ApyGuy: Maximize Your Savings & Earnings

Lauren Graves

TIAA Bank Yield Pledge CD Rates – Up to 0.70% APY!


image credit: tiaabank.com

Tiaa Bank, previously called EverBank, is a Florida-based financial services institution with an all-inclusive lineup of digital personal banking products. These include high yield money market accounts, certificates of deposit, savings accounts and even foreign currency CDs.

This U.S. bank features a limited number of brick-and-mortar branches, but you don’t need to visit these in order to manage your accounts. So Florida resident or not, you have access to this online institution.

When TIAA, short for the Teachers Insurance and Annuity Association, acquired EverBank Financial Corp in 2017, the institution became legally known as TIAA, FSB, and the online personal banking portion of the company was rebranded as TIAA Bank.

Complicated history aside, TIAA is a Fortune 500 company boasting incredible profits every year, but is it an online bank worth your time and money? Keep reading for all the information you need to know about TIAA Bank deposits accounts—as well as other pertinent banking and accessibility details—to decide whether this online bank is right for you.

TIAA Bank Basic Savings + Yield Pledge Money Market Account Details

All of TIAA Bank savings accounts and deposits are federally insured by the FDIC up to $250,000, the maximum amount allowed.

TIAA Bank Basic savings accounts are one of the bank’s less impressive product choices. Although they are significantly higher than the current national average (which hovers around 0.07% APY currently), they are still much less competitive than other online offers.

Though uncompetitive, these accounts are accessible. You only need to deposit and maintain an average daily balance of $25 for a Basic Savings account with TIAA Bank.

If your balance drops below this minimum, you’ll be charged a $5 fee every month until you get it back above the threshold. If you happen to live in Rhode Island you are exempt from this low balance fee. This account also charges a $30 non-sufficient funds fee on overdrafts.

Interest accrues daily and credits monthly to your account.

The TIAA Bank Yield Pledge Money Market accounts is their other variable rate account and this one boasts a higher APY – especially on larger balances. For the first year after opening a money market account, you’ll earn an intro APY of 0.40%.

Although money market accounts come with variable rates, TIAA Bank guarantees a 0.40% APY for an entire year after opening. Above is the calculation on how much you’d earn with a $50k deposit.

After that year is up, you’ll earn an ongoing APY based on your balance amount. See table below.

TIAA Bank Yield Pledge Money Market

BalanceAPY
$0 – $9,999.990.40%
$10k – $24,999.990.40%
$25k – $49,999.990.40%
$50k – $99,999.990.40%
$100k +0.40%

The average annual percentage yield (APY) on money market accounts across the country sits at just 0.09% currently.

There is a minimum deposit requirement of $500 to open one of these accounts. But ultimately, unless you have more than $25,000 ready to go, you’re probably better off just opening a Basic savings account as you will earn more with this on lower balances than you would with a TIAA Bank MMA. 

However, Yield Pledge Money Market accounts guarantee high rates through TIAA Bank’s Yield Pledge promise, which entails weekly competitor assessments and adjustments necessary to ensure that these rates are in the top 5% across Competitive Accounts. The Basic Savings account, conversely, does not come with this guarantee—do with this what you will.

Interest on savings and money market savings accounts is compounded daily and credited monthly.

Per federal regulation D, you are limited to 6 transactions into or out of a savings or money market account each month. This includes ACH transfers, checks, internet, phone, and mobile-initiated transactions, and more. Should you exceed this limit excessively or frequently, TIAA Bank reserves the right to restrict your access further and transfer your balance into a Cash Reserves account.

TIAA Bank CD Rates

TIAA Bank’s product suite features a few certificate of deposit options, including “Yield Pledge CDs,” and “Bump Rate CDs.” Their product line used to offer “Basic CDs” that came with APYs slightly under the yield pledge products, but these appear to have been discontinued.

If you’re after a higher rate on a CD, consider you probably want to take a peek at their Yield Pledge CDs. These products are also backed by the high yield guarantee previously mentioned and features slightly better yields across the board.

Unfortunately, you’ll need to cough up at least $5,000 to be eligible for any of these accounts.

TIAA Bank Yield Pledge CD Rates

CD TermAPY
3 month0.25%
6 month0.30%
9 month0.35%
1 year0.40%
18 month0.45%
2 year0.50%
30 month0.55%
3 year0.60%
4 year0.65%
5 year0.70%

To put these offers (above) in perspective, a 12 month CD currently yields roughly 0.22% APY, according to national FDIC averages.

The other type of CD offered through TIAA Bank is their Bump Rate CD.

Bump your APY if rates rise during your term!

The Bump Rate CD is a specialty CD that gives users a one-time rate bump feature that allows them to lock into a better rate that comes along before their certificate matures (this is the same as a step-up or step rate CD). Right now, this account is a 3.5 year term that requires a minimum opening deposit of $1,500 and earns 0.60% APY.

Interest is compounded daily and credited according to your account agreement upon issuance.

Early withdrawal policies on Yield Pledge CDs are as follows:

  • 22 days’ interest on 3 month CDs,
  • 45 days’ interest on 6 month CDs,
  • 68 days’ interest on 9 month CDs,
  • 91 days’ interest on 1 year CDs,
  • 136 days’ interest on 18 month CDs,
  • 182 days’ interest on 2 year CDs,
  • 228 days’ interest on 30 month CDs,
  • 273 days’ interest on 3 year CDs,
  • 365 days’ interest on 4 year CDs, and
  • 456 days’ interest on 5  year CDs.

Unlike most bank deposits, these CDs do not automatically renew and come with a grace period of 10 days after maturity.

Banking Experience and Customer Sentiment

Unlike many online banks today, TIAA Bank actually does offer ATM cash access at an impressive 80,000+ fee-free locations. TIAA Bank does not charge ATM fees and will reimburse out-of-network fees imposed by other institutions if your average daily balance is at least $5,000. If your balance is below this, you’ll be reimbursed up to $15. There are 11 TIAA Bank branch locations across Florida.

TIAA Bank offers both a Basic Checking and a Yield Pledge Checking account option. A TIAA Bank Basic Checking will not pay you interest, but a TIAA Bank Yield Pledge Checking is an interest-bearing account that earns a 1-year intro APY of 0.40%. After that, your APY will be between 0.15% and 0.30%, depending on your balance.

Overall, people seem to have a lukewarm impression of TIAA Bank from a customer experience perspective. Out of 119 user reviews left for the bank on WalletHub, 45% of reviewers gave the bank 3 stars for an average rating of 3 stars. And out of 23 reviews on DepositAccounts, TIAA Bank scored just 2.5 stars. 

Customer service at TIAA Bank could use some work, according to customers themselves. The overwhelming majority of negative reviews left for the company are related to bad experiences with customer support, with representatives being called condescending, rude, arrogant, and unhelpful by several users. Most positive reviews pertain to good rates and simple sign-ups.

The TIAA Bank apps, on the other hand, are supposed to be really solid. With 4.6 stars on the App Store and 4.5 on Google Play, it’s safe to assume that you can count on a user-friendly and comprehensive mobile banking experience through the TIAA Bank app.

TIAA Bank limits ACH transfers from a TIAA account to an external account to $50,000 daily and from an external account into a TIAA account to $250,000 daily.

To reach customer service, call the client solutions team at 1-(888)-882-3837 or tweet @TIAABankHelp. Representatives are standing by 7 days a week from 8 AM to 11 PM (ET).

Final Thoughts

TIAA Bank has a diverse and competitive set of FDIC-insured deposits and variable rate savings accounts.

They are certainly worth checking out if you’re searching for an online bank that can handle all of your banking needs and offer respectable rates across the board.

Just be careful not to sign up with this bank for its introductory offers without knowing what you’ll get long-term. The 1-year introductory period on a TIAA Bank Yield Pledge MMA, for example, would definitely make just about anyone want to join, but the ongoing rates, while respectable, are still less competitive than other bank rates.

Overall though, Yield Pledge guarantees, low balance requirements, and mostly competitive rates make this bank a solid choice.

HSBC Direct Savings Account – 0.50% APY + 0.50% 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 digital branch. Their product suite is limited to just a handful of deposit accounts but they feature decent yields.

Currently they offer the following products:

  • HSBC Direct Savings Account
  • HSBC Direct Checking Account
  • HSBC Direct CDs (certificates of deposit)

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

If you’re in the market for a high yield deposit account, then you may want to consider HSBC Direct’s variable-rate online savings account or their fixed-rate CDs.

Continue reading our review of both these products below.

HSBC Direct Online Savings Account Rate + Details

HSBC Direct is member FDIC and all deposits are federally insured up to the applicable limits. Their online savings account comes with a variable rate, no monthly fees and a low minimum balance requirement of just $1.00.

HSBC Direct Online Savings Account

Minimum BalanceAPY
$1.000.50%

To give HSBC Direct’s online savings account rate some context, the current national average for a savings account sits at just 0.06% APY.

HSBC Direct Fee Schedule

Below is a complete list of potential fees and charges you may face as an HSBC Direct customer:

TypeFee
Monthly/ Annual Fee$0
Minimum Opening Deposit$1.00
Additional Transaction Fee$0
Maximum Daily Deposit$350,000
Maximum Balance (Including All Accounts)$2,000,000
Chargeback$10
Cashier’s Check$12
Account Closure$25
Balance Verification Letter$20 for the first copy. $5 for each additional copy.
Incoming Wire Transfer$15 each
Paper Statements$6 each
Legal Paper$100 for each court order.

HSBC Direct Online Savings Account Features

The HSBC Direct Online Savings account comes with some notable features. We’ve listed the most noteworthy ones below:

  • Anyone with $1.00 can open the account.
  • The APY (annual percentage yield) consistently beats the national average by a considerable margin.
  • No monthly maintenance fees.
  • Financial tools available. Online savings account holders have access to HSBC’s Money Management Tools which help with budgeting, goal setting, saving and more.
  • 24/7 live chat with actual people if you get stuck or need help with your account.
  • Mobile check deposit. Download the app on Google Play or Apple and cash checks on the go and move money between accounts.

HSBC Direct Online Savings Account Drawbacks

Depending on how you plan to use the savings account, it may have some pitfalls. We’ve listed these potential drawbacks below:

  • Although HSBC has a large branch and ATM network worldwide, there are no ATM or debit card(s) of any kind issued with their online savings account.
  • The mobile apps are quite poor. Although we listed mobile check deposit as a feature of this account, the mobile app experience in general is fairly bad – scoring a 1.4 star rating out of 5 for IOS and a 2.7 star rating out of 5 for Android.
  • Limited products. HSBC only offers three types of deposit products at this time.

How to Access and Fund Your Account

To fund a new savings account, you can deposit money in the following ways:

  • electronic funds transfer,
  • transfer from existing HSBC account,
  • wire transfer, or
  • mobile check deposit.

Initial deposits must be made with new money and can be as little as $1.00. However, once the account is open you can move funds from existing HSBC accounts.

Once your account is open you can withdraw money using the following methods:

  • Electronic funds transfer
  • Transfer funds to another HSBC bank account
  • Wire transfer

HSBC Direct CD Rates

HSBC Direct CD accounts offer decent rates on a limited set of terms. Below are HSBC Direct’s current CD rates and terms.

HSBC Direct CD Rates

CD TermAPY
6 months0.40%
12 months0.50%
24 months0.50%

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.

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.

If you look at the 48 customer reviews for HSBC on Consumer Affairs, you’ll see a paltry 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. 

Contacting HSBCDirect

There are many ways to get in touch with a HSBC representative. 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. Also, as mentioned, 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

If you’re looking for a no-hassle place to park some cash and earn a respectable APY, then HSBC Direct’s online savings account and/or short term CDs are a good place to look.

That said, if you value in-person banking, or would like ATM and branch access with your deposit account, then you may want to look elsewhere. Although HSBC Direct has a large network of branches and ATMs, they do not issue any debit or ATM card with their savings account.

Also their mobile banking experience leaves much to be desired, so if you plan on interacting with your account regularly via their mobile app, you may be disappointed.

SmartyPig Savings Account – Up to 0.80% APY!


image credit: smartypig.com

October 2020 Update: The SmartyPig savings account saw two aggressive rate drops in the latter half of October. It started the month yielding up to 1.05% APY and finished yielding just 0.80% APY.

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

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

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

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

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

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

What is SmartyPig?

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

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

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

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

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

How to Open a SmartyPig Account

Opening a SmartyPig savings account is simple and painless.

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

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

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

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

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

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

Setting Up SmartyPig Savings Goals + Rules and Restrictions

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

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

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

SmartyPig Current Interest Rate + Account Details

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

SmartyPig Savings Rates

BalanceAPY
$0.01 – $2,5000.80%
$2,500.01 – $10k0.80%
$10,000.01 – $50k0.55%
$50,000.01 +0.55%

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

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

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

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

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

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

SmartyPig Bonus Offers

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

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

Final Thoughts

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

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

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

Barclays Online Savings Account – Now 0.50% APY


image credit: banking.barclaysus.com

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

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

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

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

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

Barclays Online Savings Account Details + Current Rate

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

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

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

Minimum Balance to earn interestAPY
$1.000.50%

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

How to Open the Barclays Online Savings Account

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

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

Funding the Account

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

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

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

You can deposit funds via any of the following methods:

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

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

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

Barclays Online Savings Account Fees

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

Barclays Online Savings Fees

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

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

Barclays Online Banking Experience

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

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

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

Reviews are very mixed.

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

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

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

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

Final Thoughts

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

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

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

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

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


image credit: americanexpress.com

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

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

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

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

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

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

American Express Personal Savings Account Details + APY

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

American Express Personal Savings Account APY

Minimum BalanceAPY
$00.60%

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

Fees, Minimum Balance Requirements, and Compounding Interest

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

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

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

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

How to Open a Savings Account with American Express Bank

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

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

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

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

For step 1, you will need the following information:

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

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

This information includes:

  1. Routing number of bank
  2. Your account number

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

Accessing and Monitoring your Funds

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

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

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

American Express Bank CD Rates + Account Details

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

American Express CD Rates

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

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

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

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

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

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

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

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

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

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

American Express Banking Experience + Customer Satisfaction

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

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

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

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

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

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

The answer to that is NO.

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

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

Final Thoughts

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

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

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

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


image credit: marcus.com

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

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

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

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

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

Marcus by Goldman Sachs Online Savings Account Rate + Details

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

Min DepositAPY
$00.60%

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

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

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

You can:

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

Once you’ve opened the account, you can move funds about via:

  • Wire transfer
  • Electronic transfer

Interest on the Marcus savings account is compounded daily and credited monthly.

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

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

Marcus by Goldman Sachs CD Rates + Account Details

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

Marcus CD Rates

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

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

No- Penalty 7 Month CD

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

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

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

CD Account Details

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

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

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

Banking Experience with Marcus by Goldman Sachs

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

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

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

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

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

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

Final Thoughts

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

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