Reviews, Small Business

Swift Capital Small Business Loan Review

Friday, July 17, 2015

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.

Taylor Gordon

Swift Capital offers small businesses a simple and affordable way to borrow money quickly. It can wire $5,000 to $10,000 to a small business account within an hour. And it’ll lend up to $500,000 within 1 business days.

Swift Capital takes into account business cash flow to review applicants instead of relying solely on credit history to make a decision. If your business is in need of extra funds fast this is an option to consider because of the flexible eligibility requirements and easy application process. Here we’ll dive into the details of this loan and compare it to two other small business loan products.

Swift Capital Business Funding at a Glance

To qualify for Swift Capital you must have at least a 500 credit score. In addition, your business must be at least a year old with a minimum of $100,000 in annual revenue. According to Swift Capital, 4 out of 5 applicants are approved for funding so you have a good chance of borrowing money if you meet the basic requirements.

Loan terms are available for 3 to 12 months. Rates at Swift Capital start at 9.90% and are charged as a one-time fixed fee and applied to the funding advance. The lowest rate is only offered to businesses with superior credit. Once the loan is funded, payments are taken from your business checking account daily. Some businesses may qualify for a weekly payment plan. You can speak with an agent during the application process to discuss your payment options.

Swift Capital funding is backed by a Best Price Guarantee. If you receive a better offer with comparable terms from another lender before the loan is funded, Swift Capital will beat the other offer or pay you $500.

Fees and Gotchas

There’s no loan application fee, but there’s an origination fee of 2.5% that’s deducted from the loan amount before it’s deposited into your account. You won’t be penalized with a fee if you prepay the loan. However, Swift Capital also charges a minimum 9.9% premium fee upfront. So, prepaying the loan early may not negate the interest accruing during the loan.

Swift Capital promises access to $10,000 within an hour, but that’s after you turn in all of your paperwork including bank statements. Make sure you get your information in fast if you need money right away. The application process requires a hard pull. Consider how that will impact your credit score before requesting a quote.

Pros and Cons

So what are the pros and cons of Swift Capital funding?

If your business brings in steady income you can qualify even with a below average credit score. And as mentioned you can get both a small and large sum of money within a few days.

Payments are drafted from your business account each day, which is good for business cash flow according to Swift Capital. And although Swift Capital charges a closing fee of 2.5%, its fees are less than some of the other business loans on the market (we’ll discuss that later in this post).

The main downside of Swift Capital is its rate structure. There is an origination fee. While it’s great there isn’t a pre-payment penalty, you still get hit with a fee. And although the starting rate (9.9%) is reasonable, it’s quite possible that your rate will be much higher than that if you only meet the minimum eligibility requirements.

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Alternatives to Swift Capital Funding

Swift Capital funding has comparable terms to other small business loan products offered by Accion and LendingClub. But overall Swift Capital may charge you less in fees and offer quicker access to cash.

Accion will offer existing businesses between $500 and $50,000. Interest rates start at 8.99% with loan terms available from 6 to 60 months. Closing costs are between 3% to 5%. There’s also a $135 processing fee.

To qualify for an Accion loan you must have a credit score of 525 or above and have enough cash flow to make payments. Once you apply for an Accion loan you’ll receive a call to move forward with the application in 2 to 3 days. So you’ll likely get faster cash if you borrow from Swift Capital.

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Lending Club offers rates as low as 5.9% on its business loans if you have excellent credit. You can borrow up to $300,000 for 1 to 5 years. The origination fee is 1.99% to 8.99%. Like Swift Capital your money from Lending Club can be deposited into your bank within a few days. In order to qualify for Lending Club your business must be at least two years old and have annual sales above $75,000.

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Who Will Benefit Most from a Swift Capital Loan?

You’ll benefit from Swift Capital if you’re running a new business and you need a small amount of cash quickly. If your business is more mature, you have higher monthly sales and excellent credit, Lending Club is worth checking out or a variety of other loan providers.

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.

Taylor Gordon |

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

TAGS: Small Business Loan, Swift Capital

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Reviews

Bank of Internet Reviews: Checking, CDs Rates, Money Market, and Savings Accounts

Wednesday, April 25, 2018

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.

Lindsay VanSomeren

Year Established2000

Total Assets$8.91B

LEARN MORE on Bank Of Internet USA’s secure website

San Diego, Calif.-based Bank of Internet USA is a newer bank, having started up in the year 2000 while many traditional banks have been around for decades. It was also one of the first banks to exclusively operate online. Even though it’s a new kid on the block, it’s still a solid performer, and has received an “A” health rating from DepositAccounts.com, another LendingTree company, which indicates it’s a solid choice for consumers looking for a new bank account.

U.S. citizens and resident aliens 18 years or older are welcome to apply for an account with Bank of Internet. To apply online, you’ll need at least three pieces of information: a social security number, a U.S. driver’s license or state ID, and a physical mailing address (P.O. boxes aren’t allowed), along with other basic information about yourself like your name and phone number.

In this review we’ll cover Bank of Internet’s checking, CD, money market, savings, and IRA accounts. We’ll discuss the interest rates, fees, and rules that come along with each account so you can decide whether Bank of Internet will be the best bank for you.

Bank of Internet USA’s Most Popular Accounts

APY	Account Type	Account Name	Compare Rates from Similar Accounts
1.30%	Savings	Bank of Internet USA Smart Savings Account	1.60%	Goldman Sachs Bank USA High-yield Online Savings Account
1.00%	CD Rates	Bank of Internet USA 12 Month CD	2.15%	Synchrony Bank 12 Month CD
1.30%	CD Rates	Bank of Internet USA 36 Month CD	2.10%	Ally Bank High Yield 3 Year CD
2.25%	CD Rates	Bank of Internet USA 60 Month CD	2.75%	Barclays 60 Month Online CD

Bank of Internet CD rates

While Bank of Internet’s CDs are pretty standard, they do offer a unique feature: interest is paid out every year for CD terms over one year in length.

Term	APY
3 months	0.55%
6 months	0.75%
12 months	1.00%
24 months	1.20%
36 months	1.30%
48 months	1.40%
60 months	2.25%

As of 04/25/2018

Minimum opening deposit: $1,000
Minimum balance amount to earn APY: $1,000
Early withdrawal penalty:
- For the 3-month CD, you’ll pay 1.5 months’ worth of interest.
- For the 6-month CD, you’ll pay 3 months’ worth of interest.
- For the 12-month CD, you’ll pay 6 months’ worth of interest.
- For the 24-month CD, you’ll pay 12 months’ worth of interest.
- For the 36-month CD, you’ll pay 18 months’ worth of interest.
- For the 48-month and 60-month CD, you’ll pay 24 months’ worth of interest.

Bank of Internet offers a pretty standard CD with this account. You can choose from a range of terms, and you must bring a moderately-sized deposit to the table to open an account. You’ll also face a penalty for withdrawing your cash early, and if you do withdraw money, Bank of Internet will first remove it from the interest you’ve earned. Since the APY you’ll earn is calculated based on the assumption that you leave the interest in the account to earn even more interest, withdrawing any money early can reduce the actual APY you get.

One important heads-up: if you choose a CD term longer than a year, you’ll receive a payout of the interest you’ve earned from the prior year, rather than having it sit in your CD account until maturity. Additionally, the CD will auto-renew to another CD of the same term length when it matures. You’ll still have a 10-day grace period to withdraw the money or make any changes to the CD, however.

LEARN MORE

on Bank Of Internet USA’s secure website

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How Bank of Internet’s CD rates compare

When it comes to CD rates, Bank of Internet is a bit like Goldilocks. It doesn’t offer the best CD rates out there, but it also don’t offer the worst. In addition, its minimum deposit size to open a CD is relatively standard among banks, however it will be a bit cost-prohibitive to many people, especially those just starting out their savings.

One option to get around this is to find another bank with a lower minimum deposit size for CDs, or to simply open a savings account until you have enough cash saved up to open a higher-interest-earning CD.

Bank of Internet checking account options

Rewards Checking

This fee-free account offers a great opportunity to earn high interest rates on your checking account money.

APY	Minimum Deposit Amount
0.4166% - 1.25%	$0

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Unlimited ATM fee refunds for any domestic ATMs
Overdraft fees: Free, if you link a savings or money market account to cover any overdrafts.

If you’re looking for a high-interest-earning checking account, this is a great one to consider. You can earn three different tiers of interest rates, depending on how you use the account. To earn the base rate of 0.4166% APY, you’ll need to receive at least $1,000 worth of monthly direct deposits into this account. To earn an additional 0.4166% APY, you’ll need to also make at least 10 purchases of at least $3 per month with your Bank of Internet Visa® debit card. Finally, if you also make another five purchases (for a total of 15) of at least $3 per month, in addition to the direct deposit requirements, you can earn yet another 0.4166% APY — totalling a whopping 1.25% APY.

This account also comes with a cashback rewards program. To enroll, you’ll need to log in to your account and navigate to the Purchase Rewards section, where you can see what cashback offers are available at local and online stores. You’ll need to manually activate the offers in order for it to work; otherwise, you won’t earn anything. If you do earn any cash back, it’ll be deposited into your account at the end of the next month.

LEARN MORE

on Bank Of Internet USA’s secure website

Platinum Checking

The only string attached with the Platinum Checking account is that you need a high balance to earn any interest.

APY	Minimum Balance Amount
0%	$1 - $4,999
0.71%	Over $5,000

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Up to $8 per month from domestic ATM surcharge fees
Overdraft fees: $0

If you tend to keep a large balance in your checking account and don’t use it a whole lot, this could be a good rewards checking account to consider. You won’t earn anything on the first $4,999 in the account, but once you hit the $5,000 mark, you’ll earn a decent interest rate for a checking account, and with no strings attached like with Bank of Internet’s Rewards Checking account.

There aren’t any fees for using any domestic ATMs; however, you still might owe ATM surcharge fees from the ATM’s owner. Bank of Internet will reimburse you up to $8 for these surcharge fees, but unlike the Rewards Checking account, it’s not an unlimited amount — so this account may be better for folks who don’t use ATMs frequently either.

The Platinum Checking account also comes with the same cashback rewards program as the Rewards Checking account. Simply log into your online account, select which offers you’re interested in, and shop at that store. Your cash rewards will be deposited into your bank account at the end of the next month.

LEARN MORE

on Bank Of Internet USA’s secure website

CashBack Checking

You can earn up to 1.00% cash back when you use your Bank of Internet USA debit card to make purchases with this account.

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Unlimited ATM fee refunds for any domestic ATMs.
Overdraft fees: $25

Bank of Internet’s CashBack Checking account may be an option to consider if earning cash back if more your style. You’ll earn 1.00% cash back on any signature-based purchases made with your Bank of Internet USA debit card if you keep an average daily balance of $1,500 in your account. (A “signature-based purchase” is one where you don’t use the PIN pad.) If you have less than the $1,500 average daily balance in your account, you’ll still earn cash back, but at a slightly lower rate (0.50%).

You can earn up to $2,000 in cash back per month. Also, heads-up: this cash back is counted as income, so you’ll owe taxes on this money when you file your taxes at the end of the year (the bank will send you a 1099-MISC form to record on your taxes).

In addition to this cashback program, you’re also eligible for the regular cashback rewards program offered with the other checking accounts. All you have to do is log in to your online account, select which offers you’re interested in purchasing, make the purchase, and earn a set amount of cash back on top of what you’re already earning. The money from this cashback program and your normal daily spending will be deposited into your checking account.

LEARN MORE

on Bank Of Internet USA’s secure website

Essential Checking

Bank of Internet’s Essential Checking account doesn’t earn any interest or come with any inherent rewards, but it won’t cost you anything either.

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Unlimited ATM fee refunds for any domestic ATMs.
Overdraft fees: $0

This fee-free account also does not offer any interest, nor does it come with its own cashback rewards program like the CashBack Checking account.

However, this account is still eligible for Bank of Internet’s own cashback rewards program. To earn cashback rewards with this program, you need to log into your account online and select the cashback offers that you’re interested in. Then, simply use your Bank of Internet USA Visa® Debit Card to make a purchase with these merchants, and your cash rewards will be deposited into your bank account in the next month.

LEARN MORE

on Bank Of Internet USA’s secure website

Golden Checking

The Golden Checking account allows you to earn a small amount of interest and free checks if you’re 55 or older.

APY	Minimum Deposit Amount
0.20%	$0

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Up to $8 per month from domestic ATM surcharge fees.
Overdraft fees: $0

If you’re over age 55, you’re eligible to open Bank of Internet’s Golden Checking account. It offers a few extra perks on top of its regular accounts — you’ll earn a small amount of interest on any money you keep in the account (with no stipulations for minimum balances or transactions), and you’ll get a free box of checks as often as every six months.

In addition, you’re eligible for Bank of Internet’s cashback program. If you log into your online account, you’ll be able to select from certain retailers offering cashback rewards. Simply activate these rewards, spend money with your Bank of Internet USA Visa® Debit Card at these retailers, and the money you earn will be deposited back into your account the following month.

LEARN MORE

on Bank Of Internet USA’s secure website

First Checking

This checking account is a great option to wean your teen into managing their own money.

APY	Minimum Deposit Amount
0.25%	$0

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: Up to $12 per month from domestic ATM surcharge fees.
Overdraft fees: $0

Bank of Internet’s First Checking account is designed to be exactly that… your teen’s first checking account. It’s jointly owned by you and your teen (ages 13 to 17, or 18 in Alabama), so you also have complete control over the account, including being able to deposit an allowance into the account and monitor spending.

There are also a few other nice safeguards that come with the account. In order to prevent totally reckless spending, your teen is limited to withdrawing just $100 cash per day, or making just $500 in point-of-sale transactions. Even though it’s a checking account, this account doesn’t allow any check-writing capabilities, though it does come with a Visa® debit card. Finally, your teen won’t be allowed to make certain purchases or use their card at certain kinds of establishments, like bars, liquor stores, or casinos.

LEARN MORE

on Bank Of Internet USA’s secure website

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How Bank of Internet’s checking accounts compare

We really like all of Bank of Internet’s checking accounts because they each come with low fees — or even no fees. You can use any domestic ATM you want without paying any Bank of Internet fees, and each of its checking accounts even offers at least some, if not an unlimited amount, of ATM surcharge fee reimbursements. This makes these accounts great for people who use ATMs frequently.

In addition, many of its accounts offers great interest rates. Some of these accounts — like the Rewards Checking account — are even currently rated as some of our best online checking accounts.

Bank of Internet’s Money Market account

You can write checks from this money market account, but you won’t earn as much interest as with a regular Bank of Internet Smart Savings account.

APY	Minimum Deposit Amount
1.05%	$0

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: None
Overdraft fees: $25

Bank of Internet’s Money Market account earns slightly less than its regular Smart Savings account, but in return, you get the option to write checks from this account. You can also pay your bills online for free with this account.

But, just like other money market or savings accounts, you’re limited to making just six transactions per month from this account, per Federal Regulation D. If you go over that number, you’ll pay a $10 excessive transaction fee per each new transaction.

Heads-up: if you also have a checking account and have opted into overdraft protection with this account, any overdraft transfers made on your behalf will also count against the six transaction limit. Finally, any checks you write will be counted against the six-transaction limit in the month that they’re posted to your account, not in the month that you write them.

LEARN MORE

on Bank Of Internet USA’s secure website

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How Bank of Internet’s Money Market account compares

Unfortunately, Bank of Internet’s Money Market account offers a lackluster interest rate, especially compared to the best money market account rates out there — but we do like that it has no monthly account maintenance fee and no minimum balance requirement. This will make the account accessible to anyone, but if a high interest rate is what you’re after, you can still find higher-yielding accounts with no fees from other banks and credit unions.

Bank of Internet’s Savings account

This account offers a fairly high interest rate, but remember to request an ATM card if you plan on making ATM withdrawals from this account.

APY	Minimum Deposit Amount
1.30%	$0

As of 04/25/2018

Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: None
Overdraft fees: $25

The Smart Savings account from Bank of Internet is a pretty standard savings account. Like all savings and money market accounts, you can only make up to six transactions per month from this account as per Federal Regulation D. If you exceed that amount, you’ll pay a $10 excessive transaction charge.

One thing to note with this account is that you’ll need to request a free ATM card with this account if you plan on making ATM withdrawals from it — it doesn’t come with one automatically. It’s not a big deal, but just something to be aware of if you ever plan on making an ATM withdrawal from your savings account.

LEARN MORE

on Bank Of Internet USA’s secure website

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How Bank of Internet’s savings account compares

Bank of Internet does offers a higher rate than most banks, but still, it’s not the top contender out there. For that, you’ll need to instead turn to our recent rankings of the best online savings accounts.

Its terms, however, are quite fair. There are very few fees that come with this account, and if most people use it as intended, it’s possible that they never will pay any fees for having a savings account with Bank of Internet. In addition, there is no minimum balance, so it’s easy to get your savings started with this bank.

Bank of Internet’s IRA accounts

IRA CD rates

These CDs earn a much lower rate than Bank of Internet’s normal CDs, but in return you do get the tax benefits of an IRA account.

Term	APY
12 months	0.60%
18 months	0.70%
36 months	0.75%

As of 04/25/2018

Minimum opening deposit: $1,000
Minimum balance amount to earn APY: $1,000
Early withdrawal penalty:
- For the 12-month and 18-month CD, you’ll pay six months’ worth of interest.
- For the 36-month CD, you’ll pay 18 months’ worth of interest.

Although Bank of Internet’s IRA CDs offer a paltry rate compared to its regular CDs, you do still get the tax benefits from opening these accounts within an IRA. Specifically, you can open a Roth IRA or a traditional IRA through these CDs.

This CD comes with a $1,000 minimum deposit, which may be a hard pill to swallow for savers just starting out on their retirement savings journey. There are other signs this account is geared towards older savers, too: if you need to take a required minimum distribution (RMD) from your IRA, you can do so from these CDs without paying an early withdrawal penalty — this is a nice feature.

When your IRA CD matures, it’ll automatically roll over into another IRA CD of the same terms, but with the new interest rate of the day. You’ll still have a 10-day grace period to make any changes to the CD without paying any early withdrawal penalties.

There are a few fees to be aware of with this account: If you close the account and/or transfer your money out, you’ll face a $35 fee. If you’d like an annual paper statement, that’ll also set you back $10.

LEARN MORE

on Bank Of Internet USA’s secure website

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How Bank of Internet’s IRA CD rates compare

We’ll be honest — Bank of Internet doesn’t offer very high interest rates on its IRA CDs. It may be convenient for you to open an IRA CD here if you already have an account, but if earning the best returns on your money is your primary concern, you will be better off choosing one of these IRA CDs with much higher rates.

IRA Savings account

You can earn a low rate on your retirement savings but have more flexibility for moving your retirement cash around with this IRA Savings account.

APY	Balance Requirement
0.15%	$250 - $1,000
0.70%	Over $1,000

As of 04/25/2018

Monthly account maintenance fee: $0
Overdraft fees: $25

If you think you might want to move your retirement savings to a new institution before your CD term is up and you don’t want to pay early withdrawal fees, then you may want to consider an IRA savings account. You can get started with your retirement savings with as little as $250 with this account, making it much more accessible to those just getting started. You can also choose from a Roth IRA or a traditional IRA.

You won’t get an ATM card with this account (if you’re saving for retirement, you probably don’t need one anyway). If you decide to roll over or close your IRA, you’ll face a $35 IRA transfer fee or a $35 IRA closing fee as well. Finally, you’ll pay a $10 fee if you’d like an annual paper statement from your account.

LEARN MORE

on Bank Of Internet USA’s secure website

Overall review of Bank of Internet’s products

Bank of Internet is a bit hit-or miss. They have many different types of checking accounts, and most of them offer fantastic rates and perks, such as a cashback rewards program. Additionally, these accounts don’t come with any maintenance fees. However, the interest rates offered on its money market, savings, and CD products aren’t really that great, especially compared with its competitors.

It may be worth keeping a checking account with Bank of Internet if you’re looking for a low-fee, high-earning account. But at the same time, it’s also possible to find great rates on the whole package — checking and savings accounts — at other banks as well.

Lindsay VanSomeren |

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

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Reviews

Uber Visa Debit Card From GoBank Review —A Solid Cash Back Checking Option for Drivers

Wednesday, April 25, 2018

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.

Ralph Miller

Uber Visa debit card review — Source: Uber

The new Uber Visa Debit Card is a checking account tailor-made for Uber drivers and delivery partners. It’s a rewards checking account that gives you cash back and special discounts at a range of gas stations and certain auto service shops.

Unfortunately, unless you’re an Uber driver or delivery partner, you can’t sign up for this card. Check out our roundup of other good gas credit cards here.

In this review, we’re going to walk you through all the details on this card, including what kind of fees to expect, rewards, perks and other frequently asked questions. By the end, you should know if this card has a place in your wallet.

Who is the Uber debit card best for?

The Uber Visa Debit Card from GoBank is best for Uber drivers who want to get their Uber earnings faster and who want to save money on the things they’re already spending money on, like gas, car maintenance services and their mobile phone.

How to sign up

To sign up for an account, visit this registration page or go to your Uber driver portal and click “Instant Pay.” Follow the instructions to apply for your Uber Visa Debit Card from GoBank. Once approved, you’ll get your card in five to seven business days.

Rewards: At a glance

Make sure you opt into the rewards program in order to start earning cash back.

Once you sign up for the card, you must activate your card and opt into the reward program to start earning cash back or discounts at the participating merchants. Enroll here.

Then be patient. It may take up to 7 days for Cash Back to be deposited into your account.

Here’s a breakdown of the rewards:

Exxon and Mobil gas: 3% cash back
Other gas stations: 1.5% cash back
Walmart: 2% cash back on in-store and online purchases
Advance Auto Parts and participating Carquest Auto Parts locations: 10% cash back on auto part purchases with a $100 monthly maximum
Sprint: Pay your bill and receive 8% cash back with a $50 maximum per month per account. This offer ends on 2/20/2019, so take advantage of it while you can

Other perks

Jiffy Lube: 15% discount on select automotive maintenance services. This deal is valid at any Jiffy Lube U.S. location, however, batteries, tires, gift cards and e–gift cards are not included.
24/7 roadside assistance from Urgent.ly for $0.49 a month with sign-up. Register here to redeem the offer.
Free withdrawals at various ATM locations nationwide.
Cash-out earnings from Uber driving through Instant Pay up to five times a day free.

Fees and other fine print

The Uber Visa Debit Card from GoBank comes with relatively few fees, which sets it apart from many other checking account options out there. You won’t have to meet any minimum balance requirement, pay for a setup fee or even worry about overdraft fees if you qualify for their Back Up Balance Program (more details on that in the next section).

Annual fee: $0.
Monthly fee: $0
Setup fee: $0
ATM fee: $0 at participating ATMs; $2.50 at out-of-network ATMs and bank tellers, plus any fee the ATM owner or bank may charge
Foreign transaction fee: 3%

Overdraft fees: The Backup Balance Program

The Uber Visa Debit Card from GoBank has an interesting feature for regular drivers — the “Back Up Balance Program.” If you qualify for this program, GoBank may let you off the hook when you overdraw your account, so long as you don’t overdraw it by more than $100.

There’s more fine print about this program, which is a bit wonky but important to understand.

You must have completed 250 trips since you started driving with Uber AND you complete 80 trips every 30 days.
Once you’ve unlocked Backup Balance, you will have access to the feature for 30 days. If you complete 80 trips in those 30 days, you’ll maintain access; if not, you’ll regain access once you’ve completed 80 trips in the last 30 days.
The Back Up Balance Program only applies to inadvertent overdrafts solely made using your Uber Visa debit card.
Won’t apply to overdrafts made at an ATM, peer-to-peer transfers (like Venmo or PayPal, for example), bill payments, or any non-purchase transactions.
Even if you meet these requirements, GoBank still reserves the right to decide whether or not a transaction qualifies, saying “payment or authorization by us of overdrafts is not guaranteed.”

If you can jump through all those hoops, then GoBank will allow any overdrawn amounts up to $100 to be replenished from future deposits to your account.

Alternatives to the Uber Visa Debit Card from GoBank

When it comes to debit cards, there’s really nothing like the Uber debit card available for Uber drivers. Few checking accounts even offer rewards, let alone cashback rewards as lucrative as this card.

However, since only Uber drivers are eligible, what about the rest of us?

There are several reward credit cards, gas credit cards and travel credit cards worth taking a look at, especially for spending in other areas the Uber Visa Debit Card from GoBank doesn’t cover.

Ralph Miller |

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

TAGS: uber

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* All banks listed are a Member FDIC.

Recommended by

2 Credit Cards Charging 0% Interest until 2019

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Best Travel Credit Cards With No Annual Fee

This Cash Back Number May Surprise You

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Reviews

Capital One Review: Savings, Checking, CD Rates, Money Market, and IRA Accounts

Thursday, April 19, 2018

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.

Sarah Li Cain

Year Established1933

Total Assets$290.65B

LEARN MORE on Capital One’s secure website

Established in 1988 and headquartered in McLean, Va., Capital One is one of the most recognizable and largest banks in the U.S. Capital One offers a wide range of products and services on par with other online banks. Its bank accounts, CDs and money market accounts offer low minimum balances and competitive rates. With most accounts, you get mobile banking, a free ATM card and the ability to link other Capital One accounts. If you’re looking for an online bank that offers great rates and a variety of banking products, this bank could be the one.

Capital One’s Most Popular Accounts

APY	Account Type	Account Name	Compare Rates from Similar Accounts
1.00%	Savings	Capital One 360 Savings Account	1.60%	Goldman Sachs Bank USA High-yield Online Savings Account
2.10%	CD Rates	Capital One 12 Month 360 CD	2.15%	Synchrony Bank 12 Month CD
2.35%	CD Rates	Capital One 36 Month 360 CD	2.10%	Ally Bank High Yield 3 Year CD
2.75%	CD Rates	Capital One 60 Month 360 CD	2.75%	Barclays 60 Month Online CD

Capital One CD rates

Capital One 360 CD^SM rates

Comparable rates to its leading competitors and with no minimum deposit amount.

Term	APY
6 month	0.40%
9 month	0.60%
12 month	2.10%
18 month	2.15%
24 month	2.25%
30 month	2.20%
36 month	2.35%
48 month	2.40%
60 month	2.75%

Rates as of 4/12/2018

Minimum opening deposit: None
Early withdrawal penalty: Three months’ interest for CDs with terms of 12 months or shorter and six months’ interest for terms longer than 12 months

Capital One 360 CDs are best for those looking for a conservative investment option. Once you open and fund an account, your rate is guaranteed until maturity. If rates change, they will offer the highest interest rate up to 10 calendar days within the funding period. Deposits are also FDIC insured up to $250,000.

Interest earned in the CD is accrued daily and compounded monthly. You can either keep the interest in your CD, or have it deposited to another Capital One account or an external one. Interest disbursements can be credited monthly or yearly. When your account matures, you have a 10-day grace period to make a decision. Otherwise, they will automatically renew it for the same period as the original term.

If you do make a withdrawal before maturity, you’ll face an early withdrawal penalty, listed above.

You can only open a Capital One 360 CD^SM online. To do so, go to their website and fill out an online application. You’ll need to provide personal details such as your address, employment information and Social Security number. You’ll also need to agree to receive paperless statement. Otherwise, you’ll need to pay $5 per paper statement you request. Afterward, you’ll need to link another account, verify you’re the owner and fund your CD.

LEARN MORE

on Capital One’s secure website

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How Capital One’s CD rates compare

Capital One's 12 Month CD vs Other 12 Month CD Rates
	Capital One	Synchrony Bank	Goldman Sachs Bank USA	Ally Bank
APY	2.10%	2.15%	2.10%	2.00%
Minimum Deposit Amount	None	$2,000	$500	$25,000
Early Withdrawal Penalty	3 months' interest	3 months' interest	270 days' interest	60 days of interest
	LEARN MORE on Capital One’s secure website Member FDIC	LEARN MORE on Synchrony Bank’s secure website Member FDIC	LEARN MORE on Goldman Sachs Bank USA’s secure website Member FDIC	LEARN MORE on Ally Bank’s secure website Member FDIC

Capital One has some of the best CD rates available. What makes its CD stand out even more is that there is no minimum deposit amount and the early withdrawal penalties are one of the lowest. Let’s take a look at how other online banks’ 12 month CDs compare to Capital One.

Synchrony Bank – 2.15% APY and $2,000 minimum balance

Synchrony Bank requires a $2,000 minimum deposit amount to open the account and begin earning the 2.15% APY on their 12 month CD. Their early withdrawal penalties are the same as Capital One as it’s worth 3 months’ interest.

Goldman Sachs Bank USA – 2.10% APY and $500 minimum balance

Goldman Sachs Bank USA does offer competitive rates on their CDs, but they do require a small deposit amount of $500 to open the account. In addition, they have a pretty steep early withdrawal penalty of 270 days’ worth of interest that they will impose if you need to withdraw funds from their 12 month CD early. Penalties could be less if you choose a term that is less than 12 months, but more if you choose a term that is more than five years.

Ally Bank – 2.00% APY and $25,000 minimum balance

CDs from Ally Bank are tiered. This means that the higher the deposit amount you put into the CD, the higher the APY you’ll receive. For the 12 month, the APY starts at 1.75% if you deposit less than $5,000. If you deposit a minimum of $5,000, the APY is 1.85%. If you’re able to deposit a minimum of $25,000, then you’ll receive the 2.00% APY. Ally’s early withdrawal penalty is pretty light as they only charge 60 days’ worth of interest. However, if you’re depositing a large sum of money, it’s probably worth leaving the money in the account for the full term.

Capital One’s savings account

Capital One 360 Savings^®

Slightly lower rates compared with other online options and no ATM access.

APY	Minimum Balance Amount
1.00%	$0

Rates as of 4/3/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fees: No access to ATMs
ATM fee refunds: None
Overdraft fees: This account doesn’t allow overdrafts

Capital One’s 360 Savings® account is designed to help you earn a high interest rate while giving you some liquidity. Interest earned is compounded and deposited into your account monthly. If you intend to keep a balance of $10,000 or more on a regular basis, you may want to consider Capital One’s 360 Money Market® account, which offers a higher APY and many of the same features.

Unfortunately, you don’t get an ATM card with a savings account. As it is with all savings accounts, you’re limited to six withdrawals a month, per federal regulations. You can only make transactions online, via their mobile app or by calling customer service. If you want to write checks and/or have ATM access, you can link your savings account to your Capital One 360 Checking account.

You can only open an account online. To do so, go to their website and fill out an online application. You’ll be prompted to enter personal details such as your address, Social Security number and home address. Afterward, you’ll need to link a personal checking account from Capital One or another U.S. financial institution. After you verify the linked account and fund your Capital One account, you’re good to go.

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Capital One Kids Savings Account

Help your child learn about saving with an account that offers automatic savings plans and the ability to earn interest.

APY	Minimum Balance Amount
1.00%	$0

Rates as of 4/3/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fees: No access to ATMs
ATM fee refunds: No access to ATMs
Overdraft fees: This account doesn’t allow overdrafts

The Capital One Kids Savings Account is meant to help children learn about earning interest and the benefits of using a bank account. Any adult can open an account with a child under the age of 18, whether it’s a grandchild or a nephew or a friend of the family. You can open this account either in the child’s name, your own name or both. No matter which option you choose, you and the child will be joint account holders. You’ll also need to link the account to a Capital One or external checking account, as this is the only way to make transactions.

Once you sign up for an account, you and your child will have separate logins and PINs. Your child can sign in to check their balance, but the adult needs to be the one to make deposits or withdrawals. Adults also have at the option to make automatic deposits into the account. Since it is a savings account, you are limited to six withdrawals per calendar month, including transfers between accounts.

To open an account, you’ll need to do so online via their application form or by calling 1-888-464-7868. You’ll need to provide personal details for both you and your child such as name, address and Social Security number. You’ll then need to link a personal checking account, either from Capital One or an external one. Once you verify you’re the owner of the external account, you can then fund your child’s Capital One account.

LEARN MORE

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How Capital One’s saving accounts compare

Capital One's Savings Account vs Other Savings Accounts
	Capital One	Goldman Sachs Bank USA	Synchrony Bank	Barclays Bank
APY	1.00%	1.60%	1.55%	1.50%
Minimum Amount to Open	None	None	None	None
Minimum Balance Amount	None	$1	None	None
FDIC Insured?	Yes	Yes	Yes	Yes
Mobile App?	Yes	No	No	No
	LEARN MORE on Capital One’s secure website Member FDIC	LEARN MORE on Goldman Sachs Bank USA’s secure website Member FDIC	LEARN MORE on Synchrony Bank’s secure website Member FDIC	LEARN MORE on Barclays’s secure website Member FDIC

Capital One’s saving account is great if you don’t have a lot of money to deposit into a savings account, but how does it compare with other online savings accounts?

Goldman Sachs Bank USA – 1.60% APY and $1 minimum balance

As long as you’re able to maintain $1 in a savings account, you can earn 1.60% on the Marcus Savings Account by Goldman Sachs Bank USA. While you do need to maintain a very small balance to earn interest, they don’t require a minimum amount to open the account.

Similar to Synchrony, Goldman Sachs does not currently have a mobile banking app to easily manage their savings account. The Marcus savings account doesn’t come with an ATM card, but you can make ACH transfers.

Synchrony Bank – 1.55% APY and no minimum balance

Synchrony Bank’s savings account has a 1.55% APY with no minimum open the account and they don’t charge any monthly fees.

In addition to transferring or depositing funds through an ACH or online transaction, an ATM card is offered through this account. Unfortunately, they don’t have a mobile banking app to conveniently bank on the go.

Barclays Bank – 1.50% APY and no minimum balance

Barclays Bank is currently offering 1.50% APY on their savings account with $0 to open. There are no monthly fees associated with this account, but if the balance falls below $1 for 180 days or more, Barclays reserves the right to close it.

Just like the other two online banks, Barclays does not have a mobile banking app to manage their savings account. There also isn’t ATM access with this account, but you’ll be able to deposit or transfer funds online or through ACH transfers.

Capital One checking accounts

Capital One 360 Checking

Convenient access to funds with a competitive interest rate.

APY	Account Balance
0.20%	Less than $50,000
0.75%	$50,000 - $99,999.99
1.00%	$100,000+

Rates as of 4/3/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: None
Overdraft fees: Capital One 360 Checking provides a few options. You can choose auto-decline for transactions that would overdraw your account, or you can link your savings account to cover the overdrawn amount. There’s also the Next Grace option, which gives you one business day to replace the overdrawn amount before charging a $35 fee. The overdraft line of credit offers you an opportunity to withdraw money from that account and pay interest (variable currently at 12.25% APY) for the amount borrowed.

Capital One’s checking account is for those who want an account with no fees and no minimum deposit requirement. With this account, you get a 360 Checking MasterCard® debit card, mobile banking, online bill pay and your first checkbook for free. Subsequent checkbooks cost $5.

Their mobile app has Zelle, which lets you easily send money to other people, even if they don’t have a Capital One account. You also get access to over 38,000 Capital One and Allpoint ATMs for free. While you won’t get reimbursed for any fees charged by out-of-network ATMs, they won’t charge you anything on its side.

To open an account, you’ll need to do so online by filling out an application. You’ll be asked to provide details such as your name, Social Security number and employment information. After agreeing to receive only paperless statements and linking a bank account, just fund your new checking account and you’re all set.

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Capital One MONEY Teen Checking Account

Help your teen manage money independently by giving them access to a joint account.

APY	Minimum Balance Amount
0.25%	$0

Rates as of 4/3/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fees: $0
ATM fee refunds: None
Overdraft fees: Transaction will be denied

The MONEY account is designed to help teenagers learn how to manage their own money. You’ll essentially be a joint account owner with your child, and have access to the same features, but you won’t receive a debit card. Your teen will be able to make transactions such as depositing checks via the mobile app, check their balance and make withdrawals. However, there are no check writing or bill-pay options. You can monitor account activity by logging in online or signing up to receive text and email alerts. Once your teen turns 18, they have the option to move their money over to a 360 Checking account.To be eligible for a Capital One MONEY account, one owner needs to be at least 18 years old. The adult on the account needs to either link a Capital 360 Checking account or an external one.

To open an account, head over to their website to fill out an application. You and your teen will be asked to provide personal details such as your address, Social Security numbers and employment information. You’ll also need to comply with certain disclosures, including agreeing to only receive paperless statements. Afterward, you’ll need to link an account and verify you are the owner. Once the account is funded, you and your teen can start making transactions.

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How Capital One’s checking account compares

Capital One's Checking Account vs nbkc bank's Checking Account
	Capital One	nbkc bank
APY	0.20%-1.00% (APY is based on balance amount)	0.90%
Minimum Amount to Open	None	$5
Monthly Fees	None	None
ATM Fees	None	None
	LEARN MORE on Capital One’s secure website Member FDIC	LEARN MORE on Nbkc Bank’s secure website

Capital One’s checking account rates are tiered, which means the highest APY is tied to the highest balance amount. If you’re able to keep a high balance in a checking account, you’ll be able to earn some of the best rates for a checking account. Keep in mind, however, that being able to earn interest on a checking account is not the important feature, it’s more of a bonus. What you’ll want to pay more attention to are the fees that may be associated with the account. Capital One doesn’t charge any monthly fees and using an ATM is free as long as you use a Capital One or AllPoint ATM.

nbkc bank – 0.90% APY and no monthly fees

nbkc bank is a fairly small institution when compared to Capital One. However, they have a checking account that is comparable to, and sometimes even better than, a lot of the bigger online banks. In this case, nbkc bank’s checking account is pretty similar to Capital One’s checking account. Both banks offer fee-free checking accounts as well as the opportunity to earn interest. There are a couple of differences between the two banks. nbkc bank’s APY isn’t tied to a tier. All you need is $5 to open the account and you’re qualified to earn interest regardless of the amount held in the account. While nbkc bank doesn’t charge any ATM fees, it is important to note that these surcharge-free ATMs have to be within the Moneypass® Network, not Allpoint. nbkc bank will also reimburse $12 in ATM fees per month if you do withdraw money from an ATM that is out of their network.

Capital One’s Money Market account

Capital One 360 Money Market^®

One of the highest rates offered, but no access to an ATM card.

APY	Account Balance
0.85%	Less than $10,000
1.60%	$10,000+

Rates as of 4/19/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fee: $0, but withdrawals are limited to $1,000 per day
ATM fee refund: $0
Overdraft fee: Your transaction will be denied

Those after a savings account with high rates will want to consider Capital One’s 360 Money Market® account. Like the savings account, there are no minimums and fees for the money market account, but it offers a higher rate if you can maintain a daily minimum balance of $10,000 or more.

Just like the savings account, you do not get check-writing capabilities. You do however, get access to a Money Market card to make transactions. You can also transfer between linked accounts online, go on their mobile app or by calling the bank. Per federal regulations, you’re also limited to six withdrawals every month, including transfers between Capital One accounts.

You can only open a Capital One 360 Money Market® account online. Head over to their online application form and fill out your personal details such as your name, address and Social Security. From there, you’ll need to link an external account, or if you have a Capital One account, it’ll automatically be linked. Then it’s just a matter of making your initial deposit.

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How Capital One’s 360 Money Market^® account compares

Capital One's Money Market Account vs Other Savings Accounts
	Capital One	CIT Bank	UFB Direct
APY	0.85%-1.60% (APY is based on balance amount)	1.75%	1.60%
Minimum Balance Amount	$0-$10,000+	$100	$5,000
ATM Access	Yes	No	Yes
Check Writing Capabilities	No	No	Yes
	LEARN MORE on Capital One’s secure website Member FDIC	LEARN MORE on CIT Bank’s secure website Member FDIC	LEARN MORE on UFB Direct’s secure website Member FDIC

Capital One’s 360 Money Market^® account is one of the best money market accounts available. While the higher APY is tied to a higher balance amount, you don’t need to maintain a certain balance amount in order to avoid fees. Much like Capital One’s other accounts, their money market account is fee-free. Another unique aspect of this account is that Capital One will provide a 360 Money Market Card that you’re able to use at ATMs. Just keep in mind that you’ll be limited to withdrawing $1,000 per day and that by Federal law, you can only withdraw from this account six times per statement cycle.

CIT Bank – 1.75% and $100 minimum balance amount

CIT Bank currently offers a money market account with a great APY. All they require is that you open the account with $100. Unfortunately, this account doesn’t come an ATM card or check writing capabilities, so you’ll have to fund the account and make transfers via ACH.

UFB Direct – 1.60% and $5,000 minimum balance amount

While UFB Direct offers a great APY for their money market account, as well, their opening deposit of $5,000 may be a bit steep for some. While Capital One’s highest APY is tied to a high balance, it’s not the required opening amount. Also, if you’re not able to maintain a $5,000 balance amount in UFB’s money market account, you’ll have to incur a monthly fee of $10. If you are able to maintain that balance amount, they’ll waive the fee. Two positives about this account is that it comes with a Visa debit card and check writing capabilities.

Capital One IRA accounts

Capital One 360 IRA CD^®

A great, conservative investment with no minimum deposit.

Term	APY
6 month	0.40%
9 month	0.60%
12 month	2.10%
18 month	2.15%
24 month	2.25%
30 month	2.20%
36 month	2.35%
48 month	2.40%
60 month	2.75%

Rates as of 4/12/2018

Minimum opening deposit: $0
Early withdrawal penalty: Three months’ interest for CDs with terms of 12 months or shorter and six months’ interest for terms longer than 12 months

The thing that stands out most about Capital One’s 360 IRA CD®s is the fact that there’s no minimum deposit requirement. This makes saving for retirement more accessible to people who want to get started but don’t have much cash on hand.

Interest is compounded and credited monthly. You cannot make partial withdrawals of your principal, and the APY assumes you leave the interest in your account to compound. If you do withdraw the principal early, you must pay a penalty (listed above), and if you take a distribution from your IRA CD, you may be subject to penalties and taxes. Upon maturity of your IRA CD, you have a 10-day grace period to redeem your deposit or change the amount or term, before it automatically renews.

You can open a Roth or traditional IRA CD by applying online. When you open a 360 IRA CD®, you also get a 360 IRA Savings® account, so you have somewhere to put your money after your CD matures but before you want to take a distribution. You open the account by linking a personal checking account to your 360 IRA Savings® account and transferring money to the IRA CDs you wish to open.

LEARN MORE

on Capital One’s secure website

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How Capital One’s IRA CD rates compares

Capital One's 12 Month IRA CD vs Other 12 Month IRA CD Rates
	Capital One	Ally Bank
APY	2.10%	2.00%
Minimum Deposit Amount	None	$25,000
Early Withdrawal Penalty	3 months' interest	60 days of interest
	LEARN MORE on Capital One’s secure website Member FDIC	LEARN MORE Member FDIC

Capital One has some of the best IRA CD rates. Not only do they have great rates, but they also don’t require a minimum amount to open the account – which is rare. Starting with the 12-month IRA CD, Capital One offers a higher rate of return than the IRA savings account, so unless you need your retirement funds very soon, it makes sense to put conservative IRA investments into one of these CDs.

Ally Bank – 2.00% and $25,000 minimum balance amount

Ally Bank’s 12 month IRA CD offers a comparable APY to Capital One’s IRA CD, but it’s tied to a very high balance amount. They do have other APY tiers for lower balances. Regardless of the tier you fall into, if money is withdrawn from Ally’s 12 month IRA CD before the CD matures, Ally will impose an early withdrawal penalty that is worth 60 days of interest.

Capital One 360 IRA Savings^®

An easy-to-open, no-fee investment option — with low returns.

APY	Minimum Balance Amount
1.00%	$0

Rates as of 4/3/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fee: There is no ATM access to 360 IRA Savings®

The 360 IRA Savings® account is a tax-advantaged account to help you save for retirement, and is offered as both traditional and Roth IRA savings accounts. You can only make deposits to and withdrawals from (called distributions) this account online, and any distributions are subject to IRS penalties and taxes. You may, however, transfer money from 360 IRA Savings® to 360 IRA CD®s. In 2017 and 2018, you may contribute no more than $5,500 to all of your traditional or Roth IRA accounts ($6,500 if you’re 50 years or older).

This account is best for savers looking for a very conservative investment — while you get a guaranteed rate of return, it will not keep up with inflation in the long term. Unless you’ll be drawing on your retirement funds within the next year, you’re better off putting your money in one of Capital One’s IRA CD®s, which offer better rates starting at 12-month terms.

You can apply for a Capital One IRA Savings® account online, and it’s considered open once you fund the account and complete the bank’s verification process.

LEARN MORE

on Capital One’s secure website

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Overall review of Capital One’s banking products

Capital One’s banking products offer above-average rates, no minimum deposit amounts and virtually no fees. The bank also offers free checks, mobile banking and a user-friendly website, making it a great option. When you’re looking for the best rates on any given product, keep Capital One in the mix.

What makes this online bank noteworthy is its low barrier to entry, as well as its options for both kids and teens. Capital One’s MONEY account in particular offers the ability to give teenagers more independence over their money while still giving parents a way to oversee their finances. The kids savings account is also a great choice since it gives kids a separate online login and the opportunity to check their balance. Other online banks have limited options in this area.

If you’re looking to keep most of your finances in one place and the ability to earn good rates, this online bank is a great choice. Although some of their accounts may not offer the same features and competitive rates like some other banks, there’s a reason why so many bank with Capital One.

Sarah Li Cain |

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

TAGS: Capital One, CD, Checking account, IRA, IRA CD, money market, Savings Account

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Earning Interest, Reviews, Strategies to Save

Review of Live Oak Bank’s Deposit Rates

Thursday, April 19, 2018

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.

Lindsay VanSomeren

Year Established2008

Total Assets$2.67B

LEARN MORE on Live Oak Bank’s secure website

Chances are you haven’t heard of Live Oak Bank. After all, this lender, based mostly on the web, has only been around since 2008, and it mostly focuses on giving out small business loans to businesses in specific industries, such as veterinary practices or craft breweries.That’s no reason to pass it up for your personal banking needs, however. In fact, this little gem of a bank has one of the best-kept secrets in the personal banking world: it has one of the highest savings account interest rates you’ll find from an online bank. (More on that below.) And, most of its other personal deposit accounts offer relatively high rates as well.Let’s take a more in-depth look at its deposit accounts to see if they’re right for you.

Live Oak Bank’s Most Popular Accounts

APY	Account Type	Account Name	Compare Rates from Similar Accounts
1.70%	Savings	Live Oak Bank Savings Account	1.60%	Goldman Sachs Bank USA High-yield Online Savings Account
2.20%	CD Rates	Live Oak Bank 1 Year CD	2.15%	Synchrony Bank 12 Month CD
2.60%	CD Rates	Live Oak Bank 3 Year CD	2.10%	Ally Bank High Yield 3 Year CD
2.70%	CD Rates	Live Oak Bank 5 Year CD	2.75%	Barclays 60 Month Online CD

Live Oak Bank’s savings account

When it comes to the best savings accounts with high interest rates, Live Oak Bank currently has one of the highest rates.

APY	Minimum Deposit
1.70%	Up to $5 million (but only up to $250,000 is FDIC-insured)

Rate current as of 4/4/2018

Minimum opening deposit: $0
Monthly account maintenance fee: $0<
ATM fees: None
ATM fee refunds: None

Live Oak Bank currently has one of the best savings account rates available. This means that Live Oak Bank is lowering the bar and allowing anyone to take advantage of these high interest rates, no matter how much is in his or her pocket right now.

Live Oak Bank wants you to use your savings account, and use it often, which is one reason why it has no monthly maintenance fee. If there is no activity on your account for 24 months and your balance is less than $10.01, Live Oak Bank will take the remainder of your balance as a Dormant Account Fee and close your account.

Getting money into a Live Oak Bank savings account from an external bank account can take a little bit of time depending on how you do it. If you request the money through Live Oak Bank’s online portal, the funds won’t be available for up to five or six business days. But if you opt instead to send the money to Live Oak Bank from your current bank, the money will be available as soon as it’s received. Your Live Oak Bank savings account will start earning interest as soon as the money posts to your account.

You can easily withdraw your money at any time via ACH transfer. Simply log into your Live Oak Bank savings account and electronically transfer it to whichever bank account you wish. It’ll be available in two to three business days.

You are limited to making just six withdrawals per month with this savings account. That’s not a Live Oak Bank thing; that’s a federal regulation imposed upon savings accounts in the U.S. If you absolutely can’t wait until next month to make another withdrawal past your allotted six per month, you’ll be charged a $10 transaction fee for each additional action.

Live Oak Bank CD rates

Live Oak Bank also has some of the best CD rates with a decent deposit amount.

Term	APY	Minimum Deposit
6-month CD	1.85%	$2,500
1-year CD	2.20%	$2,500
18-month CD	2.40%	$2,500
2-year CD	2.55%	$2,500
3-year CD	2.60%	$2,500
4-year CD	2.65%	$2,500
5-year CD	2.70%	$2,500

Rates current as of 4/19/2018

Minimum opening deposit: $2,500
Early withdrawal penalty:
- CD terms that are less than 24 months — 90 days’ interest penalty
- CD terms that are more than 24 months — 180 days’ interest penalty

Live Oak Bank currently offers the highest CD rates. This bank’s minimum deposit requirements also seem to be right on par with other bank’s minimum deposit requirements. Currently, the best CDs out there have minimum deposit requirements both above and below Live Oak Bank’s $2,500 benchmark.

Only U.S. citizens and permanent residents are eligible to open these accounts. It’s a relatively straightforward process to open a CD: Simply complete the forms online, provide any needed documentation (such as your current bank account details), and wait for an account approval. Once your account is open, you can transfer over your deposit, where it will be held for five days before officially launching your CD.

If you need to take out your deposit early, bad news: As with many CDs, you’ll face an early-withdrawal penalty at Live Oak Bank. If your original CD term was for six months, one year or 18 months, you’ll be charged 90 days’ worth of interest. If your original CD term was for longer than that, you’ll be charged a higher rate of 180 days’ worth of interest.

If you are able to resist the urge to withdraw your money early, congratulations! Your CD will automatically renew into a second CD with the same term length. However, don’t panic if that’s not what you want: You have up to 10 days after the CD has matured to withdraw your money penalty-free and park it in your own bank account (whether it’s with Live Oak Bank or not).

It’s easy to overlook Live Oak Bank for other larger, more established consumer banks like Ally or Discover Bank. But Live Oak has some of the best CD rates around, and the best savings account available on the market today.

Lest you be scared away by its smaller name, consider this: This tiny-but-growing bank is getting rave reviews from customers and employees alike. It carries an “A” health rating, and has a top-notch online banking portal. About the only thing missing is a checking account to let you seamlessly do all of your daily banking with this great company.

Lindsay VanSomeren |

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

TAGS: CD rates, live oak bank

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Reviews

10 Best Apps for Splitting the Check, Group Trips and Rent in 2018

Tuesday, April 17, 2018

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.

Brittney Laryea

We’ve all been there: The group decides to “evenly” split the dinner bill, and you’re stuck paying for someone else’s steak and margaritas even though you only had water and an appetizer. There are plenty of ways for you and your supper pals to send or request money using peer-to-peer payment apps such as Venmo or Apple Pay Cash, but few of these help you with the math.

We’ve rounded up the best apps for splitting bills, from rent to dinners out, so you only pay what you owe — resentment avoided, friendships saved. For each category, we give you our top pick, plus a runner-up or two.

For group dinners

For splitting the check

For group trips

For roommates

For group dinners: Tab

Tab, free on iOS and Android, makes paying for dinner easy. Take a picture of an itemized receipt and select which items are yours. If your fellow diners have Tab, share a code with them so they can join the bill and select what they paid for, too. Shared that appetizer? Multiple people can select the same items. The tax and tip are calculated for you. Venmo is integrated into the app for easy payment, or you can record that you made a cash payment to settle your portion of the bill.

Divvy ($1.99) — Like Tab, take a picture of your receipt and Divvy automatically splits the tip and tax proportionately. Thanks to a drag-and-drop feature, you never have to type in anything. The simplicity just might make the app worth paying for.

Plates by Splitwise (Free) — Splitwise (more on it in a minute) created Plates by Splitwise specifically for splitting the tab at group dinners. Drag items to an individual’s plate or split shared items among multiple people. The app splits the tip and tax and offers multiple tipping percentage options. It even has a “split the rest” feature that lets you save time if you only want to allocate a few dishes and split the remaining bill between the group. Unlike some other bill-splitting options, this app limits group splitting to 10 people.

For splitting the check: Splitwise

With Splitwise, free on iOS and Google Play, keep a running tab of who owes money without having to send over the cash right away. Settle requests at the end of the month — or anytime — with a PayPal or Venmo transfer. You can even bill an entire group, splitting costs evenly among its members. The app sends reminders to all parties when it’s time to pay up.

Settle Up ($1.99) — Even though this app, available on iOS and Android, isn’t free, it keeps a running tab of money owed in multiple currencies, a nice perk for frequent overseas travelers. It supports 20 different languages and works offline, which may come in handy if wi-fi is spotty in exotic locales.

For group trips: Splittr

Splittr is designed to ease the stress of splitting costs during group vacations. The app is free on iOS and Android; you don’t need to be registered to use it, although you will need to download it. Add expenses as you go and Splittr tells you who should pay next — maybe it’s your turn to pick up the dinner tab — and keeps track of how much each person owes and to whom. Manage multiple groups at once, including your roommates back home and your group trip to Dubai. All major currencies are covered and expenses can be split unevenly, if needed.

TriCount (Free) — Although this app, available on iOS and Android, has many of the same features as Splittr, you don’t need to download TriCount to participate. Once one person creates a Tricount account, they can share the link with friends for everyone to see group expenses. Friends who have the link can add their own expenses or see your updates. At the end of the day or week, TriCount lets you know what everyone owes to settle the tab.

Trip Splitter ($1.99) — Trip Splitter isn’t free, but it offers some nice perks similar apps do not: Add an unlimited number of participants and multiple trips; send an email with a detailed list of spending to all participants; and view your spending by geography, in case you want to see where you were when you paid for someone’s dinner bill.

For roommates: Zently

Last, but not least, when it comes to splitting bills is sharing costs with someone who lives under your same roof. Keep in touch with your landlord, pay rent and split costs with roommates using Zently, a free app for iOS and Android. It can connect to your credit or debit card and find bills you need to split with roommates. Round up your roomies’ money and send it to the landlord free with an electronic transfer, assuming everyone is using the app. If so, you can also use Zently to submit and track repair requests.

RentShare (Free) — Like Zently, RentShare only works if everyone is using the app for sending or receiving payments, but that’s about all these apps have in common. With RentShare, set the amount each roommate pays and each person takes care of paying their share directly to the landlord. The app can help work around issues with roommates who aren’t always on time with their half of the rent or utility bill. Users can pay with a credit or debit card or by bank account. You can set up autopay and monthly reminders to help make sure you pay your rent on time.

Brittney Laryea |

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

TAGS: Bill splitting apps

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Reviews

Digital Federal Credit Union (DCU) Reviews — Savings, CD, Checking, Money Market and IRA Accounts

Monday, April 16, 2018

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.

Lindsay VanSomeren

Year Established1979

Total Assets$8.27B

LEARN MORE on Digital Federal Credit Union (DCU)’s secure website

Digital Federal Credit Union (DCU) was established in 1979. It was originally formed for employees of the Digital Equipment Corporation, a one-time rival to the big tech firms like IBM and Apple. With an employer like that, you know that anything but cutting-edge technology would be unacceptable. In fact, DCU was one of the first credit unions in the country to roll out a website, and later, a smartphone app.

Today, you don’t need to be a Digital Equipment Corporation employee to join this credit union (the company was acquired in 1998 and no longer exists technically). Instead, you are eligible for membership if you live in certain areas in Georgia and Massachusetts, or if you work for or are retired from one of their partner employers. You are also eligible if you’re related to someone who worked for one of their partner employers, or if you’re related to someone who’s a DCU member.

Finally, failing any of those options, you can always join DCU by becoming a member of one of many partner nonprofit organizations, such as Reach Out For Schools, for as little as $10.

Digital Federal Credit Union (DCU)’s Most Popular Accounts

APY	Account Type	Account Name	Compare Rates from Similar Accounts
5.12%	Savings	Digital Federal Credit Union (DCU) Primary Savings	1.60%	Goldman Sachs Bank USA High-yield Online Savings Account
1.01%	CD Rates	Digital Federal Credit Union (DCU) 12 - 23 Month Certificate (Add-On) - Relationship Rate	2.15%	Synchrony Bank 12 Month CD
1.31%	CD Rates	Digital Federal Credit Union (DCU) 36 - 47 Month Certificate - Relationship Rate	2.10%	Ally Bank High Yield 3 Year CD
1.75%	CD Rates	Digital Federal Credit Union (DCU) 60 Month Certificate - Relationship Rate	2.75%	Barclays 60 Month Online CD

DCU savings account options

Primary Savings

This account establishes membership with Digital Federal Credit Union, and comes with a fantastic interest rate on the first $1,000 saved.

APY	Minimum Balance Amount
5.12%	$5 - $1,000
0.25%	$1,000+

As of 4/16/2018

Minimum opening deposit: $5
Monthly account maintenance fee: None
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
2. Be signed up for electronic statements (unless you’re 65 or older)
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

This is the basic savings account that establishes your membership with the credit union. You’ll need to fund it — and keep in it — at least $5 to keep your membership current. Even though this account is required with membership, the good news is that it comes with a smokin’ hot interest rate (even if it’s only applicable to the first $1,000 in your savings account).

One thing to be aware of is that you can only do a certain amount of transactions per month as per Federal Regulation D. For most transfers into and out of the account, you’re limited to just six per month. With most credit unions, you’re allowed to go over this limit if you pay a fee, however Digital Federal Credit Union flat-out won’t allow you to go over this limit at all, unless you go through one of their creative workarounds. To get around these limits, you can call the credit union directly and request a check to be mailed to you, or to make a payment on a DCU loan.

When you apply for any account with this credit union, it automatically comes with this Primary Savings account. To open the account, you’ll need to provide some basic information, such as name, Social Security number and address. You can open an account online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Ltd Savings

Digital Federal Credit Union’s Ltd Savings account offers a higher interest rate, but you’ll need to bring a lot of cash to the table and keep your withdrawals limited.

APY	Minimum Balance Amount
1.06%	$25,000

As of 4/3/2018

Minimum opening deposit: $0.01
Monthly account maintenance fee: None
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
2. Be signed up for electronic statements (unless you’re 65 or older)
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The Ltd Savings account is a bit of an oddity. It’s the highest interest-earning savings account that Digital Federal Credit Union offers, but in exchange for this higher rate, you pay for it with something else: your withdrawals. With this account, you can make one free withdrawal per month (although you can deposit money into the account as often as you like). If you go over that limit, you’ll pay a $25 fee per withdrawal.

You’ll also need a very high balance to earn this higher interest rate — at least $25,000, to be exact, otherwise you won’t earn anything. Still, if you like using DCU, you are comfortable with making one or no withdrawals per month and you have a lot of cash, this account might be worth it to you.

In order to open the Ltd Savings account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with this credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Holiday Club Savings

An automatic savings plan can help make sure you’ve got enough cash once the holidays roll around.

APY	Minimum Balance Amount
0.05%	$0.01

As of 4/3/2018

Minimum opening deposit: $0.01; however, you must set up automatic deposits of at least $20 per month.
Monthly account maintenance fee: None
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age)
2. Be signed up for electronic statements (unless you’re 65 or older)
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

If you always find yourself going into debt or fretting about money come Christmastime (or any other time really, for that matter) consider opening the Holiday Club savings account. One of the conditions of this account is that you have to set up automatic deposits of at least $20 per month from your Digital Federal Credit Union checking or savings account, so it’s basically a forced savings plan. Each September, the balance of this account will roll over into your regular DCU savings account for you to spend. For people who have difficulty saving, this account can definitely be worth it.

Of course, you can set up automatic deposits and September withdrawals on any savings account and have a de facto Holiday Club savings account. However, having an account expressly designed for the purpose (with “holiday” in its name even) might help motivate you to save even further.

In order to open the Holiday Club Savings account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with DCU (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s saving accounts compare

In general, these savings accounts offer very low interest rates. The exceptions are the first $1,000 in your DCU Primary Savings account that comes with your membership, and the Ltd Savings account (but only if you can pony up $25,000 in cash).

Even though the interest rates on these savings accounts are quite low, we really do like DCU’s Holiday Club Savings account. The fact that you can come up with an automatic savings plan for your holiday spending is huge, especially considering that holiday debt for the average American went up to $1,054 in 2017.

But, if high interest rates are what you’re after, consider one of these top online savings accounts instead.

DCU CD rates

Regular certificates

The option to add more money to shorter-term CDs makes Digital Federal Credit Union’s product unique.

Term	APY
3-5 months	0.50%
6-11 months	0.60%
12-23 months	1.01%
24-35 months	1.16%
36-47 months	1.31%
48-59 months	1.50%
60 months	1.75%

As of 4/3/2018

Minimum opening deposit: $500
Minimum balance to earn APY: $500
Early withdrawal penalty:
- For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
- For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
- For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

In order to earn the stated rates above, you’ll need to also have a DCU checking account and qualify for “Relationship Benefits,” which means that you need to meet each of the following three criteria:

Have your paycheck or other income direct deposited into your Digital Federal Credit Union checking account.
Be signed up for electronic statements.
Have a current loan or credit card with Digital Federal Credit Union.

If you don’t meet these criteria, you’ll earn 0.25% less on the stated rates for the CD terms listed above.

You can also choose a couple of different ways to have your dividends paid out. You can have them added to the balance of your CD account, or paid out to your linked checking or savings account each month. Be warned, though; the rates above are based off of the assumption that you keep your dividends within your CD account. If you withdraw them, you may earn less than the stated rate.

Another nice thing about these CDs is that you can add extra money into your account at any time, as long as it’s a short-term CD (12 months or less), and you deposit at least $100.

When your CD comes close to maturing, Digital Federal Credit Union will send out a notice 15 days in advance. Once the CD matures, it’ll automatically roll over into another CD of the same type. However, you still have a five-day grace period where you can make any changes to the CD, or withdraw the cash.

In order to open a Regular CD with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Jumbo certificates

Earn a slightly higher interest rate if you have a bigger pot of cash with Digital Federal Credit Union’s Jumbo Certificates.

Term	APY
3-5 months	0.60%
6-11 months	0.70%
12-23 months	1.11%
24-35 months	1.26%
36-47 months	1.41%
48-59 months	1.60%
60 months	1.86%

As of 4/3/2018

Minimum opening deposit: $25,000
Minimum balance to earn APY: $25,000
Early withdrawal penalty:
- For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
- For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
- For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

If you want to earn slightly higher rates and have more cash (at least $25,000), consider opening a Jumbo Certificate instead. As with the regular certificate, you’ll need to have an existing DCU checking account and qualify for “Relationship benefits” in order to qualify for this higher rate.

If you can’t meet those requirements, you’ll earn 0.25% less than the advertised rates on your CD.

The rest of the rules for this CD are also the same as the Regular Certificate. You also have the option of adding more money to a shorter-term CD (12 months or less), and only if it’s more than $100 per deposit. You can choose to have dividends paid out to your DCU savings or checking account (you’ll earn a slightly lower APY by doing so), or let them pile up in your CD account.

When your CD reaches maturity, you’ll get a 15-day notice before the CD automatically rolls over into another CD of the same type. If you need to make any changes or withdraw the cash at that point, you have a short five-day grace period to do so.

In order to open a Jumbo CD with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Jump-Up certificates

With DCU’s Jump-Up Certificates, you get the option to raise your rate once per term — but you pay for it with a slightly lower interest rate from the start.

Term	APY
15 months	1.09%
27 months	1.24%

As of 4/3/2018

Minimum opening deposit: $500
Minimum balance to earn APY: $500
Early withdrawal penalty: 90 days’ worth of dividends.

The Jump-Up Certificates were designed to help you if interest rates should rise during your CD’s term. Normally, if interest rates rise, you’re out of luck: You’re still locked in at the old, lower rate. But with a Jump-Up Certificate, you can choose to boost your interest rate once per term if interest rates do indeed rise.

In return for this nicety, however, you pay for it with a slightly lower rate from the get-go. And, just like with the rest of DCU’s CDs, your interest rates will only be the ones stated above if you have a Digital Federal Credit Union checking account with “Relationship benefits.” Otherwise, your rates will be 0.25% less than the ones stated above.

You can choose to have your dividends paid out to your DCU savings or checking account, or have them accrue in your CD account (if you choose to have your dividends paid out to your checking account, be warned that your actual APY may be lower than the stated rate). When your CD matures, it’ll be automatically rolled over into another similar CD unless you make any changes or withdraw the money during a brief five-day grace period after the CD matures.

In order to open a Jump-Up Certificate, you’ll need to apply either online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

QuickStart certificates

This CD allows people under the age of 23 to get a head start on their savings with a minimum deposit as low as $100.

Term	APY
3-5 months	0.50%
6-11 months	0.60%
12-23 months	1.01%
24-35 months	1.16%
36-47 months	1.31%
48-59 months	1.50%
60 months	1.75%

As of 4/3/2018

Minimum opening deposit: $100
Minimum balance to earn APY: $100
Early withdrawal penalty:
- For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
- For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
- For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

The QuickStart Certificate was specially designed to help young adults start a savings habit. It’s only open to people under age 23 and requires a super-low minimum deposit: just $100. Other than that, this CD works exactly the same as the Regular Certificate.

You can choose to have your dividends paid out in one of three ways: either deposited back into your CD account, or paid out each month to your DCU savings or checking account. Digital Federal Credit Union bases the interest rate off of the assumption that you’ll reinvest your dividends back into the CD account, so be warned that your actual interest rate may be slightly lower if you choose to have them paid out.

Also, Digital Federal Credit Union bases the above-stated rates based on the assumption you have a DCU checking account and qualify for “relationship benefits,” if you don’t, you’ll earn 0.25% less on your CD.

The credit union will send you a notice 15 days before your CD matures. When it does mature, it’ll automatically roll over into another similar CD, but you’ll have a five-day grace period where you can withdraw the money or make any changes to your CD.

In order to open a QuickStart Certificate, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s CD rates compare

Just like Goldilocks, DCU’s rates fall somewhere in the middle. They’re certainly not the lowest rates out there, but they’re also not the highest. If you’re looking to earn as much money as possible with your CD, check out one of these top-performing CDs.

This credit union also offers a very short grace period to make changes to your CD after it matures and automatically rolls over. A five-day grace period is shorter than many other banks out there. This means you need to be on top of your CD maturity dates; you don’t want to miss out on withdrawing the money or making changes to your CD because you went on vacation five years from now and forgot about your CD.

DCU checking account options

Dividend Checking

Earn a small amount of interest on your checking account money — but watch out for the monthly maintenance fee.

APY	Minimum Balance Amount
0.05%	$0.01

As of 4/3/2018

Minimum opening deposit: $0.01
Monthly account maintenance fee: $10
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
2. Be signed up for electronic statements (unless you’re 65 or older).
3. have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

Digital Federal Credit Union offers you the ability to earn a tiny amount of interest on your checking account with this account. However, watch out: you’ll need to keep at least $2,500 in your account every day in order to waive the $10 monthly fee. Thus, we only recommend this account if you tend to keep a larger balance in your checking account, otherwise the monthly fee will wipe out any earnings you do get from this account.

One perk that this account offers is being able to receive your paycheck up to two days earlier if you have recurring direct deposit set up. Normally there’s some bank processing time involved between when the money is deposited into your account and when you can actually use the cash (as anyone who’s ever made a late rent payment knows), but with this account, some of that processing time is cut out.

In order to open a DCU Dividend Checking account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Free Checking

DCU’s version of a no-frills, free checking account.

Minimum opening deposit: $0.01
Monthly account maintenance fee: None
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
2. Be signed up for electronic statements (unless you’re 65 or older).
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

This is Digital Federal Credit Union’s basic checking account. You won’t earn any dividends, but it won’t cost you much, either. However, this credit union does offer you the option to earn some extra perks if you have “Relationship benefits,” as described above in the ATM fee refund section. If you can meet all three requirements described above, Digital Federal Credit Union will also throw in an extra 120 “custom-style” checks per year for free.

When you open your account, you’ll be prompted to opt in or opt out of overdraft protection. This is a new regulation in the wake of the 2008 financial crisis; now, banks must ask your permission before auto-enrolling you in overdraft services.

If you opt in to overdraft protection services, you’ll need to link up another DCU checking or savings account so that they can transfer the cash to cover any deficits with this account (and charge you a $5 overdraft transfer fee in the process). Still, it’s a cheaper option than not signing up for overdraft protection services; if you don’t, it’ll cost you a whopping $30 per overdraft.

In order to open a Free Checking account with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s checking accounts compare

As far as checking accounts go, these accounts fall pretty flat. Only one of their accounts offers any interest payments, and it’s a palty amount at that, especially compared with the best online checking accounts out there. Furthermore, you need to remember to keep a relatively large balance in this dividend-earning account, otherwise you’ll be slapped with a high account maintenance fee.

DCU’s free checking account, on the other hand, is a basic, plain-Jane vanilla checking account. It doesn’t come with a monthly maintenance fee, but it doesn’t come with much else, either. Still, if this meets your needs, it’s not a bad account — it’s just not the best you can get. And don’t forget — signing up for their free checking account will also allow you to earn Plus and Relationship benefits that will unlock more benefits for other account types.

DCU’s Money Market account

Money Market Savings Account

Earn higher rates the more you save with Digital Federal Credit Union’s Money Market account.

APY	Minimum Balance Amount
0.90%	$1,000 - $9,999.99
0.90%	$10,000 - $24,999.99
0.95%	$25,000 - $49,999.99
0.95%	$50,000 - $99,999.99
1.01%	$100,000 or more

As of 4/3/2018

Minimum opening deposit: $0.01
Monthly account maintenance fee: None
ATM fees: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refunds: None unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
2. Be signed up for electronic statements (unless you’re 65 or older).
3. have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fees: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

Most of Digital Federal Credit Union’s savings accounts offer a very low interest rate unless you have at least $25,000 to take advantage of the Ltd Savings account. That’s a huge stumbling block for a lot of people — but, until you have that amount of cash saved, this Money Market account can net you a higher return than the credit union’s regular savings accounts.

This account requires just one cent to open up. You can add it it at any time, but you’re limited to just six withdrawals per month as per Federal Regulation D. You won’t earn anything until you’ve saved up at least $1,000, but after that, you’ll earn a decent rate.

In order to open this Money Market account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s Money Market account compares

Perhaps unsurprisingly, this Money Market account offers better rates than most big banks, but they’re not the highest money market account rates out there. If high rates on a money market account is what you’re looking for, check out one of these top-performing money market accounts instead.

Still, if you like banking at Digital Federal Credit Union, we recommend this as your go-to savings account unless you have the $25,000 needed for the Ltd Savings account, which offers a higher rate. In the meantime, this is your best bet at this particular credit union.

DCU IRA account options

IRA CD Rates

A basic, no-frills IRA Certificate with a low minimum balance requirement.

Term	APY
3-5 months	0.60%
6-11 months	0.70%
12-23 months	1.11%
24-35 months	1.26%
36-47 months	1.41%
48-59 months	1.60%
60 months	1.86%

As of 4/3/2018

Minimum opening deposit: $500
Minimum balance to earn APY: $500
Early withdrawal penalty:
- For CDs between three and 11 months, you’ll pay 60 days’ worth of dividends.
- For CDs between 12 and 35 months, you’ll pay 90 days’ worth of dividends.
- For CDs between 36 and 60 months, you’ll pay 180 days’ worth of dividends.

This account comes with an easily achieved minimum opening deposit of just $500, making it super easy to get your retirement savings started in an NCUA-insured environment. You can also choose to open your IRA Certificates as Jump-Up Certificates, which allow you to boost your interest rate once per term if interest rates rise (but, the rates for these certificates are slightly different than the rates listed above).

When your IRA Certificate matures, it’ll automatically roll over into another certificate with the same term length. You can choose to take the money out or change the terms of the CD, however, but you’ll get just a brief five-day grace period to do so after the CD matures.

In order to open this IRA CD, you’ll need to apply either online, over the phone, or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

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How Digital Federal Credit Union’s IRA CD rates compare

These IRA CD rates again fall in the middle range — they’re not the highest, but they’re also not the lowest. We like the fact that the minimum opening deposit for DCU’s IRA CDs are quite low, but other than that, there’s nothing fancy about them. If you’re looking for higher rates on your IRA CD, check out one of these other top IRA CDs.

Money Market IRA

Digital Federal Credit Union’s Money Market IRA offers a low minimum balance requirement and pays you higher dividends if you save more money.

APY	Minimum Balance Amount
0.90%	$1,000 - $9,999.99
0.90%	$10,000 - $24,999.99
0.95%	$25,000 - $49,999.99
0.95%	$50,000 - $99,999.99
1.01%	$100,000 or more

As of 4/3/2018

Minimum opening deposit: $0.01
Monthly account maintenance fee: None
ATM fee: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refund: None unless you qualify for Plus or Relationship benefits and have a checking account with DCU. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
2. Be signed up for electronic statements (unless you’re 65 or older).
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fee: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The Money Market IRA is also another easily accessible account for folks just starting out with their retirement savings. You can technically start this account with just one penny, but you won’t actually earn anything until you have at least $1,000 saved up in the account. After that, your interest rate will increase as you save more money.

And, unlike an iron-clad CD, you can choose to make deposits at any time into your Money Market IRA as you come across the cash.

In order to open a Money Market IRA with Digital Federal Credit Union, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Savings IRA

Digital Federal Credit Union’s basic savings account — in IRA form.

APY	Minimum Balance Amount
0.40%	$0.01

As of 4/16/2018

Minimum opening deposit: $0.01
Monthly account maintenance fee: None
ATM fee: Free for DCU ATMs. $0.75 for non-DCU ATMs (plus any surcharge fees that the ATM’s owner may tack on).
ATM fee refund: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union. To earn these benefits, you’ll need to do at least two of the following three things:
1. Have your paycheck or other income direct-deposited into your account (unless you’re under 23 years of age).
2. Be signed up for electronic statements (unless you’re 65 or older).
3. Have an active loan or credit card with Digital Federal Credit Union.
If you meet these requirements each month, you can use non-DCU ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements (if you meet all three requirements).
Overdraft fee: $30 per overdraft. If you have signed up for overdraft protection services, it’s $5 per transfer.

The savings IRA offers a lower rate than their Money Market IRA. However, you’ll start earning dividends from day one, rather than having to wait until you’ve got at least $1,000 saved up in the account as per the Money Market IRA.

Other than that, this is another no-frills account. It’s more flexible than a rigid CD because you can deposit and withdraw your cash at any time. This is a great holding account if you are moving money into or out of a DCU CD.

One thing to be aware of is that you’re still subject to the limits of an IRA (meaning you can’t withdraw the cash before retirement age without a penalty), and any withdrawals are still subject to the Federal Regulation D (meaning you can’t make more than six withdrawals per month). But other than that, this is one of the credit union’s most flexible IRA accounts.

In order to open this Savings IRA account, you’ll need to apply either online, over the phone or by visiting one of the in-person branches, located in Massachusetts and New Hampshire. You’ll need to provide some basic information, such as name, Social Security number and address.

Heads-up: As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with the credit union (but don’t worry, this account has no fees and you don’t necessarily have to use this account, as long as you keep the $5 in it).

LEARN MORE

on Digital Federal Credit Union (DCU)’s secure website

Overall review of DCU’s banking products

Digital Federal Credit Union offers a lot of great products, such as their Holiday Club Savings account and a wide range of CDs to choose from to fit your situation. In general, DCU offers higher rates on their products than most big banks, which is good. However, if you’re looking to earn the highest returns possible from your bank, we suggest passing on this credit union. You can earn higher rates with other banks.

Lindsay VanSomeren |

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

TAGS: Credit Union, digital first credit union

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Reviews

Review of Wells Fargo CD Rates

Thursday, April 12, 2018

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.

Sarah Li Cain

Wells Fargo offers numerous products and services, including savings and checking accounts, insurance and investment products. They also offer certificates of deposit (CDs), though their rates are significantly lower compared to other big name competitors. Keep in mind that their rates will differ depending on where you live. The rates you’ll see in this article are based on their headquarters in San Francisco. If you want an accurate list of Wells Fargo CD rates based on your location, head over to their rates page and type in your ZIP code.

Higher CD Rates from Online Banks

While big banks like Wells Fargo tend to be more accessible due to their physical locations, online banks tend to offer some of the highest rates on their CDs. Here are some examples of some of the highest CD rates from online banks:

The Best CD Rates from Online Banks
	Ally Bank	Synchrony Bank	Goldman Sachs Bank USA
APY	2.00%	2.35%	2.80%
Minimum Deposit Amount	$25,000	$2,000	$500
Term	1 year	3 years	5 years
	LEARN MORE on Ally Bank’s secure website Member FDIC	LEARN MORE on Synchrony Bank’s secure website Member FDIC	LEARN MORE on Goldman Sachs Bank USA’s secure website Member FDIC

Your deposits are FDIC-insured up to the maximum limit.

Wells Fargo’s fixed-rate CDs

Wells Fargo’s Standard CD Rates

CD Term	Annual Percentage Yield (APY)	Minimum Deposit Amount
3 months	0.05%	$2,500
6 months	0.05%	$2,500
1 year	0.10%	$2,500

As of 4/4/2018

The Wells Fargo Standard CD ensures that you get a guaranteed return for the entire CD term. Your rate 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.

Wells Fargo’s Standard CD Bonus Rates

CD Term	APY	Minimum Deposit Amount
3 months	0.10%	$2,500
6 months	0.10%	$2,500
1 year	0.15%	$2,500

As of 4/4/2018

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 product is their upgraded checking account which offers better interest rates across many Wells Fargo products. You also get certain fees waived from your account, discounts on loans, as well as additional credit card benefits. This includes avoiding the $30 maintenance fees if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts. All you need to open this checking account is a minimum opening deposit of $25.

If your CD is no longer linked to your Portfolio by Wells Fargo® account, the bonus CD rate will revert back to the standard rate.

Wells Fargo’s Special CD Rates

CD Term	APY	Minimum Deposit Amount
9 months	0.70%	$5,000
19 months	1.15%	$5,000
39 months	1.30%	$5,000
58 months	1.70%	$5,000

As of 4/4/2018

To open a Wells Fargo’s Special CD, you’ll need a minimum opening deposit of $5,000. Additionally, these rates only apply to the initial agreed term. Once your CD matures, it’ll automatically renew to the standard rates.

Wells Fargo’s Special CD Bonus Rates

CD Term	APY	Minimum Deposit Amount
9 months	1.01%	$5,000
19 months	1.20%	$5,000
39 months	1.35%	$5,000
58 months	1.76%	$5,000

As of 4/12/2018

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

How to get one of Wells Fargo’s fixed-rate CDs

To open a fixed rate CD, you can apply online using their 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 any bank account, credit card or by mailing a check or money order after you submit your application. (Note: Using a credit card to fund a CD only makes sense if you’re paying off the credit card balance in full. Otherwise, credit card finance charges could significantly outweigh CD interest earnings.) Once you complete the application, you’ll get instant notification of your application status and possible next steps.

LEARN MORE

on Wells Fargo Bank’s secure website

Wells Fargo Step Rate CDs

CD Term	APY	Minimum Deposit Amount
24 months	1.08%	$2,500

As of 4/4/2018

The Step Rate CD offers multiple rate increases and a penalty-free withdrawal every six months as long as you are able to maintain the minimum opening balance. You’re guaranteed automatic rate increases at seven, 13 and 19 months into your CD term. At these times, the interest rate (not APY) goes up as follows:

1 to 6 months: 0.30%
7 to 12 months: 0.55%
13 to 18 months: 0.80%
19 to 24 months: 1.05%

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 reverted to a standard 24-month fixed rate CD.

Wells Fargo Step Rate Bonus CD

CD Term	APY	Minimum Deposit Amount
24 months	1.38%	$2,500

As of 4/12/2018

To be eligible for the bonus rate, you’ll need to link your Step Rate CD to a Portfolio by Wells Fargo® 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 requirements as the regular Step Rate CD, but the interest rate increases are as follows:

1 to 6 months: 0.35%
7 to 12 months: 0.60%
13 to 18 months: 0.85%
19 to 24 months: 1.10%

Upon account maturity, your CD will automatically renew into a standard fixed rate bonus CD. If you don’t have a Portfolio by Wells Fargo® account, your rate will revert back to the standard rate.

How to Get a Wells Fargo Step Rate CD

You can only open a Step Rate CD in person at any Wells Fargo branch. You can show up at any one of their 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 even come close to the top competitors’ offers, even with the bonus rates. Those better CD 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, though that strategy isn’t a financial advantage, as far as CDs go.

Additional information about Wells Fargo CDs

Founded in 1852, Wells Fargo is considered the third largest bank in the U.S. This FDIC insured bank provides retail, commercial and corporate banking services through its branches and online in the U.S. and internationally. Wells Fargo has over 13,000 ATMs and 6,000 branch locations across the country.

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 CD terms 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 the Regulation D penalty.

Those who may need to pay the Regulation D penalty include those who make withdrawals within seven days of account opening. This penalty also applies if you make withdrawals during the grace period and the withdrawal is more than any additional deposits during that time. Regulation D penalty means you’ll need to pay seven days’ simple interest.

Any withdrawals after the first seven days are subjected to the following early withdrawal fee:

90 days or less: one month’s interest
90 days to a year: three months’ interest
12 to 24 months: six 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

Although Wells Fargo offers a myriad of services, including the ability to link your checking account to your CD, their rates fall short compared to other financial institutions as well as national averages. There are online banks that offer much better rates and with lower minimum deposits.

Sarah Li Cain |

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

TAGS: CD rates, CDs, certificate of deposit, Wells Fargo

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Earning Interest, Reviews

Discover Bank CD Rates Review

Wednesday, April 11, 2018

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.

Lindsay VanSomeren

Most people know Discover as a credit card company, but it also operates an online bank and offers some of the best rates and terms on checking and savings accounts and certificates of deposit (CDs).

If you’re looking for CDs in particular, Discover is currently considered one of the best CDs due to their customer service and digital tools.

Discover Bank CD rates

CD term	Annual Percentage Yield (APY)	Minimum deposit amount
3 months	0.35%	$2,500
6 months	0.65%	$2,500
9 months	0.70%	$2,500
12 months	2.00%	$2,500
18 months	2.05%	$2,500
24 months	2.10%	$2,500
30 months	2.10%	$2,500
3 years	2.25%	$2,500
4 years	2.40%	$2,500
5 years	2.50%	$2,500
7 years	2.50%	$2,500
10 years	2.50%	$2,500

Rates as of 4/11/2018

LEARN MORE

on Discover’s secure website

How do Discover Bank CD rates compare?

While Discover Bank CD rates aren’t always the highest available, they are consistently among the top offers across all terms. However, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover’s. Currently, several nationwide banks offered a 12-month CD at a rate higher than Discover’s 12-month CD APY, while requiring a lower minimum deposit. For example, at the same time the above rates were available at Discover, there were 12-month CDs with rates as high as 2.00% APY with a lower minimum balance amount to earn the APY.

It’s always great to go for the highest interest rates possible, but keep your CD investing strategy in mind. If you’re investing in CDs using the ladder strategy, it might be easier to keep everything in one bank since you’ll be switching in and out of CDs frequently.

Discover also stands out from its competition in the CD space with its mobile app and 24/7 U.S.-based customer service. If you value such features, keep those particulars in mind when weighing Discover CD rates against others’.

What you need to know about Discover Bank’s CDs

Discover Bank is very transparent in terms of fine print. It’s not difficult to understand what’ll happen with your money after you invest it. We’ll cover the basics here about what you need to know to invest in Discover Bank’s CDs.

How to open a CD

It’s very simple to open up a CD with Discover Bank. Go to their CD webpage and click on the orange “Open an Account” button near the top right of the page. You can then choose which accounts you’d like to open. Select “CD,” choose a CD term and enter how much you’d like to deposit.

You’ll then need to complete the application by providing your name, address, date of birth, phone number, Social Security number, employment status and possibly even your driver’s license. Once your application is complete and accepted, you’ll need to fund the account.

How to fund the CD

You’ll need to fund it within 45 days of submitting your application, which you can do in one of three ways:

Transfer funds from another bank account over the phone. (You can only do this when you first fund your account.)
Transfer funds from another bank via online transfer.
Write a check to yourself and send it to the following address:Discover Bank
P.O. Box 30417
Salt Lake City, UT 84130

The minimum deposit amount for each of Discover Bank’s CDs is, as the chart above indicates, $2,500. Once you open a CD, you can’t deposit more money later, so it’s a good idea to make sure you have all the cash you want to invest before you open the account.

Withdrawing funds from the CD

When you want to withdraw money from your CD, the biggest thing to consider is whether that CD has matured yet, or finished its term.

If your CD has not matured, you’ve got options: You can take the interest out penalty-free at any time, or you can withdraw the principal (or the money you deposited) at any time as long as you pay an early-withdrawal penalty. This penalty varies depending on the original term of your CD:

less than one year: three months’ worth of simple interest
one year to less than four years: six months’ worth of simple interest
four years: nine months’ worth of simple interest
five years to less than seven years: 18 months’ worth of simple interest
seven years or longer: 24 months’ worth of simple interest

If your CD has finished its term, you can withdraw your money penalty-free, allow the CD to renew or roll it into a CD of a different term length. (More on that in a bit).

Earning interest on a Discover CD

Your CD will start earning interest on the same business day that you fund the account. The interest will be added to your account once each month, however.

When it comes to what to do with your interest, you have two options: The default option is to allow it to compound within the CD (meaning you’ll earn interest on that interest), or you can have it automatically deposited each month into another Discover bank account.

What happens once the CD matures?

You’ll get a heads-up notice about a month before your CD matures so you can decide what to do with the money. You have two main options: Either reinvest it into another CD (of the same term length or a different term length), or withdraw the money from the CD and put it into another account (such as a checking or savings account, or perhaps a CD at a different institution).

If you don’t let Discover know what you want to do with the maturing CD, the CD will automatically renew into another one of the same term length. You have a nine-day grace period after your CD automatically rolls over to make any changes or withdrawals penalty-free.

The bottom line

As far as big-name banks go, Discover offers great CD products. Wells Fargo, for example, only offers interest rates as high as 1.55% APY on a $5,000 deposit for a 58-month CD. Chase Bank offers even lower maximum rates — an abysmal 1.05% APY, and only if you can commit a minimum of $100,000 for 10 years.

If you’re the kind of person who likes to keep your finances in one place, Discover also has great credit cards, as well as competitive online savings and checking accounts. No matter how long you’re considering putting money in a CD, Discover is worth a look. Even if it doesn’t have the best available rate, it’s usually within several basis points of the top offerings and well above the average APY.

LEARN MORE

on Discover’s secure website

Lindsay VanSomeren |

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

TAGS: CD rates, certificates of deposit, Discover

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Reviews

Synchrony Bank Review: CD, Savings Account, Money Market, and IRA Rates

Tuesday, April 10, 2018

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.

Lindsay VanSomeren

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 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	2.15%
18-months	2.15%
24-months	2.25%
36-months	2.35%
48-months	2.45%
60-months	2.60%

As of 4/10/2018

Minimum opening deposit: $2,000
Minimum balance 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

on Synchrony Bank’s secure website

Member FDIC

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
1.55%	$0

As of 4/4/2018.

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

on Synchrony Bank’s secure website

Member FDIC

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
1.05%	$0

As of 4/4/2018.

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

on Synchrony Bank’s secure website

Member FDIC

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	2.15%
18-months	2.15%
24-months	2.25%
36-months	2.35%
48-months	2.45%
60-months	2.60%

As of 4/10/2018.

Minimum opening deposit: $2,000
Minimum balance 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

on Synchrony Bank’s secure website

Member FDIC

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
1.05%	$0

As of 4/4/2018.

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

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.

Lindsay VanSomeren |

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

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