APY GUY: Maximize Your Savings & Earnings

editorial staff

Paramount Bank 12 month CD: 0.75% APY + 0.85% APY Interest Checking


[Update January 21, 2021 – Paramount Bank’s interest checking and money market account now provide a highly competitive yield of 0.85% APY and 0.50% APY, respectively. Fixed rate CDs remain unchanged to start the new year.]

[Update: August 7, 2020 – Paramount Bank lowered the APY on their 6 month and 12 month CD to 0.50% APY and 0.75% APY, respectively. The variable rate, interest checking account also had its APY lowered to 0.85%. ]

[Update: March 31, 2020 – Paramount Bank lowered its interest checking account APY from 1.25% to 1.00%. They also lowered their 6 month and 12 month CD rates to 1.25% and 1.00% APY, respectively.]

Update: March 13, 2020 – After lowering their rates across the board in early March, Paramount Bank again lowered most of their rates again this week, however, they kept the APY on 6 month and 12 month CDs to 1.50% APY and 1.25% APY, respectively. Paramount Bank still has one of the deepest inverted yield curves we’ve seen from a single financial institution since the FED’s recent rate cut of 0.50%.]

Some of the accounts offered by Paramount Bank still hold respectable APYs that are above the current national average, but more lucrative rates can be found elsewhere online.

Paramount Bank has 11 locations in 9 states with headquarters in Hazelwood, Missouri. Their savings products are available nationwide and can be opened online.

Paramount Bank is FDIC-insured up to $250,000 against bank insolvency.

Paramount Bank’s Current CD Rates

Paramount Bank’s certificate of deposit product line comes with terms ranging from 6 months to 5 years and has a minimum deposit requirement of $1,000 and a maximum deposit allowance of just $100,000.

Their CDs can be held in IRA accounts or as stand alone deposits and the yields are the same for each.

Paramount Bank CD Rates:

CD TermAPYMinimum Deposit
6 month0.50%$1,000
12 month0.75%$1,000
18 month0.75%$1,000
24 month0.75%$1,000
36 month0.75%$1,000
48 month0.75%$1,000
60 month0.75%$1,000

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% APY and 0.32% APY, respectively, according to FDIC data.

How your interest is calculated and paid:

The interest on your CD is paid out monthly, however, we have not been able to confirm if the interest is accrued daily or monthly. We’ve reached out to the bank but have yet to hear back.

You can learn more about Paramount Bank’s CDs here.

Paramount Bank’s Money Market and Interest Checking Rates

Paramount Bank’s interest checking account earns one of the highest APYs we’ve seen on a variable rate, FDIC-insured deposit account so far in 2021.

This account currently pays an APY of 0.85% on all balances up to $500,000 which beats the national average of 0.07% by several multiples. It also sits comfortably ahead of some of the top online savings account rates which hover around the 0.50% APY mark.

The account has no minimum balance fees and a minimum deposit requirement of just $100.

As with most interest checking accounts, the rate is variable and subject to change at any time without notice.

Paramount Bank’s money market account comes with a less attractive annual percentage yield (APY) and fees for dipping below the minimum balance threshold.

The rate sits at just 0.50% APY and comes with a $2,000 monthly balance requirement to avoid a $10 monthly fee.

Similar to the interest checking account the minimum deposit requirement is $100, but be sure to keep an average monthly balance of at least $2,000 or the $10 fee will cut into your interest earnings, and could even eat away at your principal.

If you’re looking to earn some interest on cash balances with your small business, then you might want to consider Paramount Bank’s business money market account. It also earns a competitive APY of 0.75% but comes with a monthly minimum balance requirement of $5,000 to avoid a $20 monthly fee.

About Paramount Bank

Paramount Bank originally started out as an independent mortgage company in 1970.

A group of local investors based out of St. Louis rebuilt the bank in 2004 with a focus on online products – namely high yield certificates of deposit and savings accounts.

They have 11 locations throughout the country in the following states: Arizona, California, Florida, Illinois, Iowa, Kansas, Missouri, Ohio and Texas.

For all banking inquiries, reach out to 833-731-0229.

Final Thoughts

Paramount Bank’s current APYs beat the national average by considerable margins for both their variable rate and fixed rate deposit accounts.

The interest checking account has the highest yield, but keep in mind this is a variable rate product subject to change at any time.

Their fixed rate CDs offer competitive rates for each term, although the yields are currently providing a flat APY of 0.75% from 1 to 5 year durations.

Salem Five CD Rates – Up to 0.75% APY!


image credit: salemfive.com

Salem Five is a full service financial services company that got its roots in New England (Salem, to be exact) in 1855 as a savings bank.

They’re a mutually owned bank with no stockholders and are federally insured by the FDIC.

They were one of the early adopters of the internet and online banking, opening their virtual doors in 1995.

Today they offer a plethora of online banking products that are available nationwide. For the purpose of this review we will focus on Salem Five Direct’s fixed rate certificates of deposit. They offer several standard term CDs, IRA CDs and special CDs with some noteworthy APYs (annual percentage yields).

To see if these deposit accounts are right for you, continue reading about their offers below.

Salem Five Bank CD Rates + Account Details

Salem Five Bank Certificates of Deposit Suite

Salem Five Bank has three types of CDs available to customers online. All of the products are federally insured by the FDIC up to the applicable limits.

The three types of CDs offered are:

  • Regular CDs
  • IRA CDs
  • Special CDs

The minimum deposit requirements on these products range from $500 to $10,000. See below for details.

Regular CD Rates

Salem Five Bank offers ten ‘regular’ CDs with terms offered in ranges. These ranges can be as little as 3 – 6 months to as long as 5 years.

CD TermMin. DepositAPY
91 – 181 days$2,5000.05%
182 – 364 days$2,5000.05%
12 – 17 months$5000.25%
18 – 23 months$5000.25%
24 – 29 months$5000.25%
30 – 35 months$5000.35%
36 – 41 months$5000.35%
42 – 59 months$5000.50%
60 months$5000.50%
9 Month No Penalty*$10,0000.05%

*The 9 month no penalty CD is not available as an IRA CD.

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% APY and 0.32% APY, respectively, according to recent FDIC data.

If you’re looking for a higher yield when compared to the national average, you might want to check out Salem Five Bank’s special CDs (rates below).

Salem Five rotates new CD specials in and out of its deposit account suite fairly often, so you may want to bookmark this page as we do our best to update rates and products in a timely manner.

Special CD Rates

Salem Five Bank has seven CD specials at the moment. These all come with standard terms ranging from 12 months to 5 years and a higher minimum deposit requirement of $10,000.

CD TermMin. DepositAPY
12 month$10,0000.50%
18 month$10,0000.50%
24 month$10,0000.50%
30 month$10,0000.75%
36 month$10,0000.75%
48 month$10,0000.75%
60 month$10,0000.75%

To put these promotional deposits in perspective, some of the best yields for 5 year CDs still top 1.00% APY from credit unions with nationwide acceptance.

The top 6 month CD rates in the country also reach the 0.75% APY mark but may be geographically limited.

If you are looking to keep certificates of deposit in your IRA, then Salem Five Bank may be a good place to go. Almost all of the CDs mentioned above – both regular CDs and special CDs – are offered as IRA CDs with the same APYs and minimum deposit requirements listed above.

The only product that is not available in the IRA is the 9 month no-penalty CD.

Salem Five Bank CD Account Details

Salem Five Bank CDs feature monthly compounding interest. Earned interest is also credited to your account monthly. This is less competitive than most banks’ compounding schedule which generally feature daily compounding interest.

All CD account holders have a standard grace period of 10 days in which you may add or withdraw funds from your CD penalty free.

Salem Five will send out a maturity notice for your CD, but be sure to set your own reminders as well. If nothing is done during this 10 day period, Salem Five Bank will renew your CD with the same terms and the going rate at that time.

Please note that you will need to instruct Salem Five Bank in writing how to handle your funds on or prior to the maturity date if you do not wish to have the account renewed.

If you have a “Special CD” and do nothing doing the grace period, these accounts will renew into standard term CDs.

Here’s how they will transfer:

Existing Special CDRenewed to Regular CD
12 – 17 months12 month
18 – 23 months18 month
24 – 29 months24 month
30 – 35 months30 month
36 – 41 months36 month
42 – 59 months42 month
60 months60 month

If you need funds prior to the maturity of your CD, Salem Five Bank will impose an early withdrawal fee.

Currently the penalty is equal to 4 percent of the balance withdrawn.

If the amount of the penalty exceeds the amount of earned interest that has not already been paid to you, Salem Five Bank may deduct some of the penalty from your principal.

Genisys Credit Union CD Rates – Up to 1.05% APY


image credit: genisyscu.org

Genisys Credit Union, based out of Michigan, is currently offering some respectable CD rates despite an abysmal environment for savers in 2021.

Back in the early Spring of 2020, they had 3 promotional CDs with oddball maturities and very respectable rates, but with the FED maintaining its near zero stance on rates in 2021 and beyond, these products have all since been discontinued.

Their current promotional CDs consist of “Flex Certificates” and come with terms of either 1 year or 2 years and an APY of 0.60%.

The best yields come from long term jumbo CD rates. The 60 month jumbo CD features an APY of 1.05% currently.

Are you interested in taking advantage of Genisys Credit Union’s CD products?

Here’s everything you need to know before opening an account with them.

About Genisys Credit Union + Eligibility Rules

Today, Genisys Credit Union headquartered in Auburn Hills, MI, is the 5th largest credit union in the state of Michigan and the 97th largest credit union in the country. They service over 220,000 members in Michigan, Minnesota, and one county in Pennsylvania. They control assets of just over $2.7 billion and have sold nearly $250m in non-brokered deposits.

What’s more impressive is that they’ve seen 10% year over year growth in deposits held at the credit union despite an abysmal savings rates environment.

Genisys Credit Union has had their fair share of re-brands since their inception as General Motors Truck & Coach Federal Credit Union back in 1936. Over the past 40 years they’ve rebranded 3 different times before settling on Genisys Credit Union.

Genisys Credit Union Membership Eligibility

Unfortunately Genisys Credit Union runs a pretty tight ship when it comes to eligibility. And geography is going to be your largest barrier.

Currently Genisys Credit Union only offers membership to those who work, live or worship in:

  • Anywhere in Michigan
  • The following six counties in Minnesota: 1. Dakota 2. Ramsey 3. Anoka 4. Hennepin 5. Scott and 6. Washington Counties
  • or Montgomery County in Pennsylvania.

If you’d like to search eligibility by zip code you can do that here.

Genisys Credit Union Promotional CD Rates

Genisys Credit Union is notorious for offering promotional deposit products with odd-ball terms and maturity dates throughout the year. Before the FEDs latest rate drop to zero, they had several promotional deposits with longer durations – 17 months, 33 months and 61 months. They rolled these back in March of 2020 and had no promotional deposits for a few months until this 19 month deposit showed up.

Today they offer just two promotional CDs called “Flex Certificates.” They come with terms of 1 or 2 years and an APY of 0.60% and three noteworthy features.

These features are:

  1. Additional deposits are allowed daily between $10 to $25,000.
  2. One time option to change the rate offered on the same product.
  3. One time option to withdraw up to 25% of principal with no penalty

These Flex Certificates require a minimum deposit of at least $500.

We will provide updates here when more promotional deposits come back online.

Genisys Credit Union Traditional CDs

Here are Genisys Credit Unions standard CD rates and Jumbo CD rates. Currently, the jumbo CDs provide a higher yield to the tune of 0.05% per term.

To put these yields in perspective, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% and 0.32% APY, respectively, according to recent FED data.

Genisys Credit Union’s CD Rates:

CD TermAPY
6 month0.30%
1 year0.45%
18 months0.50%
2 years0.55%
3 years0.75%
4 years0.90%
5 years1.00%

As with their CD specials their traditional deposits all require a minimum deposit of $500 and come with NCUA insurance up to $250,000. The NCUA is the FDIC equivalent for credit unions.

Genisys Credit Union’s JUMBO CD Rates:

CD TermAPY
6 month0.35%
1 year0.50%
18 months0.55%
2 years0.60%
3 years0.80%
4 years0.95%
5 years1.05%

Final Thoughts

If you find yourself eligible to join Genisys Credit Union and you’re in the market for a CD with a respectable APY, then some of their products may be worth a look, however you can still find better yields with online banks.

Although Genisys Credit Union has been known to offer exceptional certificate of deposit promotions in the past, they have rolled back many of these products to start 2021. Check back often, as rates and products change frequently.

Barclays Bank CD Rates – Up to 0.25% APY


image credit: barclaysus.com

[Update January 2021: Barclays CD rates are flat on terms ranging from 12 months through 5 years. The current yield on these deposits is just 0.25% APY, down from 0.30% APY earlier this month.]

The online-only, US division of Barclays Bank has a simple set of bank deposit accounts that feature some noteworthy yields.

Their current product suite consists of an online savings account and 9 regular term CDs ranging from 3 months to 5 years. The current yields on their certificates of deposit, while higher than the national average(s) for terms of 1 year or greater, do not vary all that much at this time. For example, all Barclays CDs with terms between 12 and 60 months come with an APY of 0.25% at the moment.

Barclays CDs can be opened online in minutes and their products are available to US citizens and residents over the age of 18 in all 50 states.

Barclays Bank CD Rates + Account Details

Barclays Bank is federally insured by the FDIC. All deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

Barclays Bank CD Rates

TermAPY
3 months0.10%
6 months0.10%
9 months0.10%
12 months0.25%
18 months0.25%
24 months0.25%
36 months0.25%
48 months0.25%
60 months0.25%

To put these offers in perspective the current national average on a 12 month CD and a 60 month CD sit at just 0.22% and 0.47% APY, respectively.

Given the fact that Barclays Bank has static yields on terms ranging from 12 to 60 months, their 12 month CD is going to be more competitive when compared to the national average than the 5 year CD – although both beat it handily.

How is Interest Calculated and Paid

All Barclays CDs compound interest daily and credit it monthly to your account. You can choose to have these funds kept in your deposit to compound further, transferred to a Barclays online savings account or transferred to an external account.

Fo those that would like the interest transferred, here’s how to set that up:

  1. Select the Account detail tab,
  2. Go to the Additional Details section.
  3. Under CD interest disbursement, select the Edit option.

Please note that you’ll need the wiring information and bank account number to where the funds will be disbursed.

Early Withdrawal Penalties

Watch out for early withdrawal penalties. Barclays bank doesn’t offer any promotional, one-time early withdrawal option that some other online banks do.

If you need access to your funds prior to your CD’s maturity you can expect to pay the following:

  • For a CDs with terms less than 24 months, a penalty equaling 90 days simple interest on the dollar amount withdrawn subject to penalty will be imposed,
  • for CDs with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.

What Happens When Your Barclays CD Matures

Barclays gives you ample time to decide what to do with your funds when your CD matures. They will send you an email alert notifying you of your upcoming CD maturity roughly 30 days prior to the maturation date. At this time you may login to your account and make your maturity selection. You can choose to do nothing and have the CD renew, withdraw some or all of the funds, or change the term of your CD.

Upon maturity you will be allotted a 14 day grace period in which you can withdraw funds (or add them) without any penalty. To withdraw funds, you’ll need to contact them in writing or by phone before the grace period is over. For more detailed instructions, call the Barclays Customer Care team at 888-710-8756, 7 days a week from 8:00 am to 8:00 pm ET.

If nothing is done during this 14 day grace period, your CD will automatically renew into the same term deposit with whatever yield is currently being offered at that time.

Important: Be sure to set up your own alerts as these emails can be accidentally sent to your junk mail.

Final Thoughts

Barclays Bank specializes in great online savings rates. Their deposit product selection, while limited, all feature above average yields.

That said, the flat yields across their longer term fixed-rate CDs is less than ideal for those looking to lock in 3 to 5 year CDs.

While Barclays CD rates certainly beat the national average(s) for their respective terms, higher yields can be found on longer terms through other online banks and nationally available credit unions.

Fidelity CD Rates – Up to 0.45% 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 months0.05%
6 months0.02%
9 months0.05%
1 year0.05%
2 years0.05%
3 years0.15%
5 years0.45%

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 0.22% and 0.47% 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.

First Foundation Bank Online Savings Account: 0.60% APY!


[Update January 2021: After holding strong at 0.75% APY for several months, First Foundation Bank finally dropped the yield on their online savings account to 0.60% APY on January 14, 2021.]

First Foundation Bank is offering one of the best APYs for an online savings account anywhere in the country currently.

Now available nationwide, First Foundation Bank is offering up to 0.60% APY on new money placed in their online savings account.

Learn more about First Foundation Bank and their generous online savings account below.

Who is First Foundation Bank?

First Foundation Bank was founded in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.

In 2008 they officially began operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.

Today, their FDIC-insured product suite consists of checking, money market, CDs, and the online savings account.

They offer most of these products on the business side as well, however the online savings product is only available for personal accounts.

0.60% APY Online Savings Account Details

First Foundation Bank’s online savings account rate dropped from 0.75% APY to 0.60% APY on January 14, 2021.

First Foundation Bank’s online savings account yield of 0.60% APY makes it one of the most noteworthy FDIC-insured, variable-rate savings products on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

What are the minimum deposit and balance requirements? There is a $1,000 minimum balance requirement to earn the advertised APY and a $1,000 “new money” minimum deposit requirement to open the account.

Are there any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdraw your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

Availability? Nationwide and can be opened online or branch if you live in one of the three states in which they are present. Currently 20 branches exist in California, Hawaii and Nevada. Locate one here. You can also give them a call at 1-888-405-4332.

How to fund your account? Depositing funds into the online savings account can be done in the following ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile check deposit
  • Visiting a First Foundation Bank branch (available only in Northern California, Southern California, Hawaii and Nevada)

Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.

How to access your funds? Once you’ve opened the account you’ll have access to your funds in the following ways:

  • ACH transfer
  • Wire transfer
  • Requesting a mailed check
  • Visiting a First Foundation Bank branch
  • ATM withdrawal (must first request an ATM card)

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Final Thoughts

If you can maintain a $1,000 balance or more and are looking for a high yield online savings account, then the 0.60% APY from First Foundation Bank is going to be hard to beat.

A major plus is that an ATM card can be requested with the online savings account. Online savings accounts in general don’t usually come with ATM cards or access.

Also, if you live in California, Hawaii or Nevada you’ll have the added benefit of being able to visit one of their 20 branch locations.