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

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Updated on Tuesday, September 1, 2020

Opus Bank’s checking account options

Personal Checking

This checking account doesn’t offer much, especially for the monthly fee it charges.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $9, unless you keep at least $500 in your account or have at least one direct deposit per month.
  • ATM fee: $3 for each out-of-network transaction
  • ATM fee refund: None
  • Overdraft fee: $35 per item

You have two choices of personal checking accounts at Opus Bank. This one is the most basic of the two. It doesn’t come with any interest payments or any special rewards, but the bank will give you a debit card, access to online banking, and allow you to make an unlimited number of transactions each month.

Most banks offer a similar basic-level checking account for free. But at Opus Bank, there’s a charge: $9 per month (ouch), although you can get the fee waived in one of two ways: have at least one direct deposit (such as a paycheck) into your account each month, or keep at least $500 in the account.

How to get Opus Bank’s Personal Checking account

You’ll need to head to a local Opus Bank branch to open an account. Remember to bring two forms of ID with you, such as a driver’s license, passport, military ID, etc.

SEE DETAILS Secured

on Opus Bank’s secure website

Personal Interest Checking

Opus Bank’s premium-level checking account offers a small interest rate with high monthly fees.
APYMinimum Balance to Earn APY
0.05%
$0.01-$9,999.99
0.10%
$10,000-$49,999.99
0.10%
$50,000-$99,999.99
0.15%
$100,000-$249,999.99
0.15%
Over $250,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10, unless you keep at least $1,500 in this account or at least $10,000 across your other Opus Bank accounts.
  • ATM fee: $3 for each out-of-network transaction
  • ATM fee refund: None
  • Overdraft fee: $35 per item

If you can keep a higher balance in your checking account (at least $1,500, to be precise), you won’t have to pay a fee for this account. Alternatively, you can skirt the fee if you have at least at least a $10,000 average balance with another account at Opus Bank. You’ll want to hold off on opening this account until you’re able to meet one of these two criteria, since the monthly fee otherwise is $10. That’s a high price to pay for this account, which doesn’t offer much in the way of interest.

Aside from earning a tiny amount of interest, there’s no other real perks to this account. It offers all the same basic features as the Personal Checking account.

How to get Opus Bank’s Personal Interest Checking account

To open a Personal Interest Checking account, you’ll need to bring two forms of ID with you to a local bank office. Acceptable forms of ID include passports, military IDs, driver’s licenses, or even credit and debit cards with your name on them.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

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How Opus Bank’s checking accounts compare

Maybe the previously-mentioned poor reviews were onto something. Only one of Opus Bank’s checking accounts offers any interest payments, and it’s a pretty poor rate at that. Instead, you can earn interest rates that are several times greater than the ones Opus Bank offers if you opt for one of these top online checking accounts instead.

Furthermore, we recommend skipping out on these accounts because they come with high fees. Yes, you can avoid the fees by keeping a certain balance in your account, but that’s just one more hassle you have to remember each month. Why bother when you can opt for an account that doesn’t charge these fees?

Opus Bank’s savings account option

Personal Savings

This account offers a pretty poor interest rate, and you may be charged a monthly fee to boot.
APYMinimum Balance to Earn APY
0.10%
$0.01-$9,999.99
0.10%
$10,000-$49,999.99
0.10%
$50,000-$99,999.99
0.10%
$100,000-$249,999.99
0.10%
Over $250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $2, unless you keep at least $200 in the account
  • ATM fee: $3 for each out-of-network transaction
  • ATM fee refund: None
  • Overdraft fee: $35 per item

Opus Bank offers two different places to store your liquid savings: this Personal Savings account, and the Crescendo Money Market account. So which one should you go with? If you want to stick with Opus Bank, we recommend choosing this account if you’ll be keeping between $200 and $1,000 in the account.

That’s because you’ll need at least $200 to waive the monthly fee for this account. You can earn a higher interest rate with the Crescendo Money Market account, but in that case, you’ll need at least $1,000 to waive the monthly fee associated with that account. So, the Personal Savings account fits that sweet spot for deposits between $200 and $1,000 because even though you might earn less, you won’t have to pay a monthly fee.

You are allowed to make up to six certain withdrawals per month with this account because it has to follow federal Regulation D rules. If you make any withdrawals beyond that, you’ll pay $10 per withdrawal to the bank.

How to get Opus Bank’s Personal Savings account

You can open a Personal Savings account with Opus Bank in person at a branch. The bank does not support over-the-phone or online applications, unfortunately. You’ll also need to bring at least two forms of ID with you.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

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How Opus Bank’s savings account compares

We’ll save you some time: choose a savings account at a different bank. Not only does this account come with a fee if your balance drops below a certain level, but it offers a terrible interest rate.

In today’s rising interest rate environment, you shouldn’t have to settle for an interest rate this low. Instead, choose one of these online savings accounts — they charge few or no fees, and you’ll actually start to see a bit of a return before you’re old and in a rocking chair.

Opus Bank’s CD rates

Certificates of Deposit

Strangely, Opus Bank offers the highest interest rates on CDs with moderate term lengths.
TermAPY (balances between $1,000-$9,999.99)APY (balances between $10,000-$99,999.99)APY (balances over $100,000)
1 month0.10%
0.10%
0.10%
3 months0.20%
0.20%
0.20%
6 months1.00%
1.00%
1.00%
12 months1.70%
2.30%
2.30%
18 months2.00%
2.50%
2.50%
24 months2.10%
2.60%
2.60%
36 months1.60%
1.60%
1.60%
48 months1.65%
1.65%
1.65%
60 months1.80%
1.80%
1.80%
  • Minimum opening deposit: Opus Bank offers three levels of CDs. The minimum deposit for each is $1,000, $10,000 or $100,000.
  • Minimum balance amount to earn APY: You can’t drop the balance of your CD below the minimum opening amount for whichever level you choose.
  • Early withdrawal penalty: 180 days’ worth of interest, regardless of the CD’s term length.

Opus Bank offers several options for CDs ranging from just a few months to several years in length. The longer-term CDs are perfect for CD ladders (if that’s your savings style) because they come in 12 month increments. Opus Bank also offers three different tier levels, depending on how much money you deposit into your CD to get it started.

It’s important to pay attention to which tier level you start in, because you won’t be able to drop the balance of your CD below the minimum opening deposit for that particular tier level and still earn interest. For example, if you deposit $15,000 in a CD, you’ll be assigned to the middle tier (for deposits between $10,000 and $99,999.99). You can withdraw up to $5,000 from your CD (as long as you’re OK with paying the early withdrawal penalty), but if you drop the balance below $10,000, you won’t earn interest on the CD anymore.

Opus Bank will send you a notification 30 days before your CD matures to give you a heads-up. Once it matures it will automatically renew for another term. You will get a 10-day grace period where you can make any changes to the CD (like withdrawing all of the money) penalty-free. If you wait longer than that, the CD will become locked in again and you won’t be able to access it without paying a penalty.

How to get Opus Bank’s CDs

If you’re interested in setting up a CD with Opus Bank, you’ll need to visit a local branch and bring two forms of ID with you.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

18 Month Step Up Certificates of Deposit

This CD offers you a tradeoff: a lower interest rate up front for the ability to boost it later.
TermAPY (balances between $1,000-$9,999.99)APY (balances between $10,000-$99,999.99)APY (balances over $100,000)
18 months1.00%
2.52%
2.52%
  • Minimum opening deposit: Opus Bank offers three levels of CDs. The minimum deposit for each is $1,000, $10,000 or $100,000.
  • Minimum balance amount to earn APY: You can’t drop the balance of your CD below the minimum opening amount for whichever level you choose.
  • Early withdrawal penalty: 180 days’ worth of interest

We’re in a rising interest rate environment right now. That’s a good thing for things like savings accounts and money market accounts. But it’s bad for CDs, because if you lock in a certain interest rate on a CD now, you might be missing out on higher gains later if CD interest rates rise too.

This CD solves that problem — sort of. You’ll have to accept a lower interest rate right off the bat (compare the interest rate being offered on Opus Bank’s regular 18 month CD). But if interest rates on this CD do rise, you can opt to boost the interest rate on this CD once per term so you don’t miss out. You’ll have to submit your request to Opus Bank in writing to exercise this feature.

As with Opus Bank’s regular CDs, these 18 month Step Up CDs will auto renew after they mature. Opus Bank will send you a notification 30 days before this happens so you can be ready to take action when they mature. There is a 10-day grace period after the CDs auto-renew where you can add more money, withdraw money, or close the CD.

How to get Opus Bank’s 18 month Step Up CD

Opus Bank does not support online or over-the-phone applications. Instead, if you want to open one of these Step Up CDs, you’ll need to make your way to a local Opus Bank branch. Make sure you bring two forms of ID with you, such as a driver’s license, passport, or even a credit or debit card.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

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How Opus Bank’s CD rates compare

We like that Opus Bank offers two different types of CDs to choose from. That’s helpful for folks who aren’t quite sure if a regular CD is right for them. Still, it would be nice if the bank offered more than one term length for its Step Up CDs. We also appreciate that the early withdrawal penalty is fairly low, especially if you choose a longer term length. Many banks charge 365 days’ worth of interest or more for an early withdrawal from a 60 month CD, but Opus Bank only charges 180 days’ of interest.

That’s about where the niceties end, though. When it comes to CDs, what most people really care about is earning a high interest rate, and that’s where Opus Bank’s CDs are subpar. The bank does offer higher interest rates for its mid-length CDs (so why even open a longer-term CD here?), but even then, it’s nothing compared to its top competitors. We suggest you look toward one of these CDs instead to earn higher interest rates.

Opus Bank’s money market account option

Crescendo Money Market Account

You can earn the highest interest rate on balances over $250,000, but you might want to think twice before putting all your eggs in one basket.
APYMinimum Balance to Earn APY
0.15%
$0.01-$24,999.99
0.40%
$25,000-$49,999.99
0.65%
$50,000-$99,999.99
0.80%
$100,000-$249,999.99
0.95%
Over $250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, unless you keep at least $1,000 in your account.
  • ATM fee: $3 for each out-of-network transaction
  • ATM fee refund: None
  • Overdraft fee: $35 per item

If you’ve got at least $1,000 to spare for your liquid savings and want to bank with Opus Bank, this is probably the best account for you. You’ll need to keep at least $1,000 in the account in order to avoid the monthly fee. That’s a little inconvenient, especially if you’re saving up for something special and need to eventually liquidate the account.

This account offers a tiered interest rate system where you’re rewarded for larger balances. The highest interest rates are being paid out on balances over $250,000, but since that’s the limit of FDIC insurance, you may want to think twice before plopping in more money above that threshold.

However, this account does come with the ability to write checks. This account is governed by federal Regulation D rules, which state that you’re allowed to make up to six certain withdrawals per month. Opus Bank will charge you a $10-per-withdrawal penalty after that. You are allowed to make an unlimited number of withdrawals if you take the money out in person at a branch, however.

How to get Opus Bank’s Crescendo Money Market Account

You can open a Crescendo Money Market Account if you visit a branch and speak with a representative. The bank does not support online or telephone applications, unfortunately. You will also need to provide at least two forms of ID to verify your identity.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

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How Opus Bank’s money market account compares

Again, Opus Bank falls short in the interest rate department. Even though this is the highest-yielding liquid account that Opus Bank offers, these rates still aren’t really all that great.

Even at this highest interest rate tier, you still won’t earn as much interest as with money market accounts at other banks. Specifically, these money market accounts are our top recommendations right now. Many of them require no minimum deposit at all, and still pay multiples above what Opus Bank is offering.

Opus Bank’s IRA options

IRA CDs

If you’re looking to grow your retirement savings in an FDIC-insured environment, you can do a lot better than these IRA CDs.
TermAPY (balances between $500-$9,999.99)APY (balances between $10,000-$99,999.99)APY (balances over $100,000)
1 month0.10%
0.10%
0.10%
3 months0.20%
0.20%
0.20%
6 months1.00%
1.00%
1.00%
12 months1.70%
2.30%
2.30%
18 months2.00%
2.50%
2.50%
24 months2.10%
2.60%
2.60%
36 months1.60%
1.60%
1.60%
48 months1.65%
1.65%
1.65%
60 months1.80%
1.80%
1.80%
  • Minimum opening deposit: Opus Bank offers three levels of IRA CDs. The minimum deposit for each is $500, $10,000, or $100,000.
  • Minimum balance amount to earn APY: You can’t drop the balance of your IRA CD below the minimum opening amount for whichever level you choose.
  • Early withdrawal penalty: 180 days’ worth of interest, regardless of the IRA CD’s term length.

IRA CDs are one of the best ways to save at banks if you want to earn a guaranteed return. At Opus Bank, you can open these IRA CDs within either a Traditional IRA or a Roth IRA, depending on what’s best for your tax situation (you’ll need to speak with your tax advisor for that bit).

These IRA CDs are basically clones of Opus Bank’s regular CDs because they carry the same term lengths, policies and interest rates. The only exception is that Opus Bank makes these IRA CDs a little bit more affordable for those just starting out, because you’ll only need half the minimum deposit amount ($500 vs. $1,000) to get started.

Opus Bank will send you a notice in the mail 30 days before your IRA CD matures. When it does mature, it will automatically renew for another term length, but you will get a 10-day grace period to withdraw the money, roll it over, add more money, or change the term length if you wish.

How to get Opus Bank’s IRA CDs

Opus Bank requires you to open these IRA CDs in person at a branch. You’ll need to show a banker two different forms of ID. These can be things like military IDs, driver’s licenses, or even debit cards with your name on them.

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

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How Opus Bank’s IRA CDs compare

It’s really important to try and find the highest interest rates possible for your retirement savings, especially if you’re still a long ways away from retirement. This will help to ensure you have as much money as possible, because even seemingly-tiny differences in interest rates can mean big dollars when compounded over many years.

For that reason, we can’t really recommend these IRA CDs. They simply don’t offer a high enough interest rate, especially when you can boost it much further by opening an IRA CD with one of its competitors.

IRA Personal Savings

If you want to open this account, we suggest moving your money out of here as soon as you’re able because you won’t earn much.
APYMinimum Balance to Earn APY
0.10%
$0.01-$9,999.99
0.10%
$10,000-$49,999.99
0.10%
$50,000-$99,999.99
0.10%
$100,000-$249,999.99
0.10%
Over $250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $2, unless you keep at least $200 in the account
  • ATM fee: $3 for each out-of-network transaction
  • ATM fee refund: None
  • Overdraft fee: $35 per item

If you don’t yet have $500 to kick off an IRA CD, Opus Bank allows you to open an IRA savings account instead. Again, you can open it as a Traditional IRA or a Roth IRA, and it’s a carbon copy of the regular Personal Savings account.

Our complaint with this account is still the same, however. It just doesn’t earn very much. It’s not a bad starting point, especially if you’re just setting money aside until you can meet the minimum deposit of a higher-earning investment. But that’s about the only time we can think it’d make sense to open this account. Even then, you can find IRA savings accounts that earn a higher interest rate at other banks.

How to get Opus Bank’s IRA Personal Savings account

You’ll need to visit an Opus Bank branch in order to open this account because the bank does not offer online applications. You’ll also need to provide at least two forms of ID as a condition of opening an account (the bank does have to make sure you are who you say you are, after all).

SEE DETAILS Secured

on Opus Bank’s secure website

Member FDIC

Overall review of Opus Bank’s banking products

The word opus refers to a great musical work of art. Unfortunately, we’d have to disagree with the bank’s premise, and agree with all of the reviewers on DepositAccounts.com website who rated this bank poorly. If this was a musical piece, it probably wouldn’t be anything you’d want to listen to.

We had to speak with three different customer service representative through two means of communication in order to get clear answers for the information presented here. Oftentimes these representatives gave conflicting answers or didn’t even know the answers at all.

Those downfalls might be enough to overlook if the bank offered good interest rates and low fees. Unfortunately, it doesn’t. None of its accounts offer particularly good rates, and each of its accounts (except for CD accounts) come with monthly fees that you need to avoid.

Instead, we recommend leaving this bank to its primary focus: commercial and business banking. You can find much better options for your personal bank accounts elsewhere.

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