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Strategies to Save

The Ultimate Guide to CD Ladders

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.

The Ultimate Guide to CD Ladders

Certificate of Deposits (CDs) are some of the highest-yielding deposit accounts offered at most banks and credit unions. But, they come with a catch: your money is locked away for a certain period of time, and generally you can’t unlock it without paying an early withdrawal penalty.

It’s also no secret that interest rates are changing these days. That can also affect the returns you get from saving with CDs.Things only get more complex if you’re attempting to create what is called a CD Ladder, which can be used to take advantage of higher APYs while staggering investments so all your cash isn’t tied up for a very long time.

If you want to save money by creating your own CD ladder, you need to juggle your own financial goals with shifting interest rates and early withdrawal penalties. It’s possible that CDs may not even be the right investment tool for you. How are you supposed to decipher what’s the best course of action when there are so many competing possibilities? Fear not. We’ll help you decide whether CD ladders are the right investment tool for you and how to get the most out of them in this guide.

What is a CD ladder?

A CD ladder is a series of several CDs that are structured with varying terms. By staggering the terms, you ensure that each CD finishes its term at regular, predictable intervals. That way, you’ve got access to a steady stream of cash while still earning higher rates than you might through a regular savings or checking account.

The main disadvantage of CD ladders is that your money is locked away for a certain length of time. This differs for each CD and is called its term. CD terms can range all the way from one month to ten years. Generally, the longer the CD term, the higher the interest rate you can get.

Logically, you’d think that the best thing to do would be to put all your money in long-term CDs, right? Unfortunately, doing so has two specific risks.

You could miss out on rising rates. If the Federal Reserve raises interest rates (as they have been doing for the past two years), many banks and credit unions soon follow by raising the rates on their own deposit accounts. But, if you’re locked into a long-term CD, you could be stuck in a high-interest rate environment with the poor interest rates from yesteryear. That means you won’t be earning the maximum amount of interest possible.

It’ll be hard to tap into your savings in a pinch. Secondly, what if something happens and you need access to that cash? Can you predict what’ll happen in five years—a home purchase, major medical bills, or some other unexpected large expense? If your money is locked away in long-term CDs, you could be out of luck unless you pay a potentially-substantial early withdrawal penalty.

Luckily, there’s an easy solution that lessens these two risks: a CD ladder.

How to create a CD ladder in 3 easy steps

A CD ladder is a pretty intricate strategy. You split your money up into equal parts and match each pot of cash to a partnering CD. Then, you line them all up in a precise order and wait for the interest to accumulate.

Sound confusing? Let’s break it down with an example to show you exactly how it works with a basic five-year, five-CD ladder.

To start, let’s assume that you have $5,000 that you want to invest in a CD ladder (although this will work with any amount of money).

Step 1: Open up five separate CDs

Divide your cash into five equal parts. What we’re going to do is open five separate CDs. So, divide your cash into five equal pots of $1,000 each.

Search and compare to find banks with the best rates on CDs. Go to your bank of choice, either in-person or online. It’s possible to open up accounts at different banks or credit unions if they offer better rates on some CDs, but keep in mind that that will increase the complexity of this strategy. Open up five separate CDs with each pot of cash all at once and on a staggered schedule. Here’s what you’ll have when you leave the bank:

  • $1,000 in a one-year CD
  • $1,000 in a two-year CD
  • $1,000 in a three-year CD
  • $1,000 in a four-year CD
  • $1,000 in a five-year CD

Mark the date that you open all of these CDs on your calendar so that you can keep up with the CDs’ maturity dates.

Step 2: Each year when a new one-year CD matures, renew it ….and convert it into a five-year CD

Every year on your CD maturity date, one of your CDs’ terms will be up. For example, if you open a CD on May 26, 2018, then your one-year CD will come due on May 26, 2019. Your two-year CD will come due on May 26, 2020, and so on.

With most banks, when a CD becomes due, it will automatically roll over into another CD of the same term length (a one-year CD will automatically roll over into another one-year CD when it matures, for example). After it automatically rolls over, you will have a grace period of around one to two weeks where you can withdraw the money, add more money, and/or change the CD to a different term length — penalty-free.

Instead of letting your CD roll over into another one-year CD, you’re going to want to switch it up. Before the grace period ends, you’ll want to renew it into a five-year CD instead. Then, in 2020, you’ll do the same thing: you’ll renew the now-mature two-year CD into a five-year CD, and so on.

If you open up all of your CDs in 2018, it’ll look like this:

  • 2019: renew the one-year CD into a five-year CD
  • 2020: renew the two-year CD into a five-year CD
  • 2021: renew the three-year CD into a five-year CD
  • 2022: renew the four-year CD into a five-year CD
  • 2023: renew the five-year CD into another five-year CD

The reason we do this is because the five-year CDs pay out vastly higher rates of interest than the shorter-term CDs. If you can keep all of your money in the highest-earning CDs, you’ll get the maximum amount of cash possible.

Step 3: Decide whether you need to pull the money out or not

The other reason we do this strategy is because if we need to withdraw the money, we get free access to one new CD per year on our CD maturity date. In our example, that means you can withdraw $1,000 (plus whatever interest the CD earned) once per year without paying an early-withdrawal penalty.

Each time a CD becomes due, you should ask yourself: Do I need to withdraw this cash for any reason? If the answer is no, then keep your money in a CD ladder. If it’s not already invested into a five-year CD, then go ahead and renew it into a five-year CD. If it already is invested into a five-year CD, then just let it auto-rollover into another five-year CD. As long as you don’t want to withdraw the cash, your CD ladder will be fully on autopilot from this point forward.

Mini CD ladders: Explained

The five-year CD ladder sounds great, but if you’re like a lot of other people, you might need more frequent access to your money than once per year. That’s where a mini CD ladder might come in handy.

Rather than setting it up so that a new CD becomes due once per year, you can choose shorter term CDs and stagger them so that they mature every few months instead.

Let’s look at another example—the three-month, four-CD ladder.

You would divide your cash into four equal pools and open up four new CDs with these terms:

  • Three-month CD
  • Six-month CD
  • Nine-month CD
  • Twelve-month CD

One new CD will become due every three months. When it does, you would renew it as a 12-month CD with a higher rate. That way, you can access your money once every three months instead of once every year.

If you want even more frequent access to your money, it might be possible to restructure this in a different way. Some banks have one-month CDs, although they’re not as common as three-month CDs. If you open 12 one-month CDs and renew each of them into 12-month CDs, then you could even get access to your cash every single month instead of every three months. The downside of the mini CD ladder is that you won’t earn as much, because five-year CDs carry better rates than a twelve-month CD.

What is the best CD ladder strategy for me?

CD ladders are already pretty straightforward. Open CDs of different lengths, and renew them to longer-term CDs when they come due.

But, it might surprise you to know that there are a lot of different CD ladder strategies. Whichever strategy works best for you depends on your individual situation, and what financial possibilities keep you up at night.

For example, do you worry that you’ll make a mistake by locking your money away in low-rate, long-term CDs if interest rates start to rise (a fair concern, given recent decisions by the Federal Reserve)? Or are you the type of micro-manager who optimizes every little decision so that they can maximize their monetary returns?

If so, good news. These are some of the best CD ladder strategies for different people.

Best if you don’t need frequent access to cash:

The five-year, five-CD ladder

This is the baseline CD ladder strategy we outlined above. You open up five CDs with staggered term lengths so that one new CD comes due each year, and then renew it into a five-year CD. After four years, all of your CDs will be in five-year CDs earning the maximum amount of interest.

This type of CD ladder strategy works best for folks who know they won’t need very frequent access to their money. If you choose this strategy, it’s a good idea to keep a separate emergency fund of three to six months’ worth of expenses tucked away in a high yield savings account. You definitely don’t want to find yourself in a situation where you can’t access money for a year when you really need it.

Best if you need frequent access to your cash:

The five-year CD ladder with low early withdrawal penalties

One of the main reasons to invest in CD ladders is so that you don’t have to pay steep early withdrawal penalties. These penalties are typically tallied up as a certain number of months of interest depending on the term of the CD. For example, TD Bank will charge you 24 months’ worth of interest if you take your money out early from a five-year CD

These early withdrawal penalties are pesky enough, but high fees like this could actually eat into the principal you’ve deposited into the account, especially if you haven’t earned enough interest to at least cover the early withdrawal penalty. This means you might actually end up with less money than you deposited into the account at the end of the day—not to mention how it’ll hurt your returns even if you have earned enough interest to cover the penalty.

One way to get around this is to search for CDs with low early withdrawal penalties. What exactly is a low early withdrawal penalty? According to Ken Tumin, founder and editor of DepositAccounts.com (also a LendingTree-owned company), a below-average early withdrawal penalty for a five-year CD is six months or less.

Searching for CDs with low early withdrawal penalties is the best strategy if you want to earn the most money possible but also think that there’s a high likelihood you might need to break into one of your five-year CDs outside of the once-yearly maturation date. With this strategy, you will minimize your loss if and when you need to withdraw the money early.

Maximum work for higher yields:

Juggling CDs at multiple banks

It’s very possible that the top prize for highest CD rate for each term length in your CD ladder is held by a different bank. For example, Bank A might have the highest rate for one and two-year CDs, while Bank B might have the highest five-year CD rate.

If you’re an intrepid optimizer, it’s possible to earn the most money by splitting up your CDs among different banks, according to Tumin.

If it sounds a bit complicated, it is. “Each year, you’ll have to worry about transferring the money to the [bank with the] best five-year rate,” says Tumin. It also requires a lot of organization to remember the details of your many accounts. But, there is a way to limit the chaos.

Tumin’s recommendation is easy. “Choose at least two or three internet banks, but no more than three to keep things simple,” he says. “If one bank no longer becomes competitive, you can easily keep the CD ladder going with the other banks.”

It’s also a good idea to maintain a savings or money market account at the same bank for each of your CDs — as long as the account has no minimums and no monthly fees, since it will probably be empty much of the time. This bank account is strictly meant to be a temporary holding account for the CD money you hold within the same bank.

“If you need to access the money before maturity, it’s much easier to have the CD funds (minus the early withdrawal penalty) transferred to a savings or money market account that is at the same bank,” Tumin advises. “Once it’s in the savings/money market account, it’s easy to open a new five-year CD at another bank.”

Hedging your bets against rising interest rates:

The barbell CD ladder

The barbell CD ladder is the best CD strategy if you’re worried about rising interest rates while most of your money is locked away into lower-rate CDs. With this strategy, you divide your money yet again: half into a high yield savings account (a separate savings account from your emergency fund), and half into a five-year CD ladder.

The advantage of keeping your money in a high yield savings account is that if interest rates rise, you can immediately withdraw that cash when you see fit and invest it into CDs.

Of course, the trick is knowing when to pull the trigger and move your money from the savings account into a CD. If you do it too soon, interest rates may rise again, and if you’re too slow, you may lose out on potential gains. It’s a balancing act and since it’s impossible to predict the future, there’s no way you can really know when the right time is for sure. You just have to do it and hope for the best.

How do CD ladders hold up to other investments?

CD ladders are just one of many investment choices you can make. To see how they stack up compared to other common options, we’ll show you what you can theoretically earn in 10 years with a $10,000 deposit using each of the following choices: a five-year, five-CD ladder, the stock market, a high yield savings account, and just keeping the cash stuffed under your mattress.

Five-year, five-CD ladder

For this scenario, let’s assume that you start out with the standard five-year, five-CD approach. You will start by putting $2,000 each into five CDs of the following term lengths: one year, two years, three years, four years, and five years. Each year when a CD comes up for renewal, you renew it into a five-year CD.

After the fifth year, we’ll assume that you continue keeping all of the CDs in five-year terms for another five years. According to Ken Tumin, the average yield on a 5-year CD ladder is about 2%, so we are using that as the hypothetical return on investment. Of course, rates ebb and flow all the time, so this is merely an estimation.

Risk:

One of the safest options. The FDIC and NCUA insures your money up to $250,000 at each bank or credit union, respectively.

Reward:

$1,290

The stock market

For long-term investments (retirement, for example), the stock market remains the gold standard for investing. Over the last six decades, the S&P 500 (one of the most common measures of the stock market as a whole) has returned about 7% per year.

We can’t predict the market’s returns, obviously, but we’re going to assume that someone investing in a broad-based S&P 500 stock market index fund would earn 7% on their investments each year for 10 years. Here’s how they would fare.

Risk:

Very high. People can and do lose significant amounts of money in the short term while investing in the stock market.

Reward:

$9,671.51

High yield savings account

High yield savings accounts offer the maximum amount of liquidity. If you might need your cash at any moment, it’s a good idea to keep it in a high yield savings account. The tradeoff is that you’ll earn less interest than you might with the five-year, five-CD ladder.

We used the highest rate (1.50% APY; current as of 12/12/17) for personal savings accounts available nationwide that were listed on DepositAccounts.com. We assumed a $10,000 deposit saved up over a 10-year period.

Risk:

Very safe. Anything you keep in a bank (including CDs or savings accounts) is insured up to $250,000 by the FDIC or NCUA for banks and credit unions, respectively.

Reward:

$1,605.41

Under your mattress

Who hasn’t heard stories from their grandparents about saving up their extra cash in a hidden mason jar or under their mattress? Back in the days when banks failed in the Great Depression, losing your life savings was a real concern. Thankfully, these days the FDIC and NCUA programs make your deposits safe at each bank or credit union up to $250,000.

Now, the danger lies in not earning any interest on your money. Inflation eats away your money’s value at a rate of around 3% or more per year. That means if you’re not earning at least 3% interest, your money is probably losing value rather than gaining value.

If you started out with $10,000 in 2007 and kept it stuffed away in your home for ten years, here’s what would happen.

Risk:

Very unsafe. That money could easily be stolen or lost in a fire, not to mention what’ll happen as inflation erodes its value.

Reward:

$1,805.67

Is creating a CD ladder worth it?

Whether or not a CD ladder is worth it depends on your individual situation and what your goals are.

According to Tumin, there are four things you need to keep in mind when deciding if a CD ladder is worth it for you: liquidity (how easy it is to access your cash), simplicity (how much work do you want to put into pulling off a master-CD-ladder?), maximizing your yield, and your investment time frame (do you want to invest indefinitely, or complete the CD ladder at a certain point in time?).

We’ve outlined several CD ladder strategies above that you can use to meet your goals. Compare them to your other options: will keeping your money in a high interest savings account, the stock market, or some other investment option work better for you?

In general, CDs today are earning far below what they used to. In July 1981, for example, you could get a one-month CD on the secondary market (i.e., buying it from an individual who has a CD, rather than a bank or credit union) with a whopping interest rate of 17.68% APY. Today the rates for a similar three-month CD are averaging 0.240% APY—quite a difference!

That means that today, CDs are generally not going to be your highest-earning option. This is especially true if you hold a large number of short-term CDs, as the mini CD ladder strategy calls for.

“I don’t think other CD ladders with shorter-term CDs are worth it,” says Tumin. “They don’t really provide much more liquidity,” especially if you opt to invest in five-year CDs with low early withdrawal penalties.

In fact, almost all CDs except for five-year CDs earn even less than a high yield savings account. Currently, banks are offering as high as 1.50% APY on high yield savings accounts—just under the current average interest rate for five-year CDs (1.57% APY).

If your CD investing strategy involves anything other than holding long-term five-year CDs (not counting the start of the CD ladder strategy when you hold CDs of several term lengths), then CDs may not be worth it when compared to a high yield savings account.

FAQ: CD ladders

If you really are terrible at saving money, CD ladders can be a great way to keep you disciplined. The extra sting with the early withdrawal penalty might be enough to help you overcome the urge to pull the money out before its term has ended.
Yes. CD ladders work well as a savings strategy for large purchases. You will need to do a lot of planning, however, to start the CD ladder and make sure all of your cash is outside of the CDs by the time you need it.
Yes. The money you earn in interest from your CD ladders is taxable. Your bank or credit union will issue you a Form 1099-INT at the end of the year for you to report on your tax return.

A grace period is the amount of time you have to withdraw, add funds, or change the CD to a different term length after it has matured. You typically have a one to two-week grace period after your CD matures.

It’s called a “grace” period because usually your CD will automatically roll over into another CD of the exact same term length. Normally this means you would then owe early withdrawal penalties if you take the money out early. Instead, banks offer you a “grace” period where you can withdraw the money without paying any early withdrawal penalties.

There are several other types of CDs:

  • Callable CDs offer higher interest rates, but the banks may cash them out for you at any time if they desire.
  • Bump-rate CDs offer staggered, increasing interest rates over time.
  • No-penalty CDs have lower interest rates, but no early withdrawal penalties.

It is possible to use them in your CD ladder, however you need to choose these CDs carefully. For example, what kind of monkey wrench would be thrown into your plan if you invest in a callable CD and it is indeed cashed out by the bank early? Or, would a no-penalty CD really offer rates that beat out a high yield savings account?

A jumbo CD is just a regular CD, but for a very large amount of money. Each bank or credit union has their own definition of what a “jumbo” CD is. For example, to invest in a USAA jumbo CD, you’ll need to bring at least $95,000 to the table. CIT Bank, on the other hand, requires a slightly larger minimum deposit of $100,000 to qualify for a jumbo CD.

Jumbo CDs typically offer much higher rates than regular CDs and can help you earn even more money in a CD ladder if you’re able to take advantage of them.

It depends on the type of CD ladder you use, and the savings account you’re comparing it with. In general, though, the five-year, five-CD ladder strategy will beat out even a high yield savings account in the long run.

For most people, no. We compared the outcomes from a five-year, five-CD ladder above with the typical returns you could expect from a stock market. A hypothetical $10,000 investment in a CD ladder earns $1,531.11 in interest over a 10-year period.

Compare that to typical stock market returns for the same amount of time and money: $9,781.51. The stock market far, far outperforms the CD ladder. If you’re saving for a very long-term goal like retirement, it makes more sense to grow your money in a high-yielding investment like the stock market, even if it is riskier.

This post has been updated. It was originally published Dec. 19, 2016.

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Lindsay VanSomeren
Lindsay VanSomeren |

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

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Strategies to Save

How to Choose a Financial Planner

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.

How to choose a financial planner
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As you age, your financial needs tend to become more complex. This is often a result of taking on more responsibilities like having children, taking care of aging parents or owning a home, all while managing your own career, student loan debt and retirement savings. Naturally, it can be overwhelming to create a plan, update it and monitor it while maintaining a busy schedule. That’s where hiring a financial planner can be valuable.

What is a certified financial planner?

Financial planners can help guide you through complicated financial situations and use their expertise to help make tough decisions and manage your emotions. A financial planner may have a variety of qualifications or certifications, but one of the most widely known and accepted is the Certified Financial Planner (CFP) designation.

The designation was created in 1985 by the Certified Financial Planner Board of Standards (CFP Board) to promote “the value of professional, competent and ethical financial planning services, as represented by those who have attained CFP® certification.” CFPs must have have between 4,000 and 6,000 hours of experience, maintain high ethical standards, complete a rigorous set of education requirements and pass the CFP exam.

Those who have obtained the designation have mastered several key areas of financial planning including: retirement planning, income taxes, investment analysis, estate planning, ethics and insurance.

What does a financial planner do?

As mentioned earlier, financial planners help guide you through some of life’s most challenging financial decisions. When doing this, most financial planners will generally perform the following set of steps with each client. For many planners, this entire process could occur over several meetings and will not be completed in one sitting.

First, the planner will gather information and key details about your financial situation. This often includes a discussion about where you are financially and where you plan to be. A planner may also ask for some documents, including tax returns, any investment statements, trust and insurance documents. Next, the planner typically analyzes the data and determines whether there are any changes that need to be made and will present their findings to you.

After discussing the data and potential changes, the next step is implementing the items in the plan. Depending on the scope of your financial plan, this could be done in one meeting or over several meetings.

Lastly, you and your financial planner will typically agree on how often to monitor the plan and make changes. You may re-evaluate the plan every year or once a quarter, depending on the plan’s depth and complexity. However, most planners ask that you come in when major life changes occur like getting married, having a child or a experiencing a significant change in income.

The challenges in choosing a financial planner

It can be tricky to pick a financial planner, including finding someone with the right credentials and experience at a cost you can afford. In the following sections, we discuss some of the biggest challenges consumers face when looking for a financial planner.

The difference between a financial planner and a financial adviser

There is plenty of confusion around the term “financial planner” and “financial adviser.”

“Just about anyone can use the title ‘financial planner,’” said Dan Drummond, CFP Board’s director of communications. “There are also over 170 financial services designations out there — an alphabet soup of letters that may seem overwhelming.”

Not every person who calls him or herself a financial planner or financial adviser has the CFP designation, as the designation is optional and not required to practice. And someone who goes by the title, financial adviser can be a certified financial planner so long as they have completed the designation and are in good standing with the CFP board. CFPs will almost always have the “CFP®” behind their name.

Practically speaking, the differences between a planner and adviser are a bit more clear, though the terms are often used interchangeably. Typically, financial advisers spend the majority of their day focused on selling investment and insurance solutions to clients mostly (but not exclusively) for a commission. While financial planning is something that an adviser may do, it is often a service done on the side and not their main function. On the other hand, a financial planner’s main function is planning and less about selling products. Keep in mind that in this situation, both positions could still be called certified financial planners if they meet the board’s requirements.

Determining whether or not you need a financial planner

Whether you need a financial planner or not will be determined by the complexity of your situation.

The people in the following situations tend to see the most value in a financial planner:

  • New parents and newlyweds
    • Starting a family is not only expensive, it’s also easy to overlook some of your financial needs while you’re adjusting to all the changes you’re experiencing. For example: Newly married couples should check their beneficiary information on their accounts to ensure they are up-to-date and that their life insurance coverage is sufficient.
  • Business owner
    • If you own a business, you have a different set of financial tools at your disposal. One quick example is choosing the right retirement plan for your business. While most people have to choose between a Roth and traditional IRA, business owners have more options with different limits and requirements. Also, depending on how your business is set up, you may need a succession plan to exit the business as well.
  • High-income earners and people with a high net worth
    • Those with a high income or high net worth may find a financial planner useful when navigating tax liabilities and investments.
  • Close to or in retirement
    • If you’re getting close to retirement, a financial planner can help determine how prepared you are for it and how long your money may last in retirement. For those who are already retired, a planner may help you avoid running out of money.
  • Complicated health or estate issues
    • Health care can get very expensive in retirement. Health care expenses for retirees rose to an average of $275,000 per couple, excluding long-term care expenses, according to a 2017 estimate from Fidelity. This is an increase of $15,000 from 2016.
    • For those who own multiple properties and businesses, a financial planner may be able to help determine the types of wills, titles or trusts needed to ensure your assets are distributed according to your wishes.

How much does a financial planner cost?

It can be difficult to compare the costs for a financial planner. This is because each planner may base their cost on different metrics (see below). In some cases, they may charge a flat fee based on a percentage of your total assets, also known as assets under management (AUM), or just a flat dollar amount. The important thing here is that your planner is transparent and upfront with their costs. One way to ensure this is by asking if your financial planner is held to the fiduciary standard. This standard requires that the planner act only in your best interest when providing recommendations.

Commission-based: These planners only receive payments through commissions on products they sell. These products could include life insurance, mutual funds or annuities. This can present a major conflict of interest. They’re incentivized to sell products whether or not those products make sense for you.

Fee-based: Fee-based advisers can earn commissions off product sales, but they also offer services for flat fees paid by their clients. While this eliminates some conflicts, fee-based service models still leave the door open for a planner to make a recommendation that isn’t necessarily the best for their clients.

Fee-only: Fee-only financial advisers are not the same as fee-based. Fee-only advisers are paid a set fee by their clients for the services they provide. They do not earn commissions off product sales. For this reason, there are inherently no conflicts of interest between you and your adviser if they’re fee-only. Fee-only planners are only getting paid by you to provide advice.

How to choose a financial planner

Choosing a financial planner goes beyond picking someone based on their credentials alone. Though the CFP is widely regarded as the gold standard, there are many designations that make it difficult to accurately compare one planner to another. You should also take experience and compatibility into account. Your financial planner should have experience with dealing with clients that fit your profile (e.g. income, business ownership, age) and needs.

Some also prefer planners who have had experience investing in down markets. Additionally, you should seek out a planner you trust — one you feel comfortable speaking openly with and one who listens to you.

Questions to ask a financial planner

The following questions are designed to help you not only understand your financial planner’s background but find out what areas they specialize in and if those areas fit with your goals.

  • What kind of designations do you have?
    • Common designations other than CFP are the certified public accountant (CPA), Chartered Life Underwriter (CLU), Chartered Financial Analyst (CFA) and Chartered Financial Consultant (ChFC). If they do not have a designation, you may want to ask if they are working toward them. Many of these designations require three years or more of industry experience and certification tests that are only offered a few times per year.
  • What services do you offer?
    • Not every financial planner will offer the same services, and can vary significantly based on the planner’s comfort level, team and experience. You will want to ask this information early in the conversation to ensure they can help you meet your needs.
  • What is your specialization?
    • Some financial planners choose to specialize in a particular area such as taxes or estate planning. If your situation is more complex, you’ll want to seek out a planner who specializes in your needs.
  • Do you work with any outside specialist? If so, are you compensated for that?
    • Some areas of your financial plan cannot be executed by your planner unless they are an attorney. This includes things like wills and trust agreements. You’ll also want to know if they are being paid by that outside specialist, as this could be a conflict of interest.
  • What kind of clients do you work with?
    • This will give you more information on the planner’s experience level and expertise.
  • Are you a fiduciary?
    • A fiduciary is required to act in the best interest of the client. If the planner answers no, you should ask them to disclose all potential conflicts of interest.
  • How are you compensated?
    • Generally a financial planner’s compensation will fall into three categories: commission based, fee-based, fee-only (discussed in detail above).
  • What happens if I am unable to get in contact with you?
    • Is there a 24-hour hotline you can call to get help? Is there a backup staff? When you have a financial emergency and your planner is not available, you will still need guidance. Your planner should have some system in place.
  • How often do you communicate with clients?
    • Having a planner is not valuable if you do not communicate with them. At a minimum, you should be having an annual sit-down with your financial planner.
  • What is your investment philosophy?
    • The answer to this question will help you assess your fit with the financial planner. Your financial planner’s philosophy will depend on their investment experience and any additional credentials they may have.
  • How are you evaluated?
    • Some financial advisers are evaluated by management solely on the amount of commissions they generate or the amount of money they manage. Others are evaluated by client surveys or a combination of all three. Ask how they are evaluated, and this should give you insight about how you will be treated as a client.

How to find a financial planner

Now that you know what to look for, your next step is to find a financial planner. Each of the following are all groups who feature fee-only financial planners that uphold the fiduciary standard.

XY Planning Network: XYPN is the leading organization of fee-only financial advisers who specialize in serving Gen X and Gen Y clients. All of their members can work virtually, which means you can choose the best adviser for you regardless of physical location.

Garrett Planning Network: GPN is another organization of fee-only planners who serve clients from all walks of life. Their advisers offer planning services on an hourly basis.

National Association of Professional Financial Advisors: NAPFA is the largest organization of professional advisers who meet the highest set standards in the financial planning industry.

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.

Kevin Matthews II
Kevin Matthews II |

Kevin Matthews II is a writer at MagnifyMoney. You can email Kevin here

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Strategies to Save

How to Build Wealth at Any Stage in Your Career

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.

Your individual financial wealth, or net worth, is built over a lifetime. Financial situations vary widely at birth, and as you go through life, your situation changes. A host of factors can alter your “wealth.” Your income may rise, or it may fall. You may start a new career; you may change careers. You may experience setbacks, large and small.

You can read plenty about what you should do, but real-life wealth-building strategies rarely goes according to plan. So we asked several people at various stages in their lives to share how they cultivated their personal wealth — including the setbacks, regrets and breakthroughs they experienced along the way.

Building wealth when you’re just starting your career

When Meredith Dean, 25, was getting ready to move from Georgia to New York City to start her first post-grad job, she was terrified.

“I was told by everyone that it was going to be super expensive and it was not going to be feasible,”’ said Dean, who at the time had just graduated from The University of Georgia with a bachelor’s in Journalism.

She immediately focused on keeping her expenses in check: She sold her car and used the savings to kickstart her life in New York. She also made sure she wasn’t spending more than 40 percent of her salary on housing. Dean lived in a tiny three-bedroom apartment with no kitchen and two roommates. It was close enough to walk to work, and when she had to travel anywhere else, she used public transportation.

But keeping her costs low was only the first step to building wealth at the start of her career.

Wealth-building strategy

Dean’s advice for those in their first years out of school: monetize a hobby you love.

Just a few months into her new job, Dean started a business that builds online portfolios for students and recent grads trying to land their first jobs. She got the idea for it after making a website for her then-boss and created the company, The Dean’s List, in the hours after her 9-to-5.

“I thought, ‘Man, I’m doing this for a lot of people and I’m loving this. Why don’t I start doing this for students?’” said Dean. After the idea struck, she pulled an all-nighter to create a website for her new company and never looked back. Today, Dean serves one or two clients a week through The Dean’s List, in addition to her full-time work.

“I now have these extra funds that I can rely on in case there is an emergency or if there is a trip I really want to go on,” said Dean. “It’s really nice to feel comfortable at 25 and not have any debt.”

Top tips

Start early

For Dean, a crucial component to building wealth at the beginning of her career was not starting in a hole: She started working as a restaurant hostess in her hometown of Milton, Ga., at age 15, and around the same time, she learned she could have almost all of her college tuition paid for if she graduated high school with at least a 3.0 GPA under Georgia’s Zell Miller Scholarship program. Primarily because of that scholarship, Dean didn’t have any debt when she completed her undergraduate degree in 2014.

Don’t quit your day job

Although Dean started her own company, she kept a full-time position. And she really lives the ideal that having multiple income streams is crucial to building wealth — at one point, she even picked up a third job.

Surround yourself by people who support your goals

While living in New York, Dean attended a Jeffersonian dinner at another recent UGA graduate’s place. At a Jeffersonian dinner, all guests must stay on one topic for the entire dinner — and it just so happened on that night the conversation topic was personal finance and women in finance.

“I learned so much from that dinner,” said Dean. Not only did she pick up a little newfound knowledge on everything from saving to investing, she also connected with a supportive group of friends.

“Surround yourself with the right people that push you forward, that motivate and inspire you,” Dean said. “That’s going to help you build wealth.”

Lessons learned

“I just really wish I would have taken a personal finance course,” said Dean, when asked about her biggest wealth-building regret.

She’d been saving in her retirement account and had an emergency fund. But after two years exclusively using her debit card, Dean hadn’t learned much about building credit. She didn’t get her first credit card until she left New York for her current home, Charlotte, N.C., in 2016.

Once in Charlotte, she found she needed a car. “I had no established credit to get a car, so my dad had to cosign for it,” Dean said.

She ended up educating herself about personal finance, but recommended college students take at least one personal finance course before they graduate, as long as they can afford to take the course (or if their school even offers one).

Building wealth early on in your career

Building wealth when you’re just starting your career

Although Jimmy Chan, 35, and his partner, Sue, 36, landed good jobs and bought a house together shortly after they earned undergraduate degrees in 2008, they still weren’t the best with money.

“We had to borrow money just to furnish our new home because we didn’t have extra savings,” said Chan. At the time, Chan, a computer engineer, was paying down his student loans on an entry level IT salary. Having to borrow money for furniture completely wiped them out, he said. But, it was the wake-up call they needed to avoid getting into any more debt.

The Montreal couple managed to pay off the IKEA debt, and Chan repaid his C$10,000 in student loan debt in his 20s. Still, they didn’t really start getting their financial lives in order until a few months shy of Chan’s 30th birthday.

Wealth-building strategy

Chan and his partner took the approach of starting with small goals and sticking to them. To kickstart their wealth-building, they found ways to live more frugally with the goal of living below their means. They cooked at home, packed lunches and avoided taking on more debt. They worked their way up to setting aside 20 percent of their income, on average, Chan said.

“Once we started to make small adjustments and were seeing results we were motivated,” said Chan. “It may take you 3 months, or 6 months, until you gain that confidence. Once you achieve [your] goal you can say, ‘Wow, we did it again.’”

That strategy allowed the couple to max out their retirement contributions, pay down their mortgage faster and launch Chan’s photography business, Pixelicious, which he operates in addition to his day job in IT.

“You work, you earn money, you save and you invest and you just keep on that cycle,” said Chan. “The payoff is that it gives us options. If we wanted to go on a vacation we would just go because we were able to save diligently.”

Top tips

Start now, start small

Chan’s two pieces of advice for people building wealth early in their careers are

  1. Start small with what you can handle.
  2. Make the most of the time you have to invest and earn compound interest on their savings.

Chan said he’s seen an increase of about 30 percent in his salary since he started his first job, so most of the wealth he and his partner have established has been through staying ambitious and disciplined.

Avoid paying interest on debt

After the IKEA loan, the couple avoided debt.

“We made a priority very early on that besides the mortgage we did not want any outstanding debt,” said Chan. “We have kept it a priority as long as I can remember.”

Keep multiple income streams

In 2015, the couple said they used some $20,000 of their savings (non-retirement, non-emergency fund savings) to launch Chan’s professional photography business. Chan operates the business in his free time, outside of his job in IT. Today, the business is profitable and has increased the household’s income by about 10 to 15 percent, Chan told MagnifyMoney.

“The business venture is a cherry on top,” said Chan. “It helps us to diversify our income streams.” He adds that the business’s income gives the couple more options and helps avoid financial stress overall.

Work together

Chan said the one of the most impactful parts of his wealth-building journey has been being on the same page with his partner.

“Every financial decision was decided as a team,” said Chan. “We both contribute. It doesn’t matter if one earns more than the other one.”

With the exception of his student loans, the couple has tackled their debts and savings goals together. When it came to Chan’s business, Chan said, Sue was supportive and they made the decision to invest the money together. They would both delay taking a vacation and instead put the money toward the business.

“Be honest and upfront about your financial goals from the get go and work together to realize your dreams,” said Chan.

Lessons learned

Chan said that there was a point when he thought money was the most important thing in the world — and then he lost money in the stock market.

“I’ve made mistakes. I’ve put money in places, in stocks, where I should not have been,” said Chan. “I lost a few thousand bucks in a stock that crashed I thought it was the end of the world. We started arguing. We started fighting.”

Chan told MagnifyMoney that he, like everyone else, is destined to make mistakes or lose some money along the way. But he said that he’s learned that money is only one aspect of your life and that it’s not the most important component, even as you’re working to build wealth — your relationships are. He added that you should accept your mistakes and come back even stronger.

Wealth-building in the middle of your career

Wealth-building in the middle of your career

Shortly after he graduated from Pepperdine University with a bachelor’s in business, Terence Michael began his career as a film producer in Los Angeles. It was the early 1990s.

Michael, now 49, worked for three months with other producers, then launched his own production company. He said it took several years to get his first couple of films going, and the income was inconsistent. He often stayed at his parents’ house and did odd jobs to scrape by.

Eventually at 29, after producing a few successful films, Michael bought a house. He fixed it up and sold it two years later, and he took a break from producing at age 31 to continue this pattern of real-estate investing. Even as he returned to producing a few years later, he kept the real-estate side hustle going. A couple of decades into his career, his resume includes highlights like “Duck Dynasty” (executive producer) and “Planet Primetime” (executive producer), as well as his own film and TV company, 100 Percent Terry Cloth. On top of that, he’s continued to build wealth through a host of real estate and investing activities.

Wealth-building strategy

Michael said his greatest wealth building strategy has been making the most out of what he calls “proximity potential” — combining the things he knows with the worlds or business industries he knows. He coined the term in his book “Produce Yourself.”

Instead of paying fees to brokers and agents to buy and sell houses, Michael got a mortgage broker’s license after his first few sales. He sat at a Starbucks and took courses online until he earned his real estate broker’s license.

With the license under his belt, he could act independently as a self-employed broker representing clients and form an independent mortgage company. Knowing that people in the entertainment industry may receive income sporadically, and understanding the difficulty that presents when getting a mortgage, Michael focused his business on helping that population.

Top tips

Make money off of what you own

“You can find some financial independence by having a good job, but you’re never going to have real wealth unless you have ownership vehicles,” said Michael.“I don’t know if anyone in history has ever created financial wealth [just] by working for someone else, with just a paycheck.”

In addition to running his production company, Michael:

  • works as a showrunner on other production projects;
  • brokers mortgages;
  • is a superhost on Airbnb;
  • hosts the “Produce Yourself” podcast;
  • coaches entrepreneurs and young couples on how to invest and grow their money

Michael said having his side hustle in real estate allowed him the financial stability to pursue his main purpose and passion, film and TV.

“Whenever I’m developing, raising money, and trying to sell, it’s nice to have all of these other streams flowing,” said Michael.

Lend and receive

Michael saves for retirement, but puts any extra funds into online platforms that lend money to other people and businesses.

He started off with investments in peer-to-peer lending platforms like LendingClub and Prosper. Then, he realized he could do the same with real estate and have his money secured by an asset, so he invested heavier on platforms like Ground Floor, Patch of Land and Yield Street.

“That I would call my savings, because if you keep laddering in eventually after a year, year and a half, it starts laddering it out,” said Michael.

Teach what you know

Michael wrote his book, “Produce Yourself,” in 2017 and started a podcast with that same title later that year. He said he decided to write the book after friends and colleagues asked him about his side hustles, multiple streams of income and how he did it all while working in Hollywood — and the book and podcast led to yet another income stream.

Lessons learned

Although Michael’s never lived “a story where [he] was in the gutter and crying for help,” he still attributes his success to a network of family and friends: “I know that whatever risk I take, I won’t go hungry and I will have someplace to sleep.”

Having a support system is important, but so is understanding what you’re getting into. Michael said he has experienced things like bad tenants and investments that have fallen through. It happens all the time, but having multiple investments going at once makes it easier to weather.

Building wealth when you’re making a career change

Building wealth when you’re making a career change

In 2017, police officer Adam Doran in Kansas City, Mo., wanted to make a career change. A few years prior, he had found himself deep in debt, facing foreclosure and trying to cover fixed expenses that exceeded his income by about $1,100 each month. On top of that, the recently divorced Doran had a 5-year-old daughter to care for.

“I can’t adequately describe the anxiety of that situation, but it was incredibly stressful,” said Doran.

That was about six years ago. Last year, having bounced back from that low place and growing increasingly tired of police work, Doran put together a six-week finance class at his church. It went so well, he said, people were asking him if he would be their financial adviser and his wife suggested a career change. Doran has since obtained his life and health insurance licenses and has started working towards certification in financial advising. He retired from his policing career in January 2018.

Of course, making a career switch can be very difficult. Doran was going from a steady job in law enforcement to becoming an entrepreneur, all while trying to continue paying down his debt and building wealth.

Wealth-building strategy

Though Doran is only a few months into his new career, he has attributed his stability during this time of change to strict discipline. After his divorce, his faith played a significant role in his ability to move forward, Doran told MagnifyMoney.

“I prayed a lot,” he said. “And I made a renewed commitment to giving 10 percent of my gross income back to God.”

His decision to tithe (give 10% of his income to church) and save money consistently became the foundation of his financial recovery. Maintaining that discipline helped Doran learn that finances are mainly behavioral, he told MagnifyMoney.

“The kind of person that has the discipline to faithfully give and save a percentage of their money, consistently without fail, regardless of the circumstances, is bound to encounter success financially,” Doran said.

Top tips

Diversify your income

While leaving the police force meant Doran was leaving behind a steady paycheck, it wasn’t his only stream of income. Doran fully owns a rental property and has multiple assets growing in value, he told MagnifyMoney. So when he decided to make a professional shift, he wasn’t betting his entire financial future on the new career.

Stay the course

When it came time to transition into his new line of work, Doran focused on staying the course. He’s continued to pay off his debts to free up more and more of his income. His investments in real estate also supply him with passive income streams.

“It was pretty cool that I had monthly checks coming in from rents on rental properties and payments on private loans,” said Doran.

His properties and business also allow him to take tax deductions he didn’t have before, so he gets more money back from the government at tax time.

Read and network

Doran looked to books and mentors to learn about personal finance and investing. He went online, searched LinkedIn and attended in-person investor gatherings to meet people who had spent years in the field he was just starting to get to know.

“I also did my best to connect with those who had gray hair, because I figured they would, and they did, have success and failure stories and experiences I could learn from,” said Doran.

He read books like “Think and Grow Rich,” “Conversations with Millionaires” and “How Successful People Think” to change his mindset about money and help him make decisions that could grow his business.

Lessons learned

So far, he hasn’t learned any of the tough lessons that are sure to come with his career change, but Doran has plenty of other things in his past that have helped him better approach his finances. He’s said that he wouldn’t change anything about his recovery and wealth-building process, but has expressed regret over the bad decisions that got him into the situation.

“I wish I hadn’t borrowed money on vehicles or gotten into a house that was too expensive for me. But, I suppose that was all part of the process of living and growing that I was supposed to go through to help me become who I am today,” he said.

Building wealth in retirement

Building wealth in retirement

Markus Horner, 69, of Sachse, Texas, ran his residential maintenance business for just over 25 years before a knee injury forced him to retire at 67. During his working years, Horner struggled to save much money for retirement.

“I was able to contribute a little bit but not a whole lot,” said Horner about his retirement nest-egg. “I wasn’t making enough to be able to do that back then, but now I can.”

That’s because just before he retired two years ago, one of the customers he was installing a front door for introduced him to swing trading: short-term trading on the stock market.

Wealth-building strategy

Horner said the money he used to start his swing trading business is money he had saved up over a long period of time while working as a maintenance man. Swing trading is a short-term trading method one can use on stocks and options. Swing traders look for stocks with short-term price momentum, and they hold assets for two days to two weeks before they sell.

Now, in addition to Social Security and the income he receives as a disabled veteran, Horner is able to use income from swing trading to help support his family, fund his hobbies and pad his retirement savings.

“It’s not for everybody, but it’s something I find very, very interesting,” said Horner about the business.

He said he uses some of the extra funds to cover bills here and there, but the majority goes to his savings, helping his daughter pay for graduate school and to an expensive, longtime hobby: building hot rods.

“Hopefully I will make enough that when I do pass away — whenever that occurs, hoping its a number of years from now — there will be enough money that my wife will be able to live comfortably,” Horner said — although, he noted that the family doesn’t necessarily need his income, since his wife, Lourdes, 59, still works as an opthamologist.

“She makes enough there that we could live off of her income if we chose to,” said Horner; his wife also has a pension and ample retirement savings in a 401(k) and Social Security she can tap into when she retires. “But I like to work and make my own money so I will have something to help me build my hot rods.”

Top tips

Don’t limit yourself

Those looking for additional income to help them through their retirement years shouldn’t feel limited in their search. Horner advises they look for something they like to do that they find interesting.

“I did not know that swing trading even existed until two years go,” said Horner. “Look around, don’t limit yourself to just one or two or even three things.”

Set up a savings account

Horner said it’s “absolutely critical” for those strapped for cash in retirement to set up a savings account if they haven’t already, and they should automate the savings.

That’s something he and his wife did in the years just before he retired. They set up an automatic transfer to their savings account for every Friday, and increased the amount over time as their incomes rose. They started out saving $25, Horner said, and now, they are saving about $200 every Friday.

“We are at a point where we can do that and not struggle. But we couldn’t do that in the beginning,” said Horner.

That’s why he suggests people start small, and gradually learn to live with less. After about five years, the couple had saved more than $10,000, Horner told Magnifymoney.

“And that’s the money I used to start my trading account. $10,000. That’s how I got started,” said Horner.

Lessons learned

Horner said his biggest financial regret is not having been able to put money into a retirement account during his younger working years.

Although he said he wish he’d learned about swing trading earlier, it was probably good timing, as it wouldn’t have been something he thinks his younger self could have done.

“Being a swing trader requires tremendous patience. I did not have the patience 30 years ago that I have now,” said Horner. “If you don’t have the willingness to be patient, you will actually lose money by being impatient.”

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.

Brittney Laryea
Brittney Laryea |

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

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Earning Interest, Reviews, Strategies to Save

Review of Live Oak Bank’s Deposit 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 Established2008
Total Assets$3.4B
LEARN MORE on Live Oak Bank’s secure website
Chances are you haven’t heard of Live Oak Bank. After all, this lender, based mostly on the web, has only been around since 2008, and it mostly focuses on giving out small business loans to businesses in specific industries, such as veterinary practices or craft breweries. That’s no reason to pass it up for your personal banking needs, however. In fact, this little gem of a bank has one of the best-kept secrets in the personal banking world: it has one of the highest savings account interest rates you’ll find from an online bank. (More on that below.) And, most of its other personal deposit accounts offer relatively high rates as well. Let’s take a more in-depth look at its deposit accounts to see if they’re right for you.
Live Oak Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.70%

Savings

Live Oak Bank Savings Account

1.80%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.20%

CD Rates

Live Oak Bank 1 Year CD

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

2.60%

CD Rates

Live Oak Bank 3 Year CD

2.50%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.70%

CD Rates

Live Oak Bank 5 Year CD

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

Live Oak Bank’s savings account

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

APY

Minimum Deposit

1.70%

Up to $5 million

(but only up to $250,000 is FDIC-insured)

Rate current as of 6/7/2018

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

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

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

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

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

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

Live Oak Bank CD rates

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

Term

APY

Minimum Deposit

6-month CD

1.85%

$2,500

1-year CD

2.20%

$2,500

18-month CD

2.35%

$2,500

2-year CD

2.45%

$2,500

3-year CD

2.60%

$2,500

4-year CD

2.65%

$2,500

5-year CD

2.70%

$2,500

Rates current as of 6/7/2018

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

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

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

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

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

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

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

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, Strategies to Save

BB&T CD Rates and 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.

Trying to find BB&T CD rates
Source: iStock

As you may know if you’ve done a search for BB&T CD rates, their website is not a helpful place to turn for information. Beyond a basic overview of their CDs on their website stating that they have CDs with terms ranging from seven days to five years, they do not give details on their current rates. BB&T did not respond to email and phone inquiries from MagnifyMoney asking why the bank does not publish its CD rates online. When we called their customer service number, a representative said BB&T’s CD rates change on a daily basis and said the best way to learn about CD rates is to call or visit a local branch.

So that’s what we did.

We reached out to BB&T branches on June 5th. After conducting this research, it’s not surprising BB&T makes their CD rates hard to find — they’re terrible.

BB&T CD rates and products

BB&T offers CD terms ranging from as short as seven days to as long as five years. They have eight CD options, each with different investment goals.

7-day to 60-month

For short-term investments, BB&T offers CDs ranging from seven days to 60 months. These personal CDs offer a fixed rate of return along with the flexibility to focus on developing either a short- or long-term investment.

BB&T CD Term

APY

Minimum Deposit Amount

3 Months

0.03%

$1,000

6 Months

0.05%

$1,000

1 Year

0.10%

$1,000

18 Months

0.15%

$1,000

2 years

0.20%

$1,000

3 Years

0.40%

$1,000

4 Years

0.45%

$1,000

5 Years

0.50%

$1,000

Rates as of June 5, 2018

Not only can you find better CD rates at other banks and credit unions for each of the terms BB&T offers, you can get those better rates with smaller minimum deposits. BB&T’s offerings are far from the best in every term length above — you can see some of the top options in our monthly roundup of the best CD rates.

With the seven-day to 60-month BB&T CDs, there are no penalty-free options for withdrawing your funds prior to the CD reaching maturity. The early withdrawal penalty is the lesser of $25 or 12 months of interest for longer-term CDs. So with smaller initial deposits, early withdrawal penalties will negate any interest you may have earned.

Can’t Lose

As the name of this CD implies, whether rates go up or down, you can’t lose. Well, actually, you can: The APY is so low, you’re almost certainly going to lose money to inflation.

At the 12-month mark of the CD’s term, you may make one withdrawal without paying any fees. So if the market rate is higher than what you’re currently getting, simply withdraw the money and reinvest at the higher rate.

If, however, the interest rate you’re receiving is better than what’s currently available, you also have the option of making a second deposit into the Can’t Lose CD, up to $10,000. This locks in the rate for the new investment amount for the remainder of the term. So whether rates go up or down, you’ll lock in the higher rate.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

30-month "Can't Lose"

0.25

$1,000

No penalty for one
withdrawal after 12 months

As of June 5, 2018

Still, you can find many CDs with better APYs than BB&T’s Can’t Lose, whether you’re looking for a 12-month investment or longer.

Stepped Rate

Laddering is a way to stagger your CD investments so you’re able to take advantage of increasing rates. With the Stepped Rate option from BB&T, laddering is built into the CD product. The initial CD starts out at a lower rate and increases each year. For example:

Months

APY

12

0.30%

24

0.40%

36

0.55%

48

0.75%

As of June 5, 2018

This product also allows you to make an additional deposit each year (up to $10,000). So if the interest rate you’re receiving is better than the market, you can invest more money into your existing CD to make a higher return. But if the current CD market is offering better rates than your existing CD, you can simply take advantage of that offer and still make a higher return.

In addition, you may make a withdrawal from what you initially deposited into your Stepped Rate CD after two years. So, again, if the market changes dramatically, you may withdraw your money with no penalty and reinvest in a better option.

Or you could create a CD ladder on your own, choosing CDs with better rates than BB&T’s — higher rates are certainly available.

Add-on

The Add-on CD option from BB&T offers a 12-month CD at 0.10% and an opening deposit of $100. You’ll need a BB&T checking account and a $50/month automatic deposit from your checking account into the CD. To get a personal account, you’ll just need to set up direct deposit or maintain a $1,500 balance.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

12-month Add-on

0.10%

$100

Greater of $25 or
6 months’ interest

As of June 5, 2018

Home Saver

If you’re in the market for a new home, and you want to earn a little more interest on the money you’re saving, consider the Home Saver CD. Starting with as little as $100, you’ll be able to deposit money earmarked for your new home every month and earn 0.40% APY. With this CD, as long as you’re withdrawing the money for use toward the purchase of your new home, you won’t pay any penalties for the withdrawal. But you will need a BB&T checking account set up for a monthly deposit of $50 into your Home Saver CD.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month Home Saver

0.40%

$100

No penalty for
home purchase

As of June 5, 2018

College Saver

Similar to the Home Saver CD, the College Saver CD is meant for parents or students saving for college. It offers the benefit of starting at a higher APY (0.40%) with the flexibility of withdrawing the money up to four times per year to pay for the cost of attending school. As with the Home Saver, you’ll need to have a BB&T checking account with an automatic monthly deposit of $50. The College Saver offers terms of 36, 48, and 60 months.

CD Term

APY

Minimum
Deposit Amount

Withdrawal
Penalties

36-month College Saver

0.40%

$100

No penalty for
school costs

48-month College Saver

0.45%

$100

No penalty for
school costs

60-month College Saver

0.50%

$100

No penalty for
school costs

As of June 5, 2018

Treasury

This CD offers the ability to make additional deposits of at least $100 into your CD at any time and one monthly withdrawal without penalty. The CD has a six-month term with a variable interest rate tied to the U.S. Treasury Bill — if the rate goes up, you’ll make more money, but if the rate declines, you’ll make less. Right now, rates start at 1.86% and adjust quarterly. Throughout 2016, Treasury Bill rates increased almost every month and have continued to rise in 2017, reaching 1.035% in August. So this is a great option if you have the $5,000 minimum deposit amount and want a short-term investment with the option to add or remove funds from the CD.

CDARS

CDARS stands for Certificate of Deposit Account Registry Service and protects your principal and interest by making sure your money is placed into multiple CDs across a network of banks to keep your CDs insured by the FDIC (maximum limit for each CD is $250,000).

Other things to know about BB&T CDs

Does BB&T allow customers to take advantage of rising rates once they’ve opened a CD?

BB&T has two CD options that allow you to take advantage of rising rates: the 30-month Can’t Lose CD and the 48-month Stepped Rate CD. Both allow you to make a withdrawal before the CD comes to maturity in case rates increase (terms apply). They also allow additional deposits in case rates drop and you want to invest more at the existing rate of your CD. However, the current rates on those products are very low, negating the value of their flexibility.

About BB&T

BB&T (Branch Banking and Trust Co.) is a North Carolina-based bank with locations in 16 states and the District of Columbia, including Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia.

BB&T offers a mobile app for both iOS and Android. While their website is easy enough to use, finding specific information, particularly about rates, is impossible. Their customer service number isn’t much help in that regard either, with most questions answered with a suggestion to visit a branch location. As a result, if you don’t live in an area with a branch, we don’t recommend using BB&T’s CDs. To find the BB&T branch closest to you, use their branch locator.

Pros and cons of CDs

A certificate of deposit (CD) may offer a higher return than you’ll get with your savings accounts, without the risk of loss that accompanies other investment options with higher return rates. The drawbacks associated with CDs are the inability to access your funds during the term of the investment without suffering a penalty and the risk of interest rates increasing while your money is locked into a CD for a specified term.

The bottom line: Are BB&T CDs right for you?

BB&T does offer some flexible deals to its customers, but in general, better CD rates can be found at both banks and credit unions with comparable terms. You can find them on our list of the best CD rates, which we update every month.

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.

Ralph Miller
Ralph Miller |

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

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Reviews, Strategies to Save, Uncategorized

American Express® Personal Savings Account Review: A Solid Choice for Online Banking

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.

American Express National Bank
If you’re working hard to stay disciplined and stash away a portion of your income, you’ll want to earn the highest interest rate possible on your money. Unfortunately, that’s difficult as bank savings accounts earn an average of 0.08% in interest annually, according to June 4, 2018 data from the FDIC. Our advertiser, American Express National Bank, offers a rate on the American Express Personal Savings high yield savings account that is nearly 20 times that rate. It’s currently advertised (as of 6/5/2018) at 1.60% annual percentage yield (APY). What’s better, the high yield savings account does not require a minimum deposit or charge fees, so you don’t need anything but your personal information on hand to open the account.

LEARN MORE Secured

on American Express National Bank’s secure website

Member FDIC

American Express Personal Savings Account

This account is a great option for anyone who wants the flexibility of earning a high interest rate without the withdrawal restrictions that come with a CD.

APY (%)

1.75% Variable

Minimum Deposit Amount

$0

Account Minimum

$0

Permitted Monthly Withdrawals

6

Annual Fee

$0

FDIC Insured?

Yes

Mobile App?

No

Transfer Time

Deposits will be available within five business days.
Transfers from savings to a checking account
take one to three business days.

As of 6/5/2018

In an American Express® Personal Savings account, your money earns 1.60% variable APY. It’s currently one of the best rates you can earn from an online savings account. The account does not have a monthly fee and they don’t require a minimum deposit, which makes it an affordable account to open. You will have to fund your account within 60 days of applying, and the FDIC insures your deposits up to full legal limit.

How the American Express Personal Savings account works

The American Express savings account compounds daily at a variable 1.60% APY, and interest earned is credited to your account on your monthly cycle date. The rate is variable, so American Express can raise or lower the interest rate at any time without notice to you before or after the savings account is opened.

Account holders must fund the account within 60 days, which you can do by setting up a bank transfer or direct deposit to the savings account, as well as by sending a check.

What we like about the American Express Personal Savings account

  • High interest rate The 1.60% variable APY is better than what you would earn putting your money in the accounts most brick-and-mortar banks offer. While there are higher rates to be had, American Express has a good offer.
  • Automatic savings It’s easy to make saving automatic when you have an online savings account. With the American Express Personal Savings account, you can easily set up a recurring deposit to pull funds from an external savings or checking account. To make it even easier to resist touching your savings, you can even have a portion of your paycheck directly deposited to the account.
  • Discourages spending With your money in an online account like the American Express Personal Savings account, you can only get your cash after making a transfer to an external checking account to which you have debit card access. The inconvenience makes it that much more difficult to spend your savings.

What we don’t like about the American Express Personal Savings account

  • No ATM card Not having card access is great when you need to prevent yourself from spending your savings, but the hassle of setting up and making an ACH transfer from your online American Express Personal Savings account can be problematic in a pinch. (American Express says transfers will take one to three business days for funds to become available in your checking account.) If you’re worried about this, you can instead turn to an online bank like Synchrony Bank that makes it easier to access your savings by issuing an ATM card tied to your high yield savings account.
  • Variable interest rate The annual yield rate American Express is offering on this savings account is high at 1.60%, but the bank can change that rate at any time for any reason, as the rate is variable. If you’re looking for a more predictable rate of return, consider a certificate of deposit.
  • Limited withdrawals Because this is a high yield savings account, banks are limited by Federal Reserve Board Regulation D to a maximum of six withdrawals and/or transfers from your online savings account per statement cycle without penalty. With that in mind, before you decide how much you’ll put away each month, make sure it’s not more than you can afford to, so you aren’t repeatedly reaching into your savings.

How the American Express Personal Savings account compares

American Express vs Other Online Banks


American Express


Goldman Sachs Bank USA


Synchrony Bank


Barclays Bank

APY

1.75%

1.80%

1.75%

1.65%

Minimum Amount to Open

None

None

None

None

Minimum Balance Amount

None

$1

None

None

Permitted Monthly Withdrawals

6

6

6

6

Annual Fee

None

None

None

None

FDIC Insured?

Yes

Yes

Yes

Yes

Mobile App?

No

No

No

No

LEARN MORE Secured

on American Express National Bank’s secure website

Member FDIC

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

LEARN MORE Secured

on Barclays’s secure website

Member FDIC

As indicated earlier, the American Express Personal Savings account offer is strong, but how does it compare to other savings accounts?

Synchrony Bank – 1.75% APY and no minimum balance

Synchrony Bank

With $0 to open the account, you can earn an annual yield of 1.75% on savings account balances through Synchrony Bank and there are no monthly fees.

Savings accounts through Synchrony interest is compounded daily and is credited to the account monthly. An ATM card is offered through this account and you can still easily transfer or deposit funds through an ACH transaction or online.

Goldman Sachs Bank USA – 1.70% APY and $1 minimum balance

Goldman Sachs Bank USA

Goldman Sachs Bank USA currently offers an APY of 1.70% on their Marcus Savings Account. You don’t need to deposit a minimum amount to open the account, but you will need to have a minimum balance amount of $1 to earn the APY.

Interest on the Marcus Savings Account starts accruing the business day you deposit funds into the account. Goldman Sachs Bank USA doesn’t apply any service charges to their savings accounts.

Barclays Bank – 1.65% APY and no minimum balance

Barclays

With $0 to open the account, you can earn an annual yield of 1.65% on savings account balances through Barclays. While there are no monthly fees, an account that has a balance that is less than $1 for 180 days or more may be closed by Barclays. Savings accounts through Barlcays will start accruing interest the day your initial deposit posts to your account, and interest is compounded daily. While an ATM card is not offered through this account, you can easily transfer or deposit funds through an ACH transaction or online through your account.

Online banks vs. brick-and-mortar banks

Online banks have been having a moment not only because of the rise in mobile banking among consumers, but also because they can simply offer consumers more benefits because they don’t have to worry about as many overhead expenses as brick-and-mortar banks. An August 2017 study by DepositAccounts.com shows the annual percentage yield internet banks offer on savings accounts is more than four times what brick-and-mortar banks or credit unions offer. The same analysis shows annual percentage yields on internet bank savings accounts have surged 29 percent since January 2016.

Simply put, the main benefit of putting your money in an online savings account is your money does more for you. To show this, DepositAccounts provided an example, based on the average APYs in those savings categories: If a saver were to put $100,000 in a savings account and leave it alone for 10 years, they would earn $8,338.79 at an online bank versus $1,747.04 in a brick-and-mortar bank and $1,895.28 in a credit union, assuming a fixed APY.

The bottom line

Overall, the American Express Personal Savings Account is a solid online savings option. The interest rate they offer is high and the features of the account are comparable to other online banks’ savings accounts. While there are certain aspects of the Personal Savings account that could use improvement, other online banks present the same obstacles. As was mentioned earlier, the American Express Personal Savings account is one of the best options available.

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.

Brittney Laryea
Brittney Laryea |

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

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Strategies to Save

Understanding the Differences Between Credit Unions vs Banks

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.

Credit unions vs banks

Credit unions are known for having more flexibility in their offerings and lower rates for some financial products.

Because credit unions generally don’t pay state or federal taxes and are nonprofits, they can offer their members loans at relatively low interest rates; many people turn to credit unions when they need financing for a big purchase like a car or a home renovation.

Yet for all the benefits they carry, credit unions remain underused. In 2018, big banks still hold 77% of all household savings. Credit unions, on the other hand, struggle to chip away at holding a measly 10% of household savings, according to the Credit Union National Association.

The grassroots, low-fee structure of credit unions can be appealing to consumers who want to save money on banking services. However, if you’re thinking of transitioning to a credit union, make sure you’re aware of the drawbacks, too.

Main differences between credit unions vs banks

Product offerings

If you’re looking for an institution that can act as a one-stop shop for most if not all of your financial needs, consider looking at a bank. Many banks — especially the big-name banks — can offer many different product types simply because they have more capital than a little neighborhood credit union.

One exception to this rule might be internet-only banks, which by definition have no physical branch locations you can visit. These banks tend to run the gamut in terms of what products they offer. Some of these banks, such as Live Oak Bank and Marcus by Goldman Sachs®, only specialize in one or two things that they do really well — an online savings account, for example. Still, other online-only banks like Ally Bank do offer a range of product offerings like investment services and mortgages.

Fees

Because credit unions are nonprofits, they often don’t have to worry as much about gouging their members with high fees that you might find at traditional banks. However, that’s not always the case. In fact, a March 2017 survey of 57 different rewards checking accounts from banks and credit unions listed on DepositAccounts, another LendingTree-owned company, showed that credit unions actually charged slightly higher fees than their traditional bank counterparts. Here are how the fees panned out in the survey:

Institution

Overdraft fee

Third-party ATM fee

Monthly service fee

Credit Union

$29.83

$1.15

$2.52

Bank

$28.67

$0.56

$0.96

In general, if you are looking for low fees, we recommend starting your search with a credit union. Don’t discount banks, however — as the above case shows, sometimes banks offer lower fees than credit unions, especially internet-only banks.

Yield and rewards

Credit unions are often able to pass off their profits to you in the form of higher deposit account rates because they aren’t as driven as big banks to increase profits to benefit shareholders. Indeed, in the same March survey of rewards checking accounts mentioned above, credit unions came out slightly ahead with an average interest rate of 1.99% APY. Banks, on the other hand, only offered 1.71% APY.

Although credit unions offer better interest rates in general, one area where they lag behind is in sign-up bonuses. Many big banks will offer up to $500 or more in sign-up bonuses; something you’re unlikely to see with a small credit union.

Eligibility

There’s no doubt about it: Credit unions do take some work getting into. Since they’re formed around a common purpose or a common segment of the population, they can afford to be picky about who they accept as members. In many cases, you can join a credit union you’re interested in simply by making a donation to a particular charity. With some credit unions, however, you don’t have this option and you might just be plain out of luck if you don’t qualify.

“Credit union membership typically requires you to open and maintain a savings account. No other accounts can be opened without the ‘membership’ savings account,” said Ken Tumin, founder of DepositAccounts, another Lending Tree company. “This savings account requirement doesn’t exist at banks.”

Banks, on the other hand, will work with almost anyone who walks in the door as long as you have the relevant account setup information, like a government-issued ID, a Social Security number etc.

Branch locations

If it seems like there’s a local bank branch on just about every corner, you’d be right. According to an 2016 analysis by DepositAccounts, there are almost four bank branches in the U.S. for every credit union branch.

Moreover, if you belong to a small local credit union and move away or travel, you can be plain out of luck for finding any branches near you. Big banks like Wells Fargo and Chase, on the other hand, are widespread in just about every community. If walking into a local branch — wherever you might end up — is most important to you, then a bank may be the way to go.

ATM access

At first glance you might think credit unions would also be at a disadvantage when finding in-network ATMs due to their small size compared with banks. To get around this particular disadvantage, many credit unions have joined a network of ATM providers. One of the most popular is the CO-OP Financial Services network, and you’ve probably heard of it if you’ve ever been a member of a credit union.

If your credit union is a part of the Co-Op network, you’re eligible to use any of 30,000 different ATMs nationwide (and even in a few foreign countries) without paying any surcharge fees. Compare that with a big bank like Wells Fargo, which only offers 13,000 ATMs, or PNC Bank, which only offers 9,000 ATMs in 19 states — fewer than half of what most credit unions offer. If using ATMs is more your style, credit unions are the clear winner.

Operating hours

Operating hours vary widely between credit union vs banks, even within different branches. If you’ll be going in to visit a branch, the best suggestion might be to research potential banks and credit unions in your area to see which ones offer hours that will work with your schedule.

One exception is online banks, many of which offer 24/7 phone service. After all, it’s still cheaper for these banks to staff a call center to serve the entire country rather than hire someone to man a branch 24/7 in the middle of nowhere. If you don’t mind calling in to chat with a teller rather than visiting them face-to-face when you have a question, an online bank might be just the thing for you.

Technology

Because credit unions pass off their savings onto members in the form of cheaper loans and higher-yielding products, many don’t have enough cash to invest in the latest and flashiest technology like big banks.

That’s not always the case. There are some credit unions like AlaskaUSA® Federal Credit Union and PenFed® Credit Union which offer modern technology like mobile phone apps with remote check deposit. This nifty feature lets you deposit a check anywhere with the snap of your smartphone camera. But, more often than not, many credit union websites you’ll visit offer antiquated technology that looks like it could be your little brother’s first coding project.

If the latest, hottest bank technology is what you seek, consider starting your search with a bank rather than a credit union.

Autonomy and governance

One of the major benefits of credit unions is that they’re owned by members — including you. When you join a credit union, you generally need to put at least $5 in some type of “share savings” account. This establishes your membership in the credit union, and it even allows you to vote in board elections. In short: You are a member, not a customer, of a credit union. As a member, you get a say in terms of who’s in charge.

Banks, on the other hand, view you as a customer, just like any other business. Banks are usually privately owned, unless it’s a publicly-traded company. With a bank, you generally get no say in how the institution is run. Banks can — and do — set policies that’ll earn their owners and shareholders money made off your back, rather than redistributing it to other banking customers like credit unions do.

If being a member and not a customer is important to you, a credit union is your best bet.

Bottom line: Credit unions vs Banks

There are a lot of differences between credit unions vs banks. We recommend searching for the best financial institution based on what’s most important to you.

A bank might be best for you if you:

  • want to visit a branch in-person to conduct your banking
  • want the latest technology
  • aren’t as concerned about fees and using ATMs

A credit union might be best for you if you:

  • want a good selection of ATMs wherever you go
  • want higher rates and lower fees
  • want to be a member of your financial institution, not a customer

Searching for only banks or credit unions can help narrow down your search, but don’t be afraid to consider other options as well. “Credit unions, especially large ones, have taken on many of the traits of banks,” said Tumin.

In other words, even though these differences generally hold true, there are often exceptions. For example, some banks offer much higher rates on their savings accounts than any credit union, or some credit unions might have unscrupulous business practices despite their nonprofit status.

But by starting your search with either credit unions or banks, you can help narrow down a seemingly infinite amount of choices to a reasonable amount and find the best financial institution 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.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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