APY GUY: Maximize Your Savings & Earnings

Lauren Graves

SmartyPig Savings Account – Up to 2.25% APY


[📌 Update September 2022: Despite being a rate leader when rates were low last year and in early 2022, the SmartyPig savings account by Sallie Mae hasn’t been able to raise their rates quickly enough to keep up with many of the top yielding, FDIC-insured online savings accounts on the market today. See rates below.]

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 (annual percentage yield) 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.

SmartyPig Interest Rates + Account Details

The interest earned from your SmartyPig account 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 – $2,5002.25%
$2,500.01 – $10k2.25%
$10,000.01 – $50k2.15%
$50,000.01 +2.10%
APY = annual percentage yield

To give the yields above some perspective, the national average for:

  • a savings account sits at just 0.17% APY,
  • a money market account sits at 0.18% APY
  • and an interest checking account sits at a paltry 0.04% APY, according to FDIC data.

That said, following the FED third consecutive rate hike of 0.75% this summer on September 21st, some of the top yielding online savings accounts and money market accounts are now approaching the 3.0% APY mark.

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.

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

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 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.

Citi Accelerate Savings – Now 2.20% APY!


[📌 Update September 2022: Citibank increased the APY (annual percentage yield) on their Accelerate Savings account again this month – this time only by 0.20% APY. This is the first rate hike of August for the Accelerate account. It now provides a yield of 2.20% APY (up from 2.00% APY to start the month). The account comes with a minimum balance requirement of just $1, however you may need to meet some requirements to avoid a monthly fee. Read more below.]

Citibank, the retail banking division of Citigroup, kept their high yield “Accelerate Savings” account competitive during the low rate environment we had for the last few years. It held the line at 0.50% APY for roughly 2 years while the national average was just ~0.06% APY for a savings account and ~0.11% APY for a money market account for the majority of that period.

Today, in a rising interest rate environment, they have struggled to maintain their rate leadership as other online savings accounts have caught up and surpassed them. See where they stand among the top online savings accounts today.

Related: Citibank’s CD rates, while currently lower than what you can find with online banks, have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

Citi Accelerate Saving Account Rate + Details

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s 6 banking packages and meet some monthly requirements to avoid fees. Keep in mind there may be fees on both the checking side AND the Citi Accelerate Savings side if criteria isn’t met.

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

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients on the checking or Accelerate Savings side.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid a $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid a $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening. To avoid a $15 fee on the checking side, you’ll need to keep a monthly balance of at least $5,000. If your Citi Accelerate account is not linked to your checking account you’ll need to maintain a $500 average balance in it to avoid a $4.50 monthly fee.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening. To avoid a $12 monthly service fee, you must either make one qualifying direct deposit AND one qualifying bill payment per statement period OR maintain a combined monthly average of $1,500 in linked accounts. As with the Elevate Account, if your Citi Accelerate account is not linked to your checking account you’ll need to maintain a $500 average balance in it to avoid a $4.50 monthly fee.

Who’s eligible for the Citi Accelerate Savings Account?

The Citi Accelerate Savings account is only available in select markets, however this market has expanded since Citi launched the account. As of September 2022, residents in all states except New York and select markets in Florida and Illinois are eligible.

Citi Accelerate Saving Rate

Account PackageAPY
Citigold Private Client2.20%
Citigold2.20%
Citi Priority2.20%
The Citibank Account2.20%
Citi Elevate Account2.20%
Basic Banking2.20%
Access Account2.20%

To put the 2.20% APY yield into perspective, the current national average for a money market account and a savings account sit at just 0.18% APY and 0.17% APY, respectively, according to recent FDIC data.

That said, some of the highest yielding variable-rate accounts from FDIC-insured online banks and nationally available credit unions are now topping 2.75% APY.

Compounding and Crediting Interest

Interest is compounded daily and paid to your account monthly.

Accessing Your Money

Citi customers have free access to more than 65,000 ATMs as well as 723 branches here in the United States alone. There are also plenty of online options to access and manage your money.

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

Once you have your username and password, you can login anytime, anywhere to your account here.

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

image credit: apple.com

The app has over 2.9 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has over 848,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Depositing Funds

There are a number of ways to deposit funds into your Citi Accelerate Savings account. These include:

  • ATM deposit
  • Direct Deposit
  • Check by Mail
  • Electronic bank transfer
  • Local Citi branch
  • Mobile Deposit
  • Wire transfer

Funds from Citi savings account deposits are typically available immediately if made before cutoff times around 6-7pm EST. Any deposit made after this time is generally available the next business day.

Withdrawing Funds

Cash withdrawals can be made in the same way you make deposits. These include:

  • ATM withdrawal
  • Local Citi branch
  • Electronic bank transfer
  • Wire transfer

Keep an eye on your account minimum requirements before withdrawing funds to avoid the aforementioned fees.

Barclays Online Savings Account – Now 2.00% APY!


[📌 Update September 2022: Barclays online savings account had another rate increase this month of 0.20% APY. The account now provides an APY (annual percentage yield) of 2.00%. This is up from 1.80% in August and up from 1.40% APY in July. Read more below.]

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.

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 2.00% currently and has no minimum deposit requirements to open the account. Once the account is open there are no minimum balance requirements to maintain to avoid fees or account closure. 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
$1.002.00%

To give this offer some context, the current national average for a savings account sits at just 0.17% APY, according to FDIC data.

How to Open the 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.

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.

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.

image credit: https://apps.apple.com/us/app/barclays-us-savings/

As for Barclays mobile apps (US version for online savings account), they score a 3.5 out of 5 on Apple’s App Store and just a 1.8 out of 5 on Google Play. It’s worth noting that the US versions for the online savings account score much lower on usability than their UK counterparts which both score above 4.5 out of 5.

Wells Fargo CD Rates – New 7 Month Special CD


[📌 Update September 2022 – Wells Fargo has been extremely reluctant to raise their CD (certificate of deposit) rates this year, despite continued and historic rate hikes by the Federal Reserve. This September they finally added a “CD Special” to their deposit account suite which comes with a 7 month term and an APY (annual percentage yield) of 1.51% or 1.50%, depending on if you’re a current Wells Fargo customer or not. See all of their CD rates below.]

Wells Fargo is a household name—a bank with as much recognition as history. Founded during the peak of the Gold Rush in 1852 to transport gold by steamship from San Francisco to New York City, this behemoth of a bank has grown tremendously alongside the American economy.

However, although the bank’s history is rich, their current CD rates will leave you far from it. Their standard fixed rate CDs as well as their Relationship CDs come with rates that are well below the national average for each respective term.

To see if Wells Fargo’s CD rates are right for you, continue reading our review below.

Wells Fargo CD Rates + Account Details

Wells Fargo offers 3 standard term CDs with maturities at 3 months, 6 months and 12 months and one promotional CDs with a 7 month term which they call a ‘Special’ CD.

All deposits are federally insured up to the applicable limits by the FDIC. The minimum deposit requirement is $2,500 for a standard CD and $5,000 for a promotional CD.

Special CD Rates

Wells Fargo initially introduced this Special Fixed Rate CD in September with a 9 month term, however lowered the term to 7 months (and kept the same yield) following the 0.75% rate hike by the FED on September 21st. This account has a much higher APY than any of their standard CDs and comes with a minimum deposit requirement of $5,000.

CD TermStandard APYRelationship APY
7 months1.50%1.51%

The 7 month Special CD renews into a standard 6 month CD if nothing is done during the CD’s grace period upon maturity.

CD Rates

CD TermStandard APYRelationship APY
3 months0.01%0.02%
6 months0.01%0.02%
1 year0.02%0.02%

To put these offers in perspective, the current national average on a 6 month and 12 month CD sit at 0.60% and 0.74% APY, respectively, according to recent FDIC data.

To qualify for the relationship APY on any certificate, you must maintain a Wells Fargo Portfolio Checking account. That account comes with a $30 monthly service fee unless you can maintain $25,000 or more in qualifying linked bank deposits or $50,000 or more in qualifying linked bank, brokerage, and credit balances.

Normally, Wells Fargo CD accounts earn tiered interest rates based on balance. Right now, yields are the same across all tiers. For future reference, these balance tiers are as follows:

  • $0 – 4,999.99
  • $5,000 – 9,999.99
  • $10,000 – 24,999.99
  • $25,000 – 49,999.99
  • $50,000 – 99,999.99
  • $100,000+

Compounding and Crediting Interest

Interest is compounded daily and paid at your interval of choice. If your term is 12 months or less, you may choose to have your dividends paid monthly, quarterly, semi-annually, or at maturity. If your term is 12 months or more, you may choose to be paid your dividends monthly, quarterly, semi-annually, or annually. These payments can be redeposited into the certificate account, transferred to a linked Wells Fargo saving or checking account, or paid by check (provided your balance is $5,000 or more).

Grace Period and Early Withdrawal Fees

Wells Fargo allows for a 7 calendar-day grace period upon the maturity of your CD in which you can add or withdraw funds, change CD terms, or close the CD without incurring any penalty fee. Withdrawing funds prior to your CD’s maturity will result in an early withdrawal fee.

Early withdrawal fees are as follows:

  • For CDs with terms less than 3 months the penalty is 1 months’ interest,
  • For CDs with terms 3 to 12 months the penalty is 3 months’ interest,
  • For CDs with terms 12 to 24 months the penalty is 6 months’ interest, and
  • For CDs with terms over 24 months the penalty is 12 months’ interest.

Funding the CD

You can fund your Wells Fargo CD in one of three ways. They are as follows:

  • Transfer funds from an existing Wells Fargo account
  • Transfer funds from an external account. You’ll need this bank account number as well as the bank or credit union’s routing number to complete the transfer.
  • Use a physical check or money order and send it by mail or stop by one of their 8,000+ branches across the country.

Banking Experience and Consumer Sentiment

You might be wondering how Wells Fargo performs in the eyes of the people from a customer service and overall experience perspective. According to 751 ratings submitted to Consumer Affairs, they come out about average. With an overall score of 3.7 stars out of 5. This is up substantially from their 2020 score which hovered around 1 out of 5.

On the negative side, many customers had reported being solicited by Wells Fargo to take out loans they shouldn’t take out, experiencing longer-than-usual wait times on everything from payments to getting customer service help, and having their accounts locked for no apparent reason.

Of course, all customer reviews should be taken with a grain of salt—Wells Fargo is one of the biggest banks in America and it’s difficult to consolidate all customer experiences into a neat and tidy description of what to expect.

It’s worth mentioning that Wells Fargo is still trying to restore its reputation as a trustworthy institution after its 2016 public account fraud scandal in which credit and debit accounts were wrongfully opened under customer names by Wells Fargo representatives in order to boost sales, and it’s clear that the people haven’t recovered from this offense. So while it may not be clear whether Wells Fargo can be trusted as a corporation, you should at the very least be wary if you choose to bank with them.

Branches and ATM Access

There’s no shortage of Wells Fargo branches and ATMs. You can get a separate ATM card with a Way2Save account or link your funds to an existing debit card. And if you do wish to manage your money from an ATM or branch, you’ll have no problem locating one. You’ll have access to more than 13,000 ATMs and about 8,050 in-person branches.

Wells Fargo’s mobile apps, both for IOS and Android phones receive high scores on their consumer reviews. As of April 2022, they have a 4.8 star rating out of 5 for iPhone users with over 7.3 million reviews and a 4.7 star rating out of 5 for Android users with over 1.73 million reviews.

To contact customer service with general banking questions or concerns, call 1-(800)-869-3557. To get online banking help, call 1-(800)-956-4442. Both lines are open 24/7. If you don’t mind a longer wait time, you can mail a letter to one of these addresses or reach out on social media through Twitter or Facebook.

Huntington Bank CD Rates – Now up to 2.28% APY


[📌 Update September 2022: Huntington Bank’s standard CD (certificate of deposit) rates remain unchanged despite a rising interest rate environment. That said, Huntington Bank is lifting the yield on their 14 month promotional CD that they launched in June of 2022. That account now provides an APY (annual percentage yield) of 2.28% up from 0.50% APY since launch.]

image credit: huntington.com

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

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

The regional bank serves seven states in the Midwest:

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

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

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

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

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

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

Huntington Bank CD Rates + Account Details

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

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

We should note that following the most recent rate hike by the FED on September 21, even these large banks are now slowly starting to add one or two promotional certificates of deposits that come with higher yields to their overall product suite.

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

Promotional CD Rates

TermAPY
14 month2.28%

This 14 month promotional CD is Huntington Bank’s most competitive CD account. They also offer a promotional 425 day CD for jumbo accounts with deposits of $100,000 or more. That product also earns 2.28% APY.

Standard CD Rates

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

To give these yields (above) some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.60% APY and 0.74% APY, respectively, according to FDIC data.

Compounding and Paying Interest

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

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

Early Withdrawal Penalties

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

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

The minimum early withdrawal penalty is 7 days interest.

Grace Period

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

Huntington Bank Relationship Money Market Account Rate + Details

A Huntington Bank Relationship Money Market account offers more attractive yields than the fixed rate CDs but also comes with a significantly steeper minimum deposit requirement of $25,000.

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

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

Money Market Rates (including 90 day promotional rate)

Account HeldAPY on money market
Standard0.05%
Huntington 5 Checking0.05%
Huntington 25 Checking0.05%
Private Client Account0.06%

To put these yields in perspective the current national average for a money market account with a balance of less than $100,000 is 0.18% APY.

That said, there are a number of FDIC-insured online banks with savings accounts and/or money market accounts with rates above 2.50% APY and minimum balance requirements of less than $1,000.

All of Huntington Bank’s money market accounts have promotional, introductory interest rates that last for 90 days before dropping down to the standard 0.05% APY (or 0.08% APY for private clients).

The MMA of a customer with a Huntington 5 Checking account, for example, begins with an interest rate of 0.05% APY. This drops back down to 0.05% after the 90-day introductory period is up and leaves you with a blended APY of 0.05% for the year.

Interest is compounded monthly and credited monthly.

Avoid Fees

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

  1. Maintain an average daily balance of at least $25,000 (which is also the only way to earn dividends on your balance).
  2. Maintain either a Huntington 5 or Huntington 25 Checking account.

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

Huntington Bank Fee Schedule

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

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

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

Huntington Bank Account Features + Customer Sentiment

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

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

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

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

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

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

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

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

Golden 1 Credit Union CD Rates – Up to 2.25% APY


Founded in 1933 in Sacramento, California, Golden 1 Credit Union began as a financial institution for employees of California and was created under the name California State Employees’ Credit Union #1. Today, it is known as Golden 1. 

This financial institution controls more than $18 billion in consumer assets with over 70 branches and home loan centers across the state of California. As of 2022, Golden 1 Credit Union has more than 1.1 million member-owners.

Golden 1 is a member-only credit union. To become a member, you must be a resident of California. Learn more about how to join this credit union, what products are available, how competitive the certificates of deposit are, and whether or not this credit union is a good fit for you here.

Certificates of Deposit

image credit: golden1.com

There is only one type of certificate of deposit with Golden 1 Credit Union and it is a standard CD account. Referred to as term savings certificates, these CDs are available in term lengths from 3 to 60 months. 

Golden 1 uses a tiered rate structure that awards higher interest rates for higher balances. See the interest rates available now in the table below.

Standard Term Savings Certificate Rates

Term$500 – $9,999.99$10,000 – $24,999.99$25,000 – $49,999.99$50,000 – $99,999.99$100,000+
3 – 5 months0.40% APY0.40% APY0.40% APY0.40% APY0.60% APY
6 – 11 months0.80% APY0.80% APY0.80% APY0.80% APY0.90% APY
12 – 17 months0.95% APY0.95% APY0.95% APY0.95% APY1.05% APY
18 – 23 months1.00% APY1.00% APY1.00% APY1.00% APY1.10% APY
24 – 35 months1.15% APY1.15% APY1.15% APY1.15% APY1.25% APY
36 – 47 months1.35% APY1.35% APY1.35% APY1.35% APY1.45% APY
48 – 59 months1.50% APY1.50% APY1.50% APY1.50% APY1.65% APY
60 months1.90% APY1.90% APY1.90% APY1.90% APY2.25% APY
APY = annual percentage yield

Wondering how these rates compare to other CDs? The national average interest rate on a 6-month certificate is 0.34%, on a 12-month CD is 0.60%, on a 24-month CD is 0.64%, and on a 60-month CD is 0.74% according to recent FDIC data.

That said, following the FED’s third consecutive rate hike of 0.75% this summer, top 12 month and 60 month CDs offered by FDIC-insured online banks are now rising above the 3.0% APY and 4.0% APY mark, respectively.

Funding the CD

You can fund this account using any of the following methods:

  • Mobile or paper check deposit
  • Cash deposit
  • ACH transfer (initiated by Golden 1 or an external bank)
  • Domestic wire transfer

As with most CDs, you are not permitted to make additional deposits into this account after opening and funding it.

The minimum deposit requirement when opening this account is $500, which is fairly average for similar products. After opening, there is no low balance fee. There is no minimum balance required to earn interest or monthly maintenance fee for this account.

Compounding Interest

Interest is compounded and credited monthly. You can optionally have the dividends paid out monthly if you want to collect regular payments as a source of income, which many customers do. There is no extra charge for choosing this option and you can choose any payout method that works for you between bank transfer, cash, or check. Otherwise, dividends will be credited automatically to your account each month.

Another noteworthy aspect of this account is that you can use the funds as collateral for a Certificate Loan. A certificate loan with Golden 1 Credit Union is a secured loan with lower interest rates and more flexible repayment terms than unsecured loan products with the credit union. This is a good choice for borrowers who want to build their credit as these loans are easier to qualify for and accrue less interest than similar alternatives. 

And if you do choose to use your CD balance as collateral when applying, the principal will still continue to earn interest until you repay the loan or the account matures.

Many banks and credit unions offer six-month CDs as the shortest terms available, so it’s nice to see Golden 1 starting at three months for its standard CDs. There are no step-up or bump-up CDs, variable-rate CDs, no-penalty CDs, or brokered CDs available with this credit union.

Grace Period and Early Withdrawal Fees

All CDs automatically are set to renew when they mature. When your account reaches maturity, there is a seven-day grace period during which you can withdraw some or all of your funds or close your account without incurring early withdrawal penalties if you do not wish to renew your certificate. 

You will pay a fee if you remove money from this account (not including monthly interest payments) before it reaches maturity. The early withdrawal penalties for making a withdrawal before your account matures are as follows:

  • Early withdrawal from a term of between 3 and 11 months will incur a penalty equal to 90 days’ interest
  • Early withdrawal from a term of between 12 and 23 months will incur a penalty equal to 180 days’ interest
  • Early withdrawal from a term of 24 months or more will incur a penalty equal to 365 days’ interest

Note that these early withdrawal fees are pretty average for standard certificate accounts. If you don’t want your account to renew automatically, you can provide written notice prior to maturity or during the grace period.

All Golden 1 certificates of deposit are federally insured by the NCUA up to the limit of $250,000 per account, per depositor. These accounts are just as safe and secure as any other CDs.

How to Become a Member

Anyone living in California is eligible to become a member of Golden 1 Credit Union. There are no specific communities you must be a part of if you are a resident of California. 

You can apply in person at a branch location, online using this link, or by calling 1-877-465-3361. This application only takes a few minutes to fill out.

You may be eligible for membership if you are an active-duty military member who typically lives in California but you are currently located out of state. If you do not live in California but your family member or domestic partner is a member of Golden 1, you can also join this credit union. 

The final way to become a member is by being an employee of one of 1,000 Select Employee Groups across the country. These include nonprofit organizations, universities, and more. Indicate in your application that you do not live or work in California and select “I belong to a Select Employee Group” to find your place of employment.

If your application is approved, all you need to do to join is open a Golden 1 savings account with a deposit of at least $1. This is a Regular Savings account that earns an interest rate of 0.05%. With this account, which makes you a member-owner for as long as it is open and active, there are no monthly maintenance fees and in-network ATM transactions are unlimited (as long as you stay within your monthly limit of six withdrawals/transfers per federal guidelines for savings accounts).

There are several other savings and checking accounts you may choose to open as well when becoming a member, but the one mentioned above is the only one that is required for membership.

Consumer Sentiment & Reviews

So what is it like actually being a customer of this credit union? Customer sentiment for this credit union is mostly positive, with many reviewers reporting smooth experiences when opening new accounts and helpful customer service interactions. High interest rates draw many new customers to the credit union and keep them satisfied. 

But there are negatives as well. Many complaints are about the credit cards specifically but some deposit account users say that this credit union is difficult to work with when problems arise such as unauthorized transactions or changing the ownership of an account.

Overall, it seems like in-person service is better for most than online service and is a strong point for this institution. According to reviewers, the customer service you are likely to receive at a branch may be different than that you are likely to receive when you call or email.

While it is possible to open and manage a term savings certificate completely online, there are Golden 1 Credit Union branch locations as well. There are 50 full-service branch locations in 45 cities across California as well as five non-teller branches where you can perform basic transactions like deposits and withdrawals. There are 210 Golden 1 branded ATMs that members can use surcharge-free. See all branch and ATM locations here.

App reviews show a rather surprising difference between Apple and Android user experiences. The app has a rating of 3.2 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store, indicating that it might not be optimized as well for Android devices as it is for Apple. Keep this in mind but note that the app is in the process of being updated for Android devices. At least for Apple users, the most recent update brought major improvements.

The app is functional but prone to “breaking” and is not always as responsive as it could be. The user interface is simple, which may be a strength or weakness depending on what you’re used to. Fans of comprehensive financial apps from giants like Chase and Bank of America may be disappointed. 

There are a few different ways to get in touch with a customer support representative. The first is to call the member service contact center at 1-877-465-3361. This phone line, which is not dedicated to any specific account, is available Monday through Friday from 7:30 am to 6:00 pm Pacific Time and Saturday and Sunday from 9:00 am to 5:00 pm Pacific Time. 

Alternatively, you can email your question or request to mbrsvc@golden1.com and you should receive a response within one business day. You can also see the FAQ section of the site for help with general questions.

Golden 1 also offers 24/7 technical support for mobile and online banking. The number for this is 1-844-670-9542.