ApyGuy: Maximize Your Savings & Earnings

Lauren Graves

SmartyPig Savings Account – Up to 1.05% APY!


image credit: smartypig.com

Sallie Mae might be known best for its private student loan operation, but did you know they also sell competitive deposit products – and have been since 2005?

Sallie Mae Bank was named a top bank of 2020 by GOBankingRates for its rewarding and accessible savings accounts. Sallie Mae deposit products — which include savings accounts, money market accounts, and CDs — have fairly high interest rates without any of the tedious restrictions or fees associated with many banks.

Among Sallie Mae’s suite of FDIC-insured deposit products, the SmartyPig savings account is a particularly popular choice. 

The SmartyPig savings account has unique set of tools and generous APY that benefit savers who fit one of the following profiles:

  1. new savers,
  2. individuals that need to get into the habit of regularly saving,
  3. people with financial goals that could use some help with organization and/or motivation,
  4. people who want to earn a competitive interest rate.

If you’re considering the SmartyPig Savings Account, you’ll want to read our comprehensive review of their product, its tool set, the current rates and potential bonus offers.

What is SmartyPig?

SmartyPig is a free online, high-yield savings account available through Sallie Mae Bank.

It is FDIC-insured up to the federally allowed limit of $250,000 and available to any U.S. citizen over the age of 18 with a social security number and an external account that can fund it (more details on eligibility requirements below).

Advertised as an online “piggy bank,” this nontraditional savings account is intended to help you save for various achievable financial goals. It does this by giving you a user-friendly platform through which you can organize your goals and track your progress. The key features of this account that enable your savings to build are:

  1. Automatic transfers. Once you’ve set up a new savings goal, say for a downpayment to a car, you then set up automatic transfers from your external checking account that slowly seed this initiative.
  2. Fantastic APY. The money that gets auto-transferred to fund your goal earns a phenomenal APY that sits well above the current national average for a savings account.

The philosophy behind this account is that concrete goals are easier to save for than saving just for the sake of saving, which can feel daunting and at times unrewarding.

How to Open a SmartyPig Account

Opening a SmartyPig savings account is simple and painless.

Just visit the SmartyPig website (note this is a separate domain and not the Sallie Mae website) and click “Start Saving” in red on the home screen.

From there, go through the 4-step registration process that will ask you for your personal information, social security number, and driver’s license number. 

As soon as your account is ready to go and your chosen external account is linked, you can fund it with as little as a penny to begin earning interest and creating savings goals.

Schedule monthly or biweekly recurring contributions from your external account into whichever goal(s) you choose.

Almost anyone qualifies for a SmartyPig account. You just need to be at least 18 years old and have an external checking or savings account that you can use to fund your Savings Goals. You also need to be a U.S. citizen, resident with a social security number, or permanent U.S. resident alien with a green card or social security number to open an account. 

If you have issues setting up or servicing your account, call customer service at (811) 751-6884 during their business hours of 8 AM to 8 PM Eastern Time Monday through Friday or send a secure message through the Message Center (if you already have an account).

Setting Up SmartyPig Savings Goals + Rules and Restrictions

What makes the SmartyPig account unique is the savings goal feature. A simple interface that allows you to set up specific goals and then fund them in an ongoing and manageable way.

These goals are flexible and can be tweaked or canceled at any time, and money can be moved between goals as you please. The balance of your entire account will earn interest regardless of your progress toward goals or how many goals you have set up. 

Each distinct savings goal must be for at least $50 but not greater than $250,000. Recurring contributions, which may be monthly or biweekly, need to be equal to at least $10 but not greater than $50,000. You need to link 1 and only 1 external funding source, either a checking or savings account, to fund this account. This account is not a bank but a savings vehicle that earns interest and is not meant to replace a savings or checking account.

SmartyPig Current Interest Rate + Account Details

All SmartyPig interest compounds daily and credits monthly. Your funds are FDIC-insured up to $250,000 per individual or $500,000 per joint account. See the table below for current rate tiers.

SmartyPig Savings Rates

BalanceAPY
$0.01 – $2,5001.05%
$2,500.01 – $10k0.95%
$10,000.01 – $50k0.75%
$50,000.01 +0.65%

To give the yields above some perspective, the national average for a savings account sits at just 0.07% APY. And the top rates in the country have, for the most part, all fallen well under the 1.00% APY mark. Making the SmartyPig account one of the most competitive FDIC-insured, variable-rate products on the market.

The account comes with no minimum opening deposit requirement or minimum balance requirements. Plus, you’ll never be charged monthly maintenance or low balance fees.

There are also zero penalties for failing to meet a savings goal by the target date you’ve set. If this happens, just log-in to your account and change the target date. You may also transfer the sum to a different goal.

Once a goal has been reached, automatic transfers put toward that goal will be halted, but you will still earn the advertised rate on your sum.

Account transactions may not exceed 6 per statement cycle, per federal regulation D. Excessive withdrawals will not be permitted, but you will not be charged for attempting them. Just avoid them so that your account is not closed.

Account balances may not exceed $250,000 unless direct deposits over this maximum are automatically made, in which case greater balances will be accepted.

SmartyPig Bonus Offers

SmartyPig Savings Accounts have a few other perks built in that many savings accounts do not, including opportunities for referral bonuses and a bonus redemption program through Amazon. Refer a friend to SmartyPig and earn a reward of $10 once they successfully open and fund a new savings account. 

SmartyPig is partnered with Amazon, which makes it possible for you to order Amazon gift cards valued anywhere from $5 to $500 using SmartyPig funds. This isn’t an exceptional offer but it would allow you to save some time if an item you’re putting money towards is available for purchase through Amazon.com. This would simply allow you to buy it instantly once your goal is reached rather than having to wait for a transfer to your external funding account to post.

Final Thoughts

SmartyPig is a great micro-savings account option for short-term goals and has one of the most competitive yields on the market.

Say, for instance, that you’re saving up for a new mattress. SmartyPig would enable you to set up automatic payments from another account toward this goal (plus earn a phenomenal, FDIC-insured interest rate) until that goal is achieved, and your funds available for withdrawal.

Even without its unique tool set and approach to savings, the interest rate and lack of fees make it an attractive account.

Barclays Online Savings Account – Now 0.50% APY


image credit: banking.barclaysus.com

Although London-based, Barclays Bank has been around since 1690 and services just shy of 50 million customers worldwide, the online-only division was established in the US in 2003.

Barclays online deposit product suite is simple – with just an online savings account and a few standard term CDs.

In this review we will cover the variable-rate online savings account. It comes with a higher than average yield and no fees or minimum balance requirements.

Barclays was awarded the “Best Banks for Savings” rating by Nerdwallet in 2019 and its online savings account consistently competes with the top APYs on the market.

You won’t be able to do all of your banking in one place with Barclays as they do not offer a checking account or ATM card, but if you’re comfortable managing your savings digitally in the interest of earning better interest, Barclays online savings account might be a good fit for you.

Barclays Online Savings Account Details + Current Rate

Barclays has only one savings account, the Barclays Online Savings. This account offers a solid APY of 0.50% currently and has no minimum deposit requirements to open the account. Once the account is open there is also no minimum balance requirements. To get paid interest, however, you will have to maintain an average daily minimum balance of just $1.00.

Interest is compounded daily and credited monthly to your savings account or an external account.

Barclays is a member of the FDIC, so all accounts opened with them are insured up to $250,000 or $500,000 for joint accounts.

Minimum Balance to earn interestAPY
$1.000.50%

To give this offer some context, the current national average for a savings account sits at just 0.07% APY currently.

How to Open the Barclays Online Savings Account

You’ll need a few basic things to get started with your account. Here is the information Barclays will require:

  • Name
  • Address
  • Date of Birth
  • Phone Number
  • Social Security Number
  • Occupation

Funding the Account

Barclays will also ask for the necessary bank information of where you will be transferring funds from. For this, you will need:

  • your current bank account routing number
  • your current bank account number

As with many online banks, you will need to verify two small test deposits that Barclays credits to your account before funding it. If you are making your initial deposit via check you can use $0.00 for these fields. Just be sure to mail your check in asap.

You can deposit funds via any of the following methods:

  • you can set up direct deposits,
  • make remote deposits through the app or website,
  • transfer funds electronically through an ACH transaction,
  • or mail a check to the following address: Barclays P.O. Box 4538 Carol Stream, IL 60197

Once your online savings account is open, you can easily transfer funds to other accounts and other banks for free (though you will have to wait 2 – 3 business days for these to go through). You can do this up to six times per month without incurring fees per Federal Regulation D. For each transaction after that, you’ll be charged $5.

The other fee to potentially look out for is the $5 non-sufficient funds fee, which is still significantly lower than what most banks charge. For more information on fees, continue reading below.

Barclays Online Savings Account Fees

As mentioned, the account comes with no monthly maintenance fees and no monthly balance requirements. That said, depending on what actions you intend to take with this account, there may be some associated fees.

Barclays Online Savings Fees

TypeFee
Excessive Transaction$5 each after the sixth
Stop Payment$0
Cashier’s Check$5
Returned Item$5 each
Non-Sufficient Funds (NSF) Fee$5 per item
Statement Copy$0.50 per statement
Express Mail/Rush Delivery Charge$25
Legal Documents$0
Account Research$0

Please note that Barclays does not accept wire transfers at this time.

Barclays Online Banking Experience

Barclays has ATMs, but you won’t be able to access them if you’re an online-only customer because the Barclays Online Savings account does not come with an ATM card.

There is also no U.S. branch network. To access your funds, you’ll have to transfer them to another account or cash out checks. And remember, Barclays does not offer a checking account at this time.

So what do US consumers have to say about this online institution?

Reviews are very mixed.

Until recently, customers have generally been satisfied with their experience with this bank. Out of 220 reviews on DepositAccounts, the bank earned a 4-star customer rating. Out of 472 customer ratings on ConsumerAffairs, the institution earned about 3.2 stars. Finally, on WalletHub, Barclays scored a 3.8 out of 24.2 thousand user reviews—overall, the bank is rated somewhere between 3 and 4 stars out of 5. (Keep in mind, however, that some reviews are of the global company and not of the online, U.S.-based retail bank alone.)

In normal environments consumers seem to be satisfied with this bank, especially for its interest rates and the ease of use of its digital platform. But in the past few weeks, amidst the panic of COVID-19 and the worrisome financial situations of so many Americans that have resulted, Barclays has received an outpouring of overwhelmingly negative reviews. 

As customers seek help in the form of mortgage relief, advice, answers, and more, Barclays has allegedly become flaky and unpredictable. Many users have reported unexpected account closures and freezes and countless customers are unable to reach customer service representatives at all. Though this might not be the typical Barclays experience, you’ll want to decide for yourself whether Barclays is a bank you can trust using this information.

As for the Barclays mobile app, this scores a 4.8 out of 5 on Apple’s App Store and a 4.5 on Google Play. Users report that this app is functional and easy to navigate—if basic—though the general consensus seems to be that its quality declines with each required update. You can do your banking online if you prefer, and customer service can be reached at (888) 710-8756 Monday through Friday from 8 am to 8 pm or through the live chat function on the site.

Final Thoughts

Barclays online bank may meet your savings needs, but there are a few considerations you’ll want to take into account. 

For one, their customer service seems to be unsatisfactory, at least for the time being. This is a red flag that shouldn’t be ignored, especially when the bank in question is online-only and you won’t be able to go into a branch to have your questions answered and concerns heard.

For another, Barclays doesn’t have many products, so doing all of your banking in one place won’t be possible. There has been talk of an online checking account option becoming available, but this has yet to happen.

On the positive side, Barclays online savings accounts are available to a wide range of people as they have no minimum balance requirements or monthly maintenance fees. Plus, it comes with an APY that consistently competes with the top yields available.

American Express Personal Savings Account 0.60% APY + 0.55% APY CDs


image credit: americanexpress.com

American Express National Bank is the 26th largest bank in the U.S. by asset size with just shy of $122 billion in total assets.

Known by most as a credit card company—American Express—this financial corporation was approved to become a commercial bank with the name American Express National Bank in 2008 and has been a part of the digital banking sector ever since.

Within this relatively short period of time, American Express National Bank has racked up over $78 billion in consumer deposits.

Their current deposit suite consists of a personal high yield savings account and seven standard term CDs (certificates of deposit). The personal savings account comes with an APY that consistently places within the top yields from FDIC-insured, online banks with nationwide acceptance.

American Express National Bank is an online-only bank, so there are no physical branches. If you’re considering opening the personal online savings account from American Express, be sure you are comfortable with online banking. They also have no native apps available on IOS or Android so you will have to use a web browser on your PC, tablet or smartphone to manage your account(s).

To learn more, read our complete review of their personal savings account and certificate of deposit products below.

American Express Personal Savings Account Details + APY

The personal high yield savings account by American Express National Bank comes with zero monthly maintenance fees, and no minimum balance or deposit requirements. American Express Bank is member FDIC and all consumer deposits are federally insured up to the applicable limits.

American Express Personal Savings Account APY

Minimum BalanceAPY
$00.60%

To put this offer in perspective, the current national average for savings accounts sits at just 0.07% APY. However, a number of online institutions still offer slightly higher APYs such as the Citi Accelerate savings account, but remember, rates on these accounts are variable and change often.

Fees, Minimum Balance Requirements, and Compounding Interest

The American Express Personal Savings account does not charge monthly maintenance fees nor does it require an average daily minimum balance. To earn the advertised interest rate and APY, you just need to maintain a balance of $1 or more.

There is no minimum opening deposit required either, but accounts that remain with a $0 balance for 180 days will be closed. These flexible terms put this savings product within reach of just about anyone, regardless of net worth or income.

Dividends on this high-yield account are compounded daily and credited monthly to your account.

You can make no more than 6 withdrawals or deposits into this account per month, per federal regulation D.

How to Open a Savings Account with American Express Bank

The online application is a 4-step process that can be completed in minutes.

The account opening process is simple and straightforward. To get started, navigate to the high yield savings account page on the American Express Bank website (link above).

From here you will click on the blue “Apply” button, then it is a four step process that can be completed in minutes. If you have already begun the process you will also be able to access your saved application here. The steps are:

  1. Account set up.
  2. Going through the terms and conditions.
  3. Funding the account.
  4. Online access set up.

For step 1, you will need the following information:

  1. Full name and date of birth (drivers license)
  2. Address
  3. Phone number
  4. Email
  5. Social security number

Once you arrive at step 3 you will need a few pieces of information from the bank in which you will be funding the savings account.

This information includes:

  1. Routing number of bank
  2. Your account number

Once your account is activated and funded you’ll be ready to start earning interest on your balance. As time goes on you will likely need access to these funds. You can learn more about your account access and monitoring your funds below.

Accessing and Monitoring your Funds

You can access your account online either on a desktop, tablet or phone 24 hours per day, 7 days per week. If you’re using your mobile phone you may use the web browser to access your account. American Express does not currently have an IOS or Android app for their savings account. They do, however, for credit cards, but those accounts are not in any way linked to the banking side. More on that below.

For moving funds about, you’ll want to link an external bank account. American Express allows you to link up to 3 external bank accounts. If you initiate this through American Express, this will take 3 or more business days. If you initiate this through the bank from which funds are being pulled, this will take just 1 or 2 business days.

A standard verification process will take place where American Express will send you small micro payments (typically two) in which you will then confirm to complete the syncing of your accounts. After this is completed, you’ll be able to transfer or deposit funds from or into your American Express savings account. Just keep in mind it generally takes one to three business days for new funds to be reflected in your account.

American Express Bank CD Rates + Account Details

American Express certificates of deposit aren’t nearly as competitive as the American Express Personal savings account with their rates, but they do offer APYs that sit well above the national average for their respective terms.

American Express CD Rates

CD TermAPY
6 months0.10%
12 months0.20%
18 months0.30%
24 months0.40%
36 months0.45%
48 months0.50%
60 months0.55%

The national average for a 12 month CDs sits at just 0.22% APY currently, however, many credit unions are still offering near 1.00% APY on 12 month terms.

American Express’s certificates of deposit still feature ascending rates with ascending terms – meaning the longer you lock up your funds, the higher the rate you will receive. While this is standard and to be expected in normal market conditions, it is not what we presently see with a number of online banks and credit unions.

There is no minimum deposit or balance requirement to open and maintain an American Express CD. Any positive balance will earn the fixed APY on the account and you’ll never be charged a fee. You just need to deposit funds within 30 days of being approved for an account. 

Dividends are compounded daily and credited monthly. Your interest will default to being deposited back into the certificate account, but you can choose instead to have it transferred automatically to your:

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

3) mailed to you by check monthly, quarterly, or annually.

Partial withdrawals are not permitted. Early withdrawal policies for this bank are strict and the fees high, so do your best to wait until your certificate matures to withdraw funds or do so within the permitted window. There is a 10 day grace period within which you may deposit more money after issuance and make changes to your account after renewal. Here are all possible early withdrawal charges:

  • 90 days’ interest for terms of less than 12 months
  • 270 days’ interest for terms greater than 12 and less than 48 months
  • 365 days’ interest for terms greater than 48 and less than 60 months
  • 540 days’ interest for terms greater than 60 months

Keep in mind also that American Express reserves the right to deduct the difference from your principal if your CD does not have enough interest to pay the early withdrawal fee.

American Express Banking Experience + Customer Satisfaction

You won’t be able to withdraw or deposit savings account funds at in-network ATMs because an American Express Personal Savings account does not come with an ATM card and there is no Amex checking account. So really, these ATMs are for credit card users only. 

The digital bank’s customer satisfaction is rather high. Out of 266 reviews on DepositAccounts, American Express Bank scored a rating of 4. Many reviewers go out of their way to mention the superior customer service—helpful representatives, reasonably short wait times, easy process, etc.—they have received with this bank and express their appreciation for the user-friendly online banking platform. Most have only good feedback for the company.

Unfortunately for those hoping to conduct their banking through a mobile app, the Amex mobile app is also only for credit card customers. Hopefully, though, you will agree with the majority of other users that say that the American Express online portal is convenient and easy to use.

To contact customer service—available 24 hours a day, 7 days a week—call 1-(800)446-6307, fax 1-(800)-542-0779, or send checks/correspondence to the below address: American Express National Bank P.O. Box 30384 Salt Lake City, Utah 84130

Are American Express Credit Cards associated with American Express National Bank?

A common question among current American Express credit card holders is whether or not their account and information are tied (or will be tied) to American Express National Bank if they choose to open a personal savings account or CD.

The answer to that is NO.

American Express Credit Cards and American Express National Bank accounts like the Personal Savings Account or any of their CDs are offered by two separate entities.

On top of that, the login credentials for your Amex card(s) and the login credentials for your personal savings account or CD will be separate and used for two different websites. These systems do not share any personal information, balance or transaction data with one another.

Final Thoughts

American Express Bank isn’t trying to replace your other banks by becoming your number one.

It doesn’t offer a checking account and it doesn’t have in-person branches. In fact, this institution will likely be more supplementary than anything else.

With that said, their longer term deposit accounts and personal savings accounts are fee-free and competitive, so if you’re after higher than average yields American Express National Bank may be worth considering.

Edward Jones CD Rates – Now Up to 0.30% APY


image credit: edwardjones.com

Edward Jones is a brokerage firm you’ve probably heard of over the years as it nears almost a century in age.

Founded in 1922, Edward Jones scores surprisingly well in customer satisfaction—18 points over the industry average, according to a J.D. Power 2019 survey—and is known for being a largely reliable and professional company.

The current suite of brokered certificates of deposit offered through Edward Jones are less competitive than the current national average for their respective terms and higher yields can be found directly through online banks and credit unions.

Because Edward Jones is a brokerage firm and not an actual bank they don’t sell their own CDs. Instead, they ‘broker’ or re-sell a range of deposits from other banking institutions.

Are Edward Jones brokered deposits worth considering? Read our full review below.

Edward Jones CD Rates + Account Details

No one would blame you for being unimpressed with the rates offered through Edward Jones certificate accounts. Their APYs sit far below those found through online banks and many nationally available credit unions.

That said, these products do have some advantages. For one, you can exit these CDs at any time by selling them through a secondary market which Edward Jones offers. Second, you can spread your funds into multiple banks with Edward Jones as your broker.

Edward Jones CD Rates

CD TermAPY
3 months0.05%
6 monthsNA
9 months0.10%
1 year0.10%
18 months0.10%
2 years0.20%
30 monthsNA
3 years0.25%
4 years0.20%
5 years0.30%
7 yearsNA
10 yearsNA

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 6 and 30 month CDs as well as 7 year and 10 year CDs are not available at this time.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.56% APY, respectively.

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store. Though poorly rated, the apps are comprehensive and functional.

Final Thoughts

Edward Jones may be a more than satisfactory brokerage firm, but its brokered CDs do not offer competitive rates at this time. In fact, they fall short of the current national average for each of their respective terms.

Their money market funds and cash management account have some benefits, but more competitive account features and rates can be found through other brokerage firms.

Marcus Bank by Goldman Sachs Online Savings: 0.60% APY + 0.70% APY CDs


image credit: marcus.com

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

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering personal loans, a savings account, and CDs. Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, this bank is at the top of the game with its high-yield savings and deposit products. 

Marcus was recognized as one of the “Best Banks for Savings in 2019 by Nerdwallet” and as one of the “Best Savings Accounts of 2020 by GOBankingRates.”

Marcus by Goldman Sachs consistently features high yields on its variable rate savings account, but does that mean you should sign up?

Find out more about their deposit products and customer experience before you commit to this trendy banking platform.

Marcus by Goldman Sachs Online Savings Account Rate + Details

The Marcus savings account holds a very respectable APY. To put the yield below in perspective the current national average for savings accounts sits at just 0.07% nationwide.

Min DepositAPY
$00.60%

The no-hassle minimum deposit or daily active balance requirements make the account very stress free and widely available to all income groups.

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

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

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

Interest on a Marcus savings account is compounded daily and credited monthly. Per the standard and federally-enforced limit, you can make up to six transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. These accounts do not come with hidden monthly maintenance fees. 

Marcus does not offer a debit or ATM card for its savings accounts at this time, so you’ll have to have your funds transferred to another account if you wish to withdraw them. Use the savings calculator to find out how much your money will grow if you don’t touch it.

Marcus by Goldman Sachs CD Rates + Account Details

Marcus offers standard CD terms (shown below) with high yields as well as a “No-Penalty CD” that comes with a 7 month term and an APY of 0.55%. We discuss the no penalty CD a little further down.

Marcus CD Rates

CD TermAPY
6 month0.25%
7 month “No-Penalty CD”0.55%
9 month0.35%
12 month0.65%
18 month0.65%
2 year0.65%
3 year0.65%
4 year0.65%
5 year0.70%
6 year0.70%

To put the offers above in perspective, the current national average for 12 month CDs sits at just 0.26% APY nationally.

No- Penalty 7 Month CD

Earn a fantastic rate while still having access to your funds! Note the yield is now 0.55% APY.

The no-penalty CD is much more flexible than your standard certificate. It’s a 7 month term that earns 0.55% APY—an excellent rate of return for such a short time period—and comes with no early withdrawal penalty.

You’ll earn the fixed interest rate for the duration of your CD, but you can withdraw up to 100% of the funds as soon as 7 days after issuance penalty-free. This is the only difference between a high-yield and no-penalty Marcus certificate as far as terms and conditions.

CD Account Details

Interest is compounded daily and credited monthly to your certificate account, or you can withdraw it as you please. You can have all interest automatically reinvested, all interest withdrawn, or some withdrawn and some reinvested—you can make any changes over the course of the term.

A $500 minimum opening deposit and average daily balance is required to earn interest on a certificate account. Marcus CDs are backed by a 10-day Rate Guarantee, which promises the highest published interest rate and APY Marcus has to offer on your term for 10 days after certificate issuance. Essentially, you’ll get the highest rate on your account as possible for a short time—you aren’t locked in to a rate until that 10-day period is up. To ensure that this safety net is enforced, just make sure you have the $500 minimum deposited in the account within this time period.

There is a 10 day grace period within which you should try to make any changes or withdraws after a CD renews. If you don’t and you find yourself needing to withdraw funds from a high-yield CD (not a no-penalty CD!) after this, get ready to pay. For terms of less than 1 year, you’ll be charged 90 days’ simple interest; for terms of 1 – 5 years, you’ll be charged 270 days’ simple interest; and for terms more than five years, you’ll be charged 365 days’ simple interest.

Banking Experience with Marcus by Goldman Sachs

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

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

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

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

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

The Marcus online portal is said to be more user-friendly than most banks, which is important when you’re managing your money digitally. The app gets 4.5 stars on Google Play and 4.9 stars on Apple.

Final Thoughts

The annual percentage yields offered on Marcus’s savings products are top notch. Both their online savings account rate and certificates of deposit rates put the national averages (and a large chunk of their competitors) to shame.

Even though the overall banking experience is mixed, if you’re simply after high yields and no frills, then the savings products offered by Marcus should be on your short list.

Northern Bank Direct Money Market: 0.60% APY + 0.45% APY CDs


image credit: northernbankdirect.com

Northern Bank Direct is the online subsidiary of Northern Bank, a Massachusetts-based bank founded in 1960.

While the Northern Bank prides itself on being a community institution — the #1 Community Bank in New England, in fact, according to S&P Global Market Intelligence Rankings — Northern Bank Direct is nationally available to anyone with a few minutes to spare. 

Northern Bank Direct Money Market Account + Current Rates

All of Northern Bank Direct’s deposit accounts, whether it be variable rate money market accounts or fixed rate CDs, are owned by Northern Bank. They FDIC-insured up to $250,000 per depositor or $500,000 for joint accounts.

Northern Bank Direct offers a money market account that regularly features one of the top yields among its peers.

Northern Bank Direct Money Market Rates

Minimum DepositAPY
$5,000 +0.60%

With a minimum deposit of $5,000, you can open a Northern Bank Direct money market account and start earning 0.60% APY.

To put this yield perspective, the average yield on a savings account sits at just 0.07% APY and the average yield on a money market account earns just 0.06% APY nationally. That said, there are a handful of online banks that still provide better yields than this and with lower balance requirements.

The minimum deposit and balance requirements associated with this account are steep when compared to other online banks.

We should note that the $5,000 minimum deposit is just that – a minimum deposit. If your balance dips below the $5,000 mark that is OK. You’ll still earn the 0.60% APY on all sums.

How to Open an Account with Northern Bank Direct

As with most online banks, opening an account with Northern Bank Direct is simple and straightforward and can be done in minutes.

To get started you will need the following information for yourself and the joint owner (if applicable):

  • home address
  • date of birth
  • driver’s license number
  • social security number
  • account number of bank or credit union you’ll be transferring funds from
  • routing number of said financial institution

Funding Your Northern Bank Direct Account

You can fund an account electronically through direct deposit or ACH transfer, wire transfer, or mobile deposit. Or you can send checks to: Northern Bank Direct 275 Mishawum Road Woburn, MA 01801 [Do not send cash.]

Once your account is opened there is little in the way of fees to worry about.

There are no monthly maintenance fees at all, but there is a $20 excessive transaction fee and a $3 transfer fee.

You may make no more than six deposits into – or withdrawals from – this account in any given month or incur the $20 excessive transaction fee for each transaction after the sixth.

The $3 transfer fee will be applied each time you transfer money from a Northern Bank Direct money market into an external bank account. Interest is compounded and credited monthly.

Northern Bank Direct CD Rates + Account Details

Northern Bank Direct’s CD rates have taken a hit like all bank and credit unions’ certificate of deposit rates have, however, they still top national averages for each respective term.

Northern Bank Direct CD Rates

CD TermAPY
9 months0.30%
12 months0.30%
15 months0.35%
18 months0.40%
24 months0.45%

To give the offers above more context, the national average for 12 month CDs sits at roughly 0.22% APY currently.

What’s slightly unusual about Northern Bank Direct’s certificate of deposit product suite is that they don’t offer any longer-term CDs—like a 36 month, 48 month, or 60 month term—that are standard for most institutions.

A minimum deposit of just $500 is required to open any certificate of deposit with Northern Bank Direct. Interest on these accounts are compounded and credited monthly. Early withdrawal penalties are as follows:

  • 12 months’ interest for terms of 12 to 35 months,
  • 24 months’ interest for terms of 36 to 47 months, and
  • 36 months’ interest for terms of 48 months or more.

Given their deposit terms only go up to 24 months at the moment, 12 months interest would be the penalty for any early withdrawals on any of their deposit products.

Banking Experience and Customer Satisfaction

Northern Bank Direct accounts can be opened and managed through the online portal or mobile apps. There are no membership restrictions—anyone is eligible to join.

You can visit Northern Bank branches to make transactions, but since all Northern Bank branch locations are in Massachusetts, mobile and online banking will be the most convenient option for most people. Northern Bank ATMs are also located exclusively in the New England area, but Northern Bank Direct doesn’t offer ATM or debit cards anyway.

When you look at the numbers alone, Northern Bank Direct’s customer satisfaction rating is about average. For the most part, the bank’s most winning product—its high-interest money market account—is how it gets its best reviews. But as a whole, Northern Bank Direct has your standard mix of 1- and 5-star ratings and somewhere around 3 stars overall. They don’t seem to do better or worse than the average online bank in terms of keeping their account holders happy.

The primary complaint of dissatisfied customers is the $5,000 daily ACH external transfer limit, which is a pretty inconvenient restriction for an online bank where larger transactions should be expected, especially soon after opening an account, and convenience is key. Transaction limits, in general, seem to be the source of most frustration. On the flip side, the primary praise of satisfied members of this bank is the customer service they consistently receive. For the online version of a bona fide community bank, this isn’t surprising but is significant nonetheless. 

The apps, on the other hand, score quite poorly. The NBTC mobile banking app for Apple devices has 2.1 stars and the NBTC mobile banking app for Android devices has a little less than 3.5 stars. The general consensus is that the app is functional enough in its design but crashes often, which is not so functional or helpful. When you’re dealing with an online bank, most people want to be able to rely on their phones to manage their accounts.

You can reach a customer service representative through email at nbdirect@nbtc.com or over the phone through (844) 348-8996. The phones are manned Monday through Friday from 9 AM to 6 PM, so try not to have a question or emergency over the weekend or in the evening.

Final Thoughts

While Northern Bank Direct has offered very compelling APYs in the past on both their fixed rate deposit products and their variable rate money market accounts, the APY provided today isn’t quite as competitive. While they do beat the national average handily, slightly more attractive yields can be found with other online-only institutions.

Aside from their (sometimes) attractive rates, the bank doesn’t have a solid ratio of satisfied customers. The lackluster mobile apps and low ACH transfer capabilities leave many frustrated.