APY GUY: Maximize Your Savings & Earnings

Lauren Graves

Fifth Third Bank CD Rates – Now up to 4.00% APY!


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 (certificate of deposit) 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 CD.

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

image credit: 53.com

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 certificates 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 certificates of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

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%
APY = Annual Percentage Yield

For context, the national average for a 12 month CD and a 60 month CD sit at 1.07% and 1.09% APY, respectively, according to FDIC data.

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.

Promotional CD Rates

TermAPY
6 months3.50%
12 months4.00%
APY = Annual Percentage Yield

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. That said, their current CD promotions are still slightly behind the standard CD rates offered by many online banks such as Discover or TIAA bank and others.

Compounding Interest

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

Grace Period and Early Withdrawal Penalties

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 Fifth Third Bank CD

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.

Savings and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including 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.

Momentum Savings

The Fifth Third Momentum Savings is an interest-bearing account that is designed to help you set and reach savings goals. You can set up to 4 savings goals at a time and have them funded via automatic transfers. 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.

This account comes with a $5 monthly service fee unless any one of the following conditions are met:

  • You have a Fifth Third Checking Account that does not include Fifth Third Express Banking.
  • You maintain an average monthly balance of $500 or more
  • Someone under age 18 is an owner of the account
  • You are enrolled in Fifth Third Military Banking

Relationship Money Market

A Fifth Third Relationship Money Market account also comes with a negligible interest rate of 0.01% APY just like the Momentum Savings account. You will, however, have the ability to write checks with this account. The interest rate is tiered by balance amount, although all tiers pay the same APY at the moment.

Relationship Money Market Rates

BalanceAPY
$0.01 – $9,9990.01%
$10k – $24,9990.01%
$25k – $49,9990.01%
$50k – $99,9990.01%
$100k – $249,9990.01%
$250k +0.01%
APY = Annual Percentage Yield

Their Relationship Money Market account also comes with the same $5 monthly service fee if the conditions noted above aren’t met. These are the same conditions as the Momentum Savings account.

To put the money market yields into perspective, the current national average is 0.39% APY, according to FDIC data, however some online banks are now paying over 4.00% APY with no minimum balance requirements or maintenance fees.

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively. These accounts have tax advantages but can only be used for college spending. Their Minor Savings account is a simple savings account designed for those under the age of 18. Lastly, their Health Savings account is a straightforward pre-tax savings account that can be used for a variety of medical expenses.

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.

Northern Bank Direct Money Market – Now 3.25% APY!


image credit: northernbankdirect.com

Northern Bank Direct is the online subsidiary of Northern Bank, a Massachusetts-based bank founded in 1960.

While the Northern Bank prides itself on being a community institution — the #1 Community Bank in New England, in fact, according to S&P Global Market Intelligence Rankings — Northern Bank Direct is nationally available to anyone with a few minutes to spare.

Northern Bank Direct Money Market Account + Current Rates

All of Northern Bank Direct’s deposit accounts, whether it be variable rate money market accounts or fixed rate CDs, are owned by Northern Bank. They are FDIC-insured up to $250,000 per depositor or $500,000 for joint accounts.

Northern Bank Direct offers a money market account that regularly features one of the top yields among its peers.

Money Market Rates

Minimum DepositAPY
$5,000 +3.25%
APY = annual percentage yield

With a minimum deposit of $5,000, you can open a Northern Bank Direct money market account and start earning 3.25% APY (annual percentage yield) on balances up to $250,000.

To put this yield perspective, the average yield on a savings account sits at just 0.30% APY and the average yield on a money market account earns just 0.38% APY nationally, according to FDIC data.

The minimum deposit and balance requirements associated with this account are steep when compared to other online banks.

We should note that the $5,000 minimum deposit is just that – a minimum deposit. If your balance dips below the $5,000 mark that is OK. You’ll still earn the 3.25% APY on all sums.

How to Open an Account with Northern Bank Direct

As with most online banks, opening an account with Northern Bank Direct is simple and straightforward and can be done in minutes.

To get started you will need the following information for yourself and the joint owner (if applicable):

  • home address
  • date of birth
  • driver’s license number
  • social security number
  • account number of bank or credit union you’ll be transferring funds from
  • routing number of said financial institution

Funding Your Northern Bank Direct Account

You can fund an account electronically through direct deposit or ACH transfer, wire transfer, or mobile deposit. Or you can send checks to: Northern Bank Direct 275 Mishawum Road Woburn, MA 01801 [Do not send cash.]

Once your account is opened there is little in the way of fees to worry about.

There are no monthly maintenance fees at all, but there is a $20 excessive transaction fee and a $3 transfer fee.

You may make no more than six deposits into – or withdrawals from – this account in any given month or incur the $20 excessive transaction fee for each transaction after the sixth.

The $3 transfer fee will be applied each time you transfer money from a Northern Bank Direct money market into an external bank account. Interest is compounded and credited monthly.

Northern Bank Direct CD Rates + Account Details

A minimum deposit of $500 is required to open any certificate of deposit with Northern Bank Direct.

CD Rates

CD TermAPY
6 months0.40%
9 months0.40%
12 months0.50%
15 months0.50%
17 months3.75%
18 months0.55%
24 months0.60%
30 months0.60%
36 months0.65%
48 months0.65%
60 months0.65%
APY = Annual Percentage Yield

To give the offers above more context, the national average for a 12 month CD and a 60 month CD sit at 1.07% APY and 1.09%, respectively.

That said, the top APYs from online banks and nationally available credit unions are now creeping over the 4.25% APY mark and 4.50% APY mark for the same respective terms.

Early Withdrawal Fees

If you need access to the funds in your CD prior to its maturity date, you will incur an early withdrawal fee. Early withdrawal fees are as follows:

  • For CDs with terms of 12 – 35 months, you’ll owe 12 months’ interest
  • For CDs with terms of 36 – 47 months, you’ll owe 24 months’ interest
  • For CDs with terms of 48 months or more, you’ll owe 36 months’ interest

Banking Experience and Customer Satisfaction

Northern Bank Direct accounts can be opened and managed through the online portal or mobile apps. There are no membership restrictions—anyone is eligible to join.

You can visit Northern Bank branches to make transactions, but since all Northern Bank branch locations are in Massachusetts, mobile and online banking will be the most convenient option for most people. Northern Bank ATMs are also located exclusively in the New England area, but Northern Bank Direct doesn’t offer ATM or debit cards anyway.

When you look at the numbers alone, Northern Bank Direct’s customer satisfaction rating is about average. For the most part, the bank’s most winning product—its high-interest money market account—is how it gets its best reviews. But as a whole, Northern Bank Direct has your standard mix of 1- and 5-star ratings and somewhere around 3 stars overall. They don’t seem to do better or worse than the average online bank in terms of keeping their account holders happy.

The primary complaint of dissatisfied customers is the $5,000 daily ACH external transfer limit, which is a pretty inconvenient restriction for an online bank where larger transactions should be expected, especially soon after opening an account, and convenience is key. Transaction limits, in general, seem to be the source of most frustration. On the flip side, the primary praise of satisfied members of this bank is the customer service they consistently receive. For the online version of a bona fide community bank, this isn’t surprising but is significant nonetheless. 

The apps, on the other hand, score quite poorly. The NBTC mobile banking app for Apple devices has 2.1 stars and the NBTC mobile banking app for Android devices has a little less than 3.5 stars. The general consensus is that the app is functional enough in its design but crashes often, which is not so functional or helpful. When you’re dealing with an online bank, most people want to be able to rely on their phones to manage their accounts.

You can reach a customer service representative through email at nbdirect@nbtc.com or over the phone through (844) 348-8996. The phones are manned Monday through Friday from 9 AM to 6 PM, so try not to have a question or emergency over the weekend or in the evening.

Alaska USA FCU CD Rates – Now up to 3.50% APY!


image credit: alaskausa.org

If you’re looking for a federally insured credit union to open a certificate of deposit with, then you may want to check out Alaska USA Federal Credit Union’s CDs. They feature above average yields on many terms and come with a manageable minimum opening deposit requirement of just $500.

If you haven’t heard of Alaska USA Federal Credit Union, they are the 19th largest credit union in the nation and the largest credit union in all of Alaska. Headquartered in Alaska since their founding in 1948, this member-owned nonprofit serves more than 674,000 members across the country with branch locations in four states—Alaska, Arizona, California, and Washington—as well as over 55,000 ATMs worldwide.

This financial services cooperative was originally established to better meet the needs of federal civil service personnel transplants at the Alaska Air Depot, an Air Force base. Today, anyone that lives, works, or attends school in Alaska, Washington, or the counties of San Bernardino in California or Maricopa in Arizona can become a member.

Alaska Federal Credit Union CD Rates + Details

Alaska USA Federal Credit Union deposit account funds are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) of the National Credit Union Administration (NCUA) up to $250,000. The NCUA is the FDIC equivalent for credit unions.

CD Rates

The minimum deposit for any Alaska USA CD term is $500.

CD TermAPY
1 – 2 months0.15%
3 – 5 months0.40%
6 – 8 months0.60%
9 – 11 months3.50%
12 – 17 months1.00%
18 – 23 months1.10%
24 – 35 months1.20%
36 – 47 months1.30%
48 – 59 months1.40%
60 months1.50%
APY = Annual Percentage Yield

As you can see Alaska USA Federal Credit Union structures the terms or durations of their deposits slightly differently than most banks or credit unions. They use a range of months rather than a specific amount. Other than this unique variance, their CDs come with fairly routine terms and conditions.

To put these rates into perspective, the current national average for a 12 month CD and a 60 month CD are sitting at 1.07% and 1.09% APY, respectively, according to FDIC data. That said, there are a handful of banks and credit unions with nationwide acceptance now offering yields above 4.25% and 4.50% APY, for the same respective terms.

Compounding and Crediting Interest

Interest is compounded and paid monthly for terms of one year or more and paid in full at maturity for terms of one year or less. If your balance drops below the minimum of $500, you will not earn interest on your account.

Grace Period

You’ll want to note that there is a grace period of 10 calendar days after renewal of a certificate for withdrawing funds without incurring fees. You will be charged 7 days worth of interest if you remove your deposit within six days of issuance (in accordance with federal regulations). Take a look at the rest of the early withdrawal penalties by term below.

Early Withdrawal Penalties

CD Maturity PeriodFee
< 90 days30 days interest
91 – 365 days90 days interest
366 – 729 days180 days interest
730 + days365 days interest

Alaska USA will deduct an amount equal to the total interest earned on your withdrawal since issuance if this is less than what you’d pay in the fees listed above (if the day’s interest fee is lower, you’ll pay that). So the faster you withdraw after opening an account, the less you’ll regret it (though early withdrawals should, of course, always be avoided if possible).

Partial withdrawals are not permitted if they cause your balance to dip below the account minimum. Read Alaska USA’s share account disclosure statement for more details. Alaska USA Federal Credit Union allows users to ladder multiple certificates as well as borrow funds against a CD.

Alaska USA Federal Credit Union Money Market Rates + Details

Though Alaska USA CD account rates are decent, their money market account rates are mostly substandard and average at best. As you will see, their highest-earning money market rates are right around the national average.

Alaska USA offers standard, super, and jumbo personal and business money market accounts. The more money you put into an account, the higher your APY. Account rates are as follows:

Money Market Rates

BalanceAPY
$5,0000.10%
$10,0000.10%
$25,0000.15%
$50,0000.20%
$100,0000.25%
$250,0000.50%
APY = Annual Percentage Yield

The national average for a money market account sits at 0.29% APY, however, there are online banks offering yields above 4.00% APY on all balances following the FED’s latest rate hike on December 14th.

If you still decide to open a money market account with Alaska USA FCU, then you’ll want to know the following account details below.

If your account balance is less than $2,500, don’t expect to earn interest. But as long as it stays above $50, you’ll be good to go and won’t be charged the $5 maintenance fee. You can make up to six transactions out of an Alaska USA money market account per month (as stipulated by Federal Reserve Board Regulation D). However, this does not include transactions made in order to pay a loan. A $25 overdraft fee is charged for each excessive transaction over the six allowed by federal law.

Other Savings Accounts Offered by Alaska USA Federal Credit Union

Alaska USA Federal Credit Union offers a share savings account and a premium savings account. 

A share savings account is granted to everyone that becomes a member of Alaska USA and deposits $5. This account type earns an exceptionally poor 0.05% interest and requires a minimum balance of $50 ($5 for those under 26 years old) to waive the quarterly maintenance fee of $5. This fee is also waived if you have another account such as a checking account or loan associated with your savings account.

For a much higher minimum daily balance of $10,000, you can bump your share savings account up to a premium savings account. This will earn you a 0.15% yield, but you’ll have to keep your balance up to stay in this bracket. But even a premium savings account is not especially high-yield.

You can access your savings account funds at any Alaska branch, ATM, or through online banking. Up to six transfers per month can be made from a savings account. Interest accrues and is paid quarterly.

There is also a health savings account option with rates that won’t be written home about. Balance brackets for this are:

BalanceAPY
$50 – $9990.05%
$1000 – $9,9990.05%
$10,000 – $49,9990.10%
$50,000 +0.15%
APY = Annual Percentage Yield

You’ll need a minimum of $50 to open a health savings account. For an account of this type, these rates are not as bad as they could be given the current market, but you could do better elsewhere.

About Alaska USA Federal Credit Union + Eligibility Rules

Alaska USA holds more than $8.39 billion in assets and serves over 674,000 members. In 2018, the credit union saw 387 million transactions and 101,971 loans that totaled almost $4 billion. They approximated a return of about $198 per member in this same year.

Alaska USA has 74 physical branch locations in Alaska, California, Arizona, and Washington and 55,000 surcharge-free ATMs across the world. They have a Member Service Center that is accessible 24/7 and a mobile app, and they also participate in co-op shared branching with thousands of other credit unions. In short, you’ll never be without access to help or your accounts. For all branch and shared branch locations, visit this page. To search ATM locations, go here.

To qualify for membership you must meet one of the following criteria:

  1. Any Alaska resident.
  2. Any Washington state resident.
  3. Anyone who lives, works or worships, or attends school in California’s San Bernardino County.
  4. Anyone who lives, works or worships, or attends school in Arizona’s Maricopa County
  5. A relative of someone that qualifies or
  6. Affiliated with an organization served by Alaska USA

You get a share savings account just for signing up to become a member of Alaska USA Federal Union, and this is your share in the credit union. Membership is not restricted to those living in Alaska. But if you are an Alaska resident and need to travel outside of Alaska, your banking needs can be taken care of just about anywhere. Call the Member Service Center at (907) 563-4567 or (800) 525-9094 or visit a branch to apply.

BECU CD Rates – Now up to 3.87% APY!


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

image credit: becu.org

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 months1.51%1.56%
6 – 11 months1.51%1.56%
12 – 17 months3.04%3.09%
18 – 23 months3.04%3.09%
24 – 35 months2.22%2.27%
36 – 47 months1.81%1.87%
48 – 59 months1.92%1.97%
60 months2.02%2.07%
APY = Annual Percentage Yield

To put these CD rates in perspective, the current 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.

Promotional CD Rates (without Member Advantage):

CD TermAPYAPY
Deposit Size$500 – $49,999$50k +
12 month Bump CD3.30%3.35%
24 month Bump CD1.97%2.02%
APY = Annual Percentage Yield

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, for example, that if you purchase a 12 month bump CD with a 3.30% APY and then the APY goes up to 4.00% a month later, 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 months2.02%2.07%
6 – 11 months2.02%2.07%
12 – 17 months3.56%3.61%
18 – 23 months3.56%3.61%
24 – 35 months2.73%2.78%
36 – 47 months2.32%2.38%
48 – 59 months2.43%2.48%
60 months2.53%2.58%
APY = Annual Percentage Yield

Promotional CD Rates (With Member Advantage)

CD termAPYAPY
Deposit Size$500 – $49,999.99$50,000 +
12 month Bump CD3.82%3.87%
24 month Bump CD2.48%2.53%
APY = Annual Percentage Yield

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 – 9,999.991.51%2.02%
$10k – 49,999.991.51%2.02%
$50k – 99,999.991.51%2.02%
$100,000 +1.51%2.02%
APY = Annual Percentage Yield

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: 0.50% APY
  • Savings: 0.50% APY
  • Member Advantage Savings: 3.04% APY (up to $500)
  • Health Savings: 0.50% APY
  • Early Saver: 6.17% 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 0.50% when the average is 0.30%, you’d be right to be unimpressed. However, the Member Advantage Savings gets you 3.04% on the first $500 you put into it before jumping down to 0.50%, 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.

Pen Air FCU CD Rates – Now up to 5.02% APY!


Did you know Pen Air Federal Credit Union’s HQ is getting a makeover? Above is the new rendering.

Pen Air Federal Credit Union is a rather tiny credit union based out of Pensacola, Florida featuring some extraordinary CD rates. They’re just the 15th largest credit union in Florida by asset size and not even within the top 200 of US credit unions nationwide. They have 15 locations across Northwest Florida and Southeast Alabama, but membership and their suite of savings products can be opened online by nearly any US resident.

Pen Air Federal Credit Union was founded in 1936 in Pensacola, Florida to serve civil service employees and military families. They’ve since teamed up with the Friends of the Navy-Marine Corps Relief Society to offer membership to anyone in the country by joining this organization and making a $3 donation (minimum).

Pen Air has earned top ratings from financial rating agency Bauer Financial for more than 25 years. They are a nonprofit, member-owned institution, that supports the efforts of the ​Navy-Marine Corps Relief Society​.

Pen Air Federal Credit Union CD Rates + Account Details

image credit: penair.org

All of the products listed below are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

The minimum deposit requirement is $500 on every CD Pen Air sells except for their 3 month CD. This term, for whatever reason, currently requires a $1,500 minimum deposit to open currently.

CD Rates

CD TermAPY
3 month1.00%
6 month1.35%
12 month2.45%
15 month (Add-On)4.00%
18 month5.02%
24 month2.65%
36 month2.70%
48 month2.75%
60 month2.85%
*28 month4.00%
**54 month4.00%
APY = Annual Percentage Yield

*The 28 month CD is available for a limited time and may be discontinued at any time. This product renews into a 24 month CD if nothing is done during the grace period.

**The 54 month CD is also a promotional deposit available for a limited time. This product renews into a 48 month CD if nothing is done during the grace period.

The 15 month “Add-On CD” allows you to add any additional deposit amounts you’d like to the account and earn the same APY on the entire sum throughout the duration of the product.

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

Compounding and Crediting Interest

Interest on Pen Air CDs are both paid and compounded monthly.

Grace Period and Early Withdrawal Fees

Pen Air will send you a notification when your CD is close to maturity. Upon your CD’s maturity you will have a 7 calendar day grace period in which you are allowed to modify or close out your CD. If nothing is done during this 7 day period your CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to maturity, you’ll face an early withdrawal fee of ​90 days interest ​for deposit terms less than 12 months and ​180 days interest​ for terms greater than 12 months.

Money Market Rates & Account Details

You won’t earn the same APY as you do with CDs on Pen Air Federal Credit Union’s money market account but you will get more flexibility and easier access to your money.

Pen Air Federal Credit Union offers free checks, but with limited check writing capabilities. Currently just 3 checks are allowed per month with these accounts. Also, due to federal regulation D, customers are only allowed up to 6 withdrawals from your money market account per month. After that you’ll be paying $29 per additional withdrawal or the transaction could simply be denied by Pen Air.

There is also no ATM access available with these accounts.

Money Market Rates

BalanceAPY
$0 – $2,499.000%
$2,500 – 24,999.990.35%
$25k – $74,9991.00%
$75k – 199,999.991.25%
$200,000+2.00%
APY = Annual Percentage Yield

Pen Air Credit Union’s money market rates still sit above the national average by quite a bit. To give these APYs some context, the current national average for a money market account hovers around 0.38% APY.

Other Savings Accounts Offered by Pen Air Federal Credit Union

Before you join Pen Air Federal Credit Union all new members must first buy a share of the credit union for $25. This $25 is then automatically placed in a Pen Air savings account. Therefore all Pen Air Federal Credit Union’s members have a savings account as soon as they join. Of course, this account can be added to. Below are the savings rates and tiers associated with the savings account.

Account BalanceAPY
$25-$4,999.990.10%
$5,000-$24,999.990.10%
$25,000-$74,999.990.29%
$75,000 and over0.29%
APY = Annual Percentage Yield

Dividends on your savings are compounded daily and paid out quarterly.

Lastly, they have a novel savings product designed to help savers get a boost during the holiday season called the Christmas Club savings account. While I suspect this account was more promising and lucrative in the past, today it comes with an APY of just 0.299%.

This account can be funded with a minimum deposit requirement of just $25. You can add funds at any time before November when the balance is then transferred into a savings account.

About Pen Air Federal Credit Union + Eligibility

Pen Air has 15 locations in the states of Florida and Alabama. Use ​this tool​ to find addresses and toggle for branches, surcharge-free ATMs, deposit-taking ATMs, or co-op shared branches to refine your search. Cities with Pen Air Fed locations in Florida include (but are not limited to) Pensacola, Pace, and Milton and cities with locations in Alabama include Foley, Robertsdale, and Spanish Fort.

Pen Air also participates in Shared Branching with other credit unions in their network. This gives members the option of visiting thousands of bank and ATM locations across the U.S. to carry out their Pen Air Fed banking at minimal or no cost to the member. Just search bank and ATM locations (using the tool cited above) and select “co-op shared branches” to find the location nearest to you.

As mentioned, to become a member and stay a member, you must purchase and keep a single Pen Air Federal Credit Union share for $25. You will be charged a $15 monthly inactive account fee if there is no monetary activity for 12 months on a share or share draft account. Joining or opening an account can be done online or at a Florida/Alabama branch.

Anyone is eligible to join Pen Air Federal Credit Union by simply donating to the Navy-Marine Corps Relief Society. With a one-time donation of just $3 to the N​avy-Marine Corps Relief Society—a 501(c)3 organization that provides assistance to retired and active Sailors and Marines​—​any ​U.S. citizen with a valid Social Security number can become a member.

There are other ways to join as well without donating to the organization mentioned above.

Those that meet one or more of the following criteria qualify to ​become a member of the Pen Air Federal Credit Union​:

  1. active duty or retired military,
  2. civil service employee,
  3. member/employee of one of 1,200 partnering ​select employer groups​,
  4. or an immediate family or household member of someone that meets the previous three requirements.

Barclays Online Savings Account – Now 3.40% APY!


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

image credit: barclaysus.com

Barclays has only one savings account, the Barclays Online Savings. This account offers a solid APY of 3.40% 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
$1.003.40%
APY = Annual Percentage Yield

To give this offer some context, the current national average for a savings account sits at just 0.24% 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 1.8 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.