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Reviews

U.S. Bank Review: Checking, Savings, CD and Money Market Rates

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1863
Total Assets$452.3B
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U.S. Bank is the fifth-largest bank in the country and started out as one of America’s original banks under the name First National Bank in 1863. Odds are you’ve heard of this bank or know someone who has an account there if you don’t happen to hold an account there yourself.

U.S. Bank is headquartered in Minnesota and is known for its wide range of personal banking products, including checking accounts, savings accounts, credit cards, money market accounts, and CDs.

We’ll explore some of those products in this review and compare how they stack up against other banks. Since U.S. Bank is nationwide, interest rates for its banking products may vary per region. To keep things consistent, we’ll look at the rates in the zip code 55404 (in Minneapolis, Minnesota) since that’s where the bank’s headquarters are located.

US Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

US Bank Standard Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.10%

CD Rates

US Bank 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.35%

CD Rates

US Bank 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.75%

CD Rates

US Bank 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

U.S. Bank’s checking account options

Platinum Checking Package

An interest-bearing checking account plus perks and discounts.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95
  • ATM fee: $0 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Platinum Checking Package is supposed to be U.S. Bank’s top tier checking account option. It comes with all the basic features that Easy Checking offers along with the same bonuses that the Silver and Gold Checking Packages provide.

However, it comes with a pricey monthly maintenance fee that can only be waived if you have $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments or if you have a personal trust relationship with U.S. Bank Wealth Management.

While there are no ATM fees, you will pay other smaller fees like $2 per debit card cash advance, and between $2 – $6 for paper statements.

Other benefits exclusive to this account include:

  • No annual fee on a home equity line of credit (HELOC)
  • An account bonus for select U.S. Bank FlexPerks credit cards
  • 25 free trades when you open up a brokerage or IRA account through U.S. Bancorp investments

The interest rate for Platinum Checking Package is quite low, so if you want to get a better rate, you can sign up for a Platinum Select Money Market Savings Account. Like most U.S. Bank savings accounts, this money market account can also be used to provide overdraft protection.

While this checking account offers a fair share of benefits that could help you save money, you’d have to be able to take advantage of most of them and/or meet the requirements to waive the monthly maintenance fee to make the most out of the account.

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Premium Checking

A checking account with interest and added benefits but a monthly fee that’s hard to avoid.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10.95 unless you’re 55 or older or daily balance of $5,000
  • ATM fee: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

We like that U.S. Bank’s Premium Checking account is an interest-bearing account, but the current interest rate is so low. Unfortunately, the monthly maintenance fee is unavoidable if you’re not 55 years old or older, or if you don’t have a daily balance of at least $5,000.

If you’re going to hold that much money in your account, you might as well put it in a high-yield savings account so your money can earn interest.

One perk about this account is the fee-free ATM benefit. This means U.S. Bank will not charge you for using an out-of-network ATM. However, the ATM owner may charge a fee if they are not a part of the MoneyPass network.

This account also comes with free U.S. Bank logo checks on your initial check order and a 50% off discount on all other personal designs. This account also has lower fees than Easy Checking, as there are no fees for copies of checks or paper statements.

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Easy Checking

A basic checking account with standard features like free digital services despite a few fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95 unless you set up direct deposit or maintain a daily balance of $1,500
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Easy Checking account is its most basic account with no added features. It’s a non-interest bearing account with a low minimum opening deposit amount. There is no minimum balance requirement listed in the terms, but there is a monthly maintenance fee.

To waive the monthly maintenance fee, you need to set up direct deposits totaling at least $1,000 per month, or maintain a daily account balance of $1,500.

Like many other bank accounts, easy checking account holders have access to a debit card that doubles as an ATM card, free access to online and mobile banking and free online bill pay for standard delivery.

There are a few fees to consider, like the $2 paper statement fee, the $35 stop payment fee and the overdraft fee. Although you can set up overdraft protection by linking a savings account, line of credit, or credit card to your checking account to cover the negative balance, U.S. Bank will require transfers in multiples of $50 for overdraft amounts over $5.01 and charge a $12.50 overdraft protection transfer fee for this.

Let’s face it, though; no one wants to overdraft and this account is an option if you can avoid the overdraft and monthly maintenance fees.

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Silver Checking Package

A checking account that pairs nicely with a money market account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Silver Checking Package comes with all basic features you’d get with the Easy Checking account, plus a monthly maintenance fee.

To waive the monthly fee, you can connect your account to a U.S. Bank Package Money Market Savings Account. From there, you can set up direct deposits of at least $1,000 per month, or maintain a combined balance of $1,500 to get rid of the $6.95/month fee.

The best use of this account would be to take advantage of the ability to open a Package Money Market Account. We’ll cover more of the features that come with a U.S. Bank Money Market account during this product’s review, but one perk you’ll have is being able to enroll in the U.S. Bank Smart Start Savings Program.

With this program, you’ll earn a $50 reward when you save $500 in your Money Market Savings account. You’ll also get a 1% net bonus on gas and grocery debit card purchases for your first year after enrolling.

The Silver Checking Package is also great to have if you’re a homeowner or planning on buying a home as you’d qualify for the U.S. Bank Customer Credit. This credit provides you with 0.25% deduction of the loan amount’s closing costs of up to $1,000 for your first or existing mortgage through the bank.

This account is perfect for someone looking to pair the benefits of a checking account with a money market account.

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Gold Checking Package

A checking account with additional benefits for credit card holders.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95
  • ATM fee: $0 for first two withdrawals in the statement period, $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Gold Checking Package is a checking account that’s best for someone who has a credit card or open personal loan with U.S. Bank and also wants to utilize basic and premium checking account features. If you have either one of those accounts, you can waive the monthly maintenance fee. A personal loan includes U.S. Bank auto loans and home equity loans.

If you don’t have a U.S. Bank credit card open, you can apply for one when you open this account and still be able to waive the monthly maintenance fee.

Other benefits of using this account include two no-fee ATM transactions per statement period at non U.S. Bank ATMs, along with up to two additional Easy Checking accounts with no monthly maintenance fee so long as you’re the co-owner of the account.

Account holders will also get to waive the overdraft protection transfer fee when a transfer is made from a linked U.S. Bank account.

While this account isn’t interest-bearing on its own, like the Silver Checking Package, you can connect a Package Money Market Savings account which earns interest. You’ll also be able to save up to $1,000 on closing costs for a new or existing U.S. Bank mortgage.

Plus, you can enroll in the U.S. Bank Because You’ve Earned It program which provides you will full access to the TransUnion Creditview platform so you can monitor your credit score.

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Student Checking

Easy banking just for students.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first four withdrawals in the statement period, then $2.50 for additional withdrawals
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Student Checking account provides the same basic account features that Easy Checking does including full access to mobile and online banking along with online bill pay options and mobile check deposit.

Account holders also get four non-U.S. Bank fee transactions per statement at non-U.S. Bank ATMs. Personal checks are also free.

This is a non interest-bearing account but it’s great for college students who don’t want to deal with ATM or monthly maintenance fees.

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Safe Debit Account

Not the best option given that there are no checks and a monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95
  • ATM fee: $2.50 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: None

U.S. Bank’s Safe Debit account is an alternative to their traditional checking account. This is a non interest-bearing account with no checks and a monthly maintenance fee that can’t be waived. Paper statements are also unavailable.

Account holders do get discounts on money orders and free credit score access through the TransUnion CreditView dashboard.

The one thing that makes this account stand out from the other options mentioned above is that there’s no overdraft fee. Otherwise, it’s not our favorite option due to the monthly fee and very few added benefits.

How to get a U.S. Bank checking account

There are three ways to apply for a U.S. Bank checking account. You can apply easily online. Just head to U.S. Bank’s website, then click on the checking account option you’re interested in under the ‘Personal’ drop down tab. Click the ‘Apply Online’ button and enter your zip code to get started. You can also check your application status online here.

If you don’t want to apply online, you can apply in person at your local U.S. Bank branch or apply by calling the bank.

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How U.S. Bank’s checking accounts compare

U.S. Bank’s checking accounts all require a low opening deposit amount and offer a wide variety of different benefits. However, when compared to some of the best checking account options with other banks, U.S. Bank falls short due to its low interest rates and high monthly maintenance fees.

U.S. Bank offers a barely-there interest rate for its Premium Checking and Platinum Checking accounts, which doesn’t increase at all as your balance increases.

On the other hand, Ally Bank offers a competitive interest rate for its checking account and an APR increase for a higher balance.

U.S. Bank’s accounts seems to pair well with other features and benefits the bank offers, especially when it comes to using its loans (mortgage, auto, personal) and credit cards.

However, if you’re just looking for a simple checking account with no fees and a competitive interest rate, you might want to check out some of these other checking account options.

U.S Bank’s savings account

Standard Savings Account

A basic savings account with a low return.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $4
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

The U.S. Bank Standard Savings Account comes with online and mobile banking, online statements, free ATM transactions, and account alerts via text. The account can also be used to provide overdraft protection for a U.S. Bank checking account.

This account offers a very low interest rate which is nothing to call home about, along with a monthly fee. In order to waive the monthly fee, you’ll need to keep a $300 minimum daily balance or a $1,000 average monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Goal Savings

An effective way to transfer money to meet your savings goals.

APY

Minimum Balance Amount

0.01%

Under $1,000

0.01%

$1,000 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000+

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

This account is geared toward people who want to save more money to reach specific financial goals. While there is no set opening deposit amount, you are required to set up an automatic monthly transfer of at least $25 from your checking account to your Goal Savings account.

Depending on your goal, you can transfer more money into your account automatically and more frequently on a weekly, bi-weekly, or monthly basis as well.

This account is interest bearing and account holders will get the same benefits that the Standard Savings Account provides.

This account would be a good option for someone looking to automate savings for a short term financial goal. If you’re looking to save for a long-term financial goal, you might want to consider getting a higher interest rate with another savings account.

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Star Savers Club Account

An FDIC-insured savings account for kids.

APY

Minimum Balance Amount

0.01%

Under $500

0.01%

$500 - $999

0.01%

$1,000 - $4,999

0.01%

$5,000 - $9,999

0.01%

$10,000+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: N/A

The Star Savers Club account is a savings account geared toward minors ages 17 and under. We like that this account is interest bearing and has no monthly maintenance fee, but it doesn’t have any other features or perks to help get kids excited about saving money.

This account will convert to a Standard Savings Account when the minor reaches the age of 18.

How to get a U.S. Bank savings account

In order to sign up for U.S. Bank’s Star Savers Club Account, you need to visit a local branch and fill out an application in person.

For the Goal Savings or Standard Savings account, you can apply online. You’ll need to provide your social security number, driver’s license, State ID, and be at least 18 years old. For the Goal Savings account, you’ll need to have an existing U.S. Bank checking account or open a new one. You can also call the bank to apply for a savings account via phone.

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How U.S. Bank’s savings accounts compare

U.S. Bank doesn’t offer much variety in terms of its savings account products. What’s worse is that they all provide the same low interest rate no matter how much you save. The Star Savers Club Account for minors is a good idea, but you may be able to get a better return at a credit union or by opening up a 529 Plan for your child and teaching them savings principles that way.

The best thing going for U.S. Bank’s savings accounts is their low opening deposit, seeing as how some other banks require you to deposit thousands of dollars just to open an interest-bearing savings account.

However, if you’re willing to use an online bank, you can likely find a better interest rate along with a lower or $0 opening deposit. Check out some of these savings account options to compare.

U.S. Bank’s CD rates

U.S. Bank CD Account

Standard CD that suits a variety of investing needs.

Term

CD Amount

APY

1 Month

$500 - $249,999

0.05%

2 Month

$500 - $249,999

0.05%

3 Month

$500 - $249,999

0.05%

6 Month

$500 - $249,999

0.05%

12 Month

$500 - $249,999

0.10%

18 Month

$500 - $249,999

0.15%

24 Month

$500 - $249,999

0.20%

36 Month

$500 - $249,999

0.35%

48 Month

$500 - $249,999

0.50%

60 Month

$500 - $249,999

0.75%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s standard CD has various terms to accommodate each person’s investing needs along with a fixed rate of return for the term you choose. All of the bank’s CD products are FDIC-insured.

Interest is accrued at the end of the term or annually, whichever comes first. If you withdraw funds before your CD matures, you’ll be charged a penalty which will reduce the interest earnings you would have made for a specified period of time.

The rates for U.S. Bank’s CDs are higher than their savings accounts, making them a better option if you can afford the minimum opening deposit and want to save money for a specific term.

When your term is up, you can automatically renew your CD, but the APY may be different depending on what current rates are in your area.

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CD Special

Limited terms, but allows you to lock in better rates.

Term

CD Amount

APY

11 Months

$1,000 - $249,999

1.75%

19 Month

$1,000 - $249,999

2.00%

37 Month

$1,000 - $249,999

2.25%

59 Month

$1,000 - $249,999

2.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

If you have a little more money to deposit to open a CD account, you may be able to take advantage of U.S. Bank’s special CD rates.

These rates are more competitive than the standard CD rate, but you’ll only be able to lock them in for your initial term. After your term is up, you can automatically renew your CD at the current rate in your area.

If you choose to withdraw funds before your term is up, you’ll be charged a penalty in the form of a deduction of the interest earnings you would have made for a specified period of time.

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Step Up CD

Boost your return for saving money over time with this CD.

Term

CD Amount

Blended APY

28 Month

$1,000 - $249,999

0.40%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

With a step-up CD, interest rates automatically adjust at predetermined times during your term length.

The good thing is that these rates are locked in so you don’t have to worry about monitoring the market. U.S. Bank’s step-up CD has an increasing rate every 7 months. The blended APY assumes the principal and interest remain on deposit for the term of the certificate.

All interest payments for the APY will be made at the end of your term or annually (whichever is first).

The only downside, is that the 28-month term is the only option customers have. Still, this is a low-effort way to diversify your portfolio and receive a guaranteed return.

Like U.S. Bank’s other CD products, you’ll be charged an interest deduction penalty if you withdraw funds before your term ends.

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Trade Up CD

Trade up your interest rate during the same term.

Term

CD Amount

APY

30 Month

$1,000 - $249,999

0.40%

60 Month

$1,000 - $249,999

0.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s trade up CD allows you to invest in a longer term CD, but also get the advantage of receiving an increased APY during your same term.

Normally with CDs, you lock in a specific rate during the life of your term. If rates go up or specials are offered, you can’t take advantage of the higher rates if you’re already locked into a term.

With this trade up CD account, you have the option to unlock your current interest rate and lock in a higher rate during your initial term.

You just need a minimum opening deposit of at least $1,000 and all interest payments are made at the end of the term or annually, whichever is first.

How to get U.S. Bank’s CDs

To open a U.S. Bank CD account, you can apply online. You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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How U.S. Bank’s CD rates compare

U.S. Bank’s standard CD rates are pretty low compared to what other banks are offering, but the opening deposit is more affordable as well.

Its special CD rates line up better with some of the most competitive CD rates at other banks. The major downside is that you may not be able to lock in such a good rate after your CD term is up. Compare current top CD rates here.

U.S. Bank’s money market account options

Standard Money Market Account

A basic money market account that pays more interest.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $24,999

0.05%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

This is a basic money market account that comes with standard U.S. Bank features, including online and mobile banking, online statements, free ATM transactions, and account alerts via text.

The account is interest bearing and can also be used as overdraft protection for another U.S. Bank personal account.

The minimum opening deposit for this account is higher than U.S. Bank’s checking and savings account, but it does provide a slightly higher return.

If you want to waive the monthly account maintenance fee, you’ll need to maintain a $1,000 daily balance, or a $2,500 monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Package Money Market Savings

Available to Silver and Gold Checking account holders only.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $49,999

0.07%

$50,000 - $99,999

0.07%

$100,000 - $499,000

0.07%

$500,000+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

Package Money Market savings is an account only available to Silver and Gold Checking account holders. We like that it has a reasonable opening deposit amount and no monthly maintenance fee.

It is also interest bearing and provides the potential to earn a higher rate than the standard money market account. However, you’ll have to save a lot more to get it.

Its balance requirements to earn the highest APY are pretty steep and you may be better off investing your money elsewhere to get a better return. Still, with this money market account you’d be receiving a guaranteed rate of return which may appeal to some people looking for a risk-averse savings option.

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Platinum Select Money Market Savings

Available to only Platinum Checking Account holders.

APY

Minimum Balance Amount

0.05%

Under $1,500

0.05%

$1,500 - $9,999

0.06%

$10,000 - $49,999

0.10%

$50,000 - $99,999

0.10%

$100,000 - $499,999

0.10%

$500,000+

Bonus APY

APY

Minimum Balance Amount

2.00%

$10,000 - $49,999

2.00%

$50,000 - $99,999

2.00%

$100,000 - $499,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

The Platinum Select Money Market savings account has no monthly maintenance fee and offers a far better APY than U.S. Bank’s other money market accounts.

Customers also have access to an introductory bonus rate for the first 12 months after opening an account. The APY bonus rate will be applied to account balances between $10,000 and $499,000. After the 12 month period, the introductory bonus rate will expire and your APY will decrease to the original figures shown in Table 1.

While it’s great to see U.S. Bank offering competitive money market rates, they’re only available for a limited time and you must deposit at least $10,000 into your account, which will be difficult for some people.

In order to get this account, you must have the Platinum Checking Package which is the top tier checking account offered by U.S. Bank.

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Elite Money Market Account

A high balance is required, but the interest doesn’t add up.

APY

Minimum Balance Amount

0.04%

Under $10,000

0.05%

$10,000 - $24,999

0.05%

$25,000 - $49,999

0.06%

$50,000 - $99,999

0.06%

$100,000 - $499,999

0.06%

$500,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15 per transaction

The Elite Money Market account is geared toward savers who can deposit large amounts of money since there are tiered interest rates that pay more for higher balances.

Unlike the Platinum Select Money Market savings account, the interest rate is generally lower and there aren’t any APY bonuses for new account holders.

This account doesn’t require you to have a specific U.S. Bank checking account like the Platinum Select Money Market does.

There is a monthly account maintenance fee that can be waived if you are able to keep a daily balance of $10,000. For this reason, this isn’t our favorite Money Market account from U.S. Bank.

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Retirement Money Market Savings

Save for retirement and earn tiered interest rates over time.

APY

Minimum Balance Amount

0.05%

Under $5,000

0.10%

$5,000 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.10%

$50,000 - $99,999

0.10%

$100,000+

Bonus APY

APY

Minimum Balance Amount

0.55%

Under $5,000

0.60%

$5,000 - $9,999

0.60%

$10,000 - $24,999

0.60%

$25,000 - $49,999

0.60%

$50,000 - $99,999

0.60%

$100,000+

  • Minimum opening deposit: $100 or $25 monthly automatic deposit
  • Monthly account maintenance fee: $0

U.S. Bank’s Retirement Money Market savings account offers the tax-advantaged benefits of investing in an IRA, along with the security of earning a fixed rate of return.

There is no monthly maintenance fee and in order to earn the bonus APY, you need to have a U.S. Bank Silver, Gold, Platinum, or Silver Elite checking account.

To earn the bonus rate, you must also maintain a combined deposit balance requirement of $25,000 and this includes customer checking, savings, money market, CDs and IRAs.

This account would be best for someone who is looking to diversify their investments and utilize more conservative options.

How to get a U.S. Bank money market account

You can get a U.S. Bank money market account by applying securely online. You can also apply at your local U.S. Bank branch or by calling the bank. For the Money Market Retirement account, you can only apply in your local branch.

You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

LEARN MORE Secured

on US Bank’s secure website

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How U.S Bank’s money market accounts compare

U.S. Bank offers different types of money market accounts geared toward different types of savers. However, its accounts with tiered interest rates fail to live up to the expectation that someone who saves more for a specified period of time would get rewarded with a higher interest rate.

U.S. Bank’s money market accounts all have a very low APY just like many other traditional banks. While they offer a competitive bonus APY, it’s only available for 12 months and not ideal for someone looking to save and get a higher return on their money in the long-term.

If you’re looking for better money market rates and no monthly maintenance fees, you’d be better off checking out other money market options from top online banks.

Overall review of U.S. Bank’s banking products

U.S. Bank offers a full line of personal banking products, some of which complement each other. Some of its checking account packages pair well with corresponding money market accounts.

Having a specific checking account with the bank can also allow you to unlock better Money Market Retirement account rates.

While U.S. Bank is very widely known, it is a traditional bank with rates that reflect that fact. When compared to other online banks that don’t have dozens of physical branches all over the country, U.S. Bank’s CD, savings account, and money market rates fail to compete.

Their monthly maintenance fees are also high and, in some cases, difficult to waive. While the bank offers customers other benefits like no ATM fees, overdraft protection, a rewards savings program and homeowner closing cost credits, if you’re looking to get the most bang for your buck, the rates are just not there.

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

Chonce Maddox
Chonce Maddox |

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

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Reviews

BMO Harris Bank Review of Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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

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

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

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

BMO Harris Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

BMO Harris Bank Statement Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.15%

CD Rates

BMO Harris Bank 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.40%

CD Rates

BMO Harris Bank 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.75%

CD Rates

BMO Harris Bank 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website


BMO Harris Bank checking account options

Harris Premier™ account

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

APY

Minimum Balance Amount

0.05%

$0.01

0.10%

$5,000

0.15%

$10,000

0.20%

$25,000

0.25%

$50,000+

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

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

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

How to get Harris Premier™ Account

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

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

Smart Money™ account

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

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

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

How to get a Smart Money™ account

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

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

Smart Advantage™ account

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

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

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

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

How to get a Smart Advantage™ Account

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

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

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How BMO Harris Bank’s checking accounts compare

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

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

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

BMO Harris Bank savings account options

Statement Savings

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

APY

Minimum Balance Amount

0.05%

$0.01

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

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

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

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

How to get a Statement Savings account

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

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

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How BMO Harris Bank’s savings account compares

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

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

BMO Harris Bank CD Rates

Fixed Rate CD

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

Term

APY

Minimum Balance to Earn APY

1 month

0.05%

$100,000

2 months

0.05%

$100,000

3 months

0.05%

$1,000

6 months

0.05%

$1,000

9 months

0.10%

$1,000

12 months

0.15%

$1,000

18 months

0.25%

$1,000

24 months

0.30%

$1,000

30 months

0.35%

$1,000

36 months

0.40%

$1,000

48 months

0.50%

$1,000

60 months

0.75%

$1,000

Special CD Rates

18 months

2.50%

$5,000

30 months

2.75%

$5,000

60 months

3.25%

$5,000

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

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

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

How to get a Fixed Rate CD

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

Step Rate CD

Earn a competitive rate with automatic rate increases each year.

Term

APY

3 years

2.74% Blended

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

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

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

How to get a Step Rate CD

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

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How BMO Harris Bank’s CD rates compare

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

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

BMO Harris Bank money market account options

Platinum Money Market

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

APY

Minimum Balance Amount

0.05%

$0.01

0.30%

$10,000

0.50%

$25,000

0.65%

$50,000

0.80%

$100,000

1.00%

$250,000

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

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

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

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

How to get a Platinum Money Market account

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

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How BMO Harris Bank’s money market accounts compare

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

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

BMO Harris Bank IRA account options

IRA CD rates

Earn a more competitive rate the higher the minimum deposit.

Term

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

3 months

0.05%

6 months

0.05%

9 months

0.10%

12 months

0.15%

18 months

0.25%

24 months

0.30%

30 months

0.35%

36 months

0.40%

48 months

0.50%

60 months

0.75%

Term

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

3 months

0.05%

6 months

0.05%

9 months

0.10%

12 months

0.15%

18 months

2.50%

24 months

0.30%

30 months

2.75%

36 months

0.40%

48 months

0.50%

60 months

3.25%

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

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

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

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

How to get BMO Harris Bank’s IRA CDs

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

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How BMO Harris Bank’s IRA CD rates compare

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

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

IRA savings account

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

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

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

How to get BMO Harris Bank’s IRA savings account

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

LEARN MORE Secured

on BMO Harris Bank’s secure website

Overall review of BMO Harris Bank’s banking products

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

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

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

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

Sarah Li Cain
Sarah Li Cain |

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

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Advertiser Disclosure

Reviews

Navy Federal Credit Union: Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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

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

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

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

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

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

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

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

Navy Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Navy Federal Credit Union Share Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.00%

CD Rates

Navy Federal Credit Union 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.60%

CD Rates

Navy Federal Credit Union 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

3.00%

CD Rates

Navy Federal Credit Union 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Navy Federal Credit Union checking account options

Flagship Checking

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

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

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Free EveryDay Checking

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

e-Checking

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Free Active Duty Checking

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Campus Checking

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s checking accounts compare

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

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

Navy Federal Credit Union’s savings account

Basic Savings

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

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s savings account compares

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

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

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

Navy Federal Credit Union CD rates

Share Certificates

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

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

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

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

How to get Navy Federal Credit Union’s Share Certificates

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Special EasyStart Certificate

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

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

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

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

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

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

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on Navy Federal Credit Union’s secure website

EasyStart Certificate

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

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

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

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

How to get Navy Federal Credit Union’s EasyStart Certificate

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

SaveFirst Account

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

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

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

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

How to get Navy Federal Credit Union’s SaveFirst Account

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

3-Year Variable share certificate

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

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s CD rates compare

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

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

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

Navy Federal Credit Union’s money market accounts

Standard Money Market Savings account

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

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Jumbo Money Market Savings account

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s money market accounts compare

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

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

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

Navy Federal Credit Union’s IRA accounts

IRA CD Rates

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

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

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

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

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

How to get Navy Federal Credit Union’s IRA certificates

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

EasyStart IRA Certificate

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

3-Year Variable IRA Certificate

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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How Navy Federal Credit Union’s IRA CD rates compare

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

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

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

Navy Federal Credit Union’s IRA money market account options

Standard IRA Money Market Savings Account

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Jumbo IRA Money Market Savings Account

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

IRA Savings Account

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

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

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

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

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

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

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

Overall review of Navy Federal Credit Union’s banking products

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

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

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

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

Chonce Maddox
Chonce Maddox |

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

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Reviews

BBVA Compass Review of Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1964
Total Assets$86.6B
LEARN MORE on BBVA Compass’s secure website

While you may not be familiar with BBVA Compass if you live outside of the Sunbelt, you might be one of the thousands of customers using one of the bank’s digital apps, including Simple. BBVA Compass is the American subsidiary of the Spanish giant Banco Bilbao Vizcaya Argentaria.

The bank has 688 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, but serves customers across the country through its online banking platform. For customers living in states outside of the BBVA Compass branch network, accounts and terms will be subject to state law in Alabama, home to BBVA Compass. Since rates may differ depending on location, we based our research on the bank’s headquarters city of Birmingham, Alabama.

BBVA Compass’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

BBVA Compass ClearConnect Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.30%

CD Rates

BBVA Compass 12 Month CD - Branch

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.25%

CD Rates

BBVA Compass 18 Month CD - Branch

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.40%

CD Rates

BBVA Compass 36 Month CD - Branch

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

BBVA Compass checking account options

ClearChoice Interest Checking account

Get additional benefits such as free checks and the ability to earn interest.

APY for New Customers

APY for Existing Customers

Minimum Balance Amount

0.50%

0.15%

$0.01

0.01%

0.01%

$25,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25
  • ATM fee: None.
  • ATM fee refund: Up to two refunds per month

This checking account is meant for those who want to earn interest and intend on using their account fairly often. Though the monthly maintenance fee seems a bit steep, you can get it waived in one of four ways:

  • Have an average daily balance of $5,000 or more in your account.
  • Have an average daily balance of at least $25,000 across your checking and money market accounts.
  • The primary account holder has Premier Personal Banking status with the BBVA Premier Personal Banking program.
  • You’re a BBVA Compass Global Wealth client.

In addition to the features you get with the free checking accounts, you earn a tiered interest rate. Also, you won’t get charged when you use an out-of-network ATM and get two ATM fee refunds per month. Other perks include free checks and no monthly maintenance fees if you choose to also open one of BBVA Compass’ money market accounts.

The rates you see above are promotional rates. To qualify for the better rate, you can’t have opened a checking account within the last 90 days.

How to get BBVA Compass’ ClearChoice Interest Checking account

Opening an account can take as little as a few minutes by filling out an application form on the BBVA Compass website. Enter personal details such as your address, income information and ID to verify your identity. Once approved you can then fund your account.

LEARN MORE Secured

on BBVA Compass’s secure website

Free Checking account

Take advantage of full-service features without the price tag.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: Up to four transactions per statement cycle for a $5 monthly fee
  • Overdraft fee: $12 per transaction with overdraft protection service

This account is a great option for those who want to save money on banking fees while still being able to get access to a whole host of features. The downside is that this isn’t an interest-bearing account.

There are no monthly service charges nor fees for in-network ATMs. There is a fee for out-of-network ATMS, but you can pay $5 each month as an add-on and BBVA Compass will reimburse you up to four times a month. It could be worth it if you make a lot of ATM transactions and there aren’t any in-network ATMs around.

The account is set to default to decline any transactions that will cause your account to go into overdraft, but you can link it to a savings account or a line of credit. If you choose this option, then you’ll be charged each time a transfer occurs.

As for other features, you get free online and mobile banking, including bill pay and mobile deposit. Account holders also get a free Visa debit card and the ability to earn cashback rewards every time you make a qualifying purchase. Let’s not forget free online or paper statements, which other banks tend to charge for a few bucks a month.

Unfortunately, the free checking account is only available to those in Alabama, Arizona, Colorado, California, Florida, New Mexico and Texas. If you don’t live in any of these states, the ClearConnect checking account is a great alternative.

How to get BVAA Compass’ Free Checking account

Residents in any of the above mentioned locations can fill out an application form online. Before entering your personal details, you’ll be asked to enter your ZIP code. You’ll need to provide name, address, a government-issued ID, and employment information. After agreeing to BVAA Compass’ terms, you’ll then fund your account, confirm your information and the checking account is considered open.

Otherwise, you can open a Free Checking account at your local branch.

LEARN MORE Secured

on BBVA Compass’s secure website

ClearConnect Checking account

A great option for those wanting a free checking account option with numerous features.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: None for in-network ATMs, $3 for out-of-network ATMs
  • ATM fee refund:  none
  • Overdraft fee:$12 per transaction with overdraft protection service

There aren’t many differences between the Free Checking account mentioned above and this one. The fees for this non-interest bearing account — including the monthly maintenance and ATM fees — are pretty much the same, except you’ll need to pay $3 a month for paper statements. Account holders also get free access to online and mobile banking as well as bill pay.

With your free Visa debit card, you can earn cashback rewards with the Simple Cash Back program. You can select rewards once you log into your account online or via the mobile app. Account holders earn rewards by doing simple tasks such as making a qualifying purchase.

How to get BBVA Compass’ ClearConnect Checking account

U.S. residents can open an account online. Head to BBVA Compass’ application form and fill in your personal details. This includes your name, employment information and a piece of government ID. Once approved, you can then fund your account.

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on BBVA Compass’s secure website

Easy Checking account

A great opportunity for those who don’t qualify for the free checking account options.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $13.95
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $12 if opted into overdraft protection

The Easy Checking account is for those that don’t qualify for the Free Checking account, perhaps because of bad bank or credit history. You’ll get limited account features until you’re able to get another BBVA Compass checking account.

While there are no opportunities to waive the monthly maintenance fee, you do get free ATM access for in-network ATMs and at all Allpoint© ATMs. You also get free online and mobile banking so you can keep an eye on your account anytime you want. Included in this account is a Visa debit card with cashback rewards on qualifying purchases.

Once you have this account open for a minimum of 12 months, you may be able to upgrade to another checking account if your account is still active and has a positive balance. To do so, you’ll need to call customer service or go to any BBVA Compass location.

How to get BBVA Compass’ Easy Checking account

BBVA Compass encourages new customers to apply for the Free Checking or ClearConnect checking account first through its website. If your application is rejected, then you can open a Easy Checking account by visiting your local branch or by calling customer service.

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How BBVA Compass’ checking accounts compare

Compared with other online banks, the rates for the interest-bearing checking account fall a bit short. Many of its competitors have checking accounts with no fees and much higher APYs. However, BBVA does stand out in that it does offer ATM fee reimbursements, a rewards program and free checks. If you earn enough cash back through its program, it may be worth it to open an account.

BBVA Compass savings account options

Compass ClearConnect savings account

Account holders earn a minuscule amount of interest with no maintenance fees.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly Monthly account maintenance fee: $0
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This is a basic savings account that offers free online and mobile banking. Like most big banks, the interest you earn is pretty minuscule. However, this account can be useful if you want to store some extra cash if you plan to link it to a checking account for overdraft protection.

As with all savings accounts, Federal Regulation D limits up to six transfers and electronic payments a month. However, BBVA Compass will charge you $3 per transaction if you make more than four withdrawals every statement cycle.

How to get a Compass ClearConnect savings account

Opening an account is easy as you can do it online via BBVA Compass’ application form. You’ll need to provide personal information like your name, address, employment information and a government-issued ID. You’ll then need to fund your account. Otherwise, you can open an account at your local branch or by calling the bank.

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Compass ClearChoice savings account

A basic savings account with a low rate.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly account maintenance fee: $15
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This savings account doesn’t seem all that much different from the ClearConnect account, except that it comes with a quarterly account maintenance fee. You’re still getting the same rates and features, including the excess transaction fee of $3 if you make more than four withdrawals a month.

What does make this account different is that it seems to encourage you to save money instead of it just being an account you can link to for overdraft protection — the minimum daily balance requirement of $500 in order to waive the monthly maintenance fee is a built-in incentive. You may also waive the monthly maintenance fee by transferring a minimum of $25 every month from a BBVA Compass checking account.

How to get a Compass ClearChoice savings account

You can open an account within a few minutes by heading to BBVA Compass’ website and filling out its online application form. Information you’ll be asked to provide will include your name, address, a government-issued ID and employment information. Afterward, you’ll be asked to fund the account. Otherwise, you can open an account at your local branch or by calling the bank’s customer service department.

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on BBVA Compass’s secure website

Build My Savings account

Earn bonuses just for saving money.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly account maintenance fee: $0
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This is a unique account in that it is a hybrid between a regular savings account and a CD. You choose the length of your savings goal — six or 12 months — and then choose an amount you want to have automatically transferred from your checking account. Account holders have the ability to earn a match transfer bonus. BBVA Compass will match up to 1% of the total amount you saved, up to $25 for the six-month plan and up to $50 for a 12-month plan. You must set up an automatic transfer of a minimum of $25 every month to qualify for the bonus.

If you cancel your account or withdraw money before your designated term is up, you won’t be eligible to receive the bonus. You’ll also be charged $10 per withdrawal and a $15 quarterly service charge if you don’t make automatic transfers of a minimum of $25.

How to get a Build My Savings account

You can only open this account in person. Click here to check for a location closest to you or by calling the bank.

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How BBVA Compass’ savings accounts compare

Unfortunately, like many other big banks, BBVA Compass’ saving accounts fall short when it comes to their rates. Many online competitors offer much higher APYs on their savings accounts with no monthly maintenance fees, though some may require higher minimum balances. However, BBVA’s Build My Savings account does offer a unique opportunity to earn some extra cash, but it may not be enough to make up for the low rates.

BBVA Compass CD rates

Fixed Term CDs

Offers competitive rates, but with limited terms.

Term

APY (Online)

APY (In-Person)

12 months

1.85%

1.30%

15 months

1.85%

0.10%

18 months

2.00%

0.25%

36 months

2.00%

0.40%

  • Minimum opening deposit:  $500
  • Minimum balance amount to earn APY:  $500
  • Early withdrawal penalty: Depends on CD term:
    • Terms of 365 days or less: $25 + 1% of amount withdrawn
    • Terms of more than 365 days: $35 + 3% of amount withdrawn

With BBVA Compass’ CDs, you tend to get better rates when you open an account online, though you don’t get access to shorter terms. Terms range from seven days to 15 years for CDs opened at a branch.

Interest earned will only be paid when your account matures if you open it online. However, if you open a CD in person, you have the option to have interest earned paid out either monthly, quarterly, twice a year, annually or at maturity. The interest can be paid out to another account, via check or kept in the CD.

Account holders will receive a written notice before the account matures. Once it does, you’ll have a 10 day grace period in which to withdraw funds, renew for a different term or add additional funds. Otherwise, your CD will automatically be renewed at the current rate, which will be different from the promotional APY.

How to get a BBVA Compass CD

You can take advantage of the promotional rates by filling out an application form online. You’ll be asked to select the CD term you want then personal details such as your name, employment information and government-issued ID. You’ll then provide details on how you want to fund the account and confirm your information. Upon approval your account will be considered opened. If you’re looking for short term rates, you’ll need to head to your local branch.

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How BBVA Compass’ CD rates compare

The bank’s CD rates are pretty much on par with what is offered out there. Although its rates are slightly lower compared with other banks with the same terms, BBVA Compass’ offers a lower minimum opening deposit. Unfortunately, there aren’t many longer term options. In addition, those rates mentioned above are only for the initial term, so if that’s a concern then you may be better off looking at other CD options out there.

BBVA Compass money market account

ClearChoice Money Market account

Offers one of the best APYs out there for those who qualify.

APY for New Customers Online

APY for Existing Customers

Minimum Balance Amount

1.70%

0.05%

$0.01 - $99,999.99

1.70%

0.10%

$100k - $999,999.99

1.70%

0.15%

$1m+

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to another BBVA Compass account

BBVA Compass’ money market account is best for those who want a higher interest rate than what the bank’s savings accounts offer and an account to provide overdraft protection for a linked checking account.

You can waive the monthly maintenance fee if you have at least $10,000 in your account each quarter or if you set up an automatic transfer of least $25 from your BBVA Compass checking account each month.

The promotional rate you see above is only good for those who open an account online and only for the first 12 months. You also cannot have opened another money market account within the last 30 days of account opening. After the 12 month promotional period is over, you’ll earn the regular rate. Depending on your deposit amount, the APY could still be higher than a savings account.

Because this is a type of savings account, Federal Regulation D states that you can only make a maximum of six withdrawals a month. BBVA Compass charges a $10 for each excess withdrawal.

How to get BVAA Compass’ ClearChoice money market account

You can open an account within a few minutes by filling out BBVA Compass’ online application form. Information you’ll be asked to provide will include your name, address, a government-issued ID and employment information. Afterward, you’ll be asked to fund the account. Otherwise, you can open an account at your local branch or by calling the bank’s customer service number.

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How BBVA Compass’ money market account compares

BBVA Compass offers one of the highest rates from our list of the best money market accounts out there. It doesn’t require a minimum balance to earn this rate, though it does have a high minimum balance to waive the maintenance fee. Many other competitors have mobile banking just like BBVA does. However, the rate for this money market account is only good for the first 12 months, so if you’re not happy with the regular rate (or don’t qualify for the promo one), you may want to go with another institution.

BBVA Compass IRA account options

IRA CD

Term

APY (Online)

APY (In-Person)

12 months

1.85%

1.30%

15 months

1.85%

0.10%

18 months

2.00%

0.25%

36 months

2.00%

0.40%

  • Minimum opening deposit:  $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on CD term:
    • Terms of 365 days or less: $25 + 1% of amount withdrawn
    • Terms of more than 365 days: $35 + 3% of amount withdrawn

BBVA Compass also offers CDs as an IRA. With that option, the rates and terms are pretty much the same except you’re able to make another two deposits a year, up to the IRS limit. Currently, this is $5,000 per year or $6,000 for those who are 50 years and older.

If you do make an early withdrawal, you’ll be subject to BBVA Compass’ penalties plus any additional taxes and other fees as mandated by the IRS. Considering the competitive rate for the IRA CD, it’s a great way to possibly save money in a tax deferred account (if you opted for a Traditional IRA).

How to get BBVA Compass’ IRA savings account

Even though you can open a regular CD account online, with an IRA account you’ll need to do so in person. You can click here to find a location closest to you or call the bank to find out more.

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Overall review of BBVA Compass’ banking products

BBVA Compass does offer some unique features such as different options to get cashback rewards with its Visa debit card. It also offers rate matching for its Build My Savings account. Its CD, money market and IRA rates are on par with the best rates out there, even if it’s just for the first 12 months.

Sadly, its checking and savings accounts fall short. There are better rates, many at triple the APY that’s currently being offered at BBVA Compass. Even with perks like no-fee accounts and free checks, other online banks offer many of the same options at higher rates.

If you’re only after the highest rates for checking and savings accounts, you’ll probably want to look elsewhere. However, if you want some of the best money market and CD rates out there, then BBVA Compass is a great choice.

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Starbucks Rewards™ Visa® Prepaid Card Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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The information related to the Starbucks Rewards™ Visa® Prepaid Card & Starbucks Rewards™ Visa® Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Starbucks released the new Starbucks Rewards™ Visa® Prepaid Card in June, just a few months after the Starbucks Rewards™ Visa® Card was introduced.

This branded prepaid card targets customers who don’t want, or may not be able to obtain, a traditional credit card. It packs similar spending perks for Starbucks fans in a prepaid card that charges no fees. You can use the card anywhere Visa is accepted, not just at Starbucks.

A prepaid card is often used as an alternative or companion to credit cards for myriad reasons, like controlling spending, keeping card debt down, having the flexibility of cash without actually carrying it or as an alternative to a checking account. Many prepaid cards come with card activation and/or monthly maintenance fees, which is why it’s nice to see a no-fee option.

If you’re a big fan of the ubiquitous coffee chain and are in the market for a no-fee prepaid card, then the Starbucks Rewards™ Visa® Prepaid Card is a good option. But if you want a prepaid card to help control your spending, using this card — which incentivizes you to spend to earn rewards — may not be the way to go.

Benefits: At a glance

After becoming a Starbucks Rewards™ member, you apply for the card by giving Chase Bank basic information — name, address, birthday, social security number, ID, email and phone number. After you’re approved, you add money onto the card, either via a debit or credit card or a Chase account, which can be used anywhere Visa cards are accepted.

Earn points. Earn 1 Star for every $10 you spend with your card. Earn 2 Stars per $1 when you spend at participating Starbucks stores with your registered card or via the app.

No fees. Most reloadable prepaid cards have multiple fees — the cost to buy it, monthly maintenance fees and charges to add money to it. However, the Starbucks Rewards™ Visa® Prepaid Card doesn’t charge users any fees. You can reload the card at Starbucks stores, on the Starbucks website or on the Starbucks app.

Free stuff. Once you go through the card’s application process and are approved, you’re awarded 125 points, enough for a free food item or a beverage. Your Starbucks Rewards come with a free drink on your birthday, the ability to order and pay using the Starbucks app on your smartphone, free in-store refills and access to member events and offers.

Earn status. The card comes with automatic gold membership status in Starbucks Rewards, which earns you the chance to get more bang for your buck on monthly double star days, a personalized gold card and a free reward after earning 125 points.

What to watch out for

  • Can’t withdraw money from the card at an ATM.
  • Points expire six months after the calendar month in which you earned them.
  • A replacement card will cost you $5.
  • Can’t add additional users to the card.
  • A foreign transaction fee of 3%.
  • Not every Starbucks store participates in the Starbucks Rewards program, so you may not be able to earn or redeem Stars at locations including kiosks within grocery stores, bookstores or some airports.

Starbucks Rewards™ Visa® Card vs. Starbucks Rewards™ Visa® Prepaid Card

 

Starbucks Rewards™ Visa® Prepaid Card

Starbucks Rewards™ Visa® Card

Annual fee

$0

$49

Rewards

Earn 1 Star for every $10 you spend with your card. Earn 2 Stars per $1 when you spend at participating Starbucks stores with your registered card or via the app.

Earn up to 3 Stars for every $1 you spend at Starbucks® stores and 1 Star per every $4 you spend outside of Starbucks® stores.

Sign-up bonus

Earn 125 Bonus Stars the first time you use your Starbucks Rewards™ Visa® Prepaid Card to load $10 or more to your registered Starbucks Card. That's enough for one food or drink Reward.

Earn 2,500 Stars after you spend $500 on purchases in the first 3 months from account opening.


Starbucks unveiled its first co-branded Visa card in February 2018. The key to telling which card is best for you is how you want to use it, how often you frequent your local Starbucks and how much you spend when you’re there.

The Starbucks Rewards™ Visa® Card has a $49 annual fee. The sign-up bonus allows you to earn 2,500 stars after you spend $500 on purchases in the first 3 months from account opening. That gives you 20 rewards you can use for food or drink after making the required spend.

If your average Starbucks spend each visit is around $5.25, the price of a Venti caramel frappuccino, the Starbucks Rewards™ Visa® Card’s 20 rewards would be valued at around $105, which covers the annual fee for about two years. If you want to cover that fee outside the bonus, you would need to spend at least $4.75 a month on something like a grande caramel macchiato — or $57 a year — to cover it.

The $0 annual fee Starbucks Rewards™ Visa® Prepaid Card comes with a bonus of 125 stars, enough for one beverage or food item. Since the card has no annual fee, you’re already ahead of the game.

The trick to maximizing your Starbucks Rewards with both cards is to use your points to “pay” for higher-priced items, like a Venti iced caramel macchiato or a Chicken caprese sandwich, to get the biggest bang for your buck.

Which card is right for you?

If you’re not a diehard Starbucks fan, the rewards might not be enough to justify the Starbucks Rewards™ Visa® Card‘s $49 annual fee. In that case, the Starbucks Rewards™ Visa® Prepaid Card is probably the way to go.

Just keep in mind you can only redeem the Stars you earn for food/beverage items at the coffeehouse and points expire six months after you earn them. But it’s also a solid prepaid card offer even without the coffee perks, because many prepaid cards charge multiple fees, whereas this card has none.

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.

Benét J. Wilson
Benét J. Wilson |

Benét J. Wilson is a writer at MagnifyMoney. You can email Benét J. at benet@magnifymoney.com

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Reviews

Salem Five Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1855
Total Assets$4.7B
LEARN MORE on Salem Five’s secure website

Salem Five Bank has come a long way since its humble beginnings in 1855. Back then, it was known as the “Salem Five Cents Savings Bank” due to its minimum deposit of 5 cents. The name has carried forth, and today, it’s one of the largest banks in the state of Massachusetts.

Even though it’s based on the East Coast, you can still open an online account as long as you have a permanent residence in the U.S. The bank is a part of the Allpoint ATM network with over 55,000 free ATMs nationwide, so if you’re not near a local branch, you should still have good access to ATMs.

There are lots of other things to consider before opening an account at Salem Five Bank as well. Read on to find out everything you need to know to make an informed decision.

Salem Five’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Salem Five Gold Star Saver

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.70%

CD Rates

Salem Five 12 Month CD Special

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

3.00%

CD Rates

Salem Five 36 Month CD Special

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.00%

CD Rates

Salem Five 60 Month CD Special

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website


Salem Five’s checking account options

Gold Star Checking

This account offers some nice features, but watch out for the high monthly maintenance fee.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Monthly account maintenance fee: $20
  • ATM fee: No charge for in-network or out-of-network ATMs.
  • ATM fee refund: All out-of-network ATM surcharge fees are refunded.
  • Overdraft fee: Free if you set up a linked account or line of credit.

Salem Five’s Gold Star Checking account is its flagship checking account. Unfortunately, it comes with a high monthly maintenance fee, although it is possible to get the fee waived in one of four ways:

  • Keep at least $5,000 in the account
  • Have at least $20,000 in combined balances across all of your Salem Five Bank accounts (including loans)
  • Have a mortgage of at least $500,000 with Salem Five Bank
  • Have an investment account with Salem Five Bank

Some of the nice features that come with this account include free checks, free overdraft protection if you have a linked savings account or line of credit, completely free ATM use (including being reimbursed for ATM surcharge fees), and free identity theft protection for you and up to three other people through InfoArmor.

This account also comes with a cashback rewards program. To use it, all you have to do is select “credit” when paying for a purchase with your debit card, and you’ll earn $0.05 for each purchase made. The cash will be deposited into your account at the end of the statement cycle.

How to get Salem Five’s Gold Star Checking account

To open this account, you’ll need a few things: a scanned copy of your driver’s license, your personal information (such as your social security number), and your previous bank’s information to make the initial deposit.

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Star Checking

This account comes with fewer perks, but it should be easier to avoid the high monthly fee.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Monthly account maintenance fee: $15
  • ATM fee: No charge for in-network or out-of-network ATMs.
  • ATM fee refund: Up to $15 per month in surcharge fees from out-of-network ATMs.
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

This account is a scaled-back version of Salem Five’s Gold Star Checking account. It comes with a smaller monthly maintenance fee, and it’s a bit easier to get the fee waived through one of these ways:

  • Keep at least $1,500 in your account
  • If you have a combined balance of at least $5,000 across all of your Salem Five accounts (including loans)
  • If you have your paycheck or social security check direct-deposited into the account
  • If you use this account to auto-pay a Salem Five mortgage each month

This account still comes with some decent perks, however. You’ll still get to use Salem Five’s cashback rewards program, although you’ll earn less ($0.005 for each debit card purchase you make, as long as you select “credit” when checking out). You’ll also get a generous amount of ATM surcharge reimbursements, and a few small oddball perks like half off your first order of checks and “preferred rates” on equity loans.

How to get Salem Five’s Star Checking account

You can open a Star Checking account online, through the mail, or by visiting a local branch. Opening an account online is probably the easiest option, and to do this you’ll need a copy of your driver’s license along with your previous bank’s routing information if you want to transfer money over directly.

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Smart Student Checking

This is the free version of Salem Five’s Star Checking account for those under age 24.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Monthly account maintenance fee: None if you sign up for electronic statements. If you opt for paper statements, there’ll be a $2.95 monthly fee.
  • ATM fee: No charge for in-network or out-of-network ATMs.
  • ATM fee refund: Up to $15 per month in surcharge fees from out-of-network ATMs.
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you’re a young person looking for a checking account and use ATMs a lot, consider this account. You can use any ATM — whether it’s in-network or not — without paying any Salem Five charges, and you’ll even be reimbursed for some surcharge fees. You’ll have to pay these fees up-front, but you’ll receive a credit at the end of the month for up to $15 in ATM surcharge fees.

Once you hit age 24, however, this account will automatically be converted into a regular Star Checking account. It’s a good idea to mark it on your calendar to revisit the account at this time so you can make sure you’re able to find a way to skirt the monthly maintenance fees that come with that account.

Finally, this account also comes with Salem Five’s cashback rewards program. Each time you use your debit card to make a purchase, select “credit” and you’ll get $0.05 per purchase, deposited into your account at the end of the month.

How to get Salem Five’s Smart Student Checking account

To sign up for this account online, you’ll need a few things such as your personal information (name, social security number, address, etc.) and a scanned copy of your driver’s license. Alternatively, you can mail in an application or visit a local branch to open your account.

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Free Checking

This is Salem Five’s no-frills, no-monthly-fee checking account.
  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 for out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

Consider this account if you just want a basic checking account without the hassle of meeting certain requirements each month in order to avoid the monthly fee. There’s no cash back rewards program, no free ATM use or reimbursements, and no other special perks. You also won’t earn any interest with this account. It’s a plain-Jane vanilla checking account.

Because this is the most basic checking account Salem Five offers, it might be tempting to let it go dormant if you’re not using it. But watch out — if your account balance falls below $250 and it’s been at least 12 months since you made any transactions with this account, you’ll pay a $5 monthly “inactivity fee.”

How to get Salem Five’s Free Checking account

You can open this account in one of three ways: online, by mail, or in person. If you choose to open the account online, you’ll need a scanned copy of your driver’s license handy, as well as other personal information like your name, social security number, etc.

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How Salem Five’s checking accounts compare

Unfortunately, we’re rather unimpressed with Salem Five’s checking accounts. All of its accounts except for its Smart Student Checking and Free Checking accounts come with high monthly fees, and while it is possible to avoid them, it’s just one extra hassle that you’ll have to always be mindful of. Furthermore, the interest rates offered on these checking accounts (when offered at all) is paltry.

Instead, if you’re looking for a better no-fee, higher-yielding account, we have a few checking account recommendations here.

Salem Five’s savings account options

Gold Star Saver

This free account for kids and teens doesn’t offer much in the way of interest.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 for out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you’re looking for a free savings account to help your child (under age 18) start healthy savings habits, this might be a good account to consider. It doesn’t earn much in the way of interest, but there are some other kid-friendly perks that come with this account and might make up for it.

For example, it takes $10 to open this account. But, once open, Salem Five Bank will match that $10 and give your child a “special free gift” to boot. Once they hit certain savings milestones, they’ll receive additional recognition. Finally, the account also comes with free educational materials for kids, even featuring Red Sox player Dustin Pedroia (although this may be lost on your kid if they’re not a sports fan or live outside of the Boston area, where Salem Five is headquartered).

Once your child turns 18, this account will be converted into a Smart Student Saver bank account.

How to get Salem Five’s Gold Star Saver account

You’ll need to open this account with your child, in a jointly-owned setup (however, your child will be the primary account holder). As for you, Salem Five requires a copy of your driver’s license to open an account. You can open this account online, by mail, or by walking into a local branch.

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Star Savings

This is the companion savings account to Salem Five’s Star Checking account.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 for out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you already have the Star Checking account from Salem Five, you’re eligible for this free savings account as well. In fact, if you do hold these two accounts simultaneously, any cash back rewards, ATM surcharge fee reimbursements, and checking account interest will be automatically deposited into this account.

Like all savings accounts, this account comes with a six-transaction limit as per federal Regulation D guidelines (this only applies to pre-authorized, automatic, or telephone transactions, however). If you go over that amount, you’ll pay a $10-per-item fee.

If you ever close your Star Checking account without closing this one along with it, this account will automatically be converted into a Statement Savings account (which carries a monthly fee if you don’t have at least $300 in the account).

How to get Salem Five’s Star Savings account

You can open this account at the same time you open a Star Checking account, or open it later. In any case, you’ll need a copy of your driver’s license and personal information about yourself like your name, address, and social security number.

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Statement Savings

Salem Five’s standalone savings account comes with a monthly fee and doesn’t really offer much.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3
  • ATM fee: No charge for in-network ATMs. $2 at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you’re just looking for a basic savings account with Salem Five without the hassle of maintaining a separate checking account, this is the account for you. However, be careful — it comes with a small monthly fee, but you can get the fee waived if you keep a balance of at least $300 in the account.

This account also comes with transaction limitations as per federal Regulation D. You can make up to six pre-authorized, telephone, or automatic transfers per month. After that, you’ll pay a $10-per-item “excess debit fee.”

How to get Salem Five’s Statement Savings account

You can open this account online, by mail, or by visiting a local branch if you live in the greater Boston area. Aside from your personal information such as your name, address, and social security number, you’ll need a copy of your driver’s license as well as the routing information from your prior bank if you’ll be funding the account through this method.

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Smart Student Saver

This paired account for the Smart Student Checking also comes with a low interest rate.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you have a Smart Student Checking account, you’re also eligible to open this account. In addition, any interest you earn from your checking account, cash back rewards, and even ATM fee reimbursements will be deposited into this savings account.

When you reach the age of 24, this account will automatically transfer over to a regular Star Savings account, just like how your checking account will transfer into a Star Checking account. Finally, if you exceed six pre-authorized, telephone, or automatic transfers per month with this account, you’ll pay a $10 fee for each additional transaction you make.

How to get Salem Five’s Smart Student Saver account

You can open this account by visiting a local branch if you live in the greater Boston area. You can also open it online (probably the easiest option), or by mail. You’ll need to have a copy of your driver’s license handy, as well as the routing information from your bank if you want to fund your new account with a bank transfer from your old account.

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How Salem Five’s savings accounts compare

Again, Salem Five Bank misses the mark with these accounts. It offers paltry interest rates. We do like the features that come with the Gold Star Saver account for kids, but, you won’t be able to teach them much about how compounding works because the interest rate is so low. Instead, if you’re looking for the highest-yielding accounts available, check out these online savings account recommendations.

Salem Five’s CD rates

Regular CDs

These CDs offer some very low rates and come with high early withdrawal fees.

Term

APY

91-181 days

0.10%

182-364 days

0.15%

12-17 months

0.25%

18-29 months

0.40%

30-41 months

0.65%

42-59 months

1.00%

60 months

1.15%

9 month no-penalty CD

0.20%

  • Minimum opening deposit: $2,500 for regular CD terms of 364 days or less; $500 for regular CD terms of 12-60 months; $10,000 for the 9 month no-penalty CD.
  • Minimum balance amount to earn APY: $2,500 for regular CD terms of 364 days or less; $500 for regular CD terms of 12-60 months; $10,000 for the 9 month no-penalty CD.
  • Early withdrawal penalty: For the CDs with terms of less than 364 days, you’ll pay 2% of the amount you withdraw. For the CDs with terms of 12 to 60 months, you’ll pay 4% of the amount you withdraw. Partial early withdrawals for the 9 month no-penalty CD are not allowed.

The nice thing about these CDs is that you can open them for almost any term length you wish, for up to 60 months. You can also choose to have interest paid to you directly each month, or tacked on to the account once it matures for a grand finale (interest for the 9 month no-penalty CD will be added into your CD account each month, however). That’s about where the niceties end though.

Salem Five does offer a 9 month no-penalty CD, but the “no-penalty” part only applies to a brief period of time: you can close the account without paying any fees for just a lightning-quick six-day period after you open the account. If you close the other non-no-penalty CDs, you can expect to pay a hefty fee of 2-4% of the principal balance that you withdraw. This is much higher than the typical early withdrawal penalty, which is usually just a set number of months’ worth of interest.

Finally, your CDs might automatically renew for different term lengths if you don’t give written instructions to Salem Five on what to do when your CD reaches maturity. (Note: you do get a 10-day grace period to make any changes to the account penalty-free once it renews, however). Here’s what the CDs will renew to, based on your current term length:

  • 91-181 days: renews to a 91 day CD
  • 182-364 days: renews to a 182 day CD
  • 12-17 months: renews to a 12 month CD
  • 18-23 months: renews to a 18 month CD
  • 24-29 months: renews to a 24 month CD
  • 30-35 months: renews to a 30 month CD
  • 36-41 months: renews to a 42 month CD
  • 60 months: renews to a 60 month CD
  • 9 month no-penalty CD: renews to a standard 6 month CD

How to get Salem Five’s Regular CDs

If you decide these accounts are right for you, you can open them online, in person at a branch, or by mailing in an application. Things you’ll need include your driver’s license, your social security number, and the routing number for the bank you’ll be transferring money from (if that’s how you want to fund your new account). In addition, if you opt for the 9 month no-penalty CD, you’ll need to deposit at least $5,000 of new-to-Salem Five money into the account (i.e., you can’t transfer the full $10,000 over from an existing Salem Five account).

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Special CDs

These CDs offer a much better rate compared to Salem Five’s standard CDs, but you’ll need a much larger deposit amount.

Term

APY

12 months

0.70%

13 months

1.00%

18 months

2.00%

24 months

2.00%

30 months

2.25%

36 months

3.00%

48 months

2.50%

60 months

2.00%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 4% of the amount that you withdraw

If you’ve got a spare $10,000 burning a hole in your pocket, these CD accounts offer you the chance to earn some of the highest interest rates that Salem Five offers on any accounts. It’s a good idea to make sure you’re really committed for the long haul before you open these accounts, however, since it doesn’t offer very consumer-friendly policies for people who make early withdrawals.

If you make an early withdrawal, Salem Five will deduct that amount from the principal you’ve originally put in, not the interest you’ve earned. Furthermore, it’ll take a slice of 4% of the amount you withdraw as an early withdrawal penalty fee (typically, banks will just charge you a certain number of months’ worth of interest). To top it off, you can’t drop the balance of the account below $10,000, or you will stop earning interest.

Once your account term is up, you’ll also need to be careful. Your account will automatically renew to a similar-length Regular CD, which offers a much lower interest rate. However, you do get a 10-day grace period to make any changes to the account, so you could withdraw the cash and open a new Special CD to continue earning the high interest rates.

How to get Salem Five’s Special CDs

You can open these accounts online, by mail, or in a local branch. Remember to bring your driver’s license if visiting a branch (or scan it if applying online or by mail), and the routing information from the bank you’ll be transferring the money from if you opt to fund the account via this route.

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Callable CDs

These CDs lock in a marginally-higher interest rate for a short period of time, after which Salem Five can close the account if it chooses.

Term

APY

36/6 month

0.90%

60/12 month

1.30%

  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: 4% of the amount you withdraw

We’re a bit unclear about why you’d want to open this account. If you want a 36-month or a 60-month CD, and you’ve got at least $25,000 (the amount required to open these CDs), you can earn much higher rates for these same term lengths by opening a Special CD instead (these accounts only require a minimum $10,000 deposit anyway).

Instead, these CDs are a bit more complicated. The interest rate quoted above is good for either 6 months (for a 36 month CD), or 12 months (for a 60 month CD). Once that rate-lock period is finished, Salem Five can, if it so chooses, close the account if it doesn’t like the interest rate it’s paying you. If this happens, you’ll get a 15-day notice before it closes the account.

Once these CDs mature, they’ll automatically be renewed for a Standard 12 month CD (for both the 36-month Callable CDs and the 60-month Callable CDs) unless you notify them to do something else with the money.

How to get Salem Five’s Callable CDs

You can open a Callable CD in-person at a local branch, online, or via mail. You’ll need to either bring or scan a copy of your driver’s license, and provide personal information about yourself like your name, social security number, etc. Finally, if you want to open these CDs by a bank transfer from an outside bank, you’ll need to provide the routing number as well.

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How Salem Five’s CD rates compare

We’re also not so much fans of Salem Five’s CD accounts. To start, it generally has non-consumer-friendly early withdrawal policies. Salem Five charges you a portion of the principal you withdraw, rather than a set amount of interest which should generally be a smaller fee overall.

We do like the various term lengths and the number of different types of CDs offered. In addition, while most of these CDs come with low interest rates, a few of them (such as its 36 month Special CD) do offer quite good interest rates. The catch is that for these CDs, you’ll need a very high minimum opening deposit ($10,000) in order to earn it.

Instead, if you’re looking for better-yielding accounts with more consumer-friendly terms, try checking out one of these current top CDs.

Salem Five’s money market account options

Gold Star Money Market

This money market account does offer a good rate, but is only available to people depositing new-to-Salem-Five money into their account.

APY

Minimum Balance Amount

1.75%

$0.01

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If a high yield on your money market account is what you’re after, this is definitely one account to consider. Even better, there are no stipulations saying that you need to hold a joint checking account alongside this account. This means that if you wanted, you could open up this account alone at Salem Five and not have to worry about the fuss of maintaining a separate account.

One limitation of this account is that you can’t hold more than $1,000,000 in it. But you likely wouldn’t want to do that anyway, since FDIC insurance only covers $250,000 of your deposit at any one bank. Additionally, this account does not come with the ability to write checks (odd for a money market account, since that’s one of the distinguishing features between a savings and a money market account). You also must deposit “new” funds in the account, so you can’t transfer over money from an existing Salem Five account to take advantage of the good rate offered on this account.

Since this account also follows the rules of federal Regulation D, you’re limited to just six telephone, pre-authorized, or automatic transfers per month with this account. If you go over that limit, you’ll have to pay a $10 fee per transaction.

How to get Salem Five’s Gold Star Money Market account

You can open this account in one of three ways: online, over the phone, or in a local branch.

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Star Money Market

Salem Five’s money market account for existing checking account holders offers a much lower rate.

APY

Minimum Balance Amount

0.02%

Less than $10,000

0.05%

$10,000 - $50,000

0.10%

Over $50,000

  • Minimum opening deposit: $100 if opening online, or $10 if opening at a local branch.
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No charge for in-network ATMs. $2 at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you’ve already got a Gold Star Checking or Star Checking account with Salem Five, this is the money market account you’re eligible to open. Unfortunately, it comes with a much lower interest rate. Currently, you’d only earn more money with this account if you had a deposit amount of more than $50,000 — otherwise, the Star Savings account will earn more.

Additionally, this account also does not come with checks. And if you exceed the six-transaction monthly limit (only applicable to telephone, pre-authorized, or automatic transfers), you’ll pay another $10 “excess debit fee” per each transaction.

How to get Salem Five’s Star Money Market account

If you already have a Star Checking or Gold Star Checking account, you can open this account too. Either head online, to a local branch, or you can also mail in an application.

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Advantage Money Market

The Advantage Money Market account comes with a miniscule advantage in interest rates for big deposits, and has the potential to charge a monthly fee.

APY

Minimum Balance Amount

0.02%

Less than $10,000

0.05%

$10,000 - $100,000

0.12%

Over $100,000

  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 if your balance falls below $2,500.
  • ATM fee: No charge for in-network ATMs. $2 at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

Salem Five’s Advantage Money Market account comes with marginally higher interest rates in the top-tiered bracket compared with its Star Money Market account. That means you’ll need to come to the table with a deposit of at least $100,000 in order to earn just a fraction more.

Furthermore, you’ll need to remember to always keep a balance of at least $2,500 in the account, lest you pay a $15 monthly fee. That means if you ever decide to liquidate the account, you should just go ahead and close the whole thing so you don’t pay the fee.

As with the rest of Salem Five’s savings and money market accounts, you’re limited to just six pre-authorized, telephone, or automatic transfers per month with this account. For each transaction that goes over this limit, you’ll have to pay a $10 “excess debit” fee.

How to get Salem Five’s Advantage Money Market account

You’ll need a few things to open this account. First, you’ll need to provide all the basic personal information like name, address, and social security number. You’ll also need to provide a copy of your driver’s license, and the routing information from your bank (if funding the account with money from your old bank). You can easily do this online, by mail, or by walking into a local branch.

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How Salem Five’s money market accounts compare

Salem Five’s money market accounts are a bit hit-and-miss. Its Gold Star Money Market account does offer a good rate, but there are still a couple gotchas: only new money is eligible, and you can’t write checks with this account, which sort of defeats the purpose of a money market account. As for the rest of its money market accounts, we suggest skipping them for a higher-yielding money market account.

Salem Five’s IRA account options

IRA CD rates

These IRA CDs are available in many more options than at most banks, but they still don’t earn the best rates.

Term

APY

91-181 day Traditional

0.10%

182-364 day Traditional

0.15%

12-17 month Traditional

0.25%

18-29 month Traditional

0.40%

30-41 month Traditional

0.65%

42-59 month Traditional

1.00%

12 month Special

0.70%

13 month Special

1.00%

18 month Special

2.00%

24 month Special

2.00%

30 month Special

2.25%

36 month Special

3.00%

48 month Special

2.50%

60 month Special

2.00%

  • Minimum opening deposit: $500 for Traditional CDs. $2,000 for Special CDs.
  • Minimum balance amount to earn APY: $500 for Traditional CDs. $2,000 for Special CDs.
  • Early withdrawal penalty: For the CDs with terms of less than 364 days, you’ll pay 2% of the amount you withdraw. For the CDs with terms of 12-60 months, you’ll pay 4% of the amount you withdraw.

You have a wide range of options for IRA CDs at Salem Five. Additionally, if you can pony up a higher deposit amount (at least $2,000), you can take advantage of the higher Special CD rates offered.

How your CD is handled once it matures depends on the type of CD you open. Special IRA CDs will be automatically renewed into a Traditional CD for a similar term. For example, a 12-month Special IRA CD will be renewed into a 12 month Traditional IRA CD. For Traditional IRA CDs, it’ll be automatically renewed for one of these terms, depending on what term length you originally picked:

  • 91-181 days: renews to a 91 day CD
  • 182-364 days: renews to a 182 day CD
  • 12-17 months: renews to a 12 month CD
  • 18-23 months: renews to a 18 month CD
  • 24-29 months: renews to a 24 month CD
  • 30-35 months: renews to a 30 month CD
  • 36-41 months: renews to a 36 month CD
  • 42-59 months: renews to a 42 month CD
  • 60 months: renews to a 60 month CD

You also get a 10-day grace period when your CD renews in case you want to make any changes.

How to get Salem Five’s IRA CDs

It’s probably easiest to apply for a new account with Salem Five online. You can also apply for a new account in person or by mail, too. You’ll need to provide your driver’s license, social security number, and the routing number for your current bank if you’re transferring over new money.

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How Salem Five’s IRA CD rates compare

Salem Five offers lackluster rates on its Traditional IRA CDs. It offers better rates on its Special CDs, however you can still do much better. Check out one of these top IRA CDs currently on the market if earning the most bang for your buck is your top priority.

IRA Money Market account

This account doesn’t earn a very good interest rate, but at least your money is more liquid.

APY

Minimum Balance Amount

0.05%

$500

  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • Overdraft fee: $35 per overdraft charge, up to five items per day (but only if each charge is over $5). Alternatively, you can pay $25 per year to set up an overdraft protection plan from a linked savings account or line of credit.

If you don’t like the idea of locking away your money for a certain amount of time (especially given the high early withdrawal penalties of Salem Five’s IRA CDs), this account will allow you to move your money around penalty-free at any time.

Of course, if you make an early withdrawal from any IRA, you may have to pay government-imposed taxes and fees on the amount you withdraw. But, you are free to move this IRA money around to any other IRA (even non-Salem Five IRAs) at any time.

This account doesn’t offer fancy features or perks. You put your money in, earn a small amount of interest each month, and that’s it.

How to get Salem Five’s IRA Money Market account

You can open this account in a local branch, by mail, or online.

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Overall review of Salem Five’s banking products

Salem Five does have a few good products, such as its Special CDs which offer high interest rates. On the whole, though, most of its accounts come with high fees that you have to actively work to avoid, low interest rates, and high early withdrawal fees for its CDs. If you’re looking for a hassle-free banking experience while earning the best rates for your deposit, you can do much better with another online bank.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

EverBank Changes Name to TIAA Bank: What You Need to Know

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1998
Total Assets$33.9B
LEARN MORE on EverBank’s secure website
As far as major banks go, EverBank, now known as TIAA Bank, is relatively young but gives other banks a run for their money. They started up in 1961 and since then, they’ve ramped up their business and provide a suite of award-winning bank accounts. Now, the bank has been acquired by TIAA and is newly named TIAA Bank. While the name has changed, the fairly competitive rates have not.

Although EverBank offers a wide range of lending, investment and banking services, in this review, we’ll just focus on the crux of their business — their banking products. While EverBank offers consistently high rates on their accounts, that’s not the only thing you need to consider when deciding whether or not to open an account at this bank.

We’ll cover everything else you need to know — rates, fees, minimum deposits and rules — in this review as well.
EverBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.50%

Savings

EverBank Yield Pledge Money Market - First Time Client (1st Yr)

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.45%

CD Rates

EverBank 1 Year Yield Pledge CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.70%

CD Rates

EverBank 3 Year Yield Pledge CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.90%

CD Rates

EverBank 5 Year Yield Pledge CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

EverBank’s CD rates

Yield Pledge CDs

EverBank offers some of the top rates out there on this standard CD account.

Term

APY

3 months

1.65%

6 months

1.75%

9 months

1.95%

1 year

2.45%

18 months

2.50%

2 years

2.60%

2.5 years

2.60%

3 years

2.70%

4 years

2.80%

5 years

2.90%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: For each of the following CDs, the early withdrawal penalty will be:
    • For each of the following CDs, the early withdrawal penalty will be:
    • 6-month CD: 45 days’ worth of interest
    • 9-month CD: 68 days’ worth of interest
    • 1-year CD: 91 days’ worth of interest
    • 18-month CD: 136 days’ worth of interest
    • 2-year CD: 182 days’ worth of interest
    • 2.5-year CD: 228 days’ worth of interest
    • 3-year CD: 273 days’ worth of interest
    • 4-year CD: 365 days’ worth of interest
    • 5-year CD: 456 days’ worth of interest

EverBank’s Yield Pledge CD has pretty standard terms, which means you don’t need to worry about any funny business. You’re allowed to withdraw the interest earned without penalty, but if you do so, you might not earn the stated APY (the stated APY assumes that you let interest pile up within the account rather than withdrawing it).

Once the CD matures, it’ll automatically roll over into a new CD of the same type. But, you also get a 10-day grace period from the date of maturity to make any changes, such as withdrawing the money, adding any funds and/or changing the terms of the CD.

It’s easy to open a Yield Pledge CD account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using their mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

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How EverBank’s CD rates compare

When it comes to high rates on a CD, you can’t really go wrong with EverBank. They currently offer some of the best CD rates available, which puts them on par with some of the bigger online banks.

In particular, we really like EverBank’s Yield Pledge promise, which states that EverBank will always keep their rates among the top 5% of all banks. This makes them a really attractive bank to stick with if you plan on opening multiple CDs, or doing a CD ladder strategy. This gives you peace of mind that the bank isn’t luring you in with temporarily high rates, only to drop them back down after you’ve already got a bunch of CDs with them. You can rest assured you’ll always get high rates, even in the future.

EverBank’s checking account

Yield Pledge Checking

High interest rates and low (or even no) ATM fees make this a great checking account for people who use ATMs frequently.

APY

Minimum Balance Amount

1.21% (1-Year Intro APY)

$5,000 - $250,000

0.25%

$0-$9,999.99

0.46%

$10,000-$24,999.99

0.61%

$25,000-$49,999.99

0.61%

$50,000-$99,999.99

0.71%

$100,000-$10,000.000

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fees: None (we are excluding any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 insufficient funds fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You’ll need a hefty amount of money to open this account, but if you’ve got it, it’s one of the highest-earning bank checking accounts. You’ll even earn a higher premium rate in your first year, regardless of how much you have in the account. After that, it’ll drop back down to the normal (but still high) interest rates for this account.

This account is especially great for people who use ATMs frequently and keep a large amount of money in their checking account. You’re not required to keep $5,000 in your account after opening it, but if you do, you get an added bonus: EverBank will refund all ATM surcharge fees that other ATM owners charge. Plus, they, themselves won’t charge you any fees for using whichever ATM you wish. It’s truly free-for-all ATM use.

It’s easy to open a Yield Pledge Checking account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

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How EverBank’s checking account compares

EverBank offers exceptional rates on their checking account. In fact, it’s one of the best online checking accounts available. There’s only one catch: You need to have a large opening deposit of at least $5,000, which is a lot of cash for most people.

But, once you open the account, you don’t necessarily need to keep it funded with $5,000 every day, although you do get some ATM perks and can earn higher interest rates by doing so. Still, it’s a great checking account for most people, although you can earn even higher interest rates by keeping your excess cash in an EverBank Money Market account.

EverBank’s money market account

Yield Pledge Money Market

EverBank’s Money Market account also offers great rates and low (or no) ATM charges.

APY

Minimum Balance Amount

1.60% (1-Year Intro APY)

$5,000 - $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000.000

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $0
  • ATM fees: None (not including any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 NSF fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You can earn high rates with EverBank’s Checking account, but you can earn even higher rates for your savings in an EverBank Money Market account. Plus, it’s a tiered account, so as your balance grows, you’ll earn even more money.

Just watch out; you’re limited to six transactions per month with this account, unless they’re in-person, by mail or ATM transactions. If you go over that amount, you’ll pay $10 per transaction, and they may even close your account or convert it into a checking account if you do this enough times.

It’s easy to open a Yield Pledge Money Market account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

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How EverBank’s money market account compares

EverBank also offers high interest rates on their Money Market account. Unlike their Yield Pledge Checking account, however, they’re not actually among the current top contenders for best money market account rates. There are many other banks out there offering higher rates on money market accounts than EverBank.

You also need to bring a lot of cash to the table with this account — $5,000, which again, is a lot for many people.

Overall review of EverBank’s products

We really like EverBank and their Yield Pledge promise, which states that they commit to being among the top 5% of banks offering the highest interest rates on their accounts. This makes them especially appealing if you’re doing a CD ladder because you might not want to fuss around every few years figuring out where you’re going to deposit your CD money next, depending on who’s offering the highest interest rates. With EverBank, you can plop it down in one spot and rest assured that you’ll earn great rates.

One thing we do not like about EverBank is that it requires high minimum deposits for all of their accounts. This precludes a lot of people from getting started with their savings. Still, it’s an all-around great option for folks who already have a small pile of cash saved up to earn even more money on their deposits.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

Bank of America Checking, Savings, CD, and IRA Account Reviews

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1904
Total Assets$1,765.2B
LEARN MORE on Bank Of America’s secure website
Chances are you’ve heard of Bank of America. It’s one of the biggest banks in the country, after all. This bank carries a wide range of financial products, such as credit cards, auto loans, home loans, investment accounts and yes — checking, savings, CD and IRA accounts as well. We’ll be focusing on these specific accounts in this review.

We put Bank of America’s banking accounts to the test. Perhaps not surprisingly, we found that they offer much lower rates and higher fees than many of the best banks out there. Bank of America may also offer different rates depending on what part of the country you’re in. To keep things consistent, we always looked at rates in the 28255 zip code (in Charlotte, N.C.), because this is where Bank of America is headquartered.
Bank of America’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Bank of America Regular Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.07%

CD Rates

Bank of America 12 Month Featured CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.05%

CD Rates

Bank of America 12 - 17 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.04%

CD Rates

Bank of America Risk Free CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Bank of America checking account options

Bank of America Interest Checking® Account

Bank of America’s Interest Checking® Account offers a minuscule amount of interest and a few extra perks in exchange for a higher monthly fee.

APY

Minimum Balance Amount

0.01%

$0 - $50,000

0.02%

$50,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (waived if you meet certain requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This checking account earns a minuscule amount of interest while charging a higher monthly fee than their Core Checking account. But, you can also get the monthly fee waived by doing one of the following:

  1. Keeping a combined balance of at least $10,000 in all of your Bank of America accounts.
  2. Enrolling in Bank of America’s Preferred Rewards program and earn at least a Gold, Platinum or Platinum Honors tier.

The Interest Checking account also has a few other perks. If you do opt-in to the overdraft protection and have a linked savings account set up, any transfers to cover overdrafts are done free of charge (with the Core Checking account, this normally costs $12 per transfer). You’ll also get free checks, and you can choose to enroll in the BankAmeriDeals cashback rewards program and the Keep The Change savings program.

It only takes a few minutes to apply for Bank of America’s Interest Checking® Account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Bank of America Core Checking® Account

This fee-heavy, no-interest-earning account isn’t one our favorites.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12 (unless you meet requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This is Bank of America’s go-to checking account for most people. Sadly, it doesn’t earn any interest and charges a monthly fee to boot. Check out our roundup of other great low-fee checking accounts. Still, it’s fairly easy to get this fee waived in one of four ways:

  1. Have at least one monthly direct deposit of $250
  2. Keep a daily balance of $1,500 in your account
  3. Enroll in their Preferred Rewards program and reach a Gold, Platinum or Platinum Honors tier
  4. Be a high school, college or vocational program student under age 24

When you opened a bank account before the 2008 financial crisis, it was common to be automatically enrolled in an overdraft program. Bank of America’s overdraft program works like this: If you don’t have a linked savings account and you overdraw your account, you’ll face a $35 overdraft fee per item, up to four times per day. If you do have a linked savings account, they’ll charge you a $12 transfer fee to cover the cost. Now, due to new federal regulations, you need to manually opt into this program when you open an account. If you don’t, you’ll instead face a $35 non-sufficient funds (NSF) fee for each item, which is basically the same as the overdraft fee anyway.

Although this is a fee-heavy account, it does come with a couple nice features. Their Keep The Change program automatically rounds up your purchases and deposits the difference into your savings account. You can also earn cashback rewards by shopping at certain retailers through the BankAmeriDeals program.

It only takes a few minutes to apply for Bank of America’s Core Checking® account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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How Bank of America’s checking accounts compare

This bank’s checking accounts, like accounts at most big banks, offer low interest rates and high fees, especially compared with the best online checking accounts out there. Only one of their checking accounts does offer interest, and it’s such a low rate that you’ll probably even forget it does offer interest. The monthly maintenance fees for these accounts are quite high, and while it is possible to skirt them rather easily, that still means you need to be on your toes to make sure you meet the requirements each month.

The one thing that we actually do like with these accounts is Bank of America’s Keep The Change feature, which rounds up your purchases and deposits the difference into your savings account. This is a unique feature for bank accounts and can really help you save more cash, but it’s also possible to find apps that do the same thing that don’t come with these restrictive accounts.

Bank of America’s savings account options

Rewards Savings

This savings account rewards you with a monthly fee and a super low interest rate.

Tier

APY

Standard

0.03%

Gold

0.04%

Platinum

0.05%

Platinum Honors

0.06%

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (waived if you meet certain requirements, detailed below)
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This is Bank of America’s basic savings account, and an option if you’re just looking for a basic, no-frills place to store your cash. Once again, this account comes with a monthly fee that you should be able to skirt around in one of three ways:

  1. Keep at least $500 in this account
  2. Link up your Bank of America Interest Checking® account
  3. Enroll in the Preferred Rewards program and earn at least a Gold, Platinum or Platinum honors tier.

It shouldn’t be too difficult, but remember to keep these rules in mind should you want to drain your savings account and use the cash.

In addition to the monthly maintenance fee, you’re also limited to six transfers and withdrawals per month, as per Federal Regulation D. If you go over that amount, Bank of America will charge you $10 per transaction, up to $60 per month (however, if you’re enrolled in the Preferred Rewards program or keep at least $20,000 in your account, this fee will be waived).

It only takes a few minutes to apply for Bank of America’s Rewards Savings account. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Minor Savings Account

A low-fee alternative to teach your children how to save.

Tier

APY

Standard

0.03%

Gold

0.04%

Platinum

0.05%

Platinum Honors

0.06%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

If you’re looking to teach your kids about savings, this account is one option. Thankfully, Bank of America waives or lowers many of the fees associated with this account. For example, while you’d normally be charged a $10 fee for going over six withdrawals or transfers per month, the bank will only charge kids and teens $1 per occurrence, up to $6 per month, and only if they have less than $300 in their account. Another nice perk is that you, as a parent, can make automatic transfers into your child’s account.

Once the child reaches age 18, the account automatically converts into a regular Rewards Savings account with higher fees and requirements, so be prepared.

It only takes a few minutes to apply for Bank of America’s Minor Savings account. The account will be jointly owned by your and your child, and so you will both need to provide some basic personal information, such as your names, social security numbers, and addresses. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Custodial (UTMA) Savings Account

This custodial account operates under the rules of the Rewards Savings account.

APY

Minimum Balance Amount

0.03%

$0

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8
  • ATM fees: No fee for using Bank of America ATMs. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). If you use a foreign ATM, you’ll pay $5 per transaction, plus a 3% foreign transaction fee and any surcharge fees.
  • ATM fee refunds: If you’re a Preferred Rewards Platinum or Platinum Honors client, you won’t be charged the out-of-network ATM fees in the United States. Preferred Rewards Platinum clients will receive one surcharge fee refund per month, and Platinum Honors clients will receive unlimited surcharge fee refunds.
  • Overdraft fees: $35 per item

This savings account is meant for parents to save for their children’s expenses after they become adults, such as college, living expenses or a home down payment. Bank of America’s UTMA savings account works exactly like their Rewards Savings account, with one twist: it falls under UTMA regulations.

This means that the account is technically owned by the child, but the parent acts as a custodian and manages the account for them until they’re 18 or 21 (depending on the rules of the state you live in). After this point, the now-adult can access the money and do whatever they want with it, and you’re no longer in charge of the account.

It only takes a few minutes to apply for Bank of America’s Custodial Savings account. Both you and your child will be listed on the account, and so you will both need to provide some basic personal information, such as your names, Social Security numbers and addresses. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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How Bank of America’s savings accounts compare

There’s no two ways about it: these savings accounts, on the whole, offer high fees and very low interest rates. If you’re banking on these savings accounts for your next vacation, it’ll be quite some time before you find yourself sipping mai tais on a Hawaiian beach. If you’re looking to earn more money with your savings account, a better option would be one of these top online savings accounts.

Bank of America’s CD rates

Featured CD account

Earn a slightly higher interest rate on a short-term CD by bringing 10x the cash to the table.

Term

APY

12 Months

0.07%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ worth of interest on the amount that you withdraw.

If you’re looking for a shorter-term commitment and want to earn a slightly higher rate, you might consider Bank of America’s Featured CD. Still, you won’t earn much more; the interest rate on this featured CD barely edges out their regular 12-month CD, which itself pays out a very small amount of interest.

You also need to pony up a higher amount of cash for this minuscule interest rate increase: You’ll need at least $10,000 to open this CD, whereas you can open a normal CD with as little as $1,000.

It only takes a few minutes to apply for the Featured CD. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Standard Term CD account

The ability to choose your own CD term with a low opening deposit requirement makes this a great choice for people looking for flexibility.

Term

APY

28-179 Days

0.03%

6-11 Months

0.03%

12-17 Months

0.05%

18-23 Months

0.07%

24-35 Months

0.10%

36-47 Months

0.55%

48-59 Months

0.65%

60-119 Months

0.75%

120 Months

0.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

We like Bank of America’s CDs because they offer a ton of flexibility. You can choose any term length you want, from one month to 120 months. You only need $1,000 to open a CD, which is much lower than many other CDs at other banks. You’ll be able to choose how you get paid interest: you can have it reinvested back into the CD, deposited into your linked checking or savings account or have a check mailed to you every so often.

However, it’s not all roses and sunshine. The biggest thing that counts — the interest rate — is actually quite low with this account.

When your CD matures, it’ll be automatically rolled over into a new CD account with the same term length. Don’t worry, though: you have a short seven-day grace period where you can make any changes to the CD, including adding more money, changing the term length or withdrawing the cash.

It only takes a few minutes to apply for Bank of America’s Standard Term CD. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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How Bank of America’s CD rates compare

While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs that you can get elsewhere. These low rates could be worth it if you’re trying to pull off a creative CD ladder structure with odd term lengths, but if you’re looking for the highest interest rates out there, we suggest giving these CDs a pass.

Bank of America’s IRA rates

Featured CD IRA

This account is basically a copycat of Bank of America’s Featured CD, but within an IRA framework.

Term

APY

12 Months

0.07%

  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

Bank of America’s Featured IRA CD works exactly like their regular Featured CD, except that it operates within the framework of an IRA. Strangely, it requires a slightly smaller minimum opening deposit ($2,000) compared with the regular Featured CD, which requires at least $10,000 to open.

But, assuming you can manage that hurdle, you’ll still have the same options for dealing with interest payments and CD renewals. You can choose to have interest added onto your CD balance, or paid out to you via deposit into a linked Bank of America account or a check. When your CD matures, it’ll automatically roll over into another Featured CD, and you’ll still have a seven-day period where you can make any changes to your account, including withdrawing the cash.

It only takes a few minutes to apply for a Bank of America’s Featured CD IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. A credit check may be performed during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Standard Term IRA CD

Bank of America also offers their regular Standard Term CDs in IRA form.

Term

APY

28-179 Days

0.03%

6-11 Months

0.03%

12-17 Months

0.05%

18-23 Months

0.07%

24-35 Months

0.10%

36-47 Months

0.55%

48-59 Months

0.65%

60-119 Months

0.75%

120 Months

0.75%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

This account is also another copycat of Bank of America’s regular Standard Term CDs, but within an IRA account. If you open up one of these accounts, you’ll also get a seven-day grace period where you can make any changes to the CD after it matures. Otherwise, it’ll continue on as a rollover CD, with the same term length as before. You can also choose to have interest deposited back into the CD account, or paid out to you via check or electronic deposit into a linked Bank of America account.

Because these CDs are so flexible, it’s easy to choose a term that might fit better with your retirement savings plan. For example, if you just need a place to store your retirement funds for, say, 30 months (not 24 months or 36 months — two common CD terms), these Standard CD IRA accounts allow you to choose that term length. It’s an odd situation for sure, but if you do find yourself in this spot, these CD IRAs allow you that degree of flexibility.

It only takes a few minutes to apply for Bank of America’s Standard Term CD IRAs. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Variable Rate CD IRA

This CD IRA may — or may not — offer higher rates than their regular Standard Term CD IRAs.

Term

APY

18-23 Months

0.03%

  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty:
    • For CDs under 90 days, you’ll pay either all interest earned on the amount withdrawn, or 7 days’ worth of interest on the amount withdrawn (whichever is more).
    • For CDs between 90 days up to 12 months, you’ll pay 90 days’ worth of interest on the amount withdrawn.
    • For CDs between 12 months up to 60 months, you’ll pay 180 days’ worth of interest on the amount withdrawn.
    • For CDs over 60 months, you’ll pay 365 days’ worth of interest on the amount withdrawn.

Theoretically, you should be able to earn a slightly higher interest rate by choosing a variable rate. However, sometimes it doesn’t always work out that way. As of the time of this writing, the interest rates offered on regular 18-23-month Standard Term CD IRAs is double that of these Variable Rate CD IRAs.

If interest rates should rise, it may be beneficial to open one of these CDs, which also automatically roll over, disperse interest and have the same policies toward a grace period as regular CDs. But, keep in mind that this bank can change — or not change — the interest rate on this CD at any time, making it a bit of a gamble. Right now, it looks like their Standard Term CD IRA is winning in the rate department.

It only takes a few minutes to apply for a Bank of America Variable Rate CD IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. The bank may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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How Bank of America’s CD IRA rates compare

Just like with their other accounts, Bank of America offers very low rates. If you’re hoping to grow your money as much as possible within an FDIC-insured environment, you might be better off choosing one of the current top IRA CDs. But, just as with their regular non-IRA CDs, we can still see how someone could find these CDs useful, especially if you need an IRA CD with a weird term length. But, fortunately, those cases are probably very rare, and you’re likely better off choosing a higher-interest-earning IRA CD.

Money Market IRA

Bank of America’s Money Market IRA lets you add more money at any time.
  • Minimum opening deposit: $100

Even though Bank of America offers a wide range of CD terms, you still might prefer to keep your retirement savings in something a little more liquid in case you need to access it on short notice. If that’s the case, you might consider their Money Market IRA, which works similarly to a savings account. However, unlike their savings account, you can’t use this account to make withdrawals by check, debit card or draft.

You’ll have to call the bank to hear the rates associated with this account as well as to open this account. Fortunately, it only takes a few minutes to apply for a Bank of America Money Market IRA. You’ll need to provide some basic personal information, such as your name, Social Security number and address. Bank of America may perform a credit check during the application process, which should take 1-2 days. If approved, you’ll need to send in a signature form, and then you can fund your account.

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Overall review of Bank of America’s products

Bank of America does offer some truly neat features that we like, such as their many options for different CD term lengths. If you’re looking for weird CD term lengths, Bank of America is right for you. We also like their Keep The Change feature, which rounds up purchases to the nearest dollar and deposits the difference in your savings account.

But for most people (probably including yourself), you want to earn the best rates and pay the lowest fees possible. If that’s the case, we recommend another bank, because Bank of America’s products are consistently outperformed by other banks that offer higher rates and lower fees.

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

Lindsay VanSomeren
Lindsay VanSomeren |

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

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Reviews

An In-Depth Review of Discover’s Banking Products

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1911
Total Assets$100.5B
LEARN MORE on Discover Bank’s secure website
Discover Bank, which originally was introduced as a credit card via Sears-owned Greenwood Trust Company, first came on the market in 1985. Since then, Discover has gone on to become one of the largest credit card issuer in the U.S., known for their customer loyalty. Discover Bank, which runs completely as an online bank, has made strides over the past decade to compete in the financial sector by offering an array of financial products that go beyond credit cards.

Discover Bank offers competitive rates on their banking products, which include CDs, savings, checking, and money market accounts, which also boast perks like no monthly fees. However in recent years, many online banks have begun offering similar, if not better, rates for their deposit products.

In this article we’ll take an in-depth look at Discover Bank’s products. We’ll cover account features, rates and anything else you might need to know to make the most informed decision on your financial needs. Most of our research was conducted by analyzing rates from Depositaccounts.com, which is another LendingTree-owned site.
Discover Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.75%

Savings

Discover Bank Online Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.25%

CD Rates

Discover Bank 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.50%

CD Rates

Discover Bank 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.85%

CD Rates

Discover Bank 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Discover Bank’s CD Rates

A minimum deposit of $2,500 gives you competitive CD rates among online banks, but higher rates can be found.

CD term

Annual Percentage Yield (APY)

3 months

0.35%

6 months

0.65%

9 months

0.70%

12 months

2.25%

18 months

2.35%

24 months

2.45%

30 months

2.45%

3 years

2.50%

4 years

2.60%

5 years

2.85%

7 years

2.90%

10 years

2.95%

  • Minimum opening deposit: $2,500
  • Early withdrawal penalty:
    • For CDs that are less than one year, the penalty will be worth 3 months of simple interest.
    • For 1-3 year CDs, the penalty is 6 months of simple interest.
    • For a 4 year CD, the penalty is 9 months of simple interest.
    • For a 5 year CD, the penalty is 18 months of simple interest.
    • For 7-10 year CDs, the penalty is 24 months of simple interest.

Discover Bank offers certificates of deposits with terms ranging from three months to 10 years. Interest is compounded daily and is deposited every month. As with most CD rates, the longer the term of the CD, the higher the rate you will receive. To make sure you lock in the highest possible rate for your CD, make sure you fund your account within ten days of application.

There are early withdrawal penalties for taking your money out before the end of the term. The penalty amount varies depending on how far you are into your CDs term.

While there are penalties for withdrawing your money early, you do have the option to withdraw any interest earned on your CD to a Discover bank account without penalty. This money can also be left in your CD to compound throughout the life of your CD. Account holders receive notice of CD maturity 30 days prior to the end of the term. Once a term has ended, account holders have a 9-day grace period to make a change to their CD before incurring penalties. If no action is taken, Discover CDs will automatically renew at the same rate and term.

You can open a Discover CD online or by phone. The only eligibility requirements come in the form the $2,500 minimum deposit, which can be paid via phone, check or an online transfer from your bank. Discover provides the option of opening your CD in the form of a Trust, Guardian, Estate or Custodial account, but in order to do so, you must call one of their Banking Specialists.

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How Discover Bank’s CD rates compare

Overall, Discover Bank CD rates are competitive. They certainly beat out most of the major banks by far when it comes to APY. However, if you do some digging, there are better rates out there for CDs, both in terms of minimum deposit and interest rate earned.

Discover’s minimum deposit of $2,500 is the biggest downside to this product. While it’s not common for banks to offer no-fee withdrawals on CDs, there are some out there. To find the most competitive CD rates on the market right now, check out our Best CD Rates page.

Discover Online Savings account

A completely fee-free online savings account, with no minimum balance requirements, and competitive interest rates.

APY

Minimum Balance Amount

1.75%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None as long you use an ATM within Discover’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

There is no minimum balance to open a Discover Online Savings account, nor do they charge any monthly maintenance fees. While account holders do not have the ability to withdraw money from their savings account via an ATM, they are able to access and manage their savings account via Discover’s online banking and mobile app.

The online banking and mobile app lets users deposit and transfer money to both Discover Bank and non-Discover bank accounts. However, you’ll get hit with a $30 fee for an outgoing wire transfer, as well as a $15 charge per item for exceeding the Federal Reserve’s Regulation D limitation of six withdrawals or transfers in one calendar month. Overdrafting your online savings account results in a $30 fee, which you can avoid by signing up for overdraft protection.

Currently, you can earn a competitive interest rate of 1.55% APY on a Discover Online Savings account. This is compounded daily and deposited into your savings account every month. As soon as you deposit money in your account, you’ll begin earning interest.

This is a solid savings account for anyone who already has a checking account with Discover, has a substantial amount of savings, or wants to earn a competitive interest rate on their savings account. It stands out for being fee-free and requiring no minimum balance or deposit, but falls short when compared with all the current interest rates out there.

There are no eligibility requirements to open a Discover Online Savings account since they do not require an initial minimum deposit or any minimum balance. Opening an account can be done online or by phone.

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How Discover Bank’s savings account compares

Compared with other online savings accounts, Discover Bank does not have the best offerings. That’s not to say it’s bad. Next to what major banks are currently offering, this account is a major win. However, with a little research, you can find better interest rates out there that don’t charge fees or have minimum balance requirements.

To see what other rates and offers are out there that fit your savings goals check out our Best Online Savings Account Guide.

Discover CashBack Debit account

If you use your debit card often, Discover CashBack Debit offers no monthly fees and pays decent cashback rewards.
  • Monthly account maintenance fee: None.
  • ATM fee: None as long as the ATM is within Discover’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

The Discover CashBack Debit account is appealing because it carries very few fees — that means no monthly maintenance fee, no minimum balance requirements and no fees for check ordering or debit card replacement.

They offer free online and mobile banking options like bill-pay, wire transfers and account management.

One of the account’s main selling points is the cashback reward, which pays 1.00% on debit card transactions up to $3,000 on purchases each month. In other words, if you spend up to $3,000 in a month you receive $30 cash back. This 1.00% return is not an interest rate, but rather a cashback reward. There are no qualifications to earn the cashback rewards — when you spend with your debit card, you’re earning rewards. These rewards can be redeemed as a credit to your checking account or transferred to a Discover CashBack Bonus card account.

Discover recently partnered with AllPoint and MoneyPass to increase their in-network ATM locations by 60,000+. While Discover does not charge ATM fees for going out-of-network, they do not reimburse ATM fees incurred by third-party ATMs.

One of the few fees you’ll find is an overdraft fee. Their overdraft fee is $30 per transaction, which is on par with other financial institutions. You can avoid an overdraft fee by opting in to overdraft protection, which requires account holders to link their checking account with a Discover savings account.

Since Discover Bank is considered an online bank, you must open your account online via their website or by phone. There are no minimum deposit requirements, nor do they require account holders to keep a minimum balance. Once you open your account, you’ll receive your debit card within 10 business days. Discover offers free checks for their CashBack Debit account, although you must request them.

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How Discover Bank’s checking account compares

The Discover CashBack Debit account stacks up against other banks when it comes to offering a no-fee checking account. While they do boast a large ATM network, in part to their partnerships, they still do not reimburse out-of-network ATM fees. When it comes to rewards, their cashback reward is decent.

There are better cashback rewards programs out there, as well as, accounts that don’t require you to spend money to make money. If you spend a significant amount money via your debit card every month, this rewards program might make sense. If not, there are other banks that currently offer better rates on checking accounts for less effort on your end.

Discover Bank’s Money Market Account

Good withdrawal options, but with a high minimum balance requirement and interest rates that don’t stack up.

APY

Minimum Balance Amount

1.60%

Less than $100,000

1.65%

Greater than $100,000

  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None, but only if you use an ATM within Discover Bank’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

Opening a money market account with Discover Bank requires a minimum initial deposit of $2,500. While their money market accounts don’t charge any monthly maintenance fees, account holders must maintain a minimum balance of $2,500 to avoid a $10 fee. They don’t even beat out Discover’s saving account rates.

There are a few account features worth noting, starting with the withdrawal options. Unlike the Discover Online Savings account, account holders will receive checks and a free debit card. Your debit card can be used to withdraw money via ATMs and at stores.

Discover Bank does not charge ATM fees, however if you use an out-of-network ATM they will not reimburse the fee. It’s important to note, that your money market account is subject to the same Federal Reserve regulations limiting transfer and withdrawals to six per month. If you exceed the six withdrawals you’ll be charged a $15 fee per item; however this does not apply to withdrawals from ATMs or via official check that is mailed to you. Discover Money Market accounts also give you the ability to sign up for online bill pay, as well as, overdraft protection.

The only eligibility requirements to open a Discover Money Market account is an initial minimum deposit of $2,500. You can open an account either online or by calling one of their Banking Specialists. To fund your account, you have the option of an online transfer, direct deposit or check, which can be mailed or deposited via Discover Bank’s Mobile Check Deposit app.

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How Discover Bank’s money market account compares

Looking at the overall market offerings, Discover Bank Money Market accounts do not stack up. Their competitive account features like a large ATM network, free checks and a debit card are nice, but their rates do not compete.

You can find other banks offering lower deposit requirements, as well as better rates. To see how this account compares, check out MagnifyMoney’s Best Money Market Rates guide.

Discover IRA CD rates

Competitive rates with a higher-than-average minimum deposit for both traditional and Roth options.

Term

APY

3 Months

0.35%

6 Months

0.65%

9 Months

0.70%

12 Months

2.10%

18 Months

2.15%

24 Months

2.20%

30 Months

2.20%

3 Years

2.35%

4 Years

2.50%

5 Years

2.60%

7 Years

2.65%

10 Years

2.70%

  • Minimum opening deposit: $2,500
  • Early withdrawal penalty:
    • For CDs that are less than one year, the penalty will be worth 3 months of simple interest.
    • For 1-3 year CDs, the penalty is 6 months of simple interest.
    • For a 4 year CD, the penalty is 9 months of simple interest.
    • For a 5 year CD, the penalty is 18 months of simple interest.
    • For 7-10 year CDs, the penalty is 24 months of simple interest.

Similar to other Discover Bank CD products, the minimum deposit to open an IRA CD is $2,500. This is also the minimum balance required to earn your interest rate. They offer both Traditional and Roth IRA CD options, with interest rates that vary depending on the CD term you choose. Terms can be as short as 3 months to up to 10 years. Their early withdrawal penalties remain the same for both IRA and non-IRA CDs.

An IRA CD is a worthwhile investment if you aren’t touching your savings and want to earn a higher APY than what’s being offered for your savings account. IRA CDs make the most sense if you’re looking for a long-term investment. While they don’t pay crazy high returns, if you have extra capital, it’s a good investment vehicle to have in your portfolio.

Opening an IRA CD account with Discover Bank can be done by phone or online, and requires an initial minimum deposit of $2,500. Funding your account can be done by phone, via check or via a bank-to-bank transfer from an existing IRA. Discover also allows account holders to initiate a direct or indirect rollover from an existing IRA.

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How Discover Bank’s IRA CD compares

Compared with other IRA CD’s out there, Discover Bank’s rates fall somewhere in the middle. The minimum deposit is higher than other offerings out there and the rates are competitive, but not high enough to be the best on the market.

Overall review of Discover Bank’s deposit products

Discover has created a suite of banking products that can compete in today’s market. Their online and mobile banking has all the necessary features to access and manage your account, and they boast a large ATM network that limits, but does not completely remove, ATM fees from your life.

Compared with the traditional big banks, Discover Bank has them beat when it comes to rates and offerings. However, if you take the entire market into consideration, adding in online banks, community banks and credit unions, Discover banking products fall somewhere in the middle.

Based on the fact that all of the reviewed products above do not have monthly maintenance fees attached to them and pay some form of interest or cash back, means you aren’t going to be wrong by opening an account. However, if you’re looking for the best of the best, Discover Bank is not quite there yet.

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.

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

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