APY GUY: Maximize Your Savings & Earnings

editorial staff

Simple High Yield Account – 0.40% APY!


All Simple accounts will automatically transfer to BBVA accounts May 8, 2021.

[Update April 2021: Simple accounts will become BBVA accounts as of May 8, 2021. CDs have been discontinued since February. To learn more visit the Simple to BBVA transition FAQ page here.]

Simple is another app-based, FinTech company acting as a mobile bank such as Aspiration and Affirm; which we covered earlier this month.

Simple leverages BBVA USA for its banking services and FDIC insurance, but then layers on its budgeting tools and fee-free accounts.

It was founded in 2009 in Portland, Oregon, but was acquired by BBVA in 2014. Therefore all money in a Simple account is actually held at BBVA USA, the American subsidiary of Banco Bilbao Vizcaya Argentaria, S.A., and is FDIC-insured up to the applicable limits.

Simple has expanded its product suite since their inception and acquisition and now offers the following types of accounts:

  • Online checking
  • High yield checking
  • Shared checking
  • Certificates of Deposit
  • Personal Loans

For the purposes of this review we will stick to the high yield checking account and the certificates of deposit that Simple has to offer. These are the only Simple accounts that currently provide a return on your savings.

To see if these Simple products are right for you, continue reading our full review of their features, account details and potential drawbacks below.

What is the Simple Account?

Simply put, the Simple account is an app-based smart wallet that can be managed on your desktop, tablet or mobile phone. It comes with free checking and budgeting tools that keep your personal finances organized.

While the account primarily functions as a checking account – complete with a debit card – it also has an add-on “Protected Goals Account” that functions as a high yield savings account and safe-guards your funds against unwanted spending. This Protected Goals Account also pays a solid 0.40% APY.

Simple Account Features and Drawbacks

The Simple Account comes with many features that an ordinary checking account does not. It also has some limitations in which standard checking accounts at brick and mortar banks and credit unions do not.

Simple Account Features:

  • Safe-to-Spend. The first thing you see when you login is your account balance minus any upcoming bills, pending transactions, or Protected Savings Goals. Safe-to-Spend gives users a complete picture of what they can safely spend that day.
  • Automate savings with deposits into your Protected Goals Account.
  • 0.40% APY (for funds in protected goals account)
  • No monthly fees
  • No minimum balance or deposit requirements
  • Mobile check deposit functionality
  • Debit card
  • Check writing (It costs $5 for a book of checks.)
  • Budgeting and automatic savings tools
  • No overdraft fees (Simple will reject transactions that will overdraw your account)
  • 40,000 fee-free ATMs through the Allpoint network
  • No fees from Simple when using out-of-network ATMs
  • 1% international transaction charge when you use your debit card outside of the U.S.

Drawbacks:

  • No ATM reimbursements on out of network ATM surcharges
  • No physical branches
  • No online bill payment. Read more about why they pulled this functionality here.

Simple Protected Goals Account Features + APY

The Simple Protected Goals Account is separate from your Simple account but money can be transferred easily between the two. Simple keeps these accounts separate to protect the funds designated for savings against any unwanted, accidental spending.

When you open the Simple Protected Savings Goal account your first goal will be automatically created for you. You can add and delete others, but this initial one may not be deleted. It is also where your accrued interest will get credited to at the end of each month.

Once you set a goal for a specific expense or purchase, Simple will automatically put away money each day until the goal is achieved. There is also a “Save It Now” feature for one-off transfers to savings goals.

Simple Protected Goals Account

BalanceAPY
$0.010.40%

To put Simple’s APY in perspective the average yield on a traditional savings account sits at just 0.07% APY nationally.

On top of the great yield, there are some other noteworthy features of the Simple Protected Goals Account. These are:

  • Set specific goals with end dates
  • Automated savings via transfers from Simple Account
  • Only requires a penny to get started
  • No monthly service charge(s)

Simple No Penalty 12 Month CD

If you’re in the market for an FDIC-insured, fixed rate certificate of deposit then you may want to check out Simple’s 12 month No Penalty CD. It is currently their only CD available, but comes with an attractive yield and terms.

As the name implies, this CD does not penalize you for early withdrawals if you need your cash prior to the 12 month maturity. You will have full access to your funds after 7 days of opening the account.

Simple 12 month No Penalty CD

Due to the transition to BBVA, Simple no longer offers CDs at this time.

TermMin. DepositAPY
NANANA

To put this offer in perspective, the current national average for a 12 month CD sits at roughly 0.22% APY.

Simple Mobile Apps

Simple’s primary user-base is younger, tech savvy individuals between the ages of 18 and 35.

The Simple app is available on iTunes and Google Play and scores a 4.6 and 4.4 star rating out of 5, respectively. This is better than the average mobile banking app rating of 4.05 out of 5 for a bank and 4.15 out of 5 for a credit union according to MagnifyMoney.

With their mobile apps you can:

  • Deposit checks remotely by taking a picture of it with your phone (maximum $5,000 per day). Please allow 1-9 business days before the funds are available. There is also a 10 check per week max with this feature.
  • Manage, budget and transfer funds on the go. You can set up new goals or instantly transfer money to existing goals. You can also monitor safe to spend amounts, daily transfers to savings goals and debit card spending.

Final Thoughts

If you’re looking for a simple, low-cost digital bank with modern money management tools then Simple is certainly worthy looking into.

This digital payment account works with a debit card and checks and provides a respectable APY on idle funds that you stash away into protected goals.

The main downside is the lack of any online bill pay feature(s) which may prevent you from keeping this as your primary account.

Ally Bank CD Rates – Up to 0.80% APY!


image credit: ally.com

Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online savings products including CDs, savings accounts, interest checking and money market accounts.

[You can read a review of Ally Bank’s money market account and its current APY here.]

In this review we’ll focus on Ally Bank’s fixed-rate, certificates of deposit. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”

The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if their rate for your term and balance tier goes up while your CD is active.

The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.

For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.

Ally Bank CD Rates + Account Details

image credit: ally.com/bank/cd-rates/

As mentioned, Ally Bank has seven standard term certificates of deposit that come with no minimum opening deposit requirements. The terms range from 3 months to 5 years and come with annual percentage yields that beat the current national average by considerable margins and regularly place among the top rates for online banks nationwide.

Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts.

Ally Bank CD Rates

TermAPY
3 months0.20%
6 months0.25%
9 months0.30%
12 months0.55%
18 months0.60%
3 years0.65%
5 years0.80%

To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 0.15% and 0.28% APY, respectively, according to the most recent FDIC data.

Ally Ten Day Best Rate Guarantee

All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.

Interest is compounded daily which gives your overall APY (annual percentage yield) a boost over bank deposits that compound less frequently like monthly or quarterly.

Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.

Early Withdrawal Penalties

Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:

  • CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
  • CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
  • CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
  • CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.

Grace Period

Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.

Ally Bank Loyalty Rewards for CD Account Holders

Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.

Ally Bank “Raise Your Rate CD” Rates + Details

The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.

Ally Raise Your Rate CDs

TermAPY
2 year0.55%
4 year0.55%

The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.

The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.

Ally Bank “No Penalty CD” Rate + Details

Withdraw any amount fee-free after 6 days of funding the account.

The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.

Ally Bank No Penalty CD Rate

TermAPY
11 months0.50%

As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.

Final Thoughts

Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.

The APYs on their IRA CDs and regular CDs beat the current national average(s) handily, but pay the same yields on all terms regardless of deposit amount. There are also no differences in rates whether the CD is opened in an IRA or not.

Ally Bank’s digital interface – both online and through their IOS and android apps – are very intuitive and allow for easy deposits and account monitoring as well.

Fidelity CD Rates – Up to 0.65% APY!


image credit: fidelity.com

Fidelity is a multi-national financial services corporation based out of Boston, Massachusetts. They are one of the top 10 AMC (asset management companies) in the world with $2.46 trillion in assets under management and a combined customer asset value of $6.7 trillion.

Fidelity offers a wide range of services, products and tools to suit investors of varying experience levels and risk tolerances.

In this review we will focus on the brokered CDs offered through Fidelity. These can be found under their fixed income and bonds category.

It is important to note that Fidelity is not a bank, but a brokerage firm. Therefore Fidelity does not issue any certificates of deposit themselves, but rather “brokers” or resells them to their clients. The deposits are still obligations of the issuing bank, and thus come with FDIC-insurance up to $250,000 per depositor. That said, because Fidelity is a brokerage service, you can hold multiple CDs in your brokerage account with them, effectively expanding your FDIC coverage past the $250,000 limit. This is also true for their cash management account which allows for FDIC coverage up to $1.25 million.

You can open new issue CDs and/or secondary market CDs through Fidelity. New issue CDs are typically sold at par and clients do not pay a trading fee to purchase them. Purchases (and sales) of secondary CDs incur a trading fee of $1 per CD (1 CD = $1,000 par value). Download Fidelity’s CD disclosure document for a full understanding of their terms and conditions.

Fidelity CD Rates + Account Details

Fidelity offers seven standard term CDs ranging from 3 months to 5 years that come with a minimum deposit requirement of $1,000.

TermExpected APY
3 months0.02%
6 months–
9 months–
1 year0.05%
2 years0.15%
3 years0.20%
5 years0.65%

To give Fidelity’s certificate of deposit rates some context, the current national average for a 12 month CD and 5 year CD sit at just 0.14% and 0.31% APY, respectively. And the best rates on 12 month and 5 year CDs from online banks and nationally available credit unions still top 1.00% APY (albeit just barely).

How is Interest Calculated?

Interest on new issue Fidelity CDs do not compound. This is true with most brokered CDs as they require an immediate distribution of interest.

Fidelity CDs that are purchased on the secondary market may be based on other interest rate calculations. You will need to contact the Firm with questions concerning the interest rate calculation on a secondary market CD.

Fidelity Auto Roll Program

Fidelity also has an “Auto Roll Program” that comes with some helpful features. The most notable being the ability to make early withdrawals on your CD without incurring steep fees. This is in contrast to bank or credit union CDs which generally take a portion of your interest as a fine.

The second stand-out feature of the Auto Roll Program is that it allows you to sell part of your CD (or add to it) prior to its maturity date.

You can also keep track of your earnings, set up alerts and auto-renew your CDs based on your chosen asset allocation.

If you would not like to be a part of the Auto Roll Program, you may cancel at any time.

Fidelity Brokered CDs: Pros and Cons

Brokered CDs offered through Fidelity come with some benefits and downsides. For starters, the current rates offered (shown above) are less competitive than those found at top online banks and credit unions.

Second, while new CDs don’t come with any fees, CDs purchased on the secondary market will be subject to a trading fee similar to buying or selling a stock.

Fidelity’s brokered CDs also come with some distinct advantages.

The biggest being liquidity. If you need your funds prior to maturity you can simply sell it during any trading day on the open market. Keep in mind though that the market prices will fluctuate based on rates. This means it’s also possible to sell your deposit for less (or more) than you purchased it for.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price because consumers can get better rates through new issue CDs.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD in the secondary market.

SFGI Direct Online Savings Account – 0.56% APY!


image credit: sfgidirect.com

SFGI Direct is the online subsidiary of Summit Community Bank.

Summit Community Bank provides community banking services to residents of Kentucky, Virginia and West Virginia through its 41 branch locations.

Summit Financial Group, Inc. is the parent company that owns both Summit Community Bank and SFGI Direct. They are headquartered in Moorefield, West Virginia and hold $3.1 billion in assets.

While Summit Community Bank operates locally in the three states mentioned above, SFGI Direct allows customers nationwide to open their single product offering; an online savings account.

Their online savings account also happens to be one of the most competitive in the country currently, and can be opened with as little as $500.

SFGI Direct Online Savings Account Details + APY

As mentioned the SFGI Direct online savings account can be opened with as little as $500, but once opened will earn interest on all sums above $1.00.

Min DepositMin BalanceAPY
$500$1.000.56%

To put this yield in perspective, the current national average for a savings account sits at just 0.05% APY according to recent FDIC data. The national average on a money market account is slightly better at 0.06% APY.

The highest yielding online savings accounts still hit the 0.60% APY mark, but just barely.

Like most savings accounts, SFGI Direct’s account features a variable rate that is subject to change at any time without notice.

There are no monthly fees associated with the account.

Account Drawbacks

Although the yield is quite attractive, there are some drawbacks to SFGI Direct and their online savings account.

For starters, this is SFGI Direct’s only account. If you are looking for a checking account for easy access to cash or a fixed rate CD, then you’re out of luck. They also have zero products on the loan side.

Second, as with many online savings accounts, this account comes with no debit card or ATM access.

Depositing, withdrawing and accessing funds can only be done through electronic transfers from or to other connected bank accounts. Paper checks are not even accepted for deposits.

All transfers take up to 2 business days to complete.

How to Open the SFGI Direct Online Savings Account

To sign up, click on the open account button from their homepage.

The process should only take about 10 minutes if you have all the necessary pieces of information handy and ready to go. It’s a 2 step process that starts with verifying your personal information and going over account disclosures, followed by funding the account.

Here’s what you need to complete the process:

  • U.S. Social Security number (have your card handy if you do not know your number)
  • A valid form of identification including: Driver’s license, State ID, Military ID or Passport
  • Previous home address (if you have lived at your current home address less than two years)
  • U.S. checking or savings account to fund your new account(s). For this you will need both your account number and the institution’s routing number.

If you need to stop anywhere in the process, just keep in mind the site will time you out in 30 minutes for security purposes, so it’s best to have all the information you’ll need ready to go before you begin.

How to Contact SFGI Direct

If you have any questions in the application process or about the account in general you may contact SFGI Direct in a few ways.

You can give them a call 6 days per week at (877) 776-9722 within these working hours:

Monday – Friday: 8:00am – 6:00pm
Saturday: 8:00am – 2:00pm

You may also email them at customerservice@summitfgi.com. This is a secure email, however you should never include sensitive information such as your bank account numbers or identity information like your social security number or any tax numbers.

SFGI Direct’s physical address is:

300 North Main Street
Moorefield, WV  26836

FDIC Insurance

Another point to mention about SFGI Direct and their online savings account is that they technically share the same deposit insurance coverage through the FDIC with Summit Community Bank.

Therefore if you already have deposits held with Summit Community Bank AND are looking to open the online savings account with SFGI Direct, the $250,000 in coverage will be spread between all deposit accounts held at both of those institutions.

For example, if you currently have $50,000 in a checking account with Summit Community Bank and open the SFGI Direct online savings account, you’ll only have $200,000 in FDIC coverage left for the online savings.

Final Thoughts

If you’re in the market for a no frills online savings account with a respectable yield then CFGI Direct’s product may be a good fit for you.

You can see how the APY stacks up against other high yield online savings accounts this month.

Best High Yield Online Savings Accounts [February 2021]


If you’re in the market for a high yield savings account that can be opened online then you’ve got several options that earn a significantly better APY (annual percentage yield) than the current national average of 0.05%, according to recent FDIC data.

High yield online savings accounts are a great place to store idle cash for future investments and/or expenditures. They also make for great emergency funds.

Plus, the fact that they can be opened and managed one-hundred percent online makes them quite flexible and extremely low maintenance.

That said, you’ll want to hone in on a few variables to ensure you’re getting the best account for your specific needs. These are:

  1. 📈 APY. The first is APY. If you’re in the market for a high yield saving account, then the “high yield” part is probably important. Current rates for competitive, variable rate, online savings accounts range from 0.30 – 0.60% APY as of the time of this writing.

  2. 💸 Fees. A good online savings account should have no hidden fees or monthly maintenance fees. You should also make sure the account(s) don’t require opening additional accounts with the institution to avoid fees. The same goes for accounts that require monthly activities such as direct deposit or a certain number of transactions.

  3. 💰 Minimum Balance and/or Deposit Requirements. Depending on your individual circumstance and how much money you plan on stashing in your online savings account, you’ll want to make sure it doesn’t come with too high of an average balance requirement to earn the advertised yield. There are many great options available with zero minimum deposit and balance requirements.

  4. 💳 Access to Funds. Make sure that the account allows for withdrawing, depositing and transferring funds in the way you desire. If you plan on using wire transfers be sure to check their fee schedule to see how much these will cost you. Also, per federal regulation D, accounts are limited to just 6 fee-free transactions per month.

  5. 📊 Variable Rate Changes. Because these accounts come with variable rates, their yields can change at any time without notice. That being said, it’s a good idea to check the account’s rate change history. If the account you’re thinking of opening has frequent and/or large rate drops it could be a bait and switch rate promotion to grab new customers. Usually new account promotions tend to come with great yields, but they don’t last long. Macro-factors like the FED increasing or decreasing key rates may also contribute to rate changes, so be sure to distinguish if frequent rate changes are industry wide (likely due to macro factors) or just one or a handful of institutions and accounts.

  6. 🔒 FDIC Insurance. Make sure your funds are safe and secure with an FDIC-insured institution. The FDIC insures deposits up to $250,000 per individual, or $500,000 for joint accounts. Credit Unions are insured by the NCUA for the same applicable limits.

Methodology Used to Publish this List

The APYGUY editorial team conducts research every month into top high yield online savings accounts available on the market. On top of that, our rate tracking system monitors hundreds of bank and credit unions’ rate pages from around the country so that our team knows in near real time when rates have been changed by the institutions we follow.

Beyond rate changes, we also monitor the other five variables listed above to make sure the products we recommend are the best available options.

Online Banks and High Yields

Online banks generally operate with less overhead costs than traditional brick and mortar banks. This allows them to offer higher yields on deposit accounts.

Online banks also need a way to grab your attention and attract new customers. Since they don’t have any physical presence in local communities and neighborhoods, they attract users online with higher yields than their brick and mortar counterparts.

Choosing an FDIC insured online bank is a great, hassle-free way to earn higher than average yields while keeping your money safe and protected.

Best Online Savings Accounts for February 2021

APYGUY’s top 17 high yield online savings accounts for February 2021 are listed below.

  1. TAB Bank – 0.65% APY – $0 minimum deposit.
  2. Comenity Direct – 0.60% APY – $0 minimum deposit.
  3. First Foundation Bank – 0.60% APY – $1,000 minimum deposit.
  4. Vio Bank – 0.57% APY – $100 minimum deposit.
  5. PenFed – 0.55% APY – $5 minimum deposit.
  6. Alliant Credit Union – 0.55% APY – $5 minimum deposit.
  7. Synchrony Bank – 0.55% APY – $0 minimum deposit.
  8. Popular Direct – 0.55% APY – $5,000 minimum deposit.
  9. Ally Bank – 0.50% APY – $0 minimum deposit.
  10. Marcus Bank – 0.50% APY – $0 minimum deposit.
  11. American Express National Bank – 0.50% APY – $0 minimum deposit.
  12. Citibank – 0.50% APY – $0 minimum deposit.
  13. Discover Bank – 0.45% APY – $0 minimum deposit.
  14. CIT Bank – 0.45% APY – $100 minimum deposit + $100/mo ongoing to earn APY.
  15. Barclays – 0.40% APY – $0 minimum deposit.
  16. Capital One – 0.40% APY – $0 minimum deposit.
  17. Citizens Access – 0.40% APY – $5,000 minimum deposit.

TAB Bank – 0.65% APY

image credit: tabbank.com

TAB Bank, or Transportation Alliance Bank, claims to be the first online bank for truckers and is headquartered in Ogden, Utah.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

There is no debit card or ATM access associated with TAB Bank’s online savings account.

Interest is compounded daily and credited monthly.

🔎 TAB Bank at a Glance:

Year Founded:1998
Headquarters:Ogden, Utah
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:~$904 million
Member FDIC:Yes
Max Deposit Allowance:None

Comenity Direct – 0.60% APY

image credit: comenity.com

Comenity has been around since 1986 when they issued their first credit card. The bulk of their credit card business is in co-branding private cards with retailers – of which they claim 50 million consumers carry in their pocket.

Comenity launched Comenity Direct in just 2018 and they’ve been offering highly competitive, FDIC insured, deposit accounts ever since.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

There is no debit card or ATM access associated with Comenity Direct’s online savings account.

Interest is compounded daily and credited monthly.

🔎 Comenity Direct at a Glance:

Year Founded:2018
Headquarters:Wilmington, DE
Deposit Accounts Offered:CDs and high yield savings
Total Assets:~$10 billion
Member FDIC:Yes
Max Deposit Allowance:$10 million

First Foundation Bank – 0.60% APY

image credit: firstfoundationinc.com

First Foundation Bank is a hybrid brick and mortar / online bank. They are based out of Irvine, California and have just 19 branches and 7 advisor offices in California, Nevada and Hawaii.

All of their personal deposit accounts can be opened and managed online and if you opt for a checking account as well, you’ll get foreign ATM reimbursements up to $20 per transaction credited back to your account. So no need to worry if you live outside those three states.

Their online savings account has a minimum deposit requirement of $1,000.

Interest is compounded daily and credited monthly.

🔎 First Foundation Bank at a Glance:

Year Founded:1990
Headquarters:Irvine, CA
Deposit Accounts Offered:CDs and high yield savings
Total Assets:$7b in bank assets, $4.9b in advisory AUM
Member FDIC:Yes
Max Deposit Allowance:$3 million

Vio Bank – 0.60% APY

image credit: viobank.com

Vio Bank is the online division of MidFirst Bank, which is the largest publicly held bank with FDIC insurance in the U.S. today.

Like Comenity, MidFirst Bank hopped on the growing trend of 2018 with the inception of their online bank – Vio Bank. Today, Vio offers just standard term CDs and a high yield savings account.

Their online savings account has a minimum deposit requirement of $100.

Interest is compounded daily and credited monthly.

🔎 Vio Bank at a Glance:

Year Founded:2018
Headquarters:Oklahoma City, OK
Deposit Accounts Offered:CDs and high yield savings account
Total Assets:MidFirst Bank $24b
Member FDIC:Yes
Max Deposit Allowance:$250,000

PenFed – 0.55% APY

image credit: penfed.org

PenFed Credit Union (Pentagon Federal Credit Union) was founded in 1935 and today stands as one of the most stable credit unions in the country with over 2.1 million members in all 50 states plus D.C., Guam, Puerto Rico, and Okinawa.

Although they used to be more exclusive, today anyone in the country can join PenFed by funding a share savings account with a minimum of $5.00. The share savings account is a different account than the one highlighted on this list. You can learn about the differences here.

Their high yield online savings account has a minimum deposit requirement of $100.

Interest is compounded and credited monthly.

🔎 PenFed at a Glance:

Year Founded:1935
Headquarters:Tysons, VA
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$25b
Member FDIC:NCUA, yes.
Max Deposit Allowance:$250,000

Alliant Credit Union – 0.55% APY

image credit: alliantcreditunion.org

Alliant Credit Union was originally founded as the United Airlines Employees’ Credit Union in 1935 with just $5,000 in assets. Today, they have 500,000 members in all 50 states and $12 billion in assets.

Most of their members are in the Chicago, Illinois area, but anyone in the country can join even if not connected to the area or anyone currently banking there. You’ll have to become a member of their designated charitable organization Foster Care 2 Success (FC2S). You can learn more here.

You will have to keep an average daily balance of $100 to earn the advertised APY.

Interest is compounded and credited monthly.

🔎 Alliant Credit Union at a Glance:

Year Founded:1935
Headquarters:Chicago, IL
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$12b
Member FDIC:NCUA, yes.
Max Deposit Allowance:$250,000

Synchrony Bank – 0.55% APY

image credit: synchronybank.com

Synchrony Bank is a large publicly traded financial institution on the NYSE with over 16,000 employees and nearly $15 billion in revenue (per 2018 financials).

Although they were technically founded in 2003, they actually trace their roots back to 1932 when GE Capital Retail Bank began to help people finance GE appliances during the great depression. GE Capital Retail Bank was later spun off from its parent company and later filed with the SEC as Synchrony Financial.

There are no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Synchrony Bank at a Glance:

Year Founded:2003
Headquarters:Stamford, CT
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$107b
Member FDIC:Yes
Max Deposit Allowance:$3 million

Popular Direct – 0.55% APY

image credit: populardirect.com

Popular Direct is the online subsidiary of Popular, Inc which does business as Popular Bank in the U.S. and Banco Popular in Puerto Rico and the Virgin Islands.

Popular, Inc got its start back in 1893 in Puerto Rico when the island was still under Spanish authority.

There is a fairly steep minimum deposit requirement of $5,000 to open this account.

Interest is compounded daily and credited monthly.

🔎 Popular Direct at a Glance:

Year Founded:1893
Headquarters:Suan Juan, PR
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:~$40b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Ally Bank – 0.50% APY

image credit: ally.com

Ally Bank, a well known online bank, is the rebrand of GMAC that took place in the aftermath of the 2008 financial collapse. GMAC was the financial arm of GM (General Motors) originally founded to provide financing to automobile customers.

Ally Bank offers exceptionally high yields on all of their deposit products. Their variable rate online savings account and money market account as well as their fixed rate CDs come with APYs that handily beat the national average and regularly place among the top of the pack.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Ally Bank at a Glance:

Year Founded:1919
Headquarters:Detroit, MI
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$180b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Marcus by Goldman Sachs – 0.50% APY

image credit: marcus.com

Marcus by Goldman Sachs is a subsidiary of the well known multinational investment bank. It’s an online, direct bank that began operation in 2016.

The name Marcus comes from Marcus Goldman, one of the two founders of the institution, who was a German banker, financier and businessman.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

They also advertise same day transfers from and to other banks up to $100k per day.

Interest is compounded daily and credited monthly.

💰 BONUS ALERT! 💰

Marcus is offering new account holders a $100 sign up bonus if you deposit $10,000 into the account or more. That’s equivalent to a 1% APY bonus just for signing up! You can learn more in our rundown of the best savings account bonuses.

🔎 Marcus by Goldman Sachs at a Glance:

Year Founded:2016
Headquarters:Draper, Utah
Deposit Accounts Offered:CDs and high yield savings
Total Assets:$196b
Member FDIC:Yes
Max Deposit Allowance:$250,000

American Express National Bank – 0.50% APY

image credit: americanexpress.com

American Express is primarily known for credit cards, but American Express National Bank has some noteworthy yields on their fixed and variable rate accounts.

American Express National Bank is an online subsidiary of the well known brand. If you happen to have a credit card(s) with them AND are looking to open a savings account or CD, please note these will be done with separate accounts and are not connected in any way.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 American Express National Bank at a Glance:

Year Founded:1989
Headquarters:Salt Lake City – Ogden, UT
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$139b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Citibank – 0.50% APY

image credit: citibank.com

The Citi Accelerate High Yield Savings account is a popular online product that is consistently in contention for the highest yield on the market.

That said, you’ll have to open this account with a checking account in their Citi Elevate Account package to avoid a $4.50 monthly service fee.

The Citi Accelerate High Yield Savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Citibank at a Glance:

Year Founded:1812
Headquarters:New York City, NY
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$198b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Discover Bank – 0.45% APY

image credit: discover.com

You may know of Discover as a credit card issuer as its the third largest in the country, however, Discover Bank has been offering competitive, online, FDIC-insured deposit accounts for quite some time.

Their online savings account comes with no minimum deposit or monthly balance requirements.

Interest is compounded daily and credited monthly.

🔎 Discover Bank at a Glance:

Year Founded:1985
Headquarters:Riverwoods, IL
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$93b
Member FDIC:Yes
Max Deposit Allowance:$250,000

CIT Bank – 0.45% APY

image credit: cit.com

CIT Bank is a subsidiary of CIT Group, a financial holding company incorporated in Delaware but with headquarters in New York City.

The online subsidiary, CIT Bank, is headquartered in Pasadena, California after the 2015 acquisition of OneWest Bank, a regional bank in Southern California.

To earn the advertised APY with CIT Bank’s Savings Builder account you must either:

  • maintain a balance of $25,000 or more OR
  • make at least one monthly deposit of $100 or more

Interest is compounded daily and credited monthly.

🔎 CIT Bank at a Glance:

Year Founded:2000
Headquarters:Pasadena, CA
Deposit Accounts Offered:IRA, CDs, money market, eChecking and savings
Total Assets:$51b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Barclays – 0.40% APY

barclaysus.com

The British multinational investment Barclays needs little introduction with its 300+ year history dating back to 1690. Their online, US-based operation however is centuries newer and based in Wilmington Delaware.

The Barclays online savings account has no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Barclays US at a Glance:

Year Founded:2012
Headquarters:Wilmington, DE
Deposit Accounts Offered:CDs and online savings account
Total Assets:$51b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Capital One – 0.40% APY

image credit: capitalone.com

Capital One is perhaps the quickest growing bank on the list with over $420 billion in assets and only being founded in 1994.

Their 360 Performance Savings Account is a part of the 360 product suite which features high yields on all types of deposit accounts – both fixed and variable.

Interest is compounded and credited monthly.

🔎 Capital One at a Glance:

Year Founded:1994
Headquarters:Richmond, VA
Deposit Accounts Offered:checking, savings, CDs, money market, IRA
Total Assets:$421b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Citizens Access – 0.40% APY

image credit: citizensaccess.com

The Citizens Access Simply Smarter Savings account comes with a rather steep minimum deposit requirement of $5,000. You will also need to maintain this amount as your average daily balance or you will earn a lower interest rate and APY.

Interest is compounded daily and credited monthly.

🔎 Citizens Bank at a Glance:

Year Founded:1828
Headquarters:Providence, RI
Deposit Accounts Offered:checking, savings, CDs, money market, IRA
Total Assets:$180b
Member FDIC:Yes
Max Deposit Allowance:$250,000

How Much Interest Can you Earn on $10,000 Currently

The higher the APY you receive, the faster your money will grow over time. Unfortunately savings rates on average sit at a paltry 0.05% APY nationwide – which would only earn you $5.00 over the course of a year on $10,000 in savings.

That said, with some of the highest yielding online savings accounts mentioned above it’s quite possible to earn 10x the national average or 0.50% APY.

With a high yield online savings account like the ones listed above, a savings deposit of $10,000 would earn a much better yield of $50.00 annually.

Alternatives to Online Savings Accounts

If you’re not sold on any of the best high yield online savings accounts on the market, you have a few options that are similar in nature but differ in a few key areas.

Some alternative products you might want to consider are:

  1. Cash Management Accounts.
  2. Rewards Checking Accounts.
  3. Money Market Accounts.

You can find accounts in all three categories listed above with FDIC (or NCUA) insurance. In fact, cash management accounts can generally provide more FDIC coverage than the typical $250,000 by leveraging the FDIC insurance of multiple partner banks. We’ll discuss this more below.

Cash Management Accounts VS Online Savings

Cash management accounts generally combine the features of checking, savings and wealth management accounts all under one roof. The companies that offer these are generally considered Fintech companies and are not banking institutions themselves. That being said, they typically partner with credible banks so that your cash balance can use the 3rd party bank’s FDIC insurance.

For example, the Affirm Savings Account offers an incredible APY of 0.65% currently and partners with Cross River Bank, member FDIC, so that your deposits are safe and secure up to the applicable limits.

Noteworthy Cash Management Accounts and APYs

Below are the top 5 yields we’ve found for cash management accounts and the banks backing them.

AccountPartner Bank(s)APY
Aspiration14 partners1.00%
AffirmCross River Bank0.65%
WealthfrontCitibank, Cross River, more0.35%
RobinhoodGoldman Sachs, HSBC, more0.30%
SoFi6 partners0.25%

Rewards Checking Accounts VS Online Savings

These FDIC and NCUA-insured accounts can offer better yields than high yield online savings accounts, however there is typically a catch.

First, they are most frequently offered through credit unions which may have their own eligibility restrictions to join.

Second, rewards provided on these accounts are usually in the form of APY on your balance, but can also be in the form of cash back. When it’s an APY on your balance, it will likely be paid in tiers with a cap on how much you can earn.

For example, with Consumers Credit Union’s Rewards Checking account you can earn up to 4.09% APY on the first $10,000 if you meet the qualifying requirements. But if you want to deposit more than $10,000 you’ll earn significantly less. On balances between $10k – $20k you’ll earn just 0.20% APY and on balances of $20k or more, just 0.10% APY.

Third, the accounts will almost always require you to make a certain number of transactions with the account’s debit card every statement cycle to earn the advertised APY and/or cash back.

Lastly, in some cases these accounts will also require you to set up a recurring monthly direct deposit(s), sign up for eStatements or other qualifying actions to earn the advertised APY.

Noteworthy Rewards Checking Accounts

Below are the top 5 yields we’ve found for rewards checking accounts and the banks and credit unions offering them.

InstitutionRequirements to Earn APYAPY
Consumers Credit Union12 debit card transactions + more2.09% – 4.09%
T-Mobile MONEY$200/mo in deposits + more.1.0% – 4.0%
Lake Michigan Credit Union10 debit card transactions + more3.00%
Mecu Credit Union12 debit card transactions + more3.00%
Varo Money 5 debit card transactions + more2.80%

Money Market Accounts VS Online Savings

Money market accounts like online savings accounts are federally-insured, variable rate deposit accounts that feature better than average savings rates.

Money market accounts generally provide better yields on higher sums of money whereas online savings accounts tend to come with high yields on all sums starting at $0.01.

Money market accounts function more like a checking account and provide easier access to cash. They usually come with checking writing capabilities and some even come with debit cards.

Online savings accounts, on the other hand, rarely come with debit cards and/or check writing capabilities and tend to require you to transfer money to a checking account for access.

State Employees’ Credit Union CD Rates: Up to 0.55% APY


image credit: ncsecu.org

The State Employees’ Credit Union of North Carolina has certainly come a long way since its humble beginnings. Incorporated in 1937, the credit union began its operation in the basement of the agriculture building in Raleigh, NC. Today, they are the second largest credit union in the country both by assets and members – serving over 2.1 million members with over $40.6 billion in assets.

Despite their size, State Employees’ Credit Union (NCSECU) is fairly exclusive. They only offer membership to select groups, most of which are based in North Carolina. If you are eligible to join, however, they offer some fairly competitive rates on many of their deposit products.

These personal banking products include:

  • checking accounts
  • money market accounts
  • certificates of deposit (6 to 60 month terms)
  • IRA (individual retirement accounts)

In our review below, we will cover the rates (APY), details and features of these products as well as go over the membership requirements for State Employees’ Credit Union.

State Employees’ Credit Union is federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

State Employee’s Credit Union CD Rates + Account Details

State Employees’ Credit Union has eight standard term certificates of deposit that range from 6 months to 5 years and come with a minimum deposit requirement of $250.

State Employees’ Credit Union CD Rates

TermAPY
6 months0.30%
12 months0.35%
18 months0.35%
24 months0.40%
30 months0.40%
36 months0.50%
48 months0.50%
60 months0.55%

To give these offers some context, the current national average on a 12 month CD and a 5 year CD sit at just 0.15% APY and 0.32% APY, respectively, according to recent FDIC data.

Interest and Payments

Unfortunately, with State Employees’ Credit Union CDs you will not receive compounding interest on your funds. This is a bit unusual for credit unions or banks to only provide interest on your principal, but not unheard of. That said, you will still receive daily interest on your principal. Due to this, your APY (annual percentage yield) will be the same as the interest rate.

Interest payments are deposited to another SECU account every month selected by the owner. This is ideal for those living off of interest for income.

Early Withdrawal Penalties

If you need your funds prior to your deposit maturity, SECU will impose an early withdrawal penalty equal to 90 days of interest, or all interest accrued, whichever is less.

This is much more lenient than most early withdrawal penalties we see which tend to increase with the term. And in some cases we’ve even seen penalties dip into the principal.

Money Market & Other Variable Rate Accounts

State Employees’ Credit Union offers six variable-rate “Share” accounts that earn interest. These are:

  1. Share,
  2. Zard Share,
  3. FAT CAT Share,
  4. Summer Cash,
  5. Holiday Cash Club, and
  6. Money Market Share

The Share account is required to establish membership. It has a $25 minimum deposit requirement as well as a $25 minimum balance requirement to maintain membership.

The Zard Share is a savings account designed for teens to save money, build good savings habits, and learn about budgeting. There are also a variety of tools with this account, but you must be ages 13 – 19 to open one.

The FAT CAT Share account is a more basic version of the Zard Share account. It is for children 12 and under.

The Summer Cash account is designed for teachers and educators and those who work 9, 10 or 11 months out of the year. It helps you save money from each paycheck during the school year and allows for access to these funds during the summer.

The Holiday Cash Club account helps people save money throughout the year for holiday shopping. Deposits can be made up until the last business day of October at which point the funds are transferred to your Share, money market or checking account.

The Money Market Share account is a fairly standard MMA. It comes with a minimum deposit requirement of $250. You will also have to maintain this as your monthly balance to earn dividends. Dividends are compounded daily and paid monthly.

Share Account Rates and Minimum Deposit Requirements

Below are the interest rates associated with the six Share accounts mentioned above. To put these offers in perspective, the average APY on a savings account sits at just 0.07% currently.

AccountMin DepositAPY
Share$250.15%
Zard Share$250.15%
FAT CAT Share$50.15%
Summer Cash$00.60%
Holiday Cash$00.15%
Money Market Share$2500.20%

These rates are variable and subject to change at any time without notice.

Membership and Eligibility

As mentioned, despite its membership size, State Employees’ Credit Union is quite exclusive. Below is a list of eligibility requirements. You must meet ONE of these to join. Upon joining you will also need to open and maintain a Share account with at least $25.

  • Employees of the state of North Carolina
  • Federal employees assigned to North Carolina state agencies (for example, a federal US Department of Agriculture employee assigned to work at the North Carolina Department of Agriculture)
  • Employees of public boards of education
  • Members of the North Carolina National Guard
  • County employees of Social Services, Health, Mental Health and Civil Defense
  • Employees of associations formed for the benefit of state of North Carolina employees (e.g., State Employees’ Association of North Carolina)
  • Employees of agencies or departments whose employees are subject to the State Personnel Act
  • Individuals retired from the above employment or service as pensioners and/or annuitants from the above employment or service. This includes former employees who are “vested” and have not withdrawn or terminated future eligibility to be a pensioner and/or annuitant.
  • Un-remarried spouses of persons who died while in the field of membership
  • Immediate family (spouse, parents, siblings and children) of a current member
  • Individuals sharing a single economic unit with a current member

Final Thoughts

If you are eligible to join NCSECU and are in the market for a fixed rate certificate of deposit, then their CDs may meet your needs.

That said, more competitive APYs can be found at credit unions like Navy Federal Credit Union or PenFed Credit Union which also have more lenient eligibility requirements.