APY GUY: Maximize Your Savings & Earnings

Lauren Graves

SmartyPig Savings Account – Up to 2.25% APY


[📌 Update September 2022: Despite being a rate leader when rates were low last year and in early 2022, the SmartyPig savings account by Sallie Mae hasn’t been able to raise their rates quickly enough to keep up with many of the top yielding, FDIC-insured online savings accounts on the market today. See rates below.]

image credit: smartypig.com

Sallie Mae might be known best for its private student loan operation, but did you know they also sell competitive deposit products – and have been since 2005?

Sallie Mae Bank was named a top bank of 2020 by GOBankingRates for its rewarding and accessible savings accounts. Sallie Mae deposit products — which include savings accounts, money market accounts, and CDs — have fairly high interest rates without any of the tedious restrictions or fees associated with many banks.

Among Sallie Mae’s suite of FDIC-insured deposit products, the SmartyPig savings account is a particularly popular choice. 

The SmartyPig savings account has unique set of tools and generous APY (annual percentage yield) that benefit savers who fit one of the following profiles:

  1. new savers,
  2. individuals that need to get into the habit of regularly saving,
  3. people with financial goals that could use some help with organization and/or motivation,
  4. people who want to earn a competitive interest rate.

If you’re considering the SmartyPig Savings Account, you’ll want to read our comprehensive review of their product, its tool set, the current rates and potential bonus offers.

SmartyPig Interest Rates + Account Details

The interest earned from your SmartyPig account compounds daily and credits monthly. Your funds are FDIC-insured up to $250,000 per individual or $500,000 per joint account. See the table below for current rate tiers.

SmartyPig Savings Rates

BalanceAPY
$0.01 – $2,5002.25%
$2,500.01 – $10k2.25%
$10,000.01 – $50k2.15%
$50,000.01 +2.10%
APY = annual percentage yield

To give the yields above some perspective, the national average for:

  • a savings account sits at just 0.17% APY,
  • a money market account sits at 0.18% APY
  • and an interest checking account sits at a paltry 0.04% APY, according to FDIC data.

That said, following the FED third consecutive rate hike of 0.75% this summer on September 21st, some of the top yielding online savings accounts and money market accounts are now approaching the 3.0% APY mark.

The account comes with no minimum opening deposit requirement or minimum balance requirements. Plus, you’ll never be charged monthly maintenance or low balance fees.

There are also zero penalties for failing to meet a savings goal by the target date you’ve set. If this happens, just log-in to your account and change the target date. You may also transfer the sum to a different goal.

Once a goal has been reached, automatic transfers put toward that goal will be halted, but you will still earn the advertised rate on your sum.

Account transactions may not exceed 6 per statement cycle, per federal regulation D. Excessive withdrawals will not be permitted, but you will not be charged for attempting them. Just avoid them so that your account is not closed.

Account balances may not exceed $250,000 unless direct deposits over this maximum are automatically made, in which case greater balances will be accepted.

What is SmartyPig

SmartyPig is a free online, high-yield savings account available through Sallie Mae Bank.

It is FDIC-insured up to the federally allowed limit of $250,000 and available to any U.S. citizen over the age of 18 with a social security number and an external account that can fund it (more details on eligibility requirements below).

Advertised as an online “piggy bank,” this nontraditional savings account is intended to help you save for various achievable financial goals. It does this by giving you a user-friendly platform through which you can organize your goals and track your progress. The key features of this account that enable your savings to build are:

  1. Automatic transfers. Once you’ve set up a new savings goal, say for a downpayment to a car, you then set up automatic transfers from your external checking account that slowly seed this initiative.
  2. Fantastic APY. The money that gets auto-transferred to fund your goal earns a phenomenal APY that sits well above the current national average for a savings account.

The philosophy behind this account is that concrete goals are easier to save for than saving just for the sake of saving, which can feel daunting and at times unrewarding.

How to Open a SmartyPig Account

Opening a SmartyPig savings account is simple and painless.

Just visit the SmartyPig website (note this is a separate domain and not the Sallie Mae website) and click “Start Saving” in red on the home screen.

From there, go through the 4-step registration process that will ask you for your personal information, social security number, and driver’s license number. 

As soon as your account is ready to go and your chosen external account is linked, you can fund it with as little as a penny to begin earning interest and creating savings goals.

Schedule monthly or biweekly recurring contributions from your external account into whichever goal(s) you choose.

Almost anyone qualifies for a SmartyPig account. You just need to be at least 18 years old and have an external checking or savings account that you can use to fund your Savings Goals. You also need to be a U.S. citizen, resident with a social security number, or permanent U.S. resident alien with a green card or social security number to open an account. 

If you have issues setting up or servicing your account, call customer service at (811) 751-6884 during their business hours of 8 AM to 8 PM Eastern Time Monday through Friday or send a secure message through the Message Center (if you already have an account).

Setting Up SmartyPig Savings Goals

What makes the SmartyPig account unique is the savings goal feature. A simple interface that allows you to set up specific goals and then fund them in an ongoing and manageable way.

These goals are flexible and can be tweaked or canceled at any time, and money can be moved between goals as you please. The balance of your entire account will earn interest regardless of your progress toward goals or how many goals you have set up. 

Each distinct savings goal must be for at least $50 but not greater than $250,000. Recurring contributions, which may be monthly or biweekly, need to be equal to at least $10 but not greater than $50,000. You need to link 1 and only 1 external funding source, either a checking or savings account, to fund this account. This account is not a bank but a savings vehicle that earns interest and is not meant to replace a savings or checking account.

SmartyPig Bonus Offers

SmartyPig Savings Accounts have a few other perks built in that many savings accounts do not, including opportunities for referral bonuses and a bonus redemption program through Amazon. Refer a friend to SmartyPig and earn a reward of $10 once they successfully open and fund a new savings account. 

SmartyPig is partnered with Amazon, which makes it possible for you to order Amazon gift cards valued anywhere from $5 to $500 using SmartyPig funds. This isn’t an exceptional offer but it would allow you to save some time if an item you’re putting money towards is available for purchase through Amazon.com. This would simply allow you to buy it instantly once your goal is reached rather than having to wait for a transfer to your external funding account to post.

Golden 1 Credit Union CD Rates – Up to 2.25% APY


Founded in 1933 in Sacramento, California, Golden 1 Credit Union began as a financial institution for employees of California and was created under the name California State Employees’ Credit Union #1. Today, it is known as Golden 1. 

This financial institution controls more than $18 billion in consumer assets with over 70 branches and home loan centers across the state of California. As of 2022, Golden 1 Credit Union has more than 1.1 million member-owners.

Golden 1 is a member-only credit union. To become a member, you must be a resident of California. Learn more about how to join this credit union, what products are available, how competitive the certificates of deposit are, and whether or not this credit union is a good fit for you here.

Certificates of Deposit

image credit: golden1.com

There is only one type of certificate of deposit with Golden 1 Credit Union and it is a standard CD account. Referred to as term savings certificates, these CDs are available in term lengths from 3 to 60 months. 

Golden 1 uses a tiered rate structure that awards higher interest rates for higher balances. See the interest rates available now in the table below.

Standard Term Savings Certificate Rates

Term$500 – $9,999.99$10,000 – $24,999.99$25,000 – $49,999.99$50,000 – $99,999.99$100,000+
3 – 5 months0.40% APY0.40% APY0.40% APY0.40% APY0.60% APY
6 – 11 months0.80% APY0.80% APY0.80% APY0.80% APY0.90% APY
12 – 17 months0.95% APY0.95% APY0.95% APY0.95% APY1.05% APY
18 – 23 months1.00% APY1.00% APY1.00% APY1.00% APY1.10% APY
24 – 35 months1.15% APY1.15% APY1.15% APY1.15% APY1.25% APY
36 – 47 months1.35% APY1.35% APY1.35% APY1.35% APY1.45% APY
48 – 59 months1.50% APY1.50% APY1.50% APY1.50% APY1.65% APY
60 months1.90% APY1.90% APY1.90% APY1.90% APY2.25% APY
APY = annual percentage yield

Wondering how these rates compare to other CDs? The national average interest rate on a 6-month certificate is 0.34%, on a 12-month CD is 0.60%, on a 24-month CD is 0.64%, and on a 60-month CD is 0.74% according to recent FDIC data.

That said, following the FED’s third consecutive rate hike of 0.75% this summer, top 12 month and 60 month CDs offered by FDIC-insured online banks are now rising above the 3.0% APY and 4.0% APY mark, respectively.

Funding the CD

You can fund this account using any of the following methods:

  • Mobile or paper check deposit
  • Cash deposit
  • ACH transfer (initiated by Golden 1 or an external bank)
  • Domestic wire transfer

As with most CDs, you are not permitted to make additional deposits into this account after opening and funding it.

The minimum deposit requirement when opening this account is $500, which is fairly average for similar products. After opening, there is no low balance fee. There is no minimum balance required to earn interest or monthly maintenance fee for this account.

Compounding Interest

Interest is compounded and credited monthly. You can optionally have the dividends paid out monthly if you want to collect regular payments as a source of income, which many customers do. There is no extra charge for choosing this option and you can choose any payout method that works for you between bank transfer, cash, or check. Otherwise, dividends will be credited automatically to your account each month.

Another noteworthy aspect of this account is that you can use the funds as collateral for a Certificate Loan. A certificate loan with Golden 1 Credit Union is a secured loan with lower interest rates and more flexible repayment terms than unsecured loan products with the credit union. This is a good choice for borrowers who want to build their credit as these loans are easier to qualify for and accrue less interest than similar alternatives. 

And if you do choose to use your CD balance as collateral when applying, the principal will still continue to earn interest until you repay the loan or the account matures.

Many banks and credit unions offer six-month CDs as the shortest terms available, so it’s nice to see Golden 1 starting at three months for its standard CDs. There are no step-up or bump-up CDs, variable-rate CDs, no-penalty CDs, or brokered CDs available with this credit union.

Grace Period and Early Withdrawal Fees

All CDs automatically are set to renew when they mature. When your account reaches maturity, there is a seven-day grace period during which you can withdraw some or all of your funds or close your account without incurring early withdrawal penalties if you do not wish to renew your certificate. 

You will pay a fee if you remove money from this account (not including monthly interest payments) before it reaches maturity. The early withdrawal penalties for making a withdrawal before your account matures are as follows:

  • Early withdrawal from a term of between 3 and 11 months will incur a penalty equal to 90 days’ interest
  • Early withdrawal from a term of between 12 and 23 months will incur a penalty equal to 180 days’ interest
  • Early withdrawal from a term of 24 months or more will incur a penalty equal to 365 days’ interest

Note that these early withdrawal fees are pretty average for standard certificate accounts. If you don’t want your account to renew automatically, you can provide written notice prior to maturity or during the grace period.

All Golden 1 certificates of deposit are federally insured by the NCUA up to the limit of $250,000 per account, per depositor. These accounts are just as safe and secure as any other CDs.

How to Become a Member

Anyone living in California is eligible to become a member of Golden 1 Credit Union. There are no specific communities you must be a part of if you are a resident of California. 

You can apply in person at a branch location, online using this link, or by calling 1-877-465-3361. This application only takes a few minutes to fill out.

You may be eligible for membership if you are an active-duty military member who typically lives in California but you are currently located out of state. If you do not live in California but your family member or domestic partner is a member of Golden 1, you can also join this credit union. 

The final way to become a member is by being an employee of one of 1,000 Select Employee Groups across the country. These include nonprofit organizations, universities, and more. Indicate in your application that you do not live or work in California and select “I belong to a Select Employee Group” to find your place of employment.

If your application is approved, all you need to do to join is open a Golden 1 savings account with a deposit of at least $1. This is a Regular Savings account that earns an interest rate of 0.05%. With this account, which makes you a member-owner for as long as it is open and active, there are no monthly maintenance fees and in-network ATM transactions are unlimited (as long as you stay within your monthly limit of six withdrawals/transfers per federal guidelines for savings accounts).

There are several other savings and checking accounts you may choose to open as well when becoming a member, but the one mentioned above is the only one that is required for membership.

Consumer Sentiment & Reviews

So what is it like actually being a customer of this credit union? Customer sentiment for this credit union is mostly positive, with many reviewers reporting smooth experiences when opening new accounts and helpful customer service interactions. High interest rates draw many new customers to the credit union and keep them satisfied. 

But there are negatives as well. Many complaints are about the credit cards specifically but some deposit account users say that this credit union is difficult to work with when problems arise such as unauthorized transactions or changing the ownership of an account.

Overall, it seems like in-person service is better for most than online service and is a strong point for this institution. According to reviewers, the customer service you are likely to receive at a branch may be different than that you are likely to receive when you call or email.

While it is possible to open and manage a term savings certificate completely online, there are Golden 1 Credit Union branch locations as well. There are 50 full-service branch locations in 45 cities across California as well as five non-teller branches where you can perform basic transactions like deposits and withdrawals. There are 210 Golden 1 branded ATMs that members can use surcharge-free. See all branch and ATM locations here.

App reviews show a rather surprising difference between Apple and Android user experiences. The app has a rating of 3.2 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store, indicating that it might not be optimized as well for Android devices as it is for Apple. Keep this in mind but note that the app is in the process of being updated for Android devices. At least for Apple users, the most recent update brought major improvements.

The app is functional but prone to “breaking” and is not always as responsive as it could be. The user interface is simple, which may be a strength or weakness depending on what you’re used to. Fans of comprehensive financial apps from giants like Chase and Bank of America may be disappointed. 

There are a few different ways to get in touch with a customer support representative. The first is to call the member service contact center at 1-877-465-3361. This phone line, which is not dedicated to any specific account, is available Monday through Friday from 7:30 am to 6:00 pm Pacific Time and Saturday and Sunday from 9:00 am to 5:00 pm Pacific Time. 

Alternatively, you can email your question or request to mbrsvc@golden1.com and you should receive a response within one business day. You can also see the FAQ section of the site for help with general questions.

Golden 1 also offers 24/7 technical support for mobile and online banking. The number for this is 1-844-670-9542.

Pen Air Federal Credit Union CD Rates – Up to 2.75% 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 generous 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

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

CD TermAPY
3 month0.50%
6 month1.00%
12 month1.60%
15 month (Add-On)1.00%
18 month1.65%
24 month2.15%
36 month2.25%
48 month2.35%
60 month2.50%
*28 month2.75%

To put these offers in perspective the current national average for a 12 month CD sits at just 0.46% according to FDIC data.

*28 month CD is available for a limited time only through 9/30/22.

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.

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.

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

If you have to access funds in your CD prior to their 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.

When a CD account reaches maturation, it will automatically renew unless you request otherwise within ​7 days​ (the grace period) of the end of your term. Remembering this grace period can keep you from letting an expired account renew without your knowledge.

Pen Air Federal Credit Union 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.

Pen Air Federal Credit Union Money Market Rates:

BalanceAPY
$0 – $2,499.000%
$2,500 – 24,999.990.25%
$25k – $74,9990.40%
$75k – 199,999.990.60%
$200,000+0.70%

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 0.14% 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%

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.

Alliant Credit Union CD Rates – Now up to 3.20% APY!


[📍 Update September 2022 – Alliant Credit Union is continuing to raise their CD rates in anticipation of another big FED rate hike this September. They also now offer CDs with exact terms whereas in the beginning of the summer you could select a CD with a custom term length.]

image credit: alliantcreditunion.org

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

Alliant Credit Union sells CD terms ranging from one to five years. There are no shorter term products such as 3 or 6 month certificates available, which is somewhat unusual, and terms are sold as ranges rather than fixed lengths.

Alliant certificate deposits are federally insured by the NCUA up to $250,000.

CD Rates

CD TermAPY
12 months2.75%
18 months3.00%
24 months3.05%
36 months3.10%
48 months3.15%
60 months3.25%

To put these yields into perspective, the national average for a 12 month CD and a 60 month CD sit at just 0.46% APY and 0.64% APY, respectively, according to recent FDIC data.

All of the above terms require a minimum deposit of $1,000. Interest is compounded and paid monthly, which you can withdraw or reinvest as you please.

Early Withdrawal Penalties

Early withdrawals are allowed but penalized unless within the 7-day withdrawal grace period upon your deposit’s maturity. If you withdraw your funds within 7 days, you won’t earn interest on your money during that grace period, but you’ll get everything else back. If you need to withdraw funds outside of the 7 day grace period for any unexpected emergencies, here’s how you’ll be charged:

Alliant Credit Union Early Withdrawal Penalties on CDs:

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 Account1.70%
Supplemental Savings Account1.70%
Kids Savings Account1.70%

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.

Bank of America $100 Checking Account Bonuses [2022]


[📌 Update August 2022 – Originally set to expire in June of 2022, Bank of America has extended their $100 bonus for new checking account customers through the end of the year. See details below.]

Bank of America is known for throwing around cash bonuses to incentivize new account sign-ups. Today, they offer only one noteworthy promotion: $100 for new checking account customers.

In this review, we will go over which accounts are eligible for the $100 bonus and how to qualify for it as a new customer.

Which Bank of America checking accounts are eligible for a $100 Bonus

Right now, three different Bank of America checking accounts are offering a $100 signup bonus to new customers. These are:

  1. Bank of America Advantage SafeBalance Banking account
  2. Bank of America Advantage Plus Banking account
  3. Bank of America Advantage Relationship Banking account

The three eligible checking accounts offer different features and have different requirements for waiving monthly fees. We’ll dig into these after covering how to get the bonus for all three.

How to Get the $100 Bonus

The requirements for getting the $100 sign-up bonus are the same for each of the three accounts.

Valid through December 31, 2022, you don’t want to sleep on this bonus if you’re already planning on joining Bank of America and opening a checking account. Remember that you can’t qualify as an existing customer no matter what kind of account you have with Bank of America.

Here’s what you need to do: 

  1. Use this link to access the offer.
  2. Open one of the three Bank of America Advantage Checking accounts (SafeBalance, Plus, or Relationship).
  3. Use the offer code DNL100CIS when opening.
  4. Set up and receive qualifying direct deposits totaling at least $1,000 within 90 days of enrolling.

Bank of America Advantage SafeBalance Banking Account

The Bank of America Advantage SafeBalance checking account, advertised as the “check-less banking account that helps you stay within your balance,” is good for those that may need help saving and want the accountability of overdraft prevention. A minimum deposit of $25 is required to open this account.

The primary feature here is that rather than charging you a fee when you overdraw your account, transactions will simply be declined or returned unpaid if you do not have the money available. Because this account doesn’t permit overdrawing, it also doesn’t charge an overdraft fee.

A monthly maintenance fee of $4.95 will be assessed if you do not meet the single criterion for having it waived, which is simply to enroll in the Preferred Rewards program. This is an elite eligibility program offering additional benefits such as interest boosts and fee reductions to clients with an eligible checking account and a 3 month combined average balance of $20,000 or more across all BofA banking and investment accounts.

This fee will also be waived for students enrolled in high school, college, a university, or vocational school that are younger than 25 years old. 

Other fees to look out for include a $5 paper statement fee, a $15 fee for incoming domestic wire transfers and a $30 fee for outgoing, and a $12 fee for each returned domestic deposit. See the clarity statement for this account for a complete list of fees.

With a SafeBalance Checking account, you will be able to make payments via a debit card, online or mobile transfer (Zelle), or through online/mobile bill payment.

Remember, this basic checking account does not have check-writing capabilities (and if you do try to write a check, it’ll be returned unpaid). There is no fee when you make transactions through a Bank of America ATM, but you will be charged a $2.50 fee for using out-of-network ATMs in the U.S. and $5 for using out-of-network ATMs outside of the U.S.

Keep in mind that though Bank of America won’t charge you for attempting to overdraw this account (because it doesn’t allow overdrafts), third parties might. Set up email or mobile alerts with BofA when your account balance gets low if you’re worried about this.

With this and each checking account to follow, you’ll be able to enroll in fraud protection, make mobile check deposits, and bank digitally online or through the Bank of America mobile app.

Bank of America Advantage Plus Banking Account

A Bank of America Advantage Plus Banking account is more of a standard checking account option than the SafeBalance account and requires a $100 opening deposit.

It comes with a $12 monthly maintenance fee, but this can be waived in one of three ways:

  1. By linking a direct deposit of at least $250,
  2. Maintaining the minimum average daily balance requirement of $1,500, or
  3. Enrolling in Preferred Rewards (see above section for details about this program).

If you choose to set up direct deposits into this account, they must be for $250 or more (each).

This account also waives the fee for students under the age of 24.

Unlike the SafeBalance account, you may write checks with Advantage Plus. Please see the Advantage Plus account clarity statement for more information about check writing.

This checking account does allow overdrafts, unlike the previous option, and you will be charged $35 for each overdraft item. ATM withdrawals will not be permitted when you have an insufficient balance at the time of a transaction.

Overdraft Protection

If you enroll in an Overdraft Protection plan, you can avoid the possibility of withdrawing outside of your means and being charged for it. The three Overdraft Protection plan options allow you to withdraw funds from another deposit account (Balance Connect), from your credit card, or from your line of credit to prevent you from overdrawing your checking account.

Overdraft Protection from another deposit account will enable BofA to automatically transfer available funds from one of your other accounts when an overdraft is attempted.

Overdraft Protection from your credit card will automatically advance available funds from the linked credit card as long as it is in good standing.

The final option, Overdraft Protection from Your Line of Credit, will automatically advance funds from your linked line of credit as long as this does not cause you to exceed your available credit. Please note that Overdraft Protection transfers incur a fee of $12 each.

You can use overdraft protection for up to five accounts.

Bank of America Advantage Relationship Banking Account

Finally, there is the Bank of America Advantage Relationship checking account. This option is generally best for higher net worth individuals. This is an interest-bearing checking account that may qualify you for fee waivers on other BofA services, but you’ll need to maintain a high balance of $10,000 to avoid the monthly fee.

Right now, this checking account is currently earning an APY of 0.01% on balances less than $50,000 and 0.02% on balances of $50,000 or more. This rate is not fixed or guaranteed and the minimal interest you earn is credited and compounded monthly.

There is a $25 monthly maintenance fee tied to this account that can be waived by:

  1. Maintaining a combined balance of at least $10,000 or more in eligible linked BofA accounts. Combined balances include average daily balance in BofA checking and savings accounts AND current balances in CDs, IRAs, AND current balances in Merrill investment accounts.
  2. Enrolling in Preferred Rewards (see above section for details about this program).

ATM withdrawals from insufficient funds will not be permitted. The overdraft item fee is $35 as it is with the other two accounts.

You may also choose to enable Balance Connect overdraft protection to connect up to five accounts to help cover transactions that would overdraw available funds for this account. Linking your own checking and savings accounts to cover your overdrafts can help you avoid overdraft fees.

Final Thoughts

Bonus offer aside, these checking accounts are decent and suitable for large segments of the population.

They’re about as flexible overall (with the SafeBalance being the most rigid) as your average checking account from any big bank. Like Chase and Wells Fargo, they require average daily balances and will charge monthly maintenance fees if these aren’t met.

That said, if you choose the checking account that makes the most sense for you based on your income, you should be able to avoid these fairly easily.

If you’re still not sold on a checking account with Bank of America, you may want to check out the cash promotions going on at Wells Fargo and Chase Bank to see how they compare.

Chase Checking Account Bonuses: $100 – $300


If you’re a new Chase customer opening a College, Total, or Business Complete Banking checking account, you qualify for a welcome bonus offer of $100, $200, or even $300, respectively. Yes, up to $300.

There are pros and cons to each of these accounts, so you’ll want to learn more about the options before you decide.

Read more about these bonuses and how to get them, plus review the checking account terms, potential fees and how to avoid them in our guide below.

Chase College Checking Account + $100 Sign-Up Bonus

A Chase College Checking account is perfect for students ages 17 to 24 years old.

They’re fairly basic and don’t come with many bells and whistles. They do, however, offer a safe place to stash cash while in school and with great accessibility.

This account does not require a minimum opening deposit to open and a $6 monthly maintenance fee can be waived. See section below for details.

To open one of these, you’ll need to prove that you’re a student at a college or university with a transcript or acceptance letter. You’ll also need to have a Social Security number (if you don’t, visit a branch to discuss your options). This account can be opened online or in person.

How to waive the $6 monthly fee?

The $6 monthly maintenance fee associated with this account can be waived by doing just one of the following:

  1. prove that you are a college student by providing your student ID, college name, and expected date of graduation (waive the fee for up to 5 years),
  2. set up an electronic deposit into this account (such as ACH transfer or direct deposit), or
  3. maintain an average daily balance of at least $5,000.

This account (and all other Chase checking accounts) offer Overdraft Protection through standard overdraft practice.

If you choose to opt into this, you must link your checking account to your Chase savings account. Then Chase will make payments for you from the savings account when you overdraw your checking account. Note that this is done at their discretion and there is no guarantee it will happen every time.

In the event of an overdraft, you will incur a $34 fee. You will also incur a $34 fee every time a check or automatic payment is returned due to insufficient funds.

Chase also offers Debit Card Coverage, which, when activated, will decline transactions—without charging a fee—that would cause your account balance to go negative. Sign up for account alerts when your balance gets low and opt into this Debit Card Coverage if you’d like to avoid declined payments or overdrafts and the fees that come with them.

Other fees associated with this account include:

  • $15 per incoming wire transfer,
  • $35 per outgoing domestic wire transfer,
  • $12 returned check fee,
  • $2 for each page of printed personal checks. 3 per page.
  • $2.50 charge for out-of-network ATM usage.

See this ​deposit account agreement​ for a complete list of fees for all accounts

How to qualify for the bonus:

To qualify for the $100 bonus, make sure you make 10 qualifying transactions—such as purchases with your debit card, QuickDeposits, online bill payments, etc.—within 60 days of opening the account and using the welcome coupon from this link to access the offer. You must open your new account using this coupon by October 19, 2022, to qualify for the bonus.

Chase Total Checking Account + $200 Sign-Up Bonus

The Chase Total Checking account is one of the bank’s more popular deposit products. And from now until October 19, 2022, this account features a $200 sign-up bonus for new customers.

How to qualify for the bonus:

Get $200 when you open a new Chase Total Checking account and set up direct deposit within 90 days of coupon enrollment (using the coupon code you receive through this link to register for an account).

To earn the $200 bonus you will need to set up a direct deposit to this account within 90 days of opening it. This direct deposit must come from an employer, government agency in the form of benefits (social security) or pensions. Person-to-person payments are not considered direct deposits.

The direct deposit requirement to earn the cash bonus is often the largest ‘catch’ for offers like these. Many other banks have similar terms for their bonuses.

Fees and how to avoid them:

This account has a $12 monthly service fee that you can avoid by meeting one of the following criteria:

  1. setting up electronic deposits totaling $500 or more,
  2. maintaining an average daily balance of at least $1,500 in just this account, or
  3. maintaining an average daily balance of at least $5,000 across all linked deposit and investment accounts.

The insufficient funds and returned item overdraft fees of $34 each apply to all Chase checking accounts, and so does Debit Card Coverage, if you choose to use it. Overdraft protection options are also the same on all accounts.

This is a standard checking account, which doesn’t earn interest.

Chase Business Complete Banking + $300 Sign-Up Bonus

The Chase checking account that will give you the highest signup bonus—$300—is the Business Complete Banking checking account, which offers business features such as Chase QuickDeposit and QuickAccept. QuickAccept allows you to accept and manage payments for purchases. You can also:

  • Issue refunds
  • Track disputes
  • Accept contactless or manual payments through the Chase app
  • Receive same-day deposits

Fees for this service are 2.6% + $0.10 for transactions that are tapped, dipped, or swiped and 3.5% + $0.10 for transactions that you enter manually from the Chase app.

How to qualify for the bonus: 

Because this is a business account, the requirements for receiving the bonus are a bit different than the other two accounts we’ve featured so far. 

To qualify, you must deposit at least $2,000 in new money into this account within 30 days of opening and maintain this balance for at least 60 days. You must also make at least five qualifying transactions (which include debit card purchases, QuickAccept deposits, ACH transfers, wires, and bill pay.

Once these requirements are met, the $300 bonus will be directly deposited into your account within 15 business days.

This bonus offer is valid now through October 19, 2022. You must use this link to get your sign-up coupon code and receive the bonus after reaching the requirements.

Fees and how to avoid them: 

This account’s $15 monthly maintenance fee can be avoided by:

  1. Maintaining an average daily balance of at least $2,000
  2. Making at least $2,000 in transactions using your Chase Ink Business credit card
  3. Receiving at least $2,000 in deposits from QuickAccept transactions or payments from a third party platform
  4. These qualifications must be met every statement period.

You can also avoid this fee if you are an active-duty U.S. service member (must provide identification as proof) or Chase Private Client.

If you are the owner of a Chase Business Complete Banking checking account, you’ll have:

  1. Unlimited electronic deposits, ACH transfers, and Chase QuickDeposit transactions,
  2. Free check monitoring services,
  3. Account activity alerts.

About Chase Bank Checking Accounts + Customer Sentiment

The Chase checking account options range from the very basic but less rewarding College checking account, to a benefits-packed Business Complete Banking account. All three options have their advantages. The majority of customers opt for a Total checking account, but Chase has an account that’ll work for nearly anyone.

Please note that there are even more Chase checking accounts to choose from, but these are the most popular accounts and the ones that most frequently offer signup bonuses.

This bank is very good at meeting its clients’ needs according to review agencies.

According to a study conducted by J.D. Power in 2019, Chase scored 846 on a 1,000 point scale in customer satisfaction and was tied for 2nd in a ranking of banks with the highest overall satisfaction score (the national average is 838).

Per this press release:

“Customers of Chase recognize the bank for providing innovative technology, having the lowest incidence of problems, and high satisfaction associated with credit cards and ATMs.”

As one of the largest and highest-asset banks in the U.S., it should come as no surprise that Chase has thousands of ATM and branch locations across the country. As of March 2022, there are over 17,000 ATMs with 5,100 Chase branches.

It’s also worth noting that the Chase mobile banking app is superb. It is easy to navigate and allows you to do anything you may need to do, from account management to getting help with a question. Across the millions of Apple and Android customers that use this app the vast majority are happy with it – scoring a 4.8 star and 4.4 star rating, respectively. This cannot be overstated, as many much less popular banking apps receive lower ratings.

Final Thoughts

Chase Bank offers far-reaching access through their branches and ATM networks, comprehensive online banking and mobile app features, and cold hard cash for new accounts.

Just remember, these three bonus offers are not available to existing Chase customers. But if you are new to Chase and in need of a checking account, you’ll likely find a home with one of these accounts.