APY GUY: Maximize Your Savings & Earnings

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State Employees’ Credit Union CD Rates: Up to 4.30% APY!

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

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

These personal banking products include:

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

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

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

State Employee’s Credit Union CD Rates + Account Details

image credit: ncsecu.org

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

CD Rates

TermAPY
6 months4.00%
12 months4.10%
18 months4.20%
24 months4.30%
30 months3.00%
36 months3.10%
48 months3.20%
60 months3.50%
APY = Annual Percentage Yield

To give these offers some context, the current national average on a 12 month CD and a 5 year CD sit at just 1.36% APY and 1.26% APY, respectively, according to recent FDIC data.

Interest and Payments

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

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

Early Withdrawal Penalties

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

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

Money Market & Other Variable Rate Accounts

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

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

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

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

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

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

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

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

Share Account Rates and Minimum Deposit Requirements

Below are the interest rates associated with the six Share accounts mentioned above. To put these offers in perspective, the average APY on a savings account sits at just 0.39% currently.

AccountMin DepositAPY
Share$250.10%
Zard Share$250.10%
FAT CAT Share$50.10%
Summer Cash$00.65%
Holiday Cash$00.10%
Money Market Share$2501.01%
APY = Annual Percentage Yield

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

Membership and Eligibility

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

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

Final Thoughts

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

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

Chase Bank CD Rates – Now up to 3.75% APY!

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[📌 Update March, 2023: Chase bank lowered their best CD (certificate of deposit) rate to 3.75% APY (annual percentage yield). This is down from 4.00% APY to start the month of March. See all of Chase Bank’s CD rates below.]

Chase, or Chase bank, headquartered in downtown Manhattan (New York City) is the consumer and commercial subsidiary of the multinational JPMorgan Chase which holds nearly $2.63 trillion in assets.

Chase Bank has 5,100 branches and 16,000 ATMs nationwide. They offer a full range of financial services that reach nearly every age group and demographic.

Despite the bank’s eye-popping asset size, their current CD rates have been slow to keep up with those offered by popular online banks, however as of January 2023, that is starting to change with Chase adding a new 3 month CD yielding 4.00% APY.

📌 Please Note: Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online or in a local branch. If you wish to open a CD online, however, you will need to be an existing Chase Bank customer.

Chase Bank CD Rates + Account Details

image credit: chase.com

Chase Bank is member FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

All Chase Bank CDs require a minimum deposit of $1,000 to open. Their yields are tiered based on deposit amount.

The tiers are:

  • $1,000 to $9,999.99,
  • $10k to $24,999.99,
  • $25k to $49,999.99,
  • $50k – $99,999.99,
  • $100k to $249,999.99 and
  • $250k plus.

Chase also requires you to enter your location by zip code before viewing rates online. Presumably this means location may affect your interest rate, however, we ran multiple scenarios in different locations throughout the country and found the same rates everywhere.

CD Rates

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month2.00%3.00%3.50%
6 month0.02%0.05%0.05%
9 month0.02%0.05%0.05%
12 month3.00%3.25%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = annual percentage yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.36% and 1.26% APY, respectively, according to FDIC data.

Calculating Interest

Interest is compounded daily and you have some choice as to the frequency in which it is paid out. Depending on the term you may choose to have it paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

  • CD terms less than 6 months pay 90 days of interest
  • CD terms 6 months to 24 months pay 180 days of interest
  • CD terms 24 months or more pay 365 days of interest

Grace Period

A certificate of deposit’s grace period is the brief window of time in which the deposit holder may move funds into and out of their CD without facing a penalty. During this time you may also roll your funds into another deposit with a different term or close it out entirely.

All Chase Bank CDs come with a standard 10 day grace period.

Chase Bank will alert you via email prior to your CD maturity date, but you should set up your own reminders as well.

Fees That May Apply

Chase Bank CD accounts do not come with any monthly maintenance fees like some of their other accounts, but depending on how you plan to move funds around, you may encounter some fees.

Wire Fees:

TypeFee
Domestic and international incoming wire$15 per transfer OR
$0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile.
Domestic Outbound Wire (in-branch)$35 per transfer
Domestic Outbound Wire (online)$25 per transfer
Consumer USD/FX international wire (in-branch)$50 per transfer
Consumer USD international wire (online)$40 per transfer
Consumer FX international wire (online)$5 per transfer OR
$0 per transfer if the amount is equal to $5,000 USD or more

Transferring funds online is always going to be a cheaper option than having a banker help you in a physical branch.

If you plan on opening a CD with $1,000,000 or more; however, you must do this in a local branch.

How do Chase Bank’s CD Rates Compare?

Although Chase was quick to bump up their CD rates back in 2022 when the Fed began to lift prime rates, other large brick and mortar banks have caught up and even surpassed them. See the table below to compare Chase’s CD rates with other top rates from big banks.

BankBest CD Rate (APY)
Wells Fargo4.26%
Citibank5.23%
Bank of America4.15%
Capital One4.30%
Chase Bank3.75%
APY = Annual Percentage Yield

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, many of their CD rates are still less competitive than what you can find from most FDIC-insured online banks and nationally available credit unions.

And as of March 2023, all of the big banks offer more competitive CD rates than Chase.

Bank of America CD Rates – Now up to 4.15% APY!

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[📌 Update March, 2023: Bank of America’s CD rates were lifted midway through march. Prior to their rate hike, BofA’s best CD rate was 3.90% APY (annual percentage yield), however, as of March 13, their top yield is 4.15% APY. See all of Bank of America’s current CD rates below.]

image credit: Unsplash, Christin Hume

Bank of America hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $2.61 trillion in total and they are the third largest bank in the country by branch locations with roughly 4,559 across all 50 states.

And as of March 2023, Bank of America has finally bumped up the top yields on their CDs (certificates of deposit) to above the 4.00% APY (annual percentage yield) mark for the first time in many years.

Other large banks, like Citibank and Chase Bank have started to entice consumers with slightly competitive yields on a small handful of CD accounts as well. These usually come in the form of Promotional CDs or CD Specials.

For those considering opening a fixed-rate, certificate of deposit with Bank of America continue reading our full review below.

Bank of America CD Rates + Account Details

image credit: bankofamerica.com

Bank of America CDs are federally insured by the FDIC up to the applicable limits. These are $250,000 per depositor or $500,000 on joint accounts.

Bank of America has 2 sets of certificates of deposit available to consumers currently: “Featured CDs” and “Standard CDs.”

The Featured CDs come with a higher minimum deposit requirement of $10,000 compared to just $1,000 for the Standard CDs. Bank of America’s Featured CDs also offer five oddball terms to choose from. These are:

  • 7 months
  • 10 months
  • 13 months
  • 25 months
  • 37 months

As of March 2023, their Featured CD rates now pay slightly higher yields on higher deposit amounts for some terms.

We should also note that their 10 and 37 month Featured CD terms are not competitive at this time and sit at just 0.05% APY on all deposit amounts, that’s why we don’t have them included in the table below.

Featured CD Rates

Deposit SizeTermAPY
$10k – $99,999.997 months3.25%
$100k +3.75%
$10k – $99,999.9913 months3.90%
$100k +4.15%
$10k – $99,999.9925 months3.20%
$100k +3.20%
APY = Annual Percentage Yield

To put these yields in perspective the current national average for a 12 month CD and a 60 month CD sits at 1.36% APY and 1.26% APY, respectively, according to FDIC data.

That said, following the Fed’s first rate hike of 2023 and 8th consecutive rate hike since they began lifting prime rates midway through last year, some FDIC-insured online banks and nationally available credit unions are now paying 5.00% APY on short term CDs and ~4.50% APY on longer term CDs.

Bank of America’s Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. Current rates, however, are flat across the board for all terms.

Standard CD Rates

TermAPY
1 month (28 days)0.03%
3 months0.03%
6 months0.03%
12 months0.03%
2 years0.03%
3 years0.03%
4 years0.03%
5 years0.03%
6 years0.03%
7 years0.03%
8 years0.03%
9 years0.03%
10 years0.03%
APY = Annual Percentage Yield

All of Bank of America’s standard, fixed-rate CDs have yet to rise with all terms paying the same APY.

There are 2 variables that normally affect the overall APY applied to your Bank of America CD. These are:

  1. Your Location
  2. Your Deposit Amount

Your location is determined by the zip code you reside in and the deposit amount is broken up into 4 ranges for the Featured CDs and 3 ranges for Standard CDs.

For Featured CDs, the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 – $1m
  • $1m +

For all of Bank of America’s Standard CDs the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 +

Compounding and Crediting Interest

Interest is compounded and credited monthly on both featured and standard CDs.

Early Withdrawal Penalties

Bank of America’s early withdrawal penalties vary by length of the term of the deposit. Below is a breakdown of what you can expect to pay if you need to make an early withdrawal to your CD. You should note that for CDs with terms of 60 months (5 years) or greater, fees can potentially add up to more than the overall interest earned if withdrawals happen often enough.

CD TermPenalty
90 days or less7 days’ interest
90 days – 12 months90 days’ interest
12 months – 60 months180 day’s interest
60 months +365 days’ interest

The interest penalties above are applied to the amount withdrawn.

Grace Period

The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.

Bank of America’s grace period is slightly lower than the standard 10 days at just 7 days.

Bank of America’s CDs also automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same terms and whatever the current APY happens to be at that time.

Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.

Final Thoughts

While banking with large institutions such as Bank of America has its advantages such as easy in-person branch access, vast network of ATMs, and a wide range of financial products, their Featured CD rates, while rising, aren’t as competitive as other offers from online banks at this time.

Most online banks and credit unions have begun to lift their CD and savings rates in a major way as the Fed continues to raise prime rates. However, larger banks like Bank of America, have been slower to provide generous yields to savers but are finally starting to lift some of their rates on select terms.

Why are Bank of America’s CD Rates so Low?

Although many of their Featured CDs are seeing their rates increase regularly, most of Bank of America’s CD rates remain much lower than the yields offered by online banks and some credit unions.

Why is this?

In rising interest rate environments, banks tend to see larger profit margins as the difference between the interest rates they pay out on savings and the loan rates they charge borrowers grows. This is known as the “net interest spread” and it’s why larger banks in particular are more reluctant to increase rates on CDs and savings accounts.

Langley Federal Credit Union CD Rates – Up to 5.00% APY!

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Langley Federal Credit Union was founded in 1936 and is headquartered in Newport News, Virginia.

They are one of the top 100 credit unions in the US with over $3.2 billion in assets and just over 270,000 members.

Although they have just 20 branches scattered throughout the Hampton Roads area of Virginia, they accept new members nationwide and many of their accounts can be opened online.

Langley Federal Credit Union is federally insured by the NCUA (FDIC equivalent for credit unions) and currently offers some competitive yields on their certificates of deposit.

They offer 9 standard term CDs with durations ranging from 3 months to 5 years. They also have 1 promotional CD currently that comes with a 15 month term and a phenomenal APY (annual percentage yield) of 5.00%.

To see all of Langley Federal Credit Union’s CD rates and account details, continue reading our review below.

Langley Federal Credit Union CD Rates + Account Details

image credit: langleyfcu.org

Most of Langley Federal Credit Union’s CDs require a minimum deposit of $500, however, their 3 month and 6 month CDs require a minimum deposit of just $100 to open.

Promotional CD Rates

Langley FCU offers just one promotional CD per the time of this writing – down from 2 promotional CDs last year.

This account must be opened with new money to Langley FCU and comes with a minimum deposit requirement of $500.

TermAPY
15 months5.00%
APY = Annual Percentage Yield

Standard CD Rates

TermAPY
3 month0.35%
6 month0.50%
12 month3.25%
18 month3.35%
24 month3.20%
30 month3.25%
36 month3.50%
48 month3.75%
60 month4.00%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.36% and 1.26% APY, respectively, according to FDIC data.

That said, the top APYs (annual percentage yields) on 12 and 60 month CDs offered by online banks and nationally available credit unions are now inching above 5.00% and 4.50%, respectively.

📌 Please note: Langley Federal Credit Union gives you the option to open their CDs as either standard CD accounts or IRA (individual retirement account) CDs. The interest rate and APY are the same for both, however, with IRA CDs Langley allows for additional deposits to the CD during the term, whereas with their standard CDs they only allow for additional deposits on CDs with terms of 12 months or less. You can learn more by reading their Truth-in-Savings disclosure.

Compounding and Crediting Interest

Interest is compounded monthly and credited to your certificate monthly. You may choose to have your interest dividends paid to another account, but then compounding won’t apply.

Grace Period and Early Withdrawal Fees

Langley Federal Credit Union has a 7 day grace period for their CDs. This means that upon your certificate of deposit’s maturity you have 7 calendar days where you can add or withdraw any and all funds penalty free. If nothing is done during this 7 day period, the CD will automatically renew with the same terms and whatever the going APY is at that time.

If you need access to your funds prior to your CD’s maturity date, you will have to pay an early withdrawal penalty fee.

The early withdrawal fees are as follows:

For all IRA CDs, early withdrawal fees are 180 days interest.

For standard CDs, early withdrawal fees are based on the term.

For terms 3 – 6 months, you’ll pay 90 days’ interest.

For terms 12 months or greater, you’ll pay 180 days interest.

How to Join Langley Federal Credit Union

As with many credit unions, Langley Federal Credit Union used to have limited eligibility access.

Today, however, their deposit accounts can be opened online and they offer membership to nearly every US citizen or legal resident 18 years or older with a valid social security card.

You will have to deposit $5.00 into a share savings account which functions as your ownership in the credit union to go along with any other accounts you may open.

Best 10-Year CD Rates – Now up to 5.35% APY!

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If you’re looking for a low risk place to deposit some funds, then a 10-year CD (certificate of deposit) may be worth considering.

They generally offer higher APYs (annual percentage yields) than shorter term CDs and variable rate deposit accounts such as online savings accounts or money market accounts.

That said, make sure you’re comfortable with locking up your funds for a long period of time as early withdrawal penalties imposed by the bank or credit union can easily eat into your earnings.

Top 10-Year CD Rates for March 2023

Below are the highest yielding 10-year CDs we’ve for the month of March. We track hundreds of CD and savings rates daily to uncover the most competitive yields for consumers. There may, however, be higher yields elsewhere from banks or credit unions that are not on our radar. If you happen to come across one, please feel free to email us at hello@apyguy.com.

All banks and credit unions on this list are federally insured by either the FDIC or NCUA for credit unions.

As of March, 2023 we have also added brokered CDs to the list. These CDs are issued by banks or credit unions but sold through brokerages to consumers. FDIC or NCUA insurance applies for these products and may actually be increased for consumers in some cases due to the brokerage leveraging deposit insurance from multiple institutions.

InstitutionMin. DepositAPY
Vanguard [brokered CD]$1,0005.35%
Credit Human$5004.30%
Discover Bank$2,5004.10%
Apple Federal Credit Union$5004.00%
Vio Bank$5002.75%
MySavingsDirect$1,0002.00%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 5 year CD sits at just 1.26% APY according to FDIC data, with some of the top yields from online banks inching close to the 5.00% APY mark. The FDIC does not aggregate rates for terms above 5 years.

Vanguard – 5.35% APY

The Vanguard Group hardly needs any introduction. They are the largest provider of mutual funds in the country and have over $7 trillion in assets under management (AUM) globally.

Their brokered CDs are federally insured by the banking institutions that issue them. They require a minimum deposit of $1,000.

  • Interest – Brokered CDs do not feature compounding interest. If you want compounding interest you’ll need to reinvest your earnings into another account.
  • Grace Period – None. Brokered CDs do not automatically renew like bank CDs generally do.
  • Early Withdrawal Penalty – Varies depending on the issuing institution.
  • Funding the Account – You must first open a brokerage account with Vanguard. Once you’ve opened and funded the account, you can search for CDs here.

Credit Human – 4.30% APY

Like Apple FCU, Credit Human is another NCUA-insured credit union with nationwide acceptance. To join Credit Human, you must first become a member of the nonprofit organization – American Consumer Council. Membership to American Consumer Council is free but you will also need to deposit $5 into a Credit Human savings account which serves as your ownership in the credit union.

  • Interest – ?
  • Grace Period – 10 calendar days.
  • Early Withdrawal Penalty – Either $50 or 36 months interest, whichever is greater.
  • Funding the Account – The easiest way to fund a Credit Human CD is with an existing Credit Human bank account. They also accept external bank account transfers, over the phone transfers, or physical check(s).

Discover Bank – 4.10% APY

Discover Bank offers the highest yielding 10-year CD on our list this month. Opening a CD can be done online in minutes with a minimum deposit requirement of $2,500.

  • Interest – Daily compounding interest.
  • Grace Period – 9 days.
  • Early Withdrawal Penalty – 24 months simple interest.
  • Funding the Account – Fund the CD with an existing Discover Bank account, an external bank account, over the phone, or by mailing a check.

Apple Federal Credit Union – 4.00% APY

Apple Federal Credit Union is a member-owned, not-for-profit financial cooperative that was founded in 1956 and is available to new members nationwide.

Before opening a CD, non-members must first join the credit union by signing up for a $20 membership to one of their partner organizations. You will also need to deposit $5.00 into a savings account which serves as your ownership in the credit union.

  • Interest – ?
  • Grace Period – 10 calendar days.
  • Early Withdrawal Penalty – 36 months interest.
  • Funding the Account – One accepted to Apple FCU, you can open and fund your CD via an external bank account, over the phone, or by mailing a check.

Vio Bank – 2.75% APY

Vio Bank is the online brand of MidFirst Bank. MidFirst Bank is the largest privately held, FDIC-insured bank in the U.S. Vio Bank offers a number of competitive CDs with terms ranging from 6 months to 10 years. All come with a minimum deposit requirement of $500.

  • Interest – Daily compounding interest.
  • Grace Period – 10 calendar days.
  • Early Withdrawal Penalty – 3 percent of the amount withdrawn plus a $25 fee.
  • Funding the Account – Transfer funds from an existing Vio Bank account or external bank account using ACH transfer. You can also transfer funds via their mobile app, by setting up a wire transfer or by mailing a physical check.

MySavingsDirect – 2.00% APY

MySavingsDirect is an online division of Emigrant Bank which has been around since 1850. Both Emigrant Bank and MySavingsDirect offer a 10-year CD with a minimum deposit requirement of $1,000.

  • Interest – Daily compounding interest.
  • Grace Period – 10 calendar days.
  • Early Withdrawal Penalty – 6 months interest.
  • Funding the Account – Transfer funds from an existing bank account. Have your routing number and bank account number handy.

Which Banks and Credit Unions Offer 10-Year CDs?

If you’ve been in the market for a 10-year CD, then you’ve probably already noticed it isn’t a particularly common CD term for most banks and credit unions.

Standard term CDs usually range from 6 to 60 months, but some institutions offer 72 month, 84 month and even 120 month (10 year) CDs.

Here are the largest banks and credit unions on the market offering 10-year certificates of deposit:

  • Bank of America – 10-year CD yielding 0.03% APY with a $1,000 minimum deposit requirement.
  • Chase Bank – 10-year CDs yielding between 0.02% and 0.05% APY with a $1,000 minimum deposit requirement.
  • KeyBank – 10-year CD yielding 0.05% APY with a minimum deposit requirement of $2,500.
  • PNC Bank – 10-year CDs yielding between 0.01% and 0.03% APY with a minimum deposit requirement of $1,000.

Brokered CDs

Another place to look for 10-year CDs would be your brokerage. As of March, 2023 we have begun to include these products in our list.

Many brokerages offer CDs in which they broker from an FDIC-insured bank or NCUA-insured credit union. Because your broker is theoretically shopping around from multiple institutions, the consumer can tend to find a better rate and APY. Just keep in mind the brokerage may charge a nominal fee. Be sure to check with your institution specifically so you know the costs and potential pitfalls associated with these products.

Final Thoughts

As the Fed continues to fight inflation by raising rates along with keeping their consistent message of ‘higher rates for longer’ we should continue to see long term CD rates such as 10 year CDs continue their [slow] ascent.

My Banking Direct – Savings Account now 4.38% APY!

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image credit: mybankingdirect.com

My Banking Direct is a service of Flagstar Bank which is a subsidiary of New York Community Bank, based out of Hicksville, New York.

New York Community Bank was founded in 1859 and is one of the largest regional banks in the country with over $90 billion in assets at the end of 2022.

Flagstar Bank has 395 branches across 9 states mostly in the midwest and the east coast.

My Banking Direct is an FDIC-insured, online bank with no physical branches and a handful of competitive deposit accounts available to consumers across the country.

My Banking Direct offers the following fixed and variable rate deposit accounts:

  • High Yield Savings Account – Currently yielding 4.38% APY (annual percentage yield) and is among the rate leaders nationwide for savings accounts.
  • CDs (Certificates of Deposit) – Only 2 terms available. Minimum deposit requirement of $500.
  • Direct Checking – Comes with free debit card and access to 55k ATMs via Allpoint and Presto. $1.00 minimum to open.

To see if My Banking Direct and their deposit accounts are right for you, continue reading our review below.

High Yield Savings Account

My Banking Direct’s High Yield Savings Account requires a minimum deposit of $500 to open. There are no monthly maintenance fees to worry about and the account earns the advertised APY on all balances of $1.00 or more.

The account is set up as a tiered-rate account, however, all tiers pay the same interest rate as of the time of this writing. You can see the tiers and the APY in the table below.

High Yield Savings Rates

BalanceAPY
$1.00 – $9,999.994.38%
$10k – $49,999.994.38%
$50k +4.38%
APY = Annual Percentage Yield

To put this yield into perspective, the average yield for a savings account and a money market account sit at just 0.35% and 0.48% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching over the 4.25% APY mark with My Banking Direct among the rate leaders.

Compounding and Crediting Interest

Interest is calculated on a simple interest basis using the daily balance method. Interest payments are credited back to your account monthly. You can learn more in My Banking Direct’s Truth in Savings disclosure forms (view PDF here).

Certificates of Deposit

As noted, My Banking Direct offers just 2 CDs at the moment. The terms are either 12 months or 24 months and require a minimum deposit of $500 to open.

CD Rates

CD TermsAPY
12 months3.50%
24 months3.75%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 24 month CD sit at just 1.36% and 1.28% APY, respectively, according to FDIC data. However, top yields from online banks and a handful of credit unions are now over 5.00% and 4.75% APY, for the same respective terms.

📌 Special Feature: Unlike most CD accounts, My Banking Direct allows you to make additional deposits to the 12 month CD during its term. This does not apply to the 24 month CD.

Grace Period and Early Withdrawal Fees

The grace period is the brief window of time (usually 7 or 10 days) upon your CD’s maturity in which you can close out your CD or modify it before it automatically renews into a new CD account with the same term and the going interest rate.

Unlike most banks, however, My Banking Direct’s CDs do not automatically renew unless you specify otherwise upon applying for and opening the CD. In the case that you do specify that you’d like it to automatically renew, then you will be given a 7 day grace period upon maturity in which you may modify it or close it out before it auto-renews.

If you do not make this specification on the front end of the CD, then 30 days prior to your CD’s maturity, My Banking Direct will send you a maturity notice. Upon the maturity of your CD, your funds will sit in a “Post Maturity Account” until you transfer or withdraw them.

If you need access to the funds in your My Banking Direct CD prior to its maturity, you will face an early withdrawal fee.

The early withdrawal fee for both the 12 month and the 24 month CDs are:

  • 180 days’ daily compound interest on the principal amount withdrawn.

You can learn more by reading My Banking Direct’s Truth-in-Savings disclosure forms for their CDs here.

Direct Checking with Debit Card

image credit: mybankingdirect.com

My Banking Direct’s Direct Checking account comes with a minimum deposit requirement of just $1.00 to open it.

There are no monthly maintenance fees or service fees of any kind plus no overdraft or insufficient funds fees.

You’ll also get a free debit card which can be used for free at over 55,000 ATM locations via Allpoint and Presto‘s network of ATMs.

Another perk of using your My Banking Direct debit card for purchases is the rewards you can earn. Once you’ve requested and activated your debit card, you’re automatically enrolled in the rewards program.

With the rewards program you’ll receive $20 cash deposited to your Direct Checking account for every 2,000 rewards points you earn. You can earn up to 50,000 points per year ($500 cash in your account) plus the points don’t expire, they just carry over to the next year.

Below is an example of qualifying transactions, the points you’d earn and the cash it’s worth.

Expenditure CategoryMax Points in 1 YearDollar Value
Daycare480$4.80
Dinner out1,440$14.40
Entertainment480$4.80
Gas720$7.20
Groceries720$7.20
Home Improvements240$2.40
Prescriptions240$2.40
Vacation120$1.20
The examples above assume each purchase is $50 or more.

You can learn more about their rewards program here.

Some negative aspects of the Direct Checking account are:

  • Outside of network ATMs may charge you for usage
  • Outgoing wires are not permitted