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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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Lauren Graves

Regions Bank CD Rates – Now up to 1.50% APY

Lauren Graves
July 19, 2022

[📌 Update July 2022 – Regions Bank Relationship CDs remain uncompetitive at this time, however, they have been adding some “Promotional” Relationship CDs to their deposit suite that now offer better yields. See all rates below.]

image credit: regions.com

Regions Bank​, headquartered in Alabama, is a sizable full-service financial institution serving customers across 15 U.S. states.

Although it is geographically limited, it is still the 23rd largest bank in the country by asset size.

Regions Bank is also a member of the S&P 500 with its $129 + billion in assets. This traditional, regional bank is available to anyone that lives in the following states:

  • Alabama,
  • Arkansas,
  • Florida,
  • Georgia,
  • Illinois,
  • Indiana,
  • Iowa,
  • Kentucky,
  • Louisiana,
  • Mississippi,
  • Missouri,
  • North Carolina,
  • South Carolina,
  • Tennessee, or
  • Texas.

Those that qualify for membership may choose to bank in-person at a branch, or digitally by enrolling in online banking.

Checking, savings, money market, and CD accounts are eligible for online banking.

Find out all there is to know below—from savings rates to disclosures—and what its members have to say about banking with Regions.

Regions Bank CD Rates + Account Details

Regions Bank offers “Relationship Rates” and Promotional Relationship Rates.” Their Relationship Rate CDs are not competitive at this time, however, their Promotional Relationship CDs are starting to nudge upwards.

For exact rates being offered near you, you’ll need to search the ​Regions CD rate search tool​. But here’s what you can ​most likely ​expect:

CD Rates Promotional Relationship

To qualify for a Promotional Relationship CD with Regions Bank, you must open your account with at least $10,000 and have and maintain a Regions checking account.

TermAPY
9 months1.01%
25 months1.35%
35 months1.50%

CD Rates Relationship

A minimum deposit of $2,500 is required for terms of 7 – 89 days and a minimum deposit of $500 is required for all other terms.

CD TermAPY
Less than 1 month0.01%
1 – 2 months0.01%
3 – 5 months0.01%
6 – 8 months0.03%
10 – 11 months0.03%
12 – 17 months0.03%
18 – 23 months0.05%
24 – 35 months0.05%
36 – 47 months0.05%
48 – 59 months0.05%
60 – 72 months0.05%

As you can see, there are plenty of CD terms to choose from at Regions Bank but the rates offered are very low unless you opt for a promotional CD. To give the offers (above) a little more context, the national average for 12 month and 60 month CDs sits at roughly 0.31% and 0.57% APY, respectively, according to FDIC data.

Compounding and Crediting Interest

Interest is compounded daily and paid monthly, quarterly, semi-annually, annually, or at maturity, depending on your term. If a certificate is 1 year or more, interest is credited quarterly back into it unless you’ve asked for these payments to be disbursed to another checking or savings account in which case you may choose the disbursement frequency.

Grace Period and Early Withdrawal Penalties

The grace period on a Regions Bank Time Deposit account is 10 days and early withdrawal fees will come with the following charges/fees:

  • For terms of 31 days or less, you will be charged all the interest your account would have earned;
  • for terms of 32 – 181 days, you will be charged 31 days’ interest;
  • for terms of 182 – 364 days, you will be charged 90 days’ interest;
  • and for terms of 365 or more, you will be charged 182 days’ interest.

Regions Savings Accounts + Money Market Account Details

All of Regions deposit accounts (both fixed rate and variable) are FDIC insured up to the legal limit of $250,000.

For a savings account option, you can choose from the LifeGreen account, the Regions Savings account, and the Now Savings account, but beware they are all providing a lower than average APY currently.

Savings Rates

Account NameMin DepositBalance to Avoid FeesAPY
LifeGreen Savings$50$500.01%
Regions Savings$50$3000.01%
Now Savings$10$100.01%
Money Market$100$2,5000.01%

Average savings account rates sit at roughly 0.10% APY nationally to give these offers some context.

Although the accounts pay practically nothing in interest, there are at least no maintenance fees (if you have a Regions checking account) and no minimum balance requirements to avoid closures or fees. This could make an account worthwhile, despite the low rates.

LifeGreen Savings Account Details

You’ll need to search rates by area to be sure what Regions Bank is offering in your location, but across several zip codes, 0.01% is what you’ll get on a LifeGreen Savings account regardless of your balance.

Now for some good news. This account also comes with a 1% annual savings bonus of up to $100. To nab this bonus rate, you’ll have to set up automatic monthly transfers of $10 or more from your Regions LifeGreen checking account into your savings account.

Regions Savings Account Details

A ​Regions Savings​ won’t do you any better in earnings as it also pays a rate of 0.01%. This account requires a minimum opening deposit of $50 and an average daily balance of $300. If your balance is below this, you’ll be charged a monthly low balance fee of $5. A Regions Savings account does not pay a savings bonus.

Regions Now Savings Account Details

Finally, there is the ​Regions Now Savings​ account, and this has an APY of—you guessed it—0.01%, but it’s a little more flexible than the last one. Requiring a minimum opening deposit of $10 and absent maintenance fees, this account is fairly easy to get. The only account opening requirement is that you have a ​Regions Now Card​, a reloadable Visa Prepaid Card.

Although you don’t ​need ​a Regions checking account to open a Now savings account, this savings account also comes with a 1% annual savings bonus of up to $100 if you set up monthly transfers from a checking account. And for every month that you make a deposit of at least $5 into this and don’t make any withdrawals, you’ll get a $1 bonus. A Now savings account is the only savings account mentioned so far that will always earn the same rate across all balances.

Dividends on all Regions savings accounts are compounded daily and paid monthly. Excessive withdrawals outside of the federally-enforced limit of 6 will cost you $3 each.

Regions Bank Money Market Account Details

If you’re looking for an alternative or addition to these standard savings accounts, Regions Bank also offers ​Money Market Accounts​ and ​Premium Money Market Accounts​. Right now, MMAs are earning 0.09% nationally and 0.01% at Regions Bank. Be on the lookout for promotional rates, but this is it for now. The only thing that this account does that a savings account doesn’t is provide you with the ability to write checks.

You can open either type of MMA with a deposit of $100, but a Money Market Account requires a minimum average daily balance of only $2,500 to avoid a $12 monthly maintenance fee while the Premium MMA requires $15,000 or a LifeGreen Preferred checking account (an interest-bearing checking account with high balance requirements) to avoid a $15 monthly maintenance fee. Excessive withdrawal from a money market account will cost you $15 a piece.

Regions Bank Fee Schedule

Depending on which actions you take with your Regions Bank account and how you move your money about, you may encounter fees from time to time.

Below is a complete list of potential fees and account limitations you may come across:

ActionFee/Limitation
Domestic Wire (inbound)$15
Domestic Wire (outbound)$30
Insufficient Funds Fee$36
Overdraft Fee$36
Monthly Service Charge$12
Is the Monthly Service Charge Avoidable?Yes
Permitted Monthly Withdrawals6
Max Number of Checks per Month6
Online BankingYes
Online Bill PayYes
Online StatementsYes

Banking Experience and Customer Sentiment

When you bank with Regions, you’ll have access to over 1,900 ATMs in the bank’s cross-state service area and branches. There are around 1,400 branch locations in 15 states, and you can use the site’s ​locator​ to see if there’s an ATM or branch location near you. Keep in mind that Regions will not reimburse out-of-network ATM charges.

Regions Bank users are mostly content with what this institution brings to the table. Out of ​1,800 customer reviews left on WalletHub​, Regions Bank pulled 4 stars, suggesting that the bank might provide a better banking experience than it does opportunities for significant savings growth.

The app for this bank is well-liked on Google Play with a rating of 4.2 stars and hated on the App Store with a rating of 2.3 stars.

It should be noted that the recently-updated Regions Bank website is rather poor. Though mostly comprehensive, the site is difficult to use and makes tracking down information excessively tedious. You’ll need to perform individual searches for rates on all accounts in your area and even important information such as ACH transfer limits, which aren’t listed because they “may vary by account.” Both sending and receiving daily and rolling transfer limits are determined on an individual basis, so you won’t know what yours are until you contact support at 1-800-472-2265 (the number for online banking support).

Regions Bank customer service can be reached in a variety of ways. The live chat feature on the bank’s website offers quick response times for simple questions, but a call to the customer service center at 1-800-734-4667 can also get you the help you need. If you have questions about Regions credit cards, mortgages, or loans, find the ​extension​ devoted to your inquiry topic. Tweet @askRegions to get support via social media or send a ​secure email through this form​.

Filed Under: CD Rates, Money Market Tagged With: Regions Bank

PurePoint Financial CD Rates – Now up to 2.00% APY

Lauren Graves
July 5, 2022

image credit: purepoint.com

[Update July 2022 – PurePoint Financial finally bumped up their CD rates in July after keeping them at a flat 0.25% APY on all terms for years. Their variable rate savings account remains the same. See all CD rates below.]

MUFG, short for Mitsubishi UFJ Financial Group, is the fifth largest financial corporation in the world holding assets totaling around $2.6 trillion – yes with a “T.”

In the U.S., this institution operates as MUFG Union Bank, N.A., and PurePoint Financial is this massive bank’s personal savings division.

PurePoint Financial’s savings account was named a “Best Savings Account” in 2018 by Kiplinger’s and the hybrid digital bank was granted a prestigious FIS Impact Award for innovation in the same year.

But recognition aside, PurePoint Financial is a simple online bank with a limited number of products. Offering just a savings account and 2 types of CDs, PurePoint isn’t trying to facilitate all of your banking needs, but they will try and entice you into one of their high yield deposit accounts.

Below we review the FDIC-insured, deposit accounts PurePoint Financial has available for you.

PurePoint Financial CD Rates + Account Details

PurePoint Financial offers standard CDs and a No-Penalty CD. See the chart below for current rates on their certificates of deposits.

All PurePoint CDs require a minimum deposit of $10,000.

CD Rates

CD TermAPY
6 month0.15%
12 month0.25%
15 month1.25%
18 month1.01%
24 month1.01%
30 month1.15%
36 month1.50%
48 month1.50%
60 month2.00%

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

No-Penalty CD Rates

CD TermAPY
11 month0.15%
13 month0.10%
14 month0.10%

You may withdraw the total balance of your certificate as soon as 7 days after issuance without fear of fees or penalties with a No-Penalty CD.

The trade-off is that these rates are lower than those issued on their standard certificate counterparts, but the added flexibility may be worth the drop in APY.

The PurePoint Best Rate Commitment, attached to all certificate accounts, guarantees that you’ll get the best rate offered for 10 days after a new CD is issued or renewed.

Compounding Interest

Interest is compounded daily and paid monthly. You may opt to have these dividends credited back into your certificate account or paid out to another account.

Grace period and Early Withdrawal Fees

You have 10 days after this certificate automatically renews to make penalty-free withdrawals or changes to your term. If you need to withdraw after this or before a CD matures, you will be charged a flat early withdrawal fee of 180 days’ interest. This is reasonable for longer terms, but steep for shorter ones.

Their No-Penalty CD provides a solid return without penalizing early withdrawals. So if you’re concerned that you may need some of your deposit before the product matures, you may want to consider one of these.

PurePoint Financial Online Savings Account Details + APY

With PurePoint Financial, deposits are federally insured by the FDIC up to the maximum allowable amount of $250,000 per depositor. For joint accounts coverage is up to $500,000.

Online Savings Account Rate

BalanceAPY
$10,0000.40%

A PurePoint Financial Online Savings account comes with an APY of 0.40% making it a fairly competitive offer. This interest rate, of course, handily beats the exceptionally poor national average of 0.08% APY and will certainly provide you with above-average returns.

That said, there are currently higher yields with lower minimum balance requirements offered through other online savings institutions. This doesn’t mean that 0.40% isn’t a solid offer, it just means that for you rate chasers out there, you won’t be locking in the top APY. Keep in mind too, that these are variable rate savings accounts and the APY can change at any time without notice.

As mentioned, PurePoint Financial savings accounts require a high minimum opening deposit of $10,000. This is one of the primary drawbacks.

If you can meet the minimum deposit requirement, you’ll be relieved to know that the account doesn’t have any monthly maintenance fees. Plus, once you’ve made the initial $10k minimum deposit, you won’t be charged any fee if your balance dips below that $10,000 mark. Just know that you’ll only earn the advertised APY if your average daily balance meets the $10,000 threshold.

Interest is compounded daily and dividends are paid to your account monthly. Per federal regulation D, you may make no more than 6 transactions into or out of this account in a month. If you do, you’ll be charged an excessive transaction fee of $10 per deposit or withdrawal, not to exceed $50 per statement period under any circumstances.

This account can be easily funded via online funds transfer, wire transfer, mobile check deposit, or check by mail sent to the address below:

PurePoint Financial P.O. Box 870 Glendale, CA 91209

PurePoint Financial Banking Experience & Customer Sentiment

ATM/debit cards are not available on any PurePoint accounts, so forget about using ATMs with any PurePoint Financial account. There are also no physical branches either, making cash access possible only through withdrawals by check.

So what do actual customers have to say about their experience banking with PurePoint Financial?

In general, not a lot. Very few user reviews have been left for this bank, especially when compared to the number of reviews usually left for banks and credit unions, so it’s difficult to definitively say how customers feel about their banking experience with PurePoint. However, PurePoint Financial, founded in just 2017, is a relatively new kid on the block and doesn’t have as many long-time customers as other digital banks do.

However, from what has been said about the bank, customer service is good and users can count on this, making for an overall positive experience. This support team is proactive enough in getting and responding to feedback that their representatives can be seen commenting on user ratings left on review platforms. Lowered interest rates are a common source of disappointment among customers, but this is pretty much a universal truth across many institutions. Many users have also reported that the application process can be a hassle, but this doesn’t seem to be the case for most.

At this time, PurePoint Financial doesn’t actually have a mobile banking app for Apple or Android devices. This doesn’t mean that you can’t log onto your account from your phone using the mobile web, it’s just not as user-friendly of an experience as native apps tend to be.

ACH transfers from external accounts into a PurePoint Financial account are limited to $250,000 per day and $1,000,000 per month. ACH transfers from a PurePoint Financial account into an external account are also limited to $250,000 per day and $1,000,000 per month.

The client support center is available to take your call Monday through Friday from 8:00 AM to 9:00 PM Eastern Time. There is no holiday or weekend availability. If you’d prefer, send a secure message through the online banking portal.

Filed Under: CD Rates, Online Savings Accounts

Northpointe Bank CD Rates – Now up to 2.15% APY!

Lauren Graves
June 27, 2022

Northpointe Bank opened its doors in 1999 in Grand Rapids, Michigan, where it is still headquartered today. It is a full-service commercial bank with a robust lineup of deposit accounts with APYs that beat the national average by quite a bit.

These include certificates of deposit, savings accounts, checking accounts, money market accounts, IRAs and HSAs, and business accounts. You can read and/or print their current rate sheet for all of their deposit accounts using this link here.

This bank is also unique in that they offer a 7-day CD term and a kid’s savings account.

As noted, Northpointe Bank offers competitive rates on many of its products, but their rates are still lower than some of the top yields available nationwide.

Keep reading to learn more about this bank’s FDIC-insured product lineup and terms in our comprehensive review below.

Northpointe Certificate of Deposit Rates + Details

Northpointe Bank offers only one type of certificate of deposit account with terms available between 7 days and 60 months.

All CDs require a minimum deposit of $1,000 to open.

CD Rates

Term LengthInterest RateAPY
7 – 91 days0.34%0.35%
92 – 182 days0.34%0.35%
6 – 11 months0.64%0.65%
12 – 17 months1.24%1.25%
18 – 23 months1.48%1.50%
24 – 29 months1.98%2.00%
30 – 35 months1.98%2.00%
36 – 47 months2.03%2.05%
48 – 59 months2.08%2.10%
60 months2.12%2.15%

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

Calculating Interest

Interest is compounded monthly and credited monthly back to the certificate. This is the default payment arrangement, but account holders can opt to have their interest paid out to a different Northpointe Bank checking or savings account or transferred via ACH transfer to a linked external bank account instead.

Early Withdrawal Penalties

The early withdrawal penalty fees are a little above the average, so do your best to avoid withdrawing early. Here are the fees for each CD term:

  • Early withdrawals from CD terms of between 7 days and 179 days incur a fee equal to 30 days’ interest on the amount withdrawn
  • Early withdrawals from CD terms of between 180 days and 365 days incur a fee equal to 90 days’ interest on the amount withdrawn
  • Early withdrawals from CD terms of between 1 year and 3 years incur a fee equal to 180 days’ interest on the amount withdrawn
  • Early withdrawals from CD terms of between 3 years and 5 years incur a fee equal to 240 days’ interest on the amount withdrawn
  • Early withdrawals from CD terms of more than 5 years incur a fee equal to 365 days’ interest on the amount withdrawn

Grace Period

Northpointe Bank certificate of deposit accounts automatically renew upon maturity at the same term length, but there is a standard grace period of 10 days during which you can withdraw all of the money in your account without incurring early withdrawal penalties. This 10-day period begins on the day your account’s term ends.

Northpointe Bank Savings Accounts

Northpointe Bank has two savings accounts: the Ultimate Savings account and the Kid’s Savings account. Let’s talk about the Ultimate Savings account first.

The Ultimate Savings account requires a minimum opening deposit of $100 and offers an APY up to 0.35%. Take a look at the interest rate available at every balance tier.

Ultimate Savings Rates

BalanceInterest RateAPY
$0 – 99.990.00%0.00%
$100 – $4,999.990.25%0.25%
$5,000 – $24,999.990.34%0.35%
$25,000 – 2,000,0000.34%0.35%
$2,000,000.01+0.30%0.30%

To put this in perspective, the national average rate for a savings account is currently sitting at 0.08%.

Interest is compounded and credited monthly back into the savings account.

There is no minimum average daily balance requirement, but you won’t earn interest unless you have at least $100 in there. Also, it’s quite a jump to go from 0.25% to 0.35% because you need at least $5,000 in the account to get the best rate this bank offers.

Per federal regulation D for savings accounts, all users are permitted to make up to six withdrawals per month. Any withdrawals you try to initiate beyond this will cause you to be charged an excess transaction fee of $5 each time. Northpointe Bank may also choose to prohibit excessive withdrawals. 

If you close this account within 120 days of opening it, the bank will charge you a one-time fee of $10.

Kid’s Savings Account Rates

The Kid’s Savings account requires a minimum opening deposit of just $10.

BalanceInterest RateAPY
$0.01 – 1,0001.49%1.50%
$1,000.01 – 9,999.991.11%1.12%
$10,000+0.34%0.35%

Users just need to maintain a positive balance to earn interest and can earn 1.49% on up to and including $1,000.

Interest is compounded and credited monthly and there are no low balance or maintenance fees.

Northpointe Bank Checking Accounts

There is a checking account available through Northpointe Bank that does not earn interest, the Free Checking account, and one that does earn interest, the Interest Checking account.

The Free Checking account is pretty much your standard checking account. It does not earn interest and requires $100 to open, but you do not need to maintain a balance of $100 or more to keep this account or avoid fees. This account comes with a free debit card (or $4.95 custom debit card) that can be used anywhere.

You can use your Northpointe debit card to make ATM withdrawals or deposits and are eligible to receive up to $15 in foreign ATM reimbursement. You may not exceed $500 in ATM withdrawals per day or deposit more than $10,000 at a time.

Now, let’s move onto the Interest Checking account. This account pays up to 0.30% APY. 

BalanceInterest RateAPY
$0 – 2,499.99 0%0%
$2,500 – 9,999.990.15%0.15%
$10,000 – 24,999.990.15%0.15%
$25,000 – 99,999.990.25%0.25%
$100,000 – 499,999.990.30%0.30%
$500,000+0.30%0.30%

The national average rate for interest checking accounts currently sits at 0.03%. While 0.30% is not bad when compared to the national average, it is far below what we’ve seen available at other banks especially following the FED’s historic rate hike on June 15, 2022. The top online savings account yields are now above 1.50% APY.

This account requires a minimum opening deposit of $2,500, which is much higher than most checking accounts. You can make this deposit by ACH transfer from an external bank, check deposit, transfer from another Northpointe account, direct deposit, or wire transfer. You can let your balance drop below $2,500, but you won’t earn any interest at all.

Interest is compounded and credited monthly into your account, and calculated using the daily balance computation method. This account also reimburses users for up to $15 in foreign ATM transaction fees each statement period (all Northpointe checking accounts offer this benefit).

Fees

There are a few fees that you might encounter with these accounts. These are:

  • Non-sufficient funds: $29
  • Automatic overdraft transfer: $8
  • Foreign transaction: 1%
  • Same-day bill payment: $14.95
  • Return items: $10
  • Dormant account (defined as more than 12 months of inactivity): $5/month

There are no fees for ACH transfers, standard bill payments, incoming wire transfers, account maintenance, or low balance. There is a $10 early closure fee for closing an Interest Checking account within 120 days of opening but no fee for closing a Free Checking account early.

Northpointe Bank Money Market Accounts

The Northpointe Ultimate Money Market account is a standard money market account that offers tiered interest rates.

BalanceInterest RateAPY
$0 – 2,499.990%0%
$2,500.00 – 24,999.990.25%0.25%
$25,000 – 1,000,0000.35%0.35%
$1,000,000.01+0.30%0.30%

Right now, the national average rate for a standard money market account is just 0.09%. Northpointe is clearly a better choice, but you do need to have quite a high balance to make the most of this account and the highest-earning tier is just not realistic for most. Also, there are plenty of money market accounts out there offering comparable or better rates on lower balances.

A minimum deposit of $1,000 is required to open this account. You can make this deposit from another Northpointe account or a different bank. 

Interest is compounded and credited monthly back into your account.

You are permitted to make up to six transactions or withdrawals using this account each statement period. You will incur a fee of $15 on each item in excess of six. If you close this account within 120 days of opening, you will be charged a $10 early closure fee.

Filed Under: CD Rates Tagged With: Northpointe

Spectrum Credit Union CD Rates – Now up to 2.20% APY!

Lauren Graves
June 22, 2022

Spectrum Credit Union is a small financial cooperative with just over 100,000 members and less than $4 billion in assets, based primarily in San Francisco and Maryland. 

Founded originally as Bechtel Employees Federal Credit Union in 1973, the institution was first intended to serve the banking needs of Bechtel Corporation employees. Becthel Corp is an engineering firm that is one of the largest construction companies in the United States and is the 11th largest privately held company in the country.

After becoming Spectrum Credit Union, the company made another acquisition in 2012 with the larger Chevron Federal Credit Union. Today, Chevron Federal Credit Union is the parent company to Spectrum.

Spectrum now serves employees of Bechtel, Charles Schwab & Co., residents of San Francisco and Maryland, and more.

Plus, even if you don’t fall within one of their location or employment-based eligibility brackets, you can always join a Spectrum non-profit partner foundation to become a member.

This credit union offers competitive CD and money market rates, making it a strong option for many savers despite a declining interest rate environment.

Spectrum Credit Union CD Rates + Account Details

As with most credit unions, your deposits are federally insured by the NCUA up to $250,000. Spectrum CDs can be opened with just $500, but the APYs scale slightly upward with larger deposit amounts. Below are the current deposit rates and terms available at Spectrum.

Spectrum Credit Union CD Rates

CD TermAPYAPYAPY
deposit amount:$500 – $50k$100k$250k
3 month0.90%0.90%0.90%
6 month0.95%0.95%0.95%
9 month1.00%1.00%1.00%
12 month1.30%1.35%1.40%
24 month1.60%1.65%1.70%
36 month1.70%1.75%1.80%
48 month1.80%1.85%1.90%
60 month2.10%2.15%2.20%

To put the annual percentage yields listed above in perspective, the current national average for 12 month CDs and 60 month CDs sit at just 0.25% APY and 0.48% APY, respectively, according to recent FDIC data.

Compounding and Paying Interest

Dividends on these deposit accounts are compounded daily and credited monthly. You can opt to have these deposited back into the certificate, paid out by check, or automatically moved to another deposit account. 

If your balance drops below $500, you’ll stop earning interest.

Grace Period and Early Withdrawal Fees

There is a 10 day grace period on these accounts; if you make changes to a CD outside of this window, be prepared to pay for it. The early withdrawal fees for each term are as follows:

  • 12 months or less: three months’ interest 
  • 24 months: six months’ interest
  • 36 months: nine months’ interest
  • 48 and 60 month: 12 month’s interest

Money Market Rates + Account Details

Spectrum MarketEdge money market savings accounts offer rates well above the national average just like their deposit products, however, higher APYs can be found with a number of online banks.

Spectrum “MarketEdge” Money Market Rates

BalanceAPY
$0 – $2,499.990.40%
$2,500 – $250k0.80%

There is no minimum balance requirement with the MarketEdge money market account. If your average daily balance comes in under $2,500, you’ll earn a more modest rate of 0.40% APY which is the same yield as their regular savings account.

There are no monthly maintenance fees and interest is compounded daily and credited monthly. Transactions are limited to no more than six per month.

Other Savings Accounts Available

The $25 Spectrum share that you’ll have to buy to become (and stay) a member of the credit union goes right into a Spectrum Primary Share Savings account. This account comes with an APY of 0.30% and can be added to (above the initial required share deposit). You’ll need to keep your balance above $25 to avoid a $5 monthly low balance fee.

MySavings Youth Account

image credit: spectrumcu.org

A lucrative youth savings account called MySavings account offers a promotional rate of 7.0% APY on balances up to $1,000. Spectrum members under 21 years of age are eligible for this account, and with a rate like this, it is a fantastic way to get kids excited about savings!

To open this account and earn the 7.0% APY, you’ll need to:

  • Have a Social Security number
  • Have a valid email address
  • Opt into eStatements within 60 days of opening and out of paper statements

Account balances that surpass $1,000 earn the standard APY of 0.30%. Keep your account total above $25 to earn interest, but don’t worry, you won’t be charged any fee for low balances.

Spectrum also offers another savings account type for anyone looking to put away money for specific purposes, called a sub-savings account. When you open a sub-savings account within your primary savings account, you’ll continue earning the same rate but will be able to keep designated funds separate.

There are no monthly maintenance fees for any Spectrum savings accounts. There is, however, a $25 overdraft fee and a $1 fee for out-of-network ATM transactions. Spectrum savings accounts are subject to federal regulation D transaction limits.

About Spectrum Credit Union + Eligibility

There are a number of ways to join Spectrum Credit Union. We’ll go over the easiest ways first. If you don’t find that you’re eligible, don’t worry Spectrum offers many loopholes for membership that allow practically anyone in the US to join. Keep reading to see all of the ways to qualify.

Individuals that qualify include:

  • Non-manual Bechtel and affiliate employees
  • Charles Schwab & Co. employees who work in, or are paid from, San Francisco
  • Spectrum family members or roommates
  • U.S. members and employees of Safari Club International or Project Management Institute, Inc.
  • Those that live, work, worship, or attend school in qualifying San Francisco neighborhoods (see below, call 510-251-6000 or 800-782-8782 to confirm eligibility)
  • Those that live, work, worship, or attend school in Maryland’s Frederick County, Thurmont, Woodsboro, Emmitsburg, or surrounding areas (call to confirm eligibility)

Qualifying San Francisco neighborhoods include:

  • Bayview
  • Bernal Heights
  • Chinatown
  • Financial District
  • Hunters point
  • North Beach
  • Portala
  • Potrero Hill
  • Russian Hill
  • South of Market
  • Telegraph Hill
  • The Mission
  • The Panhandle
  • Visitacion Valley
  • Western Addition

If you do not meet any of the above criteria, you can still join Spectrum by becoming a member of either the Contra Costa County Historical Society (CCCHS) for a $40 annual fee or the Navy League of the United States for (NLUS) for a $55 annual fee. Anyone can join these nonprofit organizations and membership to either will make you eligible for membership with Spectrum Credit Union.

The CCCHS, located in Martinez, California, is devoted to providing historical records and heritage of Contra Costa County to the public. Though many members of this historical society are members of other local historical groups as well, this is not required; and if you so choose, you can become a member without ever setting foot in Contra Costa County. The NLUS dedicates itself to serving members and veterans of the Navy through education and advocacy. 

Spectrum Credit Union participates in co-op shared branching with over 5,000 credit union branches. Spectrum members can also access and manage their money at any Chevron branch or through over 85,000 surcharge-free ATMs. There are nine Spectrum branches across California, Texas, Virginia, and Utah and six Chevron branches across California, Louisiana, Mississippi, and Texas.

At the end of the 2019 fiscal year, Spectrum/Chevron held nearly $3.6 billion in assets, and that figure includes $3 billion in net member loans. There are over 100,000 members across the country.

Filed Under: CD Rates Tagged With: Spectrum Credit Union

TAB Bank CD Rates – Now up to 2.75% APY!

Lauren Graves
June 20, 2022

TAB Bank [Transportation Alliance Bank]

TAB Bank is an online-only financial institution based out of Ogden, Utah.

Known as the bank tailored to truckers, TAB Bank, or Transportation Alliance Bank, has a suite of FDIC-insured deposit accounts that are generally quite competitive.

TAB Bank currently offers 8 CDs (certificates of deposit) with terms ranging from 6 months to 6 years. TAB Bank’s CD rates are usually among the highest yielding offers from online banks.

TAB also offers a high yield savings account with an outstanding APY of 1.26% and a less competitive money market account with an APY of just 0.25%.

To see if this bank and their deposit accounts are right for you, continue reading our 2022 review below.

TAB Bank CD Rates + Account Details

TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years. All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000.

CD Rates

CD TermAPY
6 months1.20%
9 months1.55%
12 months1.85%
18 months2.20%
24 months2.30%
36 months2.50%
48 months2.55%
60 months2.75%

To give the yields above some context, the current national average on 12 month CD and a 60 month CD sit at just 0.21% and 0.39% APY, respectively, according to FDIC data.

Opening a TAB Bank CD

As with most online-only institutions, opening an account is simple and straightforward.

To start, navigate to the product page you are looking to open.

Here’s an example of how to select a 12 month CD. Click “Open Now” once you’ve selected the product you wish to open.

You will need to be 18 years or older to open a TAB Bank account Please have your personal information handy. Some of this information can be sucked in from other sources such as Facebook, or you can fill it out manually.

If you’re looking to open an IRA to have your certificate of deposit placed in, then you’ll need to apply over the phone by calling (800) 215-7128.

Here’s what you’ll need:

  1. Full name
  2. Date of birth
  3. Home address
  4. Email
  5. Phone number
  6. Social security number

After your account is opened, you’ll need to fund it. You’ll want to have the routing number and bank account number of the bank/account you’ll be transferring funds from.

Funding Your TAB Bank CD

There are 6 ways to fund your Tab Bank account:

  1. Direct Deposit. Contact Tab Bank to get their direct deposit notification form. You’ll then use this to notify your employer (or other source) to begin placing deposits in your new Tab Bank account automatically.
  2. Deposits via third party checks. ComCheck, T­Chek, EFS, or even Western Union®. These are considered guaranteed funds and are available within an hour. They can be done by calling their customer service department.
  3. Wire Transfer. You can send money from an external bank account by wire. You will have same-­day access to your funds.
  4. ACH transfer. You can request money from an external bank account by ACH transfer, which you must set up beforehand. You will have access to funds within two business days. 90 days after opening your account you can apply for TAB Bank Express ACH, which gives you access to transferred funds within one business day.
  5. Gift Card. You can also buy a gift card at any Pilot Flying J and call our customer service department to deposit that money into your account.
  6. Mail in check with deposit slip.

TAB Bank High Yield Savings Account Rate + Details

TAB Bank’s high yield savings account can be opened online in minutes and is FDIC-insured up to $250,000 per depositor or $500,000 on joint accounts.

The account offers flexible terms and a low balance requirement to earn the advertised yield.

High Yield Savings Account Rate

Daily BalanceAPY
$11.25%

To give the above rate some context, the current national average for a savings account and a money market account sit at just 0.07% APY and 0.08% APY, respectively.

Interest is compounded daily and paid out monthly.

Fee Schedule

Tab Bank’s high yield savings account comes with no maintenance fees of any kind. That said, depending on how you plan on using your account, you may encounter some fees from time to time. Below is the complete fee schedule.

TypeFee
Monthly Maintenance$0
eStatements$0
Paper Statements$5/each
Cashiers Check$15/each
Outgoing Wire$30/each
Stop Payment$30/each
Return Deposit Item$30/each
Paid Overdraft or Returned Item$30/each ($150 max per day)
Account Record$5
Account Research$20/hr. 1 hour min.

Customer Support and Customer Sentiment

If you’re struggling with online and/or mobile banking, give the bank a call at 800-355-3063.

Hours of operation are from 6 AM to 7 PM Mountain Time Monday through Friday and from 9 AM to 3 PM on Saturday. You can also send a secure message through the bank’s online platform.

Reviews on Tab Bank’s customer support are mixed, so it’s not clear what you can most likely expect from this service and probably ranges depending on which accounts and products you open.

Tab Bank as a whole doesn’t do especially well on customer review sites such as DepositAccounts, where the bank earned just 2.5 stars out of 5. They only earn a 1 star out of 5 on the BBB website (Better Business Bureau) however they still receive an A+ rating.

Their apps receive higher marks. For IOS, the TAB Bank app enjoys a 4.7 out of 5 star rating and for Android users it scores a 4.3 out of 5.

Filed Under: CD Rates, Online Savings Accounts Tagged With: TAB Bank

Aspiration: Up to 5.0% APY on savings + $150 Bonus!

Lauren Graves
June 4, 2022

[Update June 2022: Aspiration is offering consumers a $150 sign up bonus when you sign up and spend $1,000 in the first 60 days of opening the account. See more details here. Read more about Aspiration and their savings rates below.]

Aspiration is not a bank but rather a financial services company that has come up with quite the aspirational product – a hybrid checking/savings account with the goal of making the world a better place.

Aspiration has taken the best features of checking and savings accounts (i.e. cash back on debit purchases, unlimited ATM reimbursements and a solid APY on idle cash) and combined that with a streamlined way of investing in ethical companies.

The Aspiration Spend & Save account was named one of the best cash management accounts on the market for 2020 by NerdWallet— “it lets you invest sustainably and save while you do it.”

Today, the Spend & Save account by Aspiration comes with two plans to choose from:

  • Aspiration – free – 3 to 5% cash back on conscious coalition purchases.
  • Aspiration Plus – $7.99/mo or $5.99/mo if you pay annually. Earn up to 5.0% APY on savings (balances up to $10k) plus up to 10% cash back on conscious coalition purchases AND Aspiration will offset your carbon footprint every time you drive.

If you’re in the market for a cash management account that is as personally fulfilling as it is financially rewarding, continue reading our review of both plans below.

Aspiration Spend and Save Rate + Details

For the Aspiration Plus plan members, you have the chance to earn an unheard of APY of 5.00% on balances up to $10,000.

The biggest “catch” with earning the exceptional APY is that the plan requires you to also spend $1000 or more, monthly, with your Aspiration debit card. If this requirement is not met your balance will earn a more modest 0.10% APY.

A minimum deposit of just $10 is required to open the account, but you must enroll in Aspiration Plus to earn the APY.

Aspiration Plus APY

BalanceAPY
$10 – $10,0005.0%
$10,001 +0.10%

To put these yields in perspective, the current national average for a savings account and an interest checking account are just 0.06% APY and 0.03% APY, respectively, according to FDIC data.

Aspiration APY

BalanceAPY
$10 – $10,0003.0%
$10,000 +0%

The regular Aspiration plan does not provide any yield on your balance.

FDIC Insurance through Program Banks

Aspiration deposits are insured up to $2.46 million per depositor by the FDIC. This is just shy of 10x what a typical bank provides. This is possible through the use of the FDIC Deposit Sweep Program, which “sweeps” your funds into FDIC-insured bank accounts at day’s end to protect them.

Operating as your custodian and agent, Aspiration will select these banks for you from a long list of at least 10 participating Program Banks. They will post a Priority List of these selections for your viewing. This list will tell you which banks your funds will be put into and what the priority will look like (i.e. which bank will get the first tranche, second tranche, third and so on until all your money is safely parked).

As mentioned, at the end of each business day your cash balance is “swept up,” and distributed amongst, one or more of Aspiration’s partner banks up to $246,500 per bank.

Here is a current list of Aspiration’s current Program Bank members (all members FDIC):

  • Coastal Community Bank
  • EagleBank
  • Ion Bank
  • Bremer Bank, NA
  • ProgressBank
  • Bank of New Hampshire
  • Manufacturers Bank
  • C3Bank, NA
  • The Freedom Bank of Virginia
  • Bridgewater Bank
  • Nano Banc

If the $2.46m is exceeded, you will have an excess bank for this additional amount. Deposits in the Excess Bank will not be insured. Contact Aspiration at (800) 683-8529 if you are over this limit in one or more of the banks on this list or if you would like to alter your Priority List.

Though your money won’t be held at Aspiration, it can still be accessed as usual through Aspiration. A Spend and Save account is not technically a deposit account, so deposits into it need to be distributed into other deposit accounts in order to still receive insurance coverage.

Accessing Your Funds

Accessing your funds is simple and straightforward and on par with many online bank savings accounts and money market accounts. The following methods are allowed.

Depositing funds can be down via:

  1. ACH Transfer
  2. Wire transfer
  3. Mailed check
  4. Mobile-deposited check

Withdrawing funds can be down via:

  1. ACH transfer
  2. Wire transfer
  3. Request a mailed check
  4. ATM withdrawal
  5. Point-of-sale withdrawal

Account Fees

Aspiration’s “Pay What is Fair” fee is certainly an interesting approach to fees. They simply state that you choose their fee.

They’re confident in their ability to bring you best in class digital financial products and in return they hope you will be kind enough to pay them something for the value you received. But you certainly don’t have to and the ball is entirely in your court. The fee you pay can be $0 for as long as you’re with them if you so choose.

Fee Schedule

TypeFee
Monthly MaintenancePay what is fair
Minimum to Open$10
ATM Withdrawal$0
OverdraftNA. The account won’t allow it.
Stop Payment$0
Insufficient Funds$0
Domestic Wires (In and Out)$0.82 each
International Wire In$2.50
International Wire Out$15
Return Item Charges$1.15 per item under $5,000
$5.33 per item over $5,000
Foreign Item Collection$30 plus the foreign bank’s fees
Canadian Item Collection$5
Expedited Debit Card$35
Account ResearchFree

You may write checks with an Aspiration Spend and Save, but you will need to order paper checks. Aspiration tries to be as environmentally friendly as possible, so you’ll have to go out of your way to get paper.

Aspiration Spend and Save at a Glance

The Aspiration Spend and Save account is a cash management account that is divided up into two plans – Aspiration and Aspiration Plus.

As mentioned, the regular Aspiration plan is free and has several noteworthy benefits. These include:

  • An Aspiration Debit Card issued by Coastal Community Bank, based in Washington State.
  • A guarantee your deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs using Allpoint locations (found in Walgreens, CVS and Target)
  • 3-5% cash back on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every purchase roundup
  • FDIC insurance up to $2.46 million using bank sweep programs which “sweep” your funds up into member FDIC banks to leverage their FDIC insurance
  • pay whatever monthly fee you think is fair (even if it’s zero)

The fact that the Aspiration Spend and Save account will never be used to pay for fossil fuel exploration or production is taking direct aim at America’s largest banks. The four leading banks in the U.S. — Chase, Wells Fargo, Citi, and Bank of America — are responsible for the most fossil fuel production by any banks in the world.

If you opt for the Aspiration Plus plan at $7/mo or $69/annually you have the ability to unlock more features and rewards. On top of all the bulleted items listed above, the Aspiration Plus plan will also include:

  • 10% cash back on Conscience Coalition purchases
  • Up to 5.00% APY on your savings up to $10,000
  • Planet Protection which purchases carbon offsets to balance out your gas consumption. Drive all you want with a clear conscience!

Both the 10% cash back on Conscience Coalition purchases and the Planet Protection program are novel benefits and unique differentiators for Aspiration.

All Aspiration Spend and Save customers will be able to see their spending impact in the form of an impact score which not only gives you spending bonuses but also shows you how the companies you’ve supported use their profits to do social and environmental good.

Conscience Coalition Partners

Aspiration has teamed up with companies “that do right.”

Aspiration has teamed up with corporations that put morals and ethics at the heart of their business.

Every Conscience Coalition partner that Aspiration has is an impact leader. These companies achieve high scores on the Aspiration Impact Measurement (AIM) tool. These companies are made up of pioneers in giving, sustainability, workplace equality, or transparency.

Remember, when purchasing from these companies your cash back will vary based on your Aspiration plan. If you’re on the regular, free plan you’ll earn between 3 and 5 percent cash back and if you’re on the Aspiration Plus plan you’ll earn 10% cash back.

Planet Protection

Drive your car without hurting the planet!

It’s no secret that driving our cars is one of the biggest contributors to climate change. With the Aspiration Planet Protection program; however, you’ll be able to drive your car as much as you want with a clean and clear conscience.

The Aspiration Planet Protection program purchases carbon offsets based on every gallon of gas you purchase with your debit card. This means that regardless of what kind of car you drive, you can rest assured that Aspiration will be neutralizing your carbon output.

This feature is only available with the Aspiration Plus plan.

IRA and Sustainable Investing Fund

Invest in ethically and environmentally sound companies.

Aspiration also makes investing easy by offering users professionally managed funds that are 100% free of any fossil fuel investment(s).

If you utilize this service your money is placed in the redwood fund (REDWX) which only invests in companies with sustainable environmental and employee practices. A $10,000 minimum is required.

Aspiration also allows its users to open an IRA through Redwood IRA. The same investment principles apply in that they only invest in sustainable businesses and companies who care about their employees. A $10,000 minimum is required.

Customer Sentiment and Reviews

Customer satisfaction with this financial firm is mixed and fairly average overall. This cash management product comes through for users with competitive rates, high FDIC-insurance and simplicity, but some users are frustrated with how often rewards, rates, and features change.

Customer service is said to be good and accessible and the online banking platform is generally thought to be more than sufficient—easy to use and complete.

To reach a customer support representative, call (800) 683-8529 during business hours of 6 AM – 6PM Pacific Time Monday through Friday and 8 AM – 4 PM Saturday and Sunday. You can also follow the corporation on Twitter, Facebook, and YouTube.

The mobile app for this firm is well-liked. The Aspiration app for Apple devices has a 4.8 star rating on the App Store and for Android devices has a 4.2 star rating on Google Play.

Filed Under: checking accounts

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