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Reviews

Review of Wells Fargo CD 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.

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

Higher CD Rates from Online Banks

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

The Best CD Rates from Online Banks

APY

Minimum Deposit Amount

Term


Ally Bank

2.40%

$25,000

1 year

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on Ally Bank’s secure website

Member FDIC


Synchrony Bank

2.70%

$2,000

3 years

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on Synchrony Bank’s secure website

Member FDIC


Goldman Sachs Bank USA

3.00%

$500

5 years

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on Goldman Sachs Bank USA’s secure website

Member FDIC

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

Wells Fargo’s fixed-rate CDs

Wells Fargo’s Standard CD Rates

CD Term

Annual Percentage Yield (APY)

Minimum Deposit Amount

3 months

0.05%

$2,500

6 months

0.05%

$2,500

1 year

0.10%

$2,500

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

Wells Fargo’s Standard CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

3 months

0.10%

$2,500

6 months

0.10%

$2,500

1 year

0.15%

$2,500

You can get the Wells Fargo Standard CD bonus rates if you link your CD to a Portfolio by Wells Fargo® account and make a $2,500 minimum deposit. This product is their upgraded checking account which offers better interest rates across many Wells Fargo products. You also get certain fees waived from your account, discounts on loans, as well as additional credit card benefits. This includes avoiding the $30 maintenance fees if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts. All you need to open this checking account is a minimum opening deposit of $25.

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

Wells Fargo’s Special CD Rates

CD Term

APY

Minimum Deposit Amount

9 months

0.90%

$5,000

19 months

2.00%

$5,000

39 months

1.50%

$5,000

58 months

1.60%

$5,000

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

Wells Fargo’s Special CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

9 months

0.95%

$5,000

19 months

2.05%

$5,000

39 months

1.55%

$5,000

58 months

1.65%

$5,000

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

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

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

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on Wells Fargo Bank’s secure website

Wells Fargo Step Rate CDs

CD Term

APY

Minimum Deposit Amount

24 months

1.28%

$2,500

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

  • 1 to 6 months: 0.50%
  • 7 to 12 months: 0.75%
  • 13 to 18 months: 1.00%
  • 19 to 24 months: 1.25%

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

Wells Fargo Step Rate Bonus CD

CD Term

APY

Minimum Deposit Amount

24 months

1.33%

$2,500

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

You’ll also get rate increases and penalty-free withdrawals every six months as long as you keep the minimum opening balance. You are subjected to the same requirements as the regular Step Rate CD, but the interest rate increases are as follows:

  • 1 to 6 months: 0.55%
  • 7 to 12 months: 0.80%
  • 13 to 18 months: 1.05%
  • 19 to 24 months: 1.30%

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

How to Get a Wells Fargo Step Rate CD

You can only open a Step Rate CD in person at any Wells Fargo branch. You can show up at any one of their physical locations. You can also make an appointment online or by calling 1-800-869-3557.

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

Wells Fargo rates don’t even come close to the top competitors’ offers, even with the bonus rates. Those better CD rates often also come with a lower minimum deposit than what Wells Fargo requires. However, competitors with the highest rates tend to be online-only banks, which is only a disadvantage if you prefer to bank in person. If it’s important to you to keep all your banking products in one place, then Wells Fargo may be worth considering, though that strategy isn’t a financial advantage, as far as CDs go.

Additional information about Wells Fargo CDs

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

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

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

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

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

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

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

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

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

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

Overall review on Wells Fargo CD rates

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

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

Bank7 Review of Checking, Savings, CD and IRA 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.

Bank 7
Bank7 is an Oklahoma-based community bank, with branches in Kansas and Texas. Founded in 1901 as The First National Bank Of Medford, it changed its name to Bank7 in September 2004.Bank7 offers mobile and online checking, but you can only open an account by visiting one of their locations or by phone. Their personal accounts have a whole host of features and offers some decent CD rates.

This bank review will cover their checking, savings, CD and IRA CD accounts. Bank7 does not publish its rates online and asks consumers to contact a Customer Service Representative to learn about the current deposit account rates.

Bank7’s checking account options

Bank7 Checking

This account has a low monthly maintenance fee that can easily be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $1 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This is Bank7’s basic checking account, best for those who want a checking account that doesn’t charge high rates. Keep in mind that it doesn’t earn any interest so if that’s of concern, you may want to consider opening their interest-bearing account called the Super7 Checking.

You can avoid the monthly maintenance fee by either enrolling in e-statements (the $1 monthly fee is to receive paper statements), keeping a minimum combined balance of $5,000 in your checking and savings accounts or making a minimum $100 direct deposit each month.

Other perks with this account include online banking and unlimited bill pay, mobile banking and check deposit, and a Visa debit card. You won’t be slapped with any ATM surcharges if you stick with Bank7 or one of the Allpoint network’s more than 55,000 ATMs.

How to get a Bank7 Checking account

You’ll need to head to a local branch or call customer service. You can enroll in online banking once your account is open.

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on Bank 7’s secure website

Super7 Checking

Earns interest and you can waive maintenance fees.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This Super7 Checking account is the bank’s only interest bearing checking account and is best for those who want to earn some interest and intend on keeping $1,000 in there. You get the same features as the non-interest bearing checking account, including no ATM fees. You may have to pay ATM surcharges unless you stick with a Bank7 ATM or within the Allpoint network’s more-than-55,000 ATMs. On top of the monthly maintenance fee, there’s also a $1 monthly service fee.

Both these recurring fees can be waived. To waive the monthly maintenance fee, you’ll need to maintain a daily balance of at least $1,000. For the monthly fee, you can either enroll in e-statements, make at least $100 in monthly recurring direct deposits or maintain at least $5,000 in combined balances across your Bank7 checking and savings accounts.

How to get the Super7 Checking account

Although there is online banking available, you can only enroll once you have an account open. To do so, you’ll need to head to a local branch or call customer service. While you have a Customer Service Representative on the phone or in person, be sure to verify the APY for this account.

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How Bank7’s checking accounts compare

Bank7’s Super7 Checking account offers the ability to earn interest, which is an advantage over most banks, but there are other checking accounts offered by competitors that have better features and verified rates. The fees are a big concern for us. Other online banks offer free checks, no balance minimums and even have ATM fee reimbursements. They also allow you to open accounts online, a service that Bank7 does not provide.

If you’re after higher rates and want the convenience of opening an account online, you may want to consider checking out nbkc bank as they don’t have many fees and allow you to earn a bit of interest.

Institution
APY
Minimum Deposit Amount
Personal Account from nbkc bank
nbkc bank

0.90%

$0

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on Nbkc Bank’s secure website

Bank7’s savings account options

Tiered Savings

Low monthly maintenance fee and ATM access.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

This savings account is great for those who want a simple savings account with ATM access. You can choose to get an ATM card, but it’s only good for cash withdrawals. You won’t be slapped with any ATM surcharges if you stick with Bank7 ATMs or within the Allpoint network, which has more than 55,000 ATMs. This is an interest-earning account and the interest compounded daily and credited monthly.

To waive the monthly maintenance fee, you can either set up a recurring direct deposit of at least $150 each month, enroll in e-statements or maintain a balance of at least $5,000 across your Bank7 checking and savings accounts.

Because this is a savings account, Federal Reserve Regulation D limits account holders to six pre-authorized or automatic withdrawals per month. Bank7 allows three free withdrawals each month. Make more than that and you’ll be charged $3 for each one. If you continually make excessive withdrawals, Bank7 may either change the type of account or close your savings account.

The tiered account isn’t available to Kansas residents. Instead, Bank7 offers a Kansas Savings at a fixed APY.

How to get the Tiered Savings account

You’ll need to head to a local branch or call customer service. Make sure you verify the APY you can potentially earn based on the amount you’re willing to deposit when you open the account. You can enroll in online banking once your account is open.

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on Bank 7’s secure website

Member FDIC

Kansas Savings

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

Kansas residents are eligible for this non-tiered account. The APY for this account is fixed, meaning it doesn’t rise or fall depending on the balance of the account. While there’s no interest rate tier, you do get the same features — such as the option to make cash withdrawals with a designated ATM card. Interest earned is compounded daily and credited to your account each month.

Bank7 will waive the monthly maintenance fee if you enroll in e-statements, keep a minimum of $5,000 across your Bank7 checking and savings accounts or make a minimum $100 monthly direct deposit.

As with all savings accounts, Federal Reserve Regulation D limits you to six withdrawals per month, but Bank7 will charge you $3 per withdrawal over three each month. If you consistently make more than three withdrawals a month, your account could be converted into another type of account or closed.

How to get the Kansas Savings account

Kansas residents can open a savings account by going to either one of the two Kansas branch locations, or by calling its customer service line. If you decide to open this account, please be sure to verify the APY on this account when you’re either in the branch or on the phone with a Customer Service Representative. Once an account is opened, you can then sign up for online banking.

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on Bank 7’s secure website

Member FDIC

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How Bank7’s savings accounts compare

Candidly, the fact that Bank7 doesn’t publicly share the rates on its savings accounts is a little concerning. Most of the accounts on our list of the best savings accounts have verified rates that are publicly displayed on its websites and no minimum balance amounts. However, not all offer the broad ATM access like Bank7. It does have a lower excessive withdrawal fee compared to other places, but the account charges you after three withdrawals, whereas others allow you more than twice that number before charging you.

In any case, you may be better off choosing an online bank like Marcus by Goldman Sachs to place your savings in a high-yield savings account with no minimum balance.

Institution
APY
Minimum Deposit Amount
High-yield Online Savings Account from Goldman Sachs Bank USA
Goldman Sachs Bank USA

1.85%

$0

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on Goldman Sachs Bank USA’s secure website

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We'll receive a referral fee if you click here. This does not impact our rankings or recommendations

Bank7’s CD rates

Fixed CD

Get guaranteed rates of return on various CD terms.
  • Minimum opening deposit: $1,000 (6, 12 and 18 months) or $10,000 (24, 36 and 48 months)
  • Minimum balance amount to earn APY: $1,000 or $10,000
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

These CDs are great for those who want a conservative investment and a guaranteed rate of return on their money. As is the case with most CDs, you get rewarded with higher rates on longer terms, but you’ll also need to make a higher minimum deposit, which is a bit steep compared to other banks.

With the 18-month CD, there is the option to choose a step-up rate. If the rate goes up for the before your account matures, you can request to raise your rate twice during the term.

Interest earned for the CD is either compounded monthly, quarterly, semi-annually or annually. It’ll then either be credited monthly, quarterly, semi-annually or annually as well, depending on your CD. You get a statement each quarter outlining your earnings and the maturity date is on all of them which acts as a reminder of when your CD matures.

When your CD matures, you’ll have a 10-day grace period where you can decide to close the account, make additional deposits or renew it for another term. Otherwise, it’ll automatically be renewed.

An early withdrawal requires the bank’s consent and the penalty would be the interest you would have earned or will earn for the term. For example, if you have a 6-month CD and you decide to make a withdrawal two months in, you’ll need to pay up to four months interest.

How to get Bank7’s CDs

You can only open a Bank7 CD either by heading to your local branch or by calling customer service. Once again, be sure to verify the rates for each CD term prior to opening the account.

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on Bank 7’s secure website

Member FDIC

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How Bank7’s CD rates compare

Bank7’s minimum deposit amount for the longer-term CDs are a bit on the higher side when comparing them with our list of the current best CD rates. Some also offer a wider variety of terms, so if you want a longer or shorter term than what Bank7 has to offer, you may want to consider Synchrony, Ally, or Barclays depending on the minimum amount you’re willing to deposit.

Institution
APY
Minimum Deposit Amount
12 Month CD from Synchrony Bank
Synchrony Bank

2.45%

$2,000

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on Synchrony Bank’s secure website

High Yield 3 Year CD from Ally Bank
60 Month Online CD from Barclays

Bank7’s IRA account options

Fixed IRA CD

Only offers one term but has a low minimum deposit amount.
  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

The IRA CD may be a great choice for you if you’re looking for a guaranteed rate of return on a tax sheltered or deferred account. The unfortunate thing is that you’re limited to only a 12-month term. However, you’re able to make additional deposits unlike their regular CD account. The minimum deposit is also lower.

Interest earned is compounded and credited to your account every quarter. You’ll receive a statement every quarter which details all activity as well as the maturity date. This will act as a reminder to let you know how much more time you have until your CD matures.

Upon maturity, you get a 10-day grace period in which to decide to either keep making additional deposits, close the account, or renew it. If you do nothing, the CD will automatically be renewed.

The early withdrawal penalty is effectively the interest you would have earned or will earn for the 12-month term. For example, if you decide to make a withdrawal five months before your CD matures, you’ll need to fork over what you would have earned in those five months. You may also face tax penalties from the IRS.

How to get Bank7’s IRA CDs

Like its other banking products, you’ll need to open an IRA CD at a local branch. You can also try calling the customer service line. You’ll also need to verify the rates in person or on the phone.

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on Bank 7’s secure website

Member FDIC

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How Bank7’s IRA CD rates compare

Bank7’s IRA CD rates fall slightly short of the best offerings out there. When compared to other IRA CDs with the same term, there are much better yields on our list of the current best IRA CD rates.

However, where Bank7 shines is the low minimum opening deposit and the ability to make additional deposits throughout the term. Other banks require much higher minimums and don’t allow you to make additional deposits once you fund the account.

If you’re after the highest rates, you’ll be better off looking at other places. But if you like having the option of making additional funds — up to the maximum amount allowed by the IRS each year — bit by bit, then the Bank7 IRA CD is a great choice.

Overall review of Bank7’s banking products

Looking at the pros and cons of Bank7’s products, the cons are that you currently can’t open an account online — you’ll need to do that in person or by calling customer service — and the products’ rates aren’t published online. In an industry where online banking is becoming more prevalent, those are two important factors when it comes to choosing a bank. You do get access to online banking, but that’s a separate step after you open an account. If, however, you enjoy driving to a bank and interacting with a person to get your banking done, this bank may be a very viable option for you if you reside in a location that has a Bank7 branch.

As far as the actual products go, Bank7 does offer products with low opening deposit amounts. The savings account offers ATM access, but does charge an excessive withdrawal fee after you make three, whereas other banks do so after six. The checking accounts, however, aren’t stellar. They actually require a high minimum balance in order to waive the monthly maintenance fee.

If all you’re looking for is a place to store some cash, the savings account is a good option. And for those looking for conservative investments, the CD accounts are also great. But if you want a bank that offers a wide variety of products with the best rates, you may want to do some comparison shopping.

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

TAGS:

Advertiser Disclosure

Reviews

M&T Bank Reviews: 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 Established1856
Total Assets$118.1B
LEARN MORE on M&T Bank’s secure website

M&T Bank is headquartered in Buffalo, New York and for more than 160 years has served both individuals and businesses. The bank offers business and commercial services along with consumer products, including checking, savings, CDs, debit cards, credit cards and personal loans. M&T Bank touts its relationship-driven approach, supported by a vast branch network and mobile tools, to provide consumers the ability to bank on the go with ease.

Beyond its home state, the bank has brick-and-mortar locations Connecticut, Delaware, New Jersey, Maryland, Pennsylvania, Virginia, Washington, DC, and West Virginia. There are 750 M&T branches and 1,800 ATMs. For this review, we used M&T Bank’s corporate headquarters location of Buffalo, New York, 14240, for consistency when showing rates.

M&T Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

M&T Bank M&T Starter Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.75%

CD Rates

M&T Bank 12 Month Select Promo CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.90%

CD Rates

M&T Bank 36 Month Select Promo CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.11%

CD Rates

M&T Bank 60 Month Promo CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

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Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

1.40%

M&T Select Promo CD - 12 months

1.75%

M&T Select Promo CD - 18 months

2.25%

M&T Select Promo CD - 24 months

2.75%

M&T Select Promo CD - 36 months

0.90%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

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How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

M&T e-Money Market

The M&T e-Money Market account can be opened online and offers no monthly maintenance charges.

APY

Minimum Balance Amount

0.05%

$1.00 -$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T e-Money Market account requires no monthly maintenance charges and can be opened online.

This money market account is best for anyone who wants to easily open a money market account online and who doesn’t want to keep a minimum balance or pay monthly maintenance fees. This account does earn interest.

The interest rate is low, however, it’s better than the rates offered with M&T Bank’s checking accounts, so this could be a good option for someone looking to save and earn a bit of interest income. This account also comes with check writing abilities.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T e-Money Market

Consumers can apply to open a M&T e-Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T e-Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.

APY

Minimum Balance Amount

0.04%

$1.00 - $9,999.99

0.34%

$10,000.00 - $24,999.99

0.36%

$25,000.00 - $49,999.99

0.39%

$50,000.00 - $99,999.99

0.39%

$100,000.00 - $999,999.99

0.13%

$1,000,000.00 +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

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How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

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.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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Reviews

TCF 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 Established1923
Total Assets$23.4B
LEARN MORE on TCF Bank’s secure website

TCF Bank is based in Wayzata, Minn., with branches in a handful of other states, including Arizona, Colorado, Illinois, Michigan, South Dakota and Wisconsin. For businesses, TCF offers various commercial financing options in all 50 states.

For a regional bank, TCF offers a wide range of products and services, ranging from checking and savings accounts to prepaid debit cards, credit cards, mortgages and CDs. The bank is also committed to financial education and community service where it operates.

Here’s a closer look at the TCF product line, including rate information and tips on how to open various accounts.

TCF Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

TCF Bank TCF Free Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.05%

CD Rates

TCF Bank 3 - 13 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.25%

CD Rates

TCF Bank 30 - 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.35%

CD Rates

TCF Bank 49 - 61 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TCF Bank’s checking account options

TCF® Premier CheckingSM

The TCF® Premier CheckingSM pays little to no interest and charges a monthly fee unless you meet the high minimum balance requirement.

APY

Minimum Balance Amount

0.01%

$2,500+

  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15, which can be waived if you carry a $2,500 minimum balance or $15,000 combined balance across accounts
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived for 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None
  • Overdraft fee:$37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

With a $15 monthly maintenance fee that can only be waived if you carry $2,500 in your checking account or $15,000 across all TCF Bank accounts, this account doesn’t have much going for it. What sets it apart from the free checking account is that you can receive both online and paper statements for free with this account. With Premier Checking, customers can also get free checks and up to four free money orders per day.

The Premier Checking account does pay interest, but just barely. Rates are extremely low. You’ll need to deposit $2,500 just to earn a rock bottom 0.01% APY.

Beyond earning interest, Premier customers get all the benefits of the bank’s Free Checking account, from mobile and online access to a debit card and access to mobile payment apps Google Pay, Apple Pay® or Samsung PayTM.

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TCF Premier 62+ Checking®

As the name implies, TCF Bank’s Premier 62+ Checking is an account designed for customers age 62 and older.

APY

Minimum Balance Amount

0.01%

$0.01

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $9.95; waived with $200 in direct deposits, 15 qualifying withdrawals, or $10,000 in combined TCF account balances
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

The TFC Premier 62+ Checking account combines many of the best features of the bank’s other checking accounts. Account holders receive free online and paper statements, a free debit card, free checks, up to four free money orders per month, online bill pay, free TCF Bank ATM withdrawals and fee rebates for up to two non-TCF Bank network withdrawals per statement cycle.

Additionally, the Premier 62+ Checking account pays interest. Rates are the same for all deposit levels, and interest is paid starting with the first penny. However, rates are extremely low.

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TCF Free Checking®

TCF Free Checking® is a basic checking account, with low minimums and no monthly fees.
  • Minimum opening deposit:$25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with Overdraft Protection linked to savings account; $10 plus 18% annual interest if linked to line of credit

TCF Bank requires a $25 deposit to open its Free Checking account, but once the account is open, there’s no minimum balance requirement. In-network domestic ATMs come free of charge, but you’ll have to pay to use domestic out-of-network ATMs. If you’re traveling overseas, ATM fees are high.

You’ll get the standard bells-and-whistles with the TCF Free Checking® account, as you would at most competitors, including:

  • Free digital banking
  • Free mobile app
  • Free domestic ATM withdrawals (in-network)
  • Free debit card
  • Pay using your phone with Apple Pay®, Samsung PayTM or Google Pay

TCF Bank has a standard overdraft policy that applies to all of the bank’s checking accounts, including the TCF Free Checking® account. If you link up a TCF Bank savings account or line of credit, the bank will automatically transfer enough money to cover an overdraft in your checking account. While you’ll still pay a fee, it’s less than the standard overdraft fee. If you overdraw your account by less than $5, you won’t have to pay the fee. However, for larger amounts, you can get hit with up to five overdraft fees per day.

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TCF® Teen Checking

The TCF® Teen Checking account is for customers aged 14 to 17 years old. A parent or legal guardian is required to co-sign for the account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined TCF balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF Bank ATMs, but fee is waived on 2 withdrawals per cycle; $5 for international ATM usage, plus 3%
  • ATM fee refund: none
  • Overdraft fee: Overdrafts not paid unless customer opts in; $15 NSF fee for each item returned unpaid; with overdraft protection, $10 fee to cover with linked savings account

The Teen Checking account carries no monthly maintenance fee and has a small minimum opening deposit. No interest is paid. Overdrafts are not paid unless a customer opts in. If opting out, there is a maximum of two overdraft fees per day. With a linked savings account, overdrafts are covered for a smaller fee.

One benefit of the Teen Checking account over most other TCF Bank checking accounts is the fee waiver for two non-TCF Bank ATMs per statement cycle, just as with the Premier Checking account. Another benefit shared with the Premier Checking account is the inclusion of free paper statements.

Account holders also benefit from the standard features and benefits offered to all TCF Bank checking account customers, including mobile and online services, free online statements and a free debit card.

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TCF Free Student Checking®

TCF Free Student Checking is designed for customers from ages 18 to 24.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $10 for accounts without activity for 365 days, unless account balance is at least $250 or combined balances reach $5,000
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest

TCF’s Free Student Checking is very similar to the bank’s Teen Checking, except it’s designed for a slightly older age group. Since the Free Student Checking account is open to customers age 18 to 24, no adult cosigner is required.

The parameters of the Free Student Checking account are similar to other checking accounts at TCF Bank. Customers enjoy no monthly fees, a modest minimum opening deposit, free paperless statements and mobile banking. Paper statements are also free with the Free Student Checking account, as are a debit card and online bill pay. However, the account does not earn interest. To learn more about this account, click here.

How to open a TCF Bank checking account

You can open TCF Bank’s checking accounts either online or by visiting a branch. The account-opening process is standard and similar to the procedures at other banks. If you’re already a TCF Bank customer, you can log in to your account and proceed from there. Otherwise, you’ll need to provide your personal and financial information to the bank online.

To apply, you’ll need to be a legal resident of the United States and at least 18 years old. You’ll also need to provide the following:

  • Social Security number or Individual Tax Identification Number (ITIN)
  • A driver’s license, passport, state or military ID
  • A funding source, such as a checking or savings account

The online application will ask you for additional information, such as your date of birth, phone number, email address and employment information. You can also select a username and password to access your accounts in the future.

With internet access, an online application may be the easiest method to open a TCF Bank checking account. If there’s a branch near you, you can also open an account in-person with a bank representative.

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How TCF Bank’s checking accounts compare

TCF Bank’s checking accounts offer numerous freebies and benefits that are commonplace in today’s competitive market. Unusually, some of the bank’s accounts offer free paper statements, which is a rarity in today’s world. However, the bank’s checking account interest rates can’t compete with the top online banks’ checking accounts.

Beyon

TCF Bank’s savings account options

TCF Free SavingsSM Account

The TCF Free Savings Account’s low APY should send customers looking elsewhere to earn more on their savings deposits, though it is a complementary account to the TCF Free Checking account.

APY

Minimum Opening Deposit

0.01%

$25

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

Among the features is a free debit card that can be used to access funds in both accounts. Despite the minimal interest paid on the account, it can be linked to provide overdraft protection for a TCF Bank checking account. At the same time, account minimums are low, and there’s no monthly maintenance fee attached to the account.

The TCF Free Savings account carries restrictions put in place by the Federal Reserve on all banks on savings and money market accounts. Known as Reg D, this rule restricts your withdrawals from savings accounts to six per month. Every withdrawal above the six allowed will trigger an excess activity fee from TCF Bank.

Interest rates on the Free Savings account do not vary based on size of deposit and balance, the same as with all TCF Bank accounts.

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TCF Power SavingsSM Account

This is another TCF Bank savings product that does little to entice customers with an attractive yield on balances.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY:  $0.01
  • Monthly account maintenance fee: $4; waived with $100 minimum balance
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The Power Savings account is similar in many ways to the Free Checking account. Both accounts offer online and mobile access, a debit card and the same ATM withdrawal fee structure. The Power Savings account has a monthly maintenance fee and a higher minimum opening deposit. However, the monthly fee can be waived with just a small balance. As with all TCF Bank savings and money market accounts, monthly withdrawals are limited to six. Excess withdrawals trigger a fee. Interest rates on the Power Savings account are the same across the board, starting with a balance as low as $0.01.

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TCF Performance SavingsSM Account

The TCF Performance Savings account is designed for accounts with larger balances to avoid fees.

APY

Minimum Balance Amount

0.01%

$1,000+

  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10; waived with $1,000 minimum balance
  • ATM fee: Free for ATMs in TCF network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refund: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Excess activity fee: $15 for each transaction above 6 per month

The TCF Performance Savings account is only open to customers bringing in new money – funds not currently on deposit with TCF Bank. Accounts are limited to one per person. While there is a monthly maintenance fee, the amount required to waive the fee is the same as the minimum balance to earn interest, so customers opening this account can usually avoid the fee.

The account shares many characteristics with other TCF Bank accounts, including mobile and online account access. ATM fees also share the same structure as most other TCF Bank accounts, including free domestic withdrawals from ATMs in the bank’s network. Excess activity fees are the same as all TCF Bank savings and money market accounts, assessed after reaching six transactions per statement period.

How to open TCF Bank’s savings accounts

You can open a TCF Power Savings account online. To begin the application, you’ll need the following:

  • Social Security number
  • A government-issued ID
  • A valid email address
  • A funding source
  • A phone number

After answering some additional questions during the application, your last step will be funding the account.

To open a Free Savings or Performance Savings account, you’ll have to contact a branch directly, or visit in person. For the TCF Free Savings account, a companion TCF Free Checking account must also be opened.

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How TCF Bank’s savings accounts compare

Although most TCF Bank savings accounts pay interest starting at the first penny, they all offer the same low rate. This rate does not scale up as deposit size increases. The rate is below the national average in all accounts, and is far from the top savings account rates you can find at online banks.

While rates are low, TCF Bank offers standard account services that make banking convenient. Customers have mobile and online access to accounts, free ATM/debit cards, and free online statements. Overdraft fees, however, are high.

TCF Bank’s CD rates

TCF Bank only offers one type of certificate of deposit account, with maturities from three months to 10 years. Higher rates, along with promotional specials, are available to customers with a checking relationship

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CDs span a wide range of maturities. You can’t get a CD longer than 10 years, but you have a wide range of maturity choices shorter than that. A checking relationship can get you a modest boost across certain maturities.

Like most banks, TCF Bank charges an early withdrawal penalty if you need to take money out of your CD before it matures. The penalty varies based on the maturity of the CD.

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TCF Promotional CD Rates

TCF Bank offers a promotional CD for one maturity only.

Term

APY

15 months

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty:  For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days.

TCF Bank’s promotional CD rate is for the 15-month maturity only. You can only get this rate by visiting a local branch. You must deposit new money to qualify for the promotional rate.

How to get TCF Bank’s CDs

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow CD accounts to be opened online. To open a CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for opening CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birth date, address and occupational information.

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How TCF Bank’s CD rates compare

Across the board, TCF Bank’s CD rates are low. For every maturity offered, the bank’s rates are well below the national average. When compared to the best CD rates available, TCF Bank comes up short. A checking relationship gives access to TCF Bank’s best rates, but the bump-up in yield is minor for all maturities. The one standout is the relationship rate for the 14-month CD, but even with the bump up, the payout is below average.

TCF Bank’s CD rates are the same for deposits of all sizes. This works against customers with large account balances, as they’d be entitled to higher rates at some competitor banks. However, for average customers that don’t have large sums to deposit, this is a benefit, as these smaller customers have access to the bank’s best rates, just like anyone else.

To find TCF Bank’s highest rates, you’ll have to commit to the longest maturities or take advantage of the relationship rates. Overall, TCF Bank’s low rates mean that extending maturities won’t provide a significant boost in income.

The best current option is to take advantage of the in-branch, new-money special. The yield on this special 15-month CD is the same as you could get on the 10-year relationship CD, and you’d only have to tie up your money for one-eighth of the time.

TCF Bank’s money market account options

TCF Power Money Market Account

TCF Bank’s Power Money Market Account pays interest and offers additional ways to access funds.

APY

Minimum Balance Amount

0.01%

$0.01+

  • Minimum opening deposit:$50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, waived with minimum balance of $1,500
  • ATM fee: Free for ATMs in TCF Bank’s network; $3 for domestic non-TCF ATMs; $5 for international ATM usage, plus 3%
  • ATM fee refunds: None.
  • Overdraft fee: $37; $10 with linked savings account; $10 with linked line of credit, plus 18% annual interest
  • Transaction limitations: Six transactions per period
  • Excess activity fee: $15 for each transaction above 6 per month

TCF Bank’s Money Market account has a monthly fee, but maintaining a modest balance will get that fee waived. Interest is paid starting from the first cent deposited. Rates are the same regardless of the amount deposited.

One of the benefits of the TCF Bank money market account is that you can write checks to get your money. However, as with all savings and money market accounts, you must keep your withdrawals to six or fewer per period, or you’ll run afoul of the Fed’s Reg D restrictions. TCF Bank assesses a $15 for every withdrawal you make above this six-per-month limit.

Overdrafts and ATM withdrawals carry the same fee structure as most of TCF Bank’s other accounts. The overdraft fee can be reduced if you use another account for overdraft protection, and withdrawals from ATMs in the domestic TCF Bank network are free of charge.

How to get TCF Bank’s money market accounts

You can open a TCF Bank money market account online. Or, you can call or visit a local branch to complete the process. For additional information, contact the bank’s customer service team.

You can use the same personal and financial information you provided to open a checking or savings account to open a TCF Bank money market account. For example, you’ll need to provide important information including your Social Security number, birth date, address and occupational information.

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How TCF Bank’s money market accounts compare

TCF Bank pays interest on any balance in its money market account, but the rates are low, well below the national average and don’t approach the highest money market rates currently available elsewhere.

TCF Bank’s IRA CD rates

You can buy CDs in a TCF IRA with maturities from three months to 10 years. Rates are higher for those with a checking relationship with the bank.

Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 month promotional CD - New money, in branch only

0.50%

0.50%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

  • Minimum opening deposit: $500
  • Minimum balance to earn APY:  $500
  • Early withdrawal penalty: For non-jumbo CDs, the greater of $25 or the amount calculated as 1% annually (0.0833333% monthly) multiplied by the amount withdrawn multiplied by the term of the certificate, not to exceed 36 months; for jumbo CDs, the greater of $25 or all interest on maturities of 90 days or less, or 90 days of interest if the term is greater than 90 days

TCF Bank’s CD offerings in IRA accounts are identical to those in regular accounts, with the same options for maturity dates and rates. Customers with checking account relationships will benefit from slightly higher rates. The bank does offer one maturity at a promotional rate, good only for new customers who open the account in a branch.

How to get TCF Bank’s IRA rates

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow IRA CDs to be opened online. To open an IRA CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for open IRA CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birthdate, address and occupational information.

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How TCF Bank’s IRA rates compare

TCF Bank’s regular CD rates are low, and with IRA CD rates being identical, they are also poor in comparison to other available options. The bank’s IRA CD rates are well below the national average and are no match when compared to the best IRA CD rates available. The minor bump in yields given to customers with checking account relationships is not significant.

As with TCF Bank’s regular CDs, IRA CD rates are the same for deposits of all sizes. Larger deposits won’t help you get a higher rate, but extending your maturity date will. However, the increases offered to longer maturities are minor. The biggest jump in yield comes with the same 15-month promotional CD that is offered in regular accounts, carrying the same yield as a TCF Bank 10-year relationship CD.

Overall review of TCF Bank products

TCF Bank’s branch network is geographically limited to the upper Midwest, Arizona and Colorado. However, the bank offers some compelling account options. Rates across all products are extremely low. Checking options are a bit limited, but it’s easy to get a standard account with no fees. High-service checking and money market accounts are also available, with fee waivers for larger account holders. For those just starting out, there are student checking and saving options as well. However, these accounts don’t share the higher interest payouts offered by the bank’s CDs. Overall, the bank has standout options in some account categories, but not in all of them.

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.

John Csiszar
John Csiszar |

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

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