ApyGuy: Maximize Your Savings & Earnings

Lauren Graves

Citi Accelerate High Yield Savings – Now 1.05% APY


image credit: online.citi.com

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

[Update: The Citi Accelerate High Yield Savings Account saw its rate lowered at the end of April to 1.55% APY. Down from 1.60% APY.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.60% APY from 1.70% APY on or around March 23rd. This marks the second rate decrease in a month since the FED moved rates back to zero.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.70% APY from 1.85% APY on March 10, 2020.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive.

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today the account comes with a standard interest of 1.04% and an APY of 1.05% on minimum monthly balances of at least $500.

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citi Gold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citi Gold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” (you can find this on their Citi Accelerate page) and found a consistent 1.04% interest and 1.05% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Deleware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusettes
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 1.05%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 1.05% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 1.04% standard interest rate and 1.05% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 1.04% standard interest rate and 1.05% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 1.04% standard interest rate and 1.05% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 1.05% APY across all variables.

Keep in mind this is a variable rate and is subject to change at anytime. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 1.05% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.

Capital One 360 Performance Savings – Still 1.0% APY!


UPDATE: The bonus of up to $500 for opening the 360 Performance Savings account is no longer available. Check back here often, we will update if/when it returns.

[Update August 2020: This account does not feature the cash bonus at this time. The account still pays an APY of 1.00%.]

For having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

  • The 360 Performance Savings Account (Variable rate of 1.00% APY)
  • 360 CDs (Fixed rates, see the rates here)
  • 360 IRA Savings Account (Variable rate of 0.80% APY)
  • 360 Checking (Variable rate of 0.10% APY)
  • Kids Saving Account (Variable rate of 0.50% APY)
  • Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a respectable 1.00% APY.

360 Performance Savings Rate

Minimum DepositMinimum BalanceAPY
$0$01.00%

To give the yield above some context, the national average for a savings accounts sits at just 0.07% currently. However, there are some banks offering between 1.10 and 1.20%, but these accounts may not offer the $0 minimums that Capital One does.

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Capital One 360 Performance Savings Account Fees

TypeFee
Account Maintenance$0
Outgoing Domestic Wire$30
Statement Copies$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.80%

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nut shell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum DepositMinimum BalanceAPY
$0$00.50%

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

The account pays a very respectable APY that beats the current national average of 0.07%. However, if you’re strictly after high rates, there are better youth-based savings account offered through nationally available credit unions.

Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

Final Thoughts

Capital One is a hybrid bank, meaning that it is neither fully digital nor fully physical. So as a 360 customer, you reap the benefits of a physical institution and a digital institution. You can access your 360 accounts in-person at a branch or ATM or service your accounts entirely from the comfort of your own home—your experience is customizable.

The fact that this online bank is not online-only is a huge pro for anyone not willing to completely embrace digital banking just yet, and Capital One 360 is still able to offer competitive rates typical of online-only banks.

Unless you’re unwilling to settle for anything less than the best rates in spite of excellent customer support and more than reasonable account terms and conditions, Capital One 360 is well-suited to nearly everyone. You’d be hard-pressed to find a bank—online or traditional—with personal banking products and service comparable to those of Capital One.

Georgia’s Own Credit Union CD Rates – Up to 1.50% APY!


image credit: georgiasown.org

Georgia’s Own Credit Union is a regional credit union serving Georgians across the Peach State since it opened its doors in 1934.

This credit union is quite small on a national scale but it’s the third-largest credit union in the state of Georgia, with 23 branch locations in metro-Atlanta, Savannah, Augusta, and other cities. 

To join Georgia’s Own – should you decide that it would be a good fit for your long-term financial goals – you’ll need to meet their geography or employment-based membership requirements.

Georgia’s Own Credit Union is not open membership but there are a couple of eligibility loopholes you can use to qualify if you don’t meet the general criteria. We’ll cover this in our eligibility section further down in this article.

Curious how their NCUA-insured savings products stack up? Find out in our comprehensive review below.

Georgia’s Own Credit Union CD Rates + Account Details

Deposits made into Georgia’s Own deposit accounts are federally insured by the NCUA (FDIC equivalent for credit unions) up to the maximum amount allowed of $250,000 per depositor. Joint accounts are covered up to $500,000.

As mentioned earlier, CD accounts with Georgia’s Own are currently providing some very lucrative yields at the moment.

Standard certificate accounts and bump rate certificate accounts, which Georgia’s Own calls “Own Your Rate CDs,” are available for purchase.

Georgia’s Own Credit Union CD Rates

CD TermMinimum DepositAPY
6 month$5000.70%
1 year$5001.10%
2 year$5001.20%
3 year$5001.30%
4 year$5001.40%
5 year$5001.50%

Please note that these standard CD rates can vary depending on balance, however at the present time they do not. Yields are consistent across all deposit amounts.

To put the offers above in perspective, the current national average for a 12 month certificate of deposit sits at just 0.22% APY currently.

Own Your Rate Savings Certificate (Bump Rate CD)

Bump rate CDs are also available at Georgia’s Own.

You’ll find these under the name of Own Your Rate Savings certificates and these require $500 to open just like their standard CDs.

These certificates come with 22 and 44 month terms that allow you to bump up your rate. You are allowed one bump for the 22 month term, and two for the 44 month term.

Remember, these products are only useful when rates are rising. If Georgia’s Own does not raise their deposit rates during the life of your CD, then the option becomes irrelevant. Also keep in mind Georgia’s Own will not notify of rate increases, so you’ll have to monitor these yourself while you bump CD is active.

How is Interest Compounded?

Interest is compounded and credited monthly or quarterly on 6 month, 1 year, 3 year, and 5 year CDs, but compounded and credited only quarterly on 2 year and 4 year CDs.

Early Withdrawal Penalties

  1. Early withdrawal from a term of 12 months or less will cost 90 days’ interest,
  2. from a term of 13-24 months will cost 180 days’ interest,
  3. from a term of 25-36 months will cost 270 days’ interest,
  4. from a term of 37-48 months will cost 360 days’ interest, and
  5. from a term of 49-60 months will cost 450 days’ interest.

The grace period within which you can make penalty-free withdrawals or deposits upon renewal is 10 days.

Georgia’s Own Credit Union Savings Accounts

There are 5 different savings account options to choose from with Georgia’s Own Credit Union. However, all of them provide the same yields currently. Your 5 options are:

  1. Primary Savings
  2. Holiday Savings
  3. Vacations Savings
  4. Club Savings
  5. Coindexter Club Savings

The Holiday and Vacation savings accounts allow you to automatically set money aside for those intended uses. The funds you save in these accounts are then automatically transferred to your primary account on November 1st and May 1st, respectively, so that the money is available when you need it for those events.

A Club savings account, on the other hand, lets you set aside money for unspecified uses but functions similarly to the Holiday and Vacation savings accounts.

A Coindexter Club savings account is geared towards children learning the value of saving. These can be opened by children up to 13 years old. When this account reaches a balance of $250, the primary account holder receives a free gift.

Interest is compounded and credited quarterly for all savings accounts.

Lookout For Potential Fees

Though technically called an inactive account fee, you’ll essentially be charged a monthly maintenance fee of $5 for every month that your account balance dips below $250. For every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

Georgia’s Own Credit Union Savings Rates

BalanceAPY
$5.00 – $49,9990.10%
$50,000 – $99,9990.13%
$100,000 +0.18%

A minimum opening deposit of just $5 is required to open any savings account with Georgia’s Own Credit Union, and any balance above $5 will earn interest.

The initial $5 that you deposit into the Primary savings account granted to you when you join is your share in the credit union, so you’ll need to make sure that that money stays there to keep your membership.

Georgia’s Own Credit Union Money Market Rates + Account Details

The money market rates offered by Georgia’s Own are more competitive than their savings products, but still lag the top rates held by online institutions.

Georgia’s Own Credit Union Money Market Rates

BalanceAPY
$2,500 – $9,9990.45%
$10,000 – $24,9990.55%
$25,000 – $49,9990.60%
$50,000 – $99,9990.65%
$100k – $249,9990.70%
$250k – $499,9990.75%
$500k – $999,9990.80%
$1m +0.80%

To put these offers in perspective, the current national average for money market rates falls between 0.08% and 0.11% nationally according to SmartAsset.

Avoid a $10 monthly service fee and continue earning dividends by maintaining an average daily balance of $2,500 or more.

As with the savings accounts, for every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

About Georgia’s Own Credit Union + Eligibility Requirements

Georgia’s Own Credit Union holds just shy of $2.5 million in total assets and has a net income of $21 million. 182,756 members bank with this credit union. There are 32 Georgia’s Own Credit Union branches, all of these located in Georgia. This institution also participates in co-op shared branching with other credit unions and shares over 85,000 surcharge-free ATMs across the country.

To be eligible to join Georgia’s Own, you’ll need to meet one of the following:

  1. be a resident of a qualifying Georgia county,
  2. a member of the Georgia’s Own Foundation,
  3. a Georgia resident and member of the Getting Ahead Association,
  4. a family member to someone that’s a Georgia’s Own member, or
  5. an employee/retiree of a qualifying company.
  6. Having ties to Georgia State University – whether you’re a former student, current student, or member of faculty or staff.

To become an Advocate with the Georgia’s Own Foundation you’ll need just $10 and anyone can join. This is the biggest loophole for non-Georgia residents to join.

To become a member of the Getting Ahead Association, you’ll need to be a Georgia resident and you can contact a Georgia’s Own representative for help joining.

Georgia’s Own has mobile banking apps available for download for Apple and Android mobile devices, and these are generally considered to be user-friendly and comprehensive based on customer reviews.

Final Thoughts

Georgia’s Own Credit Union is probably going to be best suited for individuals living in or around Georgia.

They don’t offer much interest on their variable rate savings products. All five of the savings accounts plus their money market accounts come with rates well under one percent.

However, if you’re looking for a fixed rate deposit, their CDs are beating the national averages for their respective terms by considerable margins – especially on longer term deposits. They also beat the yields of top online banks, which credit unions don’t often do.

With a credit union of this size, you’ll also likely have a customer service experience that feels much more personal.

Huntington Bank CD Rates and Money Market Review


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, while competitive in the past, are extremely low at the moment. This is on par with what we see at many large national banks such as Bank of America or Wells Fargo who have very little incentive to attractive new savers with high returns. I wouldn’t expect this trend to turn anytime soon, given the FEDs commitment to keep rates near zero through 2022.

We should also note that in a normal interest rate environment Huntington Bank’s deposit rates would increase with deposit size, but today all come with the same APY (annual percentage yield).

Huntington Bank CD Rates

TermAPY
1 month0.01%
3 months0.01%
6 months0.05%
9 months0.05%
12 months0.05%
18 months0.05%
24 months0.10%
36 months0.20%
48 months0.20%
60 months0.25%
72 months0.25%

To give these yields (above) some context, the current national average on a 12 month CD sits at roughly 0.22% APY nationally.

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

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.

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 offers more attractive yields than the fixed rate CDs 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.

Huntington Bank Relationship Money Market Rates (including 90 day promotional rate)

Account HeldAPY on money market
Standard0.21%
Huntington 5 Checking0.22%
Huntington 25 Checking0.24%
Private Client Account0.29%

To put these yields in perspective the current national average for a money market account with a balance of less than $100,000 is 0.08% APY.

That said, there are still a number online banks with savings accounts and/or money market accounts featuring rates above 1.0% APY and minimum balances requirements of less than $1,000.

All of Huntington Bank’s money market accounts have promotional, introductory interest rates that last for 90 days before dropping down to the standard 0.15% APY (or 0.20% APY for private clients).

The MMA of a customer with a Huntington 5 Checking account, for example, begins with an interest rate of 0.45% APY. This drops back down to 0.15% after the 90-day introductory period is up and leaves you with a blended APY of 0.22% for the year.

Interest is compounded monthly and credited monthly.

Avoid Fees

These accounts have the potential to ding you $25/month in maintenance fee. 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 5 or Huntington 25 Checking account.

A Huntington Bank MMA does have check-writing capabilities, but checks are only free if you also have a Huntington 25 checking account.

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.

Final Thoughts

As is often the case, you’ll have to decide whether Huntington Bank is right for you depending on what you value in a bank.

Huntington Bank isn’t going to be good for those that prioritize high interest-bearing deposit accounts, but if you’re looking for in-person banking and a regional bank culture, then Huntington Bank might be right for you.

Huntington has hundreds of conveniently located branches in the Midwest and great customer service accessibility (even if the customer service isn’t always great), which might make it attractive to individuals that just want their personal banking to be easy.

Patelco Credit Union CDs & Savings – Top Rate 2.0% APY!


Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 360,000 members across the nation and over $7 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.70%
36 – 47 months0.85%
48 – 59 months0.90%
60 months1.00%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.22% and 0.55% APY, respectively.

Dividends are compounded and paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest. 

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10-day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest. Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days dividends.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers an array of money market account options. These tiered accounts earn surprisingly high blended APYs on lower balances, but rates drastically fall off a cliff for higher amounts. See rate chart below:

BalanceAPY
$0 – $2,0002.0%
$2,000.01 – $5,0001.0%
$5,000.01 – $10,0000.50%
$10,000.01 – $50,0000.35%
$50,000.01 – $100,0000.25%
$100,000.01 – $9,999,999.990.20%

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Remember, these are blended APY rates. That means that though larger balances have lower interest rates than smaller balances, these APYs are minimum rates, not fixed rates. There is a range of APY rates that can be obtained within every tier. For example, at $2,000, you’d earn 3%; at $4,000, 2.5%; and at $8,000, 1.88%. Use this calculator to find out the exact APY you can expect on any given balance.

These money market account rates are some of the best in the country at this time. With an average APY of 0.18% for similar accounts, it’s easy to see why Patelco is particularly proud of its spread of money market options. This is one of the strongest savings tools the credit union has to offer and an excellent way to grow your money.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

BalanceAPY
$00.05%
$2,000.010.10%
$3,500.010.25%

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 38 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

  1. You live in certain counties (see below)
  2. You live, work, attend school, or worship in certain cities (see below)
  3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
  4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
  5. An immediate family member qualifies

Eligible California counties include:

  • Alameda
  • Contra Costa
  • El Dorado
  • Marin
  • Merced
  • Napa
  • Placer
  • Sacramento
  • San Francisco
  • San Joaquin
  • San Mateo
  • Santa Clara
  • Solano
  • Sonoma
  • Stanislaus and
  • Yolo

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Patelco has over 360,000 members and close to $7.5 billion in assets. As of February 29 2020, they had more than $5.5 billion member loans and more than $1 billion in investments.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.

Final Thoughts

Patelco is an easy credit union for anyone to join, but it doesn’t have the best rates out there on most of its suite of savings products. With that said, rates on their money market accounts are hard to beat especially for lower balances. So if you were looking for a liquid savings account (such as a money market account) and you plan on keeping a balance of $10k or less, then this may be a valuable option for you.

You probably want to look elsewhere for short term CDs or standard savings accounts, because the current offerings at Patelco fall short of the top rates held by online institutions.

PenFed Credit Union CD Rates – Up to 1.00% APY


PenFed headquarters in Tysons, Virginia. Image credit: bizjournals.com

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

PenFed offers a slightly wider range of certificate products than most credit unions with term options ranging from six months to seven years. Its CDs, called money market ​certificates,​ provide modest returns. These accounts are federally insured up to $250,000, easy to open, and fairly competitive compared to national averages.

PenFed Money Market Certificate Rates (CD Rates)

CD TermAPY
6 month0.30%
12 month0.50%
15 month0.50%
18 month0.55%
2 year0.60%
3 year0.65%
4 year0.70%
5 year0.90%
7 year1.00%

Although PenFed’s CD rates still beat the current national average(s) for their respective terms by a significant margin, better CD rates can be found through online banks or with other credit unions.

To put their 12 month and 5 year CD in perspective, the current national average for those terms sit at just 0.22% APY and 0.55% APY, respectively.

You’ll need a minimum of $1,000 to open any money market certificate account with PenFed. Though this is a higher-than-average opening deposit, the good news for certificate holders is that dividends are compounded daily and paid monthly (except for the 6 month certificate, which earns only simple interest, paid at maturity, on the principal) whereas many credit unions both compound and payout interest monthly.

Partial withdrawals from a CD account are not permitted under any circumstances, but full withdrawals are (for a price, of course). 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.

PenFed 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.

PenFed Money Market Rates

BalanceAPY
$25 – $9,9990.05%
$10k – $99,9990.10%
$100k +0.15%

The national average for money market rates sits at just 0.06%, so unless you have more than $100,000 lying around, you can expect below average payouts, paid and compounded monthly.

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 by PenFed

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. For comparison, that’s 0.02% below average.

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.

PenFed Premium Savings Account – 0.90% APY

Minimum DepositAPY
$50.90%

PenFed’s “premium savings account” offers an excellent APY of 0.90%. 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

There are pretty clear pros and cons of PenFed membership when you look at the numbers alone. For a certificate or premium online savings accounts, PenFed has attractive rates. For a regular savings or money market savings account, PenFed is not appealing.

Outside of just rates though, there are no membership or maintenance fees and there are countless ​discounts through parter 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.