APY GUY: Maximize Your Savings & Earnings

editorial staff

Credit Karma Savings Account – 0.30% APY!


image credit: creditkarma.com/savings

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

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

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

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

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

Credit Karma High Yield Online Savings Account Rate + Details

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

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

Credit Karma High Yield Online Savings Account Rate

Min. DepositMin. BalanceAPY
$0$0.010.30%

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

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

Account Drawbacks

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

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

How to Open the Credit Karma Savings Account

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

Here’s how to get started:

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

Items to have handy:

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

How to Withdraw Funds

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

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

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

Credit Karma + MVB Bank, Inc and FDIC Insurance

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

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

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

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

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

Final Thoughts

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

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

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

Connexus Credit Union Money Market Account 1.15% APY + CD Rates up to 1.01% APY!


image credit: connexuscu.org

Founded in 1935 in Wausau, Wisconsin, Connexus Credit Union got its start as an employee-only credit union serving individuals and families affiliated with Employers Mutual, which later became the insurance giant Liberty Mutual.

As with many credit unions that stand the test of time, Connexus credit union experienced growth through acquisition. Over the years they acquired a number of smaller credit unions that allowed them to broaden their membership eligibility to what it is today.

Today, Connexus credit union serves roughly 360,000 members in all 50 states with over $2.8 billion in assets and just shy of $2.5 billion in consumer deposits.

Connexus credit union has also been nationally recognized over the years for consistently offering high deposit rates on both variable and fixed rate accounts, as well as exemplary customer service.

Connexus Credit Union CD Rates + Account Details

Connexus credit union offers both IRA CDs and standard CDs with terms ranging from 12 months to 5 years. Both their IRA CDs and standard CDs currently feature the same APYs for their respective terms.

Connexus Credit Union’s deposit products are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

All of their certificates of deposit require a minimum deposit of $5,000.

Connexus Credit Union CD Rates

CD TermAPY
12 months0.71%
24 months0.81%
36 months0.90%
42 months0.96%
48 months0.96%
60 months1.01%

To put these offers in perspective 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.

You’ll be given a 10 day grace period upon maturity of your deposit where you can either withdraw or deposit funds penalty free.

If you need to withdrawal money from this deposit prior to its maturity you will be subject to the following early withdrawal fees:

  • For the 12 month certificate, you’ll pay 90 days’ worth of dividends.
  • For the 24-month and 36-month certificates, you’ll pay 180 days’ worth of dividends.
  • For the 60-month certificate, you’ll pay 365 days’ worth of dividends.

Connexus Credit Union Money Market Account Rate + Details

Connexus Credit Union offers some highly competitive money market rates if you:

  1. keep a high daily active balance in the account of $50,000 or more, and
  2. have an active checking account with them, and
  3. open a basic Regular Savings or Youth Savings account and fund it with at least $5.

Keeping an active checking account will likely be the hardest qualification to meet if you are new to Connexus Credit Union and already conduct checking elsewhere.

Connexus Credit Union defines an active checking account as a single checking account with Connexus under the same membership with:

  • Direct Deposit of net pay, including salary, wages, government benefits, or pension made to the account each month;
  • having ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the last business day of each month;
  • and electing to receive eStatements. ATM transactions not included.

Connexus Credit Union Money Market Rates

BalanceAPY
$0 to $999.990.00%
$1k – $9,999.990.50%
$10k – $19,999.990.60%
$20k – $49,999.990.75%
$50k – $99,999.991.00%
$100K +1.15%

To give the APYs above more context, the current national average for a money market account sits at just 0.11% APY currently.

We also want to point out that according to Connexus Credit Union’s deposit rate page, these money market rates haven’t changed since January. Given the FED’s multiple rate drops since then plus their commitment to keep rates near zero through 2022, we wouldn’t be surprised to see Connexus lower these rates soon.

image credit: connexuscu.org

The minimum deposit requirement for a money market account with Connexus credit union is $1,000. Interest is compounded monthly and credit monthly. There is no monthly maintenance fee associated with this account.

Outside of the checking account requirement there are a few other oddball rules tied to Connexus credit union’s money market accounts.

  1. If you make a cash withdrawal it must be at least $250.
  2. You may write checks with this account (if you order a box of checks for $16.90/100 checks), BUT you are allotted just three per month. Every check after the third will cost you $29.95 per check.

You can also only make a total of six transactions per month. This includes check, ACH, digital transfer or telephone transfer. This is par for the course for money market accounts and demand deposit accounts in general, per Federal Regulation D. If you need to get around these limits, you can make unlimited transactions through an ATM or at an in-person Connexus branch. Connexus is a part of a shared branch network featuring over 6,000 branch locations across the country.

Connexus Credit Union Health Savings Account Rates + Details

Connexus Credit Union’s Health Savings Account features some of the most competitive rates in the country currently if you can maintain a balance of $5,000 or more.

A HSA (Health Savings Account) from Connexus credit union will allow you to put money aside on a pre-tax basis for qualified medical expenses that may arise in your life. These accounts earn impressive dividends and your money rolls over from year to year if you don’t use it.

To be eligible for an HSA account through Connexus credit union you must meet the following requirements:

  • You are covered under a High Deductible Health Plan (HDHP)
  • You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
  • You are not enrolled in Medicare
  • You cannot be claimed as a dependent on someone’s tax return

Contribution Limits

20192020
Single$3,500$3,550
Family$7,000$7,100

Contributions can be made by either you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.

Connexus Credit Union Health Savings Account Rates

BalanceAPY
$0 to $99.990.00%
$100 to $499.990.50%
$500 to $2,499.991.00%
$2,500 to $4,999.991.00%
$5k to $14,999.991.50%
$15k +2.00%

Who is Eligible to Join Connexus Credit Union

Connexus Credit Union offers its services to customers nationwide. It has four paths to membership. The first three are the easiest/fastest ways to join, followed by the fourth way which is essentially a loophole for any US citizen to join. The four paths to membership are as follows:

  • Employees, retirees, family members, or members of one of the following groups, or
  • Residents of one of the following communities, or
  • Spouses, family members, and those living in the same household of an existing member, or
  • Members of the Connexus Association. This just requires a one-time $5 donation.

Applying for membership is a straightforward process. You will need:

  • Valid Driver’s License/State ID/Passport
  • Valid United States Social Security Number
  • Account information for accounts that you would like to close and/or transfer money from.

Final Thoughts

If you value top-notch rates from a member-centric credit union, then Connexus credit union deserves your consideration. They’ve been nationally recognized for abnormally high rates and outstanding service by CNN Money, Kiplinger, PC Magazine, BankRate, the AARP and more.

Both their native apps for Apple and Android receive high marks in their respective app stores. Averaging a 4.7 star rating out of 5 for Apple and a 4.3 star rating out of 5 for Android.

That said, one of their highest yielding accounts (the money market account) comes with some potentially difficult hoops to jump through. However, if you are able to open and maintain an active checking account with them (the prerequisite to opening their money market account) you’ll be rewarded with some of the best yields available on the money market side.

Chase Bank CD Rates – Are they Worth Opening in 2021?


image credit: chase.com

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

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

For the purposes of this review, however, we will focus on the certificate of deposit suite offered by Chase Bank.

Despite the bank’s eye-popping asset size, their current CD rates are quite poor and underperforming the national average.

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

Chase Bank CD Rates + Account Details

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

All Chase Bank CDs require a minimum deposit of $1,000 to open. In normal interest rate environments the interest rates paid on Chase Bank CDs are tiered by deposit amount.

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

Today; however, the increase in APY by deposit size is negligible, with the yield increasing from 0.02% APY to 0.05% APY at the $10,000 mark.

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

Chase Bank CD Rates

CD TermAPY ($1k – $9,999.99)APY ($10K +)
1 month0.02%0.02%
2 month0.02%0.02%
3 month0.02%0.02%
6 month0.02%0.05%
9 month0.02%0.05%
12 month0.02%0.05%
15 month0.02%0.05%
18 month0.02%0.05%
21 month0.02%0.05%
24 month0.02%0.05%
30 month0.02%0.05%
36 month0.02%0.05%
42 month0.02%0.05%
48 month0.02%0.05%
60 month0.02%0.05%
84 month0.02%0.05%
120 month0.02%0.05%

To give these yields some context, the current national average for a 12 month CD sits at roughly 0.22% APY while the average on a 5 year CD sits at roughly 0.47% APY.

If you’re strictly after a respectable APY and want a fixed-rate CD rather than a high yield savings account or money market account, then we would recommend checking out various nationally available credit unions. Some still provide yields above 0.50% APY.

How is Interest Calculated on a Chase CD?

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

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

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

Additional Chase CD Fees

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

Below is Chase Bank’s wire fee schedule:

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

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

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

Chase Bank CD Grace Period

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

All Chase Bank CDs come with a standard 10 day grace period for CDs with terms of 14 days.

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

Why are Chase Bank CD Rates so Low?

Unfortunately for consumers looking to lock in good rates on certificates of deposit, the nation’s largest banks will all leave you hanging. Whether it’s Chase Bank, Wells Fargo or Bank of America, consumers simply can not expect anything in the way of decent savings rates.

Why is that?

The simple fact of the matter is that banks don’t need your money. With key rates at historic lows and the Fed printing money through qualitative easing (among other programs), these large banks have no need to attract consumer capital with competitive savings rates on long-term CDs or other deposit accounts.

Alternatives to Consider

If you’re looking for FDIC-insured CDs and/or savings accounts, then we would recommend online banks or nationally available credit unions. Some of these institutions still pay above 1.0% APY on long-term CDs and close to 0.50% APY on savings accounts.

If FDIC-insurance is less important to you, you can read our 12 alternatives to CDs and savings accounts for ideas that don’t just consist of banking products.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, their current CD rates are underperforming an already abysmal national average by a considerable margin.

If you value in-person banking and are looking for federal insurance on your savings, then you may want to consider a local credit union. They can likely beat Chase’s CD rates and your money will be insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

If you value high rates and prefer online banking to traditional banking, then check out Ally bank or Discover as potential options for parking your cash.

HomeStreet Bank CD Rates & Money Market Accounts


image credit: homestreet.com

HomeStreet Bank is a regional bank headquartered in Seattle, Washington serving residents in Washington, Oregon, California and Hawaii.

They were founded in 1921 by W. Walter Williams who managed to keep the bank in the family through four generations.

HomeStreet suffered major losses during the 2008 financial crisis which eventually required them to raise capital through an IPO in 2012 – ending four generations of control by the Williams family.

Today, HomeStreet Bank offers various financial services to both businesses and individuals.

For the purpose of this review, we will focus on HomeStreet Bank’s fixed rate CDs (certificates of deposit) and variable rate money market accounts.

All of the deposit accounts covered in this review are federally insured by the FDIC up to the applicable limits.

HomeStreet Bank CD Rates + Account Details

There are two variables that may affect the APY (annual percentage yield) that you receive on your CD with HomeStreet Bank. These are 1. Location, and 2. Deposit amount.

Before displaying the rates of their CDs, HomeStreet Bank requires you to select your region (you can do that here).

They have regions broken up into four groups – 1. California, 2. Eastern Washington, 3. Hawaii, and 4. Western Washington/Oregon. We should note that we’ve downloaded rate cards from each region and found the interest rates and APYs to be the same throughout. In more favorable interest rate environments, we suspect this would change.

Their rates are also tiered by deposit amount, but like location, all tiers pay the same APYs currently. We will update this post when their rates change.

HomeStreet Bank offers three types of certificates of deposit. These are:

  • Custom and IRA Certificates. Terms ranging from 31 days to 5 years.
  • Featured CDs. Oddball terms such as 11 and 22 months and higher APYs.
  • Jumbo Certificates. Require minimum $90,000.

Interest is compounded daily and credited monthly on all HomeStreet Bank CDs. We should also note that HomeStreet Bank’s CDs automatically renew and you are provided a standard 10 day grace period in which you may add or withdraw funds penalty free. If nothing is done during this time, the CD will renew with the same terms and the going APY.

If you need your funds prior to your maturity date, HomeStreet Bank may impose a simple interest penalty on the amount withdrawn based on the current interest rate being paid on the account.

Custom and IRA CD Rates

Their Custom and IRA CDs offer 9 terms to choose from ranging from 31 days to 5 years. The minimum deposit requirement is $500.

CD Term$500$2,500$5k$10k$25k$240k
31 days0.10%0.10%0.10%0.10%0.10%0.10%
3 months0.15%0.15%0.15%0.15%0.15%0.15%
6 months0.20%0.20%0.20%0.20%0.20%0.20%
9 months0.20%0.20%0.20%0.20%0.20%0.20%
12 months0.20%0.20%0.20%0.20%0.20%0.20%
18 months0.20%0.20%0.20%0.20%0.20%0.20%
2 year0.20%0.20%0.20%0.20%0.20%0.20%
3 year0.20%0.20%0.20%0.20%0.20%0.20%
5 year0.20%0.20%0.20%0.20%0.20%0.20%

To put the yields shown in HomeStreet Bank’s rate matrix (above) in perspective, the current national average for a 12 month CD and a 5 year CD sit at 0.22% APY and 0.47% APY, respectively.

Featured CD Rates

The Featured CDs offer the most competitive yields, however they’re currently a flat 0.40% APY across all terms and deposit amounts.

CD Term$500$2,500$5k$10k$25k$240k
11 months0.40%0.40%0.40%0.40%0.40%0.40%
13 months0.40%0.40%0.40%0.40%0.40%0.40%
15 months0.40%0.40%0.40%0.40%0.40%0.40%
18 months0.40%0.40%0.40%0.40%0.40%0.40%
22 months0.40%0.40%0.40%0.40%0.40%0.40%
3 years0.40%0.40%0.40%0.40%0.40%0.40%
5 years0.40%0.40%0.40%0.40%0.40%0.40%

Based on current national averages, HomeStreet Bank’s 11 month CD is quite competitive at nearly twice the national average (0.40% vs 0.22% avg). That said, their 5 year CD comes in slightly under at 0.40% vs a 0.47% average for 60 month terms.

Jumbo Certificate Rates

HomeStreet Bank’s Jumbo CDs come with a minimum deposit requirement of $90,000 and a maximum deposit amount of $240,000. You may hold multiple CDs with HomeStreet, but FDIC coverage applies to just $250,000 per individual or $500,000 on joint accounts.

Jumbo CD TermAPY
30 days0.15%
60 days0.15%
90 days0.15%
120 days0.15%
180 days0.30%
270 days0.30%
365 days0.30%

HomeStreet Bank only offers Jumbo CDs with short terms at this time. You may want to bookmark this page and check back later. We will update if/when HomeStreet adds longer durations.

HomeStreet Bank Money Market Rates + Account Details

HomeStreet Bank typically offers five different kinds of money market accounts, however two have been discontinued. These accounts feature variable rates that can change at any time without notice. The three available options include:

  1. Money Market. Standard account with minimum deposit requirement of $1,000.
  2. Private Banking Money Market. Higher APY available, must contact a branch to open.
  3. Promotional Plus Money Market. Higher APY available, must open with $10,000 in new money.

Some of the benefits of a money market account with HomeStreet Bank include:

  • no charges for paper or electronic statements
  • ability to write checks
  • access cash with a debit card
  • can use as overdraft protection against checking account
  • FDIC insured

Money Market

The standard money market account comes with a minimum deposit requirement of $1,000 AND a minimum daily balance requirement of $1,000 to avoid a $5 monthly service fee.

BalanceAPY
$1k – $9,9990.15%
$10k – $49,9990.15%
$50k – $99,9990.15%
$100k – $149,9990.15%
$150k – $249,9990.15%
$250k – $499,9990.15%
$500k +0.15%

As with their CDs, HomeStreet Bank’s basic money market account pays a flat APY across all balance amounts. To put the yields above in perspective, the current national average for a money market account sits at just 0.11% APY and the national average on a savings account is just 0.07% APY.

Private Banking Money Market

More information on Private Banking Money Market accounts are available through a banker at a HomeStreet Bank local branch. Below are the current yields.

BalanceAPY
$1k – $9,9990.10%
$10k – $49,9990.15%
$50k – $99,9990.25%
$100k – $149,9990.35%
$150k – $249,9990.35%
$250k – $499,9990.35%
$500k +0.35%

Yields ascend with higher balances. You can locate a branch here if you’d like to proceed with one of these accounts.

Promotional Plus Money Market

As mentioned the Promotional Plus Money Market account requires a higher minimum deposit amount of $10,000. These funds need to be new money to HomeStreet Bank – or -existing funds from a maturing HomeStreet CD, which can be transferred during the grace period.

BalanceAPY
$10k – $49,9990.15%
$50k – $99,9990.20%
$100k – $149,9990.25%
$150k – $249,9990.25%
$250k – $499,9990.30%
$500k +0.30%

Final Thoughts

If you’re in the market for a variable rate money market account, then HomeStreet Bank may be suitable for you. Their rates beat the national average by a respectable margin and pay well on all tiers. That said, be sure you can meet the average daily balances to avoid fees. There are also a handful of online savings accounts and money market accounts still paying up to the 0.50% APY mark on all balances.

If you’re looking for a fixed rate CD, then an 11 – 15 month featured CD from HomeStreet Bank may be a decent option, however, you can also find online CDs or even credit union CDs with equal or slightly better yields.

PNC Bank High Yield Savings 0.50% APY + Virtual Wallet Checking Bonuses!


$50, $200 and $300 bonuses available by region through December 31, 2020!

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.

They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.

For the purpose of this review we will focus on the personal High Yields Savings account and the Virtual Wallet Checking Pro with Spend account. These are PNC Bank’s online savings account and online checking account, respectively.

The Virtual Wallet Pro with Spend account, which functions as the online checking account, can also come packaged with the High Yield Savings, so that your reserve funds can grow with a solid APY. PNC Bank calls this packaged product the Virtual Wallet Pro with Spend, Reserve and Growth (a bit of a mouthful, we know).

If you open any of the Virtual Wallet accounts you can currently earn a bonus of $50, $200 or $300 depending on where you live and which account you open.

We ran several scenarios and detailed them below, but in general, the western states and cities are only eligible for the $200 bonus with the Virtual Wallet Pro with Spend account and the Midwest and Eastern states have that same $200 offer plus the option of either a $50 or $300 bonuses based on the type of account set up and the associated qualifying actions.

PNC Bank High Yield Savings Overview – 0.50% APY

PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor.

PNC Bank High Yield Savings

AccountMin BalanceAPY
High Yield Savings$10.50%

To give this yield some context, the current national average for a savings account sits at just 0.07% APY and the top rates online are just touching 0.50% APY. That said, there are still a handful of specialty savings accounts like Sallie Mae’s SmartyPig or the Fitness Bank savings account that feature APYs around 0.70%.

Setting up, funding and managing your High Yield Saving account is fairly simple and straightforward.

To get started you will need the following:

  • Driver’s License or State ID
  • Social Security Number

On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.

Funding the account can be done in three ways:

  • Wire transfer from existing external bank account
  • Check deposit via the PNC mobile app. This can only be done after you’ve enrolled in PNC online banking or mobile banking.
  • A PNC checking account

The easiest and fastest way to get going is via a wire transfer. For this you will need the routing number and account number of your existing bank and bank account.

One your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.

PNC Virtual Wallet Checking Pro with Spend

The Virtual Wallet Checking Pro with Spend account is an online checking account in your virtual wallet. Like the high yield saving account, this account has no minimum deposit requirements and no fees.

It comes with a debit card and access to over 18,000 ATMs nationwide (locate them here). It also comes with ATM reimbursements of up to $20 per statement cycle. This is a generous out of network ATM reimbursement amount per statement cycle – especially given the coverage of PNC Bank and its own ATM network.

Virtual Wallet Checking Pro with Spend Features

ItemFeature
Minimum deposit$0
Minimum balance$0
Monthly service fees$0
Debit CardFree
ChecksUnlimited
ATMs18,000 in network
ATM reimbursement$20 per statement cycle
Sign Up Bonus$200 – with qualifying direct deposit(s)

$50, $200 and $300 Bonus Details

As mentioned only the Midwest and Eastern states have the option for the $50 and $300 bonus. They also have the $200 bonus option that all the Western states have with the Virtual Wallet Checking Pro with Spend account mentioned above.

We ran this scenario in six major cities across the country:

  • Seattle 98109
  • San Francisco 94016
  • Dallas 75001
  • Chicago 60007
  • New York City 10001
  • Miami 33101

In Seattle, San Francisco and Dallas we found that only the $200 bonus offer was available.

In Chicago, New York, and Miami we found that same $200 offer available plus a $50 offer and a $300 offer. Details on each offer are listed below.

$50 Bonus for Virtual Wallet

Perhaps the easiest bonus to nab for those in eligible regions is PNC Bank’s $50 bonus is by opening the virtual wallet and establishing $500 in qualifying direct deposit(s) to the Spend account.

To qualify for this offer you must open the account between 12/1/20 to 12/31/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$200 Bonus Offer

For the $200 bonus that is available everywhere. You will need to set up the Virtual Wallet Checking Pro with Spend account AND set up qualifying direct deposit(s) of $2,000 or more.

To qualify for this offer you must open the account between 12/1/20 to 12/31/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$300 Bonus Offer

The $300 bonus that is available in Midwestern and Eastern States can be received by opening the Virtual Wallet with Performance Select account and

  1. setting up $5,000 or more in qualifying direct deposits OR
  2. $5,000 in average monthly balance in Spend and Reserve OR
  3. $25,000 in combined average monthly balance in PNC consumer deposits or investments.

To qualify for this offer you must open the account between 12/1/20 to 12/31/20, and a qualifying Direct Deposit(s) must be received within the first 60 days.

Final Thoughts

These are extremely noteworthy accounts and generous bonuses offered by PNC Bank.

The high yield savings account comes with an APY that is only beat by a handful of institutions and the Virtual Wallet with Spend account comes with a lucrative signing bonus of $200 plus the same ability to earn 0.50% APY on reserve cash.

For Midwestern and Eastern states only, we love the ability to earn $50 and $300 bonuses for the Virtual Wallet accounts, but the $300 bonus comes with much steeper direct deposit and/or average monthly balance requirements.

MySavings Direct Savings – 0.45% 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 0.55% and an online savings account featuring an APY of 0.45% 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 month0.50%$1,000
30 month0.55%$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 0.45%.

BalanceAPY
$00.45%

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.