APY GUY: Maximize Your Savings & Earnings

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CFG Bank CD Rates & Money Market – Up to 5.17% APY!

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CFG Bank – a quaint, FDIC-insured bank based out of Maryland – currently has some of the highest APYs (annual percentage yields) for both CDs (certificates of deposit) and money market accounts anywhere in the country.

In terms of CDs, they have just 4 options with terms ranging from 12 months to 5 years and minimum deposit requirements of $500.

CFG Bank’s money market account offers the most competitive interest rate of 5.17% APY but comes with a minimum balance requirement of $1,000 to avoid a $10 monthly service charge.

Their deposit accounts can be opened and managed completely online. You may also stop by one of their 4 branches if you live in or around the Baltimore, MD region to open an account or speak with a representative.

Learn more about CFG Bank and their competitive CD rates and high yield money market account in our review below.

CFG Bank CD Rates + Account Details

image credit: cfg.bank

Along with a high yielding money market account, CFG Bank offers some competitive online CDs as well.

They have 4 online deposit products with terms of 12 months, 18 months, 36 months and 60 months.

CD Rates

CD TermAPY
12 months5.05%
18 months4.80%
36 months4.30%
60 months4.20%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at 1.72% and 1.37% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching above 5.25% and 4.50% APY, for the same respective terms.

CFG Bank was among the rate leaders in May for short term CDs but have since pulled back the yields on their 12 and 18 month CD while other banks have increased theirs.

How Much Can You Make with a CFG Bank CD?

How much money you earn with a CD from CFG Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). Below is a table breaking down total earnings from interest payments for all of CFG Bank’s CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
12 months5.05%$1,262.50
18 months4.80%$1,821.43
36 months4.30%$3,365.66
60 months4.20%$5,709.91
Earnings = sum of all interest payments through maturity.

How do CFG Bank’s CD Rates Compare?

CFG Bank offers some of the most competitive CD rates around. Take a look at their best CD rates compared to some of the best yields from other FDIC-insured online banks in the table below.

BankBest CD Rate (APY)
Fifth Third Bank5.00%
Merrick bank5.35%
Third Federal Savings & Loan4.00%
Sallie Mae5.15%
CFG Bank5.05%
CD rates surveyed July 25, 2023.

Compounding and Crediting Interest

CFG bank doesn’t appear to have a Truth-in-Savings disclosure which usually provides a section on compounding and crediting interest. The only mention of this we can find is a blurb where CFG Bank states that:

“Interest can be added to the account to compound for a higher yield and then withdrawn when needed, or an interest check can be mailed monthly or interest can be transferred to another account.”

Grace Period and Early Withdrawal Fees

Because CFG Bank does not provide Truth-in-Savings disclosure we also can not find the grace period or specific early withdrawal fees.

Generally speaking, banks and credit unions allow for a 7 or 10 day grace period upon the maturity of a CD in which consumers can add or withdraw funds without incurring a penalty. If nothing is done during this grace period, CDs usually automatically renew with the same term and the going APY at that time.

If you need funds prior to the maturity of your CD, you will pay an early withdrawal fee.

CFG bank refers you to your account agreement for the specifics of these penalties, but doesn’t post the agreement publicly. Presumably this is something you will be given access to during the application process.

3rd party websites have stated the early withdrawal fee is 180 days’ interest on all 4 of their CD options, but this should be verified via your account agreement.

Opening and Funding the Account

To start the application process click on the “apply for an account link” in the top right.

From there you will be prompted to complete a series of steps to open the account.

CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Requirements for Opening an Account:

  • Be a citizen of the United States or have Resident Alien Status
  • Have a Social Security Number
  • Have a physical United States address
  • Have a driver’s license or state issued ID 
  • Be at least 18 years old

Funding the Account:

If you open your CD online, you must fund it via an ACH transfer.

Interest payments can be returned to your CD or can be transferred into a CFG Bank savings account, an external account via ACH, or a cashier’s check to your physical address.

High Yield Money Market Account Details

CFG Bank’s money market account comes with a minimum deposit requirement of $1,000 and a $1,000 on-going minimum balance requirement to avoid a $10 monthly service fee.

Money Market Rate

BalanceAPY
$1,0005.17%
APY = Annual Percentage Yield

To put the yield above into perspective, the current national average for a money market account sits at just 0.63% APY, according to recent FDIC data, while top online savings rates are inching above the 5.00% APY mark.

Unlike CFG Bank’s CD rates, which have become less competitive since our last update in May, CFG Bank’s variable rate high yield money market account has become more competitive. This yield is up 0.10% since May when it sat at 5.07% APY.

CFG Bank Money Market Account vs Competitors

To get a better idea of how CFG Bank’s money market account stacks up against other competitive offers from online banks, then take a look at the table below.

BankBalancesMoney Market Rate (APY)
Redneck Bank$0 – $100k5.05%
TotalDirectBank$2,500 – $1m5.20%
UFB Direct$5,000 – $250k5.06%
CFG Bank$1,000 – $250k5.17%
Money market rates surveyed on July 25, 2023.

Account Details Below:

Minimum Balance Requirements? $1,000. This used to be a tiered account with balances above $25k earning the highest APY, but they removed the tiers in 2022.

Any fees to worry about? If your average daily balance dips below $1,000 for any given month you will be charged a $10 service fee.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None.

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Check Writing? No, there are no check writing privileges with this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It has assets of just over $4.2 billion and nearly $3.3 billion in total deposits. You can read more on their financial information here.

Originally a brick and mortar bank with just 4 locations around Baltimore. MD, they now offer online banking, bill pay services and have mobile apps available for download to go with the fDIC-insured deposit accounts that they offer to consumers nationally.

Barclays Bank CD Rates – Now up to 5.00% APY!

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Fact Checked :
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The online-only, US division of Barclays Bank has a simple set of bank deposit accounts that feature some noteworthy yields.

Their current product suite consists of an online savings account and 9 regular term CDs ranging from 12 months to 5 years. The current yields on their certificates of deposit are higher than the national average for each term.

Barclays CDs can be opened online in minutes and their products are available to US citizens and residents over the age of 18 in all 50 states.

Barclays Bank CD Rates + Account Details

image credit: barclaysus.com

Barclays Bank US is member FDIC. All of their deposits are federally insured up to the applicable limits.

CD Rates

TermAPY
12 months5.00%
18 months4.90%
24 months4.40%
36 months4.30%
48 months4.25%
60 months4.50%
APY = Annual Percentage Yield

To put these offers in perspective the current national average on a 12 month CD and a 60 month CD sit at just 1.72% and 1.37% APY, respectively, according to recent FDIC data with top yields from online banks inching over the 5.25% and 4.50% APY mark for the same respective terms.

How Do Barclays CD Rates Compare?

Take a look at the table below to see how Barclay Bank’s CD rates compare to competitive CD rates offered by other FDIC-insured online banks.

BankBest CD Rate (APY)
Ally Bank5.00%
American Express4.75%
Tiaa Bank5.25%
Barclays5.00%
CD rates surveyed on July 21, 2023.

How is Interest Calculated and Paid

All Barclays CDs compound interest daily and credit it monthly to your account. You can choose to have these funds kept in your deposit to compound further, transferred to a Barclays online savings account or transferred to an external account.

Fo those that would like the interest transferred, here’s how to set that up:

  1. Select the Account detail tab,
  2. Go to the Additional Details section.
  3. Under CD interest disbursement, select the Edit option.

Please note that you’ll need the wiring information and bank account number to where the funds will be disbursed.

Early Withdrawal Penalties

Watch out for early withdrawal penalties. Barclays bank doesn’t offer any promotional, one-time early withdrawal option that some other online banks do.

If you need access to your funds prior to your CD’s maturity you can expect to pay the following:

  • For a CDs with terms less than 24 months, a penalty equaling 90 days simple interest on the dollar amount withdrawn subject to penalty will be imposed,
  • For CDs with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.

How to Open and Fund your Barclays CD

To open a CD with Barclays navigate here and select the CD you’d like. Then be prepared to have some personal information handy to expedite the process.

Personal Information Required:

  • Valid email address
  • Valid phone number
  • Home Address (no PO Box)
  • Valid Driver’s License or equivalent government issued ID
  • Social Security Number

Once you’re ready to fund your CD, you’ll have 4 ways to complete the process. These are:

  1. Remote deposit from smartphone or home computer.
  2. Set up direct deposit with Barclays
  3. Transfer the funds electronically via ACH
  4. Mail a check to Barclays at P.O. box 4538 Carol Stream IL, 60197

If you’re funding your Barclays CD via ACH transfer, you’ll want to have your current bank or credit union’s routing number as well as your account number.

What Happens When Your Barclays CD Matures

Barclays gives you ample time to decide what to do with your funds when your CD matures. They will send you an email alert notifying you of your upcoming CD maturity roughly 30 days prior to the maturation date. At this time you may login to your account and make your maturity selection. You can choose to do nothing and have the CD renewed, withdraw some or all of the funds, or change the term of your CD.

Upon maturity you will be allotted a 14 day grace period in which you can withdraw funds (or add them) without any penalty. To withdraw funds, you’ll need to contact them in writing or by phone before the grace period is over. For more detailed instructions, call the Barclays Customer Care team at 888-710-8756, 7 days a week from 8:00 am to 8:00 pm ET.

If nothing is done during this 14 day grace period, your CD will automatically renew into the same term deposit with whatever yield is currently being offered at that time.

⏰ Remember: Be sure to set up your own alerts as these emails can be accidentally sent to your junk mail.

How Much Can you Earn with a Barclays Bank CD?

How much you earn with a Barclays CD is going to depend on your deposit size, the CD’s term and its APY. Take a look at the table below to see how much money you would make assuming a deposit size of $50,000.

CD TermAPYEarnings
12 months5.00%$2,500.00
2 years4.40%$4,496.80
3 years4.30%$6,731.33
5 years4.50%$12,309.10
Earnings = Sum of all interest payments made through maturity.

Barclays CD FAQ’s

Still have questions about Barclays certificates of deposit? See what other consumers are asking around the web along with our responses below.

Are Barclays CDs Safe?

Yes. Despite being headquartered in London, Barclays US is member FDIC and consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts. Their FDIC number is 57203.

Does Barclays Offer IRA CDs?

No. Barclays does not offer IRA CDs at this time.

What is Barclays Bank’s Routing Number?

Barclays US routing number is 031101321.

Citizens Bank CD Rates – Now up to 4.50% APY!

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Citizens Bank, based out of Providence, Rhode Island is the 16th largest bank in the United States by total assets with over $160 billion. They also have just over 1,000 branches and 3,100 Citizens Bank branded ATMs.

Despite their size however, and the fact that they’ve been in business since 1828, they are still geographically restricted. As of 2023, they operate in the following states and cities:

  • Connecticut
  • Delaware
  • Florida
  • Maryland
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Vermont
  • Virginia
  • Washington D.C.

Citizens Bank offers a wide range of CDs (certificates of deposit) with terms from 1 month to 10 years. That said, they only feature two CD rates on their website. If you’d like to inquire about their other CD options you’ll have to stop by a branch (locate them here) or give them a call on their CD product information line at 1-877-360-2472.

If you don’t live in the states listed above, you can take a look at Citizens Access CD rates which is a division of Citizens Bank. Citizens Access and Citizens Bank share the same FDIC insurance so CDs opened at either institution are cumulatively covered up to $250,000 per depositor.

Citizens Bank CD Rates + Account Details

image credit: citizensbank.com

Citizens Bank is member FDIC and all deposit accounts are federally insured by the FDIC up to the applicable limits.

Citizens Bank offers consumers 3 types of CD accounts. These are:

  1. Standard CD
  2. Breakable CD
  3. IRA CD

Standard CDs come with a minimum deposit requirement of $1,000 and offer terms ranging from 1 month to 120 months.

Breakable CDs come with a minimum deposit requirement of $10,000 and offer terms ranging from 3 months to 60 months. This account allows you to make a one-time withdrawal from the account during its term without facing any early withdrawal fee. Please note that you must maintain the minimum balance following the withdrawal.

IRA CDs come with a minimum deposit requirement of $250 and offer terms ranging from 1 month to 120 months. Additional deposits are allowed on these accounts. IRA CDs are also subject to IRS tax codes and regulations.

CD Rates

CD TermMin. DepositAPY
6 months$25,0004.50%
14 months$1,0002.75%
APY = Annual Percentage Yield

The 6 month CD is Citizens Bank’s newest certificate of deposit offering and requires a minimum deposit of $25,000 in new money to the bank. This can’t be funds transferred from another Citizens Bank account.

The 14 month CD is less competitive and only requires a minimum deposit of $1,000. It also does not require new money to earn the advertised yield.

📌 Please Note – The 6 and 14 month CDs must be opened online.

To put this yield into perspective, the current national average for a 12 month CD sits at 1.72% APY, according to FDIC data, and the top yields from online banks are now inching over the 5.25% APY mark.

How Much Can You Earn with a Citizens Bank CD?

The amount of money you can make with a CD from Citizens 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 $25,000 deposit in new money to Citizens Bank.

CD TermAPYEarnings
6 months4.50%$556.31
14 months2.75%$803.91
Earnings = Sum of all interest payments through maturity.

How Do Citizens Bank’s CD Rates Compare?

Take a look at the table below to see how Citizens Bank’s CD rates compare to competitive CD rates offered by other banks around the country.

BankBest CD Rate (APY)
Colorado Federal Savings Bank5.40%
KeyBank4.74%
TD Bank5.00%
Citizens Bank4.50%
CD rates surveyed on July 20, 2023.

Interest Payments

Interest payments are automatically deposited back into your CD for further compounding. However, if you’d like to have your interest payments disbursed to you by check or transfer that is also allowed, however, a minimum deposit requirement of $5,000 is required for this.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, Citizens Bank will provide you with a 10 calendar-day grace period in which you may modify your CD (either by term or deposit size) or close it out entirely without facing any early withdrawal fees.

If nothing is done during this period, your CD will automatically renew into a new CD with the same term as your old one. The going APY (annual percentage yield) at that time will also be applied.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal penalty. The penalty is as follows:

  • CDs with terms less than 1 year – $50 transaction penalty + 90 calendar days’ interest
    on the amount withdrawn or half the remaining
    interest to be earned on the withdrawn amount.
  • CDs with terms 1 year or more – $50 transaction penalty + 180 calendar days’ interest on the amount withdrawn or half the remaining interest to be earned on the withdrawn amount.

Opening and Funding Your CD

The 14 month online CD can be opened by anyone 18 years old or older. Even though it is an online CD, you still must reside in one of the 14 states/cities listed above to open it.

Here’s everything you will need to complete the process:

Opening the CD

  • Your Social Security Number
  • Your Driver’s License or State Issued ID
  • Physical Address in one of these 14 states/cities: CT, DE, FL, MD, MA, MI, NH, NJ, NY, OH, PA, VT, and Washington D.C.
  • Email and Phone

Funding the CD

You may fund your CD either with a debit card or via a transfer from your current bank account. If transferring from your current bank or credit union, you’ll need:

  • Current bank or credit union’s routing number
  • Your account number

Chase Bank Fees for 2023 – Here’s What to Expect

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Chase Bank is one of the most recognizable names in banking. Their presence – both branch and ATM – is as vast as their customer base with 16,000 ATMs and 4,700 branches nationwide. On top of this tremendous reach, they also sit on roughly $4 trillion (yes, with a T) in assets.

While a bank of this size has much to offer in terms of accessibility, it is no secret that the institution’s most popular bank accounts and products typically come with fees.

These fees generally include:

  • overdraft charges,
  • monthly maintenance fees,
  • checking account fees,
  • wire transfer fees and
  • ATM fees for using a non-Chase machine (not to mention what that ATM owner charges)

While the monthly maintenance fees can be waived on most accounts, some of the other fees may be inevitable.

Below is a complete breakdown of all the fees you can expect to pay with Chase Bank’s most popular accounts as well as how to waive them (if possible).

Chase Secure Banking Checking Account Fees

The Chase Secure Banking account is considered the middle tier in terms of Chase checking account options. The big difference with this account is that it has a flat $4.95/month service fee that can not be waived. In exchange for this, the account comes with no overdraft fees. If you overdraft your account, they will simply decline or return the transaction.

Fees by Type

TypeFee
Monthly Maintenance$4.95 (can not be waived)
Minimum Deposit$25
OverdraftNone
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out-of-network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out-of-network, international)$5.00
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$50 if done with a banker.
$40 if done online or with mobile app and funds are sent in USD.
$5.00 if done online or with mobile app and funds are sent in foreign currency.
$0.00 if done online or with mobile app and funds are sent in foreign currency AND amount is more than $5k.
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Orderfree
Cashier’s Checkfree

Chase Total Checking Account Fees

The Chase Total Checking account is the most basic checking account option. It comes with a minimum deposit requirement of $25 and a hefty monthly fee of $12 that can be waived by doing any of following:

  • Direct deposit totaling $500 or more made to this account
  • OR a balance at the beginning of each day of $1,500 or more in this account
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits or investments.

Below is a complete list of fees to look out for if opening a Chase Total Checking account.

Fees by Type

TypeFee
Monthly Maintenance$12 (can be waived)
Minimum Deposit$25
Overdraft$34
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out-of-network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out-of-network, international)$5.00 (plus whatever the ATM owner charges)
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$50 if done with a banker.
$40 if done online or with mobile app and funds are sent in USD.
$5.00 if done online or with mobile app and funds are sent in foreign currency.
$0.00 if done online or with mobile app and funds are sent in foreign currency AND amount is more than $5k.
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Order$5.00
Cashier’s Check$8.00

Of course, you’ll also have to pay for things like paper checks or paper statements ($6 per statement copy) should you wish to obtain them, but Chase Bank has a robust online banking platform and native apps on IOS and Android that will give you plenty of access to all your account information free of charge.

Chase Premier Plus Checking Account Fees

The Chase Premier Plus Checking account is the top tier in terms of Chase checking account options. It comes with an interest rate (although the standard rate sits at just 0.01% APY at the moment) and they waive fees for counter checks, money orders and cashier’s checks.

It comes with an even heftier monthly maintenance fee of $25 that can be waived by doing any of following:

  • An average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits or investments
  • OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account

If you cannot meet the two qualifications above, Chase will also let you waive the $25 monthly fee by linking:

  • Up to two additional personal Chase checking accounts (excluding Chase Sapphire, Checking and Chase Private Client Checking)
  • Chase personal savings account(s), excluding Chase Private Client Savings
  • Chase Liquid Card(s)

Below is a complete list of fees to look out for if opening a Chase Premier Plus Checking account.

Fees by Type

TypeFee
Monthly Maintenance$25 (can be waived)
Beginning Day Balance$15,000 to avoid $25 fee
Overdraft$34
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out-of-network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out-of-network, international)$5.00
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$0 – $50
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Orderfree
Cashier’s Checkfree

Chase Sapphire Checking Fees

Chase’s newest checking account, Chase Sapphire Checking, is also their most elite account. It requires an average beginning day balance of $75,000 in Chase linked deposit accounts including checking, savings, CD (certificate of deposit) and retirement accounts to avoid a $25 monthly maintenance fee.

If you can maintain the high balance requirement you’ll also be rewarded with minimal fees – including free wire fees and free out-of-network ATM fees plus reimbursement. See below for details.

Fee by Type

TypeFee
Monthly Maintenance$25 (can be waived)
Beginning Day Balance$75,000 to avoid $25 fee
Overdraft$0 during first 4 business days. Learn more.
Foreign Transaction0%
ATM (out-of-network, domestic)free
ATM (out-of-network, international)Free plus reimbursement for 3rd party fees
Wire (incoming, domestic)$0 (free if coming from Chase)
Wire (outgoing, domestic)$0 ($35 if done with a banker)
Wire (incoming, international)$0 (free if coming from Chase)
Wire (outgoing, international)$0
Money Orderfree
Cashier’s Checkfree

Chase Bank Savings Account Fees and Rates

Chase Bank currently offers two different savings accounts – The Chase Savings and the Chase Premier Savings. Both of these accounts come with monthly fees that can be waived.

The Chase Savings account comes with a $5 monthly maintenance fee unless one of the following conditions apply:

  • you’re under the age of 18
  • you maintain at least a $300 minimum daily balance
  • you set up at least one recurring automatic transfer of $25 from a Chase checking account
  • you link your savings to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account

The Chase Premier Savings account comes with a $25 monthly maintenance fee unless one of the following conditions apply:

  • maintain a minimum daily balance of $15,000
  • link up a Chase Premier Plus Checking or Chase Sapphire Checking account

All of the additional miscellaneous fees from the table(s) above apply to both of the chase savings accounts.

You won’t earn much in the way of interest on either savings account offered by Chase Bank currently. Current rates vary between just 0.01% and 0.02% APY depending on your relationship standing with the bank. In other words, how many accounts you hold with them and your balances in each.

How to Avoid Chase’s Monthly Maintenance Fee

Most of the country’s largest banks have checking accounts with monthly maintenance fees that can be waived by meeting some basic criteria. Chase is no different with monthly maintenance fees ranging from $4.95 to $25.

The 3 different ways to waive Chase’s maintenance fees are:

  • Maintain the required minimum balance requirement. This ranges from $300 to $75,000 depending on which checking account you open with Chase Sapphire Checking requiring the $75,000.
  • Set up qualifying direct deposit. Chase Total Checking requires $500 per statement cycle to waive the monthly maintenance fee.
  • Link other Chase accounts. These vary by account but can include mortgage, credit card(s) and/or business accounts.

How Do Chase’s Monthly Maintenance Fees Compare to Other Banks

Take a look at the table below to see how Chase Bank’s monthly maintenance fees stack up against those same fees from other well known banks and their checking account products.

BankMonthly Maintenance Fees
Bank of America$4.95, $12 and $25
Citibank$10, $12, $25, $30
Wells Fargo$5, $10, $25, $35
Chase Bank$4.95, $12 and $25

How to Avoid Chase’s Overdraft Fees

The easiest and most obvious way to avoid Chase’s overdraft fees is to stay on top of your daily balance. You can download their app and check your balance on the go before making purchases or withdrawing cash.

Another option is to sign up for overdraft protection. This will require you to also open a Chase savings account. The savings account will then be used to cover any overdraft charges from your checking account.

Remember, overdraft charges from Chase are $34 each with a maximum of 3 charges per day.

How to Avoid Chase’s ATM Fees

Use one of Chase Bank’s 16,000 ATMs worldwide to avoid all ATM fees regardless of which Chase checking account you have. Locate Chase ATMs here.

If you can’t use a Chase ATM but need cash, Chase may charge you $3.00 for each out-of-network withdrawal but this depends on which checking account you have.

If you have their most basic accounts – Chase Secure Banking and Chase Total Checking – then Chase will charge you $3.00 each for every out-of-network withdrawal.

If you have the Chase Premier Plus Checking account then Chase won’t charge you for the first 4 out-of-network ATM uses per statement cycle. Any withdrawals made beyond 4 during this period will face the $3.00 out-of-network charge from Chase.

If you have the Chase Sapphire Checking account (the most elite checking account that Chase offers) then not only will Chase never charge you for out-of-network ATM usage, but they will also reimburse you for all 3rd party ATM charges.

📌 Remember – These are just Chase Bank’s out-of-network ATM fees. The 3rd party ATMs you use will also have their own fees associated with each withdrawal you make.

How to Avoid Chase’s Transfer Fees

The easiest way to transfer money without incurring fees from Chase is to avoid using wire transfers. Chase’s online banking supports Zelle for both personal and business use so you can request money and make payments without facing any fees. Cashiers checks and money orders are also free for all Chase checking account holders.

Webster Bank CD Rates – Now up to 5.00% APY!

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Webster Bank, based out of Stamford, Connecticut, is the 44th largest bank in the U.S. by assets with roughly $70 billion.

They are FDIC-insured and offer a number of deposit accounts including variable rate products like money market accounts, savings accounts and checking accounts as well as fixed rate CDs (Certificates of Deposit) and IRAs (Individual Retirement Accounts).

Webster Bank has 150+ branches and 300+ ATMs located throughout Southern New England and Westchester County in New York state.

For the purpose of this review, we will focus on Webster Bank’s CD rates which now offer APY (annual percentage yields) up to 5.00% but you must have an existing Premier Checking account or open a new one while opening the CD. This CD is a 9 month term and still comes with an APY of 4.50% if you choose not to open a Premier Checking account.

Unfortunately for many, these accounts may be out of reach as Webster Bank only accepts consumers who live in their regional footprint which includes the following states:

  • Connecticut,
  • Massachusetts,
  • New York and
  • Rhode Island.

Webster Bank is member FDIC. All deposit accounts held at Webster are federally insured by the FDIC up to the applicable limits. To see if a Webster Bank CD is right for you, continue reading below.

Webster Bank CD Rates + Account Details

image credit: websteronline.com

Webster Bank only offers 4 CDs with terms ranging from 9 months to 5 years, however, only one of them is competitive at this time (highlighted below) and it requires a Premier Checking account to receive the best rate. All of Webster Bank CDs require a minimum deposit of $1,000.

CD Rates

CD TermAPY
9 months4.50%
9 month CD with Premier Checking5.00%
18 months3.60%
3 years0.20%
5 years0.30%
APY = Annual Percentage Yield

To put the yields above into perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.63% and 1.37% APY, respectively, according to FDIC data.

That said, the top rates offered from FDIC-insured online banks and some nationally available credit unions are now inching over the 5.25% and 4.50% APY mark for the same respective terms.

How Much Can You Make with a Webster Bank CD?

The amount of money you can earn with a CD from Webster Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield) AND whether or not you open their Premier Checking account. The table below shows potential earnings based on a $25,000 deposit and an existing Premier Checking account.

CD TermAPYEarnings
9 months5.00%$931.76
18 months3.60%$1,362.08
3 years0.20%$150.30
5 years0.30%$377.26
Earnings = Sum of all interest payments through maturity.

How Do Webster’s CD Rates Compare?

Take a look at the table below to see how Webster’s CD rates compare to competitive CD rates offered by other regional banks around the country.

BankBest CD Rate (APY)
Regions5.00%
Santander5.50%
Truist5.00%
Webster5.00%
CD rates surveyed on July 16, 2023.

Compounding and Crediting Interest

Interest is both credited and compounded monthly. This is a lower compounding frequency than many competing online banks offer which typically come with daily compounding interest.

Grace Period and Early Withdrawal Fees

The grace period is the brief window of time upon your CD’s maturity in which you may modify your CD (either by term or by deposit size) or close the CD out entirely without facing any early withdrawal fees. You are generally notified by your bank prior to your grace period letting you know of its arrival. Standard grace periods are either 7 or 10 calendar days.

Webster Bank does not mention the grace period anywhere on their website, however, their online sub-brand BrioDirect allows for a 7 day grace period for their online CDs. In the fine print BrioDirect stipulates that “Webster Bank will allow a 7 day grace period” for their CDs, so this may be the case for Webster Bank as the parent company but we would recommend giving them a call at 203-271-8738 if you’d like further clarification on this matter.

If you need access to the funds in your Webster Bank CD prior to its maturity you will face an early withdrawal fee.

Early withdrawal fees are as follows:

CD TermEarly Withdrawal Fee
1 year or less1% of the amount withdrawn plus $25
more than 1 year3% of the amount withdrawn plus $25
This fee is steeper than average.

How to Open and Fund Your CD

If you live in their geographical footprint you can create a profile and open a CD online (start here) or stop by a local branch (locate them here). You can also give them a call if you need assistance here (203) 271-8738.

Opening a CD online with Webster Bank takes about 10 minutes. You’ll need the following information to complete the process. These are:

Personal Information

  • Driver’s license number
  • Social Security number
  • Employment information
  • Identifying information – previous addresses, employers, loans, etc.

Once your profile is created and you’ve selected the CD you’d like to open, you’ll need to fund it. Funding your CD can be done with a physical check or via transfer. If you’re transferring funds from another bank or credit union you’ll need the following:

  • bank or credit union routing number
  • account number where funds are coming from

📌 Please Note: Webster Bank will authenticate your identity information through Equifax Secure, Inc. and reserves the right to validate your banking history through ChexSystems, Inc.

My Banking Direct Review – Earn up to 5.15% APY!

Written by:
Fact Checked :
Updated

logo credit: mybankingdirect.com

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

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

Flagstar Bank has 395 branches across 9 states mostly in the midwest and the east coast. You can learn more about Flagstar and see their deposit account rates here.

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

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

  • High Yield Savings Account – Currently yielding 5.00% APY (annual percentage yield) and is among the rate leaders nationwide for online savings accounts.
  • CDs (Certificates of Deposit) – Only 1 term available (5 months) and it comes with a 5.05% APY and a minimum deposit requirement of $2,500.
  • Direct Checking – Comes with free debit card and access to 55k ATMs via Allpoint and Presto. $1.00 minimum to open.

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

My Banking Direct Pros and Cons

✅ Pros🛑 Cons
– High yields on CDs and savings
– Allowed to add funds to the CD any time during its term
– Visa Debit card with checking account
– Low minimum to open savings and checking accounts
– Free access to 55k ATMs with checking
– No overdraft or insufficient funds fees
– FDIC insured		– No money market account
– Only 1 short term CD available
– High minimum deposit for CDs (used to be just $500)
– No physical branches

High Yield Savings Account

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

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

High Yield Savings Rates

BalanceAPY
$1.00 – $9,999.995.00%
$10k – $49,999.995.00%
$50k +5.00%
APY = Annual Percentage Yield

To put this yield into perspective, the average yield for a savings account and a money market account sit at just 0.42% and 0.61% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching up to the 5.00% APY mark with My Banking Direct among the rate leaders.

Compounding and Crediting Interest

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

Certificates of Deposit

As noted, My Banking Direct offers just 1 CD at the moment and the term is 5 months. It comes with a minimum deposit requirement of $2,500.

CD Rates

CD TermsAPY
5 months5.15%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 6 month CD sits at 1.26% and top 6 month CD rates from online banks are between 5.00% and 5.20% APY with My Banking Direct among the rate leaders.

My Banking Direct used to offer 12 and 24 month CDs back in March of this year, but now offers just one promotional account. They also upped their minimum deposit requirement to the current $2,500 (up from just $500).

📌 Special Feature: Unlike most CD accounts, My Banking Direct allows you to make additional deposits to the 5 month CD at anytime during the term.

Grace Period and Early Withdrawal Fees

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

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

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

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

The early withdrawal fee for the 5 month CD is:

  • 30 days’ simple interest on the principal amount withdrawn.

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

Direct Checking with Debit Card

image credit: mybankingdirect.com

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

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

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

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

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

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

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

You can learn more about their rewards program here.

Some negative aspects of the Direct Checking account are:

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