APY GUY: Maximize Your Savings & Earnings

Lauren Graves

PenFed Credit Union CD Rates – Up to 0.75% APY + 0.45% APY Online Savings!


PenFed headquarters in Tysons, Virginia.

Pentagon Federal Credit Union,​ commonly referred to as “PenFed,” is the third largest credit union in the nation—and the second largest federal credit union—with 1.75 million members across the world and $25 billion in assets.

PenFed, originally called the War Department Federal Credit Union by the group of ten civilian War Department employees that founded it in 1935, is headquartered in Virginia today but started out in the Munitions Building on the Mall in Washington, D.C.

Though technically a military credit union, you don’t actually have to be a military member or dependent to join. There are a number of ways to qualify for membership with PenFed outside of this, including becoming a member of the nonprofit National Military Family Association for $17 or Voices for America’s Troops if you don’t meet any of the other requirements. Once a member, you’ll have access to modest rates on multiple savings products from this NCUA-insured credit union.

PenFed CD Rates + Account Details

PenFed offers a slightly wider range of certificate products than most credit unions with nine terms to choose from ranging from six months to seven years. Their CDs, called money market ​certificates,​ provide very good returns compared to the current national average(s). These accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

They are very easy to open, especially for credit union standards. Once you’re a member, certificates can be opened online within minutes.

PenFed Money Market Certificate Rates (CD Rates)

CD TermAPY
6 month0.25%
12 month0.45%
15 month0.45%
18 month0.45%
2 year0.50%
3 year0.55%
4 year0.60%
5 year0.70%
7 year0.75%

Although PenFed’s CD rates still beat the current national average(s) for their respective terms by a significant margin, slightly better CD rates can be found through online banks or with other credit unions.

To put their 12 month and 5 year CD in perspective, the current national average for those terms sit at just 0.14% APY and 0.24% APY, respectively.

You’ll need a minimum of $1,000 to open any money market certificate account with PenFed.

Compounding and Crediting Interest

Dividends are compounded daily and paid monthly – except for the 6 month certificate – which earns only simple interest, paid at maturity, on the principal.

You can choose to have your dividends deposited into a separate account if you’re using these proceeds for income, or it can be returned to the CD account to compound further. The latter is the default option.

Early Withdrawal Penalties

  • For a 6 month certificate, you’ll have to pay 90 days’ interest;
  • for any other certificate (from 12 months to seven years), you’ll pay 365 days’ interest if you withdraw ​within a​ year of issuance and 30% of the gross interest earned if you withdraw after a​ year of issuance but before maturity.

PenFed Money Market Rates + Account Details

A money market account with PenFed requires an opening deposit of just $25, however their rates are quite low and do not compete with other banks we’ve covered such as Vio Bank or Discover Bank.

PenFed Money Market Rates

BalanceAPY
$25 – $9,9990.05%
$10k – $99,9990.10%
$100k +0.15%

The national average for money market rates sits at just 0.06%, so unless you have more than $100,000 lying around, you can expect below average payouts, paid and compounded monthly.

A PenFed money market savings account does not come with a monthly service fee or balance requirement. You are allowed no more than six withdrawals per month and you will be charged a fee of $10 for every excessive transaction. You may withdraw funds from a non-PenFed ATM, but you’ll have to pay $1.50 per.

Other Savings Accounts Offered by PenFed

PenFed offers regular savings and premium online savings accounts.

For a $5 deposit, you become a member of PenFed, purchase a share in the credit union, and open a regular savings account all at once. But this savings account is called “regular” instead of “premium” for good reason: it pays a rate of just 0.05% on any balance. For comparison, that’s 0.02% below average.

Dividends are paid and compounded monthly and you do have the option of withdrawing funds from an ATM with this account type. There is no monthly maintenance fee for a PenFed regular or premium savings account, but there are other fees you’ll want to watch out for. You will be charged an insufficient funds fee of $30 every time you try to overdraft your account and there is no overdraft transfer service, so stay on top of your account balances if you plan to join PenFed.

PenFed Premium Savings Account – 0.45% APY

Minimum DepositAPY
$50.45%

PenFed’s “premium savings account” offers an excellent APY of 0.55%. Interest is compounded and credited monthly and the account requires just $5 to open. Keep in mind this savings account does not allow for ATM transactions, so you will not be able to conduct any regular banking activity out of the account.

About PenFed Credit Union + Eligibility

In its 2018 Annual Report, PenFed reported growing by 80,000 members and $170 million in net worth for that year. Today, PenFed has 1.75 million members across the world and over $25 billion in total assets. It has members in every U.S. state as well as the territories of Guam and Puerto Rico and the prefecture Okinawa.

There are only 50 PenFed branch locations in select cities and states, but over 60,000 ATMs nationwide. To find ATMs and/or branch locations start here. You are more than likely within a mile of several ​ATMs accepted by PenFed.​ Some of these surcharge-free ATMs are branded as PenFed Credit Union and some of them are not. However, like other large credit unions, PenFed DOES NOT participate in shared or co-op branching. Branches can be found in Washington, D.C., Florida, Hawaii, Maryland, New York, North Carolina, Oregon, Tennessee, Texas, and Virginia.

PenFed membership eligibility is inclusive to just about everyone regardless of military affiliation. You can qualify for membership in any of the following ways:

  1. You are an active-duty or retired military member
  2. You are employed at a qualifying organization (such as a veterans service organization)
  3. You belong to a qualifying association (such as the American Red Cross)
  4. You are a United States government employee
  5. You live or work in a qualifying location

For a complete list of qualifying organizations, associations, and locations, go ​here. If you are not eligible in any of these ways, you can access membership by joining either the ​National Military Family Association ​for $17 or Voices for America’s Troops ​for $14.

The goal of both of these organizations is to help military members feel seen and heard. The National Military Family Association supports military families by bringing pressing issues that service members and dependents face to the attention of Congress and other decision-making officials when it matters most. Voices for America’s Troops advocates for career incentives in order to make a life serving in the military a sustainable option for soldiers and their families.

PenFed banking can be done in-person at a branch, ​online, or through the ​PenFed mobile app.​

Final Thoughts

There are pretty clear pros and cons of PenFed membership when you look at the numbers alone. For a certificate or premium online savings accounts, PenFed has attractive rates. For a regular savings or money market savings account, PenFed is not appealing.

Outside of just rates though, there are no membership or maintenance fees and there are countless ​discounts through partner organizations, such as TurboTax and Sprint, that PenFed members can take advantage of.

PenFed is one of the most inclusive credit unions in the country opening their doors to nearly any US citizen or resident.

Fidelity Youth Account Review


image credit: fidelity.com/go/youth-account/overview

Fidelity Investments offers a wide variety of investment accounts and financial services, and now they cater to teens too. With the new Fidelity Youth Account, teens can spend, save, and invest their own money with a trusted corporation that’s been around since 1946.

This product just launched in May of this year, and you can expect to hear about it often in the coming months. The Fidelity Youth Account is a fee-free financial account with a lot of things going for it that’s great for young investors, and definitely one to consider as you look at account options for kids and teens. Will this be the youth brokerage account for you?

Who’s It For

Average age: 13 to 17

Good candidate: Teens who are serious about learning to invest and grow their wealth.

The Fidelity Youth Account is a brokerage account that teaches teens to manage and invest their own money. It provides them with real opportunities to buy and sell shares in publicly owned U.S. companies. 

Children under the age of 13 are prohibited from having an account opened in their name, and new customers older than 18 may not open one either. When users turn 18, they are eligible to change their youth brokerage account to a standard brokerage account. Parents or guardians are removed from the account automatically.

Please note that only parents who already have a brokerage relationship with Fidelity to qualify for this product. A brokerage account, cash management account, or IRA with Fidelity would make you eligible for the Fidelity Youth Account.

Features and Benefits

In addition to being unique because it is a brokerage account rather than a typical checking account, the Fidelity Youth Account stands out from other financial products for teens because it gives teens more control than parents.

This is not a joint checking account—teens are the account holders and managers. Parents are there to supervise and support their kids, serving as the point of contact between them and Fidelity. All investment and spending decisions are to be made by the teen associated with the account, and they do not need the consent of their parent or guardian in most instances.

For Parents

After opening an account for their child, the parent of a kid with a Fidelity Youth Account becomes known as the Interested Party for that account and hands over most responsibilities. 

Parents are granted “inquiry access” to see how their child is spending their money and what they invest in. They are not asked to approve transactions or investments. Parents can set up alerts to receive real-time push notifications about spending activity and investing.

The parent is also the Trusted Contact in charge of communicating with Fidelity Investments. They are financially liable if their teen fails to make payments and can go to Fidelity with any questions or concerns about details of the account. They must also consent to certain privacy permissions that their child may enable such as Fidelity MyVoice.

This is essentially the extent of parent or guardian involvement, but parents do have ultimate say over account closures too. Parents must open this account for their child and they may close it or have their debit card deactivated. They reserve the right to request these things of Fidelity at any time.

Unlike other deposit accounts for kids, parents don’t have to be the ones to fund their children’s Fidelity Youth Accounts. They may fund it from their own Fidelity brokerage account, but they may go a different route.

For Kids

There are many ways to fund this account, which can be done by either a teen or their parent. The parent may transfer money from a linked Fidelity retail brokerage account or the parent or teen may use any of the following funding methods:

  • Wire transfer
  • ACH transfer (if the teen is the account owner or a joint account owner)
  • Mobile check deposit
  • Paper check deposit

Teens can also link a digital payment app such as PayPal, Venmo, or CashApp and fund their account that way. If a teen is employed, they can set up direct deposit from their employer into this account.

Fidelity recommends against exceeding $30,000 in deposits in a year.

💸 Spend: Fidelity Youth Accounts, of course, come with debit cards. This is your average debit card, issued by PNC Bank, that can be used in-person or online for transactions and cash withdrawals. It can also be linked to payment apps like PayPal and Venmo for easy fund transfers. This debit card can be managed through the app and used anywhere Visa is accepted.

💰 Save: Teens can also save their money in their account by simply choosing not to invest it. Fidelity may move this money into a sweep account to earn interest, but it is never locked from teens. There is no charge for withdrawing and spending saved money.

📈 Invest: Teens are empowered to make all investing decisions for themselves, but users are limited to certain types of securities, chosen by Fidelity. The first type of security is exchange-listed National Market Securities or NMS securities such as stocks and ETFs. The second is Fidelity mutual fund shares, including Fidelity money market mutual funds, ZERO expense ratio index mutual funds, and municipal bond funds.

All other types of securities, such as international stocks and third-party mutual funds, as well as certain subsets of NMS securities are not able to be traded with a Fidelity Youth Account, but there is no shortage of options. There are no limits on the amount of money that can be traded in one transaction and teens can invest with as little as $1 at a time in fractional shares.

Teens may invest as actively or as passively as they’d like. They will not have an account manager making decisions for them, so they’ll need to do their own market research.

If a teen doesn’t know much about investing, Fidelity recommends that they go through the provided educational resources in the Youth Learning Center with their parents or guardians. These resources include articles that cover financial literacy topics in depth, from the basics of spending and saving to the nuances of investing.

Teens can talk with Fidelity investment professionals to ask questions about their account, but they will need to have a good understanding of the risks associated with investing to be successful with this account.

How Much Does the Fidelity Youth Account Cost

Fees: no fees for low balance, no account maintenance fees, no ATM fees, 1% fee for foreign transactions.

There are no subscription fees for the Fidelity Youth Account or other fees for using and keeping the account. However, there are investing fees. These are specific to each security a teen trades.

Users are reimbursed for fees they incur when using their Fidelity Youth Account debit card at any domestic ATM. There is no limit on reimbursements.

There are no minimum balance requirements for the investment account itself, but there may be some on different securities available for purchase.

Benefits of Fidelity Over Competitors

One of the great things about this account is that it empowers teens to actually invest. The Fidelity Youth Account is a much more comprehensive investment product than we’ve seen catered toward kids and teens before. Other deposit accounts for kids simply offer investing as an option, but on a much smaller scale and with far fewer options. 

This account is also inexpensive compared to the competition. There are no subscription fees or account maintenance fees, and securities are mostly either low-fee or fee-free. Many are $0 commission and there are no fees for advisory.

It also pays to work with a high-profile financial services company like Fidelity Investments. Fidelity has a track record of success and high customer satisfaction.

Potential Drawbacks

Parents need to be Fidelity customers in order to open an account for their teens. A lot of people won’t be able to open a Fidelity Youth Account because of this, and Fidelity should consider opening it up to a larger population of interested candidates.

Because this is a proper investment account, there are going to be typical drawbacks to consider. For example, taxes. Your child will be responsible for paying taxes on their earnings and covering any fees associated with their investments. There is also the possibility that they may lose money, in which case they would need to cover their losses. If a child is unable to cover their losses or pay fees, their parent or guardian is financially responsible for them.

Another con to this account, for some families, is that it doesn’t give parents a lot of control. This is pretty much the point as this brokerage account is meant to give teens financial independence, but this might not be what you’re looking for if you want account management capabilities. For example, a parent may not set spending limits for their child.

Consumer Sentiment

As this is a new account offering, there are few consumer reviews available for it at this point. So, let’s take a look at what real customers have to say about working with Fidelity Investments as a whole.

Positive reviews about Fidelity Investments tend to center around the company’s extensive list of product offerings and helpful resources. Many Fidelity users today are long-time customers. Negative reviews complain about account restrictions, primarily in instances of suspected fraud, which can take a while to resolve.

The Fidelity mobile app is highly rated. It has a rating of 4.8 out of 5 stars in the App Store and 4.3 out of 5 stars on Google Play. The app is sophisticated and comprehensive but still easy to use.

Fidelity’s customer service is another strong point. They have a robust team of representatives working for them, and this results in short wait times and good rates of problem resolution. In a 2020 study by J.D. Power, Fidelity Investments ranked as the second best full-service investor for overall customer satisfaction.

Is It Safe

In terms of security, the Fidelity Youth Account is pretty safe. All account securities are SIPC insured up to $500,000 and uninvested account funds are insured up to $250,000. 

Fidelity may share a teen’s personal information with third-party service providers and may use this information to make product suggestions.

It is up to a parent and their child to monitor their account for suspicious activity and report it to Fidelity promptly.

As for the safety of investments, this is, of course, not guaranteed. Fidelity doesn’t do anything to make the stocks a teen can invest in safer, so a child exposes themselves to the risks and losses any other investor does.

How to Sign Up

Again, you must have a brokerage account with Fidelity to submit an application for a Fidelity Youth Account. If you do, you can register for this account online or through the Fidelity app by providing identity verification for yourself and your child. Then, after your application has been processed, your teen can install the app, activate their account, and fund it.

Final Thoughts

If you value working with reputable companies and want your child to get started growing their wealth early, this account is probably one of your best options. The Fidelity Youth Account might be right for you and your family if you want to give your child real experiences with investing. And rather than having a limited range of companies to invest in and no control over how securities are traded, Fidelity Youth Account users can invest in the same companies that users with standard brokerage accounts may invest in.

Don’t let the fact that this account is new scare you away, as Fidelity has a reputation for delivering quality service and highly rated financial products. But if you’re looking for more parental control or you’re just not ready for your child to start investing yet, this account is not for you.

Jassby Review – a virtual debit card for kids


image credit: jassby.com

Jassby was founded in 2017 and it started as a free app families could use to manage chores and allowances. Today, it is a comprehensive platform designed to teach kids financial literacy skills with a fully digital, kid-friendly debit card and the same chore and allowance features it started with (plus more). The Jassby virtual debit card for kids can be used to make purchases online through the app or in person via Apple Pay.

This debit card just launched in 2020, making it a little on the newer side than its competition, but is it the best kids’ debit product fintech has to offer? Let’s dig into what makes Jassby great, what makes it not-so-great, and whether it’s right for you and your family.

Related: See how Jassby stacks up against the competition in our rundown of the best debit cards for kids and teens in 2021!

Who is it For

Average age: 13 to 18 

Good candidate: Kids that primarily make purchases online and parents that pay their children allowance for completed chores.

Jassby operates primarily on a chores-and-allowance based system, so it makes the most sense for families that do too. 

Children under the age of 13 are not permitted to register as users without parental consent, but this really isn’t geared toward young kids anyway. This product is best for teens that are comfortable using technology.

Features and Benefits

Fees: $2.99 monthly fee

As you can see, Jassby doesn’t have as many hidden fees as many debit cards, but this is partly due to the fact that it doesn’t offer as many features. For example, because ATM withdrawals are not permitted, there is no fee for this. And because there is no physical debit card, there are no fees for cash reloads or card replacement.

Jassby offers a six month free trial to new users. 

For Parents

The parent that sets up a Jassby account becomes the account’s “Family Organizer,” in charge of account funding and management. 

Child accounts are funded by the Family Organizer’s linked account. A child can link their own bank account too, if they have one, but the parent’s funds will be used to make all payments. The child may choose to link their account to Jassby to see their balance and activity.

The Family Organizer can add another parent to their family’s account by creating a user account for them as an “Additional Parent.” Parents can also add grandparents as users. Doing this allows grandparents to contribute to a child’s account using their own funding source. Additional parents and grandparents may not change account settings.

Kids do not automatically get debit cards of their own. Parents must request debit cards for each of their kids.

To give their kids money, parents can set up allowances through Preferred Allowance accounts. This amount is set by the Family Organizer and paid automatically on a weekly or monthly basis. They can also supplement their kids’ earnings by assigning them chores to complete. In addition to or instead of chores, they might choose to incentivize different goals and behaviors such as getting good grades.

Parents can also play a role in determining how much their children may spend. They can set different spending limits to teach their kids the importance of budgeting, and check to make sure their kids are spending responsibly. Parents can see how much their kids are spending and where from their side of the app. If needed, they can lock and unlock cards instantly as well.

Family Organizers can create different budgets and funding schedules for each of their children. This can be done for general spending or for specific purposes such as spending at school. For general purpose use, parents can set budgets for spending, saving, and sharing.

More specifically, they can use Jassby to give their kids money for cafeteria food and schedule auto pays to deposit more money into this budget when it falls below a certain amount. Parents that do this can even see exactly what their kids are buying at school to help them make healthy eating choices.

Another way parents can protect their children is by restricting certain merchants. They have complete control over which merchants their kids can or cannot use their Jassby card. They can toggle these preferences from the app at any time.

For Kids

Jassby users can spend, save, or donate their money.

To earn money, kids can complete chores assigned to them by their parents and may also get an allowance. If they need a little extra, they can actually request cash from their parents or even request more chores to earn that cash for themselves.

Spend: Kids can make purchases through the Jassby Shop using the money they’ve earned. When buying items through this online marketplace, users can filter by category for thousands of name brand products. They can also purchase select gift cards.

Kids can also use their digital cards in-person at retailers that use Apple Pay. Using Apple Pay, they can transfer money from their Jassby account to other Apply Pay users as well. Apple Pay is contactless and is used by opening the Apple Pay app when making a purchase. Users must be 13 years old or older to set up an Apple Pay account.

Jassby users may have their spending limited by their parents and budgets set for them, so they will only be allowed to spend what their parents have made available to them. Overdrafting is prohibited.

Whenever a child uses their Jassby card to make a purchase, they need to provide their PIN and verify their identity with Touch or Face ID. Jassby is powered by Mastercard.

Users cannot use their Jassby debit card to make ATM withdrawals or get cash back.

Save: Jassby users can either set specific savings goals for themselves or work with their parents to create these. Parents may choose to incentivize saving with allowance, but Jassby does not pay interest on money saved.

Donate: Kids can also donate their money with Jassby. This can be done through the Jassby Shop by selecting the category “Donate to Charity” or the “Give” tab. Available charities include the American Cancer Society, Habitat for Humanity, the Nature Conservancy, and Clean Water Fund. Users can choose to donate between $5 and $25 per transaction.

Parents may decide to motivate their kids to donate their money by assigning them giving goals or creating a sharing budget.

How Much Does the Jassby Virtual Debit Card Cost

Jassby does not require a subscription to use as many other kids’ debit products do, but there is a monthly fee for accounts that include virtual debit cards. This is a flat rate of $2.99 charged to family accounts. After the first debit card is added to an account, there is no charge for additional cards or child users.

To waive the fee of $2.99 per month, users have to make at least one purchase with their virtual debit card per month. As long as at least one user from a family account makes a purchase, this fee is waived automatically.

Benefits of Jassby Over Competitors

One of the nice things about Jassby is that it allows for many adult users on one account. An account holder can choose to add another parent to the family and Jassby even gives grandparents the opportunity to join in. Everyone can link their own funding source to pay a child, but the Family Organizer is ultimately in control of how the child spends their money.

Because Jassby is digital, it means your child’s card is safe from being lost or stolen. And because it is compatible with Apple Pay, finding merchants that accept the Jassby card is going to be easier than it would be for other contactless payment providers. Apple Pay is generally thought to be very secure as well.

Jassby is also cheaper than its competitors, and it is possible to waive the monthly fee. At between $0 and $2.99 a month with almost no hidden fees, Jassby is one of the most inexpensive choices for families.

Potential Drawbacks

One of the most inconvenient things about Jassby is that it is completely digital. This of course has its advantages, but it’s worth noting that there are still a lot of merchants that don’t accept Apple Pay. Jassby is probably not right for you if your child will need to make purchases and use ATMs when they’re not with you.

Another issue with this product is that the app is only available to Apple users. As of right now, there is no version of the Jassby mobile banking app in Google Play. So if you’re an Android user, you’re out of luck. Jassby planned to roll out an Android app in early 2021, but it’s not here yet.

Consumer Sentiment

Jassby gets good customer reviews overall. It has a rating of 4.2 on Trustpilot, with dozens of satisfied users reporting good experiences especially as it pertains to purchases made through the Jassby Shop and quality of customer support received. 

However, one of the primary complaints about Jassby is that customer support is slow to respond. It seems that representatives for this company may be stretched a little thin at the moment, but that they do a good job helping you out once you do get in touch with them.

Unfortunately, the Jassby app doesn’t perform very well. It has a rating of 3 out of 5 stars in the App Store. Poor reviews state that the app is difficult to use and has limited functionality. If Jassby can manage to make the app more user-friendly and less clunky, they’ll please a lot of grumbling customers.

To contact customer support, call +1 (831) 274-7330 or email customersupport@jassby.com. You can also live chat through the website or app when Customer Support is online, which is between 9 AM and 5 PM EST Monday through Friday.

Is It Safe

Jassby uses many account security features to protect accounts from attacks and gives parents ways to keep their kids safe.

As far as spending protection, Apple Pay employs several security and privacy measures. Safety features include identity verification via Face ID, Touch ID, or passcode. This service never stores personal information or information about funding accounts.

Presumably, it can’t get much safer than a 100% digital debit card that is impossible to lose or steal, but this product is not immune to cybersecurity threats such as scams and data leaks.

Merchant restrictions and spending limits are put in place by Jassby to further protect users from fraudulent or unsafe activity. For example, Jassby users are not permitted to use their card at establishments that sell alcohol, gambling, or tobacco products.

Jassby’s parent institution is Needham Bank, a member FDIC financial institution. All checking accounts are insured up to $250,000.

How to Sign Up

To get started with Jassby, a parent must open an account. Parents then create accounts for each of their children. Finally, they need to apply for debit cards on behalf of their kids and register any adult users they’d like to register.

You will be enrolled in the six-month free trial upon signing up for an account, but you will be charged automatically at the conclusion of this period. There is no minimum deposit required to open.

Final Thoughts

Jassby tries to be modern and convenient, but it falls a little flat in a couple of ways. The first is that the only way to make in-person purchases is through Apple Pay and the second is that it is only available for Apple.

Chances are that if your child falls in Jassby’s target age range, they’ll need to make in-person purchases without you, and they’ll likely run into Apple Pay limitations when trying to do so. But if you don’t see this being a problem, Jassby would be a fine option for you. Jassby is cheaper than similar alternatives and has great security features and parental control options.

TAB Bank High Yield Savings – 0.50% APY + CDs up to 0.75% APY


TAB Bank [Transportation Alliance Bank]

TAB Bank is an online only financial institution based out of Ogden, Utah.

Known as the bank tailored to truckers, TAB Bank, or Transportation Alliance Bank, has a suite of online savings products that are generally quite competitive.

Their current rates are slightly lower than the best rates found online today, but TAB usually places near the top of the pack in terms of APY (annual percentage yield) for both their high yield savings account and certificates of deposit.

Their certificate of deposit rates are on par with what you’d see at other online banks, and still beat the national average for their respective terms by a good margin.

Find out if TAB Bank’s savings products are right for you in our rundown below.

Keep in mind APYs on FDIC-insured deposit products are down across the board and will likely stay that way for the foreseeable future as the FED aims to keep the federal funds rate near zero through 2022.

TAB Bank High Yield Savings Account

TAB Bank’s high yield savings account can be opened online in minutes and is FDIC-insured up to $250,000 per depositor or $500,000 on joint accounts.

The account offers flexible terms and a low balance requirement to earn the advertised yield.

TAB Bank Online Savings rate

Daily BalanceAPY (Annual Percentage Yield)Min. Deposit to Open
$10.50%$0

Interest is compounded daily and paid out monthly.

To give the above rate some context, the current national average for savings accounts sits at just 0.07% APY.

A unique feature of this product is that TAB doesn’t put a cap on the amount of money you can keep in the account and earn interest. Although the FDIC will only cover you up to $250,000, this feature differentiates TAB from other online banks. In fact, some online banks put maximum balance caps on amounts well below the $250,000 mark (for example: Paramount Bank’s online savings account).

Tab Bank High Yield Savings Account Fee Schedule

Tab Bank’s high yield savings account comes with minimal fees. Below is the complete fee schedule.

TypeFee
Monthly Maintenance$0
eStatements$0
Paper Statements$5/each
Cashiers Check$15/each
Outgoing Wire$30/each
Stop Payment$30/each
Return Deposit Item$30/each
Paid Overdraft or Returned Item$30/each ($150 max per day)
Account Record$5
Account Research$20/hr. 1 hour min.

TAB Bank CD Rates

TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years.

Their CD rates are better than the current national average, but higher yields can be found through other online banking institutions as well as regional and national credit unions such as Patelco, PenFed, or Navy Federal Credit Union.

TAB Bank’s current CD rates:

CD TermAPY
6 months0.40%
9 months0.40%
12 months0.50%
18 months0.55%
24 months0.60%
36 months0.65%
48 months0.70%
60 months0.75%

All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000. To give the yields above some context, the current national average on 12 month CD and a 60 month CD sit at just 0.14% and 0.24% APY, respectively.

How to Open and Fund a TAB Bank Account

As with most online only institutions opening an account is simple and straightforward.

To start, navigate to the product page you are looking to open.

Here’s an example of how to select a 12 month CD. Click “Open Now” once you’ve selected the product you wish to open.

You will need to be 18 years or older to open a TAB Bank account Please have your personal information handy. Some of this information can be sucked in from other sources such as Facebook, or you can fill it out manually.

If you’re looking to open an IRA to have your certificate of deposit placed in, then you’ll need to apply over the phone by calling (800) 215-7128.

Here’s what you’ll need:

  1. Full name
  2. Date of birth
  3. Home address
  4. Email
  5. Phone number
  6. Social security number

After your account is opened, you’ll need to fund it. You’ll want to have the routing number and bank account number of the bank/account you’ll be transferring funds from.

How to Fund Your Tab Bank Account

There are 6 ways to fund your Tab Bank account:

  1. Direct Deposit. Contact Tab Bank to get their direct deposit notification form. You’ll then use this to notify your employer (or other source) to begin placing deposits in your new Tab Bank account automatically.
  2. Deposits via third party checks. ComCheck, T­Chek, EFS, or even Western Union®. These are considered guaranteed funds and are available within an hour. They can be done by calling their customer service department.
  3. Wire Transfer. You can send money from an external bank account by wire. You will have same-­day access to your funds.
  4. ACH transfer. You can request money from an external bank account by ACH transfer, which you must set up beforehand. You will have access to funds within two business days. 90 days after opening your account you can apply for TAB Bank Express ACH, which gives you access to transferred funds within one business day.
  5. Gift Card. You can also buy a gift card at any Pilot Flying J and call our customer service department to deposit that money into your account.
  6. Mail in check with deposit slip.

ACH Transfer Limits

These are not listed in Tab’s website or in the fine print, so you’ll have to get in touch with a representative to find out what these will be for you.

According to customers, the incoming and outgoing transfer limit is or at least has been $10,000. Just know that you probably won’t find out exactly what limits are until you open an account.

Tab Bank Customer Support and Customer Sentiment

If you’re struggling with online and/or mobile banking, give the bank a call at 800-355-3063.

Hours of operation are from 6 AM to 7 PM Mountain Time Monday through Friday and from 9 AM to 3 PM on Saturday. You can also send a secure message through the bank’s online platform.

Reviews on Tab Bank’s customer support are wildly mixed, so it’s not clear what you can most likely expect from this service.

Tab Bank as a whole doesn’t do especially well on customer review sites such as DepositAccounts, where the bank earned just 2.5 stars. Many people come for the rates and it seems like the majority do stay for the rates, but a lot of users have shared that the online banking interface leaves a lot to be desired.

Final Thoughts

If you’re in the market for a high yield online savings account, then TAB Bank’s high yield savings product is a fantastic option.

The account is easy to open and has no minimum deposit or balance requirements.

TAB Bank’s CD rates are also above the national average for each respective term by a considerable margin.

Vio Bank Online Savings Account – 0.57% APY + 0.70% APY CDs


Back in the summer of 2018 when CDs and savings rates were starting to pick up steam again, many of the big national banks hopped on a growing trend – create online-only banking divisions that specialize in amazing high yield savings accounts and CDs.

This is exactly what happened when MidFirst Bank, one of the five largest privately held banks in the country, launched Vio Bank in August of 2018.

Vio Bank came out of the gates with a bang – offering one of the top APY (annual percentage yields) for an online savings account anywhere in the country.

Today, the interest rate landscape is heading back the other direction. And with the FED’s latest drop to zero, it looks like CDs and savings will likely follow suit (as is tradition).

That said, we’re thrilled to see Vio Bank hold strong on their lucrative 0.57% APY high yield online savings account. Although we don’t know how long the rate will hold, it is one of the top APYs available online today and the account can be opened with as little as $100.

Vio Bank’s Online Savings Account Rate + Details

Like the Citi accelerate savings account we covered earlier this month, the 0.57% annual percentage yield on Vio Bank’s online savings account remains highly competitive despite falling rates around the country. This is a variable rate that can change at any time without notice.

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening. The account is FDIC-insured up to $250,000.

More account details:

  • Interest is compounded daily and paid out monthly
  • 6 free withdrawals per monthly statement cycle. A $10 withdrawal fee applies after 6.
  • No monthly fees.

Please note – if you plan on making more than 6 withdrawals per statement cycle you may want to consider using a different account. Not only with a $10 fee be imposed on withdrawals after 6 in any monthly statement cycle but Vio Bank states they could shut down your account if withdrawals become too abundant.

ACH transfers initiated through the Vio Bank External Transfer Service may not exceed $25,000 (or 5 separate transfers) per day or $100,000 (999 separate transfers) per month. Incoming or outgoing transfers initiated by a third party transfer service are not limited though, which will allow you to get around these restrictions if needed.

Drawbacks to Banking With Vio Bank

As an online-only bank, Vio Bank does not have any branches or ATM networks. In fact, you won’t even get an ATM card with any VIO bank accounts nor any check writing capabilities.

There are very little Vio Bank account features to write home about (if any). Customers have no access to any budgeting tools or peer to peer transfers.

Accessing money or moving it around will be difficult with Vio Bank unless you’re comfortable with ACH or wire transfers.

Vio Bank Online Savings Account Fee Schedule

Like many online savings accounts Vio Bank’s has minimal fees. That said, you will still have to pay for certain items and/or services. Here is their complete fee schedule:

TypeFee
Monthly Maintenance$0
Dormant Account (inactive for 12 consecutive months)$5/month
Electronic Statements$0
Withdrawals6 free per month, then $10/each
Wire Transfers (domestic outgoing)$18
Wire Transfers (domestic incoming)$10
Wire Transfers (international outgoing)not listed
Wire Transfers (international incoming)$0
Stop Payment$30
Returned Item$7
Verification of Deposit$15
Paper Statements$5/month
Additional Statements$2 each
Copies$1 each
Research Requests$40/hour

If you’re looking to lock in a rate and not worry about a future drop, then you may want to consider one of Vio Bank’s certificates of deposit.

Vio Bank’s CD Rates + Account Details

Vio Bank’s current certificate of deposit rates aren’t nearly as competitive as their high yield online savings account.

The CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly. Your deposits are also FDIC insured up to $250,000 and can be opened online with $500 or more.

Side Note: Unfortunately there are no promotional deposit products offered currently by Vio Bank. This is an effective marketing tactic we’ve seen used by many online banks even in poor savings environments.

Vio Bank’s Current CD Rates:

CD TermAPY
6 month0.10%
9 month0.15%
12 month0.15%
18 month0.15%
24 month0.15%
36 month0.30%
48 month0.40%
60 month0.50%
84 month0.60%
120 month0.70%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.14% APY and 0.24% APY, respectively.

Early withdrawal penalties apply for all Vio Bank CDs.

The penalties vary depending on the length of the deposit term. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

For CDs with terms longer than 1 year the penalty is 3 percent of the amount withdrawn plus a $25 fee.

Vio Bank Reviews and Customer Sentiment

Vio Bank has apps for both IOS (Apple Store) and Android (Google Play) phones that have received mixed reviews. Their IOS app has a 4.4 star rating out of 5, while their Android app receives just a 3 star rating out of 5.

The apps allow Vio Bank account holders to do the following:

  • Check account balances anytime
  • Search recent transactions by date, amount or check number
  • Transfer cash between accounts
  • Deposit checks while on the go

Bank review websites and bloggers love Vio Bank, but reviews and experiences provided by users tell a different story. On DepositAccounts, Vio Bank has 2 stars. So though this bank looks good on paper (especially for its high-yield savings account), it does not meet expectations in the eyes of real people with accounts.

In a nutshell, here is what some of these people have to say:

Look out for contradictory information provided by Vio’s website and representatives as well as cumbersome application hurdles and poor service, issues named by many users. Many individuals seem to doubt the bank’s trustworthiness based on support interactions and insufficient explanations. Even more have been turned away or had their accounts closed soon after opening for no apparent reason. Definitely don’t ignore these alarm bells but know that every person’s experience is going to look different and that Vio Bank might improve its customer care, policies, and practices over time.

User reviews for MidFirst Bank, the parent company of Vio Bank, are similarly poor with an overall rating of 2.5 stars on Yelp and 1.5 stars on DepositAccounts. There are also a number of complaints left against this company with the Better Business Bureau, another red flag that doesn’t reflect well on Vio either.

Final Thoughts

If you’re after a high yield online savings account and APY is your sole focus, then Vio Bank may be a solid solution for you.

However, if you intend to conduct regular banking activities out of this high yield savings account, you will be let down as it comes with no ATM card and no real way to move money around other than wires or ACH transfers.

Their CDs aren’t attractive at all at the moment and carry some steep early withdrawal penalties (mentioned above), so if you’re looking for an online CD we would suggest shopping around.

Titan Invest Review: Hedge Fund Investing For Everyday People


image credit: titanvest.com
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Titan Invest is a robo-advisor that offers investment services similar to those of a professionally managed hedge fund.

It was founded in 2018 by Joe Percoco, Clayton Gardner, and Max Bernardy and passed $150 million in assets under management in Q3 of 2020.

Joe and Clayton have several years experience in hedge fund investing between the two of them – working for companies such as Goldman Sachs, Cerberus Capital and McKinsey and Co.

Their technical co-founder, Max Bernardy, is a graduate of Stanford University with a degree in computer science. He has also been the technical lead for several early-stage technology companies prior to joining Titan Invest.

Titan Invest, as a platform, uses cutting edge technology combined with an innovative business model to provide users with access to world-class investment opportunities while letting their algorithms do all the heavy lifting. Investors can invest capital and track the growth of their portfolio through the highly-rated Titan app for Apple and Android.

You can get started here for mobile downloads.

Hedge funds are normally inaccessible to the average Joe and generally require one to be an accredited investor to participate. What Titan Invest aims to do is bring this investing technique to a demographic that hasn’t been privy to the opportunity in the past.

Titan Invest requires a minimum opening balance of just $500 (with a $100 transfer fee minimum) and calls itself an asset manager for millennials. Is this investment manager right for you? Continue reading our full review below.

What is Titan Invest and How Does it Work?

As with many conventional robo-advisors, Titan Invest constructs and manages your investment portfolio.

Where they differentiate themselves (other than the personalized hedge) is that they actually invest in individual stocks rather than traditional ETFs, which are a basket of different securities.

The individual stocks in which Titan places your money are limited to what Titan believes are the 20 highest quality companies on the market. These companies include household names and members of the S&P 500 such as Microsoft, Alphabet (Google), Apple and more.

After the individual stocks are selected, your portfolio is then provided an automated “personalized hedge.” The size of the hedge will be dependent on your personal risk tolerance which is assessed upon opening the account.

The range will be: conservative, moderate, aggressive. The more conservative you are as an investor (ie the less risk you can tolerate) the larger the hedge against your individual stock investment. This allows protection against severe price swings and overall market volatility. That said, it will not guarantee the protection of your principal investment and your overall portfolio could still lose money.

To get a better idea of how your funds are allocated based on your appetite for risk. Here is the general rule of thumb according to Titan (assuming your portfolio is not in a downturn):

  • Conservative Investor: Titan will allocate roughly 10% of your position to the short.
  • Moderate Investor: Titan will allocate roughly 5% of your position to the short.
  • Aggressive Investor: Titan will allocate closer to 0% of your position to the short.

If your portfolio is experiencing a downturn, the breakdown would look more like this:

  • Conservative Investor: Titan will allocate roughly 20% of your position to the short.
  • Moderate Investor: Titan will allocate roughly 10% of your position to the short.
  • Aggressive Investor: Titan will allocate closer to 5% of your position to the short.

Remember, the Personalized Hedge feature is fully-automated. There is no financial advisor behind the wheel. The way your Personalized Hedge self adjusts will be dependent on your portfolio’s performance relative to the S&P 500. If the performance of your portfolio starts declining against the S&P 500 for a period of time, more of your funds will be allocated to the hedge (and vise versa).

What is a Hedge Fund and How is Titan Invest Different

In a nutshell, hedge funds are pools of money contributed by investors with a fund manager whose mandate is to maximize returns for investors while mitigating risk through “hedging.”

You may not realize it, but you probably make financial “hedges” already in your life. Do you own a home? Did you purchase homeowners insurance on that home to protect against fires and break-ins? If so, then you’re essentially purchasing a hedge.

While hedging with stocks gets a little more complicated than simply purchasing insurance on the stock, the basic principle applies. You invest in an asset (the stock) and then purchase another financial instrument that pays out in the event of said asset losing value.

Hedge funds can invest in pretty much anything – stocks, real estate, land, currencies, etc. and are highly responsive to the market.

Titan Invest is not a hedge fund but provides clients a personalized hedge tool to protect capital in times of market downturns and high volatility. This tool aims to replicate the strategies used by hedge funds to outperform market returns in the long run.

Like hedge funds, Titan Invest accounts are highly responsive to the market. Titan re-adjusts its Flagship stock portfolio each quarter and intervenes when your stocks or overall portfolio enter a downturn.

Another key difference between Titan accounts and hedge fund accounts is liquidity. Whereas hedge funds lock up your funds to allow managers to back out of investments, Titan does not. When you invest with Titan, you can withdraw your funds whenever you want.

Finally, Titan costs its investors much less than the average hedge fund. Many hedge funds charge a very high performance fee, but as you will read about in the next section, this is not the case with Titan Invest.

Titan Invest Fees and Features

Titan charges an annual advisory fee of 1.00% for deposits of $10,000 or greater, and this encompasses all services. If you deposit less than $10,000, you’ll incur just a flat $5/month fee.

The good news is there are no performance fees of any kind unlike hedge funds that have historically charged up to 20% of the investor’s net profit for a calendar year. On top of that, Hedge funds generally charge a 2% asset management fee for their services as well.

This 2% asset management fee plus 20% performance fee has been dubbed two and twenty by those in the financial industry and it has come under fire by investors and politicians alike for a number of reasons.

Titan Invest Fees and Facts

TermDetails
Minimum Investment$100
Annual Fee1.0% of AUM
Performance FeeNone
Lock UpsNone
Investor QualificationsUS only
Custody & ClearingApex Clearing
Legal CounselLowenstein Sandler LP
ComplianceGreyline LLC
SIPC InsuranceUp to $500k

If you’re thinking 1.0% of AUM annually is a little steep, that is because it is. Generally speaking, robo-advisors charge anywhere from 0.25% – 0.50% in annual fees.

Features and Perks

That said, there’s a nice remedy to lowering your annual fee if you can bring a few new customers into the Titan Invest family. Currently, when you refer people to Titan, they will knock 0.25% off your AUM for every person you successfully refer, with the potential of bringing fees to 0% if you can get four people. The best part is that the fee waiver is applied to your account for as long as you have it. You don’t have to refer new people every year.

Other than kickbacks for referring new clients, the Titan Invest platform also offers many additional features to its investors. These include:

  • personal digital vaults or separately managed accounts of your own,
  • fractional share trading,
  • access to a portfolio manager, and
  • the ability to make instant deposits. 

Titan Invest Account Types and Services

Titan offers two investment programs:

  1. Titan Flagship Program (launched in 2018), and
  2. Titan Opportunities (slated to launch in July 2020)

The primary difference between the Titan Flagship and Titan Opportunities (once it launches) is the size of the 20 companies in which Titan spreads your funds between. With Titan Flagship, the 20 companies are going to be made up of large household names. With Titan opportunities, the focus will be on smaller companies that are poised for exceptional growth.

Titan Flagship Program Details:

Number of Stocks20
MandateUS only
Median Market Cap$180 billion
Inception2/20/2018

Titan Opportunities Details:

Number of Stocks20
MandateUS only
Median Market Cap$5 billion
InceptionJuly 2020

Regardless of whether you choose Titan Flagship or Titan Opportunities, you’ll have the option to house these in a retirement account or individual investment account.

Titan invest offers both individual investment accounts and retirement accounts such as traditional IRAs, Roth IRAs and 401ks.

In the early Fall of 2019, Titan Invest began offering Individual Retirement Accounts (IRAs) as part of their suite of retirement products.

This means clients can now take advantage of everything Titan Invest has to offer in the way of low cost hedge-style investing BUT with the added benefits and tax advantages of an IRA. You can also roll over your 401(k) or 403(b) retirement accounts. They have a concierge system in place designated to roll those into your Titan account.

Titan Invest Historical Returns and Performance Review

Because Titan was founded in just 2018, there is limited data to draw upon, but the outlook thus far seems promising.

Per the June 2020 Performance Update, Titan clients were up +8 to +10%. Conversely, the S&P 500 was down -3% and Wealthfront and Betterment (other popular robo-advisors) were down -6% and -10%, respectively.

In the second quarter of 2020, Titan brought a +31% return and the S&P brought +21%. Titan attributes these high returns to three key drivers: idiosyncratic alpha, big tech rebound, and flight to quality. Full hedges remain activated.

Since its founding in 2018, Titan Invest is up +37% total. The S&P 500 has gone up +19.6% since then, Wealthfront +7.6%, and Betterment just +0.5%. 

image credit: titanvest.com/strategy

These numbers speak for themself. Titan Invest, through outstanding research and planning, has proven itself to be a force to be reckoned with. In just over two years, its investors have seen higher returns than they otherwise likely would through another robo-advisor or hedge fund.

Keep in mind that this data is for Titan’s Flagship strategy. Titan Invest is in the process of developing a second strategy, Titan Opportunities, that will focus on identifying smaller U.S.-based companies that are expected to see high growth rather than investing in companies that are already at the top.

Is Titan Invest Safe?

Any reasonable person is going to wonder whether their money is actually going to be safe in an investment account operated by an algorithm.

The answer here is basically yes, or at least as safe as any robo-advisor or digital investment platform can be.

Titan Invest is not any more unsafe than other investment accounts, brick-and-mortar or otherwise. It uses high tech security encryption and is insured by the Securities Investor Protection Corporation.

SIPC covers accounts up to $500,000 and all data flow is encrypted using 256-bit encryption and SSL.

Final Thoughts

Millennial or not, Titan Invest presents many advantages.

You don’t need to be fabulously wealthy to begin and you don’t need to do much of anything to maintain your account.

You’re given tools that have historically only been available to financially privileged clients and the returns thus far have been eye-catching.

On the flip side, the 1.0% annual fee is certainly above average for robo-advisors and the historical returns, while substantial, only go back two years.

That said, Titan Invest does do a good job of providing clients with a way of recouping some (or all) of the annual fee by referring new clients at 0.25% each.