ApyGuy: Maximize Your Savings & Earnings

Lauren Graves

Marcus Bank by Goldman Sachs Online Savings: 0.80% APY + 0.90% 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
$00.80%

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

Interest on a 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.

How does Marcus by Goldman Sachs Savings Account Compare?

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

InstitutionAPYNotesMore
1.05%$4.50 monthly fee can be waived.Review
1.05%Must avg. 12,000 daily steps.Review
1.04%0.94% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.01%$100 minimum deposit required.Review
1.00%$100 minimum deposit required.Review
1.00%$1,000 minimum deposit (new money). No monthly balance requirement.Review
0.80%$4 monthly fee charged if account dips below $1k.Review
0.80%$500 minimum balance required.Review

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 1.00%. We discuss the no penalty CD a little further down.

Marcus CD Rates

CD TermAPY
6 month0.45%
7 month “No-Penalty CD”0.75%
9 month0.55%
12 month0.85%
18 month0.85%
2 year0.85%
3 year0.85%
4 year0.85%
5 year0.90%
6 year0.90%

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 0.90% APY.

The no-penalty CD is much more flexible than your standard certificate. It’s a 7 month term that earns 0.90% 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.

Bethpage Federal Credit Union CD Rates – Up to 1.05% APY!


image credit: bethpagefcu.com

Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.

Headquartered in Bethpage, New York, this  member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation. 

Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974. 

Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.

Keep reading for more information about Bethpage FCU’s suite of deposit products.

Bethpage FCU CD Rates + Account Details

Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.

Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.

Bethpage FCU CD Rates

CD TermAPY
3 month0.50%
6 month0.50%
12 month0.55%
18 month0.55%
24 month0.75%
30 month0.85%
36 month0.85%
39 month bump-up0.85%
48 month0.95%
60 month1.05%

To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22%. That said, higher APYs can be had through online banks, like Discover Bank, or other credit unions with nationwide acceptance, such as Spectrum.

Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.

The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.

To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.

Bethpage FCU Money Market Rates + Account Details

Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.

Bethpage Federal Credit Union Money Market Rates

BalanceAPY
$500 – $24,9990.50%
$25k – $49,9990.50%
$50k +0.50%

The national average for money market accounts sits at just 0.18% APY currently, but higher rates can be found through a handful of online banks.

You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.

Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%. 

Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.

Other Savings Accounts Offered by Bethpage FCU

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.

The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.

For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.

About Bethpage FCU + Eligibility

Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership. 

That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.

There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.

There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information. 

Final Thoughts

Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory. 

Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.

PenFed Credit Union CD Rates – Up to 1.00% APY + 0.80% 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 month0.30%
12 month0.50%
15 month0.50%
18 month0.55%
2 year0.60%
3 year0.65%
4 year0.70%
5 year0.90%
7 year1.00%

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 0.22% APY and 0.55% 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 – 0.90% APY

Minimum DepositAPY
$50.80%

PenFed’s “premium savings account” offers an excellent APY of 0.80%. 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.

Capital One 360 Performance Savings – Now 0.65% APY


UPDATE: The bonus of up to $500 for opening the 360 Performance Savings account is no longer available. Check back here often, we will update if/when it returns.

[Update August 26, 2020: The Capital One 360 Performance Savings account cut its APY to 0.65%, down from 0.80%. This is the third rate cut in August.]

[Update August 13, 2020: The Capital One 360 Performance Savings account had its APY lowered from 1.00% to the current 0.80% APY.]

[Update August 2020: This account does not feature the cash bonus anymore. The account still pays an APY of 1.00%.]

Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

  • The 360 Performance Savings Account (Variable rate of 0.65% APY)
  • 360 CDs (Fixed rates, see the rates here)
  • 360 IRA Savings Account (Variable rate of 0.65% APY)
  • 360 Checking (Variable rate of 0.10% APY)
  • Kids Saving Account (Variable rate of 0.50% APY)
  • Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a respectable 0.65% APY.

360 Performance Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.65%

To give the yield above some context, the national average for savings accounts sits at just 0.07% currently. However, there are some banks offering between 0.80 and 1.00%, but these accounts may not offer the $0 minimums that Capital One does.

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Capital One 360 Performance Savings Account Fees

TypeFee
Account Maintenance$0
Outgoing Domestic Wire$30
Statement Copies$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.65%

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum DepositMinimum BalanceAPY
$0$00.50%

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

The account pays a very respectable APY that beats the current national average of 0.07%. However, if you’re strictly after high rates, there are better youth-based savings accounts offered through nationally available credit unions.

Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

Final Thoughts

Capital One is a hybrid bank, meaning that it is neither fully digital nor fully physical. So as a 360 customer, you reap the benefits of a physical institution and a digital institution. You can access your 360 accounts in-person at a branch or ATM or service your accounts entirely from the comfort of your own home—your experience is customizable.

The fact that this online bank is not online-only is a huge pro for anyone not willing to completely embrace digital banking just yet, and Capital One 360 is still able to offer competitive rates typical of online-only banks.

Unless you’re unwilling to settle for anything less than the best rates in spite of excellent customer support and more than reasonable account terms and conditions, Capital One 360 is well-suited to nearly everyone. You’d be hard-pressed to find a bank—online or traditional—with personal banking products and services comparable to those of Capital One.

Citi Accelerate High Yield Savings – Now 0.90% APY


image credit: online.citi.com

[Update August 24, 2020: Citi lowered the rate on their Accelerate Savings account to 0.90% APY. Down from 1.05% APY.]

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

[Update: The Citi Accelerate High Yield Savings Account saw its rate lowered at the end of April to 1.55% APY. Down from 1.60% APY.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.60% APY from 1.70% APY on or around March 23rd. This marks the second rate decrease in a month since the FED moved rates back to zero.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.70% APY from 1.85% APY on March 10, 2020.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive. Although their CD rates are currently lower than what you can find with other online banks, they still have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today the account comes with a standard interest of 0.89% and an APY of 0.90% on minimum monthly balances of at least $500.

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

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

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” (you can find this on their Citi Accelerate page) and found a consistent 0.89% interest and 0.90% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 0.90%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 0.90% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 0.89% standard interest rate and 0.90% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.89% standard interest rate and 0.90% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 0.89% standard interest rate and 0.90% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 0.90% APY across all variables.

Keep in mind this is a variable rate and is subject to change at any time. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

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

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

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

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 0.90% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.

PurePoint Financial Online Savings 0.60% APY + 0.50% APY CDs


image credit: purepoint.com

MUFG, short for Mitsubishi UFJ Financial Group, is the fifth largest financial corporation in the world holding assets totaling around $2.6 trillion – yes with a “T.”

In the U.S., this institution operates as MUFG Union Bank, N.A., and PurePoint Financial is this massive bank’s personal savings division.

PurePoint Financial’s savings account was named a “Best Savings Account” in 2018 by Kiplinger’s and the hybrid digital bank was granted a prestigious FIS Impact Award for innovation in the same year.

But recognition aside, PurePoint Financial is a simple online bank with a limited number of products. Offering just a savings account and 2 types of CDs, PurePoint isn’t trying to facilitate all of your banking needs, but they will try and entice you into one of their high yield deposit accounts.

Below we review the FDIC-insured, deposit products PurePoint Financial has available for you.

PurePoint Financial Online Savings Account Details + APY

With PurePoint Financial, deposits are federally insured by the FDIC up to the maximum allowable amount of $250,000 per depositor. For joint accounts coverage is up to $500,000.

PurePoint Financial Online Savings Account

BalanceAPY
$10,0000.60%

A PurePoint Financial Online Savings account comes with an APY of 0.60% making it a fairly competitive offer. This interest rate, of course, crushes the exceptionally poor national average of 0.06% APY and will certainly provide you with above-average returns.

That said, there are currently higher yields with lower minimum balance requirements offered through other online savings institutions. This doesn’t mean that 0.60% isn’t a solid offer, it just means that for you rate chasers out there, you won’t be locking in the top APY. Keep in mind too, that these are variable rate savings accounts and the APY can change at any time without notice.

As mentioned, PurePoint Financial savings accounts require a high minimum opening deposit of $10,000. This is one of the primary drawbacks.

If you can meet the minimum deposit requirement, you’ll be relieved to know that the account doesn’t have any monthly maintenance fees. Plus, once you’ve made the initial $10k minimum deposit, you won’t be charged any fee if your balance dips below that $10,000 mark. Just know that you’ll only earn the advertised APY if your average daily balance meets the $10,000 threshold.

Interest is compounded daily and dividends are paid to your account monthly. Per federal regulation D, you may make no more than 6 transactions into or out of this account in a month. If you do, you’ll be charged an excessive transaction fee of $10 per deposit or withdrawal, not to exceed $50 per statement period under any circumstances.

This account can be easily funded via online funds transfer, wire transfer, mobile check deposit, or check by mail sent to the address below: PurePoint Financial P.O. Box 870 Glendale, CA 91209

PurePoint Financial CD Rates + Account Details

PurePoint Financial offers standard CDs and a No-Penalty CD. See the chart below for current rates on their certificates of deposits.

PurePoint Financial CD Rates

CD TermAPY
6 month0.25%
12 month0.50%
15 month0.50%
18 month0.50%
24 month0.50%
30 month0.50%
36 month0.50%
48 month0.50%
60 month0.50%

The going rate on a 12 month CD sits at just 0.22% APY nationally, making PurePoint Financial’s 12 month offer pretty attractive by comparison. However like their online savings account, better rates on 12 month deposits can be found elsewhere online and even through a handful of credit unions.

At the 12 month term onward, all of PurePoint’s certificates of deposit currently provide the same yield.

All PurePoint CDs, like the savings account, require a minimum deposit of $10,000. Interest is compounded daily and paid monthly. You may opt to have these dividends credited back into your certificate account or paid out to another account. 

You have 10 days after this certificate automatically renews to make penalty-free withdrawals or changes to your term. If you need to withdraw after this or before a CD matures, you will be charged a flat early withdrawal fee of 180 days’ interest. This is reasonable for longer terms, but steep for shorter ones.

Their No-Penalty CD provides a solid return without penalizing early withdrawals. So if you’re concerned that you may need some of your deposit before the product matures, you may want to consider one of these.

PurePoint Financial “No-Penalty CD” Rates

CD TermAPY
11 month0.40%
13 month0.35%
14 month0.30%

You may withdraw the total balance of your certificate as soon as 7 days after issuance without fear of fees or penalties with a No-Penalty CD.

The trade-off is that these rates are lower than those issued on their standard certificate counterparts, but the added flexibility may be worth the drop in APY.

The PurePoint Best Rate Commitment, attached to all certificate accounts, guarantees that you’ll get the best rate offered for 10 days after a new CD is issued or renewed.

PurePoint Financial Banking Experience & Customer Sentiment

ATM/debit cards are not available on any PurePoint accounts, so forget about using ATMs with any PurePoint Financial account. There are also no physical branches either, making cash access possible only through withdrawals by check.

So what do actual customers have to say about their experience banking with PurePoint Financial?

In general, not a lot. Very few user reviews have been left for this bank, especially when compared to the number of reviews usually left for banks and credit unions, so it’s difficult to definitively say how customers feel about their banking experience with PurePoint. However, PurePoint Financial, founded in just 2017, is a relatively new kid on the block and doesn’t have as many long-time customers as other digital banks do.

However, from what has been said about the bank, customer service is good and users can count on this, making for an overall positive experience. This support team is proactive enough in getting and responding to feedback that their representatives can be seen commenting on user ratings left on review platforms. Lowered interest rates are a common source of disappointment among customers, but this is pretty much a universal truth across many institutions. Many users have also reported that the application process can be a hassle, but this doesn’t seem to be the case for most.

At this time, PurePoint Financial doesn’t actually have a mobile banking app for Apple or Android devices. This doesn’t mean that you can’t log onto your account from your phone using the mobile web, it’s just not as user-friendly of an experience as native apps tend to be.

ACH transfers from external accounts into a PurePoint Financial account are limited to $250,000 per day and $1,000,000 per month. ACH transfers from a PurePoint Financial account into an external account are also limited to $250,000 per day and $1,000,000 per month.

The client support center is available to take your call Monday through Friday from 8:00 AM to 9:00 PM Eastern Time. There is no holiday or weekend availability. If you’d prefer, send a secure message through the online banking portal.

Final Thoughts

PurePoint Financial might fit the bill for some, but the majority of consumers might be wise to keep shopping around a bit more. PurePoint Financial never claimed to be a full-service bank, but its services and products are limited even for a digital institution. The fact that this bank doesn’t have a dedicated banking app definitely takes away from the convenience a digital bank is supposed to offer.

With no app, ATMs, weekend customer support availability, etc., the accessibility of this bank is somewhat poor compared to similar online-only banks. But if you are attracted by the rates at PurePoint, then this may be an OK option. Though their CD rates fall short of their competitors, PurePoint’s savings account is a solid option, and has remained near the top of the leaderboard over the past few months.