APY GUY: Maximize Your Savings & Earnings

editorial staff

Best CD Rates in New York for February 2021


Average 1 and 5 year CD rates in New York currently sit at 0.34% and 0.44% APY, respectively.

APYGUY 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 New York 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 DepositAccounts.com there are 215 local, regional and national banks serving the state of New York with over 4,600 branches.

There are also 331 credit unions serving the state with almost 6 million members throughout New York and combined assets of over $88 billion in New Yorkers’ hard earned cash, according to the New York Credit Union Association.

Credit unions and banks of all sizes within the state of New York 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 New York for the month of February 2021.

Top 6 month CD Rates in New York

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

Bank or Credit UnionMin. Deposit APY
Navy Federal Credit Union$100,0000.50%
Pen Air Federal Credit Union$250.45%
United Orient Bank$5000.40%
MySavings Direct$1,0000.30%
Live Oak Bank$2,5000.25%
Northeast Community Bank$10,0000.25%

The two institutions on this list that are exclusive to residents of New York are United Orient Bank and Northeast Community Bank.

North East Community Bank was founded in 1934 in Manhattan and has just 10 locations. These consist of both branches and loan production offices in New York and Massachusetts. In New York they have locations in Manhattan, the Bronx, White Plains, New City, Spring Valley and Monroe. And in Massachusetts they have locations in Danvers, Framingham and Quincy.

United Orient Bank is a community bank serving residents and business owners in New York City’s Chinatown. They have two branches. Their main branch is in lower Manhattan in Chatham Square (10 Chatham Square New York, NY 10038) and their other branch is in Chinatown on Canal street (185 Canal Street New York, NY 10013). Both of their locations are currently open but have adjusted hours due to the ongoing concern of COVID-19. You can give them a call at (212) 699-3888.

Top 12 Month CD Rates

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

Bank or Credit UnionMin. Deposit APY
United Orient Bank$5000.85%
Navy Federal Credit Union$100,0000.60%
Flushing Bank$1,0000.50%
CFG Community Bank$5000.67%
Ally Bank$00.60%
Goldman Sachs$5000.55%

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

Flushing Bank has been in business since 1929 but is a local bank to residents in the metropolitan area of the city. They have branch locations in Queens, Brooklyn, Manhattan, and on Long Island.

To give the offers above some context, the average APY on a 12 month CD in New York sits at 0.34% as of January 2021 according to Bankrate.

Top 2 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
United Orient Bank$5001.00%
Pen Air Federal Credit Union$250.80%
Navy Federal Credit Union$100,0000.60%
Comenity Direct$1,5000.75%
Live Oak Bank$2,5000.65%

To put these offers above in perspective, the average 2 year CD rate in New York currently sits at just 0.36% APY.

Top 3 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Massena Savings and Loan$1,0001.23%
Flushing Bank$1,0000.85%
Navy Federal Credit Union$100,0000.75%
Comenity Direct$1,5000.85%
Ally Bank$00.65%

To put these offers above in perspective, the average 3 year CD rate in New York currently sits at just 0.38% APY.

Massena Savings and Loan is a small bank based out of Massena, New York. They have just two branch locations and under $170 million in total assets. As with all of the other banks listed in this report, they are federally insured by the FDIC. To open their 36 month CD you will have to visit a branch or you can give them a call at 315-764-0541.

Top 5 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Massena Savings and Loan$1,0001.53%
Pen Air Federal Credit Union$251.15%
Navy Federal Credit Union$100,0000.95%
Comenity Direct$1,5000.90%
Ally Bank$00.85%

To put these offers above in perspective, the average 5 year CD rate in New York currently sits at just 0.44% APY.

New York CD Rates vs National CD Rates

Banks and credit unions operating in New York 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 York vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of February 2021.

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

CD TermAvg. APY NYAvg. APY US
12 month0.34%0.15%
2 year0.36%0.20%
3 year0.38%0.24%
5 year0.44%0.32%

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 New York, you’d be better suited going with a local community bank rather than a large national one this month.

Just be sure to check with the institution directly to confirm their current rates. Also, it should be noted that opening a deposit at a small community bank in New York may require you to visit a local branch.

Best 6 Month CD Rates for February 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 12 list of the best 6 month CD rates for February 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$1,0000.70%nationwide
United Fidelity BankNA0.65%Must open in branch
Spectrum Federal Credit Union$5000.60%nationwide
Navy Federal Credit Union$500.45%must have family in armed services.
First Internet Bank$1,0000.45%nationwide
Tab Bank$1,0000.40%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.

United Fidelity Bank, formerly First City Bank of Florida – 0.65% APY

United Fidelity Bank, formerly First City Bank of Florida is a small community bank with just two branch locations in Fort Walton Beach, Florida. This town is located in the Northwest region of Florida just outside of Pensacola. You do not need to be a resident of Florida to open a CD with them, but you DO need to stop by a local branch. These CDs cannot be opened over the phone or online.

That said, they will gladly accept deposits from residents in all 50 states.

#2 Community Wide Federal Credit Union – 0.70% 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 – 0.45% 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.

#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.

#5 TAB Bank – 0.40% 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.

#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.

Robinhood Cash Management – 0.30% APY on Idle Cash!


Earn 0.30% APY on idle balances. Must first have a Robinhood brokerage account.

Robinhood has certainly made a splash in the news recently with the epic battle between retail investors and hedge funds in stocks like GME, AMC and BB.

However, many investors may also be interested in learning about their cash management services which they launched in December of 2019.

Robinhood Cash Management is similar to other cash management accounts we’ve covered this year in that it combines the best features of a checking and savings account but is not an actual bank itself. Instead, Robinhood Cash Management leverages the FDIC insurance of multiple banks by sweeping your funds into partner banks at the end of each day.

Unlike many of the cash management accounts we’ve covered this year, Robinhood Cash Management requires you to first have a brokerage account with them.

Please note that there is a waitlist for Robinhood Cash Management, however we were able to open and fund an account within 1 minute of joining the waitlist.

Robinhood Cash Management Features and Details

Robinhood Cash Management is a free service that comes with no minimum deposit or balance requirements. That said, you must first open the brokerage account before activating the cash management product, and there may be some fees associated with that such as transfer fees or other account service fees. Robinhood fees are covered further down in this article.

Robinhood Cash Management APY

As with all competitive cash management accounts on the market, Robin Hood Cash Management pays a respectable APY (annual percentage yield) on your idle funds.

When Robinhood first released this product the interest rate was one of the highest around, even beating the top online savings and money market accounts. Today, however, while still competitive the yield is much more modest.

Min BalanceFDICAPY
$0$1.25 million0.30%

To put this yield in perspective the average APY on a savings account and an interest checking account sit at just 0.05% and 0.04% APY, respectively, according to recent FDIC data.

That said some of the highest paying cash management accounts still provide yields up to 1.00% APY.

How Does Robinhood Cash Management Compare

Here’s a quick look at the top cash management accounts on the market when benchmarked against Robinhood Cash Management.

Institution/AccountFDIC insuranceDebit CardAPY
SoFi Money$1.5 millionYes0.25%
Wealthfront Cash Account$1 millionNo0.35%
Betterment Everyday Cash Reserve$1 million+Yes0.40%
Aspiration Spend & Save$2 millionYes1.0%
Affirm Savings$250kNo0.65%
Fidelity Cash Management$1.25 millionYes0.01%
Robinhood Cash Management$1.25 millionYes0.30%

One point that deserves repeating is that you must open a Robinhood brokerage account first before opening the Robinhood cash management. That is not the case with every other cash management account on the list above. All of these except Robinhood can be opened as stand alone accounts.

Benefits, Features and Drawbacks

Robinhood cash management is loaded with perks and benefits combining the best of checking accounts and savings accounts into one tidy package. It does, however, come with some drawbacks and disadvantages that traditional savings and checking accounts may not.

Here’s a complete list of current features:

  • An APY that is 6x the national average according to the FDIC
  • No minimum deposit or monthly balance requirements
  • No monthly service fee
  • Free debit card
  • No out of network ATM fees (ATM owner fees may apply)
  • No foreign transaction fees
  • No overdraft fees

Perhaps the most notable item on this list is the lack of foreign transaction fees. This is a unique benefit and one that could be of tremendous value if you travel outside the country frequently.

Robinhood uses the Allpoint and MoneyPass ATM network for free usage at over 75,000 access points. Robinhood also never charges for out of network ATM usage but the ATM owner may impose a fee for using your Robinhood debit card in their machine(s). Many cash management accounts such as Fidelity and others reimburse these fees worldwide, but Robinhood does not currently.

Here are more drawbacks to consider with Robin Cash Management:

  • No out of network ATM reimbursement
  • You must first open and maintain a brokerage account with Robinhood
  • Customer service is limited and receives poor reviews by online users
  • Frequent outages reported
  • No cash or check deposit options

Robinhood Fee Schedule

Because you’re obligated to open a Robinhood brokerage account in order to take advantage of Robinhood cash management, you may encounter some fees on that side from time to time depending on the account activities you make.

Below is a full list of fees that Robinhood imposes for account services and transfers.

ActionFee
Debit Balance Transfers$0
Returned Check, ACH, Wire & Recall/Stop Payments$0
ACATS, Outgoing$75
Domestic Wire Transfer $0
International Wire Transfer $0
Domestic Overnight Check Delivery$20
Electronic Statements & Confirms$0
Paper Statements$5
Paper Confirms$2
Domestic Overnight Mail$20
International Overnight Mail$50
Paper Form CRS$0

There are also fees associated with the stock trading side of the brokerage account. You can download their full fee schedule here for more information.

How to Open Robinhood Cash Management

After you’ve downloaded the app and opened your standard Robinhood brokerage account, you can now apply for Robinhood Cash Management. Do to this, first:

  1. Click on the wallet icon at the bottom of your screen once you’ve logged into the Robinhood brokerage account.
  2. Click the “join waitlist” button.
  3. Select Debit Card design from four options.
  4. Review and approve Robinhood’s terms and conditions, account disclosures and customer agreement forms.
  5. Once approved (this took approximately 1 minute for us) then you may fund the account. If you have already funded the brokerage account, then your idle funds will automatically apply to the Robinhood cash management and earn the advertised APY while idle.

Top 6 Savings Account Bonuses for January 2021


Despite an abysmal interest rate environment for savers in 2021, there are still a handful of banks (and one credit union) offering sign-up bonuses of up to a few hundred dollars that could help make up for lackluster yields.

APYGUY scans hundreds of bonus offers every month by both banks and credit unions. We’ve compiled a list of the best savings account bonuses to start the year (below) and outlined the requirements needed to cash in on them.

These are cash bonuses that are deposited to your account generally after completing a few qualifying actions and/or conditions. Please note that, at the moment, many of these actions require you to ALSO open a checking account in order to receive the cash bonus.

Quick Summary:

Bank or Credit UnionCash BonusTime + Money RequiredEnds
Citibank$70060 days + $50k4/1/21
PNC Bank$40060 days + $5k/mo2/1/21
Regions Bank$10012 months + $10k?
Central Bank of Kansas City$12530 days + $105k1/31/21
Marcus by Goldman Sachs$10090 days + $10k2/2/21
Alliant Credit Union$10012 months + $1,2003/31/21

All of the banks and credit unions featured in this list are member FDIC (or NCUA for credit unions) and your funds are insured up to the applicable limits.

Citibank – Up to $700 for New Checking + Savings Accounts

Earn either a $700 or $300 bonus with a Citibank!

How to get it: Open both a checking and savings account within the Citi Priority Account Package and fund it with a minimum of $50,000.

This money must be new to Citibank and cannot be pulled from other Citi accounts. The funds must enter the account within 30 days, but can be deposited and held in either the checking or savings account. You also must maintain this $50k balance between the two accounts for at least 60 days.

Who can get it: If you have not been a Citibank customer within the last 180 days you are eligible for this bonus.

More details: This is a premium account package that features wealth management and other investment resources. You can also open a standard Citibank Account Package that comes with a checking and savings account but only requires a minimum of $15,000 to fund. The cash bonus featured with that offer is just $300.

Please note that the Citi accelerate savings account is not eligible for this bonus offer. The Citi accelerate savings account currently has the highest APY of any Citibank account.

Fees: Not only is the $50k balance required for your cash bonus, but it is also required to avoid a hefty $30/month fee. For the standard Citibank Account Package featuring the $300 bonus, the minimum balance requirement is just $10,000 spread between both accounts to avoid a $25 monthly service fee.

Offer Ends: April 1, 2021.

PNC Bank – $400 for Virtual Wallet with Performance Select accounts

How to get it: Depends on where you live and which bonus you want to cash in on. There are currently three bonuses available with PNC Bank for new account holders. These are:

  1. The Virtual Wallet with Performance Select. Open the Virtual Wallet with Performance select and set up recurring direct deposit(s) of at least $5,000 per month within 60 days and receive $400. Recurring direct deposits can be from employment, social security, pension, or any recurring monthly payments.
  2. The Virtual Wallet with Performance Spend. Open this account and set up recurring direct deposit(s) of at least $2,000 per month within 60 days and receive $200.
  3. Just the Virtual Wallet. Open this account and set up recurring direct deposit(s) of at least $500 per month within 60 days and receive $50.

Who can get it: If you have not been a PNC Bank customer within the last 90 days AND have not been paid a promotional bonus in the past 12 months by PNC Bank, then you are eligible for this bonus.

More details: The Performance Select account is the premium Virtual Wallet product from PNC Bank. The checking side of this product earns an interest rate as well as the savings side. Both APYs are just 0.01% currently unless you are eligible for relationship rates.

The bonus offer can be redeemed online or in a local branch.

Fees: There are monthly service fees that can be waived on each of these three accounts. The month fees are $7, $15 and $25 for the Virtual Wallet, Performance Spend and Performance Select, respectively. These fees can be waived in a number of ways. Download full PDF details here.

Offer Ends: February 1, 2021.

Regions Bank LifeGreen Savings – $100 Annual Bonus

The Region’s Bank LifeGreen Savings account and bonus is unique in that it is an annual bonus that can be cashed-in repeatedly. There are also no minimum balance requirements or monthly fees.

How to get it: First, you must open a Regions checking account if you do not already have one. Then, to qualify for the annual bonus you must set up and receive automatic transfers of at least $10 per month from the Regions checking account. Regions bank will give you a little wiggle room if you can’t make the transfer every single month, but you must make it at least 10 out of the 12 months following the account opening.

Who can get it: Any Regions Bank checking account holder. LifeSavings accounts cannot be opened without a Regions checking account first.

More details: As mentioned there are no monthly fees or minimum balance requirements. The APY paid on this account is currently 0.01% on all balances. To get started, you’ll have to open the account with at least $5.00. The bonus is 1% of your balance up to $100. Your bonus will be based on the average monthly balance for the 12 calendar months before your account anniversary.

Fees: There are no monthly service fees, but you will need to hold at least $10,000 in the LifeGreen Savings to earn the $100 annual bonus.

Offer Ends: Unknown.

Central Bank of Kansas City – $125 Bonus with High Yield Savings Account

The Central Bank of Kansas City’s High Yield Savings Account is a product that must be opened through SaveBetter similarly to the Ponce Bank High Yield Savings account we covered a little while back. This account features a bonus without the requirement of opening any checking account.

How to get it: Navigate to this product via the SaveBetter website here. You can then open Kansas City’s High-yield Savings product online. You must deposit a minimum of $5,000 to start earning a bonus. You will then receive $25 on your first $5,000 deposit and an additional bonus of $5 for each subsequent $5,000 that you deposit up to $125. When all is said and done, you will have needed to deposit a total of $105,000 into this account to capture the entire $125 bonus.

Who can get it: Anyone over the age of 18 with valid ID.

More details: The bonus cash will be deposited into your account within 30 days of qualifying for the offer.

Fees: There are no monthly service fees, but you will need to deposit a minimum of $105,000 for the full $125 bonus based on the current offer rules.

Offer Ends: January 31, 2021.

Marcus by Goldman Sachs – $100 for new Online Savings Account + 0.50% APY

Even though this savings account bonus isn’t the highest bounty available, it’s probably one of the easiest to attain.

How to get it: Navigate here and open the Marcus Bank online savings account. You will need to deposit at least $10,000 in new funds to the bank and maintain the balance for at least 90 days. Within 14 days after meeting this requirement, Marcus Bank will deposit $100 in cash to your account.

Who can get it: Anyone over the age of 18 with valid ID.

More details: The bonus cash will be deposited into your account within 14 days of fulfilling the requirements. This bonus is also available to current Marcus Bank online savings account holders, however they must deposit at least $10,000 in new funds to the existing account.

Fees: There are no monthly service fees, but you will need to add $10k to a new or existing Marcus Bank online savings account.

Offer Ends: February 2, 2021.

Alliant Credit Union – $100 Bonus Ultimate Opportunity Savings Account

Snag a $100 bonus after depositing just $100/month into this savings account for one year!

Here is another phenomenal savings account bonus that is coupled together with an already extremely competitive APY.

The Alliant Credit Union Ultimate Savings Account is currently providing a $100 bonus for new customers on top of an APY of 0.55%.

How to get it: Navigate here and open an Alliant Credit Union Ultimate Opportunity Savings account. online savings account. Deposit at least $100 a month, for 12 consecutive months, into the account and earn a $100 bonus on top of the 0.55% APY.

Who can get it: Anyone who joins Alliant Credit Union. If you are not eligible through the standard options, Alliant will allow you to join by first becoming a member of Foster Care to Success. You can read more about eligibility here.

More details: The bonus cash will automatically be deposited into your account after completing the 12th consecutive deposit with a total of at least $1,200 in your year old savings account.

Fees: There are no monthly service fees, but you need to join Alliant Credit Union and make 12 months worth of qualifying deposits before earning the bonus.

Offer Ends: March 31, 2021.

Methodology

APYGUY monitors hundreds of federally insured banks and credit unions each month. Our system is pinged any time rates, bonus offers, balance requirements, and TOS changes are made (among other factors). The methodology we used to compile this list takes into account the most recent pings to our system and evaluates three primary variables:

  1. Cash Bonus. How much money can be earned with the savings account bonus?
  2. Time. How much time does it take for you to capture the bonus?
  3. Investment. How much money do you need to commit to capture the full bonus?

Based on these variables, we published this report for January of 2021. We will do our best to update this list at least once per month. The offers are all accurate as per the publish date of this article.

Bank of America Saving Accounts Rates & Fees [January 2021]


image credit: bankofamerica.com

[Update January 2021: The APYs on Bank of America’s variable rate savings accounts remain unchanged to start the new year.]

If you’re in the market for an FDIC-insured savings account, then Bank of America may be one of the first places you start your search.

And for good reason.

Bank of America is perhaps the most recognizable name in banking in the US and is the second largest bank by asset size, only behind JP Morgan Chase, with a whopping $2.38 trillion in assets (yes, with a T).

So it’s not surprising that this bank would get your consideration as the home to your future savings account. But before making your final decision, be sure you understand the full scope of their savings accounts’ features, rates and fees.

Bank of America Savings Account Options

While Bank of America has offered lucrative savings accounts in the past, their variable rate savings account offerings today consists of the following:

  • Bank of America Advantage Savings
  • Minor Savings Account
  • Custodial (UTMA) Savings Account for Children

The Bank of America Advantage Savings account is the main savings account that Bank of America offers. They’ve had money market accounts in the past (at times, with great rates) but do not offer these products currently.

All of Bank of America’s savings products, whether a child savings account or Advantage Savings, come with the Keep the Change feature.

The Keep the Change program by Bank of America has been covered by many financial blogs over the years and slight variations of it have been mimicked by other large banks such as the Way2Save program by Wells Fargo.

Keep the Change simply allows you to round up debit card purchases to the nearest dollar and deposit the difference into savings automatically. Making saving money easy and automated.

Of course, to benefit from this program you’ll need to also open a checking account and conduct your everyday purchases with your BofA debit card. So you’ll have to weigh this against your current spending method. If you get more rewards out of a credit card or another debit rewards card, it may not be worth the switch at this time. Especially given Bank of America’s extremely low savings rates.

Bank of America Advantage Savings Account Fees

The big fee to watch out for with the Bank of America Advantage Savings account is the $8.00 monthly maintenance fee. Most big banks (Chase, Wells Fargo, etc) have monthly “maintenance” or “service” fees which can be avoided by meeting a few criteria, but Bank of America’s is the steepest.

The monthly service fees for Chase Bank and Wells Fargo’s savings accounts sit at just $5.00 for comparison.

Below is a complete list of the fees you may face as a Bank of America Advantage Savings account holder.

Bank Of America Savings Account Fees

TypeFee
Monthly Maintenance Fee$8 (can be avoided, see below)
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35 / each
NSF: Returned Item Fee$35 per returned or declined transaction
Overdraft Protection Transfer Fee$12 per transfer
Non-Bank of America ATMs$2.50 / per cash withdrawal
Statement Copies$5 / each
Deposited Item Returned$12 / each
Check-Cashing Fee$8 per check for amounts greater than $50

How to Waive the Monthly Maintenance Fee

There are three ways to avoid the $8 monthly maintenance fee tied to the Bank of America Advantage Savings account.

You must meet one of the following three to avoid the fee:

  • Maintain a minimum daily account balance of at least $500,
  • Link to your Bank of America Advantage Relationship Banking account (waiver applies to first 4 savings accounts)
  • Be a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)

Maintaining the minimum daily balance of $500 will likely be the easiest path to avoiding the $8 monthly fee if you’re new to Bank of America.

Remember this is the minimum daily balance requirement, so your account can technically dip below $500 in the day, so long as it ends up at or above $500 by the end of the day.

This is slightly different than say, money market account fees, which generally have an average monthly balance requirement – meaning your balance has to average out at that number (or above) for the entire month to avoid fees.

The average daily balance requirement on the Advantage Savings account, like the fee itself, is steeper than most other large national banks. To put this in perspective both Chase Bank and Wells Fargo let you avoid their $5 service fee by maintaining a daily balance of just $300.

Bank of America Advantage Savings Account Rate

You’ll be less than impressed with the yields provided by Bank of America on their Advantage Saving account at the moment.

They offer a tiered rate structure based on your account balance and your Preferred Rewards Membership status. Regardless of where you sit on this spectrum, the range of rates received is just 0.01% to 0.05% APY so don’t feel like you’re missing out on much in terms of rates if you’re not at the highest membership tier.

Below is a breakdown of the APYs received by balance and membership tier.

Advantage Savings Account Rates

Member LevelAPY with < $2,500APY with > $2,500
Standard0.01%0.01%
Gold Tier0.02%0.02%
Platinum Tier0.03%0.03%
Platinum Honors Tier0.05%0.05%

To put these offers in perspective the current national average for a savings account sits at just 0.04% APY, according to recent FDIC data, while money market accounts and interest checking accounts sit at 0.07% APY and 0.04% APY, respectively.

That said, a small number of online banks are still paying up to 0.60% APY and feature no minimum balance requirements or monthly maintenance fees.

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

Bank of America Minor Savings Account (Fees and Rates)

Bank of America’s Minor Savings account, and children savings accounts in general, are great ways to get your kid(s) familiarized with money, budgeting and saving.

They have helpful tools like allowance scheduling and automatic transfers as well as the ability to track purchases and monitor the child’s banking activity.

The Minor Savings account must be opened jointly with a parent or guardian, and can be opened with as little as $25. It also comes with zero daily balance requirement and no monthly maintenance fees if the child is under 18 years old.

To open the Minor Saving Account at Bank of America you must first schedule an in-person appointment with a representative. Find a branch and call ahead as rules may have changed due to COVID-19.

Minor Savings Account Rates

Member LevelAPY with < $2,500APY with > $2,500
Standard0.01%0.01%
Gold Tier0.02%0.02%
Platinum Tier0.03%0.03%
Platinum Honors Tier0.05%0.05%

The member level status applies to the parent or guardian’s account if the child is under 18. The rates are currently identical to the Advantage Savings account rates. These are variable and subject to change at any time without notice.

Bank of America Minor Savings Account Fees

TypeFee
Monthly Maintenance Fee$0 if child is under 18 years old
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35 / each
NSF: Returned Item Fee$35 per returned or declined transaction
Overdraft Protection Transfer Fee$12 per transfer
Non-Bank of America ATMs$2.50 / per cash withdrawal
Statement Copies$5 / each
Deposited Item Returned$12 / each
Check-Cashing Fee$8 per check for amounts greater than $50

Bank of America Custodial (UTMA) Savings Account (Fees and Rates)

The UTMA savings account is designed to save for the child throughout their youth and then gifted to them when they reach maturity. The account differs from the Minor Savings account in a few ways:

  1. The UTMA savings account does not provide the child access to funds until he/she is 18 years old.
  2. The UTMA account can be opened online, whereas the Minor Savings account must be opened in branch.
  3. The $8 monthly maintenance fee does apply to the UTMA savings account (but can be avoided the same way as the Advantage Savings can).
  4. The UTMA savings account requires a $100 minimum deposit vs only $25 for the Minor Savings account.

Along with the account differences (above), you’ll want to note that there are state laws that govern Custodial UTMA accounts as well. These laws vary based on which state the account is opened in.

As the parent or guardian, you are the “custodian” of the account. This means that it is your responsibility to manage the account on your child’s behalf even though all funds that enter the account instantly become irrevocably the property of the child.

So even though you are in control, the ownership is not yours at all.

These accounts can be used for a number of things but the most frequent use case is higher education.

The funds will be accessible to the child when they reach either 18 or 21 – determined by state law in which the account was opened.

Funds can be accessed earlier than this but will need good reason. In all cases the reason must be to the sole benefit of the child.

Custodial (UTMA) Savings Account Rates

Member LevelAPY with < $2,500APY with > $2,500
Standard0.01%0.01%
Gold Tier0.02%0.02%
Platinum Tier0.03%0.03%
Platinum Honors Tier0.05%0.05%

Remember the $8.00 monthly service fee applies to this account, but can be waived by maintaining a $500 minimum daily balance in the account.

Here is a complete list of fees that may come with ownership of a Custodial UTMA Savings account:

TypeFee
Monthly Maintenance Fee$8 (can be waived, refer to above)
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35 / each
NSF: Returned Item Fee$35 per returned or declined transaction
Overdraft Protection Transfer Fee$12 per transfer
Non-Bank of America ATMs$2.50 / per cash withdrawal
Statement Copies$5 / each
Deposited Item Returned$12 / each
Check-Cashing Fee$8 per check for amounts greater than $50

Final Thoughts

Bank of America has underwhelming rates on all of their savings products at the moment. The yields lag the national average, which has already set the bar low at 0.07% APY.

The savings products do come with some decent features and tools such as the Keep the Change program, but these hardly make up for what they lack in annual percentage yields.

The kids savings accounts – both the Minor Savings account and the Custodial (UTMA) Savings account come with OK features, but again lackluster rates. We’d suggest looking at the youth-tailored savings accounts offered by some of the large national credit unions. Some have promotional rates as high as 3.50% APY.

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


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

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

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

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

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

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

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

Paramount Bank’s Current CD Rates

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

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

Paramount Bank CD Rates:

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

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

How your interest is calculated and paid:

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

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

Paramount Bank’s Money Market and Interest Checking Rates

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

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

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

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

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

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

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

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

About Paramount Bank

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

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

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

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

Final Thoughts

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

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

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