APY GUY: Maximize Your Savings & Earnings

Dan Nelson

Quontic Bank CD Rates – Now up to 5.30% APY!

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Fact Checked :
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Quontic Bank is an “adaptive” digital bank headquartered in Manhattan, New York. Founded in 2009, the bank is federally chartered and available to members in every U.S. state.

Quontic is member FDIC and all deposits are federally insured up to the applicable limits.

They are also a certified Community Development Financial Institution committed to providing accessible banking solutions to low-income households.

One could do most of their banking with Quontic, as this bank offers a range of accounts to meet your savings and checking needs as well as mortgage lending options. Deposit products include certificates of deposit, savings accounts, and three different types of checking accounts. Each one takes less than 3 minutes to open and can be funded with as little as $100 (different terms apply for different accounts).

For the purpose of this review we will focus on the FDIC-insured deposit accounts offered by Quontic. To see if any of these accounts might be right for you, continue reading below.

Quontic Bank CD Rates + Account Details

image credit: quontic.com

Quontic Bank has 5 standard term CDs available. Each comes with a minimum deposit requirement of $500.

Term LengthAPY
6 months5.05%
1 year5.30%
2 years4.50%
3 years4.40%
5 years4.30%
APY = Annual Percentage Yield

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

How Much Can You Earn with a Quontic Bank CD?

The amount of money you can make with a CD from Quontic Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). The table below shows potential earnings based on a $100,000 deposit.

CD TermAPYEarnings
6 months5.05%$2,493.90
1 year5.30%$5,300.00
3 years4.40%$13,789.32
5 years4.30%$23,430.23
Earnings = Sum of all interest payments through maturity.

How Do Quontic Bank’s CD Rates Compare?

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

BankBest CD Rate (APY)
Barclays5.00%
Citizens Access5.35%
Synchrony Bank5.05%
Quontic Bank5.35%
CD rates surveyed on July 21, 2023.

Compounding and Crediting Interest

Interest is compounded daily and credited monthly back to your account. No additional deposits are allowed once the CD is open and funded.

Early Withdrawal Penalties

When your CD matures, you can withdraw your money without penalty. Partial withdrawals are not allowed—you need to withdraw all or nothing. But if you need to take out your money before it matures, you can do so but will incur the following early withdrawal fees:

  • Early withdrawals from CDs with terms less than 12 months incur a fee equal to the full term’s interest
  • Early withdrawals from CDs with terms between 12 and 24 months incur a fee equal to one year’s interest
  • Early withdrawals from CDs with terms over than 24 months incur a fee equal to two years’ interest

These penalty fees are quite a bit higher than most, so avoid them if you can.

Grace Period

You will have 10 days to remove your money from your certificate of deposit after it renews penalty-free. You will receive a notification at the beginning of this grace period that your account has automatically renewed and that you have a short window of time to withdraw your money, if desired, without incurring penalty fees. Otherwise, you’ll lock in to the same account for another term.

High Yield Savings Accounts

The high yield savings account by Quontic Bank comes with one of the best yields around currently and can be opened with just $100.

Minimum opening depositAPY
$1004.25%
APY = Annual Percentage Yield

Right now, the national average for a savings account sits at just 0.42% APY with some of the best yields from online banks hovering around 5.00% APY.

Once the account is opened, there is no minimum daily balance required to earn interest—all positive balances through $999,999.99 earn the advertised rate.

Interest is compounded daily and credited monthly to your account.

In accordance with Federal Reserve Board Regulation D, users are permitted to make up to six withdrawals or transfers from this account per month. Transactions in excess of this limit are subject to penalties and may not be processed. There is a penalty fee of $10 for every excessive transaction.

Money Market Account

The Quontic Bank Money Market account pays interest in tiers based on balance amount, however at this time all tiers pay the same 3.50% APY. As with Quontic Bank’s other deposit accounts, their money market account is also one of the highest yielding in the country. The minimum deposit requirement is $100.

Min. DepositAPY
$1004.75%
APY = Annual Percentage Yield

For context, the national average for a money market account currently sits at 0.63% APY with top yields from online banks inching past the 5.00% APY mark.

Interest is compounded daily and credited monthly back into your money market account.

You can fund your account by transferring money from an external bank or by transferring money from another Quontic account. There are no minimum daily or monthly balance requirements or penalties for low balances.

You may ask for a debit card for this account, but keep in mind that this is a savings account. Users are not permitted to make more than six transactions into or out of this account per statement cycle. Doing so will result in a fee of $10 each time or Quontic may choose not to authorize excessive transactions at all.

Checking Accounts

Quontic Bank offers two different types of interest-bearing checking accounts: High Interest Checking and Cash Rewards Checking. They used to offer a Bitcoin Rewards Checking account but discontinued that in the first half of 2023.

Their newest product for checking account customers is their Pay Ring. It’s a wearable payment ring that functions as your debit card.

The Pay Ring is free for all checking account holders.

High Interest Checking

The high interest checking account also comes with a $100 minimum deposit to open and qualifying activities each statement cycle (see below).

BalanceAPY
$0 – $150,0001.10%
$150,000.01 – 1,000,0001.10%
$1,000,000.01+1.10%

The national average rate for interest-bearing checking accounts sits at 0.06% according to the FDIC.

The catch with this high interest checking account is you must perform certain activities to earn the advertised rate.

To earn the APY, you must do the following:

  1. You must make a minimum of 10 qualifying point of sale debit card transactions of at least $10 per transaction per statement cycle.

If you do not meet this requirement, your balance will earn 0.01% in interest.

As of July 2023, all balances earn the 1.10% APY as long as requirements are met.

Interest is compounded daily and credited to your account monthly. 

You need to deposit $100 into this account when opening it, but you are not required to maintain a minimum monthly balance in order to earn interest or avoid fees. There are no monthly maintenance, service, or low balance fees associated with this account. 

There are also no fees for using your Quontic debit card at in-network ATMs including those within the AllPoint, MoneyPass, SUM, and CitiBank networks. There are more than 90,000 participating ATMs across the country including in convenient retail locations such as Target, CVS, Walgreens, and Circle K.

Fees

For every type of Quontic Bank checking account, there are a few fees you should be aware of. These are the following:

  • Overdraft/non-sufficient funds: $35 each
  • Incoming wire transfer: $10 each
  • Outgoing wire transfer: $30 each
  • Account dormancy: $10 per month
  • Cashier’s checks: $10 each order
  • Money order: $4 each
  • Activity statement: $5

None of the three accounts charge maintenance or low balance fees.

First Tech Federal Credit Union CD Rates – Up to 5.35% APY

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Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

First Tech Federal Credit Union currently has a little over 650,000 members and controls nearly $15 billion in total assets. This credit union, founded in Oregon in 1952 by employees of Tektronix and Hewlett-Packard, was created to meet the specific needs of people who worked in the technology sector and their families.

📌 Special Offer – First Tech Credit Union is now offering a 13 Month Promotional Certificate with a yield of 5.35% APY (Annual Percentage Yield)! Limited time only. $500 minimum deposit requirement.

Today, membership with this credit union is open to many technology employees in the state of Oregon. Plus, there are also ways for those who do not meet employment or geographical requirements to join. If you’re wondering whether you should become a member of this credit union and open a CD account, you can find the answers in this article.

Certificates of Deposit

image credit: firsttechfed.com

First Tech offers both traditional and Bump Up certificates of deposit with regular and jumbo versions of each. We’ll cover both.

Standard CDs

Standard Share Certificates are available in term lengths of 6 to 60 months. These require an opening deposit and a minimum balance of at least $500 for regular CDs and $50,000 for jumbo CDs. Both of these are pretty average for credit union certificates. Your rate is determined by your term length and not by your balance. See the current interest rates below.

Regular and Jumbo Standard CD Rates

RegularJumbo
TermAPY
6 months4.85%4.91%
12 months4.50%4.55%
24 months2.20%2.25%
36 months 2.40%2.45%
60 months3.50%3.55%
APY = Annual Percentage Yield

CD rates surveyed on July 14, 2023.

To put these yields into perspective, the national average for a 6 month CD is 1.30%, for a 1 year CD is 1.72%, for a 2 year CD is 1.47%, and for a 5 year CD is 1.37%, according to FDIC data.

That said, many online banks and credit unions are offering more competitive interest rates on CD accounts. For example, Synchrony Bank is paying up to 5.05% APY and PenFed Credit Union up to 4.90% APY.

Jumbo is a little better but still does not compete with the top accounts, especially considering the balance required. Note that there are also not as many term options with First Tech as there are with many other banks and credit unions.

Compound Interest

Interest is compounded and credited monthly back into your account. If you wish to withdraw dividends as a source of regular income, you can do so without incurring an early withdrawal penalty by indicating that you would like to cash interest out and linking an account for this.

Early Withdrawal Fees

Otherwise, if you remove funds before your account matures, you will be subject to the following early withdrawal fees: 

  • Early withdrawal from an account that has been open for less than six days will incur a penalty equal to seven days’ interest
  • Early withdrawal from a term of one year or less will incur the Federal Reserve Board Regulation D penalty, which is currently no penalty
  • Early withdrawal from a term of between one and two years will incur a penalty equal to 180 days’ interest
  • Early withdrawal from a term of greater than two years will incur a penalty equal to 270 days’ interest.

Except for the 12-month penalty, these are fairly standard. To avoid these fees, make changes or withdrawals during the grace period of 10 days. This starts immediately after your account matures. 

All share certificates automatically renew at the same term when they reach maturity. If you do not wish to renew your account, make a request to the credit union either prior to the maturity date or during the grace period. You will receive 30 days’ notice when your account is about to mature.

Funding Your Account

To fund this account, you can: 

  • Schedule an internal transfer from a checking or savings account
  • Schedule an external ACH transfer from another checking or savings account
  • Link a direct deposit source
  • Send a paper check to: 

PO Box 2100

Beaverton, OR 97075-2100

. There is no limit to how much you can deposit into a certificate.

All traditional and bump up CD accounts are federally insured by the NCUA up to $250,000 per depositor.

Bump Up CDs

Bump Up CDs are available in term lengths of 13 to 36 months. These also require a minimum deposit of $500 for the regular accounts and $50,000 for jumbo accounts.

Bump Up CD Rates

RegularJumbo
TermAPY
13 months5.35%5.35%
24 months3.76%3.82%
36 months3.50%3.55%
APY = Annual Percentage Yield

As a bump-rate certificate, this account gives you more flexibility to make changes than a traditional CD. You have the option to make between one and three additional deposits into the account after opening. 

How many bump ups and deposits you’re permitted to make depends on your term length. If your term is less than 24 months (13 months), you are allowed one of each. If your term is greater than or equal to 24 months (24 or 36 months), you are allowed to make one rate adjustment and one deposit every 12 months until maturity. By bumping up your rate, you can take advantage of rate increases that occur after you open an account and lock into the new rate until your next bump up or maturity. 

These rate adjustments and deposits do not cost you anything and have no impact on your term length. Nothing happens if you don’t exercise these options, but you’ll be earning a lower interest rate than you would with a standard CD.

Consumer Sentiment & Reviews

Customer sentiment for First Tech Federal Credit Union is on the low end of average. There are a lot of consumers out there with valid complaints, and these don’t seem to be specific to a certain product category. People are reporting negative experiences with personal loans, credit cards, savings accounts, and more. 

Poor customer service, high fees, and issues applying for accounts and products are common themes. Many compare the customer experience with First Tech with the customer experience you’d be likely to receive with a big bank.

But of course, there are also many happy customers who are maybe a little less vocal. They have had positive relationships with First Tech for years and say that the credit union is easy to work with and customer care is helpful and quick to resolve issues. It seems to really depend 

There are over 30 different First Tech Federal Credit Union branch locations in eight different U.S. States. These are:

  • California
  • Colorado
  • Georgia
  • Idaho
  • Massachusetts
  • Oregon 
  • Texas
  • Washington

In addition, First Tech is part of a network of 5,600 co-op branches shared with other credit unions that you can visit to manage your accounts. As a member, you will be able to use more than 30,000 ATMs within the First Tech co-op network without paying transaction fees. To find a branch or ATM near you, use this link.

The First Tech Federal Credit Union app performs really well, especially for a financial app. It has a rating of 4.6 out of 5 stars in Google Play with over 11,000 reviews and 4.7 out of 5 stars in the App Store with over 36,000 reviews. 

This is a pretty standard banking app in terms of the functionalities and interface, but it runs smoothly for most people.

To get in touch with customer service, you have a few options. You can call the general inquiries line at 855-855-8805 any day, any time. This 24/7 phone line can help with any question you may have. You can also log into your account and send a secure message through the online portal if you don’t mind waiting for a bit for a response. And if you live near a branch, you can always walk in or schedule an appointment to speak with a banker. Virtual appointments are also available if this isn’t an option for you.

How to Become a Member

There are four different ways to qualify for membership with First Tech Federal Credit Union. The first is to be married, related to, or living with someone who is already a member. 

The second is to be related to or yourself be employed by a partner company or the State of Oregon. These are not limited to technology corporations, though there are many of these on the list. Schools, retail businesses, and nonprofits are also included. For example, employees of the Bill & Melinda Gates Foundation can join. You can see a complete list of partner or sponsor companies here.

The third way to be eligible is by working–for any company–or living in Lane County, Oregon. If you can provide proof of employment or residence, you’re in.

The fourth and final way, if none of the above work for you, is to become a member of the Computer History Museum or Financial Fitness Association. Both of these organizations offer membership to the general public. Don’t worry if you don’t live anywhere near these places. You can apply online. 

The Computer History Museum, located in Mountain View, California, offers annual membership for as low as $15. You can choose how much to pay. The Financial Fitness Association is a nonprofit that supports members in learning about money management to improve their financial well-being. Membership is just $8 for one year. As long as you remain a member with one of these organizations, you can continue using First Tech Federal products.

If you’re not sure if you qualify, you can always call customer service for help with your application.

You can submit an application online using this link or in person at any branch location. You’ll be asked the standard personal and security questions before verifying your identity. The process should not take more than five minutes and most users don’t have any issues getting set up. 

Then, you will be required to open a Membership Savings account and deposit at least $5 to become a member. This account earns an interest rate of 0.05% on all balances and charges no monthly maintenance fee.

Final Thoughts

First Tech Federal Credit Union CDs are not bad and anyone can become a member, making this a good option if you want to join an established credit union and start saving. Though the interest rates could be better, the deposit minimums and early withdrawal penalties are pretty low, so you might find these certificates to be more accessible than others.

That said, this credit union isn’t perfect. Keep shopping around if you’re after the best interest rates, you don’t want to join a credit union, you’re wary of negative reviews, or you don’t see the type of CD or term length you’re looking for. Check out our other CD reviews to find what you’re looking for.

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.

Capital One MONEY Teen Checking Account Review

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image credit: capitalone.com

The Capital One MONEY Teen Checking Account may be a great solution to teaching your teenager to become financially independent. Named one of 2020’s best checking accounts by GOBanking Rates, this fee-free, interest-bearing checking account helps teens learn how to spend wisely and save money for long-term financial goals.

Hunting for the perfect checking account for your teen? In this article, we’ll cover everything from fees and disclosures to how this kids’ checking account by Capital One stacks up against the competition. You can also see where it sits in our rundown of the best debit cards for kids and teens this year.

Who is it For?

Average age: 13 to 17.

Good candidate: Tech-savvy teens with some experience managing their own money. 

Kids eight years old and older are eligible to have this account, but it really is meant more for teens. The platform and practices are meant to mirror those of a standard checking account for adults, so this is best for older kids and teens who know their way around an app and have some degree of understanding about responsible money management. 

Once a user turns 18, they can transfer their money to a 360 Checking Account. They may do this on their own without making their parent(s) a joint account owner. Alternatively, they can keep their MONEY account when they turn 18 and enjoy higher transaction limits. 

A MONEY debit card by Capital One is issued in the teen account holder’s name and can be used anywhere Mastercard is accepted (with a few exceptions for safety reasons, outlined in “Is It Safe” section below.)

Noteworthy Features and Benefits

Fees: No monthly service fees or minimum monthly balance requirements; no ATM fees at over 70,000 in-network locations*; no fee for debit cards; no charge for incoming domestic or international wire transfers.

The Capital One MONEY Teen Checking Account puts teens in control but gives parents the final say. In other words, teens can have as much independence over their money and account as their parents deem appropriate.

This checking account currently earns an APY of 0.10%, compounded and credited monthly. This is a variable rate subject to change at any time. There is no minimum balance required to continue earning this interest rate and all interest accrued is automatically deposited into the account.

Parental Features and Benefits

When a parent and teen open a Capital One MONEY Teen Checking Account, they become joint account owners with the parent as the primary account holder. Parents can decide what permissions to set for their kids’ spending and can opt-in to receive alerts and push notifications about their activity. 

With a MONEY checking account, parents are able to monitor their teens’ activity and intervene as they fit. This may mean locking their child’s card, setting withdrawal and purchase restrictions, or removing money from their account. A parent may decide to restrict their child’s spending at a certain retailer or location as well.

Parents can also encourage positive spending/saving behavior in their children by setting up automatic savings plans themselves and rewarding their children for reaching savings goals. They will be prompted with this choice, which they can either accept or decline and adjust as needed, through the app as soon as their child marks a goal as complete.

Parents and their kids have separate logins when using the app or online banking platform. Parents can see everything that their teens can see including account balances, savings goals, and spend activity from their screen and can make changes immediately from the app.

Parents can easily transfer money into their teen’s account from their own side of the MONEY account (more on how to fund this later). These can be one-time or recurring transfers for allowances and the like. Funding goes directly from a parent’s account of choice into their teen’s MONEY checking account. Unlike some kids’ debit products you’ll see, there is not a separate parent funding account from which money must be transferred.

Kids Features and Benefits

Teens with this account are encouraged to save with a competitive interest rate and optional, parent-activated account bonuses for reaching savings goals. They can set savings goals for themselves and divide their money into categories based on what is spendable and what is going to go into savings. Many financial literacy resources are available at no cost to users.

Teens can check their balance, see their transactions, set savings goals, and deposit money via direct deposit or check conveniently from the Capital One app. Besides having more alerts and the option of setting savings goals, the teen version of this app closely resembles many user-friendly checking account apps. 

This is an online-only account and users never have to visit branches to manage their account if they don’t want to. This also means that the account is paperless and teens will receive electronic statements of their activity rather than paper statements and will not be given paper checks.

Teens can use their debit cards to make purchases at most retailers and online, and they can make withdrawals with their card for free at more than 70,000 AllPoint and Capital One ATMs.

Because parents and teens have their own accounts, teens can set their own username and password to access their account and PIN for using their debit card. This is a great way for teens to feel accountable and empowered with their accounts.

Overdrafting is not permitted with this debit card, so there is no fear of incurring fees for charging more than an account can handle.

*If this card is used at an out-of-network ATM, the account holder may be charged a third-party fee but will be reimbursed for withdrawals of this kind up to $15 per statement period.

Capital One MONEY Teen Checking Account Fees and Costs

Unless you request special services or extras, this really is a fee-free checking account. Other than a $25 expedited card delivery fee, a $5 statement fee for each paper statement you request, and a $10 fee for every Cashier’s check you purchase, this account does not cost anything to open, use, and keep.

Because this is a checking account and not a subscription-based product like Greenlight or FamZoo, there are no costs associated with keeping your account and accessing all of its features.

Capital One MONEY Teen Checking vs Competitors

One of the primary benefits of the Capital One MONEY Teen Checking Account over competitors—either checking accounts or prepaid cards—is that this account earns interest. Though it doesn’t offer the high-yields seen in the best checking and savings accounts on the market, this product is competitive compared to many other checking accounts and allows teens to learn about interest and how to maximize their earning potential. 

Some other kids’ banking products do let users earn interest on savings, but in most cases, parents pay this interest and set the rates. In the case of this Capital One product, interest is paid by Capital One, a bank that tends to be fairly competitive with its rates.

Another benefit of this checking account is that it is pretty hands-off for the parents. You can choose to monitor your kids’ spending as much as you’d like, but you won’t be prompted to add more money if your child’s account balance gets low (because there’s no account minimum), approve their purchases, or otherwise micromanage their experiences.

Potential Drawbacks

There are few things not to like about this debit card and checking account, but some of the limitations could potentially be problematic. For example, all withdrawals and purchases are capped at $500 per day for users under the age of 18 years old. This includes ATM withdrawals as well. If for some reason your teen needs to charge an amount greater than this, you’ll run into problems and will need to contact Capital One for help.

Some people may also be disappointed by that 0.10% APY. It won’t be easy to find another checking account for teens with a higher interest rate, but this could still be a deal-breaker.

There is also no way to invest or donate with this particular checking account. This is something you’ll see offered by a lot of prepaid cards and debit cards marketed toward younger kids, but Capital One limits what users can do with their money with the MONEY checking account. It is more like a regular checking account in this respect.

Customer Sentiment

There is little in the way of customer reviews for the MONEY checking account online, but there is plenty of data on how people feel about banking with Capital One.

Reviews for Capital One are predominantly positive. This bank is known for offering great customer service and for being transparent with users about fees and restrictions. Overall, people that bank with Capital One are satisfied with the rates, support, and product they receive.

This is a huge, well-established bank with millions of users, so finding in-network ATMs and getting support is relatively easy for most. 

To contact customer support, call 1-888-810-4013, tweet @AskCapitalOne, or reach out by mail at the following address:

Checking Accounts, Savings, Money Market and CD Accounts

Capital One Bank

P.O. Box 150

St Cloud, MN 56302-0150

There is no dedicated customer support line for MONEY Checking Account users, but you can send secure messages to an automated system at any time with non-urgent questions.

All MONEY checking account mobile banking is done through the Capital One app, which is one of the highest-rated banking apps available. It has 4.9 stars in the App Store and 4.6 stars on Google Play. You can also sign in to your account online to see your transactions and manage your account.

Is it Safe?

Like any other checking account with an accredited financial institution, this checking account is FDIC-insured up to the federally allowed limit of $250,000.

Capital One also prohibits the use of this card at establishments that are potentially unsafe to your child. These include: 

  • Places that serve/sell alcohol like bars, nightclubs, and liquor stores
  • Massage parlors
  • Retailers that sell prescription drugs
  • Car rentals

As mentioned, parents can further restrict their kids’ spending by adding more establishments to this list of restricted retailers or by lowering their daily spend/withdrawal limit.

All charges made with a card that would lead to overdrafting are declined automatically. Both parents and teens will be notified if this happens.

How to Sign Up

Parents do not need to be Capital One customers to open a MONEY account for their teen. They can link nearly any deposit account except for money market accounts, savings accounts, and investment accounts.

Conveniently, everything can be done online when you sign up for a MONEY Teen Checking Account, but you can visit a Capital One branch in-person if you prefer. There is no minimum opening deposit requirement and the account can be funded in a number of ways. These include linking a Capital One or external checking account, making an ACH transfer via direct deposit, and funding with a card.

If you have multiple teens that you’d like to open accounts for, you will need to do so separately. This isn’t like some other kids’ debit card products, which give parents up to four or five debit cards per household and keep them all under one roof. 

Final Thoughts

Just as Capital One has proven over the years to be a pretty solid bank and credit card issuer, the checking account for teens offered by this institution is tough to beat as well. This checking account stands out from its competitors because it pays interest, doesn’t charge any fees, and offers kids a safe, user-friendly banking account that’s as close to the “real thing” as you can get. It’s clear why personal finance experts recommend this checking account to parents for their teens.

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

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Fact Checked :
Updated

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!

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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