Discover Bank CD Rates – Now up to 0.60% APY

Lauren Graves
November 30, 2020

Ever since Sears first introduced the Discover Credit Card back in 1985, the Discover Bank brand has largely become a household name.

Although the bank is often associated with their popular credit cards, they also have a suite of deposit products featuring annual percentage yields considerably above the current national average(s). This suite comes with an online savings account, money market accounts and certificate of deposits with wide-ranging terms.

In this review we will just focus on Discover Bank’s CDs. Terms range from 3 months to 10 years and, like all of Discover Bank’s deposit products, are federally insured by the FDIC up to $250,000.

If you’re in the market for an FDIC insured bank CD, Discover Bank is certainly worth exploring.

Discover Bank CD Rates

CD Term	APY
3 months	0.20%
6 months	0.25%
9 months	0.30%
12 months	0.50%
18 months	0.50%
24 months	0.50%
30 months	0.55%
3 years	0.55%
4 years	0.55%
5 years	0.60%
7 years	0.60%
10 years	0.60%

To put Discover Bank’s CD Rates in perspective, the current national average for a 12 month and 60 month CD sits at just 0.22% APY and 0.47% APY, respectively.

Discover Bank still has ascending rates with longer terms, albeit not by much. We’ve seen this curve flatten over the course of 2020.

How Do Discover Bank CDs Stack Up Against The Competition?

All of Discover Bank’s CDs come with a minimum deposit requirement of $2,500 which is steeper than other online banks.

On the other hand, their interest rate and APY are almost always among the top yielding banks nationally for CDs.

In fact, on the CD section of Discover Bank’s website (shown above), they have a very helpful interactive widget that allows you to add other banks and compare current deposit rates. So Discover Bank certainly isn’t shy about pitting their rates against their competitors.

More on Discover Bank’s CD Rate Comparison Widget:

They have a couple banks defaulted into the module when you start – US Bank, Bank of America and Capital One.

You can choose up to 6 different banks to compare, but only 3 at a time.

Unfortunately no credit unions can be added to the comparison module at this time.

Opening your Discover Bank CD

Once you’ve found the right CD term for you, you can navigate to Discover Bank’s online CD page here and click the orange “Open an Account” button found at the top right of the page and directly in the center under the words “Lock in your future.”

When you begin the application process, you’ll want to have some personal information readily available. Be prepared with the following:

full name
home address
date of birth
phone number
Social Security number
employment status (employer and length of employment may be requested)
driver’s license, passport or other form of photo ID

After your application is completed and accepted you can fund the account.

Funding your Discover Bank CD

Upon completing the application you will have exactly 45 days to fund this account. The account can be funded in one of 4 ways. Here are the 4 ways in which you can fund your account:

Transfer funds from another bank account via an online transfer.
Transfer funds from another bank account via telephone. This function is only available for your initial transfer. Call 1-800-347-7000 to get started.
Download their mobile app from iTunes or the Google Play store and complete a mobile check deposit.
Make a check out to yourself and send it via snail mail to the following address: Discover Bank P.O. Box 30417 Salt Lake City, UT 84130

Discover Bank CD Account Details

There are a few details to your Discover Bank CD that you should be aware of.

First, your deposit is federally insured by the FDIC up to $250,000 in case of bank insolvency during your deposit term.

Second, fees. While this account has very little to worry about in terms of fee’s there are a couple you should be aware of – most notably early withdrawal fees. If you need your funds in the case of an emergency an early withdrawal fee will be applied. That said, this is quite standard with any Bank CD and Discover Bank’s fees in this regard are on par with other major banks.

Discover Bank’s early withdrawal fee structure:

CD Term	Penalty
less than 1 year	3 months simple interest
1 – 4 years	6 months simple interest
4 – 5 years	9 months simple interest
5 – 7 years	18 months simple interest
7 – 10 years	24 months simple interest

The only other fee you’ll need to be aware of is for outgoing wires. If you plan on moving any money out of the CD upon maturity you’ll incur a $30 fee per wire.

What Happens When Your Discover Bank CD Matures?

Exactly 30 days prior to your Discover Bank CD maturing, Discover Bank will send you a notification making you aware of the date.

Upon maturity you will enter what is referred to as a grace period. The grace period with Discover Bank CDs is 9 days. During these 9 days you can make additional deposits, withdraw any interest or principal or change the term of your deposit. However, once you take any of the aforementioned actions, this will trigger the end of your grace period, even if the full 9 days are not up.

If you do nothing during the 9 day grace period your CD will automatically renew into the same CD term you had before with whatever current APY Discover Bank is offering on said term.

Earning and Allocating Interest On Your Discover Bank CD

You’ll start earning interest on your deposit the same day it is funded. The interest is compounded daily and returned to the deposit (or another Discover Bank account) once per month.

With the interest earned you can do one of two things:

The do nothing / default option places the interest back into the CD to compound until maturity.
If you’re living off of the interest as income, or for whatever reason want the interest to be accessible, you may have it transferred to another Discover bank account.

Discover Bank Customer Sentiment + Account Features

Discover’s performance as a bank is above average with user reviews hovering around 4 out of 5 stars on the top review sites.

The online institution simply has a reputation for being a stand-up company with total transparency, and it’s known for having a team of customer service representatives that are as helpful as they are speedy. User reviews reflect satisfaction with the bank, with only the occasional angry customer reporting excessively long transfer holds, unexpected account closures, and the like.

Likewise, the Discover app is top-notch. Millions of Apple and Android users agree that this mobile banking app deserves a near 5 star rating for a platform that’s almost as simple to use as it is functional. If you’ve read our mobile app reviews of other online banks you’ll quickly notice this is far from the norm. Discover Bank has native apps for both IOS and Android.

Overall, Discover online and mobile banking platforms are user-friendly and representatives are knowledgeable and friendly.

Discover has multiple phone lines devoted to various banking needs, and these are all open 24/7 year-round. To open or manage an account, call 1-800-347-7000. For online banking tech support, call 1-800-290-9885. For everything else, visit this page for the right number. Mail can be addressed to:

General Correspondence Discover Bank
P.O. Box 30416
Salt Lake City, UT 84130

Discover has only one branch (the bank’s headquarters in Delaware), but there is a sizable network of ATMs from which you can service your accounts at no cost.

Discover will allow you to make incoming or outgoing ACH transfers of up to $250,000 per month.

Final Thoughts

Discover Bank CDs consistently feature APYs that are significantly higher than the national average – usually just a handful of basis points away from the highest yielding accounts.

They have invested considerable time and resources into developing one of the most straight and easy to navigate online banks with account perks that outdo many of their competitors.

If you like all of your accounts under one roof, then Discover Bank is definitely worth the look. From online savings accounts, checking accounts, credit cards and CDs, Discover Bank has it all.

Vio Bank Online Savings Account – 0.66% APY + 0.70% APY CDs

Lauren Graves
November 25, 2020

Back in the summer of 2018 when CDs and savings rates were starting to pick up steam again, many of the big national banks hopped on a growing trend – create online-only banking divisions that specialize in amazing high yield savings accounts and CDs.

This is exactly what happened when MidFirst Bank, one of the five largest privately held banks in the country, launched Vio Bank in August of 2018.

Vio Bank came out of the gates with a bang – offering one of the top APY (annual percentage yields) for an online savings account anywhere in the country.

Today, the interest rate landscape is heading back the other direction. And with the FED’s latest drop to zero, it looks like CDs and savings will likely follow suit (as is tradition).

That said, we’re thrilled to see Vio Bank hold strong on their lucrative 0.66% APY high yield online savings account. Although we don’t know how long the rate will hold, it is one of the top APYs available online today and the account can be opened with as little as $100.

Vio Bank’s Online Savings Account Rate + Details

Vio Bank’s online savings account rate dropped from 1.01% APY to 0.76% APY in September 2020. Then from 0.76% APY to the current 0.66% APY in November 2020.

Like the Citi Accelerate Savings Account we covered earlier this month, the 0.66% annual percentage yield on Vio Bank’s online savings account remains highly competitive despite falling rates around the country. This is a variable rate that can change at any time without notice.

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening. The account is FDIC-insured up to $250,000.

More account details:

Interest is compounded daily and paid out monthly
6 free withdrawals per monthly statement cycle. A $10 withdrawal fee applies after 6.
No monthly fees.

Please note – if you plan on making more than 6 withdrawals per statement cycle you may want to consider using a different account. Not only with a $10 fee be imposed on withdrawals after 6 in any monthly statement cycle but Vio Bank states they could shut down your account if withdrawals become too abundant.

ACH transfers initiated through the Vio Bank External Transfer Service may not exceed $25,000 (or 5 separate transfers) per day or $100,000 (999 separate transfers) per month. Incoming or outgoing transfers initiated by a third party transfer service are not limited though, which will allow you to get around these restrictions if needed.

Drawbacks to Banking With Vio Bank

As an online-only bank, Vio Bank does not have any branches or ATM networks. In fact, you won’t even get an ATM card with any VIO bank accounts nor any check writing capabilities.

There are very little Vio Bank account features to write home about (if any). Customers have no access to any budgeting tools or peer to peer transfers.

Accessing money or moving it around will be difficult with Vio Bank unless you’re comfortable with ACH or wire transfers.

Vio Bank Online Savings Account Fee Schedule

Like many online savings accounts Vio Bank’s has minimal fees. That said, you will still have to pay for certain items and/or services. Here is their complete fee schedule:

Type	Fee
Monthly Maintenance	$0
Dormant Account (inactive for 12 consecutive months)	$5/month
Electronic Statements	$0
Withdrawals	6 free per month, then $10/each
Wire Transfers (domestic outgoing)	$18
Wire Transfers (domestic incoming)	$10
Wire Transfers (international outgoing)	not listed
Wire Transfers (international incoming)	$0
Stop Payment	$30
Returned Item	$7
Verification of Deposit	$15
Paper Statements	$5/month
Additional Statements	$2 each
Copies	$1 each
Research Requests	$40/hour

If you’re looking to lock in a rate and not worry about a future drop, then you may want to consider one of Vio Bank’s certificates of deposit.

Vio Bank’s CD Rates + Account Details

Vio Bank’s current certificate of deposit rates aren’t nearly as competitive as their high yield online savings account.

The CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly. Your deposits are also FDIC insured up to $250,000 and can be opened online with $500 or more.

Side Note: Unfortunately there are no promotional deposit products offered currently by Vio Bank. This is an effective marketing tactic we’ve seen used by many online banks even in poor savings environments.

Vio Bank’s Current CD Rates:

CD Term	APY
6 month	0.15%
9 month	0.20%
12 month	0.15%
18 month	0.20%
24 month	0.25%
36 month	0.30%
48 month	0.40%
60 month	0.50%
84 month	0.60%
120 month	0.70%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.22% APY and 0.60% APY, respectively.

Early withdrawal penalties apply for all Vio Bank CDs.

The penalties vary depending on the length of the deposit term. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

For CDs with terms longer than 1 year the penalty is 3 percent of the amount withdrawn plus a $25 fee.

Vio Bank Reviews and Customer Sentiment

Vio Bank has apps for both IOS (Apple Store) and Android (Google Play) phones that have received mixed reviews. Their IOS app has a 4.4 star rating out of 5, while their Android app receives just a 3 star rating out of 5.

The apps allow Vio Bank account holders to do the following:

Check account balances anytime
Search recent transactions by date, amount or check number
Transfer cash between accounts
Deposit checks while on the go

Bank review websites and bloggers love Vio Bank, but reviews and experiences provided by users tell a different story. On DepositAccounts, Vio Bank has 2 stars. So though this bank looks good on paper (especially for its high-yield savings account), it does not meet expectations in the eyes of real people with accounts.

In a nutshell, here is what some of these people have to say:

Look out for contradictory information provided by Vio’s website and representatives as well as cumbersome application hurdles and poor service, issues named by many users. Many individuals seem to doubt the bank’s trustworthiness based on support interactions and insufficient explanations. Even more have been turned away or had their accounts closed soon after opening for no apparent reason. Definitely don’t ignore these alarm bells but know that every person’s experience is going to look different and that Vio Bank might improve its customer care, policies, and practices over time.

User reviews for MidFirst Bank, the parent company of Vio Bank, are similarly poor with an overall rating of 2.5 stars on Yelp and 1.5 stars on DepositAccounts. There are also a number of complaints left against this company with the Better Business Bureau, another red flag that doesn’t reflect well on Vio either.

Final Thoughts

If you’re after a high yield online savings account and APY is your sole focus, then Vio Bank may be a solid solution for you.

However, if you intend to conduct regular banking activities out of this high yield savings account, you will be let down as it comes with no ATM card and no real way to move money around other than wires or ACH transfers.

Their CDs aren’t attractive at all at the moment and carry some steep early withdrawal penalties (mentioned above), so if you’re looking for an online CD we would suggest shopping around.

TotalDirectBank Money Market – 0.50% APY + 0.50% APY CDs

Kevin Flynn
November 24, 2020

Total Direct Bank is a division of City National Bank of Florida – an institution with over $15 billion in assets and a “superior” 5-star rating from Bauer Financial for 24 consecutive quarters.

City National Bank has gone through a series of mergers and acquisitions throughout its ~70 year history in Florida, but its most recent M&A activity stems from the financial crisis of 2008.

In 2008 Caja Madrid purchased City National Bank, giving it international reach. In 2012, the Spanish bank then had to sell off its assets due to financial hardships. After a short period of uncertainty, Banco de Credito e Inversiones acquired City National Bank for $946.9 million in 2015. That transaction laid the groundwork for the move to direct banking.

On December 1, 2017, City National Bank, infused with new capital from the Banco de Credito acquisition, purchased TotalBank for $528 million. The merger of the two Florida powerhouses made them the third largest bank in the state and paved the way for the launch of Total Direct Bank a year later.

Total Direct Bank has become a solid play in the online banking space, regularly featuring respectable yields on their deposit products that handily beat the current national average(s).

Like many online-only banks, Total Direct Bank, has a simple set of FDIC-insured products. They have a variable rate high yield money market account as well fixed-rate, standard term CDs. We will cover their deposit products in this review.

TotalDirectBank Money Market Rate + Account Details

Total Direct Bank has a competitive money market account that currently features a good rate if you can deposit and maintain an average monthly balance of $2,500.

Balance	Min Deposit	APY
$2,500	$2,500	0.50%

Total Direct Bank allows for unlimited deposits and transfers from an external bank, but only six withdrawals per month per Federal Regulation D.

There are no maintenance fees but you will need to maintain an average daily balance of $2,500 to earn the advertised APY.

There are some geographical limitations. TDB does not do business in Florida, Puerto Rico, or the US Virgin Islands. Valid state issued ID or US passport is required for account opening.

TotalDirectBank CD Rates + Account Details

Total Direct Bank’s certificate of deposit suite offers less enticing rates than their money market account, with an extremely steep minimum deposit requirement of $25,000.

In general, online-only banks tend to have lower minimum deposit requirements on their FDIC-insured deposit products. For example, banks like Marcus by Goldman Sachs or Vio Bank only require $500 to open any of their CDs.

TotalDirectBank CD Rates

CD Term	APY
3 months	0.50%
6 months	0.50%
12 months	0.50%
24 months	0.50%
36 months	0.50%
60 months	0.50%

To put the offers above in perspective the current national average for a 12 month and 60 month CD sit at roughly 0.22% APY and 0.47% APY, respectively. That said, more competitive offers can be found online or through a handful of credit unions.

All accounts at Total Direct Bank are FDIC insured up to the maximum deposit amount of $250,000 per depositor or $500,000 for joint accounts.

Upon the maturity date of your CD you will have a 10 day grace period in which you may withdraw (or add) funds. If nothing is done, the money will auto renew into the same product at the current rate. Total Direct Bank will mail you a “Maturity Notice” prior to the maturity date, but you’ll want to set up reminders and alerts for yourself as well.

TotalDirectBank Review and Customer Sentiment

Reviews of Total Direct Bank are mixed with aggregate numbers sitting between 2.5 and 3 stars out of 5 on popular third party review sites.

They have no native apps to download on either IOS or android which is unusual for a digital bank.

Total Direct Bank does appear to have good phone support, but only during business hours. If you call outside the 9:00 AM to 5:00 PM window, you won’t get anyone on the phone. That should be fine for most customers and it’s clearly stated on TDB’s “contact us” page.

Data aggregation and problems setting up ACH seem to be limited to 2019 Q4 and early 2020 Q1. Outside of that window, I’m seeing a lot of happy customers, so Total Direct Bank may have fixed some issues in their back end.

Final Thoughts

Total Direct Bank’s CDs and money market account are fairly mediocre on rates and fall behind on both range of account offerings and minimum deposit requirements.

A $25,000 minimum deposit requirement on a CD is about as steep as they come for accounts like these. Online banks generally stay in the $0 – $2,500 range.

Their lack of apps for both IOS and android is also unusual for an online bank, but their online banking interface and phone support seem to meet the bar.

BBVA CD Rates – Flat 0.10% APY Across All Terms

editorial staff
November 24, 2020

BBVA USA (formerly BBVA Compass) is a subsidiary of the Spanish behemoth Banco Bilbao Vizcaya Argentaria and is the 30th largest bank in the United States with just shy of $93 billion in assets.

Although this bank only has branches in the sun belt states, it services customers nationwide with its online banking platform and mobile apps.

BBVA has branches in the following states:

Alabama (89 branch locations)
Arizona (63 branch locations)
California (61 branch locations)
Colorado (37 branch locations)
Florida (45 branch locations)
New Mexico (18 branch locations)
Texas (336 branch locations)

The state of Texas is BBVA’s largest stronghold. They are the 4th largest bank in the state based on consumer deposits held at the institution.

BBVA has also spent considerably on both marketing and real estate in Texas. Along with their 336 branch locations, BBVA holds the naming rights to BBVA stadium – a professional soccer venue in Houston.

If you’re in the market for an FDIC-insured certificate of deposit from BBVA, then continue reading our review below.

BBVA bank deposits are FDIC-insured up to $25,000 per depositor and come with yields that beat the national average for their respective terms.

BBVA claims the yields on their CDs vary based on location, and that you’ll need to contact a representative to get a specific quote. That said, we don’t expect rates to vary much by location at this time in today’s market. Many banks that quote CD rates by location all provide the same yields across all zip codes currently.

However, for the purposes of this review we will use the CD rates available to consumers opening BBVA deposits online, rather than in-branch. The rates on their online CDs do not vary by location.

BBVA USA CD Rates + Account Details

The online certificate of deposit suite offered by BBVA USA consists of just four products at the moment, all of which features the same yield of 0.10% APY.

They have an online 11 month CD, 12 month CD, 18 month CD and 36 month CD. There are no longer term deposits offered online through BBVA. If you’re looking for a CD with terms greater-than 3 years we would suggest reaching out to a local representative or finding a different bank or credit union.

All of BBVA’s online CDs come with a minimum deposit requirement of $500.

BBVA CD Rates

Term	APY
11 months	0.10%
12 months	0.10%
18 months	0.10%
36 months	0.10%

To put this flat yield in perspective, the current national average on a 12 month CD sits at 0.22% APY with top offers coming in around 0.70% APY.

For 36 month CDs, Connexus Credit Union offers the highest yield with an APY of 0.90% APY as of November 2020.

Early withdrawal penalties are steeper with BBVA’s online CDs than most online banks or credit unions. Early withdrawal fees at BBVA also have the ability to eat into your principal.

Early Withdrawal Fees

CD Term	Fee
Less than 12 months	Flat $25 plus 1% of amount withdrawn
More than 12 months	Flat $25 plus 3% of amount withdrawn

Interest is paid upon maturity for all online CDs. If you open a deposit in-branch this may be different.

You will also need to contact a representative (1-877-737-7727) to get the compounding frequency of your certificate of deposit. This information is not publicly available even for online CDs.

While BBVA has been known to offer exceptional promotional CDs in the past, they do not offer any at this time. Check back here often, as we update this post when new products are introduced by BBVA.

How to Open a BBVA CD, Both Online and In-Branch

The four online CD options available at BBVA.

Opening a BBVA USA certificate of deposit is fairly straightforward if you are a US resident or citizen. And the bank requires the same information from you whether you’re opening the deposit online or in a local branch.

Here’s what you’ll need:

Drivers License. They’ll need your full legal name AND your drivers license number.
Date of Birth.
Current Address.
Telephone Number.
Social Security Number.

Other items you should have handy that they MAY require:

Passport to further confirm your identity
Taxpayer Identification number or EID or EIN number if opening for a business.
Employment status (and job title)

If opening the account online, you should be able to have it completed in minutes. Once the account is open, you’ll need the routing number and account number of the bank you’d like to transfer money from to fund your BBVA CD.

Final Thoughts

While BBVA USA’s CD rates still beat the national average for their respective terms, more competitive offers can be found with other FDIC-insured online banks and/or nationally available credit unions.

Keep an eye out for promotional CDs that come in and out of BBVA’s deposit product suite regularly. If opening one of these promotions in the future, please know that they do not renew for the same yield and terms once they’ve reached maturity.

Do you have experience with BBVA’s CDs – either online or in branch? We’d love to hear about it in the comment section!

Alliant Credit Union CD Rates: Up to 0.65% APY + 0.50% APY Savings Account

Lauren Graves
November 23, 2020

[Update September 4, 2020: Alliant Credit Union lowered the APY on all of their standard term CDs as well as the three variable-rate savings accounts they offer by 0.10%. Current rates are listed below.]

Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

Alliant Credit Union sells CD terms ranging from one to five years. There are no shorter term products such as 3 or 6 month certificates available, which is somewhat unusual, and terms are sold as ranges rather than fixed lengths.

Alliant certificate deposits are federally insured by the NCUA up to $250,000.

Alliant Credit Union CD Rates:

CD Term	APY
12 – 17 months	0.50%
18 – 23 months	0.50%
24 – 35 months	0.55%
36 – 47 months	0.60%
48 months	0.60%
60 months	0.65%

When opening the CD, you will first be asked to choose either a 12 – 48 month CD or a 60 month CD before making any deposits. If you choose a 12 – 48 month CD, then you will be asked to specify the exact duration within said range later in the account opening process.

When viewing the annual percentage yields above, keep in mind that the national average for 12 month CDs currently sits around 0.60% – and this figure is steadily dropping. Therefore you could safely say that Alliant has competitive rates of return for its certificates albeit more competitive offers through online banks.

All of the above terms require a minimum deposit of $1,000. Interest is compounded and paid monthly, which you can withdraw or reinvest as you please.

Early withdrawals are allowed but penalized unless within the 7-day withdrawal grace period upon your deposit’s maturity. If you do withdraw your funds within 7 days, you won’t earn interest on your money during that grace period, but you’ll get everything else back. If you need to withdraw funds outside of the 7 day grace period for any unexpected emergencies, here’s how you’ll be charged:

Alliant Credit Union Early Withdrawal Penalties on CDs:

CD Maturity Periods	Fee
12 – 17 months	Number of days’ interest since issuance up to 90 days
18 – 23 months	Number of days’ interest since issuance up to 120 days
24 – 48 or 60 months	Number of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

Opening an Alliant certificate account is easy because there are four ways different ways to do it:

Online
Call (800) 328-1935
Mail in a certificate application
In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

Savings Account Name	APY
High Rate Savings Account	0.55%
Supplemental Savings Account	0.55%
Kids Savings Account	0.55%

The high-rate savings account is your share in Alliant and is opened automatically when you become an Alliant member; this was ranked the best savings account of 2018 by NerdWallet and WalletHub as well as the best online savings account of 2017 by MagnifyMoney. With an APY rate of 0.75% compared to the national average of 0.07%, it’s easy to see why.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns a rate of return of 0.75% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, there is the kid savings account. This, like the others, earns 0.75% interest. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over 80,000 surcharge-free ATMs, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

You are a current or retired employee of a business or organization in partnership with Alliant (search these here).
Someone in your immediate family or your domestic partner is an Alliant member.
You live or work in a qualifying community around the Alliant headquarters in Chicago, Illinois.
You are a member of a qualifying organization.
You are a member of Foster Care to Success ($5 membership fee paid on your behalf by Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even non-U.S. residents can join as long as they have a valid Social Security number or unexpired ITIN.

Final Thoughts

Alliant Credit Union is one of the largest credit unions in the country for good reason. The APYs offered on both their deposit and savings products are solid when pitted against the current national average – although better deposit rates can be found through online-only banks.

Banking with Alliant means banking 100% through an app, online, or over the phone (unless you happen to live near the Chicago headquarters). If access to in-person locations is important to you, Alliant likely won’t be a good fit. But if digital banking is right up your alley, then so, probably, is Alliant.

Live Oak Bank CD Rates: Up to 1.00% APY + 0.70% APY Online Savings Account!

editorial staff
November 23, 2020

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

Term	APY
6 months	0.60%
1 year	0.70%
18 months	0.60%
2 year	0.60%
3 year	0.60%
4 year	0.60%
5 year	1.00%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

Name
Address
Email Address (must be unique for each account holder)
Mobile Phone Number
Social Security Number
They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD Term	Fee
24 months or less	90 days simple interest
24 months or greater	180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum Balance	APY
$0	0.70%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
You can mail a physical check to their HQ at:
Live Oak Bank
Attention: Deposits
1757 Tiburon Drive
Wilmington, NC 28403
Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee Description	Fee Amount
Monthly Account Fee	$0
Fee for each transaction after the 6 permitted by Federal regulation D	$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment	$25
Returned Item	$10
Non-Sufficient Funds	$25
Legal Actions	$50 minimum
Incoming Wire	$15
Outgoing Wire	$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.