APY GUY: Maximize Your Savings & Earnings

Lauren Graves

Alliant Credit Union CD Rates – Now up to 4.60% APY!


Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

image credit: alliantcreditunion.org

Alliant Credit Union offers 6 standard CDs (certificates of deposit) with terms ranging from 12 months to 5 years.

All CDs come with a minimum deposit requirement of $1,000.

Alliant Credit Union CDs are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

CD Rates

CD TermAPY
12 months4.60%
18 months4.25%
24 months4.25%
36 months4.60%
48 months4.25%
60 months4.25%
APY = Annual Percentage Yield

To put these yields into perspective, the national average for a 12 month CD and a 60 month CD sit at just 1.07% APY and 1.09% APY, respectively, according to FDIC data.

That said, some online bank CDs are starting to creep above 4.50% APY and 4.75% APY for the same respective terms.

Compounding and Crediting Interest

Interest is both compounded and credited back to the deposit account monthly.

Grace Period and Early Withdrawal Penalties

Upon the maturity of your Alliant Credit Union CD, you are provided a 7-day “grace period” in which you may modify your CD or close it out. If nothing is done during this 7 day window your CD will automatically renew with the same term and the going APY at that time.

If you need funds from your CD prior to its maturity you will incur an early withdrawal fee. Early withdrawal fees are as follows:

CD Maturity PeriodsFee
12 – 17 monthsNumber of days’ interest since issuance up to 90 days
18 – 23 monthsNumber of days’ interest since issuance up to 120 days
24 – 48 or 60 monthsNumber of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

How to Open a CD

Opening an Alliant credit union certificate account is fairly simple and there are four ways to do it:

  1. Online
  2. Call (800) 328-1935
  3. Mail in a ​certificate application
  4. In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

  1. high-rate savings account,
  2. supplemental savings account, and
  3. kids savings account.
Savings Account NameAPY
High Rate Savings Account2.70%
Supplemental Savings Account2.70%
Kids Savings Account2.70%
APY = Annual Percentage Yield

The ​high-rate savings account​ is your share in Alliant and is opened automatically when you become an Alliant member.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns an APY of 0.60% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, there is the ​kid savings account​. This, like the others, earns an APY of 0.60%. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over ​80,000 surcharge-free ATMs​, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

  1. You are a current or retired employee of a business or organization in partnership with Alliant (search these ​here​).
  2. Someone in your immediate family or your domestic partner is an Alliant member.
  3. You live or work in a ​qualifying community​ around the Alliant headquarters in Chicago, Illinois.
  4. You are a member of a ​qualifying organization.
  5. You are a member of ​Foster Care to Success​ ($5 membership fee paid on your behalf by Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even ​non-U.S. residents​ can join as long as they have a valid Social Security number or unexpired ITIN.

Discover Bank CD Rates – Now up to 4.40% APY


[📌 Update December, 2022: Discover Bank raised their CD (certificate of deposit) rates again this month following the fifth consecutive rate hike by the FED this year on December 14th. Discover Bank raised their CD rates by between 0.15% and 0.20% APY (annual percentage yield) on all terms 12 months or greater. Their 3, 6, and 9 month CD rates remain the same this month. See all of Discover Bank’s CD rates below.]

Ever since Sears first introduced the Discover Credit Card back in 1985, the Discover Bank brand has largely become a household name.

Although the bank is often associated with their popular credit cards, they also have a suite of deposit products featuring annual percentage yields considerably above the current national average(s). This suite comes with an online savings account, money market accounts and certificate of deposits with wide-ranging terms.

In this review we will just focus on Discover Bank’s CDs. Terms range from 3 months to 10 years and, like all of Discover Bank’s deposit accounts, are federally insured by the FDIC up to the applicable limits.

If you’re in the market for an FDIC insured bank CD as rates rise, Discover Bank is certainly worth exploring.

Discover Bank CD Rates + Account Details

image credit: discover.com

Discover Bank CDs require a minimum deposit of $2,500 to open an account. All CD accounts are federally insured by the FDIC up to the applicable limits.

CD TermAPY
3 months1.50%
6 months2.75%
9 months2.85%
12 months4.15%
18 months4.25%
24 months4.30%
30 months4.30%
3 years4.35%
4 years4.35%
5 years4.40%
7 years4.40%
10 years4.40%
APY = Annual Percentage Yield

To put Discover Bank’s CD Rates in perspective, the current national average for a 12 month and a 60 month CD sit at just 1.07% APY and 1.09% APY, respectively, according to recent FDIC data.

That said, the best 12 month CD rates are now crossing the 4.50% mark while the top 5 year CDs are inching above 4.75% APY.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Discover Bank CD, you will have a 9 day grace period in which you may modify your CD or close it out. If you need funds prior to this 9 day window, you will incur an early withdrawal fee. Those fees are shown below:

Early withdrawal fees:

CD TermPenalty
less than 1 year3 months simple interest
1 – 4 years6 months simple interest
4 – 5 years9 months simple interest
5 – 7 years18 months simple interest
7 – 10 years24 months simple interest

The only other fee you’ll need to be aware of is for outgoing wires. If you plan on moving any money out of the CD upon maturity you’ll incur a $30 fee per wire.

Discover Bank CD Rates VS Big Banks

As mentioned, all of Discover Bank’s CD accounts come with a minimum deposit requirement of $2,500. This is steeper than most online banks which generally feature minimum deposits between $0.01 – $1,000.

Their APYs (annual percentage yields) are on par with other online banks at the moment and are comfortably ahead of the big banks.

That said, there are still several online banks and a handful of nationally available credit unions that offer better yields on fixed rate deposits.

Discover Bank isn’t shy about benchmarking their deposit rates against the competition either.

Discover Bank lets you compare their deposit rates with other competing banks.

In fact, on the CD section of Discover Bank’s website (shown above), they have a very helpful interactive widget that allows you to add other banks and compare current CD rates.

They have a couple banks defaulted into the module when you start – US Bank, Bank of America and Capital One, but you can choose up to 6 different banks to compare (only 3 at a time).

How to Open a Discover Bank CD

Once you’ve found the right CD term for you, you can navigate to Discover Bank’s online CD page here and click the orange “Open an Account” button found at the top right of the page and directly in the center under the words “Lock in your future.”

When you begin the application process, you’ll want to have some personal information readily available. Be prepared with the following:

  • full name
  • home address
  • date of birth
  • phone number
  • Social Security number
  • employment status (employer and length of employment may be requested)
  • driver’s license, passport or other form of photo ID

After your application is completed and accepted you can fund the account.

Funding your Discover Bank CD

Upon completing the application you will have exactly 45 days to fund this account. The account can be funded in one of 4 ways. Here are the 4 ways in which you can fund your account:

  1. Transfer funds from another bank account via an online transfer.
  2. Transfer funds from another bank account via telephone. This function is only available for your initial transfer. Call 1-800-347-7000 to get started.
  3. Download their mobile app from iTunes or the Google Play store and complete a mobile check deposit.
  4. Make a check out to yourself and send it via snail mail to the following address: Discover Bank P.O. Box 30417 Salt Lake City, UT 84130

What Happens When Your CD Matures

Exactly 30 days prior to your Discover Bank CD maturing, Discover Bank will send you a notification making you aware of the date.

Upon maturity you will enter what is referred to as a grace period. As mentioned, the grace period with Discover Bank CDs is 9 days. During these 9 days you can make additional deposits, withdraw any interest or principal or change the term of your deposit. However, once you take any of the aforementioned actions, this will trigger the end of your grace period, even if the full 9 days are not up.

If you do nothing during the 9 day grace period your CD will automatically renew into the same CD term you had before with whatever current APY Discover Bank is offering on said term.

Earning Interest

You’ll start earning interest on your deposit the same day it is funded. The interest is compounded daily and returned to the deposit (or another Discover Bank account) once per month.

With the interest earned you can do one of two things:

  1. The do nothing / default option places the interest back into the CD to compound until maturity.
  2. If you’re living off of the interest as income, or for whatever reason want the interest to be accessible, you may have it transferred to another Discover bank account.

Consumer Sentiment + Customer Service

Discover’s performance as a bank is above average with user reviews hovering around ​4 out of 5 stars on the top review sites​.

The online institution simply has a reputation for being a stand-up company with total transparency. It is also known and respected for having a team of customer service representatives that are as helpful as they are speedy. User reviews reflect satisfaction with the bank, with only the occasional angry customer reporting excessively long transfer holds, unexpected account closures, and the like.

Likewise, the Discover apps are top-notch. With 3.8 million consumer ratings on the Apple store, the IOS app receives a 4.9 out of 5 star rating as of December 2022. It also receives a 4.7 out of 5 star rating on Google Play with over 274k reviews.

Discover has multiple phone lines devoted to various banking needs, and these are all open 24/7 year-round. To open or manage an account, call 1-800-347-7000. For online banking tech support, call 1-800-290-9885. For everything else, visit ​this page​ for the right number. Mail can be addressed to:

General Correspondence Discover Bank
P.O. Box 30416
Salt Lake City, UT 84130

Discover has only one branch (the bank’s headquarters in Delaware), but there is a sizable network of ATMs​ from which you can service your accounts at no cost.

Discover will allow you to make incoming or outgoing ACH transfers of up to $250,000 per month.

Discover Bank Certificates of Deposit Q & A

Still have questions about Discover Bank’s CD rates? Here are some of the common questions consumers have plus our responses below.

Are Discover Bank CDs FDIC insured?

Yes. Like all reputable online banks, Discover Bank is member FDIC (#5649) and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

Are there better rates for Discover Bank AAA Members?

Yes. As of January 2023, you can earn 0.05% APY more than the standard CD rates listed above for most or all terms. You can learn more here.

Synchrony Bank CD Rates – Now up to 4.60% APY!


[📌 Update December, 2022: Synchrony Bank’s CD (certificate of deposit) rates continue their ascent this month. Nearly all terms saw their APYs (annual percentage yield) increase this month. Some of their mid range CDs even received multiple rate bumps during December. 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 months2.25%
6 months3.90%
9 months3.95%
11 month No Penalty3.50%
12 months4.30%
13 months4.30%
14 months4.60%
15 months4.30%
16 months4.30%
18 months4.50%
19 months4.50%
24 month4.30%
24 month Bump Up3.70%
36 months4.30%
48 months4.30%
60 months4.30%
APY = Annual Percentage Yield

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.07% and 1.09% 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.

📌 Please Note – APY GUY reader Richard reached out to us to clarify the 15 day rule. As per his experience, Synchrony Bank only applies the higher yield if the CD is unfunded when their rates change. Once funded the CD rate is locked-in. He noted that he had purchased a CD and funded it on the same day, then 6 days later Synchrony Bank raised their CD rates, however, his CD was not eligible for the new rate. We’ve reached out to Synchrony Bank for clarification and will post the response here.

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

Popular Direct CD Rates – Now up to 4.75% APY!


Popular Direct is the online division of Popular, Inc. – a global financial services provider headquartered in Puerto Rico.

Depending on where you live you may see variations of this name. For example, they operate as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the U.S.

In this article, however, we’ll just be discussing the online division, Popular Direct, and their FDIC-insured savings products.

Like most online-only banks, Popular Direct is open membership and easy to join from a computer or mobile device.

Popular Direct is able to provide better rates on its savings products than most traditional banks, but its product suite is minimal. They offer just an “Ultimate Savings” account and standard CDs at this time. Both of which come with steeper than usual minimum deposit requirements.

We’ve also learned that Popular Direct will place a 60 day hold on any withdrawals for new accounts. So if you planned on moving funds in or out of their high yield savings account within 60 days of opening it, you may want to look elsewhere. Popular Direct notes that this is a security measure and your funds will still accrue interest during the holding period.

Popular Direct CD Rates + Account Details

image credit: populardirect.com

Popular Direct certificate accounts are now much more competitive than they were earlier in 2022. Their short term CD rates feature some of the highest yields anywhere in the country as per the time of this writing.

CD Rates

CD TermAPY
3 month4.05%
6 month4.50%
1 year4.75%
18 month4.65%
2 year4.60%
3 year4.55%
4 year4.47%
5 year4.50%

To give the annual percentage yields above some context, the national average for 1 year CDs and 5 year CDs sit at roughly 1.07% APY and 1.09% APY, respectively, according to FDIC data.

Minimum Deposit Requirement

A steep minimum deposit requirement of $10,000 is required to open an account. Interest is compounded daily and credited monthly. Unfortunately with Popular Bank CDs, you may not withdraw credited interest prior to maturity.

Grace Period

The automatic renewal grace period on one of these accounts is 10 days after the date of maturity. Fees for early withdrawal from a Popular Direct certificate of deposit account are quite high.

Early Withdrawal Penalties

Early withdrawal:

  • from a term of less than 91 days will cost you 89 days’ interest,
  • from a term of 91 days to 12 months will cost you 120 days’ interest,
  • from a term of 12 to 36 months will cost you 270 days’ interest,
  • from a term of 36 to 60 months will cost you 365 days’ interest, and
  • from a term of 60 months or more will cost you 730 days’ interest.

Popular Direct “Ultimate Savings” account APY + Details

Popular Direct savings accounts are federally insured by the FDIC up to $250,000 and direct deposit products with this bank are opened through Popular Bank.

Savings Account Rate

BalanceAPY
$5,0004.16%

A Popular Direct Ultimate Savings account will earn you an APY of 4.16%. To put this in perspective the average yield for a savings account nationwide is hovering around 0.38% APY.

You’ll want to note all potential fees before opening a savings account with Popular Direct.

  1. If you close your account within 180 days of issuance, you’ll be charged a $25 fee.
  2. A monthly dormancy fee of $5 is applied to accounts that have been inactive for 12 months.
  3. An excessive withdrawal fee of $5 is charged for every deposit or transfer over the federally-enforced 6 transaction limit.
  4. A low balance fee of $4 is charged if account balances dip below $500.

Interest is compounded daily and credited monthly.

To transfer money into this account, you will need to link an external account with another bank. You can then initiate an ACH electronic transfer or set up direct deposit. From there, you may transfer funds electronically from a savings account to a certificate account as long as this doesn’t cause you to exceed the monthly transaction limit.

Banking Experience and Customer Sentiment

There aren’t a lot of customer reviews for Popular Direct, but don’t expect too much from this institution based on the reviews that have been left. Out of 90 ratings on DepositAccounts, Popular Direct scored an average rating of 2 stars and 53 of the user reviews left were paltry 1-star ratings.

Most customer complaints seem to be about untrustworthy service with some users reporting deceitful representatives and broken contracts. Aside from that, the majority of customers are displeased with the dropping interest rates on Popular Direct deposit products and inexplicably frozen accounts. As for positive reviews, people like the competitive rates—especially those available a couple of years back.

Overall, people aren’t happy with Popular Direct’s web and mobile banking platforms either. The Popular Direct app has 2.1 stars on Google Play and 1.5 stars on the App Store. The online banking portal and apps have been described as “astonishingly terrible,” and “buggy.”

Other online-only banks that offer ATM or branch access to their customers have an edge over Popular Direct, as Popular Direct accounts can only be managed via online banking, mobile banking, and ACH authorizations through linked external bank accounts.

There is no Popular Direct ATM network in the U.S., but even if there were, members wouldn’t be able to use it. As of right now, Popular Direct doesn’t have a checking account in its product suite and might not any time soon. This means no debit or ATM cards.

To contact customer service and get the most appropriate service or answers, visit the Popular Direct website and find the link that most closely relates to your needs. The general customer care line is 1-(800)-274-5696 and representatives can be reached in this way 24 hours a day, 7 days a week. You can also get help by selecting the “Contact Us” link via “Support” through the website and sending a service request or sending mail to the address below: Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

You will not be able to get the help you need through Popular Bank or Banco Popular if you are an online-only user, so be mindful of this.

Bethpage Federal Credit Union CD Rates – Up to 4.50% APY!


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

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

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

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

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

Bethpage FCU CD Rates + Account Details

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

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

CD Rates

CD TermAPY
3 month2.25%
6 month4.00%
12 month4.40%
18 month3.55%
24 month4.50%
30 month3.70%
36 month3.75%
39 month bump-up3.75%
48 month3.85%
60 month4.00%
APY = Annual Percentage Yield

To put these rates in perspective, the current national average for 12 month and 60 month CDs sits at just 1.07% and 1.09% APY, respectively, according to FDIC data.

Compounding and Paying Interest

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

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

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

Bethpage FCU Money Market Rates + Account Details

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

Money Market Rates

BalanceAPY
$1 – 499.990.10%
$500 – $24,9992.00%
$25k – $49,9992.00%
$50k +2.00%

The national average for money market accounts sits at just 0.39% APY currently, but higher rates can be found through a handful of online banks.

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

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

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

Other Savings Accounts

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.10% which doesn’t even keep up with the national average of 0.30% and is a long way behind many of the best online savings accounts available. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

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

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a higher yield of 3.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.61%.

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

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

About Bethpage FCU + Eligibility

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

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

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

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

TIAA Bank CD Rates – Now up to 4.30% APY!


[📌 Update December, 2022: TIAA Bank gave their CDs with terms of 6 months to 2 years a raise by between 0.10% and 0.30% APY this month following the FED’s fifth rate hike of the year (this time by 0.50%) on December 14th. Tiaa Bank’s 3 month CD as well as their longer term CDs with terms of 30 months or more remain the same. Their top yield is now 4.30% APY. See all of TIAA Bank’s 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 (annual percentage yield) 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 month2.00%
6 month3.00%
9 month3.65%
1 year4.30%
18 month4.25%
2 year4.20%
30 month4.00%
3 year3.80%
4 year3.65%
5 year3.45%
APY = Annual Percentage Yield

To put these yields into perspective, a 12 month CD and a 60 month CD have an average yield of just 0.90% APY and 0.98% 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 3.80% APY.

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

Grace Period and Early Withdrawal Fees

Tiaa bank allows for 10 calendar days (the grace period) upon your CD’s maturity in which you can add/withdraw funds, change terms, or close out the CD entirely without incurring any penalty fee. If nothing is done during the grace period your funds will renew into a new CD of equal terms and the going yield at that time.

If you need funds prior to CD’s maturity, you will incur an early withdrawal fee.

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.

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 account pays an APY of 2.25% on all balances and requires just $500 to open. The account has no fees to worry about and allows for mobile check deposits once you enroll in online banking and download their app.

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 pays an APY based on your balance amount. Rates are as follows:

Yield Pledge Money Market Rates

Min. BalanceAPY
$0 – $9,999.991.60%
$10k – $24,999.992.00%
$25k – $49,999.992.30%
$50k – $99,999.992.65%
$100k +3.00%
APY = Annual Percentage Yield

To put these yields into perspective, the average annual percentage yield (APY) on money market accounts across the country sits at 0.39% according to the FDIC.

There is a minimum deposit requirement of $500 to open one of these accounts. But ultimately, unless you have a large balance every month, you’re probably better off just opening a Basic savings account as you will earn more with that account on lower balance amounts than you would with a TIAA Bank money market account.

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).