APY GUY: Maximize Your Savings & Earnings

Lauren Graves

Comenity Direct High Yield Savings – 0.55% APY + 0.90% APY CDs


image credit: direct.comenity.com

[Update March 2021: Comenity Direct finally lowered the rate on their variable rate high yield savings account by 0.05% to the current 0.55% APY. They also raised the rate on their 1 year CD from 0.60% APY to the current 0.63% APY.

Update January 2021: The APY (annual percentage yield) on Comenity Direct’s variable rate high yield savings account and all of their fixed rate CDs remain unchanged to start the new year. Their last rate drop was in September of last year.]

You may have heard of Comenity – the global credit card services provider with a product range featuring more than 145 retail-branded credit cards – but did you know they do FDIC-insured deposit accounts as well?

This corporation’s online banking services sector, Comenity Direct, offers online CDs and a high yield savings account featuring APYs well above the national average.

Comenity Direct scores high marks across many review platforms for its high-yield savings and certificate of deposit accounts – which require fairly low opening deposits, incur minimal fees and boast big rates.

That said, Comenity Direct isn’t perfect – customer experiences are mixed and other banks are going to have more options for accessing cash – but if high savings rates are what you’re after, the pros seem to outweigh the cons in a significant way.

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1000.55%

Recent Rate Drops on Comenity Direct’s High-Yield savings account:

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to 1.10% APY on July 1, 2020
  • then again from 1.10 to 1.00% APY around July 23, 2020
  • dropped for the first time in August on the 14th to 0.80% APY (down from 1.00% APY)
  • dropped in September, 2020 to 0.60% APY
  • dropped in March 2021 to 0.55% APY

The national average, for context, has been hovering around 0.07% for several weeks and doesn’t seem likely to go up any time soon. That said, remember that these online savings account rates are variable and can change at any time without notice. Interest on the Comenity Direct High Yield Savings account is compounded daily and credited monthly back to the account. 

For such a strong rate of return, you might assume that these accounts require a high minimum opening deposit and balance, but this is not the case. As with many online savings accounts the minimum balance required to open and earn interest is quite low – at just $100. You’ll want to note that you won’t earn interest if your balance drops below $100 and if it happens too frequently Comenity Direct may close your account.

There are few fees you should be aware of with the Comenity Direct High Yield Savings account:

  • $25 per outgoing wire transfer,
  • $15 per paper check, and
  • $5 per paper statement (in an effort to encourage fully paperless billing and banking).

As for monthly maintenance, incoming wire transfers, ACH transfers, and online statements, these are all free and there is, again, no low balance fee. In compliance with federal regulation D, you can make up to 6 transactions a month for free. An excessive withdrawal fee is not listed, so Comenity Direct may just prohibit transactions over this limit from going through.

To add funds when you open an account, link an external bank account and make a transfer or set up direct deposit. You cannot deposit cash.

Comenity Direct CD Rates + Account Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s certificates of deposit earn interest up to $10 million.

Like Comenity Direct’s savings account, their CD accounts are also miles ahead of the national average in terms of APY. You’ll also notice that rates still increase with the terms, which can’t be said for many institutions’ deposit products today.

CD TermAPY
1 year0.63%
2 year0.75%
3 year0.85%
4 year0.85%
5 year0.90%

To give these rates some context, the current national average for a 1 year CD is just 0.22% APY currently.

You can still lock in 12 month CDs above 0.90% APY through some credit unions but the pickings are slim.

These are all standard certificates. There aren’t any special, jumbo, or step-up CDs in their product suite at this time.

With a minimum deposit of $1,500, you can open a Comenity Direct certificate of deposit account under any term. The same fees apply for certificate accounts as with the savings account mentioned above with the only addition being early withdrawal fees.

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

  • If your term is between 12 months and 3 years in length, you’ll owe 180 days’ interest for an early withdrawal.
  • If it’s greater than or equal to 4 years, you’ll owe 365 days’ interest.

Grace Period

The grace period is 10 days after maturity. You can let your account automatically renew after this period expires or cash out the full balance before the time is up. In other words, when your certificate matures, you’ll have 10 days to either add funds or withdraw funds and close the account.

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

Dividends can be paid out via ACH transfer to a linked external account or to your Comenity Direct High-Yield savings account if you call customer service to make this request at least 3 days before the interest is applied. But unless you put in this request, your account will default to depositing credited interest back into the certificate.

Banking Reviews and Customer Sentiment

If you were to ask 10 different Comenity Direct customers how satisfied they were with their overall banking experience, you’d likely get 10 very different answers. This range is reflected in the thousands of online ratings left for the bank. 

If you go to DepositAccounts, for example, you’ll find a dead-average 2.5-star rating out of 22 reviews. If you go instead to ConsumerAffairs, you’ll see a single star. And over on WalletHub, 16,846 people have given the bank an average score of 3.8 stars. Keep in mind the sheer number of reviews on WalletHub versus the others likely make it the most accurate reading.

Taking customer feedback into account, Comenity Bank scores a little better than what’s normal for a respectable and trustworthy bank or credit union. And because Comenity Direct is an offshoot of Comenity Bank and offers only deposit and savings accounts through this company, these reviews are largely for Comenity Direct accounts.

Understand that many banks and credit unions are receiving harsh feedback from their users at this time amidst the panic of COVID-19 and all of the financial difficulty that has come with it.

The Comenity Direct app has just 2.5 stars on Google Play but 4.4 stars on the App Store. Do with this discrepancy what you will, but it seems like the mobile app performs better on Apple devices. Remember, you can also do your banking online if their apps are underperforming.

The Comenity Direct Customer Care Center is available to take your call from 7 AM to 11 PM (CT) Monday through Friday and from 9 AM to 5 PM on weekends and holidays. The number for this is 1-(833)-755-4354. You can also reach help online through the web banking platform. Unfortunately, there is no live chat feature at this time and no option for those that prefer sending an email or letter. 

There are no Comenity or Comenity Direct branches or ATMs, so ATM access is a no-go. But since there are also no ATM or debit cards offered with these deposit accounts, this shouldn’t be too surprising. This bank does not allow cash deposits, but you’ll be able to make and receive unlimited ACH transfers.

Final Thoughts

All in all, if you’re after respectable rates, there are many reasons to sign up for a Comenity Direct high yield savings or deposit account. What this online-only institution lacks in physical accessibility it makes up for in competitive rates. So as long as you are on board with the basic concept of online-only banking and see at-your-fingertips banking as a benefit of going digital rather than a hindrance, Comenity Direct is a strong choice.

Outside of attractive rates, Comenity Direct doesn’t charge many fees on its highly rewarding savings and deposit accounts. The accounts also compound interest daily and allow for unlimited ACH transfers.

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


image credit: edwardjones.com
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Edward Jones is a brokerage firm you’ve probably heard of over the years as it nears almost a century in age.

Founded in 1922, Edward Jones scores surprisingly well in customer satisfaction—18 points over the industry average, according to a J.D. Power 2019 survey—and is known for being a largely reliable and professional company.

The current suite of brokered certificates of deposit offered through Edward Jones are, for the most part, less competitive than the current national average for their respective terms. Other than perhaps the 10 year CD currently offered through Edward Jones, higher yields can be found directly through online banks and credit unions.

Because Edward Jones is a brokerage firm and not an actual bank they don’t sell their own CDs. Instead, they ‘broker’ or re-sell a range of deposits from other banking institutions.

Are Edward Jones brokered deposits worth considering? Read our full review below.

Edward Jones CD Rates + Account Details

[Update March 2021]: Edward Jones longer term brokered CD Rates (5 year + terms) continue their slow move upward as bond and treasury yields do the same. Their APYs are now competitive with some of the better offers we see from credit unions and online banks. Their short term yields remain uncompetitive.

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

For one, you can exit these CDs at any time by selling them through a secondary market which Edward Jones offers. Second, you can spread your funds into multiple banks with Edward Jones as your broker.

Edward Jones CD Rates

CD TermAPY
3 monthsNA
6 months0.05%
9 monthsNA
1 year0.05%
18 months0.10%
2 years0.15%
30 months0.20%
3 years0.25%
4 yearsNA
5 years0.75%
7 yearsNA
10 years1.60%

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 3 and 9 month CDs as well as 4 and 7 year CDs are not available at this time.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 0.14% APY and 0.31% APY, respectively, according to recent FDIC data.

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

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store. Though poorly rated, the apps are comprehensive and functional.

Final Thoughts

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

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

FamZoo Review – Build Strong Financial Habits Early


image credit: famzoo.com

If you’ve shown any interest at all in getting your kids their own debit cards, you’ve probably come across FamZoo. The FamZoo prepaid debit card is flexible and easy for kids to use, and it is accompanied by an app designed to help parents teach their children valuable financial literacy skills. 

FamZoo seems to be gaining popularity, but it isn’t new—this company has been doing business since 2006, and what started as a father making an allowance app to more easily pay his kids has turned into a highly-rated financial product. But is FamZoo a good fit for your family’s needs? Keep reading to find out.

Who is FamZoo For

Average age: Kids ages 12 to 18

Good candidate: Parents who want to play an active role in teaching their children about money management and children who are motivated to learn more about financial literacy and practice

FamZoo claims to be “perfect for all ages,” but it is ideal for older children and teens. With that said, all ages are permitted, there are just different rules for how children in certain age groups are verified and allowed to use these cards. The three age groups are Young Child (<12), Teen Child (13 to 17), and Adult Child (>18).

Young Child: If your kids are less than 12 years old, they may not have a debit card in their own name but may use a card issued in their parent’s name. In this instance, your child may use this card as they would their own and track their spending in the FamZoo app, their card just won’t have their name on it and you may need to verify your identity for certain purchases. According to FamZoo, more than half of all users are younger than 13.

Teen Child: If your kid is between the ages of 13 and 17, they need to pass a teen verification test to prove their identity. Users in this age bracket may have cards issued in their own names.

Adult Child: Yes, your children can still be FamZoo users after turning 18, they just need to provide a little extra documentation. Adult child users are required to complete an adult verification test before their card can be activated. 

When your child moves into a new age bracket, you will need to arrange for them to get a new card and complete any necessary identity verification processes.

Features and Benefits

Fees: FamZoo does not charge overdraft fees (this is a prepaid debit card and overdrafting is not possible/permitted), non-cash reload fees, low balance fees, or ATM withdrawal fees. 

The two FamZoo products offered are prepaid debit cards and IOU accounts. The prepaid cards can be loaded with money to be used to make purchases and the IOU accounts can be used by parents to track the money they owe their children without actually putting these funds in a separate account.

For this article, we’ll stick to covering the prepaid cards, but you can read more about the FamZoo IOU accounts here. Each FamZoo account may have both prepaid cards and IOU accounts, but you do not have to use both products if you don’t want to.

For Parents

image credit: FamZoo.com

At least one parent is required to open a FamZoo account, and this parent becomes the account holder and receives a funding card of their own. The parent then must load their card via bank transfer, direct deposit, cash, etc. as this is what they will use to pay their kids.

Parents load their kids’ cards from their funding account. Many parent users choose to make automatic transfers from their cards to their kids’ to pay them an allowance or compensate them for completed chores and jobs. Each automatic transfer can be awarded on an age-based, fixed, or combination basis. Parents can also make transfers instantly between their card and a child’s at any time or kids can request money themselves (more on this below).

To incentivize saving rather than spending and teach their children about compound interest, parents can pay their kids interest on money they put away. This amount is set and paid by parents, paid out at the interval of their choosing. 

Another interesting feature of FamZoo is that parents can also charge their kids or penalize them for certain things. This can be a good way to encourage kids to complete chores on time and/or teach them early on to help pay for services they use and share with the family, like internet and phone bills. Parents can also loan money to their kids informally and schedule automatic debits for repayment, even charging interest.

Parents may choose to give each of their kids a single card of their own or to give their children multiple cards each to be used for different purposes. 

Whenever a child uses their card, their parent is notified immediately. Users can have these alerts sent to multiple people via text or email. Alerts include detailed information about how much money was spent, where it was spent in terms of location, and at what vendor it was spent. 

Cards can be instantly shut off and re-activated from a parent account as well. If a transaction is ever declined, parents are given detailed summaries of why it was declined and whether any follow-up action needs to be taken (e.g. putting more money on a card or making sure their child knows their pin number).

For Kids

Every FamZoo child user can use the money on their card in three different ways: they can spend it, save it, or donate it to charity. These spend categories allow children to practice simple envelope budgeting techniques by giving all of their money a purpose. They can allocate a percentage of their earnings to each category and have all the money they earn automatically split into these categories. 

If a child decides that they need more money on their card, they can request a reload themselves. The parent may approve this request as is, approve it but change the amount of money, or decline it. Both kids and parents can leave notes on such transactions to keep track of what requests have been made and why.

Kids can set savings goals for themselves and use savings projections provided automatically by FamZoo to see how long it will take them to reach a certain goal.

Kids can also create budget categories for themselves to practice good spending habits. They can make budget proposals for the entire year and submit these to their parents for approval, and their parents can then help them adapt their budgets as they see fit. 

FamZoo prepaid debit cards can be used anywhere Mastercard is accepted, including online.

FamZoo Costs and Pricing

Have your kids chip in on the FamZoo bill!

FamZoo pricing is for families of up to four children. The standard monthly fee is $5.95 for a FamZoo account with four cards, but you pay less per month if you pay in advance.

Here’s a breakdown of pricing when you pre-pay: 

  • 6 months: $25.99 or $4.33/month
  • 12 months: $39.99 or $3.33/month
  • 24 months: $59.99 or $2.50/month

When you pay month-to-month, you can cancel at any time. If you need to cancel but have paid in advance, you will need to call for a refund.

Other potential charges to be aware of are: 

  • Cash reload fee of up to $4.95
  • Additional card fee for each card after the first four you get for free of $3
  • Card replacement fee of $3 each time after the first two free replacements

Right now, you can try FamZoo with prepaid cards for one month at no charge or FamZoo IOU accounts for two months for free.

FamZoo VS Competitors

FamZoo is definitely one of the most educational kids’ debit cards out there. It gives parents total control and there are many opportunities to make notes on transactions, purchases, and other actions. The detailed record keeping aspect of FamZoo is one of the major benefits of this product over others.

Another pro of this product is that these prepaid debit cards don’t need to be funded by a parent account. They can also be funded via direct deposit if they have their own source of income. Also, the parent account itself can be loaded in a variety of ways including direct deposit, bank transfer, cash, and debit card transactions.

FamZoo VS Greenlight

The Greenlight debit card is another popular option for families. Here is a side by side comparison of the two options:

ItemFamZooGreenlight
Monthly Fee$2.50 – $5.99$4.99/family
ATM fees$0$0
Allowance Payment/ControlYesYes
Interest DistributionYesYes
Custom Card DesignNot Offered$9.99
Card Replacement Fee$0Up to $3.50

If you pay monthly and have a family of 4, Greenlight beats FamZoo on price, however, if you opt for FamZoo’s “pay-in-advance” plan, you’ll end up saving more with the FamZoo plan.

FamZoo VS BusyKid

BusyKid is another popular choice for families looking to introduce debit cards to their kid(s). Below is a side by side comparison of the two options:

ItemFamZooBusyKid
Monthly Fee$2.50 – $5.99$0 – 19.99/year
ATM fees$0Not Eligible
Allowance Payment/ControlYesYes
Interest DistributionYesNo
Custom Card DesignNot OfferedNot Offered
Card Replacement Fee$0$5.00

BusyKid started as an app designed to motivate kids to save, invest, donate and spend the allowance they earn doing chores around the house. The Spend Card was introduced by BusyKid in October 2017.

Potential Drawbacks with FamZoo

FamZoo is certainly one of the best kids’ debit cards on the market from an objective standpoint, but it’s not for everyone. For example, this product requires parents to manage their kids’ spending closely and approve/deny requests. If you’re not going to take full advantage of all the tools available to you with FamZoo, you might be better off using a different card and app that is a little more hands-off. 

However, it goes without saying that the more time you’re willing to commit to educating your children about how to manage their money responsibly and guide them through real-world experiences, the more they will learn.

FamZoo is also a little more expensive than some of its competitors. There are free products that you can use to teach your kids about money management and kids’ debit cards that cost a bit less. 

As with many products like this, families with multiple kids get a bit more bang for their buck. If you are most interested in getting the best price or you only have one child and don’t feel this service would be worth it, check out some great alternatives like the Jassby virtual debit card and the Copper debit card in our article about the top 12 best debit cards for kids.

Consumer Sentiment

The FamZoo blog and website are packed with positive reviews from users, and you can also visit the site and read posts written by users about their family’s experiences with the product.

FamZoo service receives high praise from the majority of customers as well. Most consumers say they are happy with the support they receive as well as the promptness of service. FamZoo also has a private community of users on Facebook that you can join with questions about the product or tips for other parents.

The FamZoo app is available for both Android and Apple devices. In the App Store, the FamZoo app has a rating of 4.6 out of 5 stars. On Google Play, the FamZoo app has a rating of 4.4 out of 5 stars. Overall, consumers agree that the app is easy to use and functional.

Is FamZoo Safe?

All FamZoo prepaid debit cards are federally insured by the FDIC up to the limit of $250,000.

In terms of protecting your kids from making unsafe purchases or losing money to scams, FamZoo is also safe in this respect. All purchases are protected by the Mastercard Zero Liability policy.

Parents can also take necessary precautions against having their child’s identities compromised by requesting “on-behalf-of” cards for their child instead of a card issued in their child’s name.

How to Sign Up

To create a FamZoo account, register your family here and enter your information for verification. After doing this, just add prepaid cards to your account for your family and enter payment information for your plan. As soon as your cards arrive in the mail, they’re ready to use.

If you have any questions about signing up or registering, you can refer to the FAQs or watch a tutorial video on the FamZoo site.

Final Thoughts

FamZoo is an excellent kids’ debit card because it offers more real-world money management experiences than the average product like it and comes with more educational resources. The FamZoo platform is very collaborative so this product is best for families that want to work together—parents with time to teach and kids excited to learn. This debit card is packed with features and comes at a value that’s hard to beat.

Fifth Third Bank CD Rates & Savings Accounts: Are they Worth Opening in 2021?


image credit: 53.com

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

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

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

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

Fifth Third Bank CD Rates + Account Details

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

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

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

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

Fifth Third Bank CD Rates

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

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

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

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

Fifth Third Bank Promotional CD Rates

TermAPY
5 months0.05%

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

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

Fifth Third Bank Certificate of Deposit Grace Period

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

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

Early Withdrawal Penalties

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

How to Open a Certificate of Deposit at Fifth Third Bank

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

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

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

Fifth Third Bank Savings Accounts and Money Market Accounts

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

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

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

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

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

Fifth Third Standard + Relationship Money Market Rates

BalanceStandard APYRelationship APY
$0.01 – $9,9990.01%0.02%
$10k – $24,9990.01%0.02%
$25k – $49,9990.01%0.02%
$50k – $99,9990.01%0.02%
$100k – $249,9990.01%0.02%
$250k +0.01%0.02%

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

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

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

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

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

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

Final Thoughts

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

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

Citi Accelerate High Yield Savings – Still 0.50% APY!


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

Update February 2021 APY Update: The Citi Accelerate High Yield Savings account still holds an APY of 0.50%. This is a variable rate account but the rate has remained at this level since December of last year.]

You can read prior APY updates for this account directly below to get an idea of how often the Citi Accelerate account lowers its APY.

[Update September 28, 2020: Citi lowered the rate on their Accelerate Savings account to 0.70% APY. Down from 0.90% APY. This is the first rate decrease in September.]

[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.]

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 0.49% and an APY of 0.50% on minimum monthly balances of at least $500. To put this in perspective the national average on a savings account sits at just 0.05% APY according to recent FDIC data. That said, this account is still lower than some of the top online offers which still hover slightly over 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

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” and found a consistent 0.49% interest and 0.50% 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 – 0.50%

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 0.50% 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 – 0.49% standard interest rate and 0.50% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.49% standard interest rate and 0.50% 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 – 0.49% standard interest rate and 0.50% 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 0.50% 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 0.50% 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.

SunTrust Bank Money Market Review + CD Rates and Savings Accounts


image credit: suntrust.com

[Update February 2021: SunTrust Bank’s fixed and variable rate deposit accounts including CDs, savings and money market accounts, have not seen a rate change yet this year.]

SunTrust Bank​, now Truist, is a hybrid brick-and-mortar and online bank. Their branch locations are limited to a handful of Southeastern states, but their personal banking products can be managed 100% digitally – making this corporation accessible to just about anyone.

In 2019, BB&T and SunTrust merged to become Truist Financial Corporation. But today, the two banks still operate separately and offer a distinct set of products.

On the savings side of the equation, SunTrust’s FDIC-insured products include interest checking, savings accounts, money market accounts, and CDs.

But how do they stack up?

First off, if you value an in-person banking experience and don’t live in the Southeast, SunTrust likely isn’t for you. But if you do live near a branch and/or you’re ready to go digital then you could consider them as an option. Just don’t expect much in the way of savings rates at the moment.

SunTrust Essential and Select Savings + Advantage Money Market Account Details

All of SunTrust deposit and savings accounts are federally insured by the FDIC to the legal limit of $250,000

SunTrust Bank offers two savings account options:

SunTrust Essential Savings Account

BalanceAPY
$0.010.01%

A ​SunTrust Essential Savings​ account earns a pitiful rate of 0.01% APY. This almost makes the national average of 0.06% APY look less terrible than it really is.

Interest is compounded daily and credited quarterly. You need only maintain an average daily balance of $0.01 to avoid closure, so while there is technically a minimum balance requirement, access to this account isn’t restricted to wealthier individuals.

This account doesn’t require a minimum opening deposit either, and it also doesn’t charge any monthly maintenance fees. There is, however, an incentive to go paperless in the form of a $3 paper statement fee.

SunTrust Bank Select Savings Account

BalanceAPY + loyal customer bonus
$1,0000.01% + 1.0% bonus (up to$25)

With a ​SunTrust Bank Select Savings​ account, you’ll be getting a slightly less basic account with a (sort of) better rate. The standard APY on this account is also 0.01%, but loyal customers can earn an annual bonus worth 1% APY of their balance up to $25. In other words, you can make up to $25 on top of whatever you’re earning from the paltry 0.01% APY.

A Select Savings account comes with a $7 monthly maintenance fee that can’t just be dodged by going green with billing, but it​ can​ be avoided in one of two ways:

  1. setting up automatic transfers totaling $25 or more per statement cycle
  2. or by maintaining an average daily balance of at least $1,000.

SunTrust Advantage Money Market Account

BalanceAPY
$10,0000.01% + promo introductory rate (call for details)

Finally, there are the ​SunTrust Advantage money market accounts​. The national average rate on a money market is currently a measly 0.09%, so you might be surprised to find that right now, SunTrust Bank is paying only 0.01%. But this isn’t always the case—this bank often offers promotional introductory rates that are far better than this, but you’ll actually have to call customer support to inquire about offers in effect as rates vary by area and account history and aren’t posted or searchable.

And although rates aren’t currently listed, they are tiered rates calculated by balance. These are the balance tiers:

  • Tier 1: <$9,999.99
  • Tier 2: $10,000 – 24,999.99
  • Tier 3: $25,000 – 49,999.99
  • Tier 4: $50,000 – 99,999.99
  • Tier 5: $100,000 – 249.999.99
  • Tier 6: $250,000 – 499,999.99
  • Tier 7: $500,000 – 999,999.99
  • Tier 8: $1,000,000 – 1,999,999.99
  • Tier 9: $2,000,000+

Interest on a money market account is compounded daily and credited monthly. A minimum balance of $10,000 is enforced through a $17 low balance fee. This can be avoided by either meeting the balance requirement or setting up an electronic transfer/deposit of at least $100. You will need to make a deposit of at least $100 upon account opening.

No matter what SunTrust savings account you have, you’ll be restricted to 6 transactions per account, per month—this, of course, is the government’s rule, not SunTrust’s. Transact more than this and you will incur a fee of $6 per transaction on an Essential or Select savings account and $15 per transaction on a money market savings account.

One final note on SunTrust Bank savings accounts, which may or may not make up for these lackluster rates, is that they make you eligible for a 10% loyalty cash bonus if you a) Have a SunTrust Rewards Credit Card​ and b) Redeem the cash bonus you get from this card into a deposit account (via ACH transfer). Essential, Select, and Advantage Money Market savings accounts count toward this bonus.

SunTrust Bank CD Rates

SunTrust Bank Advantage CD​ rates are similarly elusive, but you can ​search current promotional rates by area here​. This is what we found for the vast majority of zip codes. If you found something different please leave us a comment on this post, or email us a screenshot of the rates you see.

SunTrust Bank CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
18 month0.05%
24 month0.05%

To give the offers above some context, the current national average on a 12 month CD sits at just 0.27% APY currently. All SunTrust certificates do manage to come in slightly above this, however much better deposit rates can still be had elsewhere.

A minimum deposit of $2,000 is required to open an Advantage certificate account. In the fine print, you’ll see that SunTrust Bank requires you to have a checking account with them before they’ll let you open an Advantage CD.

Early withdrawal penalties are issued based on the amount of time you have left on a term, not the full length of the term upon issuance. The fees are as follows:

  • If you have 1 to 31 days remaining, you’ll pay 180 days’ interest.
  • If you have 1 to 6 months remaining, you’ll pay 270 days’ interest.
  • If you have 12 to 24 months remaining, you’ll pay 360 days’ interest.
  • If you have 24 to 60 months remaining, you’ll pay 720 days’ interest.
  • And if you have more than 60 months remaining, you’ll pay 1080 days’ interest.

You can make ONE penalty-free withdrawal within 7 days of opening or renewing an account.

Banking Experience and Customer Sentiment

Both BB&T and SunTrust ATMs are available for SunTrust customers to use. This adds up to over 2,000 ATMs to use surcharge free. On top of that, SunTrust Bank has ​branch locations​ in the following states:

  • Alabama,
  • Arkansas,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Maryland,
  • Mississippi,
  • North Carolina,
  • South Carolina,
  • Tennessee, and
  • Virginia.

You will be refunded up to 3 times per statement cycle for transactions made using out-of-network ATMs.

SunTrust Bank scores about average in the customer banking experience department. The bank has received a fair amount of negative reviews recently, especially with regard to mortgages and personal loans, but has 3.5 stars overall out of 679 reviews on WalletHub. This is slightly better than average, but out of 169 reviews on ConsumerAffairs (which seems to be the place people go to complain), the bank has 1.1 stars.

In general, SunTrust Bank physical branch locations, good enough remote service, and easy set-up processes are sources of satisfaction for many. While unexpected account closures—a theme across many digital bank review forums—and merger complications are common complaints against the bank.

If you bank with SunTrust Bank, you can probably count on decent customer service over the phone, but if you live near a branch location, you’re likely to get better service there. To get in touch with customer support, call 1-(800)-786-8787 (hours not listed).

The SunTrust Bank app performs well with ​4.4 stars on Google Play​ and ​4.1 stars on the App Store​. The bank’s mobile and online platforms are said to be easy-to-use and relatively glitch-free.

ACH Transfer Limitations:

SunTrust Bank limits external ACH inbound transfers to $10,000 per transaction and per day, and outbound ACH transfers to $2,000 per transaction and per day.

Final Thoughts

Yes, this bank has offered stellar APYs in the past, however with the savings rates offered today there is little to be excited about here.

This bank is going to be more for people that live in the Southeastern part of the country who prefer the option of walking into a branch to manage their accounts. This isn’t going to be a great fit for rate hounds, low-income individuals, or anyone looking to grow their money with FDIC-insured savings vehicles. Account options are limited, come with the potential for rather steep fees, and are generally at or below average in terms of rates.