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Reviews, Small Business

Wells Fargo Small Business Loan 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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There are many online lenders offering small business loans these days, and for good reason – banks are notorious for their long underwriting process. If you want to get funding quickly, a bank typically isn’t your best option.

Getting a small business loan with Wells Fargo won’t take months, but it may take a little longer than an online lender.

It offers quite a few small business loans that are worth a look, especially its Fast Flex and Wells Fargo Business Loan Term Loan. The Term Loan is the most basic of its small business loans, and a good fit for any business looking to expand or get working capital.

You don’t have to have any accounts with Wells Fargo to apply for a Term Loan, but you will need to apply in person, so having a branch nearby is ideal.

A Fast Flex loan can get you instant approval, but you need a Wells Fargo checking account with deposits over $50,000 open at least 1 year.

Wells Fargo Small Business Loan Details

With a Wells Fargo small business loan, you can borrow $10,000 to $100,000 on 2, 3, 4, or 5 year terms. Fixed APRs start at 7.5% – and vary based on the length of the loan and your credit history.

There’s a monthly repayment plan with this loan and a $150 opening fee. No collateral is required.

Fast Flex Loan Details

A Fast Flex loan has a short, 1 year term, and ranges from $10,000 – $35,000. You can apply online, get funds as soon as the next business day, but there is a one time $195 opening fee.

Interest rates start at 13.99%, not including the impact of the $195 fee.

Use this loan if you need money quickly, but expect to pay a higher rate and the higher upfront fee as the cost of faster money. It will be more expensive than a standard Wells Fargo Small Business Loan if you pay it off in a year, but it will be less expensive than many alternatives that can get you the money the next business day.

The Pros and Cons of a Wells Fargo Small Business Loan

Pro: Unlike other bank loans, this is an unsecured loan, so Wells Fargo doesn’t require any collateral.

Con: Wells Fargo will send a check directly to you once you’ve been funded. Most online lenders will deposit the amount you’ve been funded for directly into your business bank account. While Wells Fargo claims to have a quick process, this could slow things down a bit.

Pro: Many lenders are only offering loans up to one or two years. Having a five-year term could make payments much easier to manage, as they’ll be lower. This is beneficial when paying once a month, as payments will be larger.

Con: If getting paid by check wasn’t inconvenient enough, to apply for a small business loan with Wells Fargo, you also need to apply in person. While there are plenty of branches located in the United States, you might not have time to set up an appointment and go. Online lenders make it easier to apply as you can upload all your documentation through their portals.

Pro: The APR range isn’t bad at all when compared with other lenders. Some are as high as 40%, and 4.25% is a very low starting point.

What Businesses Are Eligible For a Loan With Wells Fargo?

Wells Fargo says this loan is “ideal for established business owners who want credit for business expansion, leasehold improvements, and other business opportunities.”

It further expands on this in its lending principles document. Wells Fargo takes the following into consideration when deciding whether or not to loan to a business:

  • Personal credit history of the primary business owner – timely payments and responsible use of credit are a must
  • Your company should have decent cash flow, enough to support making payments
  • Liquidity in the business – if you experience a slow season, Wells Fargo wants to make sure you have other means of repaying the loan
  • You have the best chance of being approved if you’ve been in business for at least 3 years
  • Your business credit should be clean. Wells Fargo won’t lend to businesses with judgments or liens in the past 10 years
  • Your business should be showing a profit, at least in the last two years
  • Ideally, you have five open lines of credit for a strong credit history

Even if you only meet most of these requirements, you still have a chance of being approved for a small business loan. Wells Fargo places a lot of emphasis on good, strong credit history as well as business cash flow. You need to be able to show that your business is capable of repaying the loan.

Application Process and Documents Needed

Wells Fargo offers a handy list of things you should have ready before applying on its website, but here are the most important things:

  • Business bank account number and balance (bring statements if possible)
  • Annual business revenue (having tax returns will help)
  • Personal bank account number and balance (for the owner applying)
  • Basic business and personal information

Wells Fargo states it takes around three business days to review your application and documents. Expect to hear back about an approval by then. Remember, you’ll get sent a check via express mail, so actually receiving the funds may take another day or so, and that’s if no additional documentation is needed.

If you’re not approved, it could take ten to fifteen days to hear back with an explanation of why you were denied.

The Fine Print

There are no prepayment penalties, annual fees, loan documentation fees, or closing fees associated with this loan.

However, there is an opening fee of $150. This can be waived if you choose to open a Wells Fargo Business Services Package, and include your loan as part of it. The additional benefit you get from opening an account with Wells Fargo is a 0.25% rate discount when you set up automatic payments.

Which Businesses Benefit the Most from a Loan With Wells Fargo?

Businesses with good cash flow and great business credit that also have owners with good personal credit will benefit the most. As stated, the business needs to show that it’s profitable. If you’re looking to expand because you’ve been experiencing rapid growth, now is a good time to apply for a loan.

If you’re struggling to pay off any debt you have, or worse, have liens or judgments against your business, you likely won’t qualify for a loan.

Additionally, business owners with a Wells Fargo branch nearby will benefit even more, as you must apply for a loan in person. The closer the branch, the more convenient it will be for you.

Wells Fargo Bank

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on Wells Fargo Bank’s secure website

Other Alternative Small Business Lenders

Wells Fargo does things a bit differently than online lenders. If you’re not a fan of having to drive to an appointment to receive a business loan, or don’t want to wait for a check to arrive in the mail, take a look at these alternative lenders.

Funding Circle offers loans of $25,000 to $500,000 on terms of 1 to 5 years. Its interest rates range from 4.99% to 26.99%, and its origination fee ranges from 0.99% to 6.99%.

Your business must have over $150,000 in annual revenue and 2+ years of operating history. A profit must have been reported on one of the last two years’ tax returns. You must not have had any bankruptcies within the past 7 years, and no more than 5 tax liens in the past 10 years. A minimum credit score of 620 is needed to qualify.

FundingCircle

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on FundingCircle’s secure website

Smartbiz SBA Loans offer financing on $30,000 to $350,000 with a term of 10 years. APRs range from 6.36% to 9.57%, and the origination fee is around 4%. You need at least two years in business (two years of tax returns must be filed), and positive cash flow. A minimum credit score of 600 is needed to qualify.

Smartbiz

APPLY NOW Secured

on Smartbiz’s secure website

Each of these alternatives also has a monthly payment.

Shop Around – It’s Worth the Time

While applying for a business loan online is easier than applying in person, it still pays to shop around for the best rates and terms. Small business loan programs vary wildly between lenders, and based on the industry your business is in, you could receive better rates from other lenders that have experience working with your industry.

If you think Wells Fargo has exceptional terms for your business, then it could be worth setting up an appointment to apply. However, don’t stop there – as long as you apply for business loans within a 30-day window, your credit won’t be impacted as much. Credit bureaus expect that you’ll shop around to find the best loan for your business, so take advantage.

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.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Reviews

PurePoint Financial Review of Savings and 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.

Year Established1979
Total Assets$120.9B
LEARN MORE on PurePoint Financial’s secure website
PurePoint Financial has been making a splash on the market ever since its launch in 2017. Even though it’s a new bank, don’t let that fool you: It falls under the umbrella of the Mitsubishi UFJ Financial Group Inc. This conglomerate is the fifth-largest bank in the world, with $2.59 trillion in assets.

This is a unique hybrid online/physical bank. You can do all of your banking online or if you prefer, you can visit one of the branches if you live in certain cities in Florida, Illinois, New York or Texas. If you visit a branch in person, representatives can assist you with opening and managing an account, but you cannot make cash deposits or withdrawals at a branch.

PurePoint claims that its main mission is to spur more Americans to save in order to counter the overall poor savings rate in this country. In this review we’ll cover its two products — CDs, and its savings account. We’ll fill in all the details to let you know if this bank is right for you and if it really does live up to its hype.
PurePoint Financial’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.90%

Savings

PurePoint Financial Online Savings

1.70%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

PurePoint Financial 12 Month Online CD

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

2.75%

CD Rates

PurePoint Financial 24 Month Online CD

2.50%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

3.00%

CD Rates

PurePoint Financial 36 Month Online CD

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

All rates are as of 6/15/2018

PurePoint Financial’s Savings Account

This is one of the higher earning accounts available today, but you’ll need a lot of money to open this account.

APY

Minimum deposit amount

1.90%

$10,000

0.25%

Up to $10,000

  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re looking for a simple, no-fuss online savings account that earns a good rate, this is definitely an account to consider. You’ll need a $10,000 minimum deposit to open the account and earn the high interest rate listed, but you can withdraw money and drop the balance below $10,000 after the account is open, if you wish. If you do this, you’ll earn a lower interest rate (currently 0.25% APY).

This account also does not come with ATM access or overdraft protection. Rather, if you happen to overdraw the account, you “agree to pay the amount of the overdraft promptly, without notice or demand from us,” according to PurePoint Financial’s disclosure. Additionally, there is no way to make a cash deposit into the account — you can only make transactions via bank or wire transfer, mobile deposit or by writing a check to make a deposit into the account.

Federal Regulation D limits you to making just six transactions (ACH, telephone, mobile or online banking, or wire transfer) per month. If you go over that amount, you’ll pay a $10 per-item fee, up to $50 per month. If you go over these limits regularly, PurePoint Financial may take away your transfer privileges or even close your account.

How to get the PurePoint Financial Savings Account

You can easily open this account in three different ways: in person at one of its financial centers, over the phone or online.

LEARN MORE Secured

on PurePoint Financial’s secure website

Member FDIC

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How PurePoint Financial’s Savings Account compares

PurePoint Financial isn’t offering the very highest interest rates, but they’re pretty darn close. This bank is a decent choice if you have a lot of cash. If you’re starting off with a smaller balance size, want ATM access to your savings account or want to earn the highest rates currently available, however, we recommend choosing a high-yielding savings account at another bank.

PurePoint Financial’s CD rates

These CDs earn decent rates but they’re not the highest earning CDs out there.

Term

APY

12 months

2.30%

18 months

2.50%

24 months

2.75%

36 months

3.00%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 181 days’ worth of interest, regardless of CD term length.

PurePoint Financial’s CDs are another no-fuss, straightforward product. Any interest you earn will be compounded daily and credited to your CD account once a month. You can choose to withdraw the interest earned penalty-free at any time, but remember: The APY quoted for these accounts assumes you keep rolling the interest back into the CD account. If you make a withdrawal of interest, you’ll earn a lower rate than the one quoted when you open your account.

Your CD will renew automatically, however you’ll get a 10-day grace period to make any changes.

One of the nice things about PurePoint Financial’s CDs is that it offers you a 10-day rate promise. When you open a CD or an existing CD is automatically renewed, PurePoint Financial will give you the best rate available during the 10-day period after you open the account or renew it. This helps ensure you get its best rate possible, which can ease your mind in a fluctuating interest rate environment (like we’re in today).

How to get PurePoint Financial’s CDs

There are three ways to open a PurePoint Financial CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself such as your name, address and Social Security number.

LEARN MORE Secured

on PurePoint Financial’s secure website

Member FDIC

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How PurePoint Financial’s CD rates compare

Much like its savings account, PurePoint Financial offers good — but not the best — rates. Furthermore, if you make only the minimum deposit with this CD account, you do not have the option to make a partial withdrawal and still be able to earn interest on this account.

If you don’t have this hefty minimum deposit, or if you think you’ll need to make a partial withdrawal below the minimum deposit amount or if you just want to earn higher rates, we suggest checking out these top-yielding CD accounts instead.

Overall review of PurePoint Financial’s banking products

PurePoint Financial has a worthy goal of getting people to save more. It does offer decent rates on its products, but it is possible to find even higher rates at some other banks.

Furthermore, the minimum deposit needed to save with this bank makes it only available to advanced savers. If you’re just getting started with your savings, it’s unlikely you’ll be able to afford the minimum deposits at this bank unless you were born with a silver spoon in your mouth or received a large inheritance.

Overall, we don’t think this bank is a bad choice, but it’s not the absolute best out there. We recommend scoping out a few more options before deciding whether you want to open an account here or not.

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

ableBanking Review: Money Market and 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.

Year Established1872
Total Assets$1.2B
LEARN MORE on AbleBanking’s secure website
ableBankingSM, the online arm of Maine-based Northeast Bank, combines the stability that comes with an institution that’s been around since 1872 with the savings of an online bank. Money saved by removing overhead expenses is donated to customers’ favorite charities and passed along through competitive rates, particularly for ableBanking’s Money Market Savings account.

CD rates, however, fall short. We’ll get into more detail below about both types of accounts and how they compare with online rivals.
ableBanking’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.70%

Savings

ableBanking Money Market Savings

1.70%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.75%

CD Rates

ableBanking 1 Year CD

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

0.90%

CD Rates

ableBanking 3 Year CD

2.50%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.65%

CD Rates

ableBanking 4 Year CD

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

ableBanking’s savings account option

ableBanking Money Market Savings

Competitive rates compared with other online banks, but no ATM or check-writing capabilities.

APY

Minimum Deposit Amount

1.70%

$250

As of 06/14/2018

  • Minimum opening deposit: $250
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

This no-frills online savings account offers a competitive interest rate to store your cash. Once you open an account, there is no monthly minimum to meet in order to earn the stated APY, as long as your balance is at least $0.01. All interest earned is compounded daily and will be credited monthly to your account. If you happen to close the account and any interest earned hasn’t been credited yet, you will receive the accrued interest. You can log in anytime to access your account statements.

Don’t look for an ATM card or checkbook. The only way to make transactions is via online or telephone transfers and preauthorized transfers to and from an external account. Like any savings account, you’ll incur a fee for more than six transactions per month. The Federal Reserve sets these guidelines.

ableBanking charges $10 for each excessive transaction, so consider just using this account as a place to store emergency or long-term savings. If you make too many excessive transactions, ableBanking may close your account. Other fees include $30 per transaction for overdrafts and returned items, as well as $20 for outgoing wire transfers.

New account holders should take note that deposits will be held for seven business days. Once your account hits the 60-day mark, deposits are held for five business days. Large deposits — $10,000 or more — are held for nine business days for everyone. All account holders are restricted to $25,000 worth of transactions per day.

To open a money market account, new customers will first need to apply for a primary account on ableBanking’s application page. Otherwise, existing customers may log into their account and proceed with the rest of the application.

During the application process, you’ll be asked to agree to ableBanking’s terms and conditions, including receiving electronic notices and statements only. You’ll then need to select the type of account you want and enter details such as your date of birth, address, Social Security number and a valid ID. You’ll also need to indicate whether it’s an individual or joint account application. If it’s a new account, you’ll need to submit a copy of a valid ID for any account owners, if applicable. You may designate any beneficiaries on your account, if applicable.

Once that’s done and ableBanking has received a copy of your ID, your account is considered open. You must then verify and fund your account within 30 days.

LEARN MORE Secured

on AbleBanking’s secure website

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How ableBanking’s Money Market Savings compares

Do some good for your community while helping yourself to one of the best rates around. ableBanking gives all new customers $25 to donate to a charity of their choosing, as long as it’s a 501(c)(3) organization. If you decide to donate more, you won’t be charged any fees if you contribute directly from your account. Friends who open an account each receive $25 to donate plus a $25 bonus for your favorite charity. So, if you open a new account and a friend does, too, that’s $75 for charity right there.

As far as rates go, ableBanking offers one of the best with one of the lowest minimum opening deposits. However, those who want check-writing privileges or ATM access should look elsewhere. The only way to access funds is through ACH transfer, which can take five to 10 days, depending on how long the account has been open and the deposit amount.

If rates are what’s important to you, then this money market account is a great choice. Its rate is higher compared with other online banks which pay, on average, 0.93% and far higher than the 0.01% yield at brick-and-mortar banks such as Chase, PNC or US Bank, according to Consumer Reports. Work around the lack of checks by linking an external checking account, or go with another option that offers ATM and check-writing capabilities.

Not sure this is the right account for you? Check out our Best Money Market Accounts page to see current best offers.

ableBanking CD rates

Rates fall short compared with other online competitors.

Term

APY

6 months

1.05%

1 year

1.75%

2 years

0.70%

3 years

0.90%

4 years

1.65%

As of 06/14/2018

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 90 days simple interest for a CD of less than 3 years
    • 180 days for CDs three years or more, based on the amount withdrawn

ableBanking’s CDs are best suited for those who want a basic fixed rate account that will earn them interest for a specific period of time. Their accounts will only allow you to keep a maximum of $240,000. Once you make your initial deposit, you can’t make any additional deposits until your account matures. Plus, any interest you earn must stay in the account until maturity. In other words, there is no option to withdraw money earned, unless you’re willing to face early withdrawal penalties.

As for earning interest, it’ll be compounded daily and credit monthly to your CD account. You begin to accrue interest on the business day ableBanking receives your deposit, and your rate is guaranteed until maturity. If you happen to withdraw money before the amount gets credited, you’ll still be able to receive interest accrued, although it could be less depending on the penalty you need to pay. You’re also required to give a minimum of seven days written notice if you intend on withdrawing your funds before the maturity date.

For those who keep the funds until maturity, you’ll get a grace period of 10 calendar days to decide what to do with them. The bank will notify you electronically of account maturity or any renewal notices. During this grace period, you can choose to withdraw the funds, move them to another account with ableBanking or renew. Otherwise, your account will automatically renew. If you intend on withdrawing the funds, you need to notify the bank either by calling them or via email before the grace period is over.

To open an ableBanking CD account, you first need to create an account online. If you’re an existing customer, you can log into your account and proceed with the rest of the application. For all others, go to ableBanking’s application page and click on the “create primary account” button on the bottom left-side of the screen.

After checking the boxes to indicate you’ve read and agreed to their conditions and terms, you’ll then be asked to provide your personal information, including employment information, address, date of birth and a valid ID. If it’s a new account, you’ll need to submit a copy of a valid ID card for any account owners, if applicable. Your account won’t be considered open until you complete this step.

During this stage, you’ll also select the type of CD you want and go through the process of linking a deposit account. This includes confirming the microdeposit amount — small deposits, typically $1 or less — ableBanking made to your linked account. You also have the option to name any beneficiaries. Once you complete the form and ableBanking receives a copy of your ID, fund your account within 60 days or risk the bank automatically closing your account.

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How ableBanking’s CD rates compare

While you’re earning more interest compared with traditional banks, ableBanking’s rates fall short when stacked up against other major online financial institutions. Its 6- and 12-month CD rates are slightly lower, so it could be worth checking out if you’re already a customer. If you like ableBanking’s mission of donating to local charities, then you can certainly take advantage of the $25 donations ableBanking gives to new customers and friends who sign up, just like the Money Market Savings account.

Otherwise, there aren’t many advantages. If you intend on opening a CD with terms of a year or more, you’re better off shopping around. Even ableBanking’s low opening deposit minimum of $1,000 might not be enough of an enticement. Competitors may offer bump-up rates, meaning customers get the opportunity to increase their rates after a certain period of time.

To check out CD accounts with much higher rates, visit our Best CD Rates page, where we show you current and updated offers.

Overall review of ableBanking’s products

Thumbs up for Money Market Savings. ableBanking gets extra points for its commitment to community nonprofits. And for those who want a simple account to store emergency cash or long-term savings, the Money Market Savings account is a great choice as it offers a great rate. If you’re looking for ATM or check-writing capabilities, however, look elsewhere. Same goes if you want a bank that offers more products — ableBanking only offers savings accounts at this time, though you can link an external checking account.

People who are interested in the best CD rates may be better off looking elsewhere, too. However, ableBanking’s CD rates are comparable with other online banks if you’re only interested in opening a 6- or 12-month CD.

The bottom line on both products. Ultimately, ableBanking can be a good choice for those who aren’t concerned about extra services and just want a place to park their funds, or those who intend on keeping a CD for a short period of time.

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

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

1.65%

Savings

Discover Bank Online Savings

1.70%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.25%

CD Rates

Discover Bank 12 Month CD

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

2.45%

CD Rates

Discover Bank 3 Year CD

2.50%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.75%

CD Rates

Discover Bank 5 Year CD

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

All rates listed below are as of 6/14/2018

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

2.25%

24 months

2.30%

30 months

2.30%

3 years

2.45%

4 years

2.50%

5 years

2.75%

7 years

2.80%

10 years

2.85%

  • 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.

LEARN MORE Secured

on Discover Bank’s secure website

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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

1.65%

$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 Bank’s CashBack Checking Account

If you use your debit card often, Discover CashBack Checking 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.

Discover Bank’s CashBack Checking 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 Checking Account, although you must request them.

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How Discover Bank’s checking account compares

Discover Bank’s CashBack Checking 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

1.50%

Less than $100,000

1.55%

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

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Featured, Personal Loans, Reviews

Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans

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.

Marcus by Goldman Sachs
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Most Americans probably think of fancy white-collar stock traders on Wall Street when they think of Goldman Sachs, a global investment firm that’s been around since the late 19th century.

In recent years, Goldman made a major pivot, launching a new arm of the company called GS Bank, which would provide internet-only savings accounts to the masses.

They also launched Marcus by Goldman Sachs®, a line of personal loans. Eventually, they decided to rebrand their savings account business, putting it under the Marcus umbrella as well.

Today, through Marcus, you’ll find three product offerings: personal loans, savings accounts, and CDs.

In this article, we’ll take a deep dive into all three products. We’ll tell you what you need to know before opening an account, including what rates they are offering.

All rates are current as of June 13, 2018.

Marcus by Goldman Sachs savings account

A very high interest rate and no fees make this one of the best savings accounts out there.

APY

Minimum Balance Amount

1.70%

None

  • Minimum opening deposit: None. However, you’ll need to deposit at least $1.00 if you want to earn any interest.
  • Monthly account maintenance fee: None.
  • Overdraft fee: None.

This is a great account for almost anyone. However, before you click that “Learn More” button below, there are a couple of things to know.

No ATMs. First, Marcus by Goldman Sachs doesn’t offer ATM access to your savings account. You’ll either need to deposit or withdraw money by sending in a physical check, setting up direct deposits, or by moving the money to and from your other bank accounts via ACH or wire transfer.

No checking account. Second, Marcus does’t offer a corresponding checking account. That means you can only use this account as an external place to park your cash from your everyday money flow.

Keeping a separate savings account does have its benefits. For example, it’s harder to tempt yourself to withdraw the cash if you’re a chronic over-spender. But, it also means that there might be a delay of a few days if you need to transfer the money out of your Goldman Sachs online savings account and into your other checking account.

How to open a Goldman Sachs online savings account

It’s really easy to open an online savings account with Marcus by Goldman Sachs. You can do it online or over the phone as long as you’re 18 years or older, have a physical street address, and a Social Security Number or Individual Taxpayer Identification Number.

You’ll be required to sign a form which you can do online, or by mail if you’re opening the account over the phone.

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How their online savings account compares

Marcus’ online savings account can easily be described with one word: outstanding.

You’ll get a relatively high interest rate with this account, which is among the best online savings account rates you’ll find today. In fact, these rates are currently over seven times higher than the average savings account interest rate.

Even better, this account won’t charge you any fees for the privilege of keeping your money stashed there. It’s a tall order to find another bank that offers these high interest rates with terms this good.

Marcus by Goldman Sachs CD rates

Sky-high CD rates, but watch out for early withdrawal limitations.

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

2.30%

$500

18 months

2.35%

$500

24 months

2.45%

$500

3 years

2.55%

$500

4 years

2.60%

$500

5 years

2.90%

$500

6 years

3.00%

$500

  • Minimum amount to open account: $500
  • Minimum amount to earn APY: $500
  • Early withdrawal penalty: For CDs under 12 months, 90 days’ worth of interest. For CDs of 12 months to 5 years, 270 days’ worth of interest. For CDs of 5 years or over, 365 days’ worth of interest.

Marcus’ CDs work a little differently from other CDs. Rather than having to set up and fund your account all at once, Goldman Sachs will give you 30 days to fully fund your account.

Once open, your interest will be tallied up and credited to your CD account each month. You can withdraw the interest earned at any time without paying an early withdrawal penalty, but heads up: If you withdraw the interest, your returns will be lower than the stated APY when you opened your account.

If you need to withdraw the money from your CD, you can only do so by pulling out the entire CD balance and paying the required early withdrawal penalty. There is no option for partial withdrawals of your cash.

Finally, once your CD has fully matured, you’ll have a 10-day grace period to withdraw the money, add more funds, and/or switch to a different CD term. If you don’t do anything, Marcus will automatically roll over your CD into another one of the same type, but with the current interest rate of the day.

How to open a Goldman Sachs CD

Marcus has made it super simple to open up a CD. First, you’ll need to be at least 18 years old, and have either a Social Security Number or an Individual Taxpayer Identification Number.

You can open an account easily online, or call them up by phone. You’ll need to sign an account opening form, which you can do online or via a hard-copy mailed form. Then, simply fund your CD account within 30 days, and you’re all set.

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How their CDs compare

The interest rates that Marcus offers on their CDs are top-notch. In fact, a few of their CD terms are among the current contenders for the best CD rates.

If you’re interested in pursuing a CD ladder approach, Marcus is one of our top picks because each of their CD terms offer above-average rates. This means you can rest easy that you’ll get the best rates for your CD ladder without having to complicate things by spreading out all of your CDs among a handful of different banks.

The only downside to these CDs compared with many other banks is that you can’t withdraw a portion of your cash if you need it. It’s either all-in, or all-out. However, once out, you’re still free to open a new CD with the surplus cash, as long as it’s at least the $500 minimum deposit size.

Marcus by Goldman Sachs personal loan

Personal loans offered by Marcus have low APRs, flexible terms, and no fees.

Terms

APR

Credit Required

Fees

Max Loan Amount

36 to 72 months

6.99%-24.99%

Varies

None

$40,000

Marcus by Goldman Sachs® personal loans can be used for just about anything, from consolidating debt to financing a large home improvement project. They offer some of the best rates available, with APRs as low as 6.99%, and you’ll not only be able to choose between a range of loan terms, but you can also choose the specific day of the month when you want to make your loan payments.

While there are no specific credit requirements to get a loan through Marcus, the company does try to target those that have “prime” credit, which is usually those with a FICO score higher than 660. Even with a less than excellent credit score, you may be able to qualify for a personal loan from Marcus, though, those that have recent, negative marks on their credit report, such as missed payments, will likely be rejected.

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

No fees. Marcus charges no extra fees for their personal loans. There is No origination fee associated with getting a loan, but there are also no late fees associated with missing payments. Those missed payments simply accrue more interest and your loan will be extended.

Defer payments. Once you have made on-time payments for a full year, you will have the ability to defer a payment. This means that if an unexpected expense or lost job hurts your budget one month, you can push that payment back by a month without negatively impacting your credit report.

How to apply for a Marcus personal loan

Marcus by Goldman Sachs offers a process that is completely online, allowing you to apply, choose the loan you want, submit all of your documents, and get approved without having to leave home. Here are the steps that you will complete to get a personal loan from Marcus:

  1. Fill out the information that is required in the online application, including your basic personal and financial information, as well as how much you would like to borrow and what you will use the money for.
  2. After a soft pull on your credit, and if you qualify, you will be presented a list of different loan options that may include different rates and terms.
  3. Once you have chosen the loan you want, you will need to provide additional information to verify your identity. You may also be asked for information that can be used to verify your income and you will need to provide your bank account information so that the money can be distributed.
  4. You will receive your funds 1 – 4 business days after your loan has been approved.

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How their personal loans compare

Marcus offers low APRs and flexible terms with their personal loans, but their main feature is that they have no fees. If you are looking for a straightforward lending experience with no hidden fees or costs, Marcus will be perfect for you since you won’t even have to worry about late fees if you happen to miss a payment.

While Marcus offers some great perks, you may be able to get a lower rate if you choose to go with another lender, such as LightStream or SoFi. Both of these lenders offer lower APR ranges and they don’t charge origination fees, though, LightStreamwill do a hard pull on your credit to preapprove you.

LendingClub and Peerform both have lower credit requirements than Marcus, but they also charge origination fees and, being P2P lending platforms, you will need to wait for your loan to be funded and you run the risk that other users might not fund your loan.

Overall review of Marcus by Goldman Sachs‘ products

Marcus has really hit it out of the park with their personal loans, online savings, and CD accounts. Each of these accounts offers some of the best features available on the market, while shrinking the fees down to a minuscule, or even nonexistent, amount. Their website is also slick and easy to use for online-savvy people.

The only thing we can find to complain about with Marcus is that they don’t offer an equally-awesome checking account to accompany their other deposit products. Indeed, it seems like Marcus has turned their former hoity-toity image around: Today, they’re a bank that we’d recommend to anyone, even blue-collar folks.

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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Earning Interest, Reviews

Discover Bank CD Rates 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.

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

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

Discover Bank CD rates

CD term

Annual Percentage Yield (APY)

3 months

0.35%

6 months

0.65%

9 months

0.70%

12 months

2.25%

18 months

2.25%

24 months

2.30%

30 months

2.30%

3 years

2.45%

4 years

2.50%

5 years

2.75%

7 years

2.80%

10 years

2.85%

Rates as of 6/12/2018

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How do Discover Bank CD rates compare?

While Discover Bank CD rates aren’t always the highest available, they are consistently among the top offers across all terms. However, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover’s. Currently, several nationwide banks offered a 12-month CD at a rate higher than Discover’s 12-month CD APY, while requiring a lower minimum deposit. For example, at the same time the above rates were available at Discover, there were 12-month CDs with rates as high as 2.25% APY with a lower minimum balance amount to earn the APY.

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

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

What you need to know about Discover Bank’s CDs

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

How to open a CD

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

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

How to fund the CD

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

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

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

Withdrawing funds from the CD

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

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

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

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

Earning interest on a Discover CD

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

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

What happens once the CD matures?

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

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

The bottom line

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

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

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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

Review of VirtualBank CD Rates and Money Market 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.

VirtualBank review
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VirtualBank has been a division of IBERIABANK since July 31, 2017 when it was sold by Banco de Sabadell. IBERIABANK was founded in 1887 in New Iberia, La., and has a presence across the southeastern U.S. VirtualBank is an online-only bank. Internet banks are growing in popularity as their low overhead costs allow them to offer higher rates and lower fees to consumers than traditional brick-and-mortar institutions.

Although VirtualBank’s rates are higher than those offered by traditional brick-and-mortar banks, we found they don’t stack up against better offerings from other online banks. Not only are their rates lackluster but they they also make it harder to get the best deals by requiring higher minimum opening deposits and average daily balances in order to obtain their highest rates.

This VirtualBank review will cover their eCD, eMoney Market and Jumbo eMoney Market accounts, including features, interest rates, and which accounts may be the best option for you.

VirtualBank CD rates

VirtualBank offers guaranteed returns on their CDs, but you’ll need at least a $10,000 minimum deposit in order to open one.

VirtualBank offers CDs with flexible terms and guaranteed returns that allow investors to earn competitive interest rates. All eCDs require a minimum opening deposit of $10,000. The APYs currently range from 0.15% to 2.65% depending on the term length.

VirtualBank’s rates are very competitive, but the minimum opening deposit is higher than many competitors. It’s possible to find a 12-month CD with an APY over 2.00% that only requires a $1,000 minimum. You can also easily find a 3-year, 2.30% APY CD with a $5,000 minimum. Other banks offer high APY CDs with different terms that usually require less than the $10,000 minimum that VirtualBank does.

Term

APY

1 Month

0.15%

2 Month

0.15%

3 Month

0.82%

6 Month

1.56%

9 Month

2.05%

12 Month

2.35%

18 Month

1.57%

24 Month

2.55%

36 Month

1.66%

48 Month

1.79%

60 Month

2.65%

As of 6/8/2018

VirtualBank’s eCD is a more traditional CD that features a fixed term and interest rate until maturity. The CD term can be as short as one month or as long as 60 months, with varying APYs. To get the highest rate, you’ll need a minimum opening deposit of $10,000.

The eCD has an early withdrawal penalty, which is typical of CDs. The penalty depends on the terms of your CD, but usually longer terms have higher penalty interest rates. If you withdraw money from your eCD before the CD matures, you will lose the interest earned for the amount withdrawn.

CDs are similar to a savings account, but offer higher, fixed rates of return in exchange for a fixed investment term. These are generally a good option for investors who are looking for a relatively short-term way to grow their money with a guaranteed rate of return over a specified time period, and VirtualBank eCDs are no different.

How to get VirtualBank’s CDs

If you want to open a CD with VirtualBank, you will need to apply through the VirtualBank site or download the PDF application. You will need to provide basic details about yourself (name, address, phone number etc.) as well as details about the CD you would like to open, including the term and the minimum deposit.

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How VirtualBank’s CD rates compare

VirtualBank offers relatively high CD rates compared with other best CD options.

The biggest downside to VirtualBank’s eCDs is the $10,000 minimum deposit to open. Many other banks offer CDs with competitive interest rates and lower minimum opening deposits. If you have less than $10,000 to invest in a CD, it makes sense to look into these other CD options instead.

VirtualBank’s money market account options

VirtualBank offers two different money market accounts: the eMoney Market and the Jumbo eMoney Market. Each account has different requirements and benefits. Read on the find out more.

eMoney Market account

VirtualBank’s eMoney Market account offers a decent APY, but you can only withdraw or transfer from the account a maximum of six times per month.

APY

Minimum Balance Amount

0.80%

Any

As of 6/7/2018

VirtualBank’s money market account rate isn’t as high as you can get — there are other money market accounts that offer rates as high as 3% APY.

Even so, this account isn’t the worst option and could still be a good fit depending on your needs. It offers a constant APY regardless of how much money you deposited in the account, however, you will need to deposit a minimum of $100 to open. You will also need to have a minimum daily balance of $100 in order for the eMoney Market’s $5 account maintenance fee to be waived.

A money market account is a good option for someone who doesn’t need to withdraw from the account more than six times per month. That’s because you’ll be charged an excessive withdrawal fee of $15 after six transactions per month. If you regularly withdraw from your account or transfer more than six times per month, your account could be converted to a checking account or closed.

While VirtualBank doesn’t offer the highest rates available for their eMoney Market account, they don’t require a high minimum deposit to earn the highest available rate for this account. In fact, no matter how much you have deposited, you’ll earn the same APY. You do have to keep a minimum daily balance to avoid the monthly fee, but it’s a pretty low requirement.

This account does not come with an ATM card, so if you want ATM access you will need to first transfer money from your eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your this account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s eMoney Market account

If you want to apply for VirtualBank’s eMoney Market account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit and funding source.

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Jumbo eMoney Market account

VirtualBank’s Jumbo eMoney Market account offers a higher APY than their eMoney Market account, but you’ll need to deposit a lot of cash to get that rate.

APY

Minimum Balance Amount

0.25%

$.01 - $249,999.99

0.90%

$250,000 or more

As of 6/7/2018

If you’re going to park a big chunk of cash into a money market account, you can probably do better than VirtualBank’s Jumbo eMoney Market account. There are other accounts that offer higher APYs without such a high minimum balance requirement. VirtualBank only requires a minimum opening balance of $100 for their Jumbo eMoney Market account, but you’ll need to have at least $250,000 in the account in order to qualify for the higher 0.90% APY.

If you plan to have less than $250,000 in your money market account, the eMoney Market will give you a higher APY than their Jumbo eMoney Market account.

Additionally, VirtualBank has a $5 monthly account maintenance fee, which is waived if you have a $100 minimum daily balance.

Remember that a money market account is a good option only if you won’t need frequent access to your funds. You’re only allowed to withdraw or transfer from a money market account six times per month.  Anything over that and you’ll be charged an excessive withdrawal fee of $15 per additional transaction. If you regularly withdraw from your account more than six times per month, your account could be converted to a checking account or closed.

This account also does not come with an ATM card, so if you want ATM access you will need to first transfer money from your Jumbo eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your the account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s Jumbo eMoney Market account

If you want to apply for this account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit, and funding source.

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How VirtualBank’s money market accounts compare

VirtualBank’s money market accounts are okay, but they’re not stellar. There are other money market accounts out there offering higher rates with lower requirements to meet. Even if you have enough to qualify for the Jumbo eMoney Market account’s highest rate, you can still find higher APYs elsewhere.

Overall review of VirtualBank’s banking products

Overall, VirtualBank offers okay banking products. Regardless of the product, there are better options offered by other banks that offer higher APYs for less requirements.

That’s not to say you should rush to close your VirtualBank account if you already have one open, but it’s definitely worth shopping around to see if there are options that will work better for you.

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.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Reviews

Chase Bank Reviews: CD, Checking, and Savings 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 Established1824
Total Assets$2,198.3B
LEARN MORE on Chase Bank’s secure website
Chase Bank is one of the biggest of the so-called “big banks” in the U.S. The bank can trace its roots all the way back to 1877 when it was known as “Chase National Bank,” named after Salmon Chase, appointed by former President Abraham Lincoln as secretary of the treasury. Chase Bank currently exists under the umbrella of the JPMorgan Chase & Co., a massive conglomerate made up of over 1,200 individual financial mergers and acquisitions since 1799.

Chase Bank is ubiquitous, operating 5,100 branches and 16,000 ATMs across the country. It’s not hard to find a local Chase Bank branch — or several — in your community, which is one reason why it’s become so popular. In fact, Chase claims that nearly half of all American households have some sort of a financial relationship with them.

But just because the bank is widespread doesn’t necessarily mean it’s the right bank for you. We’ll dive into the details of its accounts in this review and give you all the information you need to make an informed decision.

One final note: The interest rates below are as of June 8, 2018 and may vary at different Chase Bank locations across the country. To compare apples to apples and keep everything consistent, we’ll be reporting rates from the 10017 area code (New York, N.Y.), which is where Chase Bank’s headquarters is located.
Chase Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Chase Bank Chase SavingsSM

1.70%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.02%

CD Rates

Chase Bank 1 Year Certificates Of Deposit

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

0.15%

CD Rates

Chase Bank 3 Years Certificates Of Deposit

2.50%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.35%

CD Rates

Chase Bank 5 Years Certificates Of Deposit

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

Chase Bank’s CD rates

Chase’s CDs come with many different term length options, but don’t expect the interest rates on these CDs to make you a millionaire.

Standard rates

Term

APY

1-17 months

0.01%

18-41 months

0.05%

42-59 months

0.10%

60-119 months

0.25%

120 months

0.70%

Relationship rates

$1,000-$9,999

$10,000-$99,999

$100,000+

1-11 months

0.02%

0.02%

0.02%

12-14 months

0.02%

0.02%

0.05%

15-17 months

0.05%

0.15%

0.20%

18-20 months

0.15%

0.25%

0.30%

21-35 months

0.65%

0.75%

0.75%

36-47 months

0.70%

0.80%

0.85%

48-59 months

0.75%

0.95%

1.01%

60-119 months

0.75%

0.95%

1.01%

120 months

1.16%

1.26%

1.30%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty:
    • For CDs of less than 24 months, you’ll pay 1% of the amount withdrawn.
    • For CDs of longer than 24 months, you’ll pay 2% of the amount withdrawn.

    In either case, the penalty won’t be more than the total interest you’ve earned.

Chase Bank offers many different CD term lengths, which can allow you to customize your savings plan. This feature is especially handy if you’re trying a creative CD laddering strategy. You can also withdraw the interest earned at any time without paying a penalty, which is a convenient feature if you need this income before the CD matures. However, you’ll still face an early withdrawal fee if you want to withdraw any of the principal (the amount you initially put in the CD).

When you open up a Chase CD, it’ll automatically renew for the same term length once it matures. However, after this happens, you’ll still have a 10-day grace period where you can withdraw the money or make any changes to your CD without penalty.

You can open up a CD with Chase Bank online as long as you’re a U.S. citizen and you have some form of government-issued ID. In addition, you’ll also need a way to fund your new account.

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How Chase Bank’s CD rates compare

We’ll be blunt. Chase Bank’s CD interest rates don’t even come close to the current top competitors for best CD rates. While it’s nice that it offers many different term length options, this isn’t what’s going to give you the greatest returns: high interest rates will. That’s why we suggest passing on these CDs and instead choosing another bank if you want to earn the most money possible.

Chase Bank’s checking account options

Chase Premier Plus Checking

This checking account comes with very high fees, but offers nice rewards for military members.

APY

Minimum balance amount

0.01%

$0

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: Your first four non-Chase ATM uses are free.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for five or more consecutive days, you’ll also face a $15 extended overdraft fee.

This account is probably best for current and former military members, as well as those with deep pockets and/or other banking relationships with this bank. People who fall under this umbrella can get the high monthly account maintenance fee waived under one of these options:

  • Be an active-duty military member or veteran with a military ID
  • Have an average daily balance of $15,000 across all your eligible linked Chase accounts and investments
  • Sign this account up to make automatic payments to your Chase first mortgage

If you have this account, you’ll also get a few other minor perks. You can get free checks, a free 3” x 5” security box (as long as there are some available) at your local Chase branch and free money orders and cashier’s checks.

In addition, if you are a current military member and have your military paycheck deposited into this account, you’ll get a few more free perks: no fees at all for using non-Chase ATMs, free wire transfers and no foreign exchange fees for ATM or debit card transactions.

You can easily open a Chase Premier Plus checking account online as long as you’re a U.S. citizen. You’ll need an ID number (such as a driver’s license number) and a way to fund your new account, such as via a transfer from another checking account or by debit card.

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Chase Premier Platinum Checking

Chase Bank’s highest-level interest-bearing checking account charges a higher monthly fee, but you get several other fees waived in exchange.

APY

Minimum balance amount

0.01%

$0

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $35 if you live in CT, NJ or NY. $25 everywhere else.
  • ATM fee: No ATM fees for using non-Chase ATMs, however you’ll pay a 3% foreign transaction fee if you withdraw cash from a foreign ATM.
  • ATM fee refund: Your first four non-Chase ATM uses are free.
  • Overdraft fee: If you have overdrafted your account by four times or less in the past 12 months, you won’t pay any overdraft fees. Otherwise, it’ll be $34 per each item over $5, up to three per day.

This account also comes with a high monthly fee. But if you’ve got deep pockets, you can get it waived each month simply by keeping an average daily balance of $75,000 in your eligible linked Chase Bank accounts and investments.

In addition to the ATM and overdraft fees being waived in certain cases, you’ll also get several other fees waived. These are mostly oddball fees that few people pay regularly anyway, but these waived fees still might be useful in your situation.

You’ll get free checks, a free rush order on new debit card replacements, free stop-payment orders, free incoming wire transfers, free money orders and cashier’s checks, free statement copies and a free 3” x 5” safe deposit box, as long as one is available in your local branch.

Finally, if you do have this account, you can get the monthly maintenance fees waived on certain other Chase checking, savings and business accounts.

If you’re a U.S. citizen and have a government-issued ID number handy, you can easily apply online. You’ll also need to provide a way to fund your new account, such as by check card or ACH transfer.

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Chase Total Checking

A solid checking account option but look at other no-fee checking accounts if you want to avoid fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: None.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.

If you don’t quite have the high balances required to waive the monthly maintenance fees on the more premium checking accounts, the Total Checking account might be a better option for you. With this account, you can have the monthly maintenance fee waived in one of three ways each month:

  • Have at least $500 direct-deposited into your account
  • Keep a balance of $1,500 in your account
  • Have at least $5,000 in this and other linked Chase accounts and investments

This account offers no interest and none of the perks of Chase Bank’s other accounts, such as free checks or free ATM uses.

If you’re a U.S. citizen and have the number from your government-issued ID handy, you can easily open an account online. You’ll also need to provide a method to fund your new account, such as a transfer from another bank account or with a debit card.

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Chase College Checking

Chase Bank’s College Checking account is free for college students for their first five years in college. Once you pass the five-year mark, you might be better off graduating into a no-fee checking account option unless you meet the requirements to have the fee waived.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6 (your first five years are free, however)
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: None.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.

If you’re a college student between the ages of 17 and 24 (and can prove your status), you’re eligible to open up a College Checking account with Chase.

There won’t be any monthly maintenance fees for the first five years after you open the account. If it takes you a long time to graduate or if you go to grad school and extend your college career past the five-year mark, however, there are still a couple of ways you can get the monthly maintenance fee waived:

  • Have at least one direct deposit (any amount) per month
  • Keep an average daily balance of $5,000 in your account

If you’re a U.S. citizen, and a college student between the ages of 17 and 24, you can open a College Checking account with Chase Bank online. You’ll also need to provide a way to fund the account, and a government-issued ID.

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Bonus offer: Chase College Checking account

For a limited time (until Aug. 13, 2018), Chase Bank is offering a special $50 bonus to new customers who open up a College Checking account. You’ll need to go on the website to get a coupon, which you then can bring into a local branch (the offer is not available for people who sign up online).

When you open your account, you’ll need to enroll in electronic statements. Finally, you’ll need to make at least 10 transactions with your new checking account within 60 days to be eligible for the $50 bonus. If you meet all these qualifications, you’ll get your bonus money within 10 days.

One final heads up: Don’t close your account for at least six months after you open it. Otherwise, Chase will deduct the $50 bonus from your account.

Chase High School Checking

This student account comes with a $6 monthly fee, but it’s highly unlikely you’ll ever have to pay it if you have a parent who already banks with Chase.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: None.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.

This checking account is available to high school students between the ages of 13 and 17 who apply along with a parent. Parents who already have a banking relationship with Chase (not including a College Checking or High School Checking account) are eligible to apply for this account as a co-owner along with their student.

Although it comes with a $6 monthly maintenance fee, it’s almost guaranteed that you won’t have to pay it, since one of the ways to waive this fee is by having a parental co-owner with a linked non-College Checking and non-High School Checking account. Conveniently, those are also the requirements to open this account.

But, if Chase Bank ever does change the rules, or you find yourself in some weird loophole where this doesn’t apply to you, there are a couple of other ways that you can get the $6 monthly maintenance fee waived:

  • Have at least one monthly direct deposit made into the account
  • Keep a daily average of at least $5,000 in this account

Once the student co-owner turns age 19, this account will automatically transform into a Chase Total Checking account. It’s a good idea to keep this in mind, since the Total Checking account comes with a $12 monthly maintenance fee that you definitely do not want to be surprised by.

If you, as a parent, already have a qualifying personal checking account with Chase Bank and are prepared to be a co-owner on the checking account with your 13- to 17-year-old, then they are eligible for this account.

You’ll need to provide a way to fund the account along with your and your child’s government-issued IDs. Finally, you’ll need to apply for this account in-person at a local branch, rather than online.

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How Chase Bank’s checking accounts compare

Overall, we’re not too impressed with Chase Bank’s checking accounts. Each account charges a monthly maintenance fee, and while it is possible (and even probable, in some cases) to have this fee waived, you’ll still need to be on your toes each month to make sure you meet the requirements.

Furthermore, only two of its checking accounts offer any interest on your deposit. And even then, it’s worth noting that it’s only currently at 0.01% APY, which is the smallest amount of interest a bank can offer while still technically saying that it does offer interest.

If you’re looking for a higher interest-earning online checking account, take a look at these top-rated online checking account options instead.

Chase Bank’s savings account options

Chase Savings Account

Earn rock-bottom interest rates while trying to skirt the monthly fee with Chase Bank’s Savings Account.

APY

Minimum Deposit Amount

0.01%

$0

  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None.
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: None.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for five or more consecutive days, you’ll also face a $15 extended overdraft fee.

You don’t get much with this savings account. Furthermore, you’ll need to find ways to waive the monthly maintenance fee, otherwise this fee could easily wipe out any earnings you receive for the month. There are four different ways you can get this monthly maintenance fee waived:

  • Keep at least $300 in this account
  • Set up a recurring monthly deposit of at least $25 from a linked Chase Bank personal checking account
  • Be under the age of 18
  • Have a linked Chase Premier Plus, Premier Platinum or Private Client checking account

You’ll also need to make an opening deposit of at least $25 to establish the account. This account also comes with a $5 “savings withdrawal limit fee” that will be charged each time you exceed six withdrawals per month. Unlike with the Chase Premier Savings account, there is no way to have this fee waived, so if you think you’ll be making a lot of withdrawals, you may want to consider another savings account.

Finally, if you exceed the Federal Regulation D limits (not including ATM or in-person withdrawals), the bank may also downgrade your account to a Chase Total Checking account.

Chase Bank does make it easy to sign up for a Savings Account online. U.S. citizens are eligible to apply, and all you’ll need is a way to fund the account and a government-issued ID number.

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Chase Premier Savings

Chase’s Premier Savings account doesn’t offer much in the way of returns or consumer-friendly benefits.

Standard rates

APY

Minimum Deposit Amount

0.01%

$0

Relationship rates

APY

Balance Amount

0.04%

$0-$49,999

0.07%

$50,000-$99,999

0.08%

$100,000-$249,999

0.11%

$250,000+

  • Monthly account maintenance fee: $25
  • ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
  • ATM fee refund: None.
  • Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.

Chase’s Premier Savings account offers you the best chance to earn high interest rates with a savings account at this bank. However, you’ll need to watch out for the $25 monthly maintenance fee, which you can skirt in one of two ways:

  • Keep at least $15,000 in this account
  • Have a linked Chase Premier Plus or Chase Premier Platinum Checking account

You’ll also need to make an opening deposit of at least $100 to open this account (however, the balance can drop below that afterward). If you make more than six withdrawals per month, you’ll also face a $5 “savings withdrawal limit fee,” unless you have more than $15,000 in your account.

This is different from the Federal Regulation D limits, which limit you to six transactions per month, not including ATM or in-person transfers. If you exceed these limits, your account may automatically be downgraded to a Chase Total Checking account instead.

If you’re interested in opening a Premier Savings account with Chase Bank online, you’ll need to be a U.S. citizen. In addition, you’ll also need a way to fund your new account (such as with a transfer from an existing bank account) and you’ll need to provide the bank with a government-issued ID number.

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How Chase Bank’s savings accounts compare

Like many traditional bricks-and-mortar banks, Chase Bank offers some less-than-stellar interest rates. Case in point: the current highest-yielding online savings accounts are paying 15X what the maximum interest rate Chase offers, and with a lot less hassle. It may be convenient for you to open a savings account with Chase if you want to bank with a local branch, but if you want to earn the most money possible from your savings account, this isn’t the account to choose.

Overall review of Chase Bank’s products

Chase Bank has made quite a name for itself over the years. However, when it comes to its personal deposit accounts, there’s a lot left to be desired. Each of these accounts comes with high fees and super-low interest rates that make it hardly worthwhile to bank with Chase.

There may be good reasons to bank with Chase, such as if you prefer to use a conveniently-located branch near you. But in terms of earning the most money possible from your bank deposits, Chase Bank is definitely one to pass 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.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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