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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

  • CD Rates
  • Savings Accounts
  • Checking Accounts

Dan Nelson

Bank of the West CD Rates – Now up to 4.75% APY!

Written by: editorial staff
June 9, 2023
Fact Checked : Dan Nelson
June 9, 2023

Bank of the West is a regional bank, headquartered in San Francisco, California. They operate in 19 states within the West and Midwestern region of the country.

Some accounts can be applied for online, bust most require you to visit one of their 600 branch locations in the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.

They offer a full suite of FDIC-insured deposit products that include variable rate accounts such as checking accounts, a money market account, and a classic savings account as well as fixed rate certificates of deposit.

For the purpose of this review, we will focus on Bank of the West’s fixed rate CDs which they call their “Premium Certificates of Deposit.” Bank of the West also offers IRA CDs with a different set of rates and terms that must be opened in a local branch.

📌 Please Note: In early 2023, Bank of the West was acquired by BMO Harris. They still operate under the Bank of the West brand but share the same FDIC insurance as BMO Harris. So if you have deposits in BMO Harris and are considering Bank of the West, your FDIC coverage of $250,000 applies to the sum of deposits held at both banks (as opposed to $250k per bank). You can view BMO Harris CD rates here.

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

Bank of the West CD Rates + Account Details

image credit: bankofthewest.com

Bank of the West is member FDIC and all consumer deposits are federally insured up to the applicable limits.

Their Premium CDs require a minimum deposit of $2,500 and must be opened in a branch.

Premium Certificates of Deposit Rates

CD rates surveyed June 9, 2023.

CD TermAPY
91 days0.02%
5 months0.02%
182 days0.02%
7 months0.02%
8 months0.02%
9 months0.02%
10 months0.02%
11 months0.02%
12 months0.02%
13 months4.75%
14 months0.05%
15 months0.05%
16 months0.05%
18 Months4.50%
24 Months4.50%
36 months4.30%
60 Months4.50%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.59% APY and 1.37% APY, respectively, according to FDIC data.

That said, a number of FDIC-insured online banks and credit unions with nationwide acceptance are now offering yields above 5.00% and 4.50% APY for the same respective terms.

How do Bank of the West’s CD Rates Compare?

To get a better idea of how Bank of the West’s CD rates compare to other well known banks then take a look at the table below.

This table compares the best CD rate offered at Bank of the West to the best CD rates offered by some of their competitors.

BankBest CD Rate (APY)
Ally Bank4.85%
Tiaa Bank5.00%
Sallie Mae5.00%
Bank of the West4.75%
CD rates surveyed on June 9, 2023.

How Much Can You Make with a Bank of the West CD?

How much money you earn with a Bank of the West CD is going to depend on your deposit size, the term you select and its APY (annual percentage yield).

Take a look at the table below, this shows total earnings on a few Bank of the West CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
13 months4.75%$1,288.97
18 months4.50%$1,706.34
3 years4.30%$3,365.66
5 years4.50%$6,154.55
Earnings = Sum of all interest payments through maturity.

IRA CD Rates + Available Options

If you’re interested in opening an IRA CD, then you have 3 options. They are:

  1. Premium IRA CD
  2. Flexible IRA CD
  3. IRA Add-On CD

The minimum deposit is just $100 to open any of these accounts. They are subject to annual contribution limits and must be opened in a local branch.

All IRA CDs held at Bank of the West are subject to an annual fee of $12. We should also note that if you end up closing your Bank of the West IRA altogether, they will charge you a $25 fee.

As with all of Bank of the West’s deposit accounts, their IRA CDs are federally-insured by the FDIC up to the applicable limits.

Premium IRA CD Rates

Premium IRA CD TermAPY
91 days0.01%
182 days0.03%
8 months0.02%
12 months0.02%
18 months0.05%
24 months0.10%
APY = Annual Percentage Yield

Flexible IRA CD Rates

Their flexible IRA CDs come with term ranges rather than set dates.

Flexible IRA CD TermAPY
12 – 23 months0.05%
24 – 35 months0.10%
48 – 60 months0.15%
APY = Annual Percentage Yield

The last product is the Add-On CD which allows you to add deposits during the term. It comes with an APY of 0.05%.

Interest on IRA CDs is compounded daily and you have the option to be paid monthly, quarterly, semi-annually or at maturity.

When your IRA CD matures, you can automatically renew it, or transfer the funds into another retirement account for it to grow further. Bank of the West notes that other options are available depending on your individual eligibility. You may want to consult with your tax advisor before making any decision.

Early Withdrawal Penalties

If you need access to funds prior to the maturity of your CD, Bank of the West will impose an early withdrawal fee. This fee is standard practice for banks, but Bank of the West has slightly steeper fees in this regard than what is normal. In some cases the fees could even eat into your principal.

The fees are as follows:

CD TermFee
7 – 31 days$25 + 31 days’ interest
32 days to 11 months$25 + 1% of amount withdrawn
12 – 59 months$25 + 3% of amount withdrawn
60 months730 days of simple interest

Filed Under: CD Rates Tagged With: Bank of the West

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

Written by: Lauren Graves
June 9, 2023
Fact Checked : Dan Nelson
June 9, 2023

TIAA Bank, previously called EverBank, is an FDIC-insured bank based out of Jacksonville, Florida with an all-inclusive lineup of digital deposit accounts that can be opened online and by consumers in all 50 states.

These include CDs (certificates of deposit), an online savings account, money market account, checking account and even foreign currency CDs.

For the purposes of this review, we will focus on TIAA Bank’s CD rates. They offer 10 “Basic” CDs with terms ranging from 3 months to 5 years. They also have one “Rate Bump” CD with a 3.5 year term that allows for one rate increase during its life (if one is available).

To see if TIAA Bank’s CDs are right for you, continue reading below.

TIAA Bank CD Rates + Account Details

image credit: tiaabank.com

TIAA Bank’s certificate of deposit suite only consists of Basic CDs and the Rate Bump CD. As of 2023, TIAA discontinued their “Yield Pledge CDs.”

The Basic CDs come with a minimum deposit requirement of $1,000 and the Bump Rate CD comes with a $1,500 minimum.

Basic CD Rates

CD TermAPY
3 month4.00%
6 month4.00%
9 month5.00%
1 year4.75%
18 month4.60%
2 year4.40%
30 month4.10%
3 year4.10%
4 year4.05%
5 year3.95%
APY = Annual Percentage Yield

To put these yields into perspective, a 12 month CD and a 60 month CD have an average yield of just 1.59% APY and 1.37% APY, respectively, according to FDIC data. However, top yields from other FDIC-insured online banks and nationally available credit unions are approaching the 5.50% and 4.50% APY mark for the same respective terms.

Bump Rate CD

TIAA Bank’s Bump Rate CD is a promotional CD that gives users a one-time rate bump if one comes along before their certificate matures (sometimes banks refer to these as step-up CDs or step rate CDs).

TIAA Bank’s Bump Rate CD requires a minimum deposit of $1,500 to open.

CD TermAPY
3.5 years4.10%
APY = Annual Percentage Yield

Interest is compounded daily and credited according to your account agreement upon issuance.

How do TIAA Bank’s CD Rates Compare?

To get a better idea of how TIAA Bank’s CD rates stack up against the competition, take a look at the table below. It compares TIAA Bank’s best CD rate with some of the other top CD rates offered by competing banks across the country.

BankBest CD Rate (APY)
BMO Harris5.10%
PNC Bank4.00%
Truist5.00%
TIAA Bank5.00%
CD rates surveyed on June 9, 2023.

How Much Can You Earn with a TIAA Bank CD?

How much money you can make with a TIAA Bank CD is going to depend on your deposit size, the CD term you choose and its going APY (annual percentage yield). The table below shows potential earnings with some of TIAA Bank’s CDs assuming a deposit size of $10,000.

CD TermAPYEarnings
6 months4.00%$198.04
9 months5.00%$372.70
2 years4.40%$899.36
5 years3.95%$2,137.31
Earnings = Sum of all interest payments through maturity.

Grace Period and Early Withdrawal Fees

TIAA Bank allows for 10 calendar days (the grace period) upon your CD’s maturity in which you can add/withdraw funds, change terms, or close out the CD entirely without incurring any penalty fee. If nothing is done during the grace period your funds will automatically renew into a new CD of equal terms and the going yield at that time.

If you need funds prior to CD’s maturity, you will incur an early withdrawal fee.

Early withdrawal policies on Basic CDs are as follows:

  • 22 days’ interest on 3 month CDs,
  • 45 days’ interest on 6 month CDs,
  • 68 days’ interest on 9 month CDs,
  • 91 days’ interest on 1 year CDs,
  • 136 days’ interest on 18 month CDs,
  • 182 days’ interest on 2 year CDs,
  • 228 days’ interest on 30 month CDs,
  • 273 days’ interest on 3 year CDs,
  • 365 days’ interest on 4 year CDs, and
  • 456 days’ interest on 5  year CDs.

Other Deposit Accounts Offered

If you’re looking for a variable rate deposit account, TIAA Bank offers a “Yield Pledge” online savings account and a “Yield Pledge” money market account that both offer competitive rates.

Both come with first year intro APYs of 4.50% then lower, ongoing yields after that.

Yield Pledge Online Savings

Min. to openFirst Year APYOngoing APY
$04.50%4.10%
APY = Annual Percentage Yield

Yield Pledge Money Market

There is no minimum deposit requirement to open a Yield Pledge Money Market account.

BalanceFirst Year APYOngoing APY
$0 – $9,999.994.50%2.05%
$10k – $24,999.994.50%2.85%
$25k – $49,999.994.50%3.20%
$50k – $99,999.994.50%3.60%
$100k +4.50%4.00%
APY = Annual Percentage Yield

To put these yields into perspective, the average for a money market account and a savings account sit at just 0.59% and 0.40%, respectively, according to FDIC data. However the top yields from online banks are inching up to the 5.00% APY mark for both account types.

Interest is compounded daily and credited monthly on both the Yield Pledge savings and money market account.

Per federal regulation D, you are limited to 6 transfers each month. This includes ACH transfers, checks, internet, phone, and mobile-initiated transactions, and more. Should you exceed this limit excessively or frequently, TIAA Bank reserves the right to restrict your access further and transfer your balance into a Cash Reserves account.

Banking Experience and Customer Sentiment

Unlike many online banks today, TIAA Bank actually does offer ATM cash access at an impressive 80,000+ fee-free locations. TIAA Bank does not charge ATM fees and will reimburse out-of-network fees imposed by other institutions if your average daily balance is at least $5,000. If your balance is below this, you’ll be reimbursed up to $15. There are 11 TIAA Bank branch locations across Florida.

TIAA Bank offers both a Basic Checking and a Yield Pledge Checking account option. A TIAA Bank Basic Checking will not pay you interest, but a TIAA Bank Yield Pledge Checking is an interest-bearing account that earns 0.25% APY on all tiers at the time of this writing.

Overall, people seem to have a lukewarm impression of TIAA Bank from a customer experience perspective. Out of 119 user reviews left for the bank on WalletHub, 45% of reviewers gave the bank 3 stars for an average rating of 3 stars. And out of 23 reviews on DepositAccounts, TIAA Bank scored just 2.5 stars. 

Customer service at TIAA Bank could use some work, according to customers themselves. The overwhelming majority of negative reviews left for the company are related to bad experiences with customer support, with representatives being called condescending, rude, arrogant, and unhelpful by several users. Most positive reviews pertain to good rates and simple sign-ups.

The TIAA Bank apps, on the other hand, are supposed to be really solid. With 4.7 stars on the App Store and 4.5 on Google Play, it’s safe to assume that you can count on a user-friendly and comprehensive mobile banking experience through the TIAA Bank app.

TIAA Bank limits ACH transfers from a TIAA account to an external account to $50,000 daily and from an external account into a TIAA account to $250,000 daily.

To reach customer service, call the client solutions team at 1-(888)-882-3837 or tweet @TIAABankHelp. Representatives are standing by 7 days a week from 8 AM to 11 PM (ET).

Filed Under: CD Rates Tagged With: TIAA Bank

Truist CD Rates – Now up to 5.00% APY!

Written by: Lauren Graves
June 8, 2023
Fact Checked : Dan Nelson
June 8, 2023

Truist, formerly SunTrust Bank, is a both a brick-and-mortar and online bank. Their branch locations are limited to a handful of states in the Southeast, but their personal banking products can be managed 100% digitally – making Truist and their deposit accounts accessible to just about anyone.

In this review we’ll cover Truist’s CD rates (certificates of deposit).

They currently offer just two CDs online – a 7 month and 12 month CD online. They may have additional offers in-branch, but you’ll have to stop by a location near you to see what (if anything) is available.

To see if Truist’s online CDs are right for you continue reading our review below.

Truist CD Rates + Account Details

image credit: truist.com

If you navigate to Truist’s certificates of deposit page you’ll see they claim to offer CDs with terms ranging from 7 days to 60 months. That said, if you’re opening an account online, they only offer a 7 month CD and a 12 month CD.

CD Rates

CD rates surveyed June 8, 2023.

Deposit SizeCD TermAPY
$0 – $49,9997 months5.00%
$50k – $99,9995.00%
$100k + (Jumbo)5.00%
$0 – $49,99912 months4.50%
$50k – $99,9994.50%
$100k + (Jumbo)4.50%
APY = Annual Percentage Yield

Truist’s CD rates are not competitive at this time and provide flat yields across all terms. For context, the national average for a 6 month CD and a 12 month CD sit at 1.19% and 1.59% APY, respectively, according to FDIC data.

However, top yields from online banks are inching close to the 5.50% APY mark for the same terms.

How Do Truist’s CD Rates Compare?

Take a look at the table below to see how the best CD rates offered by Truist stack up against the competition.

BankBest CD Rate (APY)
Chase Bank4.50%
Morgan Stanley5.27%
Santander Bank5.25%
Truist5.00%
CD rates surveyed June 8, 2023.

How Much Can You Make with a Truist CD?

The amount of money you can earn with a Truist CD is going to depend on your deposit size, the CD term you select and its going APY (annual percentage yield). Take a look at the table below to see how much you’d earn based on a $25,000 deposit.

CD TermAPYEarnings
7 months5.00%$721.75
12 months4.50%$1,125.00

Minimum Deposit and Rate Tiers

A minimum deposit of $1,000 is required to open a Truist CD.

If you go into a branch and are able to open a short term CD of 7 days to 31 days, the minimum deposit requirement is going to be $2,500.

As you can see from the table above, Truist CD rates are tiered and determined by deposit size (although all tiers pay the same APY currently). The tiers are as follows:

  • >$9,999
  • $10,000 – $49,999
  • $50,000 – $99,9999
  • $100,000+

All tiers currently pay the same rate and APY (annual percentage yield). This may change as rates continue to rise.

Early Withdrawal Penalties

With Truist, early withdrawal fees may result in a reduction of principal if accrued interest is not sufficient to cover the penalty. This is less forgiving than many CD accounts on the market. The fees are as follows:

  • CDs with a term of less than 3 months, the penalty shall be all interest that would have been
    earned or $25, whichever is greater.
  • CDs with a term of 3-12 months, the penalty shall be an amount equal to 3 months simple interest earned on the principal amount withdrawn or $25, whichever is greater.
  • CDs with a term of 13-23 months, the penalty shall be an amount equal to 6 months simple interest earned on the principal amount withdrawn or $25, whichever is greater.
  • CDs with a term 24 months or greater, the penalty shall be an amount equal to 12 months simple interest on the principal amount withdrawn or $25, whichever is greater.

Grace Period

For CDs with terms longer than 32 days the grace period will be a standard 10 calendar days upon maturity in which you may withdraw any and all funds from your deposit without incurring a fee.

For CDs with short terms that are 31 days or under, your grace period will be just 1 day.

You will receive a notice prior to maturity to let you know of the upcoming grace period. If nothing is done during this time, the CD will renew with the same term for the going rate and APY at that time.

Banking Experience and Customer Sentiment

If you’d like to open a CD in person, Truist has just over 2,700 branches in 15 states. You can locate a branch near you here. These states are as follows:

  • Alabama,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Indiana,
  • Kentucky,
  • Maryland,
  • North Carolina,
  • New Jersey,
  • Ohio,
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • West Virginia

In terms of consumer reviews, Truist doesn’t perform all that well. They have just a 1.09 out of 5 star rating on the BBB with over 2,171 consumer reviews and a 1.1 out of 5 star rating on Trustpilot with over 1,000 consumer reviews.

The Truist app performs much better with ​4.7 stars on Google Play​ with over 158k consumer reviews and ​4.7 stars on the App Store​ with over 500,000 ratings. The mobile and online platforms are said to be easy-to-use and relatively glitch-free.

Filed Under: CD Rates Tagged With: SunTrust Bank, Truist

T-Mobile MONEY – Earn up to 4.00% APY!

Written by: Lauren Graves
June 8, 2023
Fact Checked : Dan Nelson
June 8, 2023

T-Mobile partnered with Customers Bank to launch T-Mobile MONEY back in 2018. The account is FDIC-insured through Customers Bank up to the applicable limits.

If you’re not a T-Mobile customer, don’t worry, you don’t need to be to open the account, however, you won’t be eligible for the best APY (annual percentage yield) on your balance unless you have a wireless plan with them.

The account earns either 4.00% or 2.50% APY on balances up to $3,000 depending on whether or not you can meet their criteria.

To meet the criteria you must:

  1. Have a qualifying T-Mobile wireless plan.
  2. Register for perks
  3. Make at least 10 qualifying transactions with your T-mobile MONEY debit card per month. Instant payments to friends and family count towards this number as well.

If you do meet the criteria, you’ll earn 4.00% APY up to $3,000 followed by 2.50% APY on cash balances above that mark and if you don’t meet the criteria, you’ll earn 2.50% APY on your entire balance.

When the account launched in 2018 it provided these same yields – which were highly competitive at the time – but have failed to increase with the Fed’s series of rate hikes beginning in 2022.

To learn more about T-Mobile MONEY continue reading our review below.

T-Mobile MONEY Interest Rate + Account Details

T-Mobile MONEY requires a minimum opening deposit and an average daily balance of at least $1.00 in order to earn interest. There are no minimum balance requirements to avoid fees or account closure.

APY

Criteria MetBalanceAPY
Yes$3,000 or less4.00%
Yesmore than $3,0002.50%
No$3,000 or less2.50%
Nomore than $3,0002.50%
APY = Annual Percentage Yield

To put these yields into perspective, take a look at the current national averages for similar accounts (source: FDIC):

  • Interest checking – 0.07%
  • Money market account – 0.59%
  • Savings account – 0.40%

Top yields offered by FDIC-insured online banks and credit unions with nationwide acceptance are now inching over the 5.00% APY mark for similar accounts with no monthly requirements or balance caps.

How does T-Mobile MONEY Compare?

To get a better idea of how T-Mobile MONEY’s APY (annual percentage yield) stacks up against the competition, we’ve compared it to other variable rate deposit accounts in the table below. All of the accounts below also offer a complimentary debit card as well as a competitive APY.

AccountBalanceAPY
Gesa Credit Union SmartPlus Checkingup to $5,0005.00%
FNBO Direct CheckingAll balances0.15%
SoFi CheckingAll balances1.20%
T-Mobile MONEYup to $3,0004.00%
Rates (APYs) surveyed on June 8, 2023.

Pros and Cons

Take a look at the Pros and Cons of the T-Mobile MONEY account below.

Pros:

âś… Early access to paycheck (up to 2 days early) once you set up direct deposit.

âś… Free debit card (Mastercard) with free access to 55,000 ATMs.

âś… Save $5 per eligible phone line per month when you pay with your T-Mobile MONEY debit card and set up AutoPay.

âś… Get cash back dining out, travel and more when you use your T-Mobile MONEY debit card through participating businesses. Learn more here.

âś… No overdraft fees, plus they’ll spot you $50 if you overdraft when criteria is met.

âś… Mobile check deposit via their IOS or Android app.

âś… High interest rate on first $3,000 when criteria is met.

âś… Low minimum to open and no monthly balance requirements.

âś… FDIC insurance up to $250,000.

Cons:

🛑 No physical branches.

🛑 Very difficult to deposit cash and you’ll likely be charged 3rd party fees to do so. See FAQ section below for more details.

Compounding and Crediting Interest

Interest is compounded monthly and credited back to your account monthly.

Transferring MONEY

There are a few different ways to move MONEY in and out of this account.

First, you may fund the account via:

  • Direct deposit
  • Mobile check deposit
  • ACH bank transfer
  • Cash deposit (at more than 65,000 participating merchants including select Walgreens, Walmart, 7-Elevens and CVS locations)

You may make a transfer as a one-time transaction or set up recurring transfers from a linked bank account to fund this account.

For recurring payments going out of your account you can set up the bill pay feature. There is no charge for using this service. Transactions up to $10,000/each are permitted when using bill pay and there is a daily limit of $20,000.

You can also send money to friends and family directly from your MONEY account.

Here’s how:

  1. Go to Move money.
  2. Select Pay friends > Send money. 
  3. Select a friend to receive the payment (the recipient must accept your friend request to appear on this list).
  4. Review and confirm the recipient and payment amount before completing the transfer. Payments can’t be canceled or returned once sent.

📌 Please note: T-Mobile MONEY does not support requesting payments from friends at this time.

There is a $500 daily limit when sending money to friends or family and a $5,000 monthly limit (30 day rolling period).

📌 Please note: Incoming and outgoing wire transfers are not permitted for any account holders.

T-Mobile MONEY Debit Card

This account comes with a free Mastercard debit card that does not charge foreign transaction fees or card replacement/activation fees.

You’ll have free access to 55,000 ATMs worldwide and T-Mobile does not impose a fee for using 3rd party ATMs (although the 3rd party likely will).

You can withdraw up to $500 per day from ATMs using this card and make up to $2,500 in combined PIN, point-of-sale, or signature-based transactions per day. PIN transactions may not exceed $500 each.

Early Direct Deposit

This account offers early direct deposit to all account holders. To use this feature, just link your direct deposit to this account and it will automatically become eligible for early transfer. And during tax season, you can get your refund up to three days early when you choose to receive it via direct deposit and use your T-Mobile MONEY account.

Overdraft Protection

Overdraft protection up to $50 is also available, but it is offered exclusively to T-Mobile phone customers. There is no fee for using overdraft protection. To enroll, you need to make at least 10 qualifying purchases using your debit card in the first month, and then you will receive this benefit for as long as your account is open.

Filed Under: Checking Accounts

PayPal Savings Account Review – Now 4.30% APY!

Written by: editorial staff
June 7, 2023
Fact Checked : Dan Nelson
June 7, 2023

The financial technology company PayPal hardly needs any introduction with nearly 223 million users worldwide and over $27.5 billion in annual revenue; they’ve been a household name since their founding in 1998.

What you may not know is that they just launched a high yield online savings account in May of last year just as interest rates started to pick up.

The account has no minimum deposit requirements, minimum balance requirements or monthly maintenance fees of any kind.

To learn more about PayPal’s online savings account continue reading our review below.

PayPal Savings Rate + Account Details

image credit: paypal.com

The PayPal Savings account is 100 percent digital. You can download their app here and start saving immediately.

The account has no minimum deposit requirements or monthly balance requirements and all balances are eligible for the advertised rate.

The rate is variable and can change at any time without notice.

PayPal itself is not a bank, however your deposits are FDIC-insured through their partner Synchrony Bank.

Pros and Cons

Pros:
âś… High interest rate. Roughly 11x the national average per FDIC data.
âś… No minimum balance or deposit requirements.
âś… No monthly maintenance fees.
âś… Can be opened and managed completely online or by smartphone.
âś… Helpful savings tools.
âś… FDIC insured up to $250,000.
Cons:
🛑 No joint accounts.
🛑 No additional deposit accounts such as checking, money market or CDs (certificates of deposit).
🛑 No physical branches.
🛑 No business accounts (despite many using PayPal with eBay for business).
🛑 Slow transfers from 3rd party banks that may take up to 6 days.

Savings Account Rate

Minimum DepositAPY
$04.30%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a savings account and a money market account sit at just 0.40% and 0.59% APY, respectively, according to recent FDIC data.

The best high yield online savings account rates are just now inching over the 5.00% APY mark following the Fed’s last rate hike in early May.

How does PayPal’s Savings Account Compare?

If you’re curious to see how PayPal’s APY (annual percentage yield) stacks up against the competition, then take a look at the table below. It compares PayPal’s savings rate with other FDIC-insured online banks and their high yield savings account rates.

BankAPY
Bask Bank4.75%
First Foundation Bank4.85%
PNC Bank4.50%
PayPal4.30%
These rates were surveyed on June 7, 2023.

Money Management

image credit: paypal.com

Managing your money is straightforward with the PayPal app. You can transfer funds from your bank account or current PayPal balance into the savings account.

From the app you’ll also have access to the following:

  • Get your paychecks up to 2 days early when you set up direct deposit.
  • Mobile check cashing. Cash a physical check to your account from your phone.
  • Set up bill pay. Pay your TV, utilities, internet, phone bills, etc from the app.
  • Set up auto-save features and savings goals. Move money from one goal to another if priorities change.
  • Get a PayPal Cash Card. No fees or credit checks required. Can be used anywhere Mastercard is accepted.
  • Add cash with the app or Cash Card at 100k+ stores across the US, including Walmart, CVS, and 7-Eleven
  • Buy, sell and hold cryptocurrencies.

Final Thoughts

As far as FDIC-insured online savings accounts go, PayPal’s is fairly competitive – with a yield roughly 11x the national average.

Plus the fact that the account has no maintenance fees, minimum deposit requirements or monthly balance requirements to earn the high rate makes it available to a large swathe of consumers.

PayPal Savings Account FAQs

If you still have questions about PayPal and their newly launched online savings account, don’t worry we’re here to help. Here are some of the most commonly asked questions by consumers and our responses below.

Is PayPal a Bank?

No. PayPal itself is not a bank, but it provides a high yield savings account through Synchrony Bank.

Peter Thiel, the founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional reserve banking. Essentially meaning the company does not engage in the act of borrowing and lending their customers’ funds.

Federal Regulators also reiterated this notion back in 2002, stating that PayPal is not a bank and shouldn’t be regulated as such.

That being said, PayPal has dipped their toe into banking products like the online savings account that they now offer.

In the past, they have also tested out money market accounts, lines of credit and even a debit card, which is still offered as the PayPal cash card.

Are PayPal Accounts Insured by the FDIC?

Yes, by proxy.

While PayPal itself is not a bank and is not FDIC-insured, the accounts they offer are through their partner Synchrony Bank (FDIC# 27314).

Filed Under: Savings Accounts

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

Written by: Lauren Graves
June 6, 2023
Fact Checked : Dan Nelson
June 6, 2023

image credit: regions.com

Regions Bank​, headquartered in Alabama, is a sizable full-service financial institution serving customers across 16 U.S. states.

Although it is geographically limited, it is still the 23rd largest bank in the country by asset size.

Regions Bank is also a member of the S&P 500 with its $129 + billion in assets. This traditional, regional bank is available to anyone that lives in the following states:

  • Alabama,
  • Arkansas,
  • Florida,
  • Georgia,
  • Illinois,
  • Indiana,
  • Iowa,
  • Kentucky,
  • Louisiana,
  • Mississippi,
  • Missouri,
  • North Carolina,
  • South Carolina,
  • Tennessee, or
  • Texas.

Those that qualify for membership may choose to bank in-person at a branch, or digitally by enrolling in online banking.

Checking, savings, money market, and CD accounts are eligible for online banking.

Find out all there is to know below—from savings rates to disclosures—and what its members have to say about banking with Regions.

Regions Bank CD Rates + Account Details

Regions Bank offers “Relationship Rates” and Promotional Relationship Rates.” Their Relationship Rate CDs are not competitive at this time, however, their Promotional Relationship CDs are starting to nudge upwards.

For exact rates being offered near you, you’ll need to search the ​Regions CD rate search tool​.

The CD rates shown below were surveyed on June 5, 2023 using a Miami, Florida zip code (33012).

CD Rates Promotional

Regions Bank Promotional CDs require a minimum deposit of $10,000 to open. To obtain the higher “Relationship” rate you must open and maintain a Regions checking account.

TermStandard APYRelationship APY
7 months4.75%5.00%
13 months4.75%5.00%
26 months3.75%4.00%
APY = Annual Percentage Yield

CD Rates Non-Promotional

A minimum deposit of $2,500 is required for terms of 7 – 89 days and a minimum deposit of $500 is required for all other terms.

CD TermStandard APYRelationship APY
1 – 5 months0.01%0.01%
6 months0.01%0.03%
8 – 12 months0.01%0.03%
14 – 17 months0.01%0.03%
18 – 23 months0.01%0.03%
24 – 25 months0.01%0.05%
27 – 35 months0.01%0.05%
36 – 47 months0.01%0.05%
48 – 59 months0.01%0.05%
60 – 72 months0.01%0.05%
APY = Annual Percentage Yield

As you can see, there are plenty of CD terms to choose from at Regions Bank but the rates offered are very low unless you opt for a promotional CD. To give the offers (above) a little more context, the national average for 12 month and 60 month CDs sits at 1.59% and 1.37%, respectively, according to FDIC data.

That said, the top CD rates from online banks and nationally available credit unions are inching over the 5.00% APY and 4.50% APY mark for the same respective terms.

Compounding and Crediting Interest

Interest is compounded daily and paid monthly, quarterly, semi-annually, annually, or at maturity, depending on your term. If a certificate is 1 year or more, interest is credited quarterly back into it unless you’ve asked for these payments to be disbursed to another checking or savings account in which case you may choose the disbursement frequency.

Grace Period and Early Withdrawal Penalties

The grace period on a Regions Bank Time Deposit account is 10 days and early withdrawal fees will come with the following charges/fees:

  • For terms of 31 days or less, you will be charged all the interest your account would have earned;
  • for terms of 32 – 181 days, you will be charged 31 days’ interest;
  • for terms of 182 – 364 days, you will be charged 90 days’ interest;
  • and for terms of 365 or more, you will be charged 182 days’ interest.

Regions Savings Accounts + Money Market Account Details

All of Regions deposit accounts (both fixed rate and variable) are FDIC insured up to the legal limit of $250,000.

For a savings account option, you can choose from the LifeGreen account, the Regions Savings account, and the Now Savings account, but their savings rates aren’t providing much in the way of returns to consumers.

Savings Rates

Account NameMin DepositAvoid FeeAPY
LifeGreen Savings$50Must have checking account or $5/mo0.01%
Regions Savings$50$300 avg. daily balance or $5/mo0.01%
Now Savings$10None0.01%
Money Market$100$2,500 avg. daily balance or $12/mo0.01% – 0.05%
Premium Money Market$100$15k avg. daily balance or $15/mo1.50% – 3.50%
APY = Annual Percentage Yield

Average savings account rates sit at 0.40% while average money market account rates sit at 0.59% according to the FDIC, but the most competitive variable-rate accounts on the market are close to 5.00% APY with no minimum balance requirements or monthly fees.

LifeGreen Savings Account Details

You’ll need to search rates by area to be sure what Regions Bank is offering in your location, but across several zip codes, 0.01% is what you’ll get on a LifeGreen Savings account regardless of your balance.

Now for some good news. This account also comes with a 1% annual savings bonus of up to $100. To nab this bonus rate, you’ll have to set up automatic monthly transfers of $10 or more from your Regions LifeGreen checking account into your savings account.

Regions Savings Account Details

A ​Regions Savings​ won’t do you any better in earnings as it also pays a rate of 0.01%. This account requires a minimum opening deposit of $50 and an average daily balance of $300. If your balance is below this, you’ll be charged a monthly low balance fee of $5. A Regions Savings account does not pay a savings bonus.

Regions Now Savings Account Details

Finally, there is the ​Regions Now Savings​ account, and this has an APY of—you guessed it—0.01%, but it’s a little more flexible than the last one. Requiring a minimum opening deposit of $10 and absent maintenance fees, this account is fairly easy to get. The only account opening requirement is that you have a ​Regions Now Card​, a reloadable Visa Prepaid Card.

Although you don’t ​need ​a Regions checking account to open a Now savings account, this savings account also comes with a 1% annual savings bonus of up to $100 if you set up monthly transfers from a checking account. And for every month that you make a deposit of at least $5 into this and don’t make any withdrawals, you’ll get a $1 bonus. A Now savings account is the only savings account mentioned so far that will always earn the same rate across all balances.

Dividends on all Regions savings accounts are compounded daily and paid monthly. Excessive withdrawals outside of the federally-enforced limit of 6 will cost you $3 each.

Regions Bank Money Market Account Details

If you’re looking for an alternative or addition to these standard savings accounts, Regions Bank also offers ​Money Market Accounts​ and ​Premium Money Market Accounts​. Their normal money market accounts aren’t competitive at this time and yield just 0.01% APY. Their Premium Money Market Accounts pay a better interest rate on your balance but still fall far short of top yields from other online banks.

The annual percentage yield is determined by your balance amount. See the table below for details.

Premium Money Market Account Rates

BalanceAPY
$0.00 – $9,999.991.50%
$10k – $49,999.992.00%
$50k – $99,999.992.50%
$100k – $249,999.993.50%
$250k +3.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for a money market account sits at 0.59% APY according to FDIC data.

You can open either type of MMA with a deposit of $100, but a Money Market Account requires a minimum average daily balance of only $2,500 to avoid a $12 monthly maintenance fee while the Premium MMA requires $15,000 or a LifeGreen Preferred checking account (an interest-bearing checking account with high balance requirements) to avoid a $15 monthly maintenance fee. Excessive withdrawal from a money market account will cost you $15 a piece.

Regions Bank Fee Schedule

Depending on which actions you take with your Regions Bank account and how you move your money about, you may encounter fees from time to time.

Below is a complete list of potential fees and account limitations you may come across:

ActionFee/Limitation
Domestic Wire (inbound)$15
Domestic Wire (outbound)$30
Insufficient Funds Fee$36
Overdraft Fee$36
Monthly Service Charge$12
Is the Monthly Service Charge Avoidable?Yes
Permitted Monthly Withdrawals6
Max Number of Checks per Month6
Online BankingYes
Online Bill PayYes
Online StatementsYes

Banking Experience and Customer Sentiment

When you bank with Regions, you’ll have access to over 1,952 ATMs in the bank’s cross-state service area and branches. There are around 1,454 branch locations in 16 states, and you can use the site’s ​locator​ to see if there’s an ATM or branch location near you. Keep in mind that Regions will not reimburse out-of-network ATM charges.

Regions Bank users are mostly content with what this institution brings to the table. Out of ​2,100 customer reviews left on WalletHub​, Regions Bank pulled 3.8 stars, suggesting that the bank might provide a better banking experience than it does opportunities for significant savings growth.

The app for this bank is well-liked on both Google Play with a rating of 4.8 stars and on the App Store with a rating of 4.8 stars as of June, 2023.

It should be noted that the recently-updated Regions Bank website is rather poor. Though mostly comprehensive, the site is difficult to use and makes tracking down information excessively tedious. You’ll need to perform individual searches for rates on all accounts in your area and even important information such as ACH transfer limits, which aren’t listed because they “may vary by account.” Both sending and receiving daily and rolling transfer limits are determined on an individual basis, so you won’t know what yours are until you contact support at 1-800-472-2265 (the number for online banking support).

Regions Bank customer service can be reached in a variety of ways. The live chat feature on the bank’s website offers quick response times for simple questions, but a call to the customer service center at 1-800-734-4667 can also get you the help you need. If you have questions about Regions credit cards, mortgages, or loans, find the ​extension​ devoted to your inquiry topic. Tweet @askRegions to get support via social media or send a ​secure email through this form​.

Filed Under: CD Rates, Money Market Tagged With: Regions Bank

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