ApyGuy: Maximize Your Savings & Earnings

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MySavings Direct Savings – 0.55% APY + 0.70% APY CDs


MySavings Direct is one of several online divisions of Emigrant Bank – the largest savings bank in New York City since 1920.

If you’re looking for an online-only bank featuring a respectable APY on certificates of deposit and/or an online savings account, then you may want to consider MySavings Direct. Although their products have held more competitive rates in the past, the APYs still beat the national average by decent margins.

Currently, they offer a 30 month CD featuring an APY of 0.60% and an online savings account featuring an APY of 0.55% on deposits of just $1,000 and $0.01, respectively.

To put these offers in perspective, the average APY for savings accounts and 12 month CDs sit at just 0.07% and 0.22% APY, respectively.

We should also note that MySavings Direct has an interesting differentiator to its many online banking competitors in that they offer the ability to trade and hold precious metals.

Their “Precious Metals Direct” account allows consumers to buy and hold gold coins and bullion bars. These holdings can be stored in their secured vault or delivered.

Over half of MySavings Direct’s FAQ section is dedicated to precious metal trading, but for the purposes of this review we’ll stick to FDIC insured deposits and savings accounts offered by MySavings Direct.

MySavings Direct “MyTerm” Certificate of Deposit

The MyTerm CDs offered by MySavings Direct come with varying maturity dates and APY.

Here’s the full list of offerings of CDs available to purchase from MySavings Direct.

CD TermAPYMin Deposit
6 month0.55%$1,000
30 month0.60%$1,000
60 – 120 months0.70%$1,000

You’ll want to note that early withdrawal penalties apply if you need your funds prior to the CD maturity date.

Early withdrawal penalties are structured as follows:

  • For an account with a term of less than one year, the penalty will be an amount equal to 90 days interest (whether earned or not) and calculated at the contract rate on the principal amount.
  • For an account with a term of one year or more, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount.

As you can see from the rate table above, MySavings Direct’s longer durations CDs are currently featuring better rates than their short term 6 month deposit. Although it may sound intuitive that longer duration CDs carry higher interest payouts than shorter ones, the current inverted yield curve environment we’re in makes the difference between short term yields and long term yields significantly smaller (if not inverted).

The reason for this is that during periods of inverted yield curves interest rates flip on U.S. Treasuries with short-term bonds paying more than long-term bonds. This phenomena is generally mirrored, albeit not instantaneously and not to the same degree, with CD rates at retail banks.

MySavings Direct “MySavings Account”

MySavings Direct offers a high yield online savings account called the “MySavings Account.” It currently features an APY of 0.55%.

BalanceAPY
$00.55%

The nice thing about their online savings account is that, unlike their certificate of deposits, this account comes with no minimum deposit requirements.

The main downside is that the rate is variable and can change at any time without notice.

The MySavings Account is federally insured by the FDIC up to $250,000 in case of bank insolvency and can only be opened online.

MySavings Account Fee Schedule

Although the account comes with zero maintenance fees and no minimum balance requirements there are certain services and functions offered by MySavings Direct that have fees associated with them. Below is the complete fee schedule:

TypeFee
Monthly Maintenance$0
Excessive Transactions (above 6 per month)$0
Balance Confirmation Letter$30 plus $5 for each additional copy
Verification of Deposit Letter$30 plus $5 for each additional copy
Legal Documents$100
Incoming Wire$0
Outgoing Wire$0

It’s worth mentioning that if you need to wire money regularly (either receive or send) then this bank may be a solid option for you. Paying $0 on wires is not normal for most banks. Typical wire fees hover around $30 per.

How to Open A MySavings Account + Funding Your Account

As with most online banks, a MySavings account from MySavings Direct can be opened in as little as five minutes.

You can start by clicking the green “open now” button on their homepage.

To proceed you will need:

  • a valid tax identification number,
  • at least be 18 years old and have a driver’s license
  • have a legal address

MySavings Direct will accept a physical check to initially fund your account, but after that you will need to have hooked up a checking account from another bank for further funding. This can be set up with any US bank.

How to Fund your MySavings Account

  • Physical Check (one-time only if needed to initially fund your account)
  • Mobile Deposit from external checking account
  • Wire Transfer from external checking account

About MySavings Direct

Early Irish depositors of Emigrant Savings Bank. Image credit: picryl

MySavings Direct is one of several online divisions of Emigrant Bank.

Emigrant Bank’s origins came long before the internet – in 1850 – when a group of 18 Irish Emigrants founded the institution in New York City.

Today, Emigrant Bank is the largest savings bank in New York City and 9th largest privately owned bank in the US with nearly $6 billion in assets. They have three online-only divisions that specialize in high yield savings accounts and CDs. These are Emigrant Direct, Dollar Savings Direct and their most recent offering, MySavings Direct.

You won’t notice much differentiation between these three subsidiaries though. In fact their websites and product offerings all look strikingly similar.

Through these online-only subsidiaries Emigrant Bank is able to keep the focus on consumer savings, featuring rates that are consistently above the national average and that regularly top brick and mortar institutions.

Final Thoughts

MySavings Direct is a very simple and straightforward FDIC-insured, online-only bank.

Their accounts come with no physical branches, no frills and no perks other than a decent APY.

On the flip side though, the account also comes with very limited hassles such as zero monthly maintenance fees, no service charges, no hidden penalties, no paper statement fees and only one minimum balance requirement – which is a manageable $1,000 for CDs.

If all you’re after is a respectable APY on a CD or savings account then MySavings Direct may satisfy your needs, although higher rates can be found elsewhere online.

First Republic Bank CD Rates – Up to 0.55% APY


image credit: firstrepublic.com

First Republic Bank got its start in 1985 as a small thrift company. Today, the firm offers personal banking, business banking, and wealth and trust management services.

They have ~70 branch locations in 6 states (California, Connecticut, Florida, Massachusetts, New York and Oregon) with most being centered in major metropolitan areas.

Because they cater to high net-worth, low risk individuals, many of their banking products come with steeper minimum deposit requirements than those at other online banks and/or nationally available credit unions.

First Republic bank offers a full suite of deposit products. They offer checking accounts, money market accounts, savings accounts and CDs (certificates of deposit).

In our review below we will focus on the 12 certificates of deposit products sold by First Republic Bank.

First Republic Bank’s CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. All of their CDs come with a minimum deposit requirement of $10,000.

First Republic Bank CD Rates + Account Details

First Republic Bank currently has 12 CDs to choose from. They have 10 standard term CDs and 2 promotional CDs. The promotional CDs consist of a “4 Month Special” and an “8 Month Liquid CD.”

The 4 month special, for all intents and purposes, is just like a regular CD but it comes with a higher APY. Its current annual percentage yield is listed in our table below.

The liquid CD comes with the same guaranteed interest rate that a standard CD does, but allows you access to your funds without incurring a penalty. You are allowed to withdraw funds once per week (every 7 days), however you must maintain a minimum balance of $10,000 in this account. If you dip below this threshold First Republic Bank may close the CD and transfer the funds to another account.

First Republic Bank CD Rates

TermAPY
30 days0.05%
3 months0.25%
4 Month Special0.30%
6 months0.30%
8 Month Liquid CD0.20%
12 months0.35%
18 months0.40%
2 years0.40%
3 years0.45%
4 years0.45%
5 years0.55%
6 years0.55%

To give these offers above some context, the current national average for a 12 month CD and a 60 month CD sit at just 0.22% APY and 0.47% APY, respectively.

Outside of the 8 month liquid CD all of First Bank Republic’s other CD options come with early withdrawal penalties if you need funds prior to maturity. It should also be noted that First Bank Republic’s early withdrawal penalties are more expensive than other banks and credit unions.

Early withdrawal penalties are as follows:

  • CDs with terms of 1 year or less have a penalty equal to six months’ interest on the amount you withdraw.
  • CDS with terms of 1 year or greater have a penalty equal to 15 months’ interest on the amount you withdraw.

The best way to access the funds from your CD is to wait until it matures. Consider locking in one of First Bank Republic’s shorter term deposits if you’re unsure whether or not you can keep your money tied up for longer periods of time.

Opening a CD with First Republic Bank

There are three ways to open a certificate of deposit with First Republic Bank, none of which are online.

  1. The first is to give the bank a call at (888) 408-0288. They have banking specialists available during regular working hours to get you set up with any CD you choose.
  2. The second option is to complete an online form and have the bank reach out to you. You can find this form here.
  3. The third would be to stop into a branch and speak with a representative in person. You can locate a First Republic Bank branch here.

When you speak with a representative either in person or via the phone you will need the following information to get your CD account open and funded:

  • Full name (drivers license)
  • Address
  • Phone Number
  • Email
  • Social Security Number

To fund the account you will need the routing number and account number of the institution and bank account that you will be transferring the funds from. You can also mail them or hand them a check (if meeting in person).

Final Thoughts

While in most cases First Republic Bank’s CD rates beat out the national average for each respective term, better yields can be found through online banks and nationally available credit unions.

Because First Republic Bank caters to higher net worth individuals, they impose steep minimum deposit requirements on their deposits and expensive early withdrawal penalties if you need access to your funds prior to maturity.

All of this should be considered before deciding to open a CD with First Republic Bank.

USAA CD Rates – Up to 0.49% APY


image credit: usaa.com

The USAA (United Services Automobile Association) got its start back in 1922 as a mechanism for self-insurance by and for military officers.

Oddly enough the perception of military officers during this time was that they were a “high risk” group and were thus unable to secure auto insurance.

The USAA was initially created to solve this unique problem, but over time they outgrew their original mission.

They have evolved into a diverse set of companies all in the financial services sector with a range of products that includes property, casualty and life insurance, banking, investing and financial planning. They service over 12.4 million members and just shy of $130 billion in assets under management (AUM).

In our review below we will be focusing on the certificate of deposit rates offered by the banking division of USAA. You can access these accounts online here.

USAA CD Rates + Account Details

USAA CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

USAA offers sixteen, standard term certificates of deposit with terms ranging from 30 days to 7 years. Some of the term lengths are a bit unusual compared to other banks and credit unions, but USAA has regularly offered promotional CDs with these oddball terms in the past – sometimes with exceptional APYs.

USAA CD Rates

TermStandard APYJumbo APY
30 daysnana
91 days0.05%0.05%
120 daysnana
150 daysnana
182 days0.05%0.05%
7 months0.05%0.05%
270 days0.05%0.05%
1 year0.17%0.17%
15 months0.18%0.18%
18 months0.19%0.19%
2 years0.22%0.22%
30 months0.25%0.25%
3 years0.28%0.28%
4 years0.30%0.30%
5 years0.40%0.40%
7 years0.49%0.49%

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

Along with their fixed rate deposits, USAA also offers “variable rate CDs” and “adjustable rate CDs.”

Their variable rate CDs consist of two terms – a 182 day term and a 1 year term. They feature the same APY as listed above for those respective terms. The main difference with these CDs is that the rate is variable and can change at any time without notice.

Their adjustable rate CDs are simply their 3 to 7 year CDs. These products allow for you to call in and receive a one-time interest rate hike if/when interest rates rise during the lifespan of your deposit. This one-time adjustment has a maximum increase of 2 percent from its original yield.

As you can see Jumbo CDs and standard CDs both come with the same annual percentage yield currently. They also have “Super Jumbo CDs” that come with an even higher minimum deposit requirement but the same yields as listed above.

Minimum Deposit Requirements

CD typeMinimum Deposit Required
Standard$1,000
Jumbo$95,000
Super Jumbo$175,000

Interest on USAA CDs is compounded daily and credited monthly either back into the CD (for further compounding) or into another connected account. This is a nice feature for those using interest payments as income.

If you need any or all of your funds prior to your CD maturing you will have to pay an early withdrawal fee.

Early Withdrawal Fees

CD TermFee
30 days or less30 days’ interest
30 to 364 days90 days’ interest
365 days to 5 years180 days’ interest
5 years +365 days’ interest

Final Thoughts

While we appreciate the range of terms and products within USAA’s certificate of deposit suite, better yields can be found through online banks and nationally available credit unions.

Check back often though as USAA is known for offering promotional CDs with higher rates than their standard term products.

Citibank CD Rates


image credit: citi.com

Citibank currently offers nineteen, standard-term, fixed-rate certificates of deposit with most of their rates sitting at or below the current national average(s) for their respective terms.

Citibank also offers two promotional deposits. A “Step Up CD” and a “No Penalty CD.”

The Step Up CD is a 30 month deposit with a composite APY of 0.17%. You can read more about the terms and conditions here.

The No Penalty CD is a 12 month deposit featuring an APY of 0.15%. Funds from this account may be withdrawn penalty-free at any time after six calendar days from opening the account. You can read more about the terms and conditions here.

Citibank also offers two “featured” short term CDs (a 3 month CD and a 4 month CD). These come with slightly better APYs when compared to the national average for their respective terms than the rest of Citibank’s certificate of deposit offerings.

That said, if you are in the market for a short term deposit, you’ll probably want to see if you’re eligible for the Citi Accelerate Savings account which is available in select regions. This account comes with a much better yield, but also with a variable rate that can change at any time.

Citibank’s CDs have varying minimum deposit requirements by region. Depending on where you live minimum deposit requirements will range from $500 to $2,500. See our table below for a complete breakdown.

You can apply for and open a Citibank CD online, however if you plan on depositing more than $250,000 you must stop into one of Citibank’s 700 branch locations across 12 states. You can locate a branch here.

Citibank CD Rates + Account Details

Citibank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Citibank CD Rates

TermAPY
3 months0.20%
4 months0.30%
5 months0.05%
6 months0.10%
7 months0.10%
8 months0.10%
9 months0.10%
10 months0.10%
11 months0.10%
12 months0.20%
13 months0.10%
14 months0.10%
15 months0.10%
18 months0.15%
2 years0.15%
30 months0.10%
3 years0.15%
4 years0.15%
5 years0.20%

To give these offers above some context, the current national average for a 12 month CD and a 5 year CD sit at 0.21% APY and 0.44% APY, respectively. There are also a handful of credit unions and online banks still paying 1.0% APY on some regular term CDs.

Citibank Promotional CDs

TermAPY
12 month No Penalty CD0.15%
30 month Step Up CD0.17%

Both the Step Up CD and the No Penalty CD come with minimum deposit requirements of $500.

Minimum Deposit Requirements for Standard Citibank CDs

As mentioned, the minimum deposit requirement for all Citibank CDs vary by region. Below is the breakdown.

StateMinimum Deposit
California, Nevada$1,000
Florida, Maryland, Virginia, D.C.$2,500
All other states$500

To open a Citibank CD online you must be a U.S. resident or citizen and at least 18 years old. You will need the following pieces of information to complete your application online:

  • Physical address
  • Date of Birth
  • Social Security Number
  • Email Address
  • Phone Number

To fund the account you will need the bank account number and routing number for the institution you will be transferring the funds from.

Interest on all Citibank CDs compounds daily. For CDs with terms of one year or less, interest is paid to you either monthly or upon maturity. And for CDs with terms longer than one year, interest is paid monthly.

Early Withdrawal Penalties

TermPenalty
1 – 12 months90 days’ interest
13 months +180 days’ interest

Final Thoughts

Although Citibank has offered lucrative standard term CDs and promotional deposits in the past, its current product suite and rates are much less competitive than the top offers from online banks and nationally available credit unions.

That said, of the big banks (Chase Bank, Wells Fargo, Bank of America and US Bank) Citibank still has the best rates for savers. So if you’re after an FDIC-insured certificate of deposit with a bank that has national coverage, then Citibank may be your best bet.

State Employees’ Credit Union CD Rates & Savings Accounts


image credit: ncsecu.org

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 the rates (APY), 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

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.

State Employees’ Credit Union CD Rates

TermAPY
6 months0.40%
12 months0.45%
18 months0.45%
24 months0.50%
30 months0.55%
36 months0.60%
48 months0.65%
60 months0.65%

To give these offers some context, the current national average on a 12 month CD and a 5 year CD sit at just 0.22% APY and 0.46% APY, respectively.

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 0.07% currently.

AccountMin DepositAPY
Share$250.20%
Zard Share$250.20%
FAT CAT Share$50.20%
Summer Cash$00.60%
Holiday Cash$00.20%
Money Market Share$2500.30%

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

Charles Schwab CD Rates


image credit: schwab.com

Charles Schwab is a multinational financial services company founded and headquartered in San Francisco, California.

They’ve built up quite an impressive sum of assets under management since their inception in 1971 with just over $3.3 trillion and counting.

Charles Schwab has an array of products and services that it offers to both retail and institutional clients encompassing commercial banking, stock brokerage, and wealth management advisory services.

For the purposes of this review, we will only focus on the brokered CD (certificate of deposit) rates offered through Charles Schwab. To see all of Charles Schwab’s CD options you will need to login to the Schwab CD OneSource platform here or continue reading below.

Charles Schwab Brokered CD Rates + Account Details

It is important to keep in mind that Charles Schwab does not issue CDs themselves, but rather brokers (or re-sells) bank CDs issued by FDIC-insured banks and financial institutions.

Charles Schwab CDs require a minimum deposit of $1,000 and you may increase your investment size by increments of $1,000.

Charles Schwab Brokered CD Rates

TermAPY
1-3 Month CDs0.10%
4-6 Month CDs0.05%
7-9 Month CDs0.05%
10-18 Month CDs0.15%
1.5-2.5 year CDs0.20%

To put these offers in perspective, the current national average on a 12 month CD sits at 0.22% APY, and top rates on 12 month CDs from online banks and credit unions still come close to 1.00% APY.

Charles Schwab Brokerage Fees for CDs: New Issue and Secondary Market

For all new issue CDs a selling concession is already included in the overall price for both online and broker assisted trades.

For all CDs purchased on the secondary market through Schwab CD OneSource, a $1 transaction fee per $1,000 is applied. This comes with a $10 minimum and a $250 maximum.

If you need a broker’s assistance for the trade you will also be charged an additional $25 as a trade service charge.

How Does FDIC-Insurance Work with Charles Schwab CDs?

All of the brokered CDs offered through Schwab OneSource are federally insured by the FDIC through the partner bank. Thus the same coverage extends to you and can even exceed the $250,000 maximum if you choose to open more than one CD with more than one bank.

For example, if you open two CDs from two different banks through Schwab OneSource, you will get FDIC coverage of $250,000 from one bank and then $250,000 from the second bank. Assuming you have no other deposits at those banks, you’re covered for $500,000.

Compounding Interest + Grace Period

Interest on brokered CDs is not compounded as it would be with a traditional bank as it requires immediate distribution. If you want compounding interest on a brokered CD you will need to reinvest your earnings into a different account.

Grace periods with traditional banks tend to be around 10 days long. During this time a deposit holder may add to or withdraw funds without incurring a penalty. With brokered CDs you will not incur any fee for early withdrawal. If you need funds prior to maturity, a broker will help you sell it on the secondary market. The exact grace period for your deposit can be found by contacting the issuing institution.

Drawbacks and Risks

The main risk in purchasing a brokered CD through Charles Schwab (or any brokerage firm for that matter) is if you need your funds prior to maturity. As mentioned above, in this case you will need to sell your CD on the secondary market. Depending on the interest rate environment at that time it is possible to sell your CD for either less or more than you purchased it for.

Consider the following: You purchase a 2 year CD and need to cash out unexpectedly after the first year. During this time CD rates have also risen substantially. At this point you will likely need to sell your CD at a lower price than you purchased it for because much more attractive rates are being offered on new issue CDs.

Final Thoughts

While we’ve seen Charles Schwab offer competitive brokered CD rates in the past the current offers are less competitive than brokered CDs at either Fidelity or Edward Jones and are substantially less profitable than CDs found through actual banks and credit unions directly.

The main advantage brokered CDs have over traditional bank deposits is the ability to leverage the FDIC insurance of multiple banks. But in the current interest rate environment, this perk seems less noteworthy.