APY GUY: Maximize Your Savings & Earnings

Lauren Graves

TIAA Bank CD Rates – Now up to 2.85% APY!


[Update July 2022: TIAA Bank bumped up their CD rates again this month by between 0.40% and 0.80% APY since our last update. Their top yield is now 2.85% APY. See all CD rates below.]

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

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

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

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

TIAA Bank CD Rates + Account Details

image credit: tiaabank.com

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

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

Tiaa Bank has a higher than average minimum deposit requirement of $5,000 to open a Yield Pledge CD.

Yield Pledge CD Rates

CD TermAPY
3 month0.90%
6 month1.00%
9 month1.10%
1 year2.00%
18 month2.10%
2 year2.20%
30 month2.20%
3 year2.40%
4 year2.55%
5 year2.85%

To put these yields into perspective, a 12 month CD and a 60 month CD have an average yield of just 0.25% APY and 0.48% APY, respectively, according to FDIC data.

Bump Rate CD

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

Bump your APY if rates rise during your term!

The Bump Rate CD is a specialty CD that gives users a one-time rate bump feature that allows them to lock into a better rate that comes along before their certificate matures (this is the same as a step-up or step rate CD). Right now, this account is a 3.5 year term that requires a minimum opening deposit of $1,500 and earns 2.40% APY.

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

Early Withdrawal Fees

Early withdrawal policies on Yield Pledge CDs are as follows:

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

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

Basic Savings and Yield Pledge Money Market

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

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

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

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

Interest accrues daily and credits monthly to your account.

The TIAA Bank Yield Pledge Money Market accounts is their other variable rate account and this one has an APY of 0.50% on all balance tiers.

Yield Pledge Money Market Rates

BalanceAPY
$0 – $9,999.990.90%
$10k – $24,999.990.90%
$25k – $49,999.990.90%
$50k – $99,999.990.90%
$100k +0.90%

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

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

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

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

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

Banking Experience and Customer Sentiment

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

TIAA Bank offers both a Basic Checking and a Yield Pledge Checking account option. A TIAA Bank Basic Checking will not pay you interest, but a TIAA Bank Yield Pledge Checking is an interest-bearing account that earns 0.10% APY on all tiers at the time of this writing.

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

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

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

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

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

Barclays Online Savings Account – Now 1.40% APY


[📌 Update July 2022: Barclays online savings account had another major rate increase this month up 0.50% APY since the start of July to the current 1.40% (was 0.90% APY). Read more below.]

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

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

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

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

Barclays Online Savings Account Details + Current Rate

Up 0.50% APY in July – from 0.90% to 1.40%

Barclays has only one savings account, the Barclays Online Savings. This account offers a solid APY of 1.40% currently and has no minimum deposit requirements to open the account. Once the account is open there are no minimum balance requirements to maintain to avoid fees or account closure. To get paid interest, however, you will have to maintain an average daily minimum balance of just $1.00.

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

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

Minimum Balance to earn interestAPY
$1.001.40%

To give this offer some context, the current national average for a savings account sits at just 0.08% APY, according to FDIC data.

How to Open the Account

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

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

Funding the Account

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

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

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

You can deposit funds via any of the following methods:

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

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

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

Fees

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

Barclays Online Savings Fees

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

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

Banking Experience

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

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

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

Reviews are very mixed.

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

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

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

image credit: https://apps.apple.com/us/app/barclays-us-savings/

As for Barclays mobile apps (US version for online savings account), they score a 3.5 out of 5 on Apple’s App Store and just a 1.6 out of 5 on Google Play. It’s worth noting that the US versions for the online savings account score much lower on usability than their UK counterparts which both score above 4.5 out of 5.

BECU CD Rates – Now up to 1.06% APY!


image credit: becu.org

BECU, the Boeing Employees’ Credit Union, is the fourth largest credit union in the United States by asset size and has over one million members nationwide.

BECU’s origins date back to the great depression when a handful of Boeing employees were forced to purchase their own tools in order to do their jobs in 1935. Because many of them found it difficult to purchase the required tools, they founded a credit union to help each other obtain credit and manage their individual financial burdens.

While eligibility for BECU used to be restricted to Boeing employees, today, any Washington state resident can join along with those who live, work, or own a business in qualifying Oregon and Idaho counties.

BECU’s standard CD rates, while still above the national average, are nothing to write home about. However, the Member Advantage rates are a little better. You can learn more about BECU and its Member Advantage program here.

BECU CD Rates + Account Details

BECU CD accounts are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

This credit union’s savings products are unique in that they offer dozens of different rates and terms. Joining the Member Advantage program will entitle you to better rates on deposits and savings.

The BECU ​Member Advantage​ program, an exclusive eligibility tier, rewards premium rates and other perks to qualifying members of the credit union for checking and savings accounts, and this includes certificates of deposit. If you are eligible for a Member Advantage checking or savings account, you will receive higher rates of return on CDs. If you are not, here are the rates you will earn. (For more information about how to qualify for Member Advantage, see “​About BECU Credit Union + Eligibility.”)

CD Rates (Without Member Advantage)

TermAPYAPY
Deposit Size$500 – $49,999$50k +
3 – 5 months0.05%0.05%
6 – 11 months0.15%0.20%
12 – 17 months0.25%0.30%
18 – 23 months0.30%0.35%
24 – 35 months0.35%0.40%
36 – 47 months0.40%0.45%
48 – 59 months0.45%0.50%
60 months0.50%0.55%

To put these CD rates in perspective, the current national average for a 12 month CD and a 60 month CD sit at just 025% APY and 0.48% APY, respectively, according to FDIC data.

Promotional CD Rates (without Member Advantage):

CD TermAPYAPY
Deposit Size$500 – $49,999$50k +
12 month Bump CD0.15%0.20%
24 month Bump CD0.25%0.25%

All BECU CDs require a minimum deposit of $500 except for the Add-to option. This type of CD can be opened with as little as $100 under any term but requires you to set up an automatic deposit schedule. The rate for whichever term you choose is fixed even as you continue to contribute funds to your certificate.

The 12 and 24 month bump CDs allow a one-time rate increase before maturity. That means that if you purchase a 12 month bump with a 0.45% APY and then APYs goes up to 0.55% within a year, you can have your account take on this higher APY for the rest of its life. People that purchase bump or bump-up CDs expect market rates to rise between the time of CD issuance and time of maturity and want to be able to take advantage of upward trends.

With Member Advantage, CD rates are higher across the board:

CD Rates (With Member Advantage)

CD TermAPYAPY
Deposit Size$500 – $49,999.99$50,000 +
3 – 5 months0.25%0.30%
6 – 11 months0.30%0.35%
12 – 17 months0.50%0.55%
18 – 23 months0.60%0.65%
24 – 35 months0.70%0.75%
36 – 47 months0.80%0.85%
48 – 59 months0.90%0.95%
60 months1.00%1.06%

Promotional CD Rates (With Member Advantage)

CD termAPYAPY
Deposit Size$500 – $49,999.99$50,000 +
12 month Bump CD0.45%0.50%
24 month Bump CD0.60%0.65%

Earl Withdrawal Penalties and Grace Period

Early withdrawals from terms up to and including 12 months are charged 30 days’ interest and terms greater than 12 months are charged 90 days’ interest. There is a renewal grace period of 7 days. If you act within this time period after your certificate matures, you can change the terms of your CD or withdraw funds without incurring fees.

BECU Money Market Rates + Account Details

Like certificates, BECU money market accounts accrue different interest rates for non-Member Advantage and Member Advantage accounts. If you have a Member Advantage checking or savings account, you will earn higher rates on your money market accounts.

Money Market Rates

BalanceAPYAPY
Member Advantage Y/NNoYes
$0 – 9,999.990.10%0.40%
$10k – 49,999.990.20%0.40%
$50k – 99,999.990.20%0.40%
$100,000 +0.10%0.40%

There is no monthly fee for money market accounts. You may make up to six transactions per month, but every withdrawal outside of this limit is charged a $20 excessive transaction fee.

Other Savings Accounts Offered by BECU

BECU has several other savings options, including a member share savings account, a regular savings account, a Member Advantage savings account, a health savings account, and an Early Saver account. Take a look at the rates for each of these account types.

  • Member Share Savings: 0.05% APY
  • Savings: 0.05% APY
  • Member Advantage Savings: 2.02% APY (up to $500)
  • Health Savings: 0.05% APY
  • Early Saver: 4.07% APY (up to $500)

A member share savings account establishes your membership with BECU, but it won’t come close to maximizing your returns. At 0.05% when the average is 0.07%, you’d be right to be unimpressed. However, the Member Advantage Savings gets you 4.07% on the first $500 you put into it before jumping down to 0.05%, so it’s clearly the better of the two options.

The Early Saver or youth savings account also pays a premium rate on the first $500. For this one, you’ll have to be between 13 and 18 years old and go into a branch with a parent or guardian (that is, of course, a BECU member) to open it.

There are no monthly minimum balance requirements and no maintenance fees for BECU savings accounts. In addition, ​online​ and mobile​ banking are completely free and there are over 30,000 surcharge-free ATMs you can use. The only fees you really have to watch out for are the excessive transaction fee and the non-sufficient funds fee of $25 per transaction.

About BECU + Eligibility

BECU membership is mostly based on geography or employment. To qualify, you must:

  1. Live in Washington state or a qualifying Oregon or Idaho county
  2. Work for BECU, Boeing, or a credit union (or be a family member of someone that does)
  3. Be associated with the University of Washington or Washington State University Alumni Association, the ​NW Credit Union Foundation​, or KEXP

For all qualifying counties, go ​here​.

There is one loophole you can try if you don’t qualify for membership, but it’s not going to appeal to everyone. To become a ​KEXP donor​, you must make a monthly donation of $10 or more or a one-time donation of $100 or more. KEXP is a Seattle-based public radio station. This will qualify you for membership with BECU, but you’ll have to decide what that’s worth to you.

To qualify for Member Advantage checking and savings accounts, all you have to do is sign up to receive monthly eStatements (as opposed to paper statements), make at least one free electronic transaction per month, and have a BECU checking and savings account.

BECU holds over $21.8 billion in assets and has over 1.2 million members. This financial cooperative has more than ​50 branch locations​ around Puget Sound, Seattle, Spokane, and South Carolina. It also participates in shared branching with over 3,500 other credit unions. There are more than 30,000 in-network ATMs across the country.

Final Thoughts

BECU is largely inaccessible for most US citizens, however, if you find you are eligible this is a highly rated credit union with a number of free accounts and an overall positive member experience and rating. That said, the savings rates offered – either through a money market, general savings, certificate of deposit, or otherwise – are quite low. Much better savings products can be found through online banks and other credit unions with a wider scope of eligibility.

Edward Jones CD Rates – Now Up to 3.35% APY!


image credit: edwardjones.com

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

Other than the current trend of rising yields, 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.

CD Rates

CD TermAPY
3 months1.80%
6 months2.15%
9 months2.40%
1 year2.80%
18 months2.95%
2 years3.20%
30 months3.00%
3 years3.25%
4 years3.15%
5 years3.35%
7 yearsNA
10 yearsNA

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 7 year and 10 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 0.25% APY and 0.48% APY, respectively, according to recent FDIC data.

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, where they score an impressive 4.7 and a 4.6 out of 5, respectively.

Final Thoughts

Edward Jones is a more than satisfactory brokerage firm and its brokered certificates of deposit are offering some highly competitive yields on both short and long term durations.

As the FED continues to raise rates throughout the remainder of the year, we expect Edward Jones brokered CD rates to continue their ascent as well.

Synchrony Bank CD Rates – Now up to 3.10% APY!


[Update July, 2022: Synchrony Bank’s CD rates are on the rise again this month. All terms have seen a yield increase by between 0.10% and 0.25% APY so far this July. This is the second time Synchrony Bank has increased their CD rates since the FED’s prime rate hike on June 15. We should also note, another major rate hike is expected during the FED’s July 25th and 26th meetings. See all of Synchrony Bank’s CD rates below.]

image credit: Unsplash

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

CD Rates

CD TermAPY
3 months0.80%
6 months1.30%
9 months1.35%
11 month No Penalty1.30%
12 months2.00%
13 months2.00%
14 months2.00%
15 months2.00%
16 months2.00%
18 months2.25%
19 months2.25%
24 month2.40%
36 months2.60%
48 months2.60%
60 months3.10%

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 0.25% and 0.48% APY, respectively, according to recent FDIC data.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early Withdrawal Penalties & Grace Period

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Opening an Account

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your Deposit Account

Fund your Synchrony Bank savings accounts via:

  • ACH transfer from an external account,
  • transfer from a Synchrony account,
  • mobile check deposit,
  • direct deposit from a third party,
  • wire transfer, or
  • personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Suncoast Credit Union CD Rates – Up to 2.00% APY!


image credit: suncoastcreditunion.com

Suncoast​ is the largest credit union in Florida and the tenth largest credit union in the U.S. by asset size.

Founded in 1934 as the Hillsborough County Teachers Credit Union by a small group of teachers, Suncoast got its start serving only school employees. For many years, it was a federal institution called the Suncoast Schools Federal Credit Union and only transitioned back to a state credit union, assuming the name it has now, in 2013.

Today and since 2013, membership is not career-dependent. Suncoast serves 884,024 educators and non-educators alike across Florida. However, Suncoast membership isn’t open to everyone.

To be eligible to join, you have to live in Florida yourself, be a graduate of Florida College, or be related to someone that’s already a member.

Suncoast Credit Union CD rates are currently providing yields that are much higher than the national average for each respective term. They were recently featured in our December 2020 report of the best CD rates in Florida.

Suncoast Credit Union CD Rates + Details

Suncoast deposits and savings are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000. A traditional share certificate requires a minimum opening deposit and average daily balance of only $500.

CD Rates

CD TermAPY
6 month0.55%
12 month0.65%
18 month0.70%
24 month0.80%
36 month1.25%
48 month1.50%
60 month2.00%

To put these yields above in perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.25% APY and 0.48% APY according to FDIC data.

Jumbo CD Rates

CD TermAPY
6 month0.55%
12 month0.65%
18 month0.70%
24 month0.80%
36 month1.25%
48 month1.50%
60 month2.00%

Early Withdrawal Fees

An early withdrawal fee of 90 days interest is charged if you withdraw funds from CDs with terms of 12 months or less and 180 days interest is charged for early withdrawals on terms 12 months or more.

Compounding Interest

Dividends for these accounts are compounded daily and credited monthly. You can choose to have your interest credited back into the CD or deposited into another account – either external or internal to Suncoast – without incurring any fee.

Jumbo certificates of $100,000 or more are also sold through Suncoast Credit Union. In normal market conditions, these products earn higher fixed rates than regular share certificates with lower balances, however, Suncoast and many other institutions have their yields much more inline with standard CDs at the moment.

In addition to their standard CDs and jumbo CDs, Suncoast Credit Union also offers a ​Smart Start certificate account​.

Smart Start Certificate

The 12 month Smart Start certificate allows you to make deposits on a schedule rather than up front. It can be opened with just $50 and comes with an APY of 0.65%. After your initial deposit, you’ll need to schedule automatic payments of at least $40 per month from your payroll or another account. All of the restrictions and fees listed above for regular share certificates apply for Smart Start certificates.

To open a Suncoast CD, visit a branch, send an email through online banking, or contact the Member Care Center​ at ​813-621-7511 or 800-999-5887.

Suncoast Credit Union Money Market Rates + Account Details

Suncoast Credit Union’s current money market rates are much less competitive than their CDs. And although the national average for money market accounts sits at around 0.11% APY, better rates with more flexible balance requirements can be found online.

Money Market Rates

BalanceAPY
$0 – $999.990.50%
$1,000 – $24,999.990.20%
$25,000 – $49,999.990.25%
$50,000 – $99,999.990.30%
$100,000 – 149,999.990.35%
$250,000+0.40%

Dividends are compounded daily and paid monthly. Your balance can drop below $1,000 without incurring any fees, but you’ll stop earning interest as soon as that happens. You can easily access your money online or through the mobile app, but you’re allowed only six transactions per month, which is required by law per regulation D. If you need to make more than six transactions you’ll want to stop by a branch and check with someone in person.

Other Savings Accounts Offered by Suncoast Credit Union

A regular share membership is the savings account that you open when you first become a Suncoast member. This account comes with an APY of just 0.15%. We wouldn’t recommend using it to grow your savings given the paltry APY but it is required to be a member. Currently, it requires an opening deposit and average daily minimum balance of just $5 to stay open and maintain membership with the credit union.

There are also the student savings, health savings, and special share savings accounts. A special share savings is just a savings account you can have in addition to your regular share membership savings account and it earns the same rate. The only difference is that it does not require a minimum balance because it does not count as your share in Suncoast Credit Union.

A student or youth savings account is simply a certificate account that earns the same tiered rates as the standard Suncoast CDs but requires a minimum opening balance of only $500 – making it more manageable for students.

About Suncoast Credit Union + Eligibility

Suncoast has exactly 895,000 members as of mid 2020 and this figure has been growing steadily each year. The composition of Suncoast Credit Union’s Financial statements are as follows:

Deposits: $9,832,734,549

Loans: $8,566,015,257

Assets: $11,100,632341

Suncoast Credit Union is headquartered in Tampa, Florida and serves communities across the state. There are ​68 branch locations​ in 40 Florida cities and hundreds of Suncoast branded ATMs. Though it is a state credit union and does not participate in co-op shared branching with other institutions, Suncoast ​does​ have over 30,000 ATMs with other credit unions across the nation. Use the Suncoast site to find a branch location, Suncoast (surcharge-free) ATM, or co-op ATM near you.

Suncoast membership is, of course, residency or geography based. However, you don’t necessarily have to be a current Florida resident to be eligible to join. To qualify for membership, you must:

  1. Have an immediate family member that is a Suncoast member
  2. Live in a qualifying county (see below)
  3. Be a graduate of ​Florida College

Qualifying Florida counties​ include:

  • Alachua
  • Brevard
  • Broward
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Desoto
  • Dixie
  • Duval
  • Gilchrist
  • Glades
  • Hardee
  • Hendry
  • Hernando
  • Highlands
  • Hillsborough
  • Indian River
  • Lake
  • Lee
  • Leon
  • Levy
  • Manatee
  • Marion
  • Martin
  • Miami-Dade
  • Monroe
  • Orange
  • Osceola
  • Palm Beach
  • Pasco
  • Pinellas
  • Polk
  • Sarasota
  • Seminole
  • St. Johns
  • St. Lucie
  • Sumter
  • Volusia