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

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

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

Ameriprise Financial CD Rates + Account Details

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

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

CD Rates

Ameriprise offers 9 CDs with terms ranging from 3 months to 3 years with a minimum deposit requirement of $1,000. They also have a special 13 month CD that comes with an APY (annual percentage yield) of 5.35% but requires a minimum deposit of $1,000,000.

For deposits $100,000 or more you’ll get an additional 0.10% APY added to any CD term which would put the 18 month term at 5.45% APY making it Ameriprise Financial’s most competitive offer.

To put these yields into perspective, the current national average for a 12 month CD and a 36 month CD sit at just 1.76% and 1.40% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance offering yields above 5.50% APY and 5.00% APY for the same respective terms.

13 Month CD

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

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

How do Ameriprise Financial CD Rates Compare?

Take a look at the table below to see how Ameriprise Financial’s best CD rate compares to the best CD rates offered at FDIC-insured banks.

How Much Can You Make with an Ameriprise Financial CD?

The amount of money you can earn on a CD with Ameriprise Financial is going to depend on your deposit size, the CD term you select and its going APY. Take a look at the table below to see potential earnings on a handful of Ameriprise Financial CDs assuming a deposit size of $100,000.

Grace Period and Early Withdrawal Fees

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

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

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

You’ve surely heard of State Farm, the insurance company, but did you know that you can purchase CDs (certificates of deposit) via US Bank through State Farm?

In late 2020, US Bank purchased State Farm’s deposit account product suite and began offering the CDs themselves.

That said, the Special CDs you purchase from US Bank via State Farm’s portal sometimes come with higher APYs (annual percentage yields) than US Bank’s stand alone CDs purchased from them directly.

To see if these deposit accounts are right for you, continue reading our review below.

State Farm CD Rates via US Bank Alliance

The State Farm alliance with US bank allows consumers to purchase a number of standard CDs and Special CDs through US Bank. These CDs are federally insured by the FDIC. If you already have funds in a deposit account with US Bank and are looking to open another one via the State Farm portal both account balances will count towards your overall $250,000 of FDIC coverage.

Special CD Rates

Special CDs offered through the State Farm and US Bank alliance come with 4 terms to choose from and a minimum deposit requirement of $1,000. See terms and rates below.

How Much Can You Earn with a State Farm CD?

The amount of money you can make with a CD from State Farm and U.S. Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). The table below shows potential earnings based on a $100,000 deposit for each of State Farm’s Special CDs.

How Do State Farm’s CD Rates Compare?

Take a look at the table below to see how State Farm’s CD rates compare to competitive CD rates offered by other FDIC-insured institutions.

Standard CD Rates

Standard CDs offered through the State Farm portal are much less competitive than the Special CDs. They come with terms ranging from 3 months to 5 years. The minimum deposit requirement for a standard CD is $500. Jumbo CDs are also available with minimum deposit requirements of $250,000 however they currently come with the exact same yield for each term as the standard CDs.

To put these low yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.76% and 1.41% APY, respectively, according to FDIC data.

Step Up CD Rates

A Step Up CD offered through the State Farm portal comes with a 28 month term and 4 interest rate increases during this period. Each coming at 7 month intervals. APYs associated with each rate bump are shown below. The minimum deposit requirement is $1,000.

The total blended APY for the 28 month duration is 0.35%. To put this in perspective, the national average for a 24 month CD is 1.50% APY.

Trade Up CD Rates

Trade Up CDs offered through the State Farm portal come with two terms to choose from – 30 months and 60 months. During the life of this CD, consumers can lock in a higher rate one time. The minimum deposit requirement for this account is $1,000.

To activate your one-time rate increase, you’ll need to call 800.890.2233 before the maturity date.

The rate that you’ll switch to is based on the going APY for the closest standard term CD that is equal or less than the remaining time on your original CD.

So for example, if you choose the 30 month CD and would like a rate increase 15 months through the term, you would then get the going APY for a standard 12 month CD.

Crediting Interest

Interest payments on all CDs offered through the State Farm and US Bank alliance come either annually or upon the CD’s maturity, whichever comes first.

Grace Period and Early Withdrawal Fees

US Bank allows for a 10 calendar day grace period upon your CD’s maturity in which you may change terms, withdraw/add funds or close the CD account without incurring a penalty fee.

If you need your funds prior to your CD’s maturity, you will incur an early withdrawal fee. All early withdrawals come with an automatic flat fee of $25 plus the following:

For CDs with terms of 6 months or less the penalty is the greater sum of A or B.

• A = All interest that would have been earned on your funds if held to maturity.
• B = 1% of the amount withdrawn.

For CDs with terms of >6 – 12 months, the penalty is the greater sum of A or B.

• A = 1/2 interest that would have been earned on your funds if held to maturity.
• B = 1% of the amount withdrawn.

For CDs with terms longer than 1 year, the penalty is the greater sum of A or B.

• A = 1/2 interest that would have been earned on your funds if held to maturity.
• B = 3% of the amount withdrawn.

Needham Bank is a small regional Bank based out of Massachusetts with 12 branches in the greater Boston and MetroWest area. They are a community-focused bank and have been since their inception in 1892 working out of the Needham Public Library.

That said, as of 2023 they now offer a suite of CDs (certificates of deposit) available to consumers throughout the country which can all be opened and managed online.

They have 4 promotional CDs with competitive yields and 7 standard term CDs with less attractive yields.

To see if Needham Bank and their CDs are right for you, continue reading our review below.

Needham Bank CD Rates + Account Details

Needham Bank is member FDIC and all deposits are federally insured up to $250,000 per depositor.

Neeham offers both standard CDs and IRA CDs. Standard CDs come with a minimum deposit requirement of $1,000 and IRA CDs come with a minimum deposit requirement of just $250.

Both IRA CDs and Needham’s standard CD currently come with the same rates and terms. Terms range from 6 months to 5 years.

CD Rates

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.76% and 1.41% APY, respectively, according to FDIC data.

That said, some of the top yields offered by online banks and nationally available credit unions are now inching over 5.50% and 4.50% APY on the same respective terms.

How Do Needham’s CD Rates Compare?

To get a better idea of how Needham Bank’s CD rates stack up against the competition, take a look at the table below. It compares Needham Bank’s most competitive CD rate with other competitive CD rates offered by various FDIC-insured institutions around the country.

How Much Can You Earn with an Needham Bank CD?

How much money you can earn with a CD from Needham Bank is going to depend on the CD term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with some of Needham Bank’s CDs assuming a one-time deposit of $10,000.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, Needham Bank provides you with a 10 calendar-day grace period in which you may modify your CD (either by deposit size or term) or close it out entirely. If nothing is done during this period, your CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to maturity, an early withdrawal penalty will be applied. They don’t outline the penalty on their website nor do they offer a “Truth in Savings” disclosure form.

Opening and Managing Your CD

All of Needham Bank’s CDs can be opened online and managed either online through their website or their consumer banking app for IOS and Android.

📌 Please note: Be sure to download the personal banking app and not their business banking app.

To open the CD, you’ll need the following:

• phone number
• email address
• physical address
• social security number
• drivers license (you will scan this in the application process)

To fund the CD, you’ll need the following:

• Current bank or credit union routing number
• Account number where the funds will be withdrawn from

Other Deposit Accounts Offered by Needham Bank

Needham Bank offers other deposit accounts besides fixed rate CDs. They also offer:

• a personal checking account
• a “Statement” savings account
• money market accounts (both standard and for IRAs)

The personal checking account can be opened with just $10 and comes with complimentary checks. It also comes with zero fees, has cash back rewards and provides a variable interest rate of just 0.05% APY.

The Statement Savings account can also be opened with just $10 and provides the same APY of 0.05%.

The money market accounts have no minimum deposit requirements but interest rates are tiered based on your balance amount. See the table below for tiers and rates.

To put the yields above into perspective, the current national average for a money market account sits at just 0.44% APY, however, the best yields from online banks are topping 4.00% APY.

All of the deposit accounts offered by Needham Bank (other than their CDs) come with variable rates that may change at any time.

Needham Bank’s CDs, checking account, savings account and money market accounts can all be opened online by consumers in all 50 states or in a branch for local customers (locate branches here).