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Identity Theft Protection, Reviews

Review: IDShield Identity Theft Protection

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

IDShield Identity Theft Protection

IDShield is a fairly new company and is a division of LegalShield, which was founded in 1972. It recently partnered with Kroll, a company that consists of expert investigators who handle data breach response and issues relating to cyber security.

Through IDShield, the two companies offer identity theft protection services to over a million people in all 50 states as well as four Canadian provinces. If you’re worried about the possibility of your identity getting stolen, here’s how IDShield can help.

Overview of IDShield’s Identity Theft Protection Service

What you’re mainly paying for when you enroll in an identity theft protection service is identity theft restoration. This means a representative from the company will handle all aspects of resolving identity theft for you, from paperwork and making phone calls to working with creditors, agencies, and law enforcement on your behalf.

IDShield offers this as well as:

  • Customer Support: Specialists are available to give customers advice on how to protect their identity and provide assistance in taking steps to prevent fraud. If an emergency occurs, you can reach an investigator at any time.
  • Security Monitoring: IDShield will monitor up to 10 bank accounts and 10 credit card accounts, your Social Security number, address, credit, court records, and personal information. It also monitors the black market for any mention of your information, and monitors your address and will alert you when someone else uses it.

You can view a break down of the services offered (in comparison to LifeLock) here on the website.

You can do most of this for free; again, the main reason to pay for a service like this is to allow someone else to take care of restoring your identity, as it tends to be a time-consuming and complicated process. Just imagine filing your tax return only to find that someone beat you to it, or that a thief opened a line of credit in your name without your knowledge. Do you know the first steps you would take to get your identity back? If not, it could be worth paying for.

How useful are the other services provided? The credit report and score offered by IDShield is only available through TransUnion. You can monitor your credit for free using CreditSesame.com or CreditKarma.com.

As for account monitoring, many financial institutions have alerts built into your account already. If you haven’t opted into those, you should, as it’s not always automatic. Many banks and credit card companies are good at alerting you to possible fraud.

You can also monitor your credit reports for free – you can order three (one from each credit reporting company) every twelve months through annualcreditreport.com.

[Worth It or Not? Identity Theft Protection Reviewed]

What Identity Theft Insurance Protects You Against

IDShield offers a $5 million service guarantee, where most other identity theft protection services offer a $1 million service guarantee. Is the difference worth it?

First, it’s important to understand what you can use the insurance for. There’s a common misconception among consumers that the purpose of identity theft insurance is to safeguard you against stolen funds. That’s not exactly the case. While some of these service guarantees offer to compensate a set amount of stolen transferred funds (typically up to $10,000), the true purpose of identity theft insurance is to protect you against costs incurred as a result of the identity theft.

These are such costs as lost wages for having to take time off of work, hiring a lawyer in case you need to go to court, hiring a babysitter to care for your child while you’re gone, etc. Unfortunately, IDShield doesn’t make its service guarantee document public on its website like other identity theft protection services. We recommend asking what the guarantee covers before paying.

The only information IDShield offers is that it will “spend up to $5 million using Kroll’s industry-leading Licensed Investigators to do whatever it takes for as long as it takes to help recover and restore your identity to its pre-theft status.”

How IDShield Works

IDShield provides alerts in many different situations. A few examples include if a new account has been opened in your name, if there’s a credit fraud attempt or new loan attempt, or if there has been an inquiry into your credit.

When this happens, you’ll receive an alert from IDShield via email and the membership website (www.myidshield.com). Customer support is available at any time when an emergency occurs, so you can get assistance with resolving the issue right away.

How Much Does IDShield Cost?

An individual plan is $9.95 per month, and a family plan is $19.95 per month. Both plans have access to the same services, but the family plan covers a spouse as well as up to eight minor children.

The cost isn’t too steep when compared with LifeLock, but Zander and Prosper Daily are more affordable alternatives, and neither offer access to licensed private investigators.

Transparency Levels

IDShield doesn’t outright claim to completely prevent identity theft (no one can), but unlike other websites, it doesn’t explicitly state that it can’t. It does claim its services will “give you all you need to keep your identity secure from thieves and fraud.” At the bottom of the site is the message, “Nearly 10 million Americans have their identities stolen every year. Don’t be one of them.” This can give the incorrect impression that signing up will prevent having your identity stolen.

Additionally, many other identity theft protection services have their insurance guarantee document on their website. IDShield does not. It’s good to know how you can benefit from it.

IDShield’s FAQ page also leaves a lot to be desired. It only answers general questions about identity theft and fraud – not product specific questions. It does make mention of the fact consumers can order three free credit reports through annualcreditreport.com.

Alternative Identity Theft Protection Services

Not keen on the services offered by IDShield? There are two other options you can look into.

Zander

Zander is a web-based service, making it easy for anyone (especially the elderly) to access. Similar to IDShield, you receive alerts via email. However, it’s the most affordable option out of the identity theft protection services we’ve reviewed. It’s $6.75 per month for individuals, and $12.90 per month for families. The affordability can be attributed to the fact that it only has the essential services; it doesn’t have credit monitoring, for example. You still get identity restoration services, black market surveillance, and a $1 million expense protection plan.

Read full review here.

Prosper Daily

Unlike Zander, Prosper Daily is completely mobile. It’s available on the Android and Apple store for free, but to get the identity restoration service it offers, you’ll have to pay $9.99 per month. In addition to protecting yourself against fraud, you can use Prosper Daily to monitor your spending and various financial accounts. It’s a good option for those in their 20s or 30s, or for anyone who prefers to use their phones to manage their finances. It also comes with $1 million identity theft insurance, black market surveillance, and credit monitoring.

Read full review here.

Conclusion

IDShield isn’t necessarily a bad choice for identity theft protection, but it would be nice to see detailed information on the services offered and how consumers benefit. The biggest draw to IDShield seems to be the Licensed Private Investigators members get access to, but that doesn’t automatically make the identity restoration process better or worth paying more for.

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

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Reviews

Review of Chase Bank’s CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Chase Bank is a consumer and commercial bank operated by JPMorgan Chase & Co., an international business firm dating back to 1799 that currently has $2.6 trillion in assets and operations worldwide. Chase Bank has nearly 5,000 branches and 16,000 ATMs across the U.S., and offers a full range of financial products and services.In this article, we’ll concentrate on Chase Bank’s certificates of deposit (CDs). They can be opened at a branch or online, with terms ranging from 1 month to 120 months. And although there are multiple ways to open a Chase Bank CD, if you want to open one online, you will need to be an existing Chase Bank checking customer.

Chase Bank standard CD rates

Term

APY

Minimum Deposit to Open

1 month

0.01%

$1,000

2 months

0.01%

$1,000

3 months

0.01%

$1,000

6 months

0.01%

$1,000

9 months

0.01%

$1,000

12 months

0.01%

$1,000

15 months

0.01%

$1,000

18 months

0.01%

$1,000

21 months

0.01%

$1,000

24 months

0.01%

$1,000

30-Months

0.01%

$1,000

36 months

0.01%

$1,000

42 months

0.50%

$1,000

48 months

0.10%

$1,000

60 months

0.30%

$1,000

84 months

0.01%

$1,000

120 months

0.30%

$1,000

Chase Bank CD relationship rates

Chase Bank’s CD relationship annual percentage yields (APYs) are extended to customers who have a linked Chase Bank checking account. You can apply online, and if you use a transfer from your account to fund the CD, the account can be opened the same day. The minimum deposit is, again, $1,000. If you want to open a CD for than $1 million, you will need to visit a branch.

CD term

$1,000 - $9,999

$10K - $24,999.99

$25K - $49,999.99

$50K - $99,999.99

$100K - $249,999.99

$250K+

1 month

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

2 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

3 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

6 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

9 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

12 months

0.02%

0.02%

0.02%

0.02%

0.05%

0.05%

15 months

0.05%

0.15%

0.15%

0.15%

0.20%

0.20%

18 months

1.00%

1.00%

1.00%

1.00%

0.01%

0.01%

21 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

24 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

30 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

36 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

42 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

48 months

0.20%

0.20%

0.20%

0.20%

0.01%

0.01%

60 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

84 months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

120 Months

0.10%

0.20%

0.20%

0.20%

0.20%

0.20%

How Chase Bank CD rates compare with those of other banks

You’ll need less money to qualify for a Chase Bank CD than you might at other banks. Chase Bank allows customers to open their CDs with a minimum deposit of $1,000, which is lower than at many other institutions. Chase Bank CDs are also open to applicants who do not bank with Chase, in contrast with the practices of some banks and credit unions that require member checking or savings accounts.

However, Chase Bank CD rates are well below the best seen on our round-up of the best CDs. You can easily find higher interest rates at other institutions, particularly for 1-year CDs. If you decide to go with Chase BAnk, look into its relationship rates for a higher APY.  Relationship rates are offered to customers who link their CDs to a Chase Bank personal checking account.

As mentioned, a minimum of $1,000 is required to open a Chase CD account, and interest is compounded daily. Depending on the term, your earned interest may be paid monthly, quarterly, semi-annually, annually — or at maturity.

Important information about Chase Bank CDs

Chase Bank CD fees

There are no monthly service fees, but there are $15 fees for inbound domestic and international wire transfers (waived if they are from another Chase Bank account) and outbound domestic wire transfer fees. Accounts can be opened online if you are an existing checking customer with Chase Bank. Deposits of more than $1,000,000 must be opened at one of its branches.

Non-Chase Bank customer access

You do not need to have a Chase Bank checking or savings account to open a standard Chase Bank CD account. You’ll need to provide a Social Security Number, driver’s license and contact information. Deposits must be made from a checking or savings account at your existing bank.

Maturity date and grace period

Law requires banks to alert consumers before the maturation date on CDs. Chase Bank considers the maturity date as the last day of the term. It offers a 10-day grace period on all CDs with terms of 14 days or longer. During the grace period, you can withdraw the funds without penalty or roll over the account to another term.

Automatically renewable CDs vs. single-maturity CDs

Account holders have the option of opening an automatically renewable or a single-maturity CD account.

With an automatically renewable CD, the account renews on the maturity date for the same term as the original one, making the new maturity date the last day of the new term. The standard rate will apply unless the owner qualifies for a relationship CD.

The single-maturity CD does not automatically renew and earns no interest following the maturity date. You may want to see if Chase Bank is offering any promotional rates during the 10-day grace period if you plan to invest in another Chase Bank CD using a ladder strategy.

Earning interest on a Chase Bank CD

Interest on Chase Bank CDs begins to accrue on the first business day of deposit into your account and is calculated on a daily balance, 365 days a year. The accrued interest can be withdrawn during the term or at maturity without incurring penalties. For maturities of more than 1 year, interest will be paid at least annually, according to the bank.  If the CD matures and automatically renews, the interest in the account is rolled over into the new principal.

Early-withdrawal penalties and fees

If you wish to withdraw money before your CD matures, Chase Bank will charge penalties. According to Chase Bank, early-withdrawal penalties are deducted from your principal and do not exceed the total amount of earned interest. The amount that is deducted is below, listed by the length of the CD:

  • Less than 6 months: 90 days of interest
  • 6 months to 24 months: 180 days of interest
  • 24 months or more: 365 days of interest

Chase Bank CD early-withdrawal penalties can be waived upon:

  • Death of a CD owner
  • Disability of a CD owner in retirement
  • Retitling/reissue of a CD
  • A court ruling that the CD owner is incompetent

Overall Review of Chase Bank’s CD products

Chase Bank’s CD rates are likely best for customers who link the CD to their personal checking accounts because they can qualify for those juicier relationship rates. The rates improve for longer terms and larger deposit amounts.

Chase Bank’s online tools allow you to apply for relationship CDs and track your investments. The minimum amount to open a standard CD account ($1,000) is on par or slightly lower than those required by other institutions.

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

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Reviews

Review of Wells Fargo CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Wells Fargo
Wells Fargo offers numerous financial products and services, including savings and checking accounts, insurance and investment products. The bank also offers certificates of deposit (CDs), though their rates are significantly lower compared to those from other big-name competitors.

Keep in mind that Wells Fargo CD rates will differ depending on where you live. The rates in this article are based on the bank’s headquarters in San Francisco. If you want an accurate list of Wells Fargo CD rates based on your location, go to its rates page and type in your ZIP code.

Wells Fargo’s Fixed Rate CDs

Wells Fargo’s Standard CD rates

CD Term

APY

Minimum Deposit to Open

3 months

0.05%

$2,500

6 months

0.10%

$2,500

1 year

0.15%

$2,500

The Wells Fargo Standard CD ensures that you get a guaranteed return for its entire term. Your annual percentage yield (APY) is locked in once you make an opening deposit into your account. Anyone can open an account online or in person as long as they have a minimum of $2,500 to deposit into an account.

Early withdrawal penalties, which depend on the original term of the CD, are:

  • Less than 3 months: 1 month of interest
  • 3 – 12 months: 3 months of interest
  • 12 – 24 months: 6 months of interest
  • Over 24 months: 12 months of interest

Wells Fargo’s Standard CD bonus rates

CD Term

Bonus APY

Minimum Deposit to Open

3 months

0.10%

$2,500

6 months

0.15%

$2,500

1 year

0.20%

$2,500

You can get the Wells Fargo Standard CD bonus rates if you link your CD to a Portfolio by Wells Fargo® account and make a $2,500 minimum deposit. This Portfolio product is the bank’s upgraded checking account, which offers better interest rates for many linked Wells Fargo products. You also get certain fees waived from your account, discounts on loans and additional credit card benefits.

All you need to open this checking account is a minimum opening deposit of $25. However, it has a $30 monthly maintenance fee, which is waived if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts.

If your CD stops being linked to your Portfolio checking account, the bonus CD rate will revert to the standard rate.

Wells Fargo’s Special CD rates

CD Term

APY

Minimum Deposit to Open

9 months

0.30%

$5,000

29 months

0.25%

$5,000

39 months

0.25%

$5,000

To open a Wells Fargo’s Special CD and the higher rates, you’ll need a minimum opening deposit of $5,000. Additionally, these APYs only apply to the initial agreed term. Once your CD matures, it’ll automatically renew but with different terms. The 9-month CD renews for six months, the 29-month CD renews for 24 months and the 39-month CD renews for 36 months.

Wells Fargo’s Special CD bonus rates

CD Term

APY

Minimum Deposit to Open

9 months

0.35%

$5,000

29 months

0.30%

$5,000

39 months

0.30%

$5,000

To be eligible for the special bonus APYs, you’ll need to meet the same requirements as the regular Special CD, plus link your account to a Portfolio by Wells Fargo checking account and make a $5,000 minimum deposit. This will revert to standard APY once it matures and if you decide to renew your CD. You may be eligible for the bonus Standard CD rate upon renewal.

How to get Wells Fargo’s Fixed Rate CDs

To open a Fixed Rate CD, you can apply online using Wells Fargo’s secure online application form. During the application process, you’ll be asked to choose the term you want and submit details such as your Social Security Number, funding account information and a valid ID. You can fund your CD using a Wells Fargo account, a non-Wells Fargo bank account, or by mailing a check or money order after you submit your application. Once you complete the application, you’ll get instant notification of your application status and possible next steps.

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Wells Fargo's website is secure

Member FDIC

Wells Fargo Step Rate CDs

CD Term

APY

Minimum Deposit to Open

24 months

0.25%

$2,500

The Step Rate CD offers multiple APY increases and a penalty-free withdrawal every six months as long as you are able to maintain the minimum opening balance. At the date of publishing, you get an automatic rate increases at 7, 13 and 19 months into your CD term, as you can see below:

  • 1 – 6 months: 1.00%
  • 7 – 12 months: 1.10%
  • 13 – 18 months: 1.20%
  • 19 – 24 months: 1.30%

To make your penalty-free withdrawals, you’ll need to do it within five business days at the start of the days when your interest rate goes up. If the rate increase happens to fall on a weekend or on a holiday, the withdrawal period will begin on the next business day. Once your account matures, the CD will be automatically renewed and revert to a standard 24-month fixed-rate CD.

Wells Fargo Step Rate Bonus CD rates

CD Term

APY

Minimum Deposit to Open

24 months

0.30%

$2,500

To be eligible for the bonus rate, you’ll need to link your Step Rate CD to a Portfolio by Wells Fargo checking account. Keep in mind that there is a monthly maintenance fee of $30 for the checking account unless you have at least $25,000 in qualifying bank deposits or $50,000 in qualifying brokerage, bank and credit balances.

You’ll also get rate increases and penalty-free withdrawals every six months as long as you keep the minimum opening balance. You are subjected to the same interest-rate increases and requirements as the regular Step Rate CD. The bonus rates for the Step Rate CD are below at the time of publishing, and increase the same way as the Step Rate CD does:

  • 1 – 6 months: 1.05%
  • 7 – 12 months: 1.15%
  • 13 – 18 months: 1.25%
  • 19 – 24 months: 1.35%

Upon maturity, your CD will automatically renew into a standard fixed-rate bonus CD. If you don’t have a Portfolio checking account at the time, your rate will revert to the standard rate.

How to Get a Wells Fargo Step Rate CD

Unlike the Fixed Rate CD option that can be opened online, you can only open a Step Rate CD in person at a Wells Fargo branch. You can go to any of Well Fargo’s physical locations. You can also make an appointment online or by calling 1-800-869-3557.

Here’s how Wells Fargo CD rates compare to other banks

Wells Fargo rates don’t compete well with their competitors’ offers, even with the bonus rates. Those better rates often also come with a lower minimum deposit than what Wells Fargo requires. However, competitors with the highest rates tend to be online-only banks, which is only a disadvantage if you prefer to bank in person. If it’s important to you to keep all your banking products in one place, then Wells Fargo may be worth considering.

Check out the Best CD Rates page to see the most current offers available listed on MagnifyMoney .

Additional information about Wells Fargo CDs

All rates earned are compounded daily and interest starts to accrue as soon as you make your deposit, as long as it’s on a business day. Otherwise it’ll begin on the next available business day. Any interest earned is paid out monthly and deposited into a checking account, savings account or via check. You could also opt to leave it your CD until maturity. You can also choose to have your interest payments paid out annually, semi-annually or when your CD matures. The only exception is for CDs with terms of 12 months or more, where you can’t choose to have your interest paid out at maturity.

There are penalties if you make early withdrawals on fixed-rate CDs. You either have to pay the early withdrawal fee or be subjected to other penalties.

People who may have to pay a penalty include those who make withdrawals within seven days of account opening. This penalty also applies if you make a withdrawal during the grace period that exceeds the allowed number of deposits during that time.

Any withdrawals after the first seven days are subjected to the following early withdrawal fee, based on the CD term:

  • 3 months or less: 1 month’s interest
  • 3 months to a year: 3 months’ interest
  • 12 to 24 months: 6 months’ interest
  • 24 months and over: 12 months’ interest.

If you make a withdrawal on a Step Rate CD or the Step Rate Bonus CD, the early withdrawal fee will apply if the money you take out will cause the balance to be under the minimum opening deposit. The penalty will be based on the whole amount taken out. You’ll also be subject to early withdrawal penalties if you make a withdrawal on days other than the five-day withdrawal period when interest rates increase.

There are some exceptions where you may be able to get early withdrawal penalties waived. Common ones include death of the account owner, but you’ll need to contact Wells Fargo customer service to chat about your exact situation and circumstances. (This exception isn’t unique to Wells Fargo.)

Wells Fargo will send you a notice to remind you of the CD maturity date about a month before it happens. When your CD actually matures, you have a seven-day grace period. You can either renew the CD or choose to change the terms (such as linking your Portfolio by Wells Fargo account). Other options include closing the CD, making another deposit or withdrawing money as long as the remaining balance can meet minimum balance requirements.

If you choose not to do anything, the CDs renew automatically. However, no interest will be paid during the seven-day grace period if you don’t choose to reinvest your CD or you take money out of the account.

Overall review on Wells Fargo CD rates

Wells Fargo offers myriad services, including the ability to link your checking account to your CD to get a higher APY, but the bank’s rates fall short compared to that at other financial institutions as well as national averages. There are online banks that offer much better rates and with lower minimum deposits. Unless you are already banking with Wells Fargo and want to keep all your accounts in one place, its CD options are probably worth passing over.

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