APY GUY: Maximize Your Savings & Earnings

Lauren Graves

Aspiration: Now up to 5.0% APY on savings + 10% cash back!


image credit: aspiration.com

[Update January 2022: Aspiration upped the ante on their APY since last year. Today the account yields an astounding 3-5% APY on balances up to $10k depending on if you’re Aspiration Plus or not. Last year the yield only topped 1.0% APY. See full details below.]

Aspiration is not a bank but rather a financial services company that has come up with quite the aspirational product – a hybrid checking/savings account with the goal of making the world a better place.

Aspiration has taken the best features of checking and savings accounts (i.e. cash back on debit purchases, unlimited ATM reimbursements and a solid APY on idle cash) and combined that with a streamlined way of investing in ethical companies.

The Aspiration Spend & Save account was named one of the best cash management accounts on the market for 2020 by NerdWallet— “it lets you invest sustainably and save while you do it.”

Today, the Spend & Save account by Aspiration comes with two plans to choose from:

  • Aspiration – free – 3 to 5% cash back on conscious coalition purchases.
  • Aspiration Plus – $7.99/mo or $5.99/mo if you pay annually. Earn up to 5.0% APY on savings (balances up to $10k) plus up to 10% cash back on conscious coalition purchases AND Aspiration will offset your carbon footprint every time you drive.

If you’re in the market for a cash management account that is as personally fulfilling as it is financially rewarding, continue reading our review of both plans below.

Aspiration Spend and Save at a Glance

The Aspiration Spend and Save account is a cash management account that is divided up into two plans – Aspiration and Aspiration Plus.

As mentioned, the regular Aspiration plan is free and has several noteworthy benefits. These include:

  • An Aspiration Debit Card issued by Coastal Community Bank, based in Washington State.
  • A guarantee your deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs using Allpoint locations (found in Walgreens, CVS and Target)
  • 3-5% cash back on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every purchase roundup
  • FDIC insurance up to $2.46 million using bank sweep programs which “sweep” your funds up into member FDIC banks to leverage their FDIC insurance
  • pay whatever monthly fee you think is fair (even if it’s zero)

The fact that the Aspiration Spend and Save account will never be used to pay for fossil fuel exploration or production is taking direct aim at America’s largest banks. The four leading banks in the U.S. — Chase, Wells Fargo, Citi, and Bank of America — are responsible for the most fossil fuel production by any banks in the world.

If you opt for the Aspiration Plus plan at $7/mo or $69/annually you have the ability to unlock more features and rewards. On top of all the bulleted items listed above, the Aspiration Plus plan will also include:

  • 10% cash back on Conscience Coalition purchases
  • Up to 5.00% APY on your savings up to $10,000
  • Planet Protection which purchases carbon offsets to balance out your gas consumption. Drive all you want with a clear conscience!

Both the 10% cash back on Conscience Coalition purchases and the Planet Protection program are novel benefits and unique differentiators for Aspiration.

All Aspiration Spend and Save customers will be able to see their spending impact in the form of an impact score which not only gives you spending bonuses but also shows you how the companies you’ve supported use their profits to do social and environmental good.

Conscience Coalition Partners

Aspiration has teamed up with companies “that do right.”

Aspiration has teamed up with corporations that put morals and ethics at the heart of their business.

Every Conscience Coalition partner that Aspiration has is an impact leader. These companies achieve high scores on the Aspiration Impact Measurement (AIM) tool. These companies are made up of pioneers in giving, sustainability, workplace equality, or transparency.

Remember, when purchasing from these companies your cash back will vary based on your Aspiration plan. If you’re on the regular, free plan you’ll earn between 3 and 5 percent cash back and if you’re on the Aspiration Plus plan you’ll earn 10% cash back.

Planet Protection

Drive your car without hurting the planet!

It’s no secret that driving our cars is one of the biggest contributors to climate change. With the Aspiration Planet Protection program; however, you’ll be able to drive your car as much as you want with a clean and clear conscience.

The Aspiration Planet Protection program purchases carbon offsets based on every gallon of gas you purchase with your debit card. This means that regardless of what kind of car you drive, you can rest assured that Aspiration will be neutralizing your carbon output.

This feature is only available with the Aspiration Plus plan.

Spend and Save Rate (APY) + Details

For the Aspiration Plus plan members, you have the chance to earn an unheard of APY of 5.00% on balances up to $10,000.

The biggest “catch” with earning the exceptional APY is that the plan requires you to also spend $1000 or more, monthly, with your Aspiration debit card. If this requirement is not met your balance will earn a more modest 0.10% APY.

A minimum deposit of just $10 is required to open the account, but you must enroll in Aspiration Plus to earn the APY.

Aspiration Plus APY

BalanceAPY
$10 – $10,0005.0%
$10,001 +0.10%

To put these yields in perspective, the current national average for a savings account and an interest checking account are just 0.06% APY and 0.03% APY, respectively, according to FDIC data.

Aspiration APY

BalanceAPY
$10 – $10,0003.0%
$10,000 +0%

The regular Aspiration plan does not provide any yield on your balance.

FDIC Insurance up to $2.46 Million

Aspiration deposits are insured up to $2.46 million per depositor by the FDIC. This is just shy of 10x what a typical bank provides. This is possible through the use of the FDIC Deposit Sweep Program, which “sweeps” your funds into FDIC-insured bank accounts at day’s end to protect them.

Operating as your custodian and agent, Aspiration will select these banks for you from a long list of at least 10 participating Program Banks. They will post a Priority List of these selections for your viewing. This list will tell you which banks your funds will be put into and what the priority will look like (i.e. which bank will get the first tranche, second tranche, third and so on until all your money is safely parked).

As mentioned, at the end of each business day your cash balance is “swept up,” and distributed amongst, one or more of Aspiration’s partner banks up to $246,500 per bank.

Here is a current list of Aspiration’s current Program Bank members (all members FDIC):

  • Coastal Community Bank
  • EagleBank
  • Ion Bank
  • Bremer Bank, NA
  • ProgressBank
  • Bank of New Hampshire
  • Manufacturers Bank
  • C3Bank, NA
  • The Freedom Bank of Virginia
  • Bridgewater Bank
  • Nano Banc

If the $2.46m is exceeded, you will have an excess bank for this additional amount. Deposits in the Excess Bank will not be insured. Contact Aspiration at (800) 683-8529 if you are over this limit in one or more of the banks on this list or if you would like to alter your Priority List.

Though your money won’t be held at Aspiration, it can still be accessed as usual through Aspiration. A Spend and Save account is not technically a deposit account, so deposits into it need to be distributed into other deposit accounts in order to still receive insurance coverage.

Accessing Your Funds

Accessing your funds is simple and straightforward and on par with many online bank savings accounts and money market accounts. The following methods are allowed.

Depositing funds can be down via:

  1. ACH Transfer
  2. Wire transfer
  3. Mailed check
  4. Mobile-deposited check

Withdrawing funds can be down via:

  1. ACH transfer
  2. Wire transfer
  3. Request a mailed check
  4. ATM withdrawal
  5. Point-of-sale withdrawal

Account Fees

Aspiration’s “Pay What is Fair” fee is certainly an interesting approach to fees. They simply state that you choose their fee.

They’re confident in their ability to bring you best in class digital financial products and in return they hope you will be kind enough to pay them something for the value you received. But you certainly don’t have to and the ball is entirely in your court. The fee you pay can be $0 for as long as you’re with them if you so choose.

Aspiration Spend and Save Fee Schedule

TypeFee
Monthly MaintenancePay what is fair
Minimum to Open$10
ATM Withdrawal$0
OverdraftNA. The account won’t allow it.
Stop Payment$0
Insufficient Funds$0
Domestic Wires (In and Out)$0.82 each
International Wire In$2.50
International Wire Out$15
Return Item Charges$1.15 per item under $5,000
$5.33 per item over $5,000
Foreign Item Collection$30 plus the foreign bank’s fees
Canadian Item Collection$5
Expedited Debit Card$35
Account ResearchFree

You may write checks with an Aspiration Spend and Save, but you will need to order paper checks. Aspiration tries to be as environmentally friendly as possible, so you’ll have to go out of your way to get paper.

Sustainable Investing

Invest in ethically and environmentally sound companies.

Aspiration also makes investing easy by offering users professionally managed funds that are 100% free of any fossil fuel investment(s).

If you utilize this service your money is placed in the redwood fund (REDWX) which only invests in companies with sustainable environmental and employee practices. A $10,000 minimum is required.

Retirement

Aspiration also allows its users to open an IRA through Redwood IRA. The same investment principles apply in that they only invest in sustainable businesses and companies who care about their employees. A $10,000 minimum is required.

Aspiration Spend and Save Reviews + Customer Sentiment

Customer satisfaction with this financial firm is mixed and fairly average overall. This cash management product comes through for users with competitive rates, high FDIC-insurance and simplicity, but some users are frustrated with how often rewards, rates, and features change.

Customer service is said to be good and accessible and the online banking platform is generally thought to be more than sufficient—easy to use and complete.

To reach a customer support representative, call (800) 683-8529 during business hours of 6 AM – 6PM Pacific Time Monday through Friday and 8 AM – 4 PM Saturday and Sunday. You can also follow the corporation on Twitter, Facebook, and YouTube.

The mobile app for this firm is well-liked. The Aspiration app for Apple devices has a 4.8 star rating on the App Store and for Android devices has a 4.5 star rating on Google Play.

Final Thoughts

This account is a clear winner for anyone that wants to use their money to better the world.

The Spend and Save account (along with membership to Aspiration Plus) has everything a good cash management account should. They feature good rates of return, great perks, and the convenience of spending, saving, and investing all under the same umbrella.

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


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

[Update January 2022: Navy Federal Credit Union’s CD rates remain the same to start the new year. In fact, NFCU hasn’t changed any yields on either their fixed or variable rate deposit accounts since August of last year. They did, however, eliminate some oddball CD terms such as their 9 month and 6 year CD. See full list of rates and terms below]

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

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

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

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

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

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

Navy Federal Credit Union CD Rates + Account Details

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

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

Navy Federal Credit Union CD Rates

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

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

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

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

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

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

Navy Federal Credit Union Easy Start CD Rates

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

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

image credit: navyfederal.org

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

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

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

Early Withdrawal Fees

Early withdrawal from terms of

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

Navy Federal Credit Union Money Market Rates + Account Details

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

Navy Federal Credit Union Money Market Rates

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

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

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

Other Savings Accounts Offered Through Navy Federal Credit Union

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

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

About Navy Federal Credit Union + Eligibility

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

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

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

Final Thoughts

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

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

Synchrony Bank CD Rates – Now up to 1.00% APY!


[Update January, 2022: Synchrony Bank has raised the rate on their 60 month CD to 1.0% APY (up from 0.85% APY in August 2021) and introduced a temporary 14 month promotional CD yielding 0.70% APY. Their variable rate high yield savings account and money market accounts remain unchanged to star the new year. See full rates below.]

image credit: Unsplash

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

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

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

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

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

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

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

Synchrony Bank High Yield Savings Account Rate + Details

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

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.50%

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

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

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

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

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

  • phone,
  • ATM, and
  • online banking.

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

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

Synchrony Bank Money Market Rate + Account Details

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

Synchrony Bank Money Market Account Rate

BalanceAPY
$0 +0.35%

Interest is compounded daily and credited monthly

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

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

Synchrony Bank CD Rates + Account Details

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

Synchrony Bank CD Rates

CD TermAPY
3 months0.15%
6 months0.25%
9 months0.35%
12 months0.55%
14 months0.70%
15 months0.55%
18 months0.70%
24 months0.65%
36 months0.75%
48 months0.75%
60 months1.00%

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

15 Day Best Rate Guarantee

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

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

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

Synchrony Bank Perks Program for Deposit Accounts

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

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

The tiers are set up as follows:

image credit: synchonybank.com/about/

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

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

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

Opening an account at Synchrony Bank

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

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

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

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

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

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

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

Final Thoughts

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

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

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

20+ Best Debit Cards for Kids & Teens for January 2022


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

Although most banks and credit unions won’t let kids or teens open an account until they’re at least 18 years old, parents can set up sub-accounts from their current checking account that should provide a free debit card for their child.

However, many parents are choosing a prepaid debit card for their kid(s) rather than a debit card linked to a checking account for a couple reasons:

  1. A debit card with a checking account is generally only available to teens (13 – 17) while kids’ prepaid cards are available to children as young as 6 years old.
  2. Today, there are a plethora of prepaid options on the market that offer rich feature sets via an app. Things like chore and allowance payment features, fun quizzes, educational tools, parental guardrails on spending that can be customized for certain retailers, unique card art and even investment services are all features that can be found with today’s top offers.

If you’re in the market for a debit card for your kid or teen and want a comprehensive look at all of your options, then continue reading our guide below.

Greenlight Kids’ Debit Card

image credit: greenlightcard.com

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

Quick Facts:

  • Target Age: 8 – 22
  • Cost: $4.99/month for debit cards up to 5 kids. Free trial for 1 month.
  • For Parents: Chore management app, auto transfer allowance, pay interest on savings, send money instantly, real time transaction notifications, ATM parental controls, ability to switch card(s) on and off, retail and online store specific spending controls, open investment accounts for kids and approve every stock trade, and more.
  • For Kids: Set personal savings goals, get interest on savings, save your change with Round Ups, educational financial literacy app, invest in stocks (with parental approval), add funds via direct deposit (when employed), create custom card designs with photos, and more.

Greenlight is our best overall pick and certainly one of the most popular options out there. As of April of this year they have signed up more than 3 million people according to TechCrunch.

Greenlight lets you create a chore list that your child can work through to earn money and other perks. You can also set up automatic deposits on a weekly or monthly basis and if you ever need to fund their account quickly, you can make an instant transfer through the app.

When your child spends money, you’ll receive a notification that their card was used moments after they’ve used it. You’ll be kept in the loop and you’ll have a say in where they are and are not allowed to use their money.

Your kids will be doing valuable learning themselves as they track their spending and savings and build money management skills. Kids with Greenlight cards can use their funds to make purchases anywhere Mastercard is accepted or even to buy stock.

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

Gohenry Debit Card

image credit: gohenry.com

Quick Facts:

  • Target Age: 6 – 18
  • Cost: $3.99/month for each child.
  • For Parents: Set up automatic weekly allowance and/or set up chores with a bounty for each completed task. Set limits on how much they can spend in a given week. “Money Mission Quizzes” – launched in October of 2021 – also provide kids with a fun, interactive way to gain financial literacy.
  • For Kids: You can save, spend and even donate to the Boys & Girls Club of America with this card and app. Set up small or large savings goals. These cards can be used online and anywhere Mastercard is accepted.

Gohenry, a UK-based company with US operations, was one of the first to market with their debit cards for kids and teens when they launched in 2007.

Today, they remain one of the most popular and trusted brands on the market with a TrustPoint rating of 3.9/5 based on over 1,500 reviews as of January 2022.

You can learn more about the Gohenry debit card for kids on their website.

Current Debit Card for Teens

image credit: current.com

Quick Facts:

  • Target Age: 13 – 22
  • Cost: $36.00/year per teen. Current premium accounts cost an extra $4.99/month.
  • For Parents: Receive notifications for all purchases, set spending limits, set chores, block specific merchants.
  • For Kids: No overdraft fees up to $100 with Current premium, receive paychecks up to 2 days early with Current premium, earn up to 15x points at over 14k locations across the US which are redeemable for cash in your Current account.

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

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

You can learn more by reading our comprehensive review of Current.

FamZoo Prepaid Debit Card

image credit: famzoo.com

Quick Facts:

  • Target Age: 6 – 22
  • Cost: $5.99/month for up to 4 debit cards, $2 per card after that. You can also pay in advance for a year for $30. 1 month free trial available.
  • For Parents: Receive notifications for all purchases, set spending limits, move money between family members, IOU accounts to track how much you owe each kid, automated bookkeeping for allowance and chores, add loans to your kid(s).
  • For Kids: Financial literacy tools.

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

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

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

BusyKid Visa Prepaid Spend Card

image credit: busykid.com

Quick Facts:

  • Target Age: 12 – 18
  • Cost: $19.99/year for 1 card. $7.99/year for each additional card.
  • For Parents: Chore management app that comes pre-loaded with chores based on your child’s age (which can be customized), link checking account and release funds once chore(s) are completed, match savings in child’s saving account.
  • For Kids: receive funds in 3 buckets – save, spend, share. Parents can match the funds in your ‘save’ bucket, invest in actual stocks, and support charities from the ‘share’ bucket. With parental approval, kids can purchase fractional shares of real companies like Netflix and Amazon.

If you have kid(s) between the ages of 5 and 16, you may be interested in the BusyKid Visa Prepaid Spend Card. 

BusyKid uses a chores-based system that allocates money based on chores completed.

You can set rates for different chores and your children can mark them complete and see when they will be paid. Parents who use BusyKid appreciate that this system instills a sense of responsibility and ownership over their finances.

You can read our review here if you’d like to learn more.

Copper Debit Card

image credit: getcopper.com

Quick Facts:

  • Target Age: 18 – 22
  • Cost: $0
  • For Parents: Free debit card for kids and teens with digital checking account. Monitor activity with real time notifications, set up recurring deposits, request and send funds between linked accounts.
  • For Kids: Fun financial literacy quizzes built into the app, receive interest on your savings (albeit just 0.001% APY currently).

Copper is on a mission to create the first financially successful generation by giving them the tools and resources to take control of their financial futures.

Copper requires no minimum deposit to open and does not charge an annual fee, overdraft fees or maintenance fees which makes it one of the best fee-free offers out there.

[Update December 2021: Copper has seen consistent growth since their inception in 2020. They recently announced that they surpassed 400,000 members as of November 2021.]

image credit: getcopper.com

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

You can learn more in our review here.

Akimbo Prepaid Mastercard

image credit: akimbocard.com

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

Akimbo doesn’t have all of the bells and whistles of some of the kids cards and apps talked about in this list, but it does have the essentials. You’ll be notified when they spend their money and, as the account manager, what they spend it on.

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

Capital One MONEY Teen Checking

image credit: capitalone.com

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

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

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

American Express Serve Prepaid Debit Cards

image credit: serve.com

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

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

This account charges a monthly fee of $6.95, which cannot be waived. As far as teen debit cards go, this is a bit steep. Also, a card is free to order online but may cost up to $3.95 if you go to a physical retail location. These can be used online or anywhere American Express is accepted. To avoid transfer fees, your teen will need their own American Express bank account which you can link to your own.

Alliant Credit Union Free Teen Checking

image credit: alliantcreditunion.org

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

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

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

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

Step Banking for Teens

image credit: step.com

Step is an app and card that is backed by founders with experience at Google and Square. Step has the standard functions of allowing parents to monitor spending and send kids money on the go.

Unlike some of the other offers on this list, Step also adds one of the best features of a kids’ credit card ie: the ability to start building credit early. The best part of this feature is that Step prevents your kids from spending more than they have while letting them establish a positive credit history.

Step’s banking services are provided by their partner-bank, Evolve Bank & Trust, which also allows Step to leverage their FDIC coverage.

Step accounts are protected by bank-grade encryption and authentication and because the debit card is a Visa it benefits from fraud protection and zero-liability guarantee. You can read our full review to learn more.

Family Money by Verizon

image credit: verizon.com

On June 15, 2021 Verizon announced the launch of Family Money, an app for kids to learn about personal finance. Verizon worked with fintech firm Galileo to develop the family-centric financial product and it comes with a “spending account,” a “savings vault” and a prepaid debit card for kids issued by Metropolitan Commercial Bank. Parents can monitor their spending activity from the app, set limits and stop or freeze the card if it gets lost or stolen.

Families that are not Verizon customers are still eligible for this product. It can be downloaded from the Google Play and Apple App Store. You’ll just need to create a Verizon Family Money account and link a verified bank account after you download it. Once you’ve done that, you’ll get a 30 day trial period.

At the end of the 30-day trial period, the service auto-renews for $5.99 per month (so be sure to set a reminder if you don’t plan on paying for it!).

The $5.99 fee, which includes up to 5 kids, will be debited from the parent’s Wallet in the app, not charged to your Verizon account (if currently a customer). You must be 18 years or older to create a parent profile in the app and Verizon states that kids accounts are designed for children ages 8-17.

Mango Prepaid Debit Card

A Mango prepaid debit card is a stand-out option because it offers the opportunity to link a high-interest savings account to your card.

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

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

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

Till Financial

Till Financial is another new one on the list. This collaborative family banking platform is a savings and budgeting product first, but does come with a debit card that is attached to the child’s “Spend Balance” which is why we included it in our list.

Till was named the Best App for Teaching Teens to Budget in 2021 by U.S. News & World Report.

You can learn more about Till in our full review.

Visa Buxx Card

The Visa Buxx Card is a fairly basic debit card for kids and teens offered through Navy Federal Credit Union or TD Bank. For NFCU, you must first be a member of the credit union to open the Visa Buxx Card, but membership is available nationwide. Both offer parents the ability to reload the card from their phone as well as monitor spending. The Navy Federal Credit Union Buxx Card also has a few different designs to choose from whereas the TD Bank Buxx card does not.

Fidelity Youth Account

The Fidelity Youth Account was just launched in May of 2021 by the reputable financial services firm. It comes with a debit card – issued by PNC bank – and the ability to both save and invest. Kids and teens are limited to the type of securities they can invest in and the product comes with solid parental controls and features. You can learn more in our full review.

Chase First Banking

Chase First Banking is also one of the newer offers on the list and is only available to current Chase customers. This product launched in 2020 in collaboration with Greenlight and is intended for kids between the ages of 6 and 17.

And although kids are eligible up to the age of 17, the product does not allow for direct deposit, so if your high school kid(s) are earning their own income, Chase First Banking won’t be a great fit.

That said, the product has a number of helpful parental controls and functions (most or all of which are powered by Greenlight). You can read more about them in our Chase First Banking review.

Kachinga Prepaid Debit Card + Chore App

Much like the other offers on this list, the Kachinga prepaid debit card comes with a chore app where parents can track chore progress, set alerts and spending limits as well as teach kids general financial literacy.

The app + debit card costs $36 per year per child which is a little bit pricier than other options on this list with a larger feature set.

Mazoola Virtual Debit Card

The Mazoola Virtual Mastercard debit card for kids is managed by parents and comes with a flat subscription fee of $9.99/month for the whole family. They also have a 1% purchase fee and charge $0.11 as a loading fee which can make it a more costly product to use than the other options. You can read more about their fees in our full review.

As a parent you can activate a virtual and secure debit card for each child and create flexible and individual spending controls. You can also assign & track chores and the rewards for completing them and set up automatic allowance payments. You can also provide them with financial literacy resources, but you can not require them to read them before unlocking allowance payments. Wouldn’t that be neat. For kids, you can use Apple Pay, set savings goals, manage chores and shop online (with restrictions). You can also make p2p payments to friends and family.

Wingocard Prepaid Visa Card

The Wingocard just launched in May of 2021 and is gaining traction quickly with over 75,000 users on the platform so far.

They only have a mobile app on IOS at the moment however, but are looking to launch the android version soon.

Read more about this up-and-comer in our full review.

Goalsetter: Family Banking

Goalsetter and the Cashola debit card is an education based banking solution for the family. It comes with a savings account and different card art for kids to choose from. It also has some fun quizzes that can be tied to cash rewards and are mapped to financial literacy standards. “Learn before you burn” allows your tween to take quizzes before they get to use their debit card.

USAA Youth Spending Account

This one may not have all the bells and whistles like chore apps, financial literacy tools and quizzes, or the like, but it is a simple and free card that gets the job done if you’re just looking for basics.

It’s geared towards kids and teens ages 13 – 18, comes with a Visa debit card and has absolutely no maintenance fees or monthly fees of any kind. You’ll also get free ATM usage both in network and out of network, although 3rd party ATMs may charge you up to $2 per withdrawal. You can learn more about the USAA Youth Spending Account in our review.

Axos Bank First Checking Account + Debit Card

Like the USAA Youth Spending account, the Axos Bank First Checking account is a free checking account and debit card that keeps things simple and leaves most of the bells and whistles behind.

There are no chore apps, allowance distribution features, financial literacy tools and even limited parental controls.

That said, parents can still receive notifications of all purchases and can turn the card on and off from the dashboard. But you can not toggle with withdrawal limits as these are set by Axos bank, nor can you restrict certain merchants. For more information read our full review.

Movo Digital Cash Card

Although this is more of a general prepaid debit card than one specifically geared towards kids and teens, we put it on the list because of a unique feature for those who hold cryptocurrency and would like to convert it to cash.

MOVO Chain is a proprietary technology that allows you to convert your cryptocurrency to cash which can then be loaded onto your Movo prepaid digital cash card.

You must be at least 18 years old to get the card and use the crypto-to-cash feature, but kids and teens can be added as authorized users to a parent’s card. Learn more in our full review here.

Revolut Junior Prepaid Card

Revolut, based out of London, UK, and their debit card for kids is another option for families. Just note that this is one of the most expensive options on the market and doesn’t offer any features that most of the competitors do not.

Families with 2 kids or more can easily pay more than $100/year for these cards PLUS at least one of the parents or guardians has to already have an account with Revolut. On the off chance you fall in this category you’re likely better off with another option above. You can learn more about the Revolut card here.

Can You Get a Debit Card for Kids Under 13 Years Old?

Debit cards for kids under 13 are perfectly legal for banks and companies to issue, and ultimately up to the parents to decide.

It doesn’t matter whether a kid is getting money from an allowance, saving money they’ve received for birthdays or holidays, or earning an income from a job. It is common for kids to start earning money at around 10 or 12 years old, so this may be a good time to start thinking about kid-friendly debit cards.

Some financial products geared toward kids, such as the BusyKids Visa Prepaid Spend Card, permit users as young as 5 to join. More common, however, is a minimum age of 8 years old. There are also several cards designed specifically for teens that do not permit users under the age of 13 to create an account.

It may also be a good idea to wait until your child has had some experience handling cash to give them a debit card. This way, they will feel more comfortable keeping track of it and spending money in the real world – since they’ve had a warm up with cash.

Additional Features You May Want to Consider

You’ll want to have a conversation with your kid(s) about the responsibilities (and liabilities) that come with having a debit card and ultimately what you’re trying to achieve beyond just access to money.

Take a look at some additional features to consider.

Savings Account

Many debit cards for kids allow users to save and spend their money all under one account. They may do this by allowing users to choose how much of their money to put into savings and how much of their money to load to their card.

In such cases, the saved money does not go into a separate savings account and remains accessible at any time, but it can’t be immediately spent with the card.

This is the most basic way that a product may create savings opportunities, but there are a number of other additional features out there. For example, some debit card platforms give users the option of creating distinct savings goals and show them their progress. 

Some products even let parents or account holders award bonuses when a user contributes to a goal they created or pay interest on balances. And if you want your child earning interest but would prefer not to pay it yourself, you may want to think about an interest-bearing product like the Mango Prepaid Debit Card (albeit savings rates are abysmally low at the moment).

On the opposite side of the spectrum, some products do not make room for this feature. With such platforms, if a child wants to save, they have to do so by refraining from spending. This may be much more challenging for them, especially if they are inexperienced with money management. 

If encouraging your kids to hold onto their money and save it for larger purchases and goals is a priority, then a debit card and platform that encourages this in a variety of ways is probably best.

Allowance and Budgeting

How important is it to you to be able to pay your child an allowance and pay them for chores all in one place? 

Chores are the focal point of many kids’ money management apps. Parents can assign chores for their kids to encourage them to take charge of their finances and kids can earn money for themselves and start to understand the importance of budgeting and restraint. 

All this to say that financial products for kids, especially for young users between the ages of 6 and 13, commonly feature chores management capabilities. These vary in complexity. Here are some questions to consider as you review the choices:

  1. Do you want to be able to require your kids to complete certain chores or give them a list of options to choose from?
  2. Do you want to set fixed prices for every chore or create recurring chores that cost the same every time?
  3. Do you want to approve chores as your child completes them or arrange for them to be paid instantly when they mark a chore as complete?

You may also pay your kids a fixed allowance each week instead of or in addition to paying them for individual chores. This ability is not guaranteed with all apps, so choose wisely.

And if you don’t want your child spending all the money they’ve earned in one place, you probably want a product with budgeting features. You may feel that setting spending limits for them is the best way to set them up for success in the real world. After all,  no one knows better than you what is best for your child, and a lot of kids’ financial platforms agree.

Parental Controls and Safety

Have a conversation with your kid(s) and let them know minors are prime targets for identity theft. Most cards will only require the parent’s social security number but some may require the child’s as well. Be on the lookout for credit card applications that come for your child or unsolicited phone calls. Learn more at the FTC on how to protect your family against identity theft.

If monitoring your child’s activity and creating custom controls for their spending is important to you, be sure to look for a product that lets you easily do this.

You should also think about how involved you’d like to be. Start with the following questions: 

  1. Do you want to approve your child’s purchases and transfers or would you rather trust them to make good decisions? 
  2. Do you want to allow them to set their own budgets or create spending limits for them? 
  3. Do you want the ability to automate payments into your child’s account or do you want to initiate transfers each time?
  4. Do you want to receive real-time push notifications of their activity?

Beyond just parental controls to help your kids grow into prepared and knowledgeable spenders, consider parental responsibilities too. 

Most financial products for kids require parents or guardians to fund the account. Often, this means funding their own account, the main account, and transferring money into their children’s accounts from there. 

This means you should also think about what funding options are most convenient for you. Read the fine print on every product. If you’re looking for a particular funding option, be sure that it is actually available (you may be surprised by how many accounts don’t allow cash reloads or direct deposit transfers). Some products are extremely limiting when it comes to funding and may only permit ACH transfers or card transactions.

Also look into how many account managers a product allows. If you and your co-parent want equal access to your child’s account, it is important to find a product that can give you this. Some have strict one-parent policies but others are more generous when it comes to adding more adult users and may even allow for the inclusion of other members of the family.

Introduction to Stocks and Investments

There aren’t a lot of financial products for kids that allow them to invest their money in real companies, but looking for only those that do can help you filter through the ever-growing list of options.

The Fidelity Youth Account and the BusyKid Visa Prepaid Spend Card made this list for a lot of reasons, but one of these was the ability to invest. Giving kids the opportunity to make investments can show them that there is more to money management than spending and budgeting. You can help them choose their investments or let them make their own investing decisions.

Charitable Giving

You may also like the idea of your child donating their money to charity. Apps that allow kids to donate typically do so by pre-selecting a number of reputable organizations and giving users the option of giving charitably to these. Users may then donate a percentage of their entire balance or make donations of fixed amounts. 

Parents can decide to take it one step further by awarding account bonuses if their kid makes the decision to donate to charity for themselves. Some apps even let kids set up donation goals just as they would savings goals.

Fitness Bank Savings Review – Now up to 0.55% APY!


image credit: fitnessbank.fit

How far have you gone to save money? If your answer is 10,000 steps or more a day, you might want to hear about FitnessBank.

Self-described active lifestyle bank, FitnessBank is an FDIC-insured online member bank that wants you to stay (or get) fit almost as much as you do. By incentivizing fitness progress with financial savings, this modern bank strives to keep you accountable and boost your morale during your wellness journey.

About Fitness Bank

Though new itself, FitnessBank is a division of ​Newton Federal Bank​, an entity with roots in 1947. But as the only company in America that links physical activity with earnings, FitnessBank is the first of its kind.

This online bank only offers savings accounts: the Fitness Savings and the Senior Savings Account. So if you’re looking for a bank that features checking account options, retirement guidance, investment opportunities, or physical branches, look elsewhere. In addition, this bank operates 100% online, so FitnessBank accounts are only for those fully comfortable using technology to manage their money.

As a non-traditional digital bank, FitnessBank joins the likes of popular FinTech companies such as ​Simple​, Affirm, ​Chime​, Aspiration​, and more. If you want to become part of a new kind of banking, keep reading to find out if a FitnessBank savings account will fit your lifestyle.

Fitness Bank Savings Account

FitnessBank’s method for establishing your APY is what sets it apart from the rest of the online savings accounts out there. The interest you earn on your FitnessBank savings account is determined entirely by the physical steps you take. Your average daily step count is calculated each month and your APY adjusted accordingly. Because of this payment method your interest is both compounded and paid out monthly.

A Fitness Savings account is available to anyone U.S. citizen that’s 18 years old or older for an opening deposit of $100, and signing up is easy. The company boasts a straightforward ​application​ that takes less than two minutes to complete. Account balance thresholds are:

  • Account minimum:​ $100
  • Account maximum:​ $250,000

With a Fitness Savings account, the following actions and features are free:

  • online banking
  • external account transfers
  • incoming wire transfers
  • eStatements

Here is a breakdown of all fees attached to FitnessBank accounts:

Maintenance Fee$10/month
Excessive Withdrawal Fee$10
Overdraft Fee$40

The monthly maintenance fee of $10 is waived for accounts with an average daily balance of $100 or more. The excessive withdrawal fee of $10 per transaction is charged when you make ​more than six debit transactions​ (withdrawals or automatic transfers/payments), or your monthly allowance, in a single month. An ACH incoming/outgoing transfer limit of $2,500 per day is enforced.

FitnessBank does not offer debit cards and there are no FitnessBank ATMs, so you will not be able to withdraw funds in-person at any ATM.

How the Step Tracker Works

The FitnessBank business model is made possible by the ​FitnessBank Step Tracker app​. This proprietary app links to a ​FitBit​,​ Google Play​, A​pple Health​, or ​Garmin​ activity-tracking device to log your steps and to your savings account to deposit earnings. You can set monthly APY and step targets for yourself and see your progress toward them right in the app.

Your APY is calculated month-to-month from the previous month’s step data. If, for example, your average daily step count for December is 10,000, your APY for January will be 0.45%. If your average daily step count for January is 8,700, your APY for February will be 0.35%.

The Step Tracker draws data from your chosen activity-tracking device, but the only way for FitnessBank to receive this data is for you to open the Step Tracker app between the first and third of every month. If you forget to do this, FitnessBank will use the previous month’s step data to calculate your average daily steps. If you work hard to increase your daily steps, you’ll want to make sure that the Step Tracker app can see this. Don’t let expired data keep you from earning the rates you’re entitled to.

To further motivate users to perform, FitnessBank features Step Challenges and ​Leaderboards. Winners earn the rewards and prizes described in each challenge summary. There is a FitnessBank Step Challenge of the Month in which all FitnessBank customers can compete and promotional Step Challenges that are open to the general public. Contact ​onlinesupport@fitnessbank.fit​ if you’ve got an idea for a new Step Challenge.

Members can earn bonus steps in their ​StepBank​ for making referrals. These can be used toward an average daily step count or to purchase FitnessBank merchandise, dispensed at the user’s discretion. ​To connect with other dedicated FitnessBank members with goals similar to your own, consider joining a group​.

How to Earn Savings Rate APY

The savings rate APY for a Fitness Savings account varies from individual to individual, but the rate you will earn is predictable. There are five different APY tiers available through the Fitness Savings account, and these, along with the step count required to qualify for them, are shown in the chart below.

Fitness Savings Account Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.15%
5,000 – 7,4990.25%
7,500 – 9,9990.35%
10,000 – 12,4990.45%
12,500+0.55%

0.55% APY is one of the highest yields available on a savings account, but you’ll have to work for it month-to-month to earn this competitive APY.

You might be wondering how FitnessBank can afford to offer such high savings to its most devoted customers. According to its website, it’s because they are an online bank with low overhead, “[making them] nimble and efficient.”

Senior Savings Rate APY

Any U.S. citizen over the age of 65 may apply for a ​Senior Savings Account​ with FitnessBank. The rates and step requirements for this type of savings account are:

Senior Fitness Savings Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.25%
5,000 – 7,4990.35%
7,500 – 9,9990.45%
10,000+0.55%

The foundation of FitnessBank is staying healthy, but that means something different for every age group. Because of this, seniors are held to different daily step requirements yet entitled to the same opportunities for high APYs. To earn the highest APY possible (0.55%), for example, people over the age of 65 have to take an average of 10,000 steps or more per day rather than 12,500.

Final Thoughts

For any ​already highly-active individual that is looking to combine their personal financial goals with their physical fitness goals, a FitnessBank savings account might be a great option. However, unless you are fully able and willing to commit to 10k steps per day (and have already proved this to yourself) then we would recommend looking elsewhere for an online savings account as you can likely find a better APY with another online institution.

FitnessBank is a fintech firm, so it’s part of a field that’s at the forefront of melding technology with finance. If you prefer your banks to be more traditional and well-established with brick and mortar locations, then you’ll want to look into other options as well.

Edward Jones CD Rates – Now Up to 1.60% APY!


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

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, for the most part, less competitive than the current national average for their respective terms. Other than perhaps the 10 year CD currently offered through Edward Jones, 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

[Update December 2021]: Edward Jones CD Rates continue their slow move upward as bond and treasury yields do the same. Their APYs are now competitive with some of the better offers we see from credit unions and online banks. Their short term yields have increased more than ~5x in just a handful of months. In October of 2021 their 3 – 9 month CDs were yielding between 0.03% and 0.05% APY.

Other than the current trend of rising yields, brokered CDs have some additional noteworthy features.

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 months0.20%
6 months0.25%
9 months0.30%
1 year0.35%
18 months0.45%
2 years0.65%
30 monthsNA
3 years0.90%
4 years1.05%
5 years1.40%
7 years1.60%
10 yearsNA

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 30 month 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 0.13% APY and 0.28% APY, respectively, according to recent FDIC data.

If you’re looking for FDIC-insured alternatives that don’t require you to lock up your money for a predetermined period of time, there are still a handful of online savings accounts providing yields above 0.50% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61%!

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 is a more than satisfactory brokerage firm and its brokered certificates of deposit are [finally] offering some competitive APYs for longer maturities.

As treasury yields slowly climb upward, we expect Edward Jones brokered CD rates to continue their ascent as well.