ApyGuy: Maximize Your Savings & Earnings

Lauren Graves

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


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

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

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

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

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

Patelco Credit Union CD Rates + Details

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

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.75%
36 – 47 months0.90%
48 – 59 months0.95%
60 months1.04%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.26% and 0.61%, respectively.

Dividends are compounded and paid monthly for terms of 12 months or more and at maturity for terms of less than 12 months. A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest. 

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

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

Patelco Credit Union Money Market Rates + Account Details

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

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

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

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

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

Other Savings Accounts Offered by Patelco Credit Union

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

Patelco Health Savings Account Rates:

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

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

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

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

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

About Patelco Credit Union + Eligibility

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

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

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

Eligible California counties include:

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

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

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

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

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

Final Thoughts

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

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

American Express Personal Savings Account 1.00% APY + 0.85% APY CDs


image credit: americanexpress.com

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

Known by most as a credit card company—American Express—this financial corporation was approved to become a commercial bank with the name American Express National Bank in 2008 and has been a part of the personal (digital) banking sector ever since. Though Amex ​travel and rewards credit cards​ are still around and still worth checking out, it’s the company’s online savings and deposit products that are bringing many new customers in the door. Amex has wracked up over $78 billion in consumer deposits in its short history.

American Express National Bank is an online-only bank, so there are no physical branches, but you can do all of your banking online, which is exactly what many consumers in our digital age are looking for.

Read our complete review of their personal savings account and certificate of deposit products below.

American Express Personal Savings Account Details + APY

Perhaps the most popular savings product offered by American Express National Bank is its fee-free, high-yield online savings account called the American Express Personal Savings account. This and all other deposit accounts with American Express Bank are federally insured by the FDIC up to $250,000.

American Express Personal Savings Account APY

Minimum BalanceAPY
$11.00%

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

American Express Personal Savings Account Fees

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

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

Dividends on this high-yield account are compounded daily and credited monthly to your account. You can easily fund your savings account by initiating an electronic transfer from a linked external account, of which you may have up to 3. If you initiate this through American Express, this will take 3 or more business days. If you initiate this through the bank from which funds are being pulled, this will take just 1 or 2 business days. 

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

American Express Bank CD Rates + Account Details

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

American Express CD Rates

CD TermAPY
6 months0.25%
12 months0.35%
18 months0.45%
24 months0.55%
36 months0.65%
48 months0.75%
60 months0.85%

The national average for a 12 month CDs sits at just 0.26% APY currently, however, many credit unions are still offering well above 1.00% APY on 12 month terms.

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

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

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

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

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

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

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

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

American Express Banking Experience + Customer Satisfaction

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

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

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

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

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

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

The answer to that is NO.

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

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

Final Thoughts

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

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

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

Alaska USA Federal Credit Union CD Rates – 1.15% APY


If you’re looking for a federally insured credit union to open a certificate of deposit with, then you may want to check out Alaska USA Federal Credit Union’s deposit products. Their 12 month CD is still offering a respectable yield despite the FED lowering rates to zero in March.

If you haven’t heard of Alaska USA Federal Credit Union, they are the 19th largest credit union in the nation and the largest credit union in all of Alaska. Headquartered in Alaska since their founding in 1948, this member-owned nonprofit serves more than 674,000 members across the country with branch locations in four states—Alaska, Arizona, California, and Washington—as well as over 55,000 ATMs worldwide.

This financial services cooperative was originally established to better meet the needs of federal civil service personnel transplants at the Alaska Air Depot, an Air Force base. Today, anyone that lives, works, or attends school in Alaska, Washington, or the counties of San Bernardino in California or Maricopa in Arizona can become a member.

Alaska Federal Credit Union CD Rates + Details

Alaska USA Federal Credit Union deposit account funds are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) of the National Credit Union Administration (NCUA) up to $250,000. The NCUA is the FDIC equivalent for credit unions.

Alaska USA Federal Credit Union CD Rates:

CD TermAPY
1 – 2 months0.20%
3 – 5 months0.45%
6 – 8 months0.60%
9 – 11 months0.75%
12 – 17 months0.90%
18 – 23 months0.95%
24 – 35 months1.00%
36 – 47 months1.05%
48 – 59 months1.10%
60 months1.15%

As you can see Alaska USA Federal Credit Union structures the terms or durations of their deposits slightly different than most banks or credit unions. They use a range of months rather than a specific amount. Other than this unique variance, their CDs come with fairly routine terms and conditions.

The minimum deposit for any Alaska USA CD term is $500. Interest is compounded and paid monthly for terms of one year or more and paid in full at maturity for terms of one year or less. If your balance drops below the minimum of $500, you will not earn interest on your account.

You’ll want to note that there is a grace period of 10 calendar days after renewal of a certificate for withdrawing funds without incurring fees. You will be charged 7 days worth of interest if you remove your deposit within six days of issuance (in accordance with federal regulations). Take a look at the rest of the early withdrawal penalties by term below.

Alaska USA Federal Credit Union Early Withdrawal Penalties:

CD Maturity PeriodFee
< 90 days30 days interest
91 – 365 days90 days interest
366 – 729 days180 days interest
730 + days365 days interest

Alaska USA will deduct an amount equal to the total interest earned on your withdrawal since issuance if this is less than what you’d pay in the fees listed above (if the day’s interest fee is lower, you’ll pay that). So the faster you withdraw after opening an account, the less you’ll regret it (though early withdrawals should, of course, always be avoided if possible).

Partial withdrawals are not permitted if they cause your balance to dip below the account minimum. Read Alaska USA’s share account disclosure statement for more details. Alaska USA Federal Credit Union allows users to ladder multiple certificates as well as borrow funds against a CD.

Alaska USA Federal Credit Union Money Market Rates + Details

Though Alaska USA CD account rates are decent, their money market account rates are mostly substandard and average at best. As you will see, their highest-earning money market rates are right around the national average.

Alaska USA offers standard, super, and jumbo personal and business money market accounts. The more money you put into an account, the higher your APY. Account rates are as follows:

Alaska USA Money Market Rates:

BalanceAPY
(Standard) $2,500 – $9,999.990.10%
(Super) $10,000 – $49,999.990.15%
(Jumbo) $50,000 +0.20%

Even though the current national average for money market rates sits at 0.18% APY nationally, Alaska USA FCU’s rates are far from attractive. There are many other credit unions and online institutions offering well over 1.00% APY still on money market and online savings accounts.

If you still decide to open a money market account with Alaska USA FCU, then you’ll want to know the following the account details below.

If your account balance is less than $2,500, don’t expect to earn interest. But as long as it stays above $50, you’ll be good to go and won’t be charged the $5 maintenance fee. You can make up to six transactions out of an Alaska USA money market account per month (as stipulated by Federal Reserve Board Regulation D). However, this does not include transactions made in order to pay a loan. A $25 overdraft fee is charged for each excessive transaction over the six allowed by federal law.

Other Savings Accounts Offered by Alaska USA Federal Credit Union

Alaska USA Federal Credit Union offers a share savings account and a premium savings account. 

A share savings account is granted to everyone that becomes a member of Alaska USA and deposits $5. This account type earns an exceptionally poor 0.05% interest and requires a minimum balance of $50 ($5 for those under 26 years old) to waive the quarterly maintenance fee of $5. This fee is also waived if you have another account such as a checking account or loan associated with your savings account.

For a much higher minimum daily balance of $10,000, you can bump your share savings account up to a premium savings account. This will earn you a 0.15% yield, but you’ll have to keep your balance up to stay in this bracket. But even a premium savings account is not especially high-yield.

You can access your savings account funds at any Alaska branch, ATM, or through online banking. Up to six transfers per month can be made from a savings account. Interest accrues and is paid quarterly.

There is also a health savings account option with rates that won’t be written home about. Balance brackets for this are:

BalanceAPY
$50 – $9990.05%
$1000 – $9,9990.10%
$10,000 – $49,9990.15%
$50,000 +0.20%

You’ll need a minimum of $50 to open a health savings account. For an account of this type, these rates are not as bad as they could be given the current market, but you could do better elsewhere.

About Alaska USA Federal Credit Union + Eligibility Rules

Alaska USA holds more than $8.39 billion in assets and serves over 674,000 members. In 2018, the credit union saw 387 million transactions and 101,971 loans that totaled almost $4 billion. They approximated a return of about $198 per member in this same year.

Alaska USA has 74 physical branch locations in Alaska, California, Arizona, and Washington and 55,000 surcharge-free ATMs across the world. They have a Member Service Center that is accessible 24/7 and a mobile app, and they also participate in co-op shared branching with thousands of other credit unions. In short, you’ll never be without access to help or your accounts. For all branch and shared branch locations, visit this page. To search ATM locations, go here.

To qualify for membership you must meet one of the following criteria:

  1. Any Alaska resident.
  2. Any Washington state resident.
  3. Anyone who lives, works or worships, or attends school in California’s San Bernardino County.
  4. Anyone who lives, works or worships, or attends school in Arizona’s Maricopa County
  5. A relative of someone that qualifies or
  6. Affiliated with an organization served by Alaska USA

You get a share savings account just for signing up to become a member of Alaska USA Federal Union, and this is your share in the credit union. Membership is not restricted to those living in Alaska. But if you are an Alaska resident and need to travel outside of Alaska, your banking needs can be taken care of just about anywhere. Call the Member Service Center at (907) 563-4567 or (800) 525-9094 or visit a branch to apply.

Final Thoughts

Alaska USA Federal Credit Union hardly blows its competition out of the water with its CD rates, but these rates—though sure to change soon—aren’t bad. However, money market and savings account APYs leave a whole lot to be desired.

There’s no reason to sugarcoat it: this credit union doesn’t have the best rates and isn’t accessible to the much of the population because of its strict, geo-targeted, membership requirements. However, many members report being satisfied with the customer service they receive through this institution and like that fees are minimal.

Fifth Third Bank CD Rates, Savings Accounts and Money Market Review


image credit: 53.com

Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size. With over six million customer accounts and locations in 10 different states, this bank has earned itself a reputation as a large regional bank with decent account options and good accessibility for those living in midwestern or southeastern states. 

Fifth Third Bank was born of numerous mergers through the years, the most notable of these taking place between Third National Bank and Fifth National Bank in 1908 (which is how The Bank of the Ohio Valley, founded in 1858, eventually came to be known as Fifth Third Bank).

Fifth Third Bank’s CD rates are unimpressive at the moment, so this bank probably won’t be a good choice for you if you’re after a high-yield certificate of deposit.

With that said, there are many deposit accounts offered through this institution, and one or more of them might be up your alley. Here’s a closer look at what Fifth Third Bank has available for its customers, who is eligible to join this bank, and any other account details you might need to know if you’re interested in becoming a member.

Fifth Third Bank CD Rates + Account Details

Please note that Fifth Third Bank certificates of deposit cannot be opened online currently. We cover how to open a Fifth Third Bank CD in the following section.

Fifth Third Bank claims CD rates vary by location, but at this time it appears that all Fifth Third certificate of deposit accounts, even promotional accounts, are earning the same (exceptionally low) rates regardless of zip code.

The same rates (shown below) were obtained running a few scenarios. First, using 45202, the zip code for Cincinnati, Ohio. Second, using 6007, the zip code for Elk Grove Village, IL right outside Chicago. And the third, using 27531, the zip code for Wake County, NC right outside Raleigh.

All Fifth Third Bank certificate of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

Fifth Third Bank CD Rates

TermAPY
7 – 89 days0.01%
3 – 6 months0.01%
6 – 12 months0.02%
12 – 24 months0.02%
24 – 36 months0.05%
36 – 48 months0.05%
48 – 60 months0.05%
60 – 84 months0.05%
84 + months0.05%

For context, the national average for a 12 month CDs sits at 0.24% APY currently. Although you cannot beat that here at Fifth Third Bank at the moment, they have been known to offer competitive deposit rates in the past.

If you can get past the low rates you’ll find that the terms are flexible and unique in that they go all the way down to 7 days and all the way up to 84 months. In a normal interest rate environment these rates would be tiered by balance amount – with higher yields paid on higher balances. Today, however, rates remain the same across all balance amounts.

Fifth Third Bank requires a $500.00 minimum deposit to open a CD with a term of 3 months or more and a $5,000.00 minimum deposit to open a 7-89 Day CD or to open any promotional CD.

Fifth Third Bank Promotional CD Rates

TermAPY
3 months0.10%
6 months0.15%
12 months0.20%

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. While this tactic has been quite successful for them in the past, their current CD promotions fall far behind the standard rates offered by online banks such as Discover or TIAA bank.

Interest is compounded continuously and credited monthly either back into your CD or to a Fifth Third checking or savings account. 

Fifth Third Bank Certificate of Deposit Grace Period

The grace period for withdrawing or adding funds penalty-free at Fifth Third Bank is much shorter than usual on their short term CDs. That said, renewal upon maturity is not automatic unless you opt into this feature.

CDs with maturities shorter than 32 days have a grace period of just one day. For all other CDs it is ten days.

Early Withdrawal Penalties

  • Early withdrawal from a CD of 7 to 364 will cost you 1% of the principal withdrawn,
  • Early withdrawal from a CD of 365 days to 36 months will cost you 2% of the principal withdrawn,
  • and from a CD of 36 months or greater will cost you 3% of the principal withdrawn

How to Open a Certificate of Deposit at Fifth Third Bank

Anyone residing in one of the ten states in which Fifth Third operates AND is at least 18 years old with a valid form of identification can apply to join Fifth Third Bank and open a CD. These states are:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

As mentioned, many of Fifth Third Bank’s deposit accounts such as CDs cannot be opened online. To open any of their CDs, you will need to visit a Fifth Third Bank branch — there are over 1,123 — and speak with a banker.

Fifth Third Bank Savings Accounts and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including traditional savings accounts, money market accounts and multiple types of checking accounts. These are all FDIC insured up to the maximum allowed limit of $250,000 per depositor or $500,000 for joint accounts.

Most Fifth Third Bank deposit accounts come with monthly maintenance fees, only some of which are avoidable, and almost all of which are $5 a month. These accounts have low minimum balance requirements and some have interest bonuses.

The Fifth Third Goal Setter Savings account is an interest-bearing account that is designed to help you set and reach savings goals. These goals can range anywhere from $500 to $25,000 each. You will receive a one-time interest bonus equal to the total amount the account has earned when you reach your first savings goal. Open this account for yourself or for your child. Fifth Third Bank mentions to contact them for current rates, however, we ran scenarios again in Ohio, Illinois and North Carolina and found the rate to sit at 0.01% APY.

A Fifth Third Relationship Saving account is almost identical to a Goal Setter savings account, except that it earns an APY of 0.02% instead of 0.01% on all balances. This also lets you make automatic transfers between your checking account and this account and can be used as a savings account for your children.

Fifth Third Relationship Money Market savings accounts offer tiered interest rates that are somewhat higher than the previously mentioned savings accounts. For every month you keep an eligible linked checking account, earn the higher relationship interest rate posted. No minimum opening deposit is required.

Fifth Third Standard + Relationship Money Market Rates

BalanceStandard APYRelationship APY
$0.01 – $9,9990.01%0.02%
$10k – $24,9990.01%0.02%
$25k – $49,9990.02%0.04%
$50k – $99,9990.03%0.06%
$100k – $249,9990.05%0.10%
$250k +0.05%0.10%

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively, and able to be used only on college spending; Minor Savings accounts, simple accounts designed for those under the age of 18; Health Savings accounts.

Avoid the $5 monthly service fee on all of Fifth Third Bank’s savings accounts if:

  • you and all other account owners also have a Fifth Third Checking or Express Banking account,
  • you maintain an average daily balance of $500 or more,
  • the primary account owner is under the age of 18, or
  • you are enrolled in Fifth Third Military Banking.

This fee is automatically waived for all new Goal Setter Savings accounts for the first six months.

In compliance with Federal regulation, all savings accounts are limited to a total of six transactions per month. You will incur excessive withdrawal fees, determined by account type, for every time you exceed this.

If you open a Fifth Third Bank account with a debit card and ATM access, you’ll want to note that there are more than 50,000 surcharge-free ATMs (including Allpoint, Presto!, and 7-Eleven ATMs) across the country that are considered in-network to Fifth Third members.

Final Thoughts

Fifth Third Bank doesn’t excel when it comes to rates currently, and in fact falls below the national average(s).

If yields are your number one factor in determining who to bank with then Fifth Third likely won’t make the cut. However, if you value in-person banking with an established institution and a robust suite of product offerings then Fifth Third Bank may be worth your consideration.

HSBC Direct Savings Account – 1.01% APY + 0.70% APY CDs


image credit: hsbcdirect.com

HSBC, short for Hong Kong and Shanghai Banking Corporation, is a global financial services organization serving more than 40 million people across 64 countries.

HSBC Direct is the international bank’s online-only branch with its own range of deposit products and terms.

An open-membership digital institution, HSBC Direct makes its accounts—including checking, savings, and certificate—available to nearly anyone that applies.

HSBC Direct’s product choices are about as limited as your standard online-only bank, but the APYs that come with them are higher than the current national average.

Can HSBC Direct’s account terms and customer satisfaction live up to the high bar of competitiveness these online banks set? Read our review to find out.

HSBC Direct Online Savings Account Rate + Details

HSBC Direct’s online-only deposit accounts are insured per depositor up to $250,000 by the FDIC. This digital bank offers an online savings account, but does not have a money market account in its suite of products at this time.

HSBC Direct Online Savings Account

Minimum BalanceAPY
$1.001.01%

An HSBC Direct Savings account, ranked one of the best savings accounts of 2020 by The Ascent, earns an APY of 1.01%. The national average APY on a savings account is 0.06%, making HSBC’s product nearly 20x better by comparison and a top competitor across all banks and credit unions currently.

There is no minimum balance required to earn the stated interest rate of 1.01% and there is currently no difference in rates across balance tiers. This account requires a minimum opening deposit of just $1 and any money used to fund a new account must be new money. There is a maximum daily online transaction limit of $350,000.

Interest is credited and compounded monthly. There is no monthly maintenance fee regardless of your account balance and you’ll never be charged an excessive withdrawal fee. You will, however, be charged a fee of $35 for every overdraft and $15 for every incoming wire transfer. HSBC Direct will allow you to make up to six transactions into or out of this account per month.

To fund a new savings account, you can deposit money via electronic funds transfer, wire transfer, or mobile check deposit. Initial deposits must be made with new money, but accounts can be funded with transfers from another HSBC account after opening.

How Does HSBC’s Online Savings Account Compare?

Shown below are today’s highest yielding online savings accounts available nationwide. Online banks tend to offer higher APYs than brick and mortar institutions as they have lower overhead costs and return those savings to customers in the form of higher rates.

InstitutionAPYNotesMore
1.25%1.15% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.21%Review
1.20%Must avg. 12,000 daily steps.Review
1.20%Review
1.20%$4.50 monthly fee can be waived.Review
1.20%$4 monthly fee charged if account dips below $1k.Review
1.10%Review
1.05%Review

HSBC Direct CD Rates

HSBC Direct CD accounts offer fair rates and limited options. HSBC Direct normally features a wider range of CD options, but is currently only selling these three.

HSBC Direct CD Rates

CD TermAPY
6 months0.60%
12 months0.70%
24 months0.70%

These online-only certificates seem middle-of-the-road but are technically above the national average, which sits at just 0.24% for a 12 month CD. That said, there are a number of other online financial institutions offering more attractive rates.

If you’re in the market for a bank deposit over a savings account, there are still credit unions paying 2.0% APY on 60 month terms and online banks with 12 month CDs well over 1.0% APY.

HSBC Direct CDs require a minimum opening deposit of $1,000. You must also maintain an average daily balance of $1,000 in order to keep earning interest. Dividends are compounded daily and credited at maturity for 6 and 12 month terms and credited either monthly, quarterly, semi-annually, or annually for a 24 month term (your options for how often your interest is paid on a 24 month account will depend on what’s applicable to your account when you open it). If your account is eligible for periodic interest payments, you can have these automatically credited to another HSBC deposit account rather than having them reinvested in the CD.

Avoid an early withdrawal penalty after renewal by making changes to an account within the 10 day grace period after maturity (this includes the maturity date). Early withdrawal from terms of up to 369 days will cost you 30 days’ interest, from terms of 370-733 days will cost you 90 days’ interest, and from terms of 734 or greater will cost you 180 days’ interest. Only the first fee applies at the moment, of course.

About HSBC Direct & Customer Experience

In addition to CDs and savings accounts, HSBC Direct does feature a checking account option. This doesn’t come with paper checks, but it does come with an HSBC Debit Mastercard. You can use this at any HSBC U.S. ATM location. But you’re out of luck if you want to access your savings account funds from an ATM, as these accounts do not have ATM cards available. 

HSBC Direct is an online-only bank despite being a subsidiary of a global institution. This means that you’ll need to log online on a computer or mobile device to service your HSBC Direct account as branch locations, though spread out across the U.S., are not going to let Direct members open new accounts or manage their money.

So what can you expect your banking experience to look like if you join HSBC Direct? Big picture-wise, HSBC seems to do fine in the customer satisfaction department. Please note, however, that the following customer reviews have been given for HSBC overall, not for HSBC Direct in particular.

If you look at the 48 customer reviews for HSBC on Consumer Affairs, you’ll see a pathetic rating of 1 star. If you look at the 1,731 reviews on WalletHub, you’ll see a respectable 3.9 star rating. Finally, out of 366 reviews on Trustpilot, HSBC clocks in at just 1.7 stars. Why the discrepancy? Interestingly, HSBC customers pretty much report one of two experiences: very good or very bad.

For some, HSBC customer service is nothing but excellent. For others, it’s consistently terrible. Mixed reviews like this make it difficult to know who to believe, but in many review forums, HSBC scores more 4 and 5 star ratings than anything else. 

One common theme across these ratings, which appears as both praise and a complaint, is the strict security protocol of the bank. While some appreciate HSBC’s diligence in keeping account holders safe from identity theft and fraud, others are just frustrated by security measures such as phone calls and account freezes when suspicious activity is presumed. 

Again, HSBC and HSBC Direct don’t provide quite the same experience to customers and this should be taken into consideration. But although those 1 star ratings might look grim, don’t dismiss HSBC entirely for them. As for mobile banking, the HSBC US app for Apple devices has a 3.5 star rating and the HSBC US app for Android devices has a 2.3 star rating.

There are many ways to get in contact with HSBC representatives. If you want to go the traditional route and get some help with your account over the phone, customer service can be reached any day of the week at (800) 462-1874 from 8AM to 10PM ET (COVID-19 updated hours). You can also send HSBC customer service a letter at the address: HSBC Bank USA, N.A. P.O. Box 2013 Buffalo, NY 14240

For a more modern and faster alternative, tweet HSBC @HSBC_US. Finally, HSBC Direct also features a Live Chat option that’s not operated by a bot. This is especially useful for those that like to catalogue their conversations and get answers right away.

Final Thoughts

No one would blame you for passing on HSBC Direct’s CD accounts given their current yields, but you may want to give their savings account serious consideration. It boasts one of the highest yields available anywhere. Just remember that online savings accounts, in general, come with variable rates that can change at anytime, and without notice.

Fitness Bank Savings Review – Up to 1.05% APY!


If you regularly rack up 12,500+ steps per day, you can lock in one of the highest savings rates in the country!

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 neobanks ​Simple​, ​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 July is 10,000, your APY for August will be 0.95%. If your average daily step count for August is 8,700, your APY for September will be 0.85%.

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 – 4,9990.50%
5,000 – 7,4990.75%
7,500 – 9,9990.85%
10,000 – 12,4990.95%
12,500+1.05%

1.05% 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 – 4,9990.75%
5,000 – 7,4990.85%
7,500 – 9,9990.95%
10,000+1.05%

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 (1.05%), 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.