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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

  • CD Rates
  • Money Market
  • Online Savings Accounts

editorial staff

CIBC Agility Savings Account – Now up to 0.52% APY!

editorial staff
January 11, 2021

image credit: us.cibc.com

CIBC (Canadian Imperial Bank of Commerce) is one of the “big five” banks of Canada and is headquartered in Toronto, Ontario.

The institution was formed by the largest chartered bank merger in Canada’s history in 1961 when the Canadian Bank of Commerce (founded in 1867) merged with the Imperial Bank of Canada (founded in 1873).

Today, CIBC holds roughly $770 billion in assets and brings in $18.7 billion in revenue (as of 2020) with operations spanning the globe.

For U.S. based customers, CIBC has an offshoot called CIBC U.S. which is headquartered in Chicago, Illinois, but backed by the 150 year-old Canadian bank.

CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 0.52%.

This account can be opened online by anyone in the U.S. that has a valid ID and is 18 years of age. To see if this account is right for you, continue reading our review below.

CIBC Agility Savings Account APY + Details

To open the CIBC Agility Savings account you must make an initial minimum deposit of at least $1,000, but once the account is opened interest is earned on all balances above $0.01.

CIBC U.S. is member FDIC and all consumer deposits are federally insured up to the applicable limits.

Min. DepositMin. BalanceAPY
$1,000$0.010.52%

To put this yield in perspective, the current average for a savings account sits at just 0.05% APY and the current average on a money market account sits at just 0.07% APY according to the most recent FDIC data.

Interest is compounded and credited to your account monthly.

Per federal regulation D, this account is limited to 6 transactions per monthly statement cycle. If you exceed this amount CIBC will charge $10 for each subsequent transaction. No external transfers can be made either within the first 90 days of opening the account.

CIBC U.S. Fee Schedule

Depending on the actions you take with your CIBC Agility Savings account you may encounter some fees from time to time.

Below is a complete outline of the fees CIBC imposes for various account activities (or inactivities).

CIBC Fee Schedule

ActivityFee
Statement Copies$5 each
Stop Payment$5.00
Hold Mail Fee$25 per request
Stop Payment$30
Automatic transfer from one account to another to cover overdraft$35.00 per item, max $175.00 day
Overdraft fee (item paid)$35.00 per item, max $175.00 day
Returned deposited item fee (chargeback)$10.00
Account research$25.00 per half hour, $25.00 minimum
Account closed within 90 days of opening$25
Dormant account fee$5 per month with a max of $60 annually

You can read more about CIBC U.S. deposit account disclosures and terms of service here.

How to Open the CIBC Agility Savings Account

The Agility Savings account can be opened online in minutes!

As mentioned this account is available to anyone in the U.S. that is 18 years old or older with a valid ID, internet connection and $1,000 for the initial deposit.

Here’s how to open the account in minutes.

  1. To open the account, navigate to the CIBC U.S. Agility Savings landing page here and click “Apply Now.”
  2. From here it is a 4-step process that starts with your personal information. Fill in the required personal information and then click “Continue.“
  3. Read and accept the account disclosures and click “Continue.“
  4. Fund your account. This will require the routing number of your current bank and the bank account number you’ll be transferring the funds from.

What information do I need to have handy?

  1. Driver’s license or government issued ID.
  2. Home address, phone number and email.
  3. Social security card or number.
  4. Existing bank account routing number.
  5. Existing bank account number with at least $1,000 in the account.
  6. Employment information.

Managing the CIBC Agility Saving Account

As mentioned the account can be managed completely online through the web or their native IOS or Android app. CIBC has multiple apps available for download. You will want to download the CIBC US mobile banking application to manage your Agility Savings account.

The mobile banking app by CIBC has mixed reviews, averaging only 2 stars out of 5 on IOS with 48 ratings at the time of this writing and 4 stars out of 5 on Google Play with over 22k ratings.

App Features:

  • View account balances and recent transactions
  • Transfer funds using their person to person payment system. Send funds with just a phone number or email.
  • Transfer funds between CIBC US accounts.
  • Mobile check deposit
  • Check status of deposits
  • Pay bills electronically
  • Schedule future bill payments
  • Contact representative for assistance
  • Locate branches and ATMs

Final Thoughts

The CIBC Agility Savings account available to U.S. consumers offers a competitive APY and a manageable minimum deposit and monthly balance requirement.

If you’re in the market for a variable rate online savings account, then this may be a good option.

If you’re looking for a better yield and fixed rates, then you may want to look into a CD (certificate of deposit) offered by a local credit union.

Filed Under: Online Savings Accounts Tagged With: CIBC

Best CD Rates in Florida – January 2021 Report

editorial staff
January 11, 2021

Florida CD rates are higher than the national average on all major terms from 6 months to 5 years.

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

In this January 2021 report, we’ve published what we’ve found to be the top CD rates available to residents in Florida looking for FDIC or NCUA insured, fixed-rate certificates of deposit. 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.

According to FDIC state profile data (download here) there are 256 banks serving the state of Florida with combined deposits of just over $468 billion in Floridians’ hard earned cash.

There are also 132 credit unions with headquarters in Florida serving 6.2 million members with combined assets of just over $85.5 billion according to CreditUnionsOnline.com.

The largest credit union in Florida by member size and assets held is Suncoast Credit Union, serving just shy of 900,000 members in the state and holding $11.90 billion in assets.

Credit unions and banks of all sizes within the state of Florida 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 (ie 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 have been anchored between 0.0% and 0.25% and are unlikely to move in the near term. Therefore expect CD rates to not only be extremely low compared to where they’ve been historically, but also expect a smaller spread in yield between short term and long term deposits.

In many cases we’ve even seen flat lining yields where 1 year CDs provide the same APY as 5 year CDs. This isn’t typical with all banks and credit unions, although our current interest rate environment is making it more common, especially with the larger national banks.

Below is our report on the best CD Rates in Florida for the month of January 2021.

Top 6 month CD Rates in Florida – as of January 2021

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

Bank or Credit UnionMin. Deposit APY
Navy Federal Credit Union$100,0000.65%
Pen Air Federal Credit Union$250.55%
MySavings Direct$1,0000.50%
Live Oak Bank$2,5000.50%
Jacksonville Firemen’s Credit Union$1000.45%
Suncoast Credit Union$100,0000.30%

There are two institutions on this list that are exclusive to Florida residents. Those are Suncoast Credit Union and Jacksonville Firemen’s Credit Union.

Suncoast Credit Union allows all Florida residents to join, however, Jacksonville Firemen’s Credit Union has stricter membership eligibility.

Only those who are regular employees or public officials of Fire/Rescue Departments in Duval, Clay, Nassau, St. Johns, Flagler, Columbia, Putnam, and Volusia counties, any association of such employees, volunteer organizations associated with professional firefighters, emergency services personnel, associated government employees, and members of the family of persons within such groups are eligible to join Jacksonville Firemen’s Credit Union.

Top 12 Month CD Rates

Below are the top five 12 month CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Jacksonville Firemen’s Credit Union$1000.90%
Navy Federal Credit Union$100,0000.85%
CFG Community Bank$5000.73%
Ally Bank$00.65%
Central Bank FL$2,5000.60%
Suncoast Credit Union$100,0000.40%

Although CFG Community Bank has “community bank” in their name, their products are available nationally through their website.

Central Bank FL and Suncoast Credit Union are exclusive to Florida residents. Central Bank FL is based in Tampa, FL and can be reached directly at 813-929-4477 to inquire about current rates.

To give the offers above some context, the average APY on a 12 month CD in Florida sits at 0.21% as of January 2021 according to Bankrate.

We should note that Jacksonville Firemen’s Credit Union also has a 9 month CD providing an APY of 0.75%.

Top 2 Year CD Rates

Below are the top five 2 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Jacksonville Firemen’s Credit Union$1001.00%
Navy Federal Credit Union$100,0000.95%
Live Oak Bank$2,5000.80%
Comenity Direct$1,5000.75%
Pen Air Federal Credit Union$250.70%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 2 year CD rate in Florida currently sits at just 0.42% APY.

Both Live Oak Bank and Comenity Direct have certificates of deposit that can be opened online by nearly anyone nationwide.

Top 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Delta Community Credit Union$1,0001.15%
Jacksonville Firemen’s Credit Union$1001.11%
Navy Federal Credit Union$100,0001.10%
Comenity Direct$1,5000.85%
Ally Bank$00.75%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 3 year CD rate in Florida currently sits at just 0.49% APY.

Although Delta Community Credit Union is based in Georgia, they open their doors to most Florida residents. They currently serve 415,000 members and have roughly $6 billion in assets.

Top 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Delta Community Credit Union$1,0001.35%
Jacksonville Firemen’s Credit Union$1001.31%
Navy Federal Credit Union$100,0001.25%
Pen Air Federal Credit Union$251.25%
Ally Bank$01.00%
Suncoast Credit Union$100,0000.95%

To put these offers above in perspective, the average 5 year CD rate in Florida currently sits at just 0.57% APY.

Florida CD Rates vs National CD Rates

Banks and credit unions operating in Florida 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 Florida 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 2021.

Average CD Rates in Florida – vs – Average CD Rates Nationally:

CD TermAvg. APY FLAvg. APY US
12 month0.40%0.17%
2 year0.42%0.22%
3 year0.49%0.26%
5 year0.57%0.34%

Final Thoughts

If you’re in the market for a fixed-rate, certificate of deposit with a competitive APY and you reside in the state of Florida, you won’t be much better off in terms of going with a local credit union or bank over one with nationwide acceptance. The difference in APY for most terms is negligible except, perhaps, for the 3 and 5 year CDs offered by Delta Community Credit Union.

Just be sure to check with the institution directly to confirm their current CD rates. Also, it should be noted that opening a deposit at a community bank or regional credit union in Florida may require you to visit a local branch.

Filed Under: CD Rates Tagged With: Suncoast Credit Union

Best 6 Month CD Rates to Start the New Year!

editorial staff
January 7, 2021

If you’re in the market for a fixed rate certificate of deposit but don’t want to keep your funds locked up for a long period of time, then a 6 month CD may be a good option for you to kick off 2021.

Normally 6 month CDs would offer much lower APYs (annual percentage yields) when compared to CDs with longer terms such as 3 or 5 years, however, in our current interest rate environment the difference between long and short term rates is far less significant.

We review several hundred banks and credit unions on a monthly basis and have visual pings set up to notify our system whenever rates change. We’ve used this data to compile our top 11 list of the best 6 month CD rates for January 2021.

Top Eleven 6 Month CD Rates

Some institutions featured below have regional exclusivity and others offer their products to customers nationwide. All are federally insured by either the FDIC (for banks) or the NCUA (for credit unions) up to the applicable limits.

Name of InstitutionMinimum DepositAPYAvailability
ParkeBank$5000.75%NJ and PA
Community Wide Federal Credit Union$1,0000.75%nationwide
Spectrum Federal Credit Union$5000.60%nationwide
Navy Federal Credit Union$500.50%must have family in armed services.
Tab Bank$1,0000.50%nationwide
First Internet Bank$1,0000.45%nationwide
Georgia’s Own Credit Union$5000.40%Georgia residents
Bethpage Federal Credit Union$500.40%nationwide
Patelco Credit Union$2500.35%nationwide
PenFed Credit Union$1,0000.30%nationwide
Sallie Mae$2,5000.30%nationwide

To give the annual percentage yields above some context, the current national average on 12 month CD sits at 0.22% APY and the current national average on a money market account sits at just 0.11% APY.

#1 ParkeBank – 0.75% APY

ParkeBank is a full service bank with a regional presence. They are based out of Washington Township, New Jersey and only have 7 branch locations throughout New Jersey and Pennsylvania.

Although they are a small brick and mortar bank, they do offer online banking to clients. You will need to be a resident and stop by a local branch to open a your initial account, but once it’s open you can move funds into other accounts like CDs through their online portal.

You can see their full list of CD rates here.

#2 Community Wide Federal Credit Union – 0.75% APY

Community Wide Federal Credit Union is a small member-owned institution based out of South Bend, Indiana. They were founded in 1967 and relied on seed money from the Catholic Church to survive their early days. Today, like many local credit unions, even if you don’t live, work or worship in South Bend, Indiana you can still become a member by joining one of their partner organizations. These memberships typically come with annual fees though, so be mindful of that when calculating potential earnings on your CD. You will also be required to make a minimum deposit into a Share Savings Account. This also acts as your ‘share’ in the member-owned credit union. You can see Community Wide Federal Credit Union’s full list of partner organizations here.

#3 Spectrum Credit Union – 0.60% APY

Spectrum Credit Union merged with Chevron Credit Union back in 2012, but still operates under its own brand. They have 100,000 members mostly in the Bay Area, but like Community Wide FCU, they open their arms to anyone who joins one of their partner organizations (found here).

#4 Navy Federal Credit Union – 0.50% APY

Navy Federal Credit Union needs little introduction being the largest credit union in the country by both members and assets with 9.4 million members and $130 billion in assets.

Despite NFCU’s vast size, they do not provide membership to anyone. They used to provide backdoor membership by joining one of several partner organizations, but this changed sometime in 2017 according to this online report.

That said, service members in all branches of the armed forces, along with their family and household members are eligible. You may apply online here or you can give them a call at 1-888-842-6328 or visit a local branch. Locate a branch near you.

#5 TAB Bank – 0.50% APY

TAB Bank stands for Transportation Alliance Bank and is known as the bank tailored for truckers. They got their start in 1988 in Odgen, Utah and entrenched themselves with truckers by starting out as a banking service that operated within the truck stops.

Today, they offer their high yield, FDIC-insured online deposit products to people nationwide. Outside of their 6 month CD on our list, they also have a variable rate, online savings account with an APY that’s often found at the front of the pack for online savings accounts.

#6 First Internet Bank – 0.45% APY

First Internet Bank has been selling online CDs since dial-up modems and AOL accounts.

As their name implies, they quite literally were the first, one-hundred percent online bank complete with FDIC insurance. They were founded in 1997 by David Pecker and opened their digital doors to customers on February 22, 1999.

Today, their CDs remain competitive for each term they offer up to 60 months. Their CDs can be opened both online or over the phone at 1-888-873-3424.

#7 Georgia’s Own Credit Union – 0.40% APY

Georgia’s Own Credit Union is a member-owned, not-for-profit, full-service financial institution.

Getting their start back in 1934 with just $160 they’ve since grown to be the 3rd largest credit union in the state of Georgia by both members and total assets. Today they serve more than 200,000 members and control just shy of $3 billion in assets.

Unfortunately, for many, this credit union is restricted to residents of Georgia. To see their complete eligibility checklist, visit their membership page.

#8 Bethpage Federal Credit Union – 0.40% APY

Bethpage is a small credit union based out of Bethpage, New York on Long Island (locate branches here) that has been serving members since 1941.

Despite their seemingly regional presence they actually open their membership to anyone willing to deposit $5 into a share savings account. This also serves as your ownership ‘share’ in the credit union. You can open a share account and learn more here.

Bethpage FCU also has a noteworthy youth savings account which provides a lucrative APY of 2.0% on the first $1,000, followed by a still respectable 0.35% on balances above $1,000.

#9 Patelco Credit Union – 0.35% APY

Unlike the other institutions on our list, Patelco offers its CD terms in ranges. For short term CDs, they have ranges of:

  • 3 – 5 months
  • 6 – 11 months

Their 3 – 5 month CDs come with an APY of just 0.20% while the 6 – 11 month term features the APY of 0.35%.

Although Patelco’s branches are limited to the Bay Area of California, they serve members in all 50 states. Like Bethpage, to join Patelco you must simply open a share account (minimum of just $1.00) which also functions as your stake in the institution. You can learn more and join using this link.

#10 PenFed Credit Union – 0.30% APY

Unlike Navy Federal Credit Union, PenFed opens its doors to anyone in the country willing to deposit $5 into a share account. You used to have to donate to a charity of their choosing for membership if you weren’t eligible through the standard paths, but that is not the case anymore.

You can complete a membership application online here or give them a call at 800-247-5626 and complete it over the phone.

On top of their solid 6 month CD, PenFed also has a variable rate online savings account that earns an exceptional APY of 0.55%. You can read more about this offering here.

#11 Sallie Mae – 0.30% APY

Sallie Mae originally came on the scene in 1973 to service federal education loans. They became private and offered private student loans while still operating under contract to service federal loans.

An overview of their history and controversies can be found here, but needless to say, their product line has evolved quite drastically since inception.

Along with their competitive 6 month CD, Sallie Mae also has an extremely competitive, variable rate savings product called SmartyPig. This account pays up to 0.80% APY on balances of $10,000 or less.

Who Should Open a 6 Month CD

In general, CDs (certificates of deposit) are good products for people looking for a fixed-rate of return for a specified period of time – 6 months.

They are considered short-term deposit products, along with 3 month and 9 month CDs, and are ideal for those who can keep funds untouched for the entire duration. If you are unsure whether or not you can keep your funds tied up for that long, you may want to consider a 3 month CD or a variable-rate savings account or money market account. Savings and money market accounts do not feature fixed rates though and are subject to change at any time without notice to the account holder.

CDs are also good options for people who are saving for something particular and do not want to have access to the funds they’ve set aside.

A 6 month CD, specifically, can be a good savings vehicle for those looking to save up for a vacation, a wedding ring, a downpayment to a car, etc. If you’re looking to save for something larger like a downpayment to a house you may want to consider a longer term CD with a higher rate.

CDs come with early withdrawal fees that can greatly reduce your earnings and even your principal in some cases. This can work as a great hindrance for those tempted to reach into their deposit prior to maturity.

6 Month CD – Bank or Credit Union

Deciding on whether to open a 6 month CD at a bank or credit union is going to rely on several factors other than simply who has the highest rate.

Credit Unions are not-for-profit, member-owned institutions that generally pass along profits back to its members in the form of lower loan rates and better savings rates. That is why you’ll generally see better APYs with credit unions than you would with brick and mortar banks – and especially the big banks (Bank of America, Citibank, Chase, etc).

However, given that credit unions are smaller, member-owned institutions and are not purely profit driven with aggressive growth goals, they tend to be more exclusive with membership than your average big bank. Some provide loopholes through membership in partner organizations, but you’ll need to check with each credit union individually for specific eligibility requirements.

Online banks may be a good option if your desired credit union is out of reach. They can compete on APY as well as they have little overhead compared to their brick and mortar counterparts. The operational savings found in their online business model can be used to entice new customers in the form of lower loan rates and better savings rates.

Alternatives to 6 month CDs

If you’re turned off by the current interest rate environment for short term CDs, you have some alternatives to consider.

For those relying on the safety of FDIC coverage, you might want to explore cash management accounts.

These accounts are hybrid accounts that usually provide a combination of checking, savings, and investment services. They are tech companies at their core, but rely on the FDIC insurance of their partner bank(s). At the end of each day funds are swept into partner banks to leverage their FDIC-insurance. You can generally exceed the $250,000 FDIC limit as well by having funds swept into multiple institutions at day’s end.

A good cash management account comes with no fees and features high APYs. Currently the most popular options hover between 0.30% and 0.40% APY. The Aspiration Spend & Save account still features an APY of 1.00%.

Another option that provides FDIC insurance are rewards checking accounts. These accounts usually provide cash back on spending or very generous yields on savings. Many accounts pay well over 1.00% APY on balances, but there is generally a catch.

Most of the accounts require a certain number of debit card transactions from the account each month (typically 10) as well as a direct deposit set up. On top of that, in most cases you can only earn the exceptional APY up to a certain balance amount. Capping balances from $5,000 to $10,000 is typical but some go higher.

Failing to meet either the required number of debit card transactions OR the monthly direct deposit will result in either no interest paid, or worse, a hefty fee. Check with the institution directly to see what the exact monthly requirements are.

If you’re open to taking on more risk, we’ve also compiled a list of alternatives to CDs and savings here that feature a dozen different options.

Filed Under: CD Rates

OneWest Bank CD Rates: Up to 0.45% APY + 0.20% Money Market Account

editorial staff
January 6, 2021

The OneWest Bank deposit account suite. Available online. FDIC insured.

OneWest Bank is an offshoot of CIT Bank that was founded in 2009 in Southern California.

A hodgepodge of private equity investors led by Steve Mnuchin established OneWest Bank through a holding company they bought into called IMB Holdco.

Today, OneWest Bank has headquarters in Pasadena, California and has 70+ locations throughout the southern portion of the state.

They offer a full range of deposit accounts, IRAs and loan products, but many of their products are limited to residents in Southern California.

The following FDIC-insured deposit accounts can be opened online by consumers anywhere in the country:

  • CDs (certificates of deposit)
  • Personal Savings account
  • Green Savings account (a high yield online savings account)
  • Premium Money Market account

For the purpose of this review, we will focus on OneWest Bank’s fixed and variable rate savings products listed above that are available online and nationwide.

OneWest Bank CD Rates + Account Details

OneWest Bank currently offers ten CDs with terms ranging from 3 month to 5 years. All CDs are federally insured by the FDIC up to the applicable limits and come with a minimum deposit requirement of $1,000.

OneWest Bank CD Rates

CD TermAPY
3 months0.10%
6 months0.10%
9 months0.15%
12 months0.25%
13 months0.30%
18 months0.30%
2 years0.35%
3 years0.40%
4 years0.40%
5 years0.45%

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.16% APY and 0.33% APY, respectively according to FDIC data.

We should note that CD rates at OneWest Bank may differ than those at CIT Bank.

Also, the $250,000 in FDIC coverage spans deposits in both banks. Therefore if you hold a CD at CIT Bank with $100,000 in the account, you would only be provided $150,000 in FDIC coverage for deposits at OneWest Bank.

Interest compounds daily on all OneWest Bank CDs and is credited either monthly, quarterly or at maturity depending on the term of your CD.

Early Withdrawal Fees and Grace Period

OneWest Bank allows for a grace period of 7 days upon the maturity of your CD in which you may add or withdraw funds penalty free. This is a slightly tighter deadline than most banks and credit unions offer which is a 10 day grace period.

OneWest Bank will send out grace period notifications prior to your CD maturing, however, we would recommend setting up your own notifications as well if you plan on moving funds about. If nothing is done during the 7 day grace period the CD will renew with the same terms and the going APY.

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

OneWest Bank Early Withdrawal Fees

CD TermFee
90 days – 1 year90 days’ simple interest
1 year – 18 months180 days’ simple interest
2 years270 days’ simple interest
More than 2 years2% of amount withdrawn

These early withdrawal fees are less stringent than some we’ve seen lately that have the potential to eat into your principal.

Personal Savings Account APY + Details

OneWest offers a personal savings account that can be opened by anyone in the country either online or over the phone (or in a SoCal branch).

It comes with a minimum deposit requirement of just $100, but imposes a $3 monthly service fee if you average daily balance dips below $1,000. Anyone over the age of 55 or minors under the age of 18 are exempt from this fee. You must also elect to receive e-statements.

Rates are paid in tiers based on your average daily balance during the month. Currently all tiers other than the $100k + tier pay the same rate and APY. Rates on the personal savings account are variable and subject to change at any time.

OneWest Bank Personal Savings Account Rates

BalanceFeeAPY
$100 – $999.99$3/mo0.05%
$1k – $4,999$00.05%
$5k to $9,999$00.05%
$10k – $24,999$00.05%
$25k – $49,999$00.05%
$50k – $99,999$00.05%
$100k +$00.10%
$10m +$00.05%

To put the yields above in perspective the average APY on a savings account sits at just 0.05% according to the FDIC.

Features of OneWest Bank Personal Savings Account:

The personal savings account comes with some OK perks but nothing really out of the ordinary for a modern day online savings account.

The main perks are:

  • 24/7 access to online banking and an automated telephone system. They also have apps available for download on IOS phones and Android devices.
  • Check writing capabilities
  • ATM card and free access to OneWest ATMs
  • Online funds transfers

Green Savings Account Rates + Details

The OneWest Bank Green Savings account is similar to the Personal Savings account in many ways but with a few key differences.

The big ones being that this account comes with ZERO monthly fees but also ZERO check writing capabilities and no ATM card.

It can also be opened online or in a local branch whereas the Personal Savings account can also be opened over the phone.

The rates are nearly identical at the moment except at the $50k and $100k marks and also pay interest on tiers.

OneWest Bank Green Savings Account Rates

BalanceFeeAPY
$100 – $999.99$00.05%
$1k – $4,999$00.05%
$5k to $9,999$00.05%
$10k – $24,999$00.05%
$25k – $49,999$00.05%
$50k – $99,999$00.10%
$100k +$00.15%
$10m +$00.05%

This account also requires a minimum deposit of $100 to open.

We should also note that all variable rate online savings accounts and money market accounts offered by OneWest Bank come with the limitation of just 6 transfers per month per federal regulation D.

Premium Money Market Account Rates + Details

The last of the variable rate products offered by OneWest Bank which can also be opened online throughout the country is their “Premium Money Market” account.

This account’s features are identical to the Personal Savings account but it comes with a steeper minimum daily balance requirement (of $10,000) to avoid a steeper fee of $10.

It comes with the same ATM card, online transfer and check writing capabilities.

The rates are also paid on tiers.

OneWest Bank Premium Money Market Account Rates

BalanceFeeAPY
$100 – $999.99$100.05%
$1k – $4,999$100.05%
$5k to $9,999$100.05%
$10k – $24,999$00.05%
$25k – $49,999$00.05%
$50k – $99,999$00.10%
$100k +$00.20%
$10m +$00.05%

This account also requires a minimum deposit of just $100 to open, but remember you will be on the hook for a $10/month fee if you do not maintain an average daily balance of $10,000 or more.

Final Thoughts

While OneWest Bank has offered more lucrative savings rates on both variable rate accounts and fixed rate certificates of deposit in the past, their current yields barely keep up with the national average(s) for each respective term.

On top of that, you’re on the hook for monthly fees with most of their variable rate savings accounts unless you can meet certain requirements.

We would suggest considering a credit union with nationwide acceptance or even an online bank if you’re after high rates and no fees.

Filed Under: CD Rates, Online Savings Accounts Tagged With: OneWest Bank

Apple Bank CD Rates – 9 month CD 0.50% APY!

editorial staff
January 6, 2021

Apple Bank serves the New York Metropolitan area, but has a storied history being founded in 1863 in Harlem in the aftermath of the Civil War.

Harlem was a primarily Dutch suburban village, not yet a part of New York City and the country was undergoing fundamental change. One element of this change was through financial reforms that brought about the formation of many regional banks.

Apple Bank was one of the few banking institutions that stood the test of time through the depression era, the 2008 financial collapse and up to present day.

Today, their coverage still remains in New York City and you must visit a local branch and speak with a banker to open one of their deposit products.

If you can manage that, you’ll find the APY (annual percentage yields) provided on some of their CDs are fairly competitive when compared to the national average(s).

For a full review of Apple Bank’s certificate of deposit suite, continue reading below.

Apple Bank CD Rates + Account Details

Apple Bank currently offers CDs with six terms ranging from 6 months to 3 years. Apple Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. They also offer CDARS (certificate of deposit account registry service) which can offer FDIC insurance into the millions of dollars [learn more here]. We should note though that these accounts simply leverage the FDIC insurance of other institutions. Therefore they may come with different terms and conditions than what Apple Bank provides. You can speak with your Apple Bank representative for more information on how these products work and which banks they’ve partnered with.

Standard FDIC insurance covers consumer deposits up to $250,000 and $500,000 on joint accounts.

All Apple Bank CDs come with a minimum deposit requirement of $1,000.

Apple Bank CD Rates

CD TermAPY
6 months0.25%
9 months0.50%
1 year0.50%
18 months0.50%
2 years0.50%
3 years0.50%

To put the offers above in perspective, the current national average on a 12 month CD and a 3 year CD sit at just 0.16% and 0.25% APY, respectively according to FDIC data.

Their 9 month CD currently stands out as the most competitive offer, providing the highest yield with the shortest term.

Interest Payments

All Apple Bank CDs feature daily compounding interest for maximum growth.

An old school feature with Apple Bank is that they pay your interest by mail either monthly, quarterly or at maturity once your interest has reached $10 or more.

If you also have an Apple Bank checking account, money market account or savings account you can have it directly deposited, otherwise it’s paid via check.

Early Withdrawal Penalties & Grace Period

If there’s a chance you may need some of your funds prior to the maturity of your CD, you may want to shop around for other banks or credit unions or go with a variable rate savings product that allows for fee-free withdrawals. CDs are designed to provide a fixed rate for a fixed period of time.

If you do need access to your funds prior to maturity, here is what you will pay with Apple Bank.

Apple Bank Early Withdrawal Penalties

CD TermPenalty
1 year or less$50 + 1% of amount withdrawn
1 year or more$50 + 3% of amount withdrawn

Many banks and credit unions have early withdrawal penalties on their CDs, however, Apple Bank’s are quite aggressive. Fees usually chip away at interest earnings, but don’t always eat into the principal quite like Apple Bank’s fee structure could.

If you’re intending to open an IRA CD however, you may be able to avoid some or all of an early withdrawal fee depending on your individual circumstance.

For example, if you turn 70.5 years of age this calendar year, you’re allowed to withdraw up to 20% of the principal from an IRA CD penalty-free. You’ll want to reach out to a certified advisor or tax professional to understand the tax implications.

Grace Period

Apple Bank also has a limited grace period when compared to other banks and credit unions.

The grace period is the time after your CD matures in which you can add or withdraw funds without incurring any fees.

Most banks have a grace period of 10 days. Apple Bank, however, has a grace period of just 5 days.

If nothing is done during this time, Apple Bank will renew your CD with the same terms at the going APY.

They will send you a notice of your grace period prior to its start, but we would recommend setting your own notifications as well if you intend to withdraw or add funds after your CD matures.

Final Thoughts

Apple Bank has some competitive short term, fixed rate CDs.

Their 9 month product stands out as the best, but all terms beat the national average by a respectable margin.

That said, if you live outside the greater New York City area it may be difficult to open one of these accounts. We would recommend finding a nationally available credit union or an online bank if you’re after a competitive APY.

Filed Under: CD Rates

Credit Karma Savings Account – 0.30% APY!

editorial staff
January 2, 2021

image credit: creditkarma.com/savings

[Update January 2021: The Credit Karma Savings account starts the year offering 0.30% APY. Down from 0.40% APY in December of 2020.]

You probably know of Credit Karma for pioneering the ‘free credit report’ back in 2007 which gave consumers access to their credit scores from the three major credit bureaus at no cost.

Perhaps you may not know, however, that as of October of 2019, Credit Karma entered the online savings account game with their high yield savings product.

Today, their high yield savings account is still quite popular, easy to open and comes with a solid APY (annual percentage yield) relative to the current national average.

To see if this product is right for you, continue reading our comprehensive review below.

Credit Karma High Yield Online Savings Account Rate + Details

There is no minimum deposit required to open Credit Karma’s online savings account and the minimum balance required to earn the advertised APY is just $0.01. In line with Credit Karma’s other products this one also casts a wide net and is available to anyone over the age of 18 with internet access.

That said, it also caters to higher end individuals and families by extending FDIC insurance up to $5,000,000. The standard amount at any bank or credit union is just $250,000 per depositor or $500,000 for joint accounts. Credit Karma leverages the FDIC insurance limits of MVB Bank, Inc. and its deposit network. We discuss this more below.

Credit Karma High Yield Online Savings Account Rate

Min. DepositMin. BalanceAPY
$0$0.010.30%

To put this yield in perspective, the current national average for a savings account sits at just 0.07% APY. Some of the top APYs from online banks hover in the range of 0.50 – 0.60% APY. We should also note that these rates are variable and are subject to change at any time without notice.

As with other online bank accounts and cash management accounts, you’re limited to just 6 withdrawals per monthly statement cycle in accordance with Regulation D by the Federal Reserve.

Account Drawbacks

The primary drawbacks to take into consideration when deciding if Credit Karma’s online savings account is right for you are:

  • Limited access to cash. There is no ATM or debit card issued with this account nor does this account come with any check writing capabilities. Your access will be limited to 6 withdrawals per monthly statement cycle which may be used to transfer money to an external bank for easier access.
  • Interest compounded monthly. Many online savings accounts feature daily compounding schedules for your balance which leads to higher APYs. In more favorable savings rate environments, the compound frequency has an even greater impact on overall APY.
  • FDIC insurance may be lower than expected if you hold funds at a partner bank. The funds you hold at this partner bank would subtract from the $250,000 FDIC coverage they can provide.

How to Open the Credit Karma Savings Account

Opening the account is a painless, three step process that should take all of 5 minutes to complete. If you’re one of the more than 100 million consumers who already have a Credit Karma account then it will be even faster!

Here’s how to get started:

  1. Navigate to the Credit Karma High Yield Savings page here.
  2. Click on the big green “Start saving” button.
  3. At this point, you can login if you’re currently a user of Credit Karma or create an account.
  4. Creating an account is a three step process. Step one is to confirm an email address, step two is to enter in your personal information (home address, phone number, etc) and step three is to confirm your identity via your social security number
  5. After these three steps are completed, Credit Karma will call or text you with a security code which you’ll need to enter on your computer screen. This allows you to connect your bank.
  6. If you bank with one of the major institutions then you should be able to provide your basic online account information and this should sync up these two accounts.
  7. Now you’re ready to make your initial transfer into your new Credit Karma savings account!

Items to have handy:

  1. Social Security card if you do not know your number
  2. State ID or driver’s license

How to Withdraw Funds

Once your account is opened there may come a time when you need access to some of the funds you’ve stashed away. Luckily, transferring funds to your connected bank is both easy and free with the Credit Karma Savings account. Here’s how to do it:

  1. Login to your account.
  2. Select withdraw.
  3. Under ‘withdraw amount’ you can enter the exact amount you wish to transfer.
  4. Click withdraw.
  5. Confirm everything you entered is accurate on the confirmation screen and click confirm.

You may not exceed $10,000 in daily transfers or $50,000 in monthly transfers and, as mentioned, you’ll be limited to 6 withdrawals per statement period.

Credit Karma + MVB Bank, Inc and FDIC Insurance

Credit Karma is not an actual bank themselves but they have partnered with MVB Bank, Inc to leverage the banking services of their network.

When you open a high yield savings account with Credit Karma, your funds are deposited into your respective account at MVB Bank and its deposit network of 800 different FDIC-insured, banking institutions.

Once you’ve opened the account, more information can be found about the MVB Bank network in your savings agreement.

By leveraging the FDIC insurance of the banks in MVB Bank, Inc’s network, Credit Karma is able to offer its high yield savings account holders FDIC insurance up to $5,000,000 – or 20x the amount of any standard bank or credit union which currently sits at $250,000 per depositor.

The main caveat to note here, is that each bank can only provide up to $250,000 in FDIC insurance coverage per individual, therefor if you already have funds in one of the network banks Credit Karma/MVB Bank are trying to leverage, your FDIC insurance coverage will be $250,000 minus the amount you hold in that institution.

Final Thoughts

If you’re looking for a low maintenance, easy to open, online savings account with a competitive APY, then Credit Karma’s high yield online saving account may be a good fit for you.

On top of that if you benefit from FDIC coverage beyond the normal maximum of $250,000 and up to $5,000,000 then this account is even more attractive.

That said, if you value in person banking and easy access to cash along with a respectable APY, then you may be better off going with a regional or nationally available credit union.

Filed Under: Online Savings Accounts Tagged With: Credit Karma

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