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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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editorial staff

Ivy Bank Review – Deposit Rates up to 4.85% APY!

editorial staff
January 27, 2023

image credit: ivybank.com

Ivy Bank is a one hundred percent digital bank launched by Cambridge Savings Bank back in the summer of 2021.

Cambridge Savings Bank, founded in 1834, is one of the oldest and largest community banks in Massachusetts with over $5.3 billion in assets.

Ivy Bank offers just 5 deposit accounts per the time of this writing but many of them come with highly competitive APYs (annual percentage yields).

They have 3 fixed-rate CDs (certificates of deposit) with 1, 3 and 5 year terms and 2 variable-rate savings accounts. One is a standard high yield savings account and the other is an indexed savings account that is indexed to the one month treasury yield.

Ivy bank is federally insured by the FDIC through their parent company Cambridge Savings Bank and all consumer deposits are insured up to the applicable limits.

📌 Please Note: Ivy Bank and Cambridge Savings Bank are treated as the same entity by the FDIC, so the $250,000 deposit insurance is applied cumulatively to all accounts held at either bank per individual.

To see if Ivy Bank’s deposit accounts are right for you, continue reading our review below.

Ivy Bank CD Rates + Account Details

Ivy Bank only offers 3 CDs at this time. Their terms are 1 year, 3 years and 5 years. You can open any Ivy Bank CD with a minimum deposit of $1,000.

CD TermAPY
1 year4.85%
3 years3.25%
5 years2.60%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 1 year and 5 year CDs sits at 1.28% and 1.21% APY, respectively, according to FDIC data.

Ivy Bank’s 1 year CD is currently the rate leader nationwide with an APY of 4.85%. The best yields from competing online banks are now inching over the 4.50% APY mark.

Compounding and Crediting Interest

Interest on all Ivy Bank CDs is compounded and credited back to the account monthly. Ivy Bank does, however, give you the option to have your interest paid to another Ivy Bank account if you’d prefer. This is ideal for those who would like to use interest payments for living expenses.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Ivy Bank CD, you will have a 10 calendar day grace period in which you may close out your CD or modify it. If nothing is done during this grace period and you haven’t provided them notice to close your CD, then it will automatically renew with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will have to pay an early withdrawal fee. Ivy Bank’s early withdrawal fees are as follows:

CD TermEarly Withdrawal Fee
1 year90 days’ simple interest on amount withdrawn
3 years180 days’ simple interest on amount withdrawn
5 years270 days’ simple interest on amount withdrawn

Ivy Bank Savings Accounts

Ivy Bank offers 2 savings accounts. Both are federally insured by the FDIC up to the applicable limits and both require a minimum opening balance of $2,500.

The 2 savings accounts offered are:

  1. High Yield Savings Account
  2. Index Savings Account

High Yield Saving Account

The high yield savings account can be opened online in minutes. The rate is also highly competitive. See table below.

BalanceAPY
$0 – $2,499.990.05%
$2,500 +4.05%
APY = Annual Percentage Yield

To put this yield into context, the current national average is just 0.33% APY according to FDIC data, however, the best yields offered from online banks and credit unions with nationwide acceptance are now topping 4.00% APY and on par with this yield offered from Ivy Bank.

There is a maximum balance allowance of $1,000,000 on this account.

Index Savings Account

The Index Savings Account is a unique offer. It’s an FDIC-insured online savings account that has its rate pegged to the 1 month treasury bill. At the beginning of each calendar month, Ivy Bank resets the rate based on the Treasury’s Daily Yield Curve Rates.

Per Ivy Bank, the “interest rate is determined by the 1 Month Treasury Yield as published by the U.S. Department of the Treasury’s Daily Treasury Yield Curve Rates at the close of business on the 15th day of each calendar month.” If the 15th is a weekend or holiday, they’ll move the date to the next immediate business day. You can learn more in their Truth-in-Savings disclosures.

Index Savings Account Rate

BalanceAPY
$0 – $2,499.990.05%
$2,5004.03%
APY = Annual Percentage Yield

As with the high yield savings account, there is a maximum balance allowance of $1,000,000 on this account.

To put this yield into context, the national average for a money market account sits at just 0.44% APY according to FDIC data, however the top yields for online money market accounts are now inching over the 4.00% APY mark as they are with some online savings accounts.

Money Management Features

image credit: ivybank.com/moneymanagement

Ivy Bank has some noteworthy money management tools and features that are available to anyone who has a deposit account open with them.

These features go far beyond just insights into your Ivy Bank account. You can aggregate all of your personal financial data to get a holistic picture of your spending and your net worth.

You can link all of your investment and bank accounts as well as any credit cards, auto loans, personal loans and mortgages that you may have. This allows their software to provide you with visualizations of how you’re spending your money and how your net worth is changing over time.

You can also go beyond the visual tools aggregating your personal finance information. You can also take action on this data by setting up budgets by spending category and allocate a certain percentage of your income to it. You’ll be able to manage any loans or mortgages you have, see what’s left to pay and monitor payment dates.

To get started, just login to your account via online banking or download their IOS app or Android app.

Customer Sentiment and User Reviews

Ivy Bank fairs about average on 3rd party review sites with most star ratings sitting around 3 out of 5.

Their apps receive better ratings and reviews with their IOS app sitting at a 4.7 star rating out of 5 based on 46 consumer ratings and their Google Play app sitting at a 3.8 stars out of 5 based on 23 consumer reviews.

The biggest consumer complaints we found revolved around a slow customer service center and undisclosed transfer limitations.

See the following consumer review below:

source: https://apps.apple.com/us/app/ivy-bank/id1507196651

Fee Schedule

Depending on what actions you take with your Ivy Bank account(s) you may encounter various fees from time to time. Below is their fee schedule outlining all the possible fees you may come across as an account holder.

TypeFee
Monthly Maintenance (HYSA and Index Savings)$0
Outgoing Wire$25/ea
Incoming Wire$0
Copy of any Doc$3.00
Deposited Item Returned Unpaid$7.10
Levy Processing$35
Insufficient/Uncollected Funds$25
Research (per hour w statement copies)$25
Stop Payment$30
Treasurer’s Check$6.00

Filed Under: Bank Reviews

Best CD Rates in New Jersey – Up to 4.60% APY!

editorial staff
January 26, 2023

APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit accounts from hundreds of FDIC-insured banks and NCUA-insured credit unions nationwide.

In this January 2023 report, we’ve published what we’ve found to be the top CD (certificate of deposit) rates available to residents in New Jersey. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.

We should also note that although all of the CDs on this list are available to residents in the state of New Jersey, many are issued by institutions based outside of the state and/or without locations in the state.

According to FDIC state profile data (download here) there are 58 banks serving the state of New Jersey with combined assets of just over $195.5 billion.

There are also 144 credit unions with headquarters in New Jersey serving 960,000+ members with combined assets of just over $15.65 billion according to CreditUnionsOnline.com.

The largest credit union in New Jersey by member size and assets held is Affinity Federal Credit Union, serving ~135,000 members in the state and holding $2.3 billion in assets.

Credit unions and banks of all sizes within the state of New Jersey and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.

Generally speaking, with fixed-rate CDs, the longer you lock up your funds (i.e. the greater the term) the higher the APY you will earn.

That said, savings rates – both fixed and variable – at banks and credit unions are generally correlated to Federal Reserve rates which are now anchored between 4.25% and 4.50% following the FED’s final rate hike of last year on December 14th. The FED is still expected to raise rates (albeit by smaller increments) in Q1 of 2023. You can read more in our CD rate forecast.

Below is our report on the best CD Rates in New Jersey for the month of January 2023.

Best 6 Month CD Rates

Below are the top three 6 month CD rates available to residents in New Jersey. These products may not be exclusive to New Jersey residents in all cases.

Bank or Credit UnionMin. Deposit APY
Bask Bank$1,0004.30%
ConnectOne Bank (7 month promo)$1,5003.00%
Pentagon Federal Credit Union$1,0002.70%
Affinity Federal Credit Union$5002.00%
APY = Annual Percentage Yield

To put these yields into perspective, the national average for a 6 month CD sits at just 0.81% APY according to FDIC data.

ConnectOne Bank, based out of Englewood Cliffs, NJ, has 23 locations throughout New Jersey and New York state.

Affinity Federal Credit Union is New Jersey’s largest credit union. If you don’t live near a local branch, you can still join the credit union by joining the New Jersey Coalition for Financial Education.

Best 12 Month CD Rates

Below are the top four 12 month CD rates available to residents in New Jersey.

Bank or Credit UnionMin. Deposit APY
Live Oak Bank$2,5004.60%
ConnectOne Bank (13 month promo)$1,5004.50%
Bask Bank$5004.45%
Financial Resources Federal Credit Union (14 month promo)$5004.39%
APY = Annual Percentage Yield

Financial Resources Federal Credit Union is headquartered in Bridgewater, New Jersey and has branches in Bridgewater, Flemington, Green Brook, Hillsborough, Jersey City and Somerset New Jersey.

They have a number of competitive CD rates at the moment and membership is available to consumers nationwide. If you’re outside of the state of New Jersey and can’t stop by a local branch, but would like to open a CD, you may join by becoming a member of the American Consumer Council. There is no fee to join.

Bask Bank and Live Oak Bank are online-only institutions that can accept deposits from consumers across the country.

To give the offers above some context, the average APY on a 12 month CD sits at just 1.28% nationally (according to FDIC data) while the average 12 month CD rate in New Jersey is 1.72% APY according to Bankrate data.

Best 2 Year CD Rates

Below are the top four 2 year CD rates available to residents in New Jersey.

Bank or Credit UnionMin. Deposit APY
PenFed$1,0004.45%
Affinity Federal Credit Union (22 month promo)$100k4.10%
Capital One$04.30%
Ascendia Bank (18 month bump CD)$5003.00%
APY = Annual Percentage Yield

Ascendia Bank is a small bank based out of Glen Rock, New Jersey. They have just 5 branches in the state with 2 in Glen Rock, 2 in West Orange and 1 in Hawthorne, New Jersey.

To put these offers above in perspective, the average 2 year CD rate sits at just 1.21% APY, nationally. The average 2 year CD rate in New Jersey is 1.97% APY.

Best 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in New Jersey.

Bank or Credit UnionMin. Deposit APY
Valley Bank$5004.60%
PenFed$1,0004.10%
Financial Resources Federal Credit Union$5003.90%
Affinity Federal Credit Union$5003.40%
APY = Annual Percentage Yield

Valley Bank is headquartered in Wayne, New Jersey but has 200 branches through New Jersey, New York, Florida, and Alabama.

To put these offers above in perspective, the average 3 year CD rate sits at just 1.16% APY, nationally. The average 3 year CD rate in New Jersey is 2.01% APY.

Best 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in New Jersey.

Bank or Credit UnionMin. Deposit APY
Financial Resources Federal Credit Union$5004.39%
Capital One$04.10%
Pentagon Federal Credit Union$1,0003.90%
Affinity Federal Credit Union$5003.55%
APY = Annual Percentage Yield

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.21% APY, nationally. The average 5 year CD rate in New Jersey is 2.15% APY.

New Jersey CD Rates VS National Average

Banks and credit unions operating in New Jersey and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.

We’ve compiled a chart comparing average CD rates in New Jersey vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of January 2023.

Average CD Rates in New Jersey – vs – Average CD Rates Nationally:

CD TermAvg. APY NJAvg. APY US
12 month1.72%1.28%
2 year1.97%1.21%
3 year2.01%1.16%
5 year2.15%1.21%
APY = Annual Percentage Yield

Filed Under: CD Rates

Capital One CD Rates – Now up to 4.30% APY!

editorial staff
January 25, 2023

[📌 Update January, 2023: Capital One’s CD (certificate of deposit) with terms of 36 months or greater fell slightly this month. Their 36 month CD dropped 0.05% APY (annual percentage yield) and their 48 month and 60 month CD dropped by 0.15% and 0.30% APY, respectively. See all of Capital One’s current CD rates below.]

Capital One offers a number of online certificates of deposit as part of their 360 product suite. The terms come with standard lengths ranging from 6 months to 60 months and above average annual percentage yields.

Their CDs also come with more flexibility than most certificates offered by large national banks. Right now, all Capital One 360 CDs have no minimum deposit and can be opened with any dollar amount that is right for you.

That said, these products must be opened and managed online. But don’t worry, they make it exceptionally easy with their web (and mobile web) interface as well their highly rated apps for IOS and Android.

To see if Capital One’s CD rates are right for you, continue reading our review below.

Capital One 360 CD Rates + Account Details

image credit: capitalone.com

Capital One 360 CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. As mentioned there are no minimum deposit requirements, but you will need to deposit something in the account to open it.

360 CD Rates (November to Current)

TermAPY
6 months3.30% → 3.30%
9 months3.30% → 3.30%
12 months4.15% → 4.15%
18 months4.25% → 4.25%
24 months4.30% → 4.30%
30 months4.30% → 4.30%
36 months4.35% → 4.30%
48 months4.35% → 4.20%
60 months4.40% → 4.10%
APY change from December 2022 to January 2023

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to recent FDIC data.

Compounding and Crediting Interest

Interest is compounded monthly on all Capital One 360 CDs and credited to your account either monthly, yearly or upon maturity. You can have these funds deposited into a separate account or returned to the CD for further compounding.

Grace Period

Capital One 360 CDs come with a standard 10 day grace period. You’ll also want to note that Capital One CDs automatically renew, so if you plan on adding or withdrawing funds to your CD this 10-day period is the only time you can do so penalty free.

Early Withdrawal Penalties

If you withdraw funds from a CD you opened with a term of 12 months or less, you’ll have to pay three months’ interest as a penalty.

If you withdraw funds from a CD you opened with a term of greater than 12 months, you’ll have to pay six months’ interest.

Please note that it is possible to incur a penalty that dips into your principal if the withdrawal happens early enough.

How to Open a Capital One 360 CD?

If you decide you want to open a Capital One 360 CD, first navigate to their online CDs page here.

Once you’re ready to open a deposit, click on the green “Open Account” button at the top of the page. This button remains static at the top of this page as you scroll.

It will look something like this (below):

Look for the green “Open Account” button that sticks to the top of your browser as you scroll the page.

Once you click on that green button, the process takes about 5 minutes to complete. They’ll first ask you whether or not you already have a Capital One login. If you’ve opened a checking, savings or even credit card with them (either online or in a branch) then you likely have a login already. If you do, this should expedite the process.

If you do not, and this is your first account with Capital One, then you’ll need the following:

  • Full legal name
  • Current address
  • telephone number
  • employment status (and job title)
  • social security number
  • date of birth

Capital One will then use your personal data to confirm your identity. If you are looking to open a joint account, you must first go through this process individually then you can add another account holder online.

Once your identity is confirmed and the account is opened, you will be provided with your account number and the routing number. You then have the option to add funds immediately to your CD. Your rates are locked in the moment you open the deposit until maturity.

Capital One 360 CD Reviews and Customer Sentiment

The Capital One 360 product suite receives high marks across the board from third party review sites. Their savings products in particular – both the variable rate online savings account and the fixed rate online CDs – receive above average marks for consistently higher than average yields and flexible terms. Most notably the lack of minimum deposit or balance requirements to earn the advertised interest.

You can manage your money easily either online or through one of their native apps. Their IOS and Android apps both receive high marks (especially as far as banking apps go). Their IOS app currently has 4.8 stars out of 5, while their Android app has 4.6 stars out of 5.

How Capital One’s CD Rates Compare

Of all the major US banks, Capital One still offers the most competitive yields on their certificates of deposit via their 360 CD accounts. Bank of America, Citibank, U.S.Bank, Wells Fargo, and Chase, all offer lower yields on their CDs per the time of this writing.

There are, however, a handful of online banks and credit unions with nationwide acceptance that have slightly higher yields but the top rate leaders shuffle around often especially in our rising interest rate environment.

Capital One also offers extremely flexible terms with no minimum deposit requirements and several options for paying out interest which makes their accounts available for nearly everyone.

Filed Under: CD Rates Tagged With: Capital One

Ameriprise Financial CD Rates – Now up to 4.40% APY!

editorial staff
January 24, 2023

Ameriprise Financial, headquartered in Minneapolis, Minnesota is a diversified financial services company that is publicly traded on the NYSE (New York Stock Exchange) and sits on roughly $176 billion in assets.

They offer consumers a wide range of investment products including IRA (Individual Retirement Accounts), retirement plans, college savings, advisory services, mutual funds, etc. They also offer a variety of banking solutions such as CDs (certificates of deposit), cash management accounts, home loans and even credit cards.

For the purpose of this review we will focus on Ameriprise Financial’s CD rates as they have been on the rise – along with the interest rate environment in general.

Ameriprise Financial CD Rates + Account Details

image credit: ameriprise.com

First, we should note that unlike nearly all the other CDs we cover on APYGUY, Ameriprise Financial is not federally insured by the FDIC. This means these products carry risk including the potential for loss of principal.

Rather than the FDIC, your deposits are backed by the Ameriprise Certificate Company which is made up of cash reserves and “qualified assets” with “varying ratings.” To learn more go here and scroll to the bottom.

CD Rates

Ameriprise offers 9 CDs with terms ranging from 3 months to 3 years with a minimum deposit requirement of $1,000. They also have a special 13 month CD that comes with their highest yield of 4.40% APY (annual percentage yield) but requires a minimum deposit of $1,000,000.

CD TermAPY
3 months3.80%
6 months4.10%
7 months4.10%
9 months4.10%
12 months4.15%
18 months4.10%
24 months4.05%
30 months4.00%
36 months4.00%
APY = Annual Percentage Yield

For deposits $100,000 or more you’ll get an additional 0.10% APY added to any CD term.

To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance offering yields above 4.60% APY for both 1 and 5 year terms.

13 Month CD

The 13 month CD requires a minimum deposit of $1,000,000 million. If depositing over $2m then you will first need approval from the Ameriprise Certificate Company.

CD TermAPY
13 month4.40%
$1m minimum

This CD will automatically renew into a standard 12 month CD if nothing is done during the grace period.

Grace Period and Early Withdrawal Fees

Ameriprise allows for a longer than average grace period of 15 days upon the maturity of your CD in which you may modify your deposit (either by term or by deposit size) or close it out without incurring any fee. If nothing is done during this 15 day period then the CD will automatically into a new one with the same term and the going APY at that time.

Please note – If you open the 7 month CD, this will automatically renew into a 6 month CD if nothing is done during the grace period.

If you need access to your CD’s funds prior to its maturity due to an emergency, Ameriprise allows for you to withdraw all or part of your interest earnings plus up to 10% of your principal without penalty. If you need access to more than that, a 2% withdrawal charge will be assessed on the amount greater than 10% of your principal.

Filed Under: CD Rates

Webster Bank CD Rates – Now up to 4.25% APY!

editorial staff
January 23, 2023

Webster Bank, based out of Stamford, Connecticut, is the 44th largest bank in the U.S. by assets with roughly $67 billion.

They are FDIC-insured and offer a number of deposit accounts including variable rate products like money market accounts, savings accounts and checking accounts as well as fixed rate CDs (Certificates of Deposit) and IRAs (Individual Retirement Accounts).

Webster Bank has 150+ branches and 300+ ATMs located throughout Southern New England and Westchester County in New York state.

For the purpose of this review, we will focus on Webster Bank’s CD rates which now offer APY (annual percentage yields) up to 4.25%.

Unfortunately for many, these accounts may be out of reach as Webster Bank only accepts consumers who live in their regional footprint which includes the following states:

  • Connecticut,
  • Massachusetts,
  • New York and
  • Rhode Island.

Webster Bank is member FDIC. All deposit accounts held at Webster are federally insured by the FDIC up to the applicable limits. To see if a Webster Bank CD is right for you, continue reading below.

Webster Bank CD Rates + Account Details

image credit: websteronline.com

Webster Bank only offers 4 CDs with terms ranging from 6 months to 5 years, however, only one of them is competitive at this time (highlighted below). All of Webster Bank CDs require a minimum deposit of $1,000.

CD Rates

CD TermAPY
6 months0.05%
11 months4.25%
3 years0.20%
5 years0.30%
APY = Annual Percentage Yield

To put the yields above into perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, the top rates offered from FDIC-insured online banks and some nationally available credit unions are now inching over the 4.60% APY mark for both respective terms.

Compounding and Crediting Interest

Interest is both credited and compounded monthly. This is a lower compounding frequency than many competing online banks offer which typically come with daily compounding interest.

Grace Period and Early Withdrawal Fees

The grace period is the brief window of time upon your CD’s maturity in which you may modify your CD (either by term or by deposit size) or close the CD out entirely without facing any early withdrawal fees. You are generally notified by your bank prior to your grace period letting you know of its arrival. Standard grace periods are either 7 or 10 calendar days.

Webster Bank does not mention the grace period anywhere on their website, however, their online sub-brand BrioDirect allows for a 7 day grace period for their online CDs. In the fine print BrioDirect stipulates that “Webster Bank will allow a 7 day grace period” for their CDs, so this may be the case for Webster Bank as the parent company but we would recommend giving them a call at 203-271-8738 if you’d like further clarification on this matter.

If you need access to the funds in your Webster Bank CD prior to its maturity you will face an early withdrawal fee.

Early withdrawal fees are as follows:

CD TermEarly Withdrawal Fee
1 year or less1% of the amount withdrawn plus $25
more than 1 year3% of the amount withdrawn plus $25
This fee is steeper than average.

How to Open and Fund Your CD

If you live in their geographical footprint you can create a profile and open a CD online (start here) or stop by a local branch (locate them here). You can also give them a call if you need assistance here (203) 271-8738.

Opening a CD online with Webster Bank takes about 10 minutes. You’ll need the following information to complete the process. These are:

Personal Information

  • Driver’s license number
  • Social Security number
  • Employment information
  • Identifying information – previous addresses, employers, loans, etc.

Once your profile is created and you’ve selected the CD you’d like to open, you’ll need to fund it. Funding your CD can be done with a physical check or via transfer. If you’re transferring funds from another bank or credit union you’ll need the following:

  • bank or credit union routing number
  • account number where funds are coming from

📌 Please Note: Webster Bank will authenticate your identity information through Equifax Secure, Inc. and reserves the right to validate your banking history through ChexSystems, Inc.

Filed Under: CD Rates

Flagstar Bank CD Rates – Now up to 4.00% APY!

editorial staff
January 23, 2023

Flagstar Bank, headquartered in Troy, Michigan, is the 74th largest bank in the US by asset size, with just over $31 billion in total assets.

They have a robust offering of deposit accounts, however, they are only available to consumers in select regions. You’ll have to enter in your zip code in the beginning of your session to navigate through their products and rates.

Within their suite of deposit products they offer both fixed-rate certificates of deposit and variable-rate accounts such as money market accounts, savings accounts and checking accounts.

Their high yield savings account doesn’t offer a competitive rate at the time of this writing and comes with a $35 monthly service fee if you don’t maintain a balance of $50k or more.

Their CDs (certificates of deposit) feature the most competitive yields out of all of Flagstar Bank’s deposit accounts.

In our review below, we will focus on the CDs offered by Flagstar Bank. They currently offer customizable CD terms ranging from 30 days to 10 years. They also have one promotional CD which carries the best APY (annual percentage yield).

Flagstar Bank CD Rates + Account Details

image credit: flagstar.com

Flagstar Bank is a member of the FDIC. Consumer deposits are federally insured up to $250,000 or $500,000 for joint accounts.

Flagstar Bank CDs come with a minimum deposit requirement of $500. If you plan on depositing more than $110,000 into a CD you will need to visit a local branch. You can locate one here.

CD Rates

TermAPY
30 – 89 days0.25%
90 – 179 days0.25%
180 – 364 days1.25%
13 month4.00%
12 – 17 months1.50%
18 – 23 months1.75%
24 – 29 months2.00%
30 – 35 months2.00%
36 – 47 months2.25%
48 – 59 months1.75%
60 – 71 months1.75%
72 – 83 months1.75%
84 – 95 months1.75%
96 – 107 months1.75%
108 – 120 months1.75%
APY = Annual Percentage Yield

To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.21% APY and 1.28% APY, respectively, according to FDIC data.

That said, there are a number of online banks and credit unions with nationwide acceptance offering CDs with rates above 4.60% for both respective terms.

Compounding and Crediting Interest

Unlike many bank CDs which feature daily compounding interest which gets credited back to the account monthly, Flagstar Bank both compounds rates monthly and also credits interest payments on a monthly basis.

Grace Period and Early Withdrawal Fees

Flagstar Bank has a standard 10 calendar-day grace period in which you can add or withdraw funds from your certificate of deposit or close it out entirely without penalty. If nothing is done during this time, the funds will automatically renew into the same deposit term with the going APY at that time.

If you need access to your funds outside of the grace period, Flagstar Bank will impose an early withdrawal penalty.

Early withdrawal penalties are determined by the term length of your CD. Early withdrawal penalties are as follows:

TermPenalty
30 – 179 days30 days’ interest
180 – 364 days90 days’ interest
12 – 35 months180 days’ interest
36 – 120 months364 days’ interest

Be sure to set up your own reminders to alert you when your grace period starts. Flagstar Bank will also send out notifications to let you know your CD will be maturing soon.

How to Open and Fund the CD

There are 2 ways to open a Flagstar Bank CD.

  1. Give them a call at 844-645-0835
  2. Stop by a local branch.

Flagstar does not provide an option to open a CD online at this time.

Once you’ve connected with a Flagstar representative either by phone or in-person you’ll need to have the following personal information to proceed with the CD:

  1. Home Address
  2. Phone Number
  3. Email
  4. Social Security Number
  5. Driver’s License or State ID

Once you’ve opened the CD, you’ll need to fund it. This can be done by transferring funds from another bank account or with a physical check. If transferring funds from your current bank or credit union you’ll need to the following:

  1. You current bank or credit union’s routing number
  2. Your bank account number

Filed Under: CD Rates

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