APY GUY: Maximize Your Savings & Earnings

Lauren Graves

Synchrony Bank CD Rates – Up to 0.80% APY + 0.40% APY Savings Account


image credit: synchronybank.com

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.40%

In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:

  • <$4,999,
  • $4,999.01 – 24,999, and
  • >$24,999.01

This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

With this savings product, you will have cash access via:

  • phone,
  • ATM, and
  • online banking.

Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

Synchrony Bank Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Synchrony Bank Money Market Account Rate

BalanceAPY
$0 +0.35%

Interest is compounded daily and credited monthly

MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

Synchrony Bank CD Rates

CD TermAPY
3 months0.15%
6 months0.25%
9 months0.35%
12 months0.50%
18 months0.50%
24 months0.60%
36 months0.65%
48 months0.65%
60 months0.80%

To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Synchrony Bank Perks Program for Deposit Accounts

The Synchrony Perks program rewards customers for a combination of two things:

  1. Loyalty (ie how long you’ve banked with them) and
  2. High balances.

The tiers are set up as follows:

image credit: synchonybank.com/about/

Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.

You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:

  • Unlimited ATM reimbursements
  • 3 free wire transfers per statement cycle
  • dedicated phone line to a banker

Opening an account at Synchrony Bank

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

  • ACH transfer from an external account,
  • transfer from a Synchrony account,
  • mobile check deposit,
  • direct deposit from a third party,
  • wire transfer, or
  • personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Final Thoughts

Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.

Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.

If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.

Navy Federal Credit Union CD Rates – Up to 3.0% APY!


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

Navy Federal Credit Union is the largest credit union in the nation by a wide margin and has been since the 1960s.

This massive financial cooperative was founded in 1933 by Navy Department employees as the Navy Department Employees’ Credit Union of the District of Columbia.

Dropping the unwieldy name and extending membership to all Navy employees worldwide (rather than just those in D.C.), the credit union became known as the Navy Federal Credit Union in 1954.

Fast forward to today, you no longer have to be affiliated with the Navy to become a member of Navy Federal, but you do need to have military or family ties to join.

Navy Federal is a global credit union with international locations and hundreds of branches, but you’ll want to consider factors beyond accessibility before applying for membership.

Acclaimed not for its savings accounts but for its loans and customer service, Navy Federal Credit Union could be a good option for you, but it depends on what you’re looking for. For information about Navy Federal’s suite of NCUA-insured deposit products, keep reading.

Navy Federal Credit Union CD Rates + Account Details

Navy Federal deposit accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

Navy Federal is unique in that it offers several different types of certificates, some standard and some variable-rate; some short-term and some requiring much longer investments.

Navy Federal Credit Union CD Rates

CD TermAPYAPY
deposit amount:$1,000 – $50k$100k +
3 months0.40%0.45%
6 months0.45%0.50%
9 months0.50%0.55%
12 month0.55%0.60%
18 months0.55%0.60%
24 months0.55%0.60%
3 year0.70%0.75%
4 year0.70%0.75%
5 year0.90%0.95%
6 year0.90%0.95%
7 year0.90%0.95%

Navy Federal standard certificate accounts require a minimum deposit of $1,000. To put these rates in perspective, the current national average for 12 month CDs sits at just 0.16% APY right now, so 0.55 – 0.60% for the same term is pretty decent. That said, if you’re comfortable with an FDIC insured online savings account there are still accounts that hold APYs above 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

In a normal interest rate environment, NFCU’s deposit rates would vary by deposit amount, however in today’s market a minimum deposit of anywhere from $1,000 to $50,000 is going to have the same payoff in terms of APY.

Navy Federal also sells a 3 year variable rate certificate. This type of CD enables you to leverage upward market trends to earn more interest, but it also leaves you more vulnerable to downward market trends. 

Rates on these variable certificates adjust automatically at 12 and 24 months after issuance, at which point you can also add money if you choose, but will not decrease more than 0.50% of the original rate. The current APY on this type of account is 0.42%, which is less attractive when compared to a standard Navy Federal 3 year CD, so you definitely don’t want to commit to one of these unless you’re almost certain rates are going to increase significantly within at least a year.

There are EasyStart and Special EasyStart certificates as well. See EasyStart rates below.

Navy Federal Credit Union Easy Start CD Rates

CD TermAPY
6 month0.40%
12 month0.50%
18 month0.50%
24 month0.50%

One benefit of an EasyStart certificate is that it only requires an opening deposit of $50, but these accounts earn slightly lower APYs than their standard counterparts, making this really only a decent option for those that don’t have at least $1,000 to deposit (and maintain) but still want to earn while they save. There is no maximum balance or account limit associated with these CDs.

image credit: navyfederal.org

The Special EasyStart certificate is a 12 month term with a $50 minimum deposit, $3,000 maximum balance, and a 3.0% APY.

A Special EasyStart certificate account is available only to Navy Federal customers that have checking and direct deposit accounts with Navy Federal. Money may be added to EasyStart certificates at any time. Customers are limited to one Special EasyStart account per member.

All certificate dividends are compounded daily and credited monthly. These will be deposited to the certificate account automatically unless a dividend distribution option is chosen when the account is opened. There is a generous 21 day grace period for Navy Federal certificates.

Early Withdrawal Fees

Early withdrawal from terms of

  • 12 months or less will be charged fees equal to whichever option costs less: 90 days’ interest or all dividends on the amount withdrawn since issuance/renewal.
  • Early withdrawal from terms greater than 12 months will cost either 180 days’ interest or all dividends on the amount withdrawn since issuance/renewal and from terms of five years or more will cost 365 days’ interest or all dividends.

Navy Federal Credit Union Money Market Rates + Account Details

Navy Federal money market savings accounts are fine, but you’ll see that they’re not particularly attractive.

Navy Federal Credit Union Money Market Rates

BalanceAPY
$0 – $9,9990.40%
$10k – $24,9990.45%
$25k – $49,9990.45%
$50k +0.45%

The current national average for money market accounts is just 0.07% APY to put these offers in perspective, however slightly better rates can be had through online institutions such as Vio Bank, Tab Bank, or Discover.

A $2,500 minimum average daily balance is required to earn interest, but you won’t be charged a fee if your balance drops below this. Dividends are compounded and credited monthly. For every transaction you make over the six transaction limits enforced under federal regulation D, you’ll be charged $10.

Other Savings Accounts Offered Through Navy Federal Credit Union

An initial share with Navy Federal costs $5 and gets you a Share Savings Account. This is also how much you’ll need to keep in your savings account. With an APY of 0.25%, this savings product isn’t ideal for growing your money, but it doesn’t come with many inconveniences such as monthly maintenance or low balance fees. It does come with a $3 quarterly inactivity fee if your account is inactive for 12 months during any given quarter. Dividends are compounded and credited monthly.

Navy Federal also offers a SaveFirst Account with an APY of 0.40%. With a slightly better rate of return but equal minimum deposit, this account is a better option for anyone wanting to put money away for designated purposes like weddings or vacations. Select a term between 3 months and 5 years and watch your deposit grow (a little). Dividends are compounded daily and credited monthly. This savings account is going to earn you more than a share savings account, but a money market account might be a better option.

About Navy Federal Credit Union + Eligibility

Navy Federal blows other credit unions out of the water with its asset and membership numbers. They hold more than $112 billion in total assets and over $86 billion in member savings and deposits, with just shy of 9 million total members.

Though the credit union is headquartered in Virginia, you don’t have to live anywhere near Virginia to access Navy Federal branches or ATMs. There are 343 branches worldwide, some on military bases and some overseas in 26 international locations. In the U.S., Navy Federal has branches in metro D.C., Virginia, California, and Florida. They do not participate in shared branching, but they are part of a network of over 30,000 co-op ATMs.

To be eligible to join Navy Federal, you must have ties to the Department of Defense, the armed forces, the National Guard, or have a family member that does. Navy, Marines, Army, Air Force, Space Force, and Coast Guard active duty and retired members all qualify for membership. This credit union is not open membership and you may not join if you do not meet the above membership criteria.

Final Thoughts

Navy Federal has come to be known for its commitment to its customers. It receives high marks on the loan side and currently features exceptional APYs on the savings side.

It’s also the largest credit union in the country with far-reaching accessibility.

Chase First Banking – A Debit Card for Kids and Teens with Digital Tools


image credit: Chase.com

Chase Bank is the largest bank in the United States as of 2021. This bank has over $3.03 trillion in assets and one of the highest customer satisfaction rates across the board. But how does the new Chase Bank debit product for kids and teens stack up against its competitors?

The Chase First Banking account was created as a kid-friendly banking account that helps kids learn the value of money and parents play an active role in this process. Launched in 2020 in partnership with Greenlight, Chase First Banking has many of the features seen in popular kids’ banking products, plus a few management options parents may love. 

Is the Chase First Banking account right for your family?

Who’s It For

Average age: 6-13

Good candidate: Older children and younger teens who are not quite ready to be financially independent and would benefit from moderate parental control.

Kids between the ages of six and 17 are eligible to be added as users to this account. However, a Chase First Banking account does not support direct deposit, so if your teenager is already earning their own money and they want to deposit it directly into their own account, they will need to do so another way or get a different account like the Chase High School Checking account.

Only Chase customers are eligible to sign up for this account and parents must link a qualifying Chase checking account in order to get started. Qualifying accounts include but are not limited to the Chase Total Checking, Chase Premier Checking, Chase Better Banking, and Chase Private Client accounts.

Features and Benefits

Fees: no monthly service fee, no fee for in-network ATMs ($2.50 per withdrawal from out-of-network ATMs), $5 card replacement fee per card, 3% foreign exchange fee

The Chase First Banking account debit card is offered through Greenlight, one of the most popular kids’ banking products and apps on the market. So not surprisingly, there are a few similarities between this product and Greenlight. However, this checking account by Chase is structured differently and better for kids that are a little older.

This is a fee-free banking product that gives kids valuable learning experiences and parents the ability to “micromanage” their kids’ accounts. For both parents and kids, this account is divided into three categories: Spend, Save, and Earn. Take a look at what this is like for each.

For Parents

As the account owner of a Chase First Banking checking account, parents have control over their kids’ spending and are responsible for transferring money into their account. They must fund their child’s account with a linked Chase checking account.

In the Spend category, parents can choose where their kids do or don’t shop, how much they may spend at certain places, and even freeze their cards as needed from the app. They can set “Places to spend” which can be either specific merchants or merchant categories they would like to restrict. 

Restrictions may mean setting spending limits for those categories or prohibiting spending at them altogether. For example, a parent may decide to allow their child to spend only $20 at a movie theater. 

Money not in a “Places to spend” category becomes “Spend anywhere” funds. “Spend anywhere” money can be used anywhere (except for prohibited establishments) until there is no more available. All transactions that would overdraft either “Places to Spend” or “Spend Anywhere” funds are automatically declined. Kids can only use funds from “Places to spend” or “Spend anywhere.” 

In the Save category, parents can essentially require their kids to set aside their money for future use by assigning it to their savings for them. By placing money into the “General savings” category, parents can effectively save for their kids and teach them good habits. Kids can then decide which categories to put their savings into if they have specific goals set up.

Finally, in the Earn category, parents can pay their children allowances via recurring transfers into either their “Spend anywhere” or “General savings” balance. Chores can be assigned in the app that earn allowance when completed. For one-time payments, parents can select “Transfer money” and initiate this transaction from their own linked checking account.

Parents may choose to set up alerts to be notified when their kids use their cards. Only one parent or guardian may manage and have access to a Chase First Banking account.

For Kids

On the kids’ side, users are more limited in what they can and can’t do. Their parent will decide for them what money they can spend and what they can spend it on,

But stringent though these terms may be, kids still have a lot of options for what they do with their Chase First Banking funds. For example, they can set savings goals for themselves that they contribute to, even if their parents have already designated a certain chunk of money to be put away in savings. After they reach a goal, a parent may choose to move this money to a spending category for their child to use or leave it in savings. 

Unlike some similar products, kids will not receive rewards from their parents for reaching savings goals or saving more money (i.e. an interest rate paid on their savings balance or an account bonus when a goal is met). This account does not earn interest paid by Chase bank either.

Kids can also ask for more money. If a child would like more money added to their account, they can request this from their parent from the app. This money can be transferred into a spending or saving category at the parent’s discretion.

Another way kids can receive funds is by completing chores or tasks for their parents. Many parents assign chores to their kids through the app and set a reward amount that their child can see for the completion of these chores. Others set fixed recurring allowances without specific chores.

Chase First Banking debit cards can be used online and almost anywhere Visa is accepted, including at more than 16,000 transaction-free Chase ATMs. They can also be used internationally, but foreign exchange fees may apply. Unfortunately, many types of withdrawals and transfers are prohibited.

There are only two ways that kids can withdraw funds from their account:

  • At an ATM (fees are assessed at out-of-network locations)
  • As cashback on non-PIN debit card transactions for in-person or online purchases

The only other way funds can leave a child’s account is if their parent transfers it.

Kids can either spend or save their money only. They are not able to invest it into real stocks or donate it to charity through Chase.

A child may lock or unlock their own card from the Chase mobile app in the event that it is lost or stolen.

How Much Does the Chase First Banking Account Cost

This checking account does not charge service fees or penalize low balances. It does not cost most users anything to use, open, or keep (with the only real fees coming from foreign transactions, card replacement, and withdrawals from out-of-network ATMs).

This is not a subscription-based product, so there are also no costs associated with keeping your account and accessing all of its features. As long as the qualifying Chase checking account linked with a Chase First Banking account remains in good standing, your First account will stay open. 

Please note that this account does not qualify for signup bonuses applied to other Chase personal checking accounts.

Chase First Banking Vs. Competitors

One of the main benefits of Chase First Banking is that it does not charge unnecessary subscription or service fees like many other kid-friendly deposit products (including FamZoo).

Chase First Banking is also a popular choice because it gives parents much more control than other apps and products. For example, few kids’ debit cards or checking accounts allow parents to set spending categories for their kids or set aside money for savings on their behalf. These could be especially useful for parents of children who have not had much practice managing their own money.

Chase First Banking checking accounts are incredibly safe too. As we’ll talk about, they protect against unsafe spending, fraud, and unauthorized debit transactions.

Potential Drawbacks

One potential drawback to this product is that it requires you to be a Chase customer to open. And while Chase is a great bank for many people, this may be an inconvenience for some.

There are also several limitations on how money can go into and out of this account. For example, the account owner cannot deposit money into this account via ACH transfer or wire transfer or transfer money in these ways. 

Additionally, kids are limited in how they may use their money. Some families may prefer a product that allows them to put money toward giving or investments in addition to spending and saving.

A Chase First Banking account also has no check writing capabilities and does not allow check deposits of any kind. Chase convenience services included Chase QuickPay and Chase QuickDeposit are not available for this account, and users cannot use peer-to-peer transaction services such as Zelle or Venmo.

This account does not pay interest on money saved, so look elsewhere if this feature is important to you and your child.

Consumer Sentiment

Chase Bank is known for providing above-average customer service, and Chase First Banking account users are generally satisfied.

The Chase mobile app is highly regarded with 4.4 stars in Google Play and 4.8 stars in the App Store. Its interface is easy to navigate and most users have little to no trouble accessing their accounts and getting questions answered through the app and/or online platform.

To contact customer support, you can send a secure message through the app or online banking platform or give Chase a call at 1-800-935-9935.

Is It Safe

In addition to being FDIC insured up to $250,000, Chase First Banking checking accounts are covered by Zero Liability Protection and 24/7 Fraud Monitoring. These features will keep your child’s money safe from unauthorized debit transactions and flag you if suspicious activity occurs.

Chase protects kids’ safety by prohibiting spending at dangerous establishments and by capping daily spending and withdrawals. Prohibited transaction types include:

  • Gambling purchases
  • Rental purchases
  • Cash withdrawals
  • Check purchases

As mentioned, parents can also take their kids’ safety into their own hands by limiting or restricting their spending at certain establishments. Additionally, use of these debit cards on peer-to-peer spending networks like Zelle, Venmo, and PayPal is prohibited.

How to Sign Up

Signing up for this checking account can be done completely online or through the Chase mobile app. To be eligible to sign up, you must be a Chase checking account customer already or be willing to open an account. 

If you qualify, you can sign up by providing your personal information and linking your Chase checking account. Your child should receive their debit card within three to five business days.

Only one parent or guardian may be the owner of a Chase First Banking account. Each Chase customer can open up to five Chase First Banking accounts per qualifying checking account (if at any time your linked checking account is closed, this account will be as well).

Final Thoughts

For parents of kids and young teens that want a little more control over their kids’ spending, the Chase First Banking account is not a bad way to go. This account allows parents to manage their children’s spending on a more granular level than other products and apps do, making this one of the best options for parents hoping to help their children learn important money management skills. 

If you don’t mind the restrictions and limitations of this account (i.e. few funding options and a number of services not available), then it may be a good fit.

12 Best Debit Cards for Kids and Teens in 2021


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

When shopping around for the right debit or prepaid card for your kid or teen you’re going to want to keep an eye out for several key features. Things like low fees, parental controls for reloading funds and monitoring and controlling spending activity are essential.

Depending on the age of your kid(s) though, you many want additional features such as automatic bill pay, or mobile direct deposit. These are great to have if your teen has a part time job and may even have bills to pay of their own such as a cell phone, iTunes, Netflix, etc.

In compiling this list below of the best debit cards for kids and teens, we’ve considered the following features and variables:

  • Does the account pay an interest on the balance?
  • What are the fees associated with this account – monthly fees, fees per cash reload, etc.?
  • Which cards are the best for households with multiple kids and/or teens?
  • Which offers provide the best security?
  • Which offers provide the best parental controls?
  • Which provides the best app and/or online experience?
  • Which debit cards feature the best card art?

If you’re considering applying for a debit or prepaid card for your child or teen, you’ll want to read our comprehensive and objective review of what we believe to be the best options below.

Greenlight Kids’ Debit Card

image credit: greenlightcard.com

The Greenlight debit card for kids is one of the most popular offers on the market and is perfect for teaching your children all the basics of earning, spending, and saving their money.

Greenlight lets you create a chore list that your child can work through to earn money and other perks. You can also set automatic allowance deposits on a weekly or monthly basis in addition or if you prefer giving  your children a set amount of money each week. And if you ever need to fund your child’s account in a matter of minutes, you can make an instant transfer through the app.

When your child spends money, you’ll receive a notification that their card was used moments after they’ve used it. You’ll be kept in the loop and you’ll have a say in where your child is allowed to use their money, but your kids will be doing valuable learning themselves as they track their spending and saving and build money management skills. Kids with Greenlight cards can use their funds to make purchases anywhere Mastercard is accepted or even to buy stock.

A Greenlight subscription costs $4.99 a month for your whole family, which can include up to five kids’ accounts.

You can learn more at about the Greenlight Debit card for kids on their website.

FamZoo Prepaid Debit Card

image credit: famzoo.com

The FamZoo Family Pack of Prepaid Cards gives parents control over how and what their children spend and kids opportunities to learn how to manage their money. FamZoo accounts use private family banking systems to give children hands-on learning experiences that are parent-directed.

With FamZoo, parents are “bankers” and their children are account holders. Parents can establish a payroll for their kids, loan money, set up automatic allowances, and even pay interest on savings.

This virtual family bank is great for families of all sizes and can be customized to meet your children’s specific needs. FamZoo is easy to use from both the parent and child perspective and the prepaid cards can be used safely anywhere where Mastercard is accepted.

FamZoo accounts cost $5.99 per month if you pay monthly, but you can save if you pay in advance. If you pay for 12 months, the cost will come out to around $3.33 per month. The first four debit cards are free and each card beyond this costs $2.

We go into further detail in our FamZoo review found here.

BusyKid Visa Prepaid Spend Card

image credit: busykid.com

If you have a child between the ages of five and 16, you may be interested in the BusyKid Visa Prepaid Spend Card. 

BusyKid uses a chores-based system to allocate money for your child so that they can see exactly where their money is coming from and where it is going. You can set rates for different chores and your children can mark them complete and see when they will be paid. Parents who use BusyKid appreciate that this system instills a sense of responsibility and ownership over spending and saving in their children.

Once your children have been paid for their chores, they can choose to spend, donate, or invest their money. Investments can be made into real companies like Netflix and Nike through Stockpile and kids can donate a percentage of their earnings into the charities of their choice. All purchases and spending is approved by parents before it goes through.

BusyKid prepaid debit cards can be used online and anywhere Visa is accepted. A BusyKid annual subscription costs $19.99 including a free card. Each additional card costs $7.99 a year.

This breaks down to a monthly cost of just $1.67 for one child or $2.33/month for two.

Copper Debit Card

image credit: getcopper.com

Copper debit cards are specifically designed to help your teenager learn good money habits, without being overly restrictive or charging fees for mistakes like overdrafts. Copper debit cards can be used online and in person anywhere Mastercard is accepted.

With Copper, your child is given the tools they need to make smart financial decisions for themselves and control over their own accounts to practice what they’re learning.  They can also take quizzes to test their knowledge and they’ll have access to expert advice whenever they need it. 

The Copper app provides a straightforward, comprehensive look at your teen’s spending and saving, lets them set savings goals, and makes it easy to manage their finances in one place. And as their parent, you can set up automatic payments into your child’s account and not have to worry about transferring money.

Copper requires no minimum deposit to open and does not charge an annual fee.

[Update April 2021: Copper has seen consistent growth since their inception in 2020. Their CEO and founder announced that they surpassed 130,000 members as of April 2, 2021.]

Copper CEO/Founder announcement on April 2, 2021 via LinkedIn.

Copper also has a promotion running where you can send $3.00 to each of your friends (which copper will pay for) plus you’ll receive $3.00 when/if they sign up.

Akimbo Prepaid Mastercard

image credit: akimbocard.com

An Akimbo prepaid Mastercard offers a safe way for your older children to learn the nuances of banking in a low-risk environment. This card lets your teens have total control over their money but gives you the final say in what they can and can’t spend. Your child’s card account will be a sub account within your own, so you can decide how much money you allocate to your teen’s card.

Akimbo doesn’t have all of the bells and whistles of some of the kids cards and apps talked about in this list, but it is as close as you can get to giving your child a bonafide debit card without surrendering your ability to see what they’re doing and help them. You’ll be notified when they spend their money and, as the account manager, what they spend it on. This is great for parents that want to play a role in teaching their children financial literacy lessons.

Each Akimbo account may have up to four prepaid cards. There is no monthly fee. However, reloading your card costs up to $5 each time and ATM withdrawals are around $2 each.

Capital One MONEY Teen Checking

image credit: capitalone.com

A MONEY teen checking account with Capital One is a great choice for kids and teens that have already learned the basics of money management and are ready for more independence with their cash. Kids eight years old or older qualify for this account.

The Capital One MONEY app lets your child track their earning and spending as well as set savings goals in different categories. If you choose to, you can reward them for reaching these goals with bonuses. And in cases of emergency, you can lock your child’s card instantly.

There are no monthly fees or account minimums with this account. Parents do not need to have a Capital One account to enroll their child in MONEY. This account earns an APY of 0.10% on any balance. 

Gohenry Debit Card

image credit: gohenry.com

The gohenry debit card is designed for kids between the ages of six and 18 years old, but it’s best for parents that want to start teaching their children young about the importance of smart budgeting.

The gohenry app lets you set up an automatic weekly allowance for your child and you can also add chores and set a price for these to let them earn more. Then, you set limits on how much your child can spend in a given week or trip and change these as needed. Your child can save, spend, or donate their money to Boys & Girls Clubs of America. They can set as many savings goals as they want for larger purchases.

A gohenry account costs $3.99 per month per child. This card is a little pricier than some of the others on this list because fees are charged per child, but it’s good for small families. These cards can be used online or anywhere Mastercard is accepted.

American Express Serve Prepaid Debit Cards

image credit: serve.com

The American Express Serve FREE Reloads prepaid debit card, while not marketed as a teen product, is great for teaching your teen financial literacy. 

A FREE Reloads debit card requires no minimum monthly balance and is free to use/reload at over 45,000 ATM and store locations. By giving your teen a certain amount of money and allowing them to decide when and how to spend it, this card encourages independence and offers all of the perks and protections of a true debit card.

This account charges a monthly fee of $6.95, which cannot be waived. A card is free to purchase online but may cost up to $3.95 if you go to a retail location. These can be used online or anywhere American Express is accepted. To avoid transfer fees, your teen will need their own American Express bank account, and many parents choose to link this to their own.

Alliant Credit Union Free Teen Checking

image credit: alliantcreditunion.org

You might want to look into getting an Alliant Credit Union free teen checking account if you’re a fan of the popular credit union, fee-free banking, or easy-to-use platforms. Teens between the ages of 13 and 17 are eligible to open an account.

This checking account is one of the best options out there for giving your teen a comprehensive banking experience that is safe and helpful. Teens can set their own budgets and even earn interest up to 0.25% APY when they save (you will need to enroll in eStatements and make one deposit per month into their account to access this feature); and parents can set ATM and spending limits for their teens and transfer money between accounts at no cost. On top of that, the Alliant mobile app is consistently rated at five stars.

If you’re looking for even more interest, they also have a kids savings account that features an APY of 0.55%. To put this in perspective, the current national average sits at just 0.07% APY.

There is no minimum monthly balance requirement or monthly fee with this account. Just a few of the perks offered include access to over 80,000 free ATMs, up to $20/month in ATM rebates, and the ability to make contactless Visa purchases.

Jassby Virtual Debit Card

The Jassby virtual debit card for kids offers all of the safety and convenience that a kids’ card should, with the added security of being fully digital. This card is best for families with multiple children because parents are in complete control of when the card is activated and for who. The card can only be used when active.

The Jassby virtual card is unique in that it is on your child’s phone, so you don’t have to worry about them losing a card, but they can still use it anywhere. You can use the Jassby Family Finance app to pay your child an allowance and for chores instantly without incurring fees.

There is no monthly fee for this account for the first six months and as long as the card is used once per month after this (otherwise the monthly charge is $2.99). This card can be used online or anywhere Mastercard is accepted.

Current Debit Card for Teens

image credit: current.com

You and your child will both love the Current debit card for teens. They will love the freedom to make purchases just about anywhere and save more effectively with round ups and savings goals, and you will love being able to keep them safe wherever they are using their card.

This card lets you set spending limits, assign chores, pay allowance, and transfer money to your teen with ease. You are immediately notified whenever your child uses their card. The Current app is user-friendly and easy to navigate, making it perfect for teaching your teen about banking without the stresses of a complicated interface. You also have the ability to block your child from using this card at certain merchants.

The price is $36 per teen annually. There is no minimum monthly balance fee, overdraft fee, or transfer fee. This card can be used online or anywhere Visa is accepted.

Mango Prepaid Debit Card

A Mango prepaid debit card is our last great pick for this list and a stand-out option because it offers the opportunity to link a high-interest savings account to your card.

This account has a lot going for it, including the fact that it can be opened even if your teen doesn’t have a checking account of their own. Your teen can open a linked Mango savings account with a deposit of just $25 and earn up to 6% APY (to qualify for this rate, your teen needs to make signature purchases totaling $1,500 after opening the account and maintain a minimum monthly balance of $25 after). 

You can add funds to your teen’s card from your own checking account or load money onto it from a participating retailer like Walmart or Walgreens.

There is no activation fee, but there is a monthly charge of $5 and a $3 ATM withdrawal fee. This card can be used online or anywhere Mastercard is accepted. Mango can also be used virtually from your phone when you enable this from the app.

Capital One MONEY Teen Checking Account Review


image credit: capitalone.com

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

Hunting for the perfect checking account for your teen? In this article, we’ll cover everything from fees and disclosures to how this kids’ checking account by Capital One stacks up against the competition. 

Who is it For?

Average age: 13 to 17.

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

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

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

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

Noteworthy Features and Benefits

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

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

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

Parental Features and Benefits

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

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

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

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

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

Kids Features and Benefits

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

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

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

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

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

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

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

Capital One MONEY Teen Checking Account Fees and Costs

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

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

Capital One MONEY Teen Checking vs Competitors

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

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

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

Potential Drawbacks

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

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

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

Customer Sentiment

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

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

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

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

Checking Accounts, Savings, Money Market and CD Accounts

Capital One Bank

P.O. Box 150

St Cloud, MN 56302-0150

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

All MONEY checking account mobile banking is done through the Capital One app, which is one of the highest-rated banking apps available. It has 4.8 stars in the App Store and 4.7 stars on Google Play. You can also sign in to your account online to see your transactions and manage your account.

Is it Safe?

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

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

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

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

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

How to Sign Up

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

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

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

Final Thoughts

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

Comenity Direct High Yield Savings – 0.55% APY + 0.90% APY CDs


image credit: direct.comenity.com

[Update March 2021: Comenity Direct finally lowered the rate on their variable rate high yield savings account by 0.05% to the current 0.55% APY. They also raised the rate on their 1 year CD from 0.60% APY to the current 0.63% APY.

Update January 2021: The APY (annual percentage yield) on Comenity Direct’s variable rate high yield savings account and all of their fixed rate CDs remain unchanged to start the new year. Their last rate drop was in September of last year.]

You may have heard of Comenity – the global credit card services provider with a product range featuring more than 145 retail-branded credit cards – but did you know they do FDIC-insured deposit accounts as well?

This corporation’s online banking services sector, Comenity Direct, offers online CDs and a high yield savings account featuring APYs well above the national average.

Comenity Direct scores high marks across many review platforms for its high-yield savings and certificate of deposit accounts – which require fairly low opening deposits, incur minimal fees and boast big rates.

That said, Comenity Direct isn’t perfect – customer experiences are mixed and other banks are going to have more options for accessing cash – but if high savings rates are what you’re after, the pros seem to outweigh the cons in a significant way.

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1000.55%

Recent Rate Drops on Comenity Direct’s High-Yield savings account:

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to 1.10% APY on July 1, 2020
  • then again from 1.10 to 1.00% APY around July 23, 2020
  • dropped for the first time in August on the 14th to 0.80% APY (down from 1.00% APY)
  • dropped in September, 2020 to 0.60% APY
  • dropped in March 2021 to 0.55% APY

The national average, for context, has been hovering around 0.07% for several weeks and doesn’t seem likely to go up any time soon. That said, remember that these online savings account rates are variable and can change at any time without notice. Interest on the Comenity Direct High Yield Savings account is compounded daily and credited monthly back to the account. 

For such a strong rate of return, you might assume that these accounts require a high minimum opening deposit and balance, but this is not the case. As with many online savings accounts the minimum balance required to open and earn interest is quite low – at just $100. You’ll want to note that you won’t earn interest if your balance drops below $100 and if it happens too frequently Comenity Direct may close your account.

There are few fees you should be aware of with the Comenity Direct High Yield Savings account:

  • $25 per outgoing wire transfer,
  • $15 per paper check, and
  • $5 per paper statement (in an effort to encourage fully paperless billing and banking).

As for monthly maintenance, incoming wire transfers, ACH transfers, and online statements, these are all free and there is, again, no low balance fee. In compliance with federal regulation D, you can make up to 6 transactions a month for free. An excessive withdrawal fee is not listed, so Comenity Direct may just prohibit transactions over this limit from going through.

To add funds when you open an account, link an external bank account and make a transfer or set up direct deposit. You cannot deposit cash.

Comenity Direct CD Rates + Account Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s certificates of deposit earn interest up to $10 million.

Like Comenity Direct’s savings account, their CD accounts are also miles ahead of the national average in terms of APY. You’ll also notice that rates still increase with the terms, which can’t be said for many institutions’ deposit products today.

CD TermAPY
1 year0.63%
2 year0.75%
3 year0.85%
4 year0.85%
5 year0.90%

To give these rates some context, the current national average for a 1 year CD is just 0.22% APY currently.

You can still lock in 12 month CDs above 0.90% APY through some credit unions but the pickings are slim.

These are all standard certificates. There aren’t any special, jumbo, or step-up CDs in their product suite at this time.

With a minimum deposit of $1,500, you can open a Comenity Direct certificate of deposit account under any term. The same fees apply for certificate accounts as with the savings account mentioned above with the only addition being early withdrawal fees.

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

  • If your term is between 12 months and 3 years in length, you’ll owe 180 days’ interest for an early withdrawal.
  • If it’s greater than or equal to 4 years, you’ll owe 365 days’ interest.

Grace Period

The grace period is 10 days after maturity. You can let your account automatically renew after this period expires or cash out the full balance before the time is up. In other words, when your certificate matures, you’ll have 10 days to either add funds or withdraw funds and close the account.

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

Dividends can be paid out via ACH transfer to a linked external account or to your Comenity Direct High-Yield savings account if you call customer service to make this request at least 3 days before the interest is applied. But unless you put in this request, your account will default to depositing credited interest back into the certificate.

Banking Reviews and Customer Sentiment

If you were to ask 10 different Comenity Direct customers how satisfied they were with their overall banking experience, you’d likely get 10 very different answers. This range is reflected in the thousands of online ratings left for the bank. 

If you go to DepositAccounts, for example, you’ll find a dead-average 2.5-star rating out of 22 reviews. If you go instead to ConsumerAffairs, you’ll see a single star. And over on WalletHub, 16,846 people have given the bank an average score of 3.8 stars. Keep in mind the sheer number of reviews on WalletHub versus the others likely make it the most accurate reading.

Taking customer feedback into account, Comenity Bank scores a little better than what’s normal for a respectable and trustworthy bank or credit union. And because Comenity Direct is an offshoot of Comenity Bank and offers only deposit and savings accounts through this company, these reviews are largely for Comenity Direct accounts.

Understand that many banks and credit unions are receiving harsh feedback from their users at this time amidst the panic of COVID-19 and all of the financial difficulty that has come with it.

The Comenity Direct app has just 2.5 stars on Google Play but 4.4 stars on the App Store. Do with this discrepancy what you will, but it seems like the mobile app performs better on Apple devices. Remember, you can also do your banking online if their apps are underperforming.

The Comenity Direct Customer Care Center is available to take your call from 7 AM to 11 PM (CT) Monday through Friday and from 9 AM to 5 PM on weekends and holidays. The number for this is 1-(833)-755-4354. You can also reach help online through the web banking platform. Unfortunately, there is no live chat feature at this time and no option for those that prefer sending an email or letter. 

There are no Comenity or Comenity Direct branches or ATMs, so ATM access is a no-go. But since there are also no ATM or debit cards offered with these deposit accounts, this shouldn’t be too surprising. This bank does not allow cash deposits, but you’ll be able to make and receive unlimited ACH transfers.

Final Thoughts

All in all, if you’re after respectable rates, there are many reasons to sign up for a Comenity Direct high yield savings or deposit account. What this online-only institution lacks in physical accessibility it makes up for in competitive rates. So as long as you are on board with the basic concept of online-only banking and see at-your-fingertips banking as a benefit of going digital rather than a hindrance, Comenity Direct is a strong choice.

Outside of attractive rates, Comenity Direct doesn’t charge many fees on its highly rewarding savings and deposit accounts. The accounts also compound interest daily and allow for unlimited ACH transfers.