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Suncoast Credit Union Review of Checking, Savings, CD, Money Market and IRA 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.

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.

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NCUA Insured

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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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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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.

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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.

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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.

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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

1.35%

$500

12 months

1.55%

$500

18 months

2.00%

$500

24 months

2.25%

$500

36 months

2.50%

$500

48 months

2.75%

$500

60 months

3.00%

$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.

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Smart Start Certificate

Term

APY

12 months

1.55%

  • 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.

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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

0.45%

$25,000.00 - $49,999.99

0.55%

$50,000.00 - $99.999.99

0.70%

$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.

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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

1.35%

$500

12 months

1.55%

$500

18 months

2.00%

$500

24 months

2.25%

$500

36 months

2.50%

$500

48 months

2.75%

$500

60 months

3.00%

$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.

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

John Csiszar
John Csiszar |

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

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How to Request a Credit Limit Increase With Chase

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.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

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.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

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Review of Edward Jones 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.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 1.49% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 0.00%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

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

John Csiszar
John Csiszar |

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