 in the Google Play and Apple App Stores, and include ratings for all app versions. Overall ratings are a weighted average, rounded to the nearest tenth, of iOS and Android ratings based on the number of reviews for each platform. Institutions with no mobile apps were excluded from ranking summaries.

The 50 largest banks, defined as those with the largest deposits per FDIC data June 2017, were examined. Those not offering consumer checking accounts were excluded. The 50 largest credit unions by assets according to the CUNA in September 2017 were examined. For online direct banks, and 10 of the largest online direct banks were chosen by number of app ratings.

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.

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Bank7 Review of Checking, Savings, CD 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.

Bank 7
Bank7 is an Oklahoma-based community bank, with branches in Kansas and Texas. Founded in 1901 as The First National Bank Of Medford, it changed its name to Bank7 in September 2004.Bank7 offers mobile and online checking, but you can only open an account by visiting one of their locations or by phone. Their personal accounts have a whole host of features and offers some decent CD rates.

This bank review will cover their checking, savings, CD and IRA CD accounts. Bank7 does not publish its rates online and asks consumers to contact a Customer Service Representative to learn about the current deposit account rates.

Bank7’s checking account options

Bank7 Checking

This account has a low monthly maintenance fee that can easily be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $1 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This is Bank7’s basic checking account, best for those who want a checking account that doesn’t charge high rates. Keep in mind that it doesn’t earn any interest so if that’s of concern, you may want to consider opening their interest-bearing account called the Super7 Checking.

You can avoid the monthly maintenance fee by either enrolling in e-statements (the $1 monthly fee is to receive paper statements), keeping a minimum combined balance of $5,000 in your checking and savings accounts or making a minimum $100 direct deposit each month.

Other perks with this account include online banking and unlimited bill pay, mobile banking and check deposit, and a Visa debit card. You won’t be slapped with any ATM surcharges if you stick with Bank7 or one of the Allpoint network’s more than 55,000 ATMs.

How to get a Bank7 Checking account

You’ll need to head to a local branch or call customer service. You can enroll in online banking once your account is open.

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Super7 Checking

Earns interest and you can waive maintenance fees.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This Super7 Checking account is the bank’s only interest bearing checking account and is best for those who want to earn some interest and intend on keeping $1,000 in there. You get the same features as the non-interest bearing checking account, including no ATM fees. You may have to pay ATM surcharges unless you stick with a Bank7 ATM or within the Allpoint network’s more-than-55,000 ATMs. On top of the monthly maintenance fee, there’s also a $1 monthly service fee.

Both these recurring fees can be waived. To waive the monthly maintenance fee, you’ll need to maintain a daily balance of at least $1,000. For the monthly fee, you can either enroll in e-statements, make at least $100 in monthly recurring direct deposits or maintain at least $5,000 in combined balances across your Bank7 checking and savings accounts.

How to get the Super7 Checking account

Although there is online banking available, you can only enroll once you have an account open. To do so, you’ll need to head to a local branch or call customer service. While you have a Customer Service Representative on the phone or in person, be sure to verify the APY for this account.

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How Bank7’s checking accounts compare

Bank7’s Super7 Checking account offers the ability to earn interest, which is an advantage over most banks, but there are other checking accounts offered by competitors that have better features and verified rates. The fees are a big concern for us. Other online banks offer free checks, no balance minimums and even have ATM fee reimbursements. They also allow you to open accounts online, a service that Bank7 does not provide.

If you’re after higher rates and want the convenience of opening an account online, you may want to consider checking out nbkc bank as they don’t have many fees and allow you to earn a bit of interest.

Institution
APY
Minimum Deposit Amount
Personal Account from nbkc bank
nbkc bank

0.90%

$0

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Bank7’s savings account options

Tiered Savings

Low monthly maintenance fee and ATM access.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

This savings account is great for those who want a simple savings account with ATM access. You can choose to get an ATM card, but it’s only good for cash withdrawals. You won’t be slapped with any ATM surcharges if you stick with Bank7 ATMs or within the Allpoint network, which has more than 55,000 ATMs. This is an interest-earning account and the interest compounded daily and credited monthly.

To waive the monthly maintenance fee, you can either set up a recurring direct deposit of at least $150 each month, enroll in e-statements or maintain a balance of at least $5,000 across your Bank7 checking and savings accounts.

Because this is a savings account, Federal Reserve Regulation D limits account holders to six pre-authorized or automatic withdrawals per month. Bank7 allows three free withdrawals each month. Make more than that and you’ll be charged $3 for each one. If you continually make excessive withdrawals, Bank7 may either change the type of account or close your savings account.

The tiered account isn’t available to Kansas residents. Instead, Bank7 offers a Kansas Savings at a fixed APY.

How to get the Tiered Savings account

You’ll need to head to a local branch or call customer service. Make sure you verify the APY you can potentially earn based on the amount you’re willing to deposit when you open the account. You can enroll in online banking once your account is open.

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Kansas Savings

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

Kansas residents are eligible for this non-tiered account. The APY for this account is fixed, meaning it doesn’t rise or fall depending on the balance of the account. While there’s no interest rate tier, you do get the same features — such as the option to make cash withdrawals with a designated ATM card. Interest earned is compounded daily and credited to your account each month.

Bank7 will waive the monthly maintenance fee if you enroll in e-statements, keep a minimum of $5,000 across your Bank7 checking and savings accounts or make a minimum $100 monthly direct deposit.

As with all savings accounts, Federal Reserve Regulation D limits you to six withdrawals per month, but Bank7 will charge you $3 per withdrawal over three each month. If you consistently make more than three withdrawals a month, your account could be converted into another type of account or closed.

How to get the Kansas Savings account

Kansas residents can open a savings account by going to either one of the two Kansas branch locations, or by calling its customer service line. If you decide to open this account, please be sure to verify the APY on this account when you’re either in the branch or on the phone with a Customer Service Representative. Once an account is opened, you can then sign up for online banking.

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How Bank7’s savings accounts compare

Candidly, the fact that Bank7 doesn’t publicly share the rates on its savings accounts is a little concerning. Most of the accounts on our list of the best savings accounts have verified rates that are publicly displayed on its websites and no minimum balance amounts. However, not all offer the broad ATM access like Bank7. It does have a lower excessive withdrawal fee compared to other places, but the account charges you after three withdrawals, whereas others allow you more than twice that number before charging you.

In any case, you may be better off choosing an online bank like Marcus by Goldman Sachs to place your savings in a high-yield savings account with no minimum balance.

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

1.85%

$0

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Bank7’s CD rates

Fixed CD

Get guaranteed rates of return on various CD terms.
  • Minimum opening deposit: $1,000 (6, 12 and 18 months) or $10,000 (24, 36 and 48 months)
  • Minimum balance amount to earn APY: $1,000 or $10,000
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

These CDs are great for those who want a conservative investment and a guaranteed rate of return on their money. As is the case with most CDs, you get rewarded with higher rates on longer terms, but you’ll also need to make a higher minimum deposit, which is a bit steep compared to other banks.

With the 18-month CD, there is the option to choose a step-up rate. If the rate goes up for the before your account matures, you can request to raise your rate twice during the term.

Interest earned for the CD is either compounded monthly, quarterly, semi-annually or annually. It’ll then either be credited monthly, quarterly, semi-annually or annually as well, depending on your CD. You get a statement each quarter outlining your earnings and the maturity date is on all of them which acts as a reminder of when your CD matures.

When your CD matures, you’ll have a 10-day grace period where you can decide to close the account, make additional deposits or renew it for another term. Otherwise, it’ll automatically be renewed.

An early withdrawal requires the bank’s consent and the penalty would be the interest you would have earned or will earn for the term. For example, if you have a 6-month CD and you decide to make a withdrawal two months in, you’ll need to pay up to four months interest.

How to get Bank7’s CDs

You can only open a Bank7 CD either by heading to your local branch or by calling customer service. Once again, be sure to verify the rates for each CD term prior to opening the account.

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How Bank7’s CD rates compare

Bank7’s minimum deposit amount for the longer-term CDs are a bit on the higher side when comparing them with our list of the current best CD rates. Some also offer a wider variety of terms, so if you want a longer or shorter term than what Bank7 has to offer, you may want to consider Synchrony, Ally, or Barclays depending on the minimum amount you’re willing to deposit.

Institution
APY
Minimum Deposit Amount
12 Month CD from Synchrony Bank
Synchrony Bank

2.45%

$2,000

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on Synchrony Bank’s secure website

High Yield 3 Year CD from Ally Bank
60 Month Online CD from Barclays

Bank7’s IRA account options

Fixed IRA CD

Only offers one term but has a low minimum deposit amount.
  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

The IRA CD may be a great choice for you if you’re looking for a guaranteed rate of return on a tax sheltered or deferred account. The unfortunate thing is that you’re limited to only a 12-month term. However, you’re able to make additional deposits unlike their regular CD account. The minimum deposit is also lower.

Interest earned is compounded and credited to your account every quarter. You’ll receive a statement every quarter which details all activity as well as the maturity date. This will act as a reminder to let you know how much more time you have until your CD matures.

Upon maturity, you get a 10-day grace period in which to decide to either keep making additional deposits, close the account, or renew it. If you do nothing, the CD will automatically be renewed.

The early withdrawal penalty is effectively the interest you would have earned or will earn for the 12-month term. For example, if you decide to make a withdrawal five months before your CD matures, you’ll need to fork over what you would have earned in those five months. You may also face tax penalties from the IRS.

How to get Bank7’s IRA CDs

Like its other banking products, you’ll need to open an IRA CD at a local branch. You can also try calling the customer service line. You’ll also need to verify the rates in person or on the phone.

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How Bank7’s IRA CD rates compare

Bank7’s IRA CD rates fall slightly short of the best offerings out there. When compared to other IRA CDs with the same term, there are much better yields on our list of the current best IRA CD rates.

However, where Bank7 shines is the low minimum opening deposit and the ability to make additional deposits throughout the term. Other banks require much higher minimums and don’t allow you to make additional deposits once you fund the account.

If you’re after the highest rates, you’ll be better off looking at other places. But if you like having the option of making additional funds — up to the maximum amount allowed by the IRS each year — bit by bit, then the Bank7 IRA CD is a great choice.

Overall review of Bank7’s banking products

Looking at the pros and cons of Bank7’s products, the cons are that you currently can’t open an account online — you’ll need to do that in person or by calling customer service — and the products’ rates aren’t published online. In an industry where online banking is becoming more prevalent, those are two important factors when it comes to choosing a bank. You do get access to online banking, but that’s a separate step after you open an account. If, however, you enjoy driving to a bank and interacting with a person to get your banking done, this bank may be a very viable option for you if you reside in a location that has a Bank7 branch.

As far as the actual products go, Bank7 does offer products with low opening deposit amounts. The savings account offers ATM access, but does charge an excessive withdrawal fee after you make three, whereas other banks do so after six. The checking accounts, however, aren’t stellar. They actually require a high minimum balance in order to waive the monthly maintenance fee.

If all you’re looking for is a place to store some cash, the savings account is a good option. And for those looking for conservative investments, the CD accounts are also great. But if you want a bank that offers a wide variety of products with the best rates, you may want to do some comparison shopping.

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

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

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M&T Bank Reviews: Checking, Savings, CD, and Money Market 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 Established1856
Total Assets$118.1B
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M&T Bank is headquartered in Buffalo, New York and for more than 160 years has served both individuals and businesses. The bank offers business and commercial services along with consumer products, including checking, savings, CDs, debit cards, credit cards and personal loans. M&T Bank touts its relationship-driven approach, supported by a vast branch network and mobile tools, to provide consumers the ability to bank on the go with ease.

Beyond its home state, the bank has brick-and-mortar locations Connecticut, Delaware, New Jersey, Maryland, Pennsylvania, Virginia, Washington, DC, and West Virginia. There are 750 M&T branches and 1,800 ATMs. For this review, we used M&T Bank’s corporate headquarters location of Buffalo, New York, 14240, for consistency when showing rates.

M&T Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

M&T Bank M&T Starter Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.75%

CD Rates

M&T Bank 12 Month Select Promo CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.90%

CD Rates

M&T Bank 36 Month Select Promo CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.11%

CD Rates

M&T Bank 60 Month Promo CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

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Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

1.40%

M&T Select Promo CD - 12 months

1.75%

M&T Select Promo CD - 18 months

2.25%

M&T Select Promo CD - 24 months

2.75%

M&T Select Promo CD - 36 months

0.90%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

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How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

M&T e-Money Market

The M&T e-Money Market account can be opened online and offers no monthly maintenance charges.

APY

Minimum Balance Amount

0.05%

$1.00 -$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T e-Money Market account requires no monthly maintenance charges and can be opened online.

This money market account is best for anyone who wants to easily open a money market account online and who doesn’t want to keep a minimum balance or pay monthly maintenance fees. This account does earn interest.

The interest rate is low, however, it’s better than the rates offered with M&T Bank’s checking accounts, so this could be a good option for someone looking to save and earn a bit of interest income. This account also comes with check writing abilities.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T e-Money Market

Consumers can apply to open a M&T e-Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T e-Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.

APY

Minimum Balance Amount

0.04%

$1.00 - $9,999.99

0.34%

$10,000.00 - $24,999.99

0.36%

$25,000.00 - $49,999.99

0.39%

$50,000.00 - $99,999.99

0.39%

$100,000.00 - $999,999.99

0.13%

$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

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.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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Reviews

TCF Bank Review of 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 Established1923
Total Assets$23.4B
LEARN MORE on TCF Bank’s secure website

TCF Bank is based in Wayzata, Minn., with branches in a handful of other states, including Arizona, Colorado, Illinois, Michigan, South Dakota and Wisconsin. For businesses, TCF offers various commercial financing options in all 50 states.

For a regional bank, TCF offers a wide range of products and services, ranging from checking and savings accounts to prepaid debit cards, credit cards, mortgages and CDs. The bank is also committed to financial education and community service where it operates.

Here’s a closer look at the TCF product line, including rate information and tips on how to open various accounts.

TCF Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

TCF Bank TCF Free Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.05%

CD Rates

TCF Bank 3 - 13 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.25%

CD Rates

TCF Bank 30 - 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.35%

CD Rates

TCF Bank 49 - 61 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TCF Bank’s checking account options

TCF® Premier CheckingSM

The TCF® Premier CheckingSM pays little to no interest and charges a monthly fee unless you meet the high minimum balance requirement.

APY

Minimum Balance Amount

0.01%

$2,500+

  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15, which can be waived if you carry a $2,500 minimum balance or $15,000 combined balance across accounts
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived for 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None
  • Overdraft fee:$37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

With a $15 monthly maintenance fee that can only be waived if you carry $2,500 in your checking account or $15,000 across all TCF Bank accounts, this account doesn’t have much going for it. What sets it apart from the free checking account is that you can receive both online and paper statements for free with this account. With Premier Checking, customers can also get free checks and up to four free money orders per day.

The Premier Checking account does pay interest, but just barely. Rates are extremely low. You’ll need to deposit $2,500 just to earn a rock bottom 0.01% APY.

Beyond earning interest, Premier customers get all the benefits of the bank’s Free Checking account, from mobile and online access to a debit card and access to mobile payment apps Google Pay, Apple Pay® or Samsung PayTM.

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TCF Premier 62+ Checking®

As the name implies, TCF Bank’s Premier 62+ Checking is an account designed for customers age 62 and older.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $9.95; waived with $200 in direct deposits, 15 qualifying withdrawals, or $10,000 in combined TCF account balances
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

The TFC Premier 62+ Checking account combines many of the best features of the bank’s other checking accounts. Account holders receive free online and paper statements, a free debit card, free checks, up to four free money orders per month, online bill pay, free TCF Bank ATM withdrawals and fee rebates for up to two non-TCF Bank network withdrawals per statement cycle.

Additionally, the Premier 62+ Checking account pays interest. Rates are the same for all deposit levels, and interest is paid starting with the first penny. However, rates are extremely low.

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TCF Free Checking®

TCF Free Checking® is a basic checking account, with low minimums and no monthly fees.
  • Minimum opening deposit:$25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with Overdraft Protection linked to savings account; $10 plus 18% annual interest if linked to line of credit

TCF Bank requires a $25 deposit to open its Free Checking account, but once the account is open, there’s no minimum balance requirement. In-network domestic ATMs come free of charge, but you’ll have to pay to use domestic out-of-network ATMs. If you’re traveling overseas, ATM fees are high.

You’ll get the standard bells-and-whistles with the TCF Free Checking® account, as you would at most competitors, including:

  • Free digital banking
  • Free mobile app
  • Free domestic ATM withdrawals (in-network)
  • Free debit card
  • Pay using your phone with Apple Pay®, Samsung PayTM or Google Pay

TCF Bank has a standard overdraft policy that applies to all of the bank’s checking accounts, including the TCF Free Checking® account. If you link up a TCF Bank savings account or line of credit, the bank will automatically transfer enough money to cover an overdraft in your checking account. While you’ll still pay a fee, it’s less than the standard overdraft fee. If you overdraw your account by less than $5, you won’t have to pay the fee. However, for larger amounts, you can get hit with up to five overdraft fees per day.

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TCF® Teen Checking

The TCF® Teen Checking account is for customers aged 14 to 17 years old. A parent or legal guardian is required to co-sign for the account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF Bank ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: none
  • Overdraft fee: Overdrafts not paid unless customer opts in; $15 NSF fee for each item returned unpaid; with overdraft protection, $10 fee to cover with linked savings account

The Teen Checking account carries no monthly maintenance fee and has a small minimum opening deposit. No interest is paid. Overdrafts are not paid unless a customer opts in. If opting out, there is a maximum of two overdraft fees per day. With a linked savings account, overdrafts are covered for a smaller fee.

One benefit of the Teen Checking account over most other TCF Bank checking accounts is the fee waiver for two non-TCF Bank ATMs per statement cycle, just as with the Premier Checking account. Another benefit shared with the Premier Checking account is the inclusion of free paper statements.

Account holders also benefit from the standard features and benefits offered to all TCF Bank checking account customers, including mobile and online services, free online statements and a free debit card.

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TCF Free Student Checking®

TCF Free Student Checking is designed for customers from ages 18 to 24.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

TCF’s Free Student Checking is very similar to the bank’s Teen Checking, except it’s designed for a slightly older age group. Since the Free Student Checking account is open to customers age 18 to 24, no adult cosigner is required.

The parameters of the Free Student Checking account are similar to other checking accounts at TCF Bank. Customers enjoy no monthly fees, a modest minimum opening deposit, free paperless statements and mobile banking. Paper statements are also free with the Free Student Checking account, as are a debit card and online bill pay. However, the account does not earn interest. To learn more about this account, click here.

How to open a TCF Bank checking account

You can open TCF Bank’s checking accounts either online or by visiting a branch. The account-opening process is standard and similar to the procedures at other banks. If you’re already a TCF Bank customer, you can log in to your account and proceed from there. Otherwise, you’ll need to provide your personal and financial information to the bank online.

To apply, you’ll need to be a legal resident of the United States and at least 18 years old. You’ll also need to provide the following:

  • Social Security number or Individual Tax Identification Number (ITIN)
  • A driver’s license, passport, state or military ID
  • A funding source, such as a checking or savings account

The online application will ask you for additional information, such as your date of birth, phone number, email address and employment information. You can also select a username and password to access your accounts in the future.

With internet access, an online application may be the easiest method to open a TCF Bank checking account. If there’s a branch near you, you can also open an account in-person with a bank representative.

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How TCF Bank’s checking accounts compare

TCF Bank’s checking accounts offer numerous freebies and benefits that are commonplace in today’s competitive market. Unusually, some of the bank’s accounts offer free paper statements, which is a rarity in today’s world. However, the bank’s checking account interest rates can’t compete with the top online banks’ checking accounts.

Beyon

TCF Bank’s savings account options

TCF Free SavingsSM Account

The TCF Free Savings Account’s low APY should send customers looking elsewhere to earn more on their savings deposits, though it is a complementary account to the TCF Free Checking account.

APY

Minimum Opening Deposit

0.01%

$25

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

Among the features is a free debit card that can be used to access funds in both accounts. Despite the minimal interest paid on the account, it can be linked to provide overdraft protection for a TCF Bank checking account. At the same time, account minimums are low, and there’s no monthly maintenance fee attached to the account.

The TCF Free Savings account carries restrictions put in place by the Federal Reserve on all banks on savings and money market accounts. Known as Reg D, this rule restricts your withdrawals from savings accounts to six per month. Every withdrawal above the six allowed will trigger an excess activity fee from TCF Bank.

Interest rates on the Free Savings account do not vary based on size of deposit and balance, the same as with all TCF Bank accounts.

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Member FDIC

TCF Power SavingsSM Account

This is another TCF Bank savings product that does little to entice customers with an attractive yield on balances.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $4; waived with $100 minimum balance
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The Power Savings account is similar in many ways to the Free Checking account. Both accounts offer online and mobile access, a debit card and the same ATM withdrawal fee structure. The Power Savings account has a monthly maintenance fee and a higher minimum opening deposit. However, the monthly fee can be waived with just a small balance. As with all TCF Bank savings and money market accounts, monthly withdrawals are limited to six. Excess withdrawals trigger a fee. Interest rates on the Power Savings account are the same across the board, starting with a balance as low as $0.01.

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Member FDIC

TCF Performance SavingsSM Account

The TCF Performance Savings account is designed for accounts with larger balances to avoid fees.

APY

Minimum Balance Amount

0.01%

$1,000+

  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10; waived with $1,000 minimum balance
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The TCF Performance Savings account is only open to customers bringing in new money – funds not currently on deposit with TCF Bank. Accounts are limited to one per person. While there is a monthly maintenance fee, the amount required to waive the fee is the same as the minimum balance to earn interest, so customers opening this account can usually avoid the fee.

The account shares many characteristics with other TCF Bank accounts, including mobile and online account access. ATM fees also share the same structure as most other TCF Bank accounts, including free domestic withdrawals from ATMs in the bank’s network. Excess activity fees are the same as all TCF Bank savings and money market accounts, assessed after reaching six transactions per statement period.

How to open TCF Bank’s savings accounts

You can open a TCF Power Savings account online. To begin the application, you’ll need the following:

  • Social Security number
  • A government-issued ID
  • A valid email address
  • A funding source
  • A phone number

After answering some additional questions during the application, your last step will be funding the account.

To open a Free Savings or Performance Savings account, you’ll have to contact a branch directly, or visit in person. For the TCF Free Savings account, a companion TCF Free Checking account must also be opened.

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Member FDIC

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How TCF Bank’s savings accounts compare

Although most TCF Bank savings accounts pay interest starting at the first penny, they all offer the same low rate. This rate does not scale up as deposit size increases. The rate is below the national average in all accounts, and is far from the top savings account rates you can find at online banks.

While rates are low, TCF Bank offers standard account services that make banking convenient. Customers have mobile and online access to accounts, free ATM/debit cards, and free online statements. Overdraft fees, however, are high.

TCF Bank’s CD rates

TCF Bank only offers one type of certificate of deposit account, with maturities from three months to 10 years. Higher rates, along with promotional specials, are available to customers with a checking relationship

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CDs span a wide range of maturities. You can’t get a CD longer than 10 years, but you have a wide range of maturity choices shorter than that. A checking relationship can get you a modest boost across certain maturities.

Like most banks, TCF Bank charges an early withdrawal penalty if you need to take money out of your CD before it matures. The penalty varies based on the maturity of the CD.

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TCF Promotional CD Rates

TCF Bank offers a promotional CD for one maturity only.

Term

APY

15 months

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days.

TCF Bank’s promotional CD rate is for the 15-month maturity only. You can only get this rate by visiting a local branch. You must deposit new money to qualify for the promotional rate.

How to get TCF Bank’s CDs

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow CD accounts to be opened online. To open a CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for opening CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birth date, address and occupational information.

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How TCF Bank’s CD rates compare

Across the board, TCF Bank’s CD rates are low. For every maturity offered, the bank’s rates are well below the national average. When compared to the best CD rates available, TCF Bank comes up short. A checking relationship gives access to TCF Bank’s best rates, but the bump-up in yield is minor for all maturities. The one standout is the relationship rate for the 14-month CD, but even with the bump up, the payout is below average.

TCF Bank’s CD rates are the same for deposits of all sizes. This works against customers with large account balances, as they’d be entitled to higher rates at some competitor banks. However, for average customers that don’t have large sums to deposit, this is a benefit, as these smaller customers have access to the bank’s best rates, just like anyone else.

To find TCF Bank’s highest rates, you’ll have to commit to the longest maturities or take advantage of the relationship rates. Overall, TCF Bank’s low rates mean that extending maturities won’t provide a significant boost in income.

The best current option is to take advantage of the in-branch, new-money special. The yield on this special 15-month CD is the same as you could get on the 10-year relationship CD, and you’d only have to tie up your money for one-eighth of the time.

TCF Bank’s money market account options

TCF Power Money Market Account

TCF Bank’s Power Money Market Account pays interest and offers additional ways to access funds.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit:$50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, waived with minimum balance of $1,500
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refunds: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Transaction limitations: Six transactions per period
  • Excess activity fee: $15 for each transaction above 6 per month

TCF Bank’s Money Market account has a monthly fee, but maintaining a modest balance will get that fee waived. Interest is paid starting from the first cent deposited. Rates are the same regardless of the amount deposited.

One of the benefits of the TCF Bank money market account is that you can write checks to get your money. However, as with all savings and money market accounts, you must keep your withdrawals to six or fewer per period, or you’ll run afoul of the Fed’s Reg D restrictions. TCF Bank assesses a $15 for every withdrawal you make above this six-per-month limit.

Overdrafts and ATM withdrawals carry the same fee structure as most of TCF Bank’s other accounts. The overdraft fee can be reduced if you use another account for overdraft protection, and withdrawals from ATMs in the domestic TCF Bank network are free of charge.

How to get TCF Bank’s money market accounts

You can open a TCF Bank money market account online. Or, you can call or visit a local branch to complete the process. For additional information, contact the bank’s customer service team.

You can use the same personal and financial information you provided to open a checking or savings account to open a TCF Bank money market account. For example, you’ll need to provide important information including your Social Security number, birth date, address and occupational information.

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How TCF Bank’s money market accounts compare

TCF Bank pays interest on any balance in its money market account, but the rates are low, well below the national average and don’t approach the highest money market rates currently available elsewhere.

TCF Bank’s IRA CD rates

You can buy CDs in a TCF IRA with maturities from three months to 10 years. Rates are higher for those with a checking relationship with the bank.

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 month promotional CD - New money, in branch only

0.50%

0.50%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty: For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CD offerings in IRA accounts are identical to those in regular accounts, with the same options for maturity dates and rates. Customers with checking account relationships will benefit from slightly higher rates. The bank does offer one maturity at a promotional rate, good only for new customers who open the account in a branch.

How to get TCF Bank’s IRA rates

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow IRA CDs to be opened online. To open an IRA CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for open IRA CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birthdate, address and occupational information.

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How TCF Bank’s IRA rates compare

TCF Bank’s regular CD rates are low, and with IRA CD rates being identical, they are also poor in comparison to other available options. The bank’s IRA CD rates are well below the national average and are no match when compared to the best IRA CD rates available. The minor bump in yields given to customers with checking account relationships is not significant.

As with TCF Bank’s regular CDs, IRA CD rates are the same for deposits of all sizes. Larger deposits won’t help you get a higher rate, but extending your maturity date will. However, the increases offered to longer maturities are minor. The biggest jump in yield comes with the same 15-month promotional CD that is offered in regular accounts, carrying the same yield as a TCF Bank 10-year relationship CD.

Overall review of TCF Bank products

TCF Bank’s branch network is geographically limited to the upper Midwest, Arizona and Colorado. However, the bank offers some compelling account options. Rates across all products are extremely low. Checking options are a bit limited, but it’s easy to get a standard account with no fees. High-service checking and money market accounts are also available, with fee waivers for larger account holders. For those just starting out, there are student checking and saving options as well. However, these accounts don’t share the higher interest payouts offered by the bank’s CDs. Overall, the bank has standout options in some account categories, but not in all of them.

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.

John Csiszar
John Csiszar |

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

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Reviews

HSBC Bank Reviews: Checking, Savings and CD 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 Established2004
Total Assets$180.0B
LEARN MORE on HSBC’s secure website

As one of the world’s largest financial organizations, HSBC Bank has more than 3,900 offices around the globe, including the U.S. It was founded in 1865, financing trade between Asia and other countries. The bank serves more than 38 million customers worldwide.

HSBC Bank offers a wide range of products and services including bank accounts, loans and investment products. This review will focus on their checking, savings and CD accounts.

HSBC’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

HSBC Online HSBC Everyday Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.95%

CD Rates

HSBC 12 Month Online CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.10%

CD Rates

HSBC 36 Month Online CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.15%

CD Rates

HSBC 48 Month Online CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

HSBC Bank’s checking account options

HSBC Advance

Offers some free perks, but comes with an abysmal rate.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month on U.S. ATMs outside New York state
  • Overdraft fee: None

This checking account is meant for those who want to earn a bit of interest – and we mean “a bit”. You will also be paying a $25 monthly maintenance fee unless you either keep a minimum of $10,000 in combined HSBC Bank account balances or have a recurring direct deposit of at least $5,000.

Perks you get with this account include no ATM fees, free HSBC Advance checks (select styles), and access to Advance relationship benefits. This includes various discounts and the option to apply for a rewards credit card with no annual fee.

How to get the HSBC Advance account

To open an HSBC Advance account, fill out an application form online. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. Then you can fund your account.

You can also open an account by calling the bank or stopping in at a local branch.

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HSBC Premier

The account that takes advantage of all of HSBC Bank’s services.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $50 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

While the interest rate paid on these balances aren’t anything to write home about, this checking account does offer services for those who plan on making a lot of international transactions and have a number of accounts across HSBC Bank.

For one, there are no ATM fees or foreign transaction fees when using your debit card. Account holders also get their best rates for HSBC Bank’s money market accounts and mortgages. You’re also paired with a relationship manager who will help you with emergency financial support and priority service wherever you are. You also have the ability to link all eligible worldwide HSBC Bank accounts and make transfers between them.

To waive the monthly maintenance fee, you’ll need to keep a minimum of $100,000 across any qualifying accounts in the U.S.

How to get the HSBC Premier account

To open an account, you can fill out an application form on HSBC Bank’s website. You’ll need to provide your personal details such as name, address, Social Security number and government-issued identification. Afterwards you’ll need to fund the account.

You can also open an account in person or by calling customer service.

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Basic Banking

When a basic checking account is all you want.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $3
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This account is best for those who are looking for a no-frills checking account with no minimum balance amount. The monthly maintenance fee includes free e-statements, a Mastercard debit card, online banking and bill pay. Unfortunately, this account isn’t interest-bearing, nor can you waive the maintenance fee like at other online banks.

Another important aspect to note is that you only get the first eight checks or withdrawal slips you write for free. Exceed that limit in a month and and you’ll be paying $0.35 for each check or withdrawal you make. Keep in mind that this limit doesn’t apply to bill pay, ATM withdrawals or for Illinois residents

How to get a Basic Checking account

You can open a Basic Checking account by filling out an online application form. You must be at least 18 years of age, have a Social Security number, currently have a U.S. residential address and have had U.S. residency for the past three years to apply for an account online. If you do not have a Social Security number or have a military address, you will need to contact customer service. You’ll also need a government-issued ID.

Alternatively, you can call customer service or open an account in person at your local branch.

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Choice Checking

A step above the basic checking account with the ability to waive the monthly maintenance fee.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

The Choice Checking account is a great option for those who intend to use the account for regular transactions. This account isn’t interest-bearing, but you can waive the maintenance fee like at other online banks. To waive the monthly maintenance fee, you’ll need to either set up a recurring direct deposit from an outside institution or maintain a total combined account balance of at least $1,500.

Aside from free online banking, mobile banking, a Mastercard debit card and bill pay, there are no limits on transactions as with the Basic Checking account.

How to get the Choice Checking account

Head over to the HSBC Bank website and fill out an application form. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. You’ll then be able to fund your account.

Otherwise, you can open an account in person or by calling the bank.

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How HSBC Bank’s checking accounts compare

Despite the range of services available with HSBC Bank’s checking accounts, the interest rates paid on balances fall way short when compared to some of the best offerings out there. Other competitors offer much higher rates on checking accounts and require no minimum balances. Competitors offer free checks and ATM reimbursements without socking you with hefty fees like those charged by HSBC Bank. Unless have other existing accounts with HSBC Bank or are interested in the bank’s international products, you’re better off looking elsewhere.

HSBC Bank’s savings account options

Everyday Savings

An extremely low rate even for a basic savings account.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This is HSBC Bank’s basic savings account and it really doesn’t offer any bells or whistles. You get free online banking and can avoid the monthly maintenance fee by keeping an average ledger balance of at least $500.

HSBC will charge you $0.75 per withdrawal you make over three in a month, unless you have a minimum average balance of $1,000 or more in the account. And, because this is a savings account, Federal Reserve Regulation D limits account holders to six withdrawals per month.

How to get the Everyday Savings account

To get this account, you can fill out an online application form on HSBC’s website. You’ll be asked to provide information such as your name, address, Social Security number, and government-issued ID. Then you’ll need to fund the account. You can also head to your local branch or call the customer service line.

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Advance Savings

APY

Minimum Balance Amount

0.01%

none

0.05%

$15,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month for U.S. ATMs outside New York state
  • Overdraft fee: None

This account offers a higher rate, but only if you can qualify for the account. To be eligible, you need to already have either the HSBC Advance Savings account or the HSBC Premier checking account.

This savings account is also part of the HSBC Advance relationship program, which has features such as ATM refunds, preferred rates and more. To stay in the program, you need to have at least $10,000 across your qualifying HSBC Bank accounts or have at least $5,000 in direct deposits each month. If you no longer have either the HSBC Advance or Premier checking account, your account could be converted to the Everyday Savings account without notice.

As with all savings accounts, Federal Reserve Regulation D mandates that account holders are limited to six withdrawals a month. HSBC Bank does not charge an excess withdrawal fee for this account, however, once the account has violated the Regulation D limits, HSBC will notify you and may convert the account to a transaction type account or close the account.

How to get the Advance Savings account

To get this account, you’ll need to first enroll in the HSBC Advance program. To do so, you can head over to their online application form and open an HSBC Advance checking account. If you already have one, simply log into your account online and you can begin the application process there.

Otherwise, you can also head to your local branch to open an account or by calling customer service.

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Premier Savings

APY

Minimum Balance Amount

0.01%

none

0.10%

$25,000

0.15%

$100,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

To be sure, these are much better rates compared to the other two savings accounts, but you can only qualify for them if you start an HSBC Premier relationship. This means you’ll need to have an Premier checking account and keep at least $100,000 in qualifying HSBC Bank accounts. Unless you intend on keeping a lot of money with HSBC Bank, you might want to look at other options.

However, if you’re looking for a comprehensive banking solution, this could be a great choice.

How to get Premier Savings account

You can open an account in person, by calling the bank. You can also do so online by first opening a Premier checking account. If you’re an existing Premier checking account holder, simply log into your account online and you can begin the application process there.

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How HSBC Bank’s savings accounts compare

HSBC Bank requires relatively high minimums for their best rates. Yet these rates are minuscule compared to what other competitors are currently offering on savings accounts and many don’t even offer limited ATM access.

All this said, you’re better off looking elsewhere.

HSBC Bank’s CD rates

Direct CD

Term

APY

New Customers Only

6 months

0.75%

12 months

0.95%

24 months

1.30%

Existing Customers Only

9 months

0.01%

18 months

0.05%

36 months

0.10%

48 months

0.15%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Up to 369 days – 30 days simple interest
    • 370 to 733 days – 90 days simple interest
    • 734 days and greater – 180 days simple interest

This is a fixed rate CD. Interest is compounded daily and credited either monthly, quarterly or semi-annually. If your CD term is a year or less, interest will be credited at maturity.

HSBC’s rates and terms differ depending on whether you’re a new customer or an existing customer.

If you don’t have your CD set to automatically renew, you’ll receive a notice before your maturity date. Once it matures, you’ll have a 10-day grace period in which to decide what to do. Otherwise, it’ll either automatically renew or remain in the account – you won’t earn any interest – until you inform HSBC Bank what you want to do.

How to get HSBC Bank’s Certificates of Deposit

You can open a CD account by filling out an online application form. You’ll need to enter in personal details such as your name, address and Social Security number. Then you’ll need to fund the account.

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How HSBC Bank’s CD rates compare

HSBC’s CDs are similar to its other retail banking products, with lower than average interest rates. Even the promotional rates for new customer fall short of their online counterparts’ CD rates and other banks and credit unions also offer a wider range of terms. Even though HSBC Bank does offer a lower minimum deposit amount, you’re still better off looking elsewhere.

Overall review of HSBC Bank’s banking products

One of the only advantages we can really come up with for HSBC Bank is it offers a way to transfer between international accounts and no transaction fees for their debit card for certain accounts. Otherwise, there really isn’t much else to differentiate it. Their banking products offer really low rates and minimal features, unless you’re willing to keep a large chunk of cash with the bank.

In short, if you’re looking to park your savings in a checking, savings or CD account, look for better rates elsewhere.

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

TIAA Bank 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 Established1998
Total Assets$33.9B
LEARN MORE on TIAA Bank’s secure website

TIAA Bank is representative of the changes in the financial services industry over the past decade. Founded more than 20 years ago as EverBank, it was acquired in 2017 by TIAA, formerly TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund). TIAA’s roots date back to 1918 and a $1 million endowment from the Carnegie Foundation. It has now grown into a Fortune 100 financial services company.

Products and services offered include banking products, personal and commercial investment accounts. The organization prides itself in engaging in corporate social responsibility practices, such as investing in companies that engage in sound agricultural practices and social impact for underserved populations.

TIAA Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.61%

Savings

TIAA Bank Basic Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.25%

CD Rates

TIAA Bank 1 Year CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.55%

CD Rates

TIAA Bank 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.80%

CD Rates

TIAA Bank 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TIAA Bank’s checking account oaptions

Yield Pledge® Checking

Offers one of the highest APYs out there, but only as an introductory rate and with a hefty minimum opening deposit.

APY

Minimum Balance Amount

1.21% (intro rate)*

None, maximum $250,000

0.25%

none

0.46%

$10,000

0.61%

$25,000

0.71%

$100,000

*Introductory rate for first time checking account holders for the first 12 months after account opening
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank offers some pretty competitive rates and minimal fees as well, but requires a $5,000 minimum balance in return. If you’re into earning some interest, this account is a step up from a basic checking account. The introductory rate offered to new account holders is pretty attractive, and after the initial 12 months, the rates are still fairly competitive, though you’ll need a higher minimum balance account to get those rates. For existing TIAA Bank customers, you’ll need to fund a new account with money from an external account in order to be eligible for the intro rate.

TIAA Bank does offer a Yield Pledge promise: That your checking account will remain in the top 5% of other competitor accounts — the 10 biggest banks in the top 10 largest banking markets — to encourage you to keep banking with them even after the introductory APY is gone.

Like other TIAA Bank checking accounts, you get access to free bill pay, mobile banking and a free Visa debit card. You also get your first 20 checks for free. Although you do get ATM fees reimbursed, using your debit card at any Allpoint (43,000 locations) or MoneyPass ATMs (around 24,000 locations) won’t incur an initial fee.

How to get TIAA Bank’s Yield Pledge checking account

Opening a checking account is possible in as little as five minutes using TIAA Bank’s online application form. You’ll need to select “Yield Pledge Checking” under the “Basic Accounts” section. You’ll then be asked to fill in your personal details such as name, citizenship status, address and employment information. TIAA Bank will also ask you to create a security code – a combination of letters and letters or a phrase – as a extra layer of security when contacting its customer service.

Once you agree to their terms and review your information, you’ll need to fund your account which can you do by online transfer, mobile deposit or via mail. Alternatively, you can also call customer service.

LEARN MORE Secured

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Basic Checking

Requires a low monthly minimum balance amount to avoid fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (free for New York residents)
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank’s basic checking account is great for those who want a low cost or free option. For New York residents, there isn’t any account minimum and no monthly maintenance fee. Those living outside of the Empire state only need to meet the monthly minimum balance of $25, which is one of the lowest out there.

While the account doesn’t earn you any interest, this basic checking account doesn’t charge any ATM fees. If you can meet the $5,000 average daily balance, you could save even more because TIAA Bank reimburses all ATM fees other banks charge. Account holders also get a Visa debit card and 20 checks for free.

Otherwise, you’re looking at what the name says, a basic checking account. You could link this to a TIAA Bank savings account or line of credit for overdraft protection, and it won’t cost you a dime in transfer fees if money does get transferred.

How to get TIAA Bank’s Basic checking account

You can open a basic checking account online in as little as five minutes. Head over to their online application page and select “Basic Checking” under the heading “Basic Accounts.” Then you’ll be asked to provide your personal details such as name, address, citizenship status and employment information. You’ll also need to create a security code, which can be a phrase or a combination of number and letters that acts as an extra layer of security to verify your identity whenever you need to call TIAA Bank. Once you review your information and accept the terms and disclosures, you’ll need to fund your account. Otherwise, you can also call customer service.

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How TIAA Bank’s checking accounts compare

Both checking accounts offer low fees and many free features offered by other banks. The Yield Pledge account touts one of the highest APYs out there and with its Yield Pledge promise, still offers competitive rates even if you aren’t eligible for the introductory APY. Like many of its competitors, TIAA Bank doesn’t charge ATM fees and even offers reimbursements.

Still, one of the downsides of the Yield Pledge checking account is that you need a higher minimum deposit amount. At $5,000, it’s among one of the highest compared to our list of the current best checking accounts. Since the Basic Checking account doesn’t earn any interest — while other online banks feature interest-bearing accounts and with no minimum deposits — you’re better off looking elsewhere if you want one that allows a low balance amount.

TIAA Bank’s savings account options

Basic savings account

A simple savings account with no ATM fees and refunds.

APY

Minimum Balance Amount

0.61%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

Just like the Basic checking account, the Basic Savings account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, you’re at an advantage as there isn’t a minimum opening deposit. They’re also exempt from the $5 monthly maintenance fee; Account holders in other states can get the fee waived to if they maintain a $25 average daily balance.

Because it is a savings account, there are limits on how many withdrawals you can make each month. Federal Reserve Regulation D states that account holders can make a maximum of six withdrawals per month. TIAA Bank will charge you $10 for each withdrawal beyond six each month. If you exceed the threshold for several months, TIAA may convert it to a checking account.

This account is also great for those who want overdraft protection for their TIAA Bank checking account. Since there isn’t a fee for transfers (unless you make excessive transactions), it’s a great cost effective solution.

How to get TIAA Bank’s Basic Savings account

You can complete an application form on TIAA Bank’s website in as little as five minutes. Once there, you’ll need to pick “Basic Savings” under the category “Basic Accounts.” From there, you’ll need to provide information such as your name, citizenship status, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you fill in all required information, agree to the terms and confirm all details are correct, you’ll need to fund your account. That can be done either by mailing a check, via mobile deposit or online transfer. You can also call customer service to open an account.

LEARN MORE Secured

on TIAA Bank’s secure website

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How TIAA Bank’s savings accounts compare

In terms of the minimum account balance, TIAA Bank has one of the lowest among other online competitors. Even the monthly maintenance fee is relatively low and it’s easily waived with a low minimum balance amount. While other competitors do offer some ATM access, many don’t offer out-of-network refunds like TIAA Bank does.

In terms of rates, though, TIAA Bank falls a bit short of its rivals. If all you’re concerned about is parking your funds somewhere and finding the best APY, then it’s a better idea to look at other banks. To find higher-paying alternatives, check out our list of the current best rates for savings accounts.

TIAA Bank’s CD rates

Basic CDs

Great rates, but features some hefty early withdrawal penalties.

Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

The Basic CD is a fixed rate CD that features some pretty competitive rates and is best for those looking for an account that guarantees a rate of return over a predetermined period of time. Interest is compounded daily and credited monthly to your account. There is a choice of whether to have interest earned sent to your TIAA Bank money market or checking account, or remain in your CD account.

You’ll get a notice 20 days before your account matures to decide what to do. When the CD does mature, you’ll have a 10-day grace period in which to withdraw, add funds or renew for another term. Otherwise, your account will automatically be renewed for the same term at the current rate.

How to get TIAA Bank’s Basic CDs

Other than calling customer service, you can complete an application in as little as five minutes online. Just head over to their online application form and select “Basic CD” option under the category “Basic accounts.” Then you’ll be asked to fill in your personal details such as name, address, employment information and citizenship information. You’ll also need to create a security code – a combination of letters and numbers or a phrase – meant as a way to further verify your identity when contacting customer service.

After confirming entered information and agreeing to the terms, you’ll then fund your account either by mobile deposit, mailing a check or via online transfer.

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on TIAA Bank’s secure website

Bump Rate CD

Offers the option to increase your APY once during your CD term.

Term

APY

3.5 years

2.80%

  • Minimum opening deposit: $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

The Bump Rate CD offers account holders the opportunity to take advantage of possible rate increases anytime before maturity. TIAA Bank touts that customers can choose when to contact them for the rate increase (if, at all, during the 3.5-year term) but it cannot guarantee you’ll receive the best rate during your term.

To receive a rate increase, it’s up to you to monitor TIAA Bank’s website for current rates. Once you decide you want to take advantage of the rate increase, you’ll need to call 1-888-882-3837 during regular business hours to do so. You can only have one Bump Rate CD at any time and request a rate increase once. Interest is compounded daily and credited monthly. There’s the option to transfer dividends to your TIAA Bank checking or money market account or kept in the CD.

When your account matures, you have a 10 day grace period where you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed at the current APY and term as long as TIAA Bank continues to offer this product.

How to get TIAA Bank’s Bump Rate CDs

You can open a Bump Rate CD by completing an application form in as little as five minutes. Once you select to open the bump rate CD, you’ll need to enter information such as name, address, citizenship information and employment details. On the form is also an area to create a security code which is meant for security purposes when you need to verify your identity if you ever need to contact customer service later on. To create a security code, you can either use a combination of letters, numbers, both letters and numbers or write a phrase.

You can fund your account by mailing a check or via mobile deposit after confirming all details and agree to their terms and disclosures.

LEARN MORE Secured

on TIAA Bank’s secure website

Yield Pledge CD

Get guaranteed rate adjustments so that you’re getting the top 5% of yields of accounts nationwide.

Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

Although it does require a higher minimum deposit than a Basic CD, this account could be a great option if you’re after competitive rates. With TIAA Bank’s Yield Pledge program, rates for your specific CD account will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets – whenever you open, renew or roll any CD into a new Yield Pledge account.

Like the other CD products, interest is compounded daily and credited monthly, either in your CD, TIAA Bank checking or money marketing account. You’ll also get 20-days notice before account maturity, then a 10-day grace period where you can make additional deposits, withdraw your cash or renew for another term. If you do nothing your account will be automatically renewed.

How to get a TIAA Bank Yield Pledge CD

Complete an online application form in as little as five minutes to open this high yield CD. Select the product and term you want then enter in your personal details such as name, employment information and citizenship information. You’ll also need to create a security code by entering a series of numbers, letters, a combination of both or a phrase. After agreeing to the disclosures and confirming all information, you’ll need to fund your account. You can do so my mailing a check or doing so via mobile deposit.

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on TIAA Bank’s secure website

CDARS® Service CD

Get FDIC insurance for multi-million dollar accounts.

Term

APY

Maximum Contribution Amount

3 months

1.41%

$12.5 million

6 months

1.48%

$12.5 million

1 year

2.17%

$12.5 million

2 years

2.20%

$12.5 million

3 years

2.22%

$1 million

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY:
  • Early withdrawal penalty: Depends on length of term:
    • 13 weeks (3 months) – 90 days simple interest
    • 26 weeks (6 months) – 90 days simple interest
    • 52 weeks (1 year) – 180 days simple interest
    • 2 years – 360 days simple interest
    • 3 years – 540 days simple interest
    • 5 years – 900 days simple interest

While most of us probably won’t be depositing millions of dollars into a CD, it’s helpful to know that there is an option for those who want an FDIC-insured product above the $250,000 limit at most banks. The rates are pretty comparable to the Basic CDs, but this account is best for those who have a large chunk of cash and want a conservative investment vehicle.

Interest earned is compounded daily and credited monthly, and dividends can either be deposited into your checking or savings account. You’ll get a 20-day notice before your account matures. This type of CD won’t renew, so you’ll need to make a decision before your account matures as to where the funds should go.

This account is not as straightforward to open as the other CD accounts, so you’ll want to make sure to read the next section on how to open one.

How to get TIAA Bank’s CDARS service CDs

To open a CDARS Service CD, you’ll need to fill out an online application form. After selecting that you want to open a CDARS Service CD, you’ll need to enter your personal details such as name, address and employment information. The form will also ask you to create a security code which can be a series of numbers, letters, a combination of both or a phrase.

Once you confirm all details and agree to the disclosures, you’ll need to fund your account. How it works is that you’ll need to either send a check, make an internal account transfer or a wire transfer. There are deadlines you’ll need to meet, and each method has its own deadline. For checks, you’ll need to have check deposited by 5 p.m ET on the Friday before the account opening date, and for internal account or wire transfers, it’ll need to be completed by noon ET on the Wednesday before the account opening date.

Instead of the money being directly funded into a CDARS account, it’ll be held in a designated Yield Pledge money market account in your name until TIAA Bank officially opens the CDARS account. When that happens, the Yield Pledge money market account will be closed.

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on TIAA Bank’s secure website

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How TIAA Bank’s CD rates compare

All of TIAA Bank’s CD products offer competitive rates and a wide range of terms compared to other banks. While some of the rates are slightly lower than the top-ranked options on our list of the best CD rates, TIAA Bank offers CDs with slightly lower minimum deposits. Considering that there are also CDs that can be insured above $250,000, these CDs could be an attractive choice.

TIAA Bank’s money market accounts

Yield Pledge® money market

Minimal fees and a pretty competitive APY.

APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000,000

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The Yield Pledge money market account is a great option for those who are looking for a place to store their cash with some liquidity and a competitive rate. The introductory rate is pretty attractive considering there isn’t a minimum balance amount, but it’s only available for first-time money market account holders. After the first 12 months, the APY change may not be that big of a drop depending on how much you intend on keeping in the account.

Like the other Yield Pledge accounts, the money market accounts offer the same guarantees in that the APY will give you a yield in the top 5% of competitor accounts. Even though there aren’t any ATM fees, there is a $10 excess transaction fee if you make more than six withdrawals a month, a limit set by Federal Reserve Regulation D. If you continue to exceed the limit, your account may be converted to a checking account.

How to get TIAA Bank’s Basic money market account

To open a money market account, fill out an online application form on the bank’s website. You’ll need to indicate which account you want to open and enter in your personal information such as your name, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you complete the application, you can either fund the account by mobile deposit, mailing a check or through an online transfer.

LEARN MORE Secured

on TIAA Bank’s secure website

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How TIAA Bank’s money market accounts compare

The introductory rate is on par with the best offerings out there, including the low minimum balance amount. As for the ongoing APYs, they’re still pretty decent, though they’re not nearly as mighty as some of the competitors on our list of the current best money market account rates. You’re also looking at higher minimum balance amounts to get higher APYs for TIAA Bank’s money market accounts. If you don’t intend on keeping a lot in the account but want competitive APY rates, you could look elsewhere.

TIAA Bank’s IRA account options

IRA CD rates

Yield Pledge® IRA CD

Get the top 5% of rates offered out there.

Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

It could be worth it to open this IRA CD even with the higher opening minimum. With the Yield Pledge program, your rate will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets. All interest earned is compounded daily and credited every month to your account.

TIAA Bank will remind you 20 days before your account matures and you’ll have a 10-day grace period in which to decide what to do. Because this is an IRA account, you may be subject to IRS penalties if you withdraw the funds before age 59.5, so make sure to do your research before making any decisions. If you do nothing, your CD will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Basic IRA CD

Offers competitive rates with a low opening deposit amount.

Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

This IRA CD is a great option for those who are looking for competitive rates and don’t want a high opening deposit amount. Interest is compounded daily and credited monthly. In addition to the early withdrawal penalties, you may also be subject penalties imposed by the IRS if you’re under 59.5 years old.

You’ll receive a notice 20 days before your account matures. Once it does, you’ll have a 10-day grace period in which to make a decision. Otherwise, your account will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Bump Rate IRA CD

Offers a one-time rate increase.

Term

APY

3.5 years

2.80%

  • Minimum opening deposit:  $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

Account holders have a chance to get a possible one-time rate increase if the APY goes up before your account matures. You’ll need to keep an eye on the rates and request the increase by calling 1-888-882-3837. Any interest you earn is compounded daily and credited into your account monthly.

You have a 10-day grace period upon account maturity and you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed if TIAA Bank continues to offer this CD.

How to get TIAA Banks’s IRA CDs

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

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on TIAA Bank’s secure website

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How TIAA Bank’s IRA CD rates compare

All of TIAA Bank’s IRA CD rates are on par with some of the best offerings out there. However, some of the minimum opening deposit amounts are slightly higher compared to some of the IRA CDs on our list of the best IRA CD rates. Keep in mind the highest rates for competitors are for longer terms, so do your homework if you intend on open a CD for a short time, you can stick with TIAA Bank or do more comparison shopping.

IRA savings account

Offers a low opening deposit.

APY

Minimum Balance Amount

0.61%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

The Basic savings IRA account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, there is no minimum opening deposit nor the monthly maintenance fee. For other residents, as long as you maintain the low $25 average daily balance, you can get the fee waived.

Keep in mind that IRA accounts may be subject to limitations or penalties, especially if you’re under 59.5 years old. You’ll need to do your due diligence to ensure if you do make withdrawals, you know exactly what you’re getting into.

How to get TIAA Bank’s Basic savings IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

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on TIAA Bank’s secure website

IRA money market account

Higher rates than the IRA savings account and with no monthly fees.

APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000,000

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The money market account is a better option compared to the savings account, as long as you’re able to meet the minimum opening deposit amount. You’re still looking a higher APY than the IRA savings account even after the introductory rate is over. In addition, you get the Yield Pledge guarantee, which promises that you’ll get the top 5% of yields of competitor accounts.

How to get TIAA Bank’s money market IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

Overall review of TIAA Bank’s banking products

TIAA Bank’s products offer pretty attractive rates and low minimum opening deposits, making it accessible to many customers. Most of their products do not have ATM or monthly maintenance fees which can help account holders save some of their hard earned cash.

While there are higher rates out there, not all offer the same perks as TIAA Bank does when it comes to ATM fees and refunds. If you intend on making a lot of ATM transactions, TIAA Bank’s banking products are a great choice. Even if not, their rates are worth sticking around 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.

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Suncoast Credit Union Review of 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 Established1978
Total Assets$9.1B
LEARN MORE on Suncoast Credit Union’s secure website

Suncoast Credit Union is a regional credit union based in Florida. As a credit union, you have to become a Suncoast member to gain access to the bank’s accounts. Membership is open to anyone who lives, works, worships or attends school in any of the 21 Florida counties where Suncoast Credit Union operates.

Suncoast Credit Union offers standard account options, ranging from checking and savings to money market and IRA accounts. As a community-oriented credit union, it offers its members a wide variety of membership perks and discounts. You can also benefit from a number of freebies when you become a member and open any type of account.

Here’s a closer look at Suncoast Credit Union's product line, with information on rates and how to open various accounts.

Suncoast Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Suncoast Credit Union Regular Share Membership

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.30%

CD Rates

Suncoast Credit Union 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.10%

CD Rates

Suncoast Credit Union 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.60%

CD Rates

Suncoast Credit Union 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Suncoast Credit Union’s checking account options

Suncoast Smart Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit:$25
  • Monthly account maintenance fee: $0
  • ATM fee: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund: None.
  • Overdraft fee: $0; $29 with Courtesy Pay

Unlike many basic checking accounts at other banks, Suncoast Credit Union’s Smart Checking pays interest, on top of numerous other features. The Smart Checking account has a low opening deposit, no monthly service fee, and a vast network of ATMs that members can use to take free cash withdrawals.

On top of these basics, the Smart Checking account comes with numerous free benefits that apply to all Suncoast Credit Union checking accounts, including the following:

  • Free online banking, bill pay and mobile banking
  • Direct deposit and payroll deduction
  • Free images of cleared checks for 90 days
  • Free eStatements and combined account statements (also available in Spanish)
  • Visa Account Updater, which automatically updates your cardholder data with merchants when your information changes

The account also comes with the Suncoast Rewards Debit Card, which is a free debit card that provides both personal and community rewards. The card earns one point for every $3 spent that can be used to to purchase travel or merchandise. Users also get discounts at participating BP gas stations. With every purchase, the credit union also donates two cents to the Suncoast Credit Union Foundation, which provides aid to children in local communities.

All of Suncoast credit union’s checking accounts, including Smart Checking, offer overdraft protection. You’ll need to link up a Suncoast Credit Union savings or money market account to benefit from this service, but the bank will then automatically transfer enough money to cover the overdraft in your checking account. Unlike most institutions, Suncoast Credit Union doesn’t charge any fees for this service. If you don’t link a backup account to cover your overdrafts, you can still sign up for the credit union’s Courtesy Pay service, which will pay any drafts that would normally overdraw your account. For this service, you’ll pay a $29 fee for every day that you are overdrawn, but you will avoid having any of your payments declined.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Smart Start Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit: $25
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay
The Smart Start Checking account is intended for customers who may have trouble qualifying for more traditional checking accounts. Suncoast Credit Union’s Smart Start Checking account is otherwise identical to the credit union’s Smart Checking account. Smart Start comes with all the freebies associated with the Smart Checking account, from the free overdraft protection with linked Suncoast Credit Union savings or money market account to the free debit rewards card. Even the interest rate is the same for any deposited amount.

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on Suncoast Credit Union’s secure website

Teen Checking

APY

Minimum Opening Deposit

0.05%

$25

  • Minimum opening deposit: $5
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay

The Suncoast Teen Checking account has lower minimums, but otherwise operates like the other Suncoast Credit Union checking accounts. Interest rates earned are still the same, and Teen Checking accounts come with the same benefits, such as online and mobile access, no maintenance fees and a free debit rewards card.

How to open Suncoast Credit Union’s checking accounts

To open a Suncoast Credit Union account, you must first be a member of the credit union. The overall process to apply online takes about 10 minutes. You’ll be asked to provide certain personal and financial information, including a U.S. government-issued ID, your Social Security number and a debit or credit card number to fund your account. If you’re applying for a joint account, you’ll have to provide the same information for the second applicant.

Once you begin the application process, you’ll be required to open a regular savings account, which is known as the Regular Share Membership at Suncoast Credit Union. You can also add additional accounts as you complete your application. Once you consent to various disclosures, your account will be opened.

Since Suncoast Credit Union is only based in Florida, you’ll have to be based in the region if you want to walk in and open an account in a physical branch. If you ever need assistance, you can call the Member Care Center.

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on Suncoast Credit Union’s secure website

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How Suncoast Credit Union’s checking accounts compare

Suncoast Credit Union’s checking accounts all pay interest, but the rates are low, and none can compete with the top online checking accounts in terms of interest rates. However, all of the credit union’s checking accounts have no monthly maintenance fees, without requiring minimum balances like with many other banks. The credit union also has extensive free ATM access through the CO-OP network.

An interesting benefit offered by the credit union is access to a no-fee rewards program. That program, coupled with no-cost overdraft protection, help offset the low rates of interest paid by the checking accounts.

As a regional credit union, Suncoast doesn’t have an extensive branch network, but it is an active supporter of the local communities in which it operates.

Suncoast Credit Union’s savings account options

Suncoast Regular Share Membership

APY

Minimum Opening Deposit

0.15%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  None
  • Overdraft fee:$0; $29 with Courtesy Pay
This basic savings account is a good companion to a Suncoast Credit Union checking account; in fact, it is a requirement that new customers open a Regular Share account if they want to open a checking account. The savings account pays interest and can be used as a source for overdraft protection funds for a checking account, all with no fee. The minimum balance to both open an account and to earn interest is low.
As a savings account, the Regular Share Membership falls under the Regulation D restrictions put in place by the Federal Reserve. This regulation limits withdrawals from savings accounts to six per month. If you exceed this requirement, Suncoast Credit Union will assess an excess activity fee.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Suncoast Special Share (Savings)

APY

Minimum Opening Deposit

0.15%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee:$0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refund:  none
  • Overdraft fee:$0; $29 with Courtesy Pay
Suncoast Credit Union’s Special Share account is essentially just a secondary savings account. Once you open your Regular Share Membership, you can have as many Special Share accounts as you’d like. Some members choose to open additional accounts for specific savings goals, such as buying a house or saving for college costs. The Special Share account has a lower opening deposit requirement than the Regular Share Membership, but beyond that, the two accounts are essentially identical. They pay the same interest rate, offer the same ATM and overdraft fee structure, and neither has a monthly maintenance fee.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Suncoast Uniform Transfer to Minors (Custodial) Account

APY

Minimum Balance Amount

0.15%

$0.00 - $999.99

0.50%

$1,000.00+

Suncoast Credit Union offers a custodial account for minors that can be opened as a checking, savings, money market or certificate account for those under age 18. For the most part, rates are the same as standard offerings in those categories. However, the bank does pay an enhanced interest rate for custodial savings deposits of at least $1,000.

How to open Suncoast Credit Union’s savings accounts

You can open a Suncoast Credit Union savings account online in the same manner as if you were opening a checking account. You’ll have to be connected to one of the 21 Florida counties in which Suncoast Credit Union operates, and you’ll have to provide the same basic personal and financial information, such as your Social Security number. After agreeing to disclosures and providing funding information, you’ll be able to open your account.

If you prefer opening an account in person, you’re welcome to visit any Suncoast Credit Union branch. Remember that this credit union is only based in the 21 Florida counties, however, so this is only a realistic option for customers in those areas. For additional assistance, or if you have any questions before you apply, you can contact the Member Care Center.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

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How Suncoast Credit Union’s savings accounts compare

Although the Suncoast Regular Share and Special Share savings accounts pay interest, the rate is well below the national average. Rates do not vary based on size of deposit, so there’s no benefit in terms of interest to make larger deposits. The one bright spot in the credit union’s interest-rate structure is for custodial savings accounts opened with at least $1,000. However, even with the bonus interest rate paid on that account, you can find much higher savings rates at top online banks.

Suncoast Credit Union’s savings accounts do have low fees and minimums, and they can be used as backup accounts under the credit union’s no-cost overdraft protection program.

Suncoast Credit Union’s CD rates

Term

APY

Minimum Deposit

6 months

1.10%

$500

12 months

1.30%

$500

18 months

2.25%

$500

24 months

1.80%

$500

36 months

2.10%

$500

48 months

2.35%

$500

60 months

2.60%

$500

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers CDs in limited maturities known as Share Certificates. The credit union offers CDs between six and 60 months in duration. Rates increase as the term lengthens. Dividends are compounded daily and credited monthly.

If you need to withdraw money from your CD before it matures, Suncoast Credit Union will assess an early withdrawal penalty that will cost you some of your interest.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

Smart Start Certificate

Term

APY

12 months

1.30%

  • Minimum opening deposit: $50, with ongoing monthly contributions of at least $40
  • Monthly account maintenance fee: $50
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers a special contribution structure, with lower minimums, on a so-called “Smart Start Certificate.” With this CD, minimums are dropped significantly; however, ongoing contributions are required. Essentially, the Smart Start Certificate offers a way for investors to buy into a Suncoast Credit Union CD for the regular minimum, but with that investment spread out over 12 months. The rate is the same as on a standard 12-month CD

How to get Suncoast Credit Union’s CDs

Suncoast Credit Union offers a number of convenient ways to buy CDs. Once you’re a member, you can open a new certificate by phone simply by calling the Member Service Center.

You can also send a secure email through SunNet Online Banking. If emailing, you can buy a CD simply by indicating the term you’d like to buy and the account number which is the source of your funds. You’ll also have to indicate whether you want the dividends reinvested or simply deposited to another account.

Lastly, you can go into any Suncoast Credit Union branch, if you’re in Florida, to open a CD account.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

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How Suncoast Credit Union’s CD rates compare

Across the board, Suncoast Credit Union’s CD rates are higher than the national average. Although rates aren’t among the very best CD rates you can find, they are still good rates.

Suncoast Credit Union’s CD rates are not tiered, so larger contributions won’t earn you any additional interest. There also aren’t any current promotional rates paying higher interest. As with most institutions, the best way to get the highest rates is to open CDs with the longest maturities.

Suncoast Credit Union’s money market account options

Suncoast Money Market Account

APY

Minimum Balance Amount

0.15%

$0.00 - $999.99

0.35%

$1,000.00 - $24,999.99

0.35%

$25,000.00 - $49,999.99

0.45%

$50,000.00 - $99.999.99

0.60%

$100,000 and greater

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01; $50,000+ for highest rates
  • Monthly account maintenance fee:. $0
  • ATM fees: Free for Suncoast ATMs, Publix Presto ATMs, McDonald’s ATMs in select counties, and all ATMs in the CO-OP network; $1.50 at other ATMs; $3 for non-members (surcharge)
  • ATM fee refunds: None.
  • Overdraft fees: $0; $29 with Courtesy Pay

Suncoast Credit Union’s Money Market account has a modest opening deposit and no monthly account fees. Once the account is open, there’s no required minimum balance to earn interest. However, higher rates are paid on larger balances.

You can use the money market account as a source of funds for your checking account to prevent overdrafts. This service comes free of charge to Suncoast Credit Union members. If you choose not to link up your money market account, the bank will pay your overdrafts if you sign up for the Courtesy Pay service, but you’ll pay fees.

As with the credit union’s savings accounts, you’ll have to limit your withdrawals, checks or transfers out to six per month with the money market account. This is a federal restriction that applies to accounts in financial institutions nationwide. Suncoast Credit Union will assess an excess activity fee and if you exceed this maximum.

How to get Suncoast Credit Union’s money market accounts

Suncoast Credit Union considers its money market accounts to be part of its savings account family. Thus, the process for opening a Suncoast Credit Union money market account is the same as with opening a savings account.

Once you’re a member, you can open a money market account with the same basic personal and financial information you had to provide for checking or savings accounts. Click through the requisite disclosures, indicate how you’ll fund your account and you’ll have a new money market account.

As with other accounts at Suncoast Credit Union, you can visit a branch to speak with someone in person. Check the website for the closest branch. Remember that Suncoast Credit Union only operates in 21 Florida counties. The Member Care Center can also assist you.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

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How Suncoast Credit Union’s money market accounts compare

Money market rates at Suncoast Credit Union run above average on deposits above $1,000. At the highest tier, rates are significantly above average. However, they still don’t approach the highest available rates that other insitutions offer on money market accounts.

With only one money market account, Suncoast Credit Union doesn’t offer higher-service or higher-rate accounts like some other institutions do. However, the account has no maintenance fee and can be used for the credit union’s free overdraft program.

Suncoast Credit Union’s IRA CD rates

Term

APY

Minimum Deposit

6 months

1.10%

$500

12 months

1.30%

$500

18 months

2.25%

$500

24 months

1.80%

$500

36 months

2.10%

$500

48 months

2.35%

$500

60 months

2.60%

$500

  • Minimum opening deposit:  $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms longer than 12 months

Suncoast Credit Union offers CDs with maturities from six months to 60 months in its IRAs. These investments are called share certificates. IRA CDs at Suncoast Credit Union come in the same maturities and pay the same rates as the credit union’s standard, non-IRA CDs. Dividends are compounded daily and credited monthly.

If you take money out of a Suncoast Credit Union IRA CD before it matures, you’ll owe an early withdrawal penalty that can cost a considerable amount of your interest.

How to get Suncoast Credit Union’s IRA CDs

You can open Suncoast Credit Union’s IRA CDs in one of three ways, just like with its non-IRA CDs. As a member, you can call the Member Service Center to open a CD, or you can send a secure email through SunNet Online Banking.

The secure email option is an unusual benefit that most other financial institutions don’t offer. Simply choose the term of the share certificate you’d like, indicate your source of funds, and let the credit union know whether you want to reinvest your dividends or have them paid out.

A final option is to visit a Suncoast Credit Union branch in person.

LEARN MORE Secured

on Suncoast Credit Union’s secure website

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How Suncoast Credit Union’s IRA CD rates compare

Suncoast Credit Union’s IRA CD rates are the same as its standard rates, which means they are good. You won’t find Suncoast Credit Union’s IRA CD rates on the lists of the best IRA CD rates, but they are above national averages.

Nationwide, rates for the best IRA CDs are lower than the top rates for non-IRA CDs; since Suncoast Credit Union’s rates are the same for both types of accounts, the credit union improves by comparison when its IRA rates are put up against the best available IRA CD rates.

Overall review of Suncoast Credit Union’s products

Suncoast Credit Union is geographically limited to 21 counties in Florida. Potential customers must have an attachment to the region in order to become members and enjoy the credit union’s benefits.

Suncoast Credit Union offers attractive options across a wide range of accounts, from checking and savings to money market and CD accounts. Rates for checking and savings accounts are low, but the offerings improve with the credit union’s money market and CD options.

The credit union scores points for having low fees, with none of its standard accounts charging a monthly maintenance fee. Overdraft protection comes without charge across the credit union’s accounts when linked to a Suncoast Credit Union savings or money market account. Suncoast Credit Union also has a rewards program that allows customers to earn points for purchases and trigger donations to local communities.

Although Suncoast Credit Union can’t be all things to all customers, thanks to its regional focus and somewhat limited account roster, it does many things quite well.

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.

John Csiszar
John Csiszar |

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

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Reviews

Synchrony Bank Review: CD, Savings Account, 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 Established1988
Total Assets$79.6B
Synchrony Bank is a relative newcomer to the banking scene, having opened up right around the same time as the World Wide Web was being developed in the late 1980s. Today, it’s one of the largest online-only banks around, offering a range of products including high-interest savings accounts, CDs, money market accounts, and IRAs.

Big banks can have notoriously high fees and low rates, so since Synchrony is a smaller, online bank, we put them to the test. In general, they offered very high rates on their savings and CD accounts, but their money market accounts are a little behind in the rate department. Read on to find out the specific details. This will help you decide whether or not this bank is right for you.
Synchrony Bank’s Most Popular Accounts

APY

Account Type

Account Name

3.00%

CD Rates

Synchrony Bank 60 Month CD

on Synchrony Bank’s secure website

2.70%

CD Rates

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.45%

CD Rates

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

1.85%

Savings

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

Synchrony Bank CD rates

You might need a higher-than-average minimum deposit for these CDs, but you’ll earn a very good interest rate.

Term

APY

3-months

0.75%

6-months

1.00%

9-months

1.25%

12-months

2.45%

13-months

2.65%

18-months

2.55%

24-months

2.65%

36-months

2.70%

48-months

2.80%

60-months

3.00%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty:
    • For CDs of 12 months or less, you’ll pay 90 days’ worth of interest
    • For CDs of between 12 months up to 48 months, you’ll pay 180 days’ worth of interest
    • For CDs over 48 months, you’ll pay 365 days’ worth of interest

You’ll need to come to the table with a fairly hefty minimum deposit of $2,000 to open a CD at Synchrony. But, once you have it, this bank offers a fair amount of flexibility in how you are paid your dividends. You can elect to roll them over in the CD account, or have them paid out to you directly in the form of a check or an electronic deposit into another Synchrony, or other external, bank account.

Once your CD completes its term, you also have a few options. Your CD will automatically roll over into another CD of the same term length, but you’ll get a 10-day grace period to make any changes. During this grace period, you can withdraw the cash, add more cash, and/or open up a new CD with a different term length.

How to open a CD account with Synchrony

You can easily open up a CD account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

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How Synchrony Bank’s CD rates compare

While Synchrony doesn’t currently offer the highest rates, they’re still consistently among the top of the pack for the current highest CD rates. Specifically, their 12-month and 60-month CDs are among some of the best offerings out there right now.

The early-withdrawal penalties at Synchrony Bank are also right on par with many of their competitors. You can rest assured that you won’t be paying inordinately high fees should you need to withdraw your cash early.

Synchrony Bank savings account

Synchrony charges no fees and offers a very high interest rate to boot.

APY

Minimum Balance Amount

1.85%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

This is one of the most accessible high-interest savings accounts for people looking for low fees and low minimum balance requirements. While most banks charge an overdraft fee if you overdraw your account, Synchrony Bank does something different: They may not honor the withdrawal, meaning that you won’t incur an overdraft fee.

Watch out, though: you’re limited to six withdrawals and transfers per month as per Federal Regulation D (not including ATM withdrawals). If you go over that amount, Synchrony Bank reserves the right to close your account for you for “misuse.”

How to open a savings account with Synchrony

You can easily open up a savings account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license. Finally, by signing up for an account, you authorize Synchrony to run your application through ChexSystems, which checks to see if you have any negative standings with other financial institutions.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

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How Synchrony Bank’s savings account compares

Synchrony currently has one of the best online savings accounts. For people looking for a no-minimum-balance account, or those looking to grow a small savings account balance into a larger one, you can’t go wrong with this account.

Synchrony Bank money market account

Synchrony’s money market account doesn’t offer very high interest rates, but does give you the power to write checks.

APY

Minimum Balance Amount

1.15%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony Bank will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

Money market accounts technically work a little differently than savings accounts. But for you, the consumer, Synchrony Bank’s money market and savings accounts essentially operate the same way. One big difference is that the money market account offers a lower interest rate than their savings account. One other important difference is that you can actually request and write checks using your money market account, whereas the savings account doesn’t come with this option.

Otherwise, you can still expect the same withdrawal limits dictated by Federal Regulation D. You’re stuck with six transactions (minus ATM withdrawals) per month, lest the bank close your account for “misuse.” You’ll also incur few, if any, fees with this account. Given that these two accounts are so similar, we recommend going with the regular savings account, because that one offers a truly exceptional interest rate with the same terms of this money market account.

How to get Synchrony Bank’s money market account

You can easily open up a money market account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

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How Synchrony’s money market account compares

Synchrony Bank offers exceptional rates on their savings accounts and CDs. However, their money market account is a little underwhelming in the interest rate department. If you’re looking for the best money market account rates, you can easily find better accounts at other banks and credit unions.

However, Synchrony Bank still does stand out in the fee department. This account — like Synchrony’s savings account — comes with very little fees attached.

Synchrony Bank IRA rates

These IRA CDs are virtually identical to Synchrony’s regular CDs — and still, the fairly high minimum deposit requirements may exclude some savers.

Term

APY

3-months

0.75%

6-months

1.00%

9-months

1.25%

12-months

2.45%

18-months

2.55%

24-months

2.65%

36-months

2.70%

48-months

2.80%

60-months

3.00%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty:
    • For CDs of 12 months or less, you’ll pay 90 days’ worth of interest
    • For CDs of between 12 months up to 48 months, you’ll pay 180 days’ worth of interest
    • For CDs over 48 months, you’ll pay 365 days’ worth of interest

These IRA CDs work just like Synchrony Bank’s regular CDs, with one exception: they play by the rules of IRA accounts. That means you can open them up within a Roth or traditional IRA, complete with all of the rules governing these two accounts.

Just like Synchrony’s regular CDs, these IRA CDs come with some fairly high minimum deposit requirements. This will exclude some people who can’t come to the table with a full $2,000 — but for those folks, Synchrony Bank has another option: the IRA money market account (discussed below).

If you need to withdraw your money early (if you decide to move it to another company to invest in the stock market, for example), you’ll still face an early withdrawal penalty. However, if you are at the age where you need to take required minimum distributions from CD money held in a traditional IRA, Synchrony Bank will waive the early withdrawal penalty.

How to open an IRA CD with Synchrony

You can easily open up an IRA CD account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

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How Synchrony Bank’s IRA CD rates compare

Synchrony’s IRA CDs are again very close to being the top IRA CD rates around. However, there are a few banks offering higher rates on IRA CDs, so if this is your preferred retirement savings option, it may pay to shop around.

Synchrony’s IRA money market account

This money market account — like Synchrony’s regular money market account — doesn’t offer very high rates.

APY

Minimum Balance Amount

1.15%

$0

  • Minimum opening deposit: $250
  • Monthly account maintenance fee: $0
  • ATM fee: None; however, the ATM’s owner may charge a separate surcharge fee in order to withdraw cash
  • ATM fee refund: Synchrony Bank will refund up to $5 per month in ATM surcharge fees
  • Overdraft fee: None

If you need a bit more flexibility in your retirement savings or can’t afford the minimum deposit requirement of Synchrony’s IRA CDs, you might want to consider their IRA money market account.

You can deposit or withdraw cash at any time, however you’re still subject to Federal Regulation D that limits you to six transactions per month. Since this is an IRA account, you’ll also need to stick to the rules of whichever IRA you choose — Roth or traditional — lest you end up paying a tax penalty at the end of the year.

However, in return for this flexibility and low cash requirement to open an account, you’ll pay for it with lower interest rates. You can earn much higher rates on your retirement savings with Synchrony Bank’s IRA CDs, or even with an IRA savings or money market account at another bank entirely. In fact, many of the best money market accounts out there also offer you the ability to open them as an IRA.

How to open an IRA money market account with Synchrony

You can easily open up an IRA money market account with Synchrony Bank online. You’ll need to provide some basic identifying information, such as your Social Security number and date of birth (this is required of all banks in order to comply with the USA PATRIOT Act). You’ll also need to provide a government-issued ID, such as a driver’s license.

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

Overall review of Synchrony’s banking products

We really like Synchrony Bank for their low-fee, high-yielding savings products, especially their savings account and CDs. These accounts are among the top contenders for highest interest rates available.

However, Synchrony’s money market account falls a bit short in the interest rate department. Once upon a time, money market accounts offered higher interest rates than savings accounts, but today that’s often not true — and Synchrony Bank is no exception.

On the whole, however, Synchrony is a great option for people looking for high interest rates on their savings — just skip their money market account.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

BMO Harris Bank Review of 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 Established1947
Total Assets$111.9B
LEARN MORE on BMO Harris Bank’s secure website

Founded in 1882 and headquartered in Chicago, BMO Harris Bank is one of the Midwest’s largest banks that provides a wide range of financial products and services. It has over 43,000 ATMs and 600 branches across the U.S.

Like many big banks, BMO Harris’ savings, checking and money market rates are lower compared with its online counterparts. In spite of that, the bank does offer some competitive rates for its CDs and IRA accounts. There are also low to no monthly maintenance fees for their savings and checking accounts.

BMO Harris Bank’s rates vary by region. For this review, we based our research on its headquarters using the ZIP code 60603.

BMO Harris Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

BMO Harris Bank Statement Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.15%

CD Rates

BMO Harris Bank 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.40%

CD Rates

BMO Harris Bank 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.75%

CD Rates

BMO Harris Bank 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website


BMO Harris Bank checking account options

Harris Premier™ account

Earn a tiny amount of interest, but receive perks like ATM refunds and the ability to waive the maintenance fee.

APY

Minimum Balance Amount

0.05%

$0.01

0.10%

$5,000

0.15%

$10,000

0.20%

$25,000

0.25%

$50,000+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $30 (waived if you meet certain conditions)
  • ATM fee: None
  • ATM fee refund: Up to $25 per statement cycle
  • Overdraft fee: $36 each item when you opt into overdraft protection

This account is great for those who intend on making a large number of transactions and keeping a large sum of cash across all BMO Harris Bank accounts. If you have a minimum daily balance of $25,000, a BMO Harris Financial Advisors investment account or have $50,000 across all your linked accounts with their Relationship Waiver program, the monthly maintenance fee is waived.

While you’re not earning a whole lot of interest, you do get a free pack of checks and half off certain styles should you need to order more. You also get ATM fee refunds and overdraft funding fees waived if money is transferred into the account. Other free services include money orders, cashier’s checks and paper statements.

How to get Harris Premier™ Account

Opening an account online can take you 20 minutes or less. Head over to the online application form and first enter in your ZIP code. The rest of the form asks you to enter your personal details such as your name, address, employment information, Social Security number and state ID/driver’s license if you’re a new customer. Then you’ll need to fund the account and consider the option to add on other features like overdraft protection.

If not, you can always call customer service, or head to your local branch to open the account. The process could be a lot smoother (aka faster) if you make an appointment beforehand.

LEARN MORE Secured

on BMO Harris Bank’s secure website

Smart Money™ account

No monthly maintenance fees, but at the expense of earning interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None. $36 per transaction if you opt into overdraft protection

The Smart Money account is a no-frills checking account that’s great for those who are opening an account for the first time. That’s because the monthly maintenance fee is waived for primary account holders under 25 years old. If you opt for paper statements, the $2 monthly statement fee is also waived.

Although this account doesn’t earn any interest, you do get a few free perks. All account holders get a debit card and their first pack of checks for free. Also, unless you opt into overdraft protection – either by linking a BMO Harris Bank savings account or line of credit – any transaction will be denied if it’s over your bank account balance. There’s also mobile banking, which includes nifty features like People Pay, a service that lets you send money to anyone with a U.S. bank account with their email address and Mobile Cash, where you can withdraw cash at any ATM without using your debit card.

How to get a Smart Money™ account

You can open account in less than 20 minutes by heading to the BMO Harris website and filling out an online application. Applicants will be asked to provide their Social Security number and ID (a driver’s license counts) if you’ve never banked with BMO Harris Bank before. You’ll also need to provide personal details such as your name, address and employment information. After agreeing to their disclosures and provide a way to fund your account, you can then add on features like overdraft protection.

Alternatively, you can also an account by calling the bank, or going to at any one of their branches. To save time, search on the site and book an appointment ahead of time.

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on BMO Harris Bank’s secure website

Smart Advantage™ account

No monthly fees if you enroll in eStatements.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: $3 for out of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36 each item when you opt into overdraft protection

This account isn’t that much different from the Smart Money™ account, except that there are no fees for account holders, no matter the age. You get the same perks like your first free pack of checks, a debit card and free checking imaging if you enroll in eStatements.

Unfortunately, this account isn’t interest-bearing. But for those who are looking for a basic checking account and aren’t too concerned with earning interest, this is a good option. You don’t need to worry about overdrawing your account (unless you link it to a savings account or line of credit, then there’s a fee per transfer) and you get benefits such as mobile banking, which you can use to manage external accounts.

With both checking accounts, you may be able to get rate discounts if you take out a mortgage or home equity line of credit through the bank for account holders.

How to get a Smart Advantage™ Account

Head to the BMO Harris Bank website and fill out an online application. You’ll first need to enter in your ZIP code then provide your Social Security number and ID (a driver’s license counts) if you’ve never banked with BMO Harris before. Afterward, provide your personal details such as your address and employment information, and then agree to their disclosures. Fund the account and add on any additional services. The entire process should take about 20 minutes or less.

Otherwise, call customer service, or go to your nearest branch and open an account there. You may be able to save a bit of time by booking an appointment ahead of time.

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How BMO Harris Bank’s checking accounts compare

Unfortunately, BMO Harris Bank’s checking accounts fall short when it comes to rates. Other online banks offer much higher rates, no balance minimums and some even offer unlimited ATM reimbursements.

Where these checking accounts do shine is their mobile banking feature. The app is intuitive and has a host of features, such as a money management option where you can link external accounts. You can also securely send money to anyone with a U.S. bank account if they have an email address and withdraw cash from an ATM using just your phone.

If you’re just after a basic checking account with the highest rates, you’re better off considering another bank.

BMO Harris Bank savings account options

Statement Savings

A no-frills savings account with a low monthly maintenance fee.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (waived if you meet certain requirements)
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $10 per transfer to a checking account

Considering its low monthly maintenance fee and opening deposit amount, this BMO Harris Bank savings account is best for those who either want to open their first account or want a cheap option to link to a checking account for overdraft protection.

You do get a free ATM card with this account, but because it’s a savings account, you’re limited to six withdrawals/transfers per month thanks to Regulation D. Unlike other banks where you’re charged an excessive withdrawal fee, BMO Harris Bank will simply deny your request if you attempt to make more than six.

In order to waive the monthly maintenance fee, you’ll need to maintain a minimum daily balance of $500, opt to automatically transfer a minimum of $25 each month into the account and the primary account holder is under 18 years old.

How to get a Statement Savings account

The most efficient way to open an account is doing so online. Go to the online application form and enter your ZIP code. Then, you’ll be asked to provide personal identifying information such as address, employment information, Social Security number and an ID if you’re a new customer. After agreeing to the disclosures and providing funding information, you’ll be asked whether you want any extra features like linking your account for overdraft protection.

If not, you can always call customer service or head to your local branch to open an account. The process could be a lot smoother (aka faster) if you make an appointment beforehand.

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How BMO Harris Bank’s savings account compares

Sadly, the APY falls way short just like other big banks when compared with savings account competitors. Other places offer more than 10 times what BMO Harris Bank is offering in terms of rates, and many don’t have monthly maintenance fees.

The only thing that really stands out is that you do get a debit card and ATM access. You’re also not at risk of paying any excessive withdrawal fees like at other places since this bank will outright deny you once you make more than six withdrawals/transfers a month.

BMO Harris Bank CD Rates

Fixed Rate CD

Get some of the best rates out there with the online promotional rates.

Term

APY

Minimum Balance to Earn APY

1 month

0.05%

$100,000

2 months

0.05%

$100,000

3 months

0.05%

$1,000

6 months

0.05%

$1,000

9 months

0.10%

$1,000

12 months

0.15%

$1,000

18 months

0.25%

$1,000

24 months

0.30%

$1,000

30 months

0.35%

$1,000

36 months

0.40%

$1,000

48 months

0.50%

$1,000

60 months

0.75%

$1,000

Special CD Rates

18 months

2.50%

$5,000

30 months

2.75%

$5,000

60 months

3.25%

$5,000

  • Minimum opening deposit: $5,000
  • Early withdrawal penalty: Fees depend on length of term:
    • 1 month: all interest earned
    • 2 months: 11 months’ interest
    • 2 to 11 months: 90 days’ interest
    • 12 to 23 months: 180 days’ interest
    • 24-35 months: 270 days’ interest
    • 36 – 47 months: 365 days’ interest
    • 48 months and up: 545 days’ interest
    • Special Rate CDs (short-term): 180 days’ interest
    • Special Rate CDs (long-term): 365 days’ interest

Technically, the minimum opening for its fixed-rate CDs is $1,000, and you can only qualify for the online promotional rates if you have a $5,000 minimum deposit. If not, you’re looking at some pretty abysmal rates at a maximum of 0.75% APY for a 60 month term.

Interest is compounded daily and will be credited to your account at maturity for CDs less than a year and quarterly if your term is longer. You’ll get a reminder when your CD is about to mature, then when it does, you get a 10-day grace period to decide what to do. If you do nothing, your account will automatically be renewed.

How to get a Fixed Rate CD

If you apply for a CD online, you cannot open it as a joint account. You’ll need to do so at your nearest branch. For single account owners, head over to the online application form, enter your ZIP code and pick which CD term you want. Provide your personal details such as name, address, employment, Social Security number and government-issued ID if you’re a first-time customer. All you need to do afterward is to fund your account.

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Step Rate CD

Earn a competitive rate with automatic rate increases each year.

Term

APY

3 years

2.74% Blended

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 365 days’ interest

With the Step Rate CD, you get a rate increase each each year, resulting in the blended APY you see above. You’ll get guaranteed rate increases automatically each year.

Just like the fixed rate CD, interest is compounded daily and credited every quarter. Before maturity, you’ll get a reminder and a 10-day grace period in which to either withdraw funds, add more or renew for another term. Otherwise, your CD will automatically be renewed.

How to get a Step Rate CD

You can only open a Step Rate CD in person or by calling the bank. To find a location nearest you, do search on their site on their locations page by entering your ZIP code or city and state.

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How BMO Harris Bank’s CD rates compare

The promotional rates for the fixed rate CDs are some of the best out there. While some of its competitors offer slightly higher rates, BMO Harris Bank has a lower minimum opening deposit at $5,000. The Step Rate CD is also a great choice as it offers a great rate and automatic increases to boot.

On the other hand, if you’re comparing the bank’s regular CD rates, then those fall way short. If you’re interested in CDs with shorter terms, you’re better off looking for CDs elsewhere.

BMO Harris Bank money market account options

Platinum Money Market

Low minimum opening deposit, but needs a high deposit amount to waive monthly maintenance fee.

APY

Minimum Balance Amount

0.05%

$0.01

0.30%

$10,000

0.50%

$25,000

0.65%

$50,000

0.80%

$100,000

1.00%

$250,000

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $20 (this fee can be waived)
  • ATM fee: $3 for out of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $10 if linked to a checking account

While the rates aren’t anything to rave about, they are higher than the savings accounts and you do get check writing capabilities. Just like other accounts, you also get online and mobile banking which as mentioned before, comes with some pretty snazzy features.

This account is probably best for those who intend on stashing more money. You can skip paying the monthly maintenance fee if you keep a minimum balance of $10,000. Or else you’ll be paying the steep fee.

Because this is a savings account, Federal Regulation D limits withdrawals to six per month. If you go over this amount, you will be charged $15 per transaction.

How to get a Platinum Money Market account

You’re only allowed to open a money market account by calling or going to your nearest branch. To find a location nearest you, do a search on the BMO Harris Bank’s website and enter in your ZIP code. It may help to speed up the application process of you book an appointment beforehand.

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How BMO Harris Bank’s money market accounts compare

Like most traditional banks that pay minuscule rates, BMO Harris Bank is no exception. Although it’s higher compared to big banks, with online banks and credit unions, the rates fall flat. However, many competitors require high minimum balances in order to waive the maintenance fees, much like BMO Harris Bank. Some even offer limited check writing capabilities, though not all have ATM access.

All this to say, if you insist on finding the best rates, it’s a good idea to check out our list of the best money market rates to do some comparison shopping.

BMO Harris Bank IRA account options

IRA CD rates

Earn a more competitive rate the higher the minimum deposit.

Term

APY (with a $1,000 minimum deposit amount)

3 months

0.05%

6 months

0.05%

9 months

0.10%

12 months

0.15%

18 months

0.25%

24 months

0.30%

30 months

0.35%

36 months

0.40%

48 months

0.50%

60 months

0.75%

Term

APY (with a $5,000 minimum deposit amount)

3 months

0.05%

6 months

0.05%

9 months

0.10%

12 months

0.15%

18 months

2.50%

24 months

0.30%

30 months

2.75%

36 months

0.40%

48 months

0.50%

60 months

3.25%

  • Minimum opening deposit: $1,000 or $5,000
  • Minimum balance amount to earn APY: $1,000 or $5,000
  • Early withdrawal penalty: Depends on length of CD term:
    • 1 month – all interest earned
    • 2 months – 11 months interest
    • 2 to 11 months – 90 days interest
    • 12 to 23 months – 180 days interest
    • 24-35 months – 270 days interest
    • 36 – 47 months – 365 days interest
    • 48 months and up – 545 days interest

Like the fixed rate CDs, some of the APYs you see above aren’t great. But if you take advantage of the 18, 30 and 60 month CDs with the $5,000 minimum deposit, you can get some really stellar rates.

You’ll want to make sure you’re not exceeding your annual limits for IRA contributions. In 2018, the maximum is $5,500 for individuals and $6,500 if you’re 50 or older. Additionally, if you make early withdrawals, you’re subjected to BMO Harris Bank’s early withdrawal penalties and will be taxed an additional 25% by the IRS if you’re younger than 59.5 years old.

BMO Harris Bank also offers jumbo CDs, but they’re the same rates as the $5,000 minimum deposit.

How to get BMO Harris Bank’s IRA CDs

You can only open a IRA CD in person. Click on the “Locations” tab on its website or call customer service to find a branch closest to you.

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How BMO Harris Bank’s IRA CD rates compare

While many of its competitors require the same minimum opening deposits, BMO Harris Bank’s rates fall way short when you look at them side by side. That is, unless you’re talking about the 18, 30 and 60 month CDs with the $5,000 minimum deposit. These three terms have some of highest rates offered.

If you’re interested in higher rates for different terms than the ones mentioned above, then you’ll want to look at our list for the current best offers on IRA CDs.

IRA savings account

Low opening deposit and no monthly maintenance fees.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is your run-of-the-mill savings account that you can either open as a traditional, Roth or SEP IRA. If the rates are anything like the Statement Savings Account, they’re not spectacular, but you have more flexibility than the IRA CDs in that you can withdraw funds at any time. Remember, you may have to pay a tax penalty if you take out cash before you’re 59.5 years old with a traditional IRA.

Your IRA savings account compounds interest daily and will be credited quarterly, whenever statements are sent to you. Contact the bank to request the rates for this account.

How to get BMO Harris Bank’s IRA savings account

The only way to open an IRA savings account is in person at a local branch. Click on the “Locations” tab on its website or call customer service to find one closest to you.

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on BMO Harris Bank’s secure website

Overall review of BMO Harris Bank’s banking products

For those looking for basic savings and checking accounts with minimal fees, BMO Harris Bank stands out as a decent choice. You’re not earning much in interest so that’s something to keep in mind if you’re after higher rates. If that’s the case, then you’ll want to do a little comparison shopping to see what’s out there.

Where the bank does shine is its CD and IRA CD accounts. Their promotional rates are some of the best ones we’ve currently seen and the minimum opening balance isn’t too shabby. BMO Harris Bank also has some nice bells and whistles with its mobile app. For those who want to get ATM access, pay bills and manage external accounts all in one place, you’ve got a winner right here.

Unfortunately, not all of the bank’s products are available to be opened online, so you may be out of luck if there isn’t a branch near you. However, the accounts that you do need to open in person don’t have the best rates, so you’re probably not missing out on much.

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Navy 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 Established1947
Total Assets$89.8B
LEARN MORE on Navy Federal Credit Union’s secure website

Credit unions have traditionally been organized around affinity groups — including co-workers, fraternal organizations and the like. Members of the Virginia-based Navy Federal Credit Union share a connection to the military as the institution has been serving service members and employees of the Defense Department since 1933.

The 7 million members have made Navy Federal Credit Union among the largest credit unions in the world, taking advantage of a bevy of perks that the credit union offers.

In order to become a member, you or a relative must be among the following:

  • Active Duty members of the Army, Marine Corps, Navy, Air Force and Coast Guard
  • Army and Air National Guard
  • Delayed Entry Program (DEP)
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Veterans, retirees and annuitants

Once you become a Navy Federal Credit Union member, you can always be a member regardless of whether you change employers, retire, get married, or move.

Navy Federal Credit Union provides a variety of personal banking products like checking account and savings accounts options along with CDs, money market accounts, and IRA savings.

In this review, we’ll go over their personal banking products and compare them against some of the best in the industry.

Navy Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Navy Federal Credit Union Share Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.00%

CD Rates

Navy Federal Credit Union 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.60%

CD Rates

Navy Federal Credit Union 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

3.00%

CD Rates

Navy Federal Credit Union 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Navy Federal Credit Union checking account options

Flagship Checking

Standard checking account that allows you to earn tiered dividends based on your balance.
APYMinimum balance amount
0.35%
$0.00 - $9,999
0.40%
$10,000 - $24,999
0.45%
$25,000+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • ATM fee: $0 – $1
  • ATM fee refund: $10 per statement cycle
  • Overdraft fee: $0

Navy Federal Credit Union’s Flagship Checking account has some noteworthy features. It is an interest-bearing account with tiered dividends (the credit union equivalent of interest) based on your balance. There’s a big jump from the lowest to the highest tier, which at $25,000 will give you a 10-basis-point bump to the highest APY.

There is no minimum opening deposit, but you’ll pay a $10 monthly fee if your balance is below $1,500 during the statement period. Another benefit of this account is that deposits to your account are generally available the same day or the next business day. If a check deposit will be available the following business day, the first $200 is made available on or before the first business day following the deposit.

In terms of making withdrawals, members with a Flagship checking account can withdraw from their account for free when using any Co-Op Network ATM. There is a $1 charge for any PLUS System ATM (overseas included). Be mindful that the owner of a non-Navy Federal Credit Union ATM may charge a fee, but the credit union will refund up to $10 in ATM fee charges per statement cycle.

Like all Navy Federal Credit Union checking accounts, this account has free online banking, online deposits, direct deposit, online statements, and checking protection options.

Flagship Checking would be a good option for someone looking for an interest-bearing account with extra perks and who can maintain enough funds in the account to avoid the monthly fee.

How to get Navy Federal Credit Union’s Flagship Checking account

Applying for a Flagship Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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Free EveryDay Checking

An interest-bearing checking account with no monthly fees or minimum balance requirements.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: None
  • ATM fee: $0 -$1
  • ATM fee refund: None.
  • Overdraft fee: $0 but optional $20 protection

While the free EveryDay Checking account doesn’t have any fees or minimum opening deposit requirements, the interest rate is quite low and there are no rate tiers like the Flagship Checking account.

There also isn’t an ATM refund or credit for out-of-network fees. There is an Optional Overdraft Protection Service (OOPS) for $20 that enables members to authorize overdraft transactions and avoid non-sufficient funds (NSF) fees of $29 per transaction.

This account would be ideal for a member who just wants a basic checking account with no fees and minimum balance requirements.

How to get Navy Federal Credit Union’s Free EveryDay Checking account

Applying for a Free EveryDay Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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e-Checking

An interest-bearing online checking account with low fees.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $5
  • ATM fee: $0 – $1
  • ATM fee refund: Up to $10
  • Overdraft fee: $0

Navy Federal Credit Union’s e-Checking account is similar to their Free EveryDay checking account in terms of interest rate and $0 minimum opening deposit.

This account does have a $5 monthly maintenance fee that can be waived if you set up direct deposit or make 20 Visa debit card transactions per statement cycle.

If you want to make sure you avoid the monthly maintenance fee, you might be better off with the Free EveryDay Checking unless you plan on setting up direct deposit and making at least 20 debit card transactions per month anyway.

How to get Navy Federal Credit Union’s e-Checking account

Applying for an e-Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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Free Active Duty Checking

Offers unique benefits for active duty military members.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: up to $20 per statement cycle
  • Overdraft fee: $0

This checking account allows early access to military pay with direct deposit. The interest rate is very low, so if you’re looking for a better return on your money, you may want to consider the Flagship Checking account.

Still, this account comes with free personalized checks, no monthly service fees, and ATM fee rebates of up to $20 per statement period.

There’s also no minimum opening deposit, making it accessible to many active duty members of the credit union.

How to get Navy Federal Credit Union’s Free Active Duty Checking account

Applying for a Free Active Duty Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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Campus Checking

A checking account for full-time students.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 – $1
  • ATM fee refund: $10
  • Overdraft fee: $0

This account is ideal for full-time students from ages 14 – 24. There is no minimum balance requirement and no minimum opening deposit.

If you withdraw funds at non-Navy Federal Credit Union ATMs and incur an ATM fee, the credit union will refund it up to $10 per billing cycle.

This account doesn’t really offer any significant benefits or features that would set it apart from the other checking accounts, besides the fact that it is available to minors. Still, an under-18 customer may find a much better interest rate on a checking account at another bank.

How to get a Navy Federal Credit Union’s Campus Checking account

Applying for a Campus Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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How Navy Federal Credit Union’s checking accounts compare

When it comes to Navy Federal Credit Union’s checking account interest rates, you can get a much better rate at other banks. In fact, some of the best online checking accounts have much higher rates and low minimum opening deposits.

It’s clear that their Flagship Checking account is the best in terms of APY, but you have to deposit $25,000 to reach the highest APY tier. The low rates and the monthly maintenance fees on some of Navy Federal Credit Union’s checking accounts can lead military members and their families to consider other banking options.

Navy Federal Credit Union’s savings account

Basic Savings

No fees and simple requirements, but low returns as well.
APYMinimum Deposit Amount
0.25%
$5.00
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1
  • ATM fee refund:
  • Overdraft fee: None

The Basic Savings account comes with membership to Navy Federal Credit Union. There are no monthly service charges and any charges that might trigger an overdraft will get rejected.

The interest rate is very low compared to their certificates and even their Flagship Checking account.

There is a $3 inactivity fee per quarter if members age 24 and over have less than $50.00 in their account, no activity in 12 months, and no other Navy Federal Credit Union products.

All in all, you’d probably be better off storing your savings in one of Navy Federal Credit Union’s certificates or money market accounts.

How to get Navy Federal Credit Union’s Basic Savings account

This account comes with your membership to Navy Federal Credit Union. All you’ll have to do is apply for become a member and deposit your funds.

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How Navy Federal Credit Union’s savings account compares

Navy Federal Credit Union’s savings account falls pretty low on the scale when compared to some of the best savings account rates offered by other banks.

Banks like Synchrony Bank, American Express, and Barclays all offer savings accounts with very competitive rates and no fees or minimum opening deposit requirements.

If you’re looking to get the best return for your money, you’d be better off with a higher-yielding savings account.

Navy Federal Credit Union CD rates

Share Certificates

A fixed-rate CD with short and long-term savings options.
Term$1,000-$99,999.99$100k+
3 months0.60%
0.70%
6 months1.25%
1.35%
9 months1.50%
1.60%
12 months2.00%
2.10%
18 months2.35%
2.45%
24 months2.50%
2.60%
3 years2.60%
2.70%
4 years2.65%
2.75%
5 years3.00%
3.10%
6 years3.05%
3.15%
7 years3.10%
3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s share certificates are their most-standard type of certificate of deposit. While the credit union does offer variable CD rates, this one provides customers with a guaranteed fixed rate.

The rates are pretty competitive, but you must meet the minimum opening deposit to open an account and it’s pretty steep. The other downside is that there’s only a slight rate increase for deposits at or over $100,000. That’s a lot of money that might gain a better return in another investment as opposed to a CD.

Dividends are compounded daily and credited monthly. There is an early withdrawal penalty if you need to take money out before your CD matures so it’s important to choose your term wisely and base it on by when you’d want to start using the money.

How to get Navy Federal Credit Union’s Share Certificates

Opening a share certificate with Navy Federal Credit Union is easy and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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Special EasyStart Certificate

A flexible short-term savings certificate with the best rate.
TermAPY
12 months3.00%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The Special EasyStart Certificate is a 12-month CD with a much-higher interest rate than the credit union’s share certificates. The minimum opening deposit is also very low and reasonable allowing more people to open an account despite what their budget is.

Another perk of having this account is that you can make additional deposits (up to $3,000) at any time. Generally, CD products only allow you to make an initial deposit then lock in your rate for a specific term. With the Special EasyStart Certificate, you can add more money as you go.

This account would be great for someone who wants to see a guaranteed return on short-term savings.

How to get Navy Federal Credit Union’s Special EasyStart Certificate

Opening a Special EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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on Navy Federal Credit Union’s secure website

EasyStart Certificate

A step down from the Special EasyStart certificate in terms of interest.
TermAPY
12 months2.00%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The EasyStart Certificate has a lower rate than the Special EasyStart Certificate and it has a higher minimum opening balance.

However, it’s lower than regular certificate shares with Navy Federal Credit Union so you can open this account if you can’t meet the $1,000 minimum opening deposit requirement.

With this account, you can also make deposits at any time of at least $10 or more to grow your savings. This certificate could be a good option for someone looking to ladder their savings. For example, instead of opening one 5-year certificate for $20,000, you could open five certificates for $4,000 at various different terms.

How to get Navy Federal Credit Union’s EasyStart Certificate

Opening an EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

SaveFirst Account

High-yield savings with the lowest minimum opening deposit.
TermAPY
3 months - 5 years0.90%
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s SaveFirst Account is ideal for members looking for a high-yield savings vehicle, but without a lot to contribute to the minimum opening deposit.

The APY isn’t as high as some of Navy Federal Credit Union’s other certificates and there are only two terms to choose from, but you only need a $5 deposit.

Dividends are compounded daily and you can make deposits to your account at any time to grow your account.

How to get Navy Federal Credit Union’s SaveFirst Account

Opening a SaveFirst account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

3-Year Variable share certificate

A variable-rate certificate you can add to over time.
TermAPY
3 years2.79%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

This certificate has a variable APY which sets it apart from the other certificates. The rate is pretty competitive, but the downside is that it can fluctuate on the 12th and 24th month from the purchase date.

The minimum opening deposit is higher than the SaveFirst and Easy Start certificates and members can only add funds to their account on its 12-month and 24-month anniversary dates.

If you opened an account with a smaller opening balance and could only add funds annually, you may not see much of a return on your investment.

This account would be ideal for a member who doesn’t want to have a locked savings rate for several years.

How to get Navy Federal Credit Union’s 3-Year Variable share certificate

Opening a 3-Year Variable certificate account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s CD rates compare

Navy Federal Credit Union’s CD rates are pretty competitive when compared against some of the best rates currently offered by other banks.

The $1,000 minimum opening deposit for standard share certificates is a middle-of-the-road option: it isn’t the highest, but it’s not the lowest market offering right now. One clear benefit is that the credit union offers different options for certificates, flexible terms, and the ability for members to add funds to their certificate after opening, but before the maturity date.

The one major downside is that Navy Federal Credit Union’s competitive certificate rates aren’t an option for just anyone. You must be a service member, employed by the Department of Defense, or related to someone who is in order to qualify.

Navy Federal Credit Union’s money market accounts

Standard Money Market Savings account

Tiered interest rates for higher balances, but a high minimum balance to earn APY.
APYMinimum balance amount
0.60%
$0 - $9,999
0.65%
$10,000 - $24,999
0.70%
$25,000 - $49,999
0.75%
$50,000+
  • Monthly account maintenance fee: None
  • Minimum balance to receive APY: $2,500
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

The Standard Money Market Savings account has tiered interest rates based on your account balance. In order to earn interest, your account must have a minimum balance of $2,500.

Interest is compounded monthly and credited monthly. Federal Reserve Regulation D allows a maximum of six transfers and/or withdrawals per calendar month.

Navy Federal Credit Union will honor any checks or ACH debits that exceed the monthly limit, but an excessive item fee per check will be debited from your account. This is why it’s best to limit your withdrawals to six per month or fewer with a money market account.

This account’s higher minimum balance requirement to earn APY may not appeal to some people. If you’re looking to earn interest right away and can’t deposit $2,500 to your account just yet, you may want to consider other options for money market savings.

How to get Navy Federal Credit Union’s Standard Money Market Savings account

You can apply for Navy Federal Credit Union’s Standard Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Jumbo Money Market Savings account

There’s not much of a interest rate reward for this account’s highest balance tiers.
APYMinimum balance amount
$0 - $99,9990.25%
$100,000 - $249,9991.00%
$250,000+1.10%
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

While Navy Federal Credit Union’s Jumbo Money Market Savings account provides an interest rate on-par with other money market accounts, members need to maintain a six-figure balance to earn it.

That’s a lot of money and could likely get a much better return with a smaller deposit at another bank.

How to get Navy Federal Credit Union’s Jumbo Money Market account

If you still want to look into applying for Navy Federal Credit Union’s Jumbo Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s money market accounts compare

While Navy Federal Credit Union’s money market accounts offer free checks and tiered interest rates with no monthly maintenance fees, they can’t hold a candle to some of the best money market accounts offered by other banks.

Banks like CIT, Ally, Virtual Bank, and Sallie Mae all offer a much higher rate than Navy Federal Credit Union and they require a smaller deposit or no minimum opening deposit at all.

If you already bank at Navy Federal Credit Union and enjoy some of their benefits, it may seem convenient to get one of their money market accounts, but you can certainly find better terms and rates elsewhere.

Navy Federal Credit Union’s IRA accounts

IRA CD Rates

Get a guaranteed rate of return for your retirement savings along with flexible certificate terms to choose from.
Term$1,000-$99,999.99$100k+
3 months0.60%
0.70%
6 months1.25%
1.35%
9 months1.50%
1.60%
12 months2.00%
2.10%
18 months2.35%
2.45%
24 months2.50%
2.60%
3 years2.60%
2.70%
4 years2.65%
2.75%
5 years3.00%
3.10%
6 years3.05%
3.15%
7 years3.10%
3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Traditional IRAs are tax-deferred retirement plans meaning you don’t have to pay taxes on contributions until you withdraw funds. Roth IRAs are funded with already-taxed dollars meaning you don’t have to pay any taxes when you withdraw your money.

Some people don’t like the risk involved with investing in the stock market with an IRA. This is where IRA Certificates can come in pretty handy. You can set your term and you’ll earn a fixed rate of interest.

Navy Federal Credit Union offers flexible terms ranging from three months to seven years to accommodate anyone’s savings goals.

There are withdrawal restrictions meaning you can’t take funds out of the account early or you’ll face a penalty.

How to get Navy Federal Credit Union’s IRA certificates

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

EasyStart IRA Certificate

A competitive APY with a lower minimum opening deposit.
TermAPY
12 months2.00%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s EasyStart IRA Certificate currently has the same APY as their regular IRA certificate.

However, the minimum opening deposit is much lower allowing members to start saving for retirement with less money. Members can also make deposits at any time to grow their account balance. An early withdrawal penalty will apply if you try to take funds out before the end of the 12-month term.

This is a good option for members who are looking to open an IRA Certificate, but can’t afford the $1,000 minimum opening deposit for Navy Federal Credit Union’s standard IRA Certificate.

How to get Navy Federal Credit Union’s EasyStart IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

3-Year Variable IRA Certificate

This IRA certificate has a variable rate with a capped minimum and uncapped maximum rate.
TermAPY
3 years2.79%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The minimum opening deposit for this IRA Certificate is a little higher than the EasyStart IRA Certificate, but it currently has a better interest rate and a longer term. The interest rate is subject to change each year, but is locked for a 12-month period. You can continue to add unlimited funds on the 12-month and 24-month anniversary dates after opening your certificate account.

Even though this rate is variable, the fluctuating rate will never fall more than half a percentage point below the initial rate and there is no maximum rate limit.

This IRA certificate would be ideal for someone looking to maximize their return and willing to take a small risk with a variable rate certificate.

How to get Navy Federal Credit Union’s 3-Year Variable IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s IRA CD rates compare

Navy Federal Credit Union’s IRA CD rates are competitive, but they are a little behind some of the best IRA rates offered by other banks.

This all depends on which certificate term you’re looking for. Navy Federal Credit Union has much lower rates for shorter terms 12-months and under. Their rates generally get better the longer you plan to save.

If you’re looking to save long-term in an IRA certificate, Navy Federal Credit Union’s rates are still pretty good. If you’re looking for a shorter term, you can probably find better rates at another bank.

Navy Federal Credit Union’s IRA money market account options

Standard IRA Money Market Savings Account

The IRA version of Navy Federal Credit Union’s standard Money Market Savings account.
APYMinimum Deposit Amount
0.60%
$0.00 - $9,999
0.65%
$10,000 - $24,999
0.70%
$25,000 - $49,999
0.75%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

There’s really not much of a difference when you compare this to the standard Money Market Savings Account. It also has tiered interest rates based on your account balance and a high minimum balance requirement to meet in order to earn interest on your savings.

If you’re looking to invest in retirement, you’d probably be better off with Navy Federal Credit Union’s IRA Certificates or a traditional IRA or Roth IRA account if you’re comfortable with more risk.

How to get Navy Federal Credit Union’s standard IRA Money Market account

To apply for Navy Federal Credit Union’s standard IRA Money Market account, go to their website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Jumbo IRA Money Market Savings Account

Better returns with a much higher minimum deposit.
APYMinimum Deposit Amount
0.25%
$0.00 - $9,999
1.00%
$100,000 - $249,000
1.10%
$250,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59½ years old

Navy Federal Credit Union’s Jumbo IRA Money Market savings account offers a higher rate than the standard IRA money market account, but it also requires a much higher account balance in order to earn it.

If you don’t have a six-figure balance to earn the jumbo rate, the standard IRA money market account with tiered interest rates would be better.

How to get Navy Federal Credit Union’s Jumbo IRA Money Market account

To apply for Navy Federal Credit Union’s Standard IRA Money Market account, go to the website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

IRA Savings Account

This account earns much less than their standard Money Market Account.
APYMinimum Deposit Amount
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

With Navy Federal Credit Union’s IRA Savings account, you can get the tax benefits associated with investing in a Roth, SEP, or Traditional IRA without all the stock market risk.

This account has no fees and no early withdrawal penalty from the credit union.

However, this account’s interest rate is quite low meaning it may not provide the best return for your money.

How to get Navy Federal Credit Union’s IRA Savings account

Applying for Navy Federal Credit Union’s IRA Savings account is easy and you can do it online if you’re a member. If you’re not a member, you can call the credit union to open an account.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Overall review of Navy Federal Credit Union’s banking products

Navy Federal Credit Union offers a wide selection of banking products with no fees or at least waivable fees for members of the military and their family.

While the bank serves an exclusive customer base, they don’t offer exclusive banking features or highly competitive rates outside of their certificates and variable rate products. Their certificates have fair rates and terms with flexible offerings to accommodate anyone’s savings goals.

However, military families can get better rates for savings accounts, money market accounts, and IRA savings at an online bank.

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.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at chonce@magnifymoney.com

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