APY GUY: Maximize Your Savings & Earnings

Lauren Graves

PenFed Credit Union CD Rates – Now up to 4.70% APY!


PenFed headquarters in Tysons, Virginia.

Pentagon Federal Credit Union, commonly referred to as “PenFed,” is the third largest credit union in the nation—and the second largest federal credit union—with 1.75 million members across the world and $25 billion in assets.

PenFed, originally called the War Department Federal Credit Union by the group of ten civilian War Department employees that founded it in 1935, is headquartered in Virginia today but started out in the Munitions Building on the Mall in Washington, D.C.

Though technically a military credit union, you don’t actually have to be a military member or dependent to join. There are a number of ways to qualify for membership with PenFed outside of this, including becoming a member of the nonprofit National Military Family Association for $17 or Voices for America’s Troops if you don’t meet any of the other requirements. Once a member, you’ll have access to modest rates on multiple savings products from this NCUA-insured credit union.

PenFed CD Rates + Account Details

image credit: penfed.org

PenFed offers a slightly wider range of certificate products than most credit unions with nine terms to choose from ranging from six months to seven years. Their CDs, called money market ​certificates,​ provide very good returns compared to the current national average(s). These accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

They are very easy to open, especially for credit union standards. Once you’re a member, certificates can be opened online within minutes.

CD Rates

CD TermAPY
6 month2.70%
12 month4.60%
15 month4.65%
18 month4.70%
2 year4.45%
3 year4.10%
4 year3.90%
5 year3.90%
7 year3.80%
APY = Annual Percentage Yield

To put their 12 month and 5 year CD in perspective, the current national average for those terms sit at just 1.28% APY and 1.21% APY, respectively, according to FDIC data.

You’ll need a minimum of $1,000 to open any money market certificate account with PenFed.

Compounding and Crediting Interest

Dividends are compounded daily and paid monthly – except for the 6 month certificate – which earns only simple interest, paid at maturity, on the principal.

You can choose to have your dividends deposited into a separate account if you’re using these proceeds for income, or it can be returned to the CD account to compound further. The latter is the default option.

Early Withdrawal Penalties

  • For a 6 month certificate, you’ll have to pay 90 days’ interest;
  • for any other certificate (from 12 months to seven years), you’ll pay 365 days’ interest if you withdraw ​within a​ year of issuance and 30% of the gross interest earned if you withdraw after a​ year of issuance but before maturity.

Money Market Rates + Account Details

A money market account with PenFed requires an opening deposit of just $25, however their rates are quite low and do not compete with other banks we’ve covered such as Vio Bank or Discover Bank.

Money Market Rates

BalanceAPY
$25 – $9,9990.05%
$10k – $99,9990.10%
$100k +0.15%
APY = Annual Percentage Yield

The national average for money market rates sits at 0.44% APY according to FDIC data. PenFed hasn’t lifted their money market rates in years despite our rising interest rate environment.

A PenFed money market savings account does not come with a monthly service fee or balance requirement. You are allowed no more than six withdrawals per month and you will be charged a fee of $10 for every excessive transaction. You may withdraw funds from a non-PenFed ATM, but you’ll have to pay $1.50 per.

Other Savings Accounts Offered

PenFed offers regular savings and premium online savings accounts.

For a $5 deposit, you become a member of PenFed, purchase a share in the credit union, and open a regular savings account all at once. But this savings account is called “regular” instead of “premium” for good reason: it pays a rate of just 0.05% on any balance.

Dividends are paid and compounded monthly and you do have the option of withdrawing funds from an ATM with this account type. There is no monthly maintenance fee for a PenFed regular or premium savings account, but there are other fees you’ll want to watch out for. You will be charged an insufficient funds fee of $30 every time you try to overdraft your account and there is no overdraft transfer service, so stay on top of your account balances if you plan to join PenFed.

Premium Savings Account

Minimum DepositAPY
$52.30%
APY = Annual Percentage Yield

PenFed’s “premium savings account” offers an APY of 2.30%. Interest is compounded and credited monthly and the account requires just $5 to open. Keep in mind this savings account does not allow for ATM transactions, so you will not be able to conduct any regular banking activity out of the account.

About PenFed Credit Union + Eligibility

In its 2018 Annual Report, PenFed reported growing by 80,000 members and $170 million in net worth for that year. Today, PenFed has 1.75 million members across the world and over $25 billion in total assets. It has members in every U.S. state as well as the territories of Guam and Puerto Rico and the prefecture Okinawa.

There are only 50 PenFed branch locations in select cities and states, but over 60,000 ATMs nationwide. To find ATMs and/or branch locations start here. You are more than likely within a mile of several ​ATMs accepted by PenFed.​ Some of these surcharge-free ATMs are branded as PenFed Credit Union and some of them are not. However, like other large credit unions, PenFed DOES NOT participate in shared or co-op branching. Branches can be found in Washington, D.C., Florida, Hawaii, Maryland, New York, North Carolina, Oregon, Tennessee, Texas, and Virginia.

PenFed membership eligibility is inclusive to just about everyone regardless of military affiliation. You can qualify for membership in any of the following ways:

  1. You are an active-duty or retired military member
  2. You are employed at a qualifying organization (such as a veterans service organization)
  3. You belong to a qualifying association (such as the American Red Cross)
  4. You are a United States government employee
  5. You live or work in a qualifying location

For a complete list of qualifying organizations, associations, and locations, go ​here. If you are not eligible in any of these ways, you can access membership by joining either the ​National Military Family Association ​for $17 or Voices for America’s Troops ​for $14.

The goal of both of these organizations is to help military members feel seen and heard. The National Military Family Association supports military families by bringing pressing issues that service members and dependents face to the attention of Congress and other decision-making officials when it matters most. Voices for America’s Troops advocates for career incentives in order to make a life serving in the military a sustainable option for soldiers and their families.

PenFed banking can be done in-person at a branch, ​online, or through the ​PenFed mobile app.​

Final Thoughts

PenFed has kept their fixed-rate CDs competitive, while some of their variable rate deposit accounts have remained less competitive.

Other than the decent CD rates, it’s also nice to see that there are no membership or maintenance fees. There are also perks like discounted offers through partner organizations such as TurboTax and Sprint, that PenFed members can take advantage of.

PenFed is one of the most inclusive credit unions in the country opening their doors to nearly any US citizen or resident.

I Bonds Rates – Now 6.89% APY!


You don’t need to be told that we’re living in unprecedented times. From sharp GDP growth to record inflation rates, we’re living in an economy that is expanding and changing rapidly.

If you’ve been following the bond market at all, you know that the Treasury Department made a shocking announcement about I bonds in November of this year.

Here, we’re going to answer questions you may have about I bonds from what they are to how to buy them.

Let’s dig in.

What Are I Bonds?

Series I savings bonds or I bonds are government-issued debt securities that accrue interest at a rate adjusted for inflation twice a year. Rather than having a single interest rate used to determine your return, I bonds have two: an inflation rate that changes every six months with the economy and a fixed rate that will not change throughout the entire life of the bond. These rates combine to give you a composite rate.

On November 1st of 2022, the U.S. Treasury Department announced that I bonds will earn a variable rate of 6.89% for the next six months through April 2023.

This new rate will apply to all new I bonds issued in the next six months before it is adjusted again at the beginning of May 2023, at which time the variable rate may increase or decrease.

These bonds are considered to be incredibly safe investments because there is no risk of value depreciation. Interest accrues and compounds semiannually (every six months) for up to 30 years or until cashed out. Earnings are automatically deposited back into the bond. I bonds do not require high minimum purchases and offer tax advantages and protection against inflation.

Current Rates

The variable semiannual inflation rate for I bonds is 6.89% and the fixed rate is 0.00% (which has been the case for the past several years).

All new bonds issued between now and April 2023 and existing bonds will earn 6.89% interest.

As of January 2023, the national average rate for an interest-bearing savings account is 0.33% and for a 1-year CD is 1.28% APY according to recent FDIC data. At the top digital banks, the best you’ll get on a 1-year CD is about 4.50% APY.

As you might expect, there is no way to tell for sure what the inflation rate will be six months or a year from now. May 2023 may bring a much lower earnings rate depending on inflation, which is expected to slow in the next six months.

Who Are I Bonds for?

If you are looking for somewhere safe to park your cash, these bonds may be for you. Many financial advisors and investment experts are recommending these securities to help hedge against inflation. If you can afford to lock some money up for at least five years (to avoid the early withdrawal penalty), an I bond is a good way to guarantee a small return.

Series I savings bonds tend to be best for investors seeking low-risk investments, but they shouldn’t be your only investment. They are good for medium- or high-net-worth individuals who want to diversify their portfolio and lower net worth individuals who want to secure a small portion of their wealth after maxing out contributions to a retirement account.

You are eligible to purchase an I bond if you meet one of the following requirements:

  • You are a United States citizen living in the country or abroad
  • You are a United States permanent resident
  • You are a civilian employed by the United States anywhere in the world

Children under the age of 18 may qualify to own an I bond if purchased on their behalf by an adult. Parents and adult custodians can open a TreasuryDirect account for a child and use that to purchase I bonds, making the child become the bond’s beneficiary.

It is common for I bonds to be used to help pay for education and retirement or gifted to younger individuals. Using I bonds to pay for education comes with tax benefits. Any bonds you purchase for yourself count toward your own annual purchase limit but bonds purchased as a gift do not. When you buy a bond as a gift for someone else, it counts toward their limit.

There are electronic and paper bonds. Electronic bonds are available in penny increments of $25 or more and paper bonds are available in denominations of $50, $100, $200, $500, and $1,000.

Advantages

The main advantage of I bonds over other investment vehicles is that they freeze your money and thus protect it from losing value due to inflation for as long as it is still earning interest.

I bonds are also one of the most secure investments you can make. The U.S. Treasury has never defaulted on bonds before, so there is virtually no risk of bond holders losing their principal.

Another pro is that you do not have to pay state and local taxes on interest and you can avoid federal taxes too. There are no fees associated with purchasing or cashing out I bonds.

I bonds are an ideal method for saving for education. In fact, many people consider them to be good alternatives to 529 savings plans.

I Bonds vs. EE Bonds and Treasury Inflation-Protected Securities

Another type of bond you can purchase from the U.S. Treasury is a Series EE savings bond or EE bond. EE bonds share many similarities with I bonds: they mature after 30 years, are sold at face value, and earn interest monthly.

The biggest difference between EE bonds and I bonds is that EE bonds earn a fixed interest rate and I bonds earn a variable interest rate that is dependent on inflation. EE bonds guarantee a return equal to double your principal investment after 20 years (adjusted if needed by the Treasury Department), but I bonds offer no earnings guarantees.

Which Treasury bond is best depends on the market. If inflation rates are high or expected to increase, I bonds will likely end up earning more interest over their lifetime. But if inflation rates are fairly low, EE bonds will likely earn more interest. Given how much inflation has increased this year, I bond holders are coming out on top.

Treasury Inflation-Protected Securities or TIPS are also similar to I bonds. TIPS are designed to hedge against inflation as well, but they differ from I bonds in several important ways.

First, TIPS are riskier because the principal is adjusted for inflation and deflation. You lose principal if the U.S. economy goes into a deflationary period and gain principal if the U.S. economy goes into an inflationary period. TIPS are available in terms of 5, 10, and 30 years and purchased at auction rather than at face value. You can purchase between $100 and $5 million. Rates for TIPS change and you must visit a Treasury auction to bid.

Rather than earning interest monthly, TIPS earn interest just twice a year at a fixed rate. Interest is paid on the adjusted principal until the account reaches maturity. Unlike I bonds, you can sell TIPS before they mature. TIPS and their interest are exempt from state and local tax but subject to federal tax.

Considerations

There are a few important considerations to keep in mind when purchasing I bonds

The first is that I bonds have a low minimum purchase requirement. You can open an electronic I bond with as little as $25 and a paper I bond with as little as $50 (note that you can no longer purchase paper bonds at banks).

You can purchase up to $10,000 in electronic I bonds per calendar year and up to $5,000 in paper bonds. If you purchase an I bond as a gift, that amount will not count toward your annual purchase limit. Instead, it will count toward the recipient’s limit, and they will also be the one who is responsible for paying taxes on it.

Series I savings bonds are issued at cash value. Your bond will never be worth less than you paid for it and it is not possible to lose money on this investment. (There is no guarantee that you will earn money, but you will not lose any.)

If you decide to cash in your I bond before it matures, you may do so without incurring a penalty if you wait five years to do so. If you choose to cash out within five years of opening the bond, you will pay an early withdrawal penalty equal to the last three months’ interest. You can keep your bond open for as long as you like, but it will not continue to earn interest after 30 years. You must keep your bond for a minimum of one year, at which time it becomes liquid.

I bonds themselves are tax-exempt but the interest you earn is subject to federal income tax. You may enjoy additional tax benefits if you use your bond to finance education under the Education Savings Bond Program.

How to Buy I Bonds

Ready to join the wave of people purchasing I bonds for the first time at this incredible rate?

First, decide whether you will purchase an electronic or paper bond.

To purchase an electronic bond, visit the U.S. Treasury website at TreasuryDirect.gov.

You will need to create a TreasuryDirect account using your tax identification number and an email address.

At this time, you will link a bank account and personalize your profile. From your account, navigate to the bonds purchasing page and enter the amount you would like to purchase. Register the I bond in the name of its intended recipient (if you are purchasing for someone other than yourself, provide their information).

To purchase a paper bond, you will need to use your IRS tax refund. This is the only way to purchase paper I bonds. You will use Form 8888 to allocate your refund to be used for the purchase of a U.S. Treasury bond and specify that you want an I bond. You used to be able to purchase paper I bonds at banks and credit unions, but this is no longer possible.

You can purchase up to $10,000 in electronic I bonds per year and use your tax refund to purchase up to $5,000 worth of government I bonds per year. These limits can be combined for a total of $15,000 in I bonds.

How to Cash Out

When you’re ready to cash out your electronic I bond, visit the TreasuryDirect site again and navigate to the ManageDirect page. From there, link the bank account you would like to send the funds to and transfer the money.

To cash out your paper I bond, visit a bank or credit union and present your bond and identity verification documents.

Final Thoughts

While you won’t get rich from an I bond alone, this investment is a sound one, especially at the current earnings rate. We recommend I bonds to anyone looking for a safe investment to add to their portfolio. This type of security is ideal for conservative investors, not aggressive investors looking for an opportunity to grow their wealth dramatically. You do not risk losing your investment when you purchase an I bond.

The more you can afford to spend at the current earnings rate of 6.89%, the better, but any amount will likely be a worthwhile investment. When the bond turns liquid after a year, you’ll probably end up with more cash than you would have with another deposit account if you choose to cash out.

Marcus Bank Online Savings – Now 3.30% APY + $100 Bonus!


[📌 Update January, 2023 – Marcus Bank is now offering a $100 cash bonus when you open a new online savings account with $10,000 (or add $10k to an existing one). That’s essentially a 1% bonus just for signing up! Offer valid through 2/15/2023. See more below.]

You’ve surely heard of Goldman Sachs, the global investment services firm, but you might not be familiar with their digital subsidiary, Marcus.

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering personal loans, a high yield online savings account, and CDs. Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, Marcus Bank’s online savings account is regularly among the highest yielding accounts available nationwide.

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

Online Savings Account Rate + Details

image credit: marcus.com

The Marcus savings account comes with zero fees and no minimum deposit requirement.

Online Savings Account Rate

Min DepositAPY
$03.30%
APY = Annual Percentage Yield

To put this yield into perspective, the current average for a money market account and a savings account sit at just 0.33% APY and 0.44% APY, respectively, according to recent FDIC data.

That said, there are now a handful of FDIC-insured online banks offering above the 4.00% APY mark to start the new year.

$100 Bonus!

The $100 bonus is available to all new and existing customers that open and deposit $10,000 of new funds into an online savings account.

Here are the details:

  1. Enroll in a Marcus Bank online savings account.
  2. Deposit $10,000 of new funds to the account within 10 calendar days of opening it.
  3. Maintain that balance for 90 consecutive days.

You must enroll by February 15, 2023. Get started here.

How to Open and Fund Your Account

To earn the noteworthy APY you just have to fund your account within 60 days of opening it, and maintain a positive balance after that.

There are four different ways you can make a deposit into this savings account.

You can:

  • 1. link your savings account to an external bank account and transfer funds (Marcus won’t charge fees for this, but your other bank might),
  • 2. set up direct deposit payments from your payroll or Social Security,
  • 3. send a domestic wire transfer, or
  • 4. mail a check to this address – Goldman Sachs Bank USA P.O. Box 4571 Carol Stream, IL 60197-4571

Once you’ve opened the account, you can move funds about via:

  • Wire transfer
  • Electronic transfer

📌 Important: Marcus features same day transfers from other banks to Marcus of $100,000 or less. Marcus will process transfers made through Marcus by 12 PM EST on a business day by 5 PM EST that same day. You will start earning interest from Marcus on the amount you transfer the day your request is received.

Compounding and Crediting Interest

Interest on the Marcus savings account is compounded daily and credited monthly.

Withdraws and Transactions

Per the standard and federally-enforced limit, you can make up to 6 transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. Some banks allow you to go over this limit but impose a fee for doing so.

Marcus does not offer a debit card or ATM card for their savings account, so you’ll have to transfer funds to another account if you wish to withdraw them.

Banking Experience and Customer Sentiment

There are no Marcus ATMs or in-person branches, which is typical of online banks but important to know.

There are also no Marcus ATM, debit, or credit cards, but there is the Goldman Sachs card. Goldman Sachs’ only credit card, the Apple card, had a rough start. When it first launched, the card drew heat for alleged gender discrimination in the algorithm used to assess a potential user’s credit and qualifications. With two high-profile corporations like Goldman Sachs and Apple teaming up to launch a card, this error was quickly spotted and users were turned off of the product by such an egregious glitch. But now that the media storm has mostly calmed and the issues have been addressed, the Apple card is considered a decent product for devoted Apple users.

User reviews of Marcus are about average, but the data is somewhat imprecise. This is because many users report about their experiences with the Apple card rather than with Marcus as a bank, so this leads to difficulty in condensing customer experience with the online bank. Nevertheless, the results that are in are as follows: out of 128 reviews on WalletHub, Marcus scored 3 stars out of 5. Out of 165 reviews on DepositAccounts, the bank landed, again, 3 stars. And out of 71 reviews on Trustpilot, Marcus scored about a 3.5. 

When you bank 100% digitally, you always run the risk of not being able to have your problems solved in a timely manner and, in some cases, at all. Unfortunately, Marcus is no exception. Some customers have reported not being able to get in contact with customer service representatives when their accounts were temporarily and inexplicably locked and have expressed frustration with slow, unsatisfactory service. 

Overall, it seems, customers are either highly satisfied or highly unsatisfied with Marcus, so this might be a case where you’ll want to see for yourself how accessible Marcus customer service is. You might try giving their help line a call before opening an account if you have any questions and see what that experience is like to get an idea of what you can expect, but of course, this isn’t a perfect measure. Customer Service can be contacted Monday through Friday from 8 am – 10 pm and Saturday to Sunday from 9 am – 7 pm  ET or you can call (855) 730-7283 to get in touch with someone.

The Marcus online portal is said to be more user-friendly than most banks, which is important when you’re managing your money digitally. The app gets 4.4 stars on Google Play and 4.8 stars on Apple.

Huntington Bank CD Rates – Now up to 4.34% APY!


[📌 Update January, 2023: Huntington Bank raised the rate on their 14 month promotional CD (certificate of deposit) in anticipation of another FED rate hike, albeit likely a smaller one, at the end of this month. That account now provides an APY (annual percentage yield) of 4.34%. This is up from 4.08% APY late last year. See all of Huntington Bank’s CD rates below.]

image credit: huntington.com

Originally founded as The Huntington National Bank in 1866 in Columbus, Ohio, Huntington Bank has maintained its regional status over the years despite several mergers and acquisitions and hefty asset growth.

Today, Huntington Bank is the 28th largest U.S. bank by asset size with over $113.8 billion in assets and $90.7 billion in deposits.

The regional bank serves seven states in the Midwest:

  • Ohio,
  • Illinois,
  • Indiana,
  • Kentucky,
  • Michigan,
  • Pennsylvania,
  • and West Virginia.

The holding company of which Huntington Bank is the banking subsidiary is called Huntington Bancshares. This entity trades on the NASDAQ under the ticker HBAN.

If you’re a consumer looking to earn a good rate of return on the money you deposit, this bank leaves much to be desired.

Its deposit products—CD and money market accounts, specifically—are far from competitive and even lag the national average currently.

That said, the bank has good branch and service accessibility and lets you waive account fees fairly easily, so if you can look past low APYs, there are some advantages.

In this review we’ll be looking at Huntington Bank’s CD Rates and Relationship Money market account.

Huntington Bank CD Rates + Account Details

Huntington Bank’s deposit products are insured by the FDIC up to $250k per depositor or $500k on joint accounts.

Their CD rates remain largely uncompetitive at the moment other than their 14 month promotional CD. This is on par with what we see at many large national banks today, such as Bank of America or Wells Fargo, who have very little incentive to attract new savers with high returns even as the FED continues to raise rates.

We should note that following the most recent rate hike by the FED on December 14th of last year, even these large banks are now slowly starting to add one or two promotional certificates of deposits that come with higher yields to their overall product suite.

All Huntington Bank certificates of deposit require a minimum opening deposit of $1,000.

Promotional CD Rates

TermAPY
14 month4.34%
APY = Annual Percentage Yield

This 14 month promotional CD is Huntington Bank’s most competitive CD account. They also offer a promotional 425 day CD for jumbo accounts with deposits of $100,000 or more. That product also earns 4.34% APY.

Standard CD Rates

TermAPY
1 month0.05%
3 months0.05%
6 months0.10%
9 months0.10%
12 months0.10%
18 months0.10%
24 months0.10%
36 months0.10%
48 months0.10%
60 months0.10%
72 months0.10%
APY = Annual Percentage Yield

To give these yields (above) some context, the current national average on a 12 month CD and a 60 month CD sit at just 1.28% APY and 1.21% APY, respectively, according to FDIC data.

Compounding and Paying Interest

Interest is compounded daily and credited either monthly, quarterly, semi-annually, annually, or at maturity. You get to choose the frequency.

Huntington Bank offers Jumbo CDs and IRA CDs as well however these all come with the same yields shown above. Certificates with balances of $100,000 are considered to be Jumbo CDs. This bank has also offered promotional deposits in the past, but is not running any at this time.

Early Withdrawal Penalties

If you need access to your funds prior to the maturity date of your Huntington Bank CD you will incur the following penalties:

  • For terms of 91 days or less, you will owe the full term of your account in simple interest.
  • For terms of 92 days to 1 year, the penalty is 3 months interest.
  • For terms of 1 year to 18 months, the penalty is 6 months interest.
  • Finally, for terms of more than 18 months, the penalty is 12 months interest.

The minimum early withdrawal penalty is 7 days interest.

Grace Period

There is a standard grace period of 10 days for Huntington Bank CDs in which you can withdraw or add funds to your deposit. All accounts are automatically renewable unless you specifically request otherwise except for accounts used for public funds or those with opening balances of $100,000 or more with a term of less than one month. These are not eligible for automatic renewal.

Huntington Bank Relationship Money Market Account Rate + Details

A Huntington Bank Relationship Money Market account now offers competitive yields but also comes with a significantly steeper minimum deposit requirement of $25,000.

The precise interest rate you’ll earn, however, depends on your “relationship” with the bank. And by this, they mean which other accounts you hold with them.

The rate table below shows the APY you’ll earn based on the type of account(s) you hold.

Money Market Rates

Account HeldAPY on money market
Standard3.45%
Huntington Perks Checking3.51%
Huntington Platinum Perks Checking3.56%
Private Client Account3.66%
APY = Annual Percentage Yield

To put these yields in perspective the current national average for a money market account with a balance of less than $100,000 is 0.44% APY.

That said, there are a number of FDIC-insured online banks with savings accounts and/or money market accounts with rates above 4.00% APY and minimum balance requirements of less than $1,000.

Interest is compounded monthly and credited monthly.

Avoid Fees

These accounts have the potential to ding you $25/month in maintenance fees. Here’s how to avoid that:

  1. Maintain an average daily balance of at least $25,000 (which is also the only way to earn dividends on your balance).
  2. Maintain either a Huntington Perks Checking or Huntington Platinum Perks Checking account.

A Huntington Bank money market account does have check-writing capabilities, but their checking accounts do.

Huntington Bank Fee Schedule

TypeFee
Wire Transfers – Domestic Incoming $15
Wire Transfers – Domestic Outgoing $25
Wire Transfers – International Incoming $15
Wire Transfers – International Outgoing $75
Stop Payment$31
Return Deposit Item$10
Foreign Currency Fee$8 (exchange rates apply)
Expedited Delivery$25 (debit or ATM card)
Cashier Check$6

Checks are also available but the cost per box varies based on design.

If you plan on using a Huntington Bank ATM card you’ll want to note that Huntington Bank charges a $3 fee for each out of network cash withdrawal on top of whatever the ATM owner charges.

Huntington Bank Account Features + Customer Sentiment

One of the noteworthy account features across many Huntington Bank accounts is the 24-Hour Grace, which is basically built-in overdraft protection.

This protection feature will give you 24 hours to make a deposit to bring your balance positive in the event of an overdraft. It is applied for free to all checking, savings, and money market accounts with Huntington Bank.

Relationship rate benefits take certain decent Huntington Bank products—like savings and money market accounts—and make them better. So if you intend to join Huntington, know that you will get the most out of this membership if you have multiple accounts with the bank.

This bank hasn’t received the best ratings from other review sites online with scores ranging between 1.5 (ConsumerAffairs) and 3.5 (WalletHub) stars. That said, the majority of the dis-satisfaction tends to reside on the loan site with mortgage and auto loan clients being the most vocal about their negative experiences.

The Huntington Bank app has a 4-star rating on Google Play and a 4.8-star rating on the App Store. This app has been praised for being comprehensive and having unique features that you don’t always see in a banking app.

You can reach customer service in a number of ways. You can call (800) 480-2265 from 7:00 AM to 7:00 PM ET, live chat with a representative through the Huntington website, tweet @AskHuntington, or even direct message the bank on Facebook.

Customer service isn’t the only important aspect of overall banking experience. As mentioned, Huntington Bank has great accessibility. There are over 800 Huntington Bank branches and 1,400 ATMs across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia, and this bank does a good job of placing its branches strategically for maximum convenience. Case in point, if you live in the Midwest, you’ve probably even seen a Huntington Bank hub in your local grocery store.

Huntington Bank customers can make ATM and mobile deposits up to midnight with All Day Deposit.

Truist CD Rates – Now up to 4.25% APY!


[📌 Update January, 2023: Truist still offers just 12 month CDs to start the new year, however, their rates have jumped a full 1.0% since our last update in November of 2022. See Truist’s current CD rates below.]

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 one 12 month CD online, but may have more options if you go into a physical branch. To see if these products are right for you and to see how their rates compare, continue reading 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 12 month CD. Rates listed below.

CD Rates

Deposit SizeCD TermAPY
$0 – $9,99912 months4.00%
$10,000 – $49,99912 months4.00%
$50,000 – $99,999912 months4.00%
$100k +12 months4.25%
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 12 month CD and a 60 month CD sit at 1.07% and 1.09% APY, respectively, according to FDIC data.

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 1.08 out of 5 star rating on the BBB with over 1,450 consumer reviews and a 1.1 out of 5 star rating on Trustpilot with 598 consumer reviews.

The Truist app performs much better with ​4.2 stars on Google Play​ with over 38k consumer reviews and ​4.6 stars on the App Store​ with over 2,500 reviews. The mobile and online platforms are said to be easy-to-use and relatively glitch-free.

Final Thoughts

Truist’s CD rates are getting more competitive, however the selection of CD terms online are minimal with only a 12 month option available at this time. With the FED expected to raise rates again to start 2023, we expect Truist’s CD rates to remain competitive. You can see where we think CD rates are heading here.

Bask Bank Review – Rates now up to 4.45% APY!


With so many online banks to choose from, it can be difficult to decide where to park your cash.

Bask Bank, an online division of Texas Capital Bank, is a relatively new one that launched in January of 2020. Their original product was the Mileage Savings Account which is an exclusive offering for American Airlines flyers. Today, however, they have added a number of competitive FDIC-insured deposit accounts to supplement their original offering. Bask Bank’s current product suite consists of the following:

  1. Interest Savings Account
  2. Certificates of Deposit (Terms 6 to 24 months)
  3. Mileage Savings Account

The Interest Savings Account is Bask Bank’s newer product and comes with a very competitive yield. As of January, 2023 it has an APY (annual percentage yield) of 4.15%. It also comes with zero minimum balance requirements and has no monthly maintenance fees.

The most recent addition to Bask Bank’s product suite is their CDs (certificates of deposit). They only offer CDs with short terms ranging from 6 months to 2 years at the moment, but the yields are fairly competitive.

If you’d prefer to have your interest paid in miles rather than dollars then you can opt for the Mileage Savings Account.

The account pays AAdvantage miles instead of interest, giving you two miles for every dollar you deposit in a year. The account used to pay just 1 mile for every dollar annually, but Bask Bank upped the ante as rates rose in 2022.

The most recent addition to Bask Bank’s product suite is their CDs (certificates of deposit). They only offer short terms from 6 months to 2 years at the moment and their yields, while mostly flat across all terms, are still quite competitive.

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

Interest Savings Account

image credit: baskbank.com

Bask Bank introduced their interest savings account back on February 9, 2022. The account is FDIC-insured through their parent company, Texas Capital Bank.

The account has no monthly balance requirements to earn the advertised APY and comes with zero monthly maintenance fees.

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

Bask Bank Interest Savings Account

Min BalanceAPY
$04.15%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a savings account sits at just 0.30% APY, according to recent FDIC data.

This APY puts Bask Bank’s Interest Savings Account among the best high yielding savings accounts on the market currently.

CDs (Certificates of Deposit)

Bask Bank’s CDs require a minimum deposit of $1,000 to open. They are FDIC-insured up to the applicable limits and can only be opened online.

CD Rates

CD TermAPY
6 months4.30%
12 months4.45%
18 months4.10%
24 months4.10%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 24 month CD sit at just 1.07% and 1.09% APY, respectively, according to FDIC data.

Grace Period and Early Withdrawal Fees

Bask Bank will send you a notice 30 days before your CD matures to let you know in advance. Upon maturity, you will have a 10 calendar day grace period in which you may add funds, withdraw funds or close out the CD entirely without incurring any fee. If nothing is done during this 10 day period, your CD will renew into the same term at the going rate at that time.

If you need access to the funds in your Bask Bank CD prior to its maturity, you will incur an early withdrawal fee. The fee structure is based on your CD’s term. See below.

CD TermEarly Withdrawal Fee
12 months or less90 days of simple interest at the current rate
more than 12 months180 days of simple interest at the current rate

You’ll be able to monitor your earnings and interest payments on your Bask Bank CD as statements are provided monthly.

Mileage Savings Account

With Bask Bank’s Mileage Savings Account you earn American Airlines miles (or AAdvantage Miles) rather than interest – to the tune of 2 miles for every $1 in your account annually.

Normally, frequent flyer miles are awarded on the spending side rather than savings. Customers are used to racking up miles when making certain purchases or booking flights with their credit card, but this account turns that model upside down.

With Bask Bank, the more money you save, the more miles you earn—no strings attached. It’ll keep your AAdvantage account active with a steady trickle of miles, plus you can earn unlimited miles and never have to worry about spending on a particular travel card or making purchases you don’t want through an online portal.

Keep in mind that like any other savings account, the rate of miles earned per dollar is variable and therefore subject to change at any time without notice. Miles are given based on your average monthly balance per month.

How Are Miles Calculated and Deposited

According to NerdWallet, a single American Airlines mile comes out to a value of about $0.01. This means that for every $100 you save, you will nab $1.00 worth in American Airlines Miles at the end of the year.

Miles are earned every day that your account is active with funds in it. Miles are deposited directly into your AAdvantage account monthly.

If you’re a member of the American Airlines loyalty program but aren’t yet familiar with it, AAdvantage miles can be used on many different expenses. From upgraded flights to merchandise, they can be used to pay for just about anything related to travel through American Airlines. 

American Airlines also partners with hotels and rental car agencies, and frequent flyer miles can be put toward these expenses as well. Redeem miles at any time—they’ll expire after 18 months of inactivity, but this expiration period resets every time Bask makes another deposit into your AAdvantage account, so you probably won’t need to worry about this. 

How to Set Up a Mileage Savings Account

To open an account with Bask Bank, you’ll first need to be a part of the American Airlines frequent-flyer program. If you are not, this account will be of little use to you.

Assuming you are a member and you want to earn points via saving rather than spending, then click on the orange “open an account” button in the upper right on the Bask Bank website.

From here it will be a 4 step process that finalizes with transferring funds to the account.

The whole thing can be completed in minutes. The steps are as follows;

  1. Get started. You’ll need an email address and mobile number.
  2. Submit application. Here you’ll need things like your name, social security number, birthday and address.
  3. Create Login. Simple login creation (username and password).
  4. Transfer Funds. There’s no minimum deposit requirement or ongoing monthly balance requirement, but there are bonuses associated with deposits. We discuss this further down.

Bask Bank Customer Support and Consumer Sentiment

The Bask Bank website is clean and simple and about as easy-to-use as it gets. Customers leave high marks on review sites citing the ease of use of their website and having high savings rates.

Their apps perform about average in terms of ratings with their ios app receiving 3.5 stars out of 5 and their android app scoring 3.2 stars out of 5.

Because Bask Bank does not have any physical branches, you will need to open your account and manage your finances online or through the mobile app. This can be downloaded through the App Store or through Google Play (links to apps provided above).

If you struggle to set up or service your account, you can contact customer service at (833) 260-4320 or customersupport@baskbank.com.

The phones are open Monday through Friday from 7:00 AM to 10:00 PM and Saturday from 8:00 AM to 5:00 PM Central Standard Time.

About Bask Bank

Bask Bank is a division of Texas Capital Bank (member FDIC) which has been around since 1999 and has been a long-standing partner of American Airlines.

Texas Capital Bank was also a pioneer in digital banking back in the late 1990’s. To create Bask Bank, they leveraged both their digital banking expertise and their strong partnership with American Airlines.