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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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CD Rates

Bank of America CD Rates – Now up to 3.90% APY!

editorial staff
February 4, 2023

[📌 Update February, 2023: Bank of America continues to raise the rates on some of their Featured CDs (certificates of deposit) this month. Their 7 month CD and 13 month CD both had their yields lifted following the Fed’s 0.25% rate hike on February 1st. See more details below.]

image credit: Unsplash, Christin Hume

Bank of America hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $2.61 trillion in total and they are the third largest bank in the country by branch locations with roughly 4,559 across all 50 states.

That said, their savings rates – both fixed and variable – leave much to be desired and lag the current national average(s) for their respective terms by considerable margins.

This isn’t unique to Bank of America though, as most of the big banks are still offering low yields on deposit accounts.

That said, towards the end of the summer both Citibank and Chase Bank have started to entice consumers with slightly competitive yields on a small handful of CD accounts. These usually come in the form of Promotional CDs or CD Specials.

For those considering opening a fixed-rate, certificate of deposit with Bank of America continue reading our full review below.

Bank of America CD Rates + Account Details

image credit: bankofamerica.com

Bank of America CDs are federally insured by the FDIC up to the applicable limits. These are $250,000 per depositor or $500,000 on joint accounts.

Bank of America has two sets of certificates of deposit available to consumers currently: “Featured CDs” and “Standard CDs.”

The Featured CDs come with a higher minimum deposit requirement of $10,000 compared to just $1,000 for the Standard CDs. Bank of America’s Featured CDs also offer five oddball terms to choose from. These are:

  • 7 months
  • 10 months
  • 13 months
  • 25 months
  • 37 months

Featured CD Rates

TermAPY
7 months3.25%
10 months0.05%
13 months3.90%
25 months3.20%
37 months0.05%
APY = annual percentage yield

To put these yields in perspective the current national average for a 12 month CD and a 60 month CD sits at 1.28% APY and 1.21% APY, respectively, according to FDIC data.

That said, following the Fed’s first rate hike of 2023 and 8th consecutive rate hike since they began lifting prime rates midway through last year, some FDIC-insured online banks and nationally available credit unions are now paying 5.00% APY on short term CDs and ~4.50% APY on longer term CDs.

Bank of America’s Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. Current rates, however, are flat across the board for all terms.

Standard CD Rates

TermAPY
1 month (28 days)0.03%
3 months0.03%
6 months0.03%
12 months0.03%
2 years0.03%
3 years0.03%
4 years0.03%
5 years0.03%
6 years0.03%
7 years0.03%
8 years0.03%
9 years0.03%
10 years0.03%
APY = Annual Percentage Yield

All of Bank of America’s standard, fixed-rate CDs have yet to rise with all terms paying the same APY.

There are two variables that normally affect the overall APY applied to your Bank of America CD. These are:

  1. Your Location
  2. Your Deposit Amount

While these variables do not change your rate at the moment, Bank of America still requires you to select these before disclosing the yields they offer on their website.

Your location is determined by the zip code you reside in and the deposit amount is broken up into four ranges for the Featured CDs and three ranges for Standard CDs. For Featured CDs, the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 – $1m
  • $1m +

For all of Bank of America’s Standard CDs the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 +

Compounding and Crediting Interest

Interest is compounded and credited monthly on both featured and standard CDs.

Early Withdrawal Penalties

Bank of America’s early withdrawal penalties vary by length of the term of the deposit. Below is a breakdown of what you can expect to pay if you need to make an early withdrawal to your CD. You should note that for CDs with terms of 60 months (5 years) or greater, fees can potentially add up to more than the overall interest earned if withdrawals happen often enough.

CD TermPenalty
90 days or less7 days’ interest
90 days – 12 months90 days’ interest
12 months – 60 months180 day’s interest
60 months +365 days’ interest

The interest penalties above are applied to the amount withdrawn.

Grace Period

The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.

Bank of America’s grace period is slightly lower than the standard 10 days at just 7 days.

Bank of America’s CDs also automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same terms and whatever the current APY happens to be at that time.

Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.

Final Thoughts

While banking with large institutions such as Bank of America has its advantages such as easy in-person branch access, vast network of ATMs, and a wide range of financial products, their Featured CD rates aren’t as competitive as other offers from online banks at this time.

Most online banks and credit unions have begun to lift their CD and savings rates in a major way as the Fed continues to raise prime rates. However, larger banks like Bank of America, have been slower to provide generous yields to savers but are finally starting to lift some of their rates on select terms.

Why are Bank of America’s CD Rates so Low?

Although many of their Featured CDs are seeing their rates increase regularly, most of Bank of America’s CD rates remain much lower than the yields offered by online banks and some credit unions.

Why is this?

In rising interest rate environments, banks tend to see larger profit margins as the difference between the interest rates they pay out on savings and the loan rates they charge borrowers grows. This is known as the “net interest spread” and it’s why larger banks in particular are more reluctant to increase rates on CDs and savings accounts.

Filed Under: CD Rates Tagged With: Bank of America

Edward Jones CD Rates – Now Up to 4.70% APY!

Lauren Graves
February 3, 2023

image credit: edwardjones.com

Edward Jones is a brokerage firm you’ve probably heard of over the years as it nears almost a century in age.

Founded in 1922, Edward Jones scores surprisingly well in customer satisfaction—18 points over the industry average, according to a J.D. Power 2019 survey—and is known for being a largely reliable and professional company.

The current suite of brokered certificates of deposit offered through Edward Jones are, for the most part, less competitive than the current national average for their respective terms. Other than perhaps the 10 year CD currently offered through Edward Jones, higher yields can be found directly through online banks and credit unions.

Because Edward Jones is a brokerage firm and not an actual bank they don’t sell their own CDs. Instead, they ‘broker’ or re-sell a range of deposits from other banking institutions.

Are Edward Jones brokered deposits worth considering? Read our full review below.

Edward Jones CD Rates + Account Details

Other than the current trend of rising yields, brokered CDs have some additional noteworthy features.

For one, you can exit these CDs at any time by selling them through a secondary market which Edward Jones offers.

Second, you can spread your funds into multiple banks with Edward Jones as your broker.

CD Rates

CD TermAPY
3 months4.40%
6 months4.55%
9 months4.70%
1 year4.75%
18 months4.70%
2 years4.50%
30 months4.10%
3 years4.25%
4 yearsNA
5 years3.80%
7 yearsNA
10 yearsNA

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 30 month, 7 year and 10 year CDs are not available at this time.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 1.28% APY and 1.21% APY, respectively, according to recent FDIC data.

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store, where they score an impressive 4.7 and a 4.6 out of 5, respectively.

Final Thoughts

Edward Jones is a more than satisfactory brokerage firm and its brokered certificates of deposit are offering some fairly competitive yields on short-term and mid-range CDs.

As the FED continues to raise rates in 2023, we expect Edward Jones’s brokered CD rates to remain competitive.

Filed Under: CD Rates

Cambridge Savings Bank CD Rates – Up to 4.75% APY!

editorial staff
February 2, 2023

Cambridge Bank, founded in 1854, is based out of Cambridge, Massachusetts and has their flagship branch in Harvard Square.

They are one of the oldest and largest community banks in the state with over $6 billion in assets.

They’re a full service bank offering banking products to individuals, small businesses and corporations, however, for the purpose of this review we will only cover their CDs (certificates of deposits) offered to individual consumers.

With the FED continuing to lift rates into 2023, Cambridge Savings Bank has maintained competitive CD rate “Specials” that are beating the national average by significant margins.

To see if Cambridge Savings Bank and their CD rates are right for you, continue reading our review below.

📌 Please Note: The CD Specials are only available to residents in the state of Massachusetts. CSB’s less competitive, standard CDs are available for consumers in all states.

Cambridge Savings Bank CD Rates + Account Details

image credit: cambridgesavings.com

CSB offers 6 standard CDs with terms ranging from 3 months to 5 years and 3 CD Specials that come with higher yields and oddball terms of 14, 17 and 31 months.

As noted, their CD specials are only available to residents in MA and their standard CDs are available to residents in all states. Both accounts can be opened either online or through a local branch.

🔎 Related: Back in 2021, Cambridge Savings Bank launched an FDIC-insured, online subsidiary called Ivy Bank. Ivy Bank offers competitive CD rates to consumers in all 50 states. Check out our review of Ivy Bank to see if their products are a better fit for you.

All of their CDs require a minimum deposit of $1,000 to open and are federally insured by the FDIC up to the applicable limits.

(Special) CD Rates

*Only available in MA.

CD TermAPY
14 months4.75%
17 months4.50%
31 months4.40%
APY = Annual Percentage Yield

To put these yields into perspective the national average for 12 month and 36 month CDs sits at 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured, online banks with nationwide acceptance offering yields above 4.60% APY on both terms in 2023.

(Standard) CD Rates

*These products are available to consumers throughout the country.

CD TermAPY
3 months0.50%
6 months1.00%
1 year2.00%
2 years2.00%
3 years2.00%
5 years2.00%
APY = Annual Percentage Yield

The CD rates listed above (both Standard and Special) are accurate as of February 2, 2023.

Compounding and Crediting Interest

All of Cambridge Savings Bank’s CDs come with interest that is both compounding and credited monthly.

By default your interest payments will be credited back to your CD account each month for further compounding, however, you may elect to have these interest payments sent to another CSB account instead. This may be beneficial to those living off of interest payments.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, CSB will provide you with a 10 calendar-day grace period in which you may modify your CD or close it out without incurring any early withdrawal fee.

If nothing is done during the grace period, your CD will automatically renew into a new CD with the same term and the going APY (annual percentage yield) at that time.

📌 Please Note: For the CD Specials, both the 14 and 17 month terms will renew into a standard 12 month CD and the 31 month Special will renew into a standard 24 month CD if nothing is done during the grace period.

If you need access to the funds in your CSB CD prior to its maturity you will incur an early withdrawal fee. Their fee structure is as follows:

CD TermEarly Withdrawal Fee
3 monthsAll interest on amount withdrawn
6 months90 days’ simple interest on amount withdrawn
1 year90 days’ simple interest on amount withdrawn
2 years180 days’ simple interest on amount withdrawn
3 years180 days’ simple interest on amount withdrawn
5 years270 days’ simple interest on amount withdrawn

You can learn more in their Truth in Savings disclosure.

How to Open and Fund the CD

You can open any CD either in a local branch or online. Please have the following information handy so that you can complete the process:

Personal Information:

  • full legal name
  • email
  • phone
  • address
  • social security number
  • drivers’ license

Once you’ve set up the CD account you’ll need to fund it. If you’re funding the account from an external bank, you’ll need the following information:

  • current bank or credit union’s routing number
  • bank account number where funds will be withdrawn from

Filed Under: CD Rates

Capital One CD Rates – Now up to 5.00% APY!

editorial staff
February 2, 2023

[📌 Update February, 2023: Following the FED’s first rate hike of 2023 on February 1st, Capital One launched a highly competitive 11 month CD (certificate of deposit) with an APY (annual percentage yield) of 5.00%. See all of Capital One’s current CD rates below.]

Capital One offers a number of online certificates of deposit as part of their 360 product suite. The terms come with standard lengths ranging from 6 months to 60 months and above average annual percentage yields.

Their CDs also come with more flexibility than most certificates offered by large national banks. Right now, all Capital One 360 CDs have no minimum deposit and can be opened with any dollar amount that is right for you.

That said, these products must be opened and managed online. But don’t worry, they make it exceptionally easy with their web (and mobile web) interface as well their highly rated apps for IOS and Android.

To see if Capital One’s CD rates are right for you, continue reading our review below.

Capital One 360 CD Rates + Account Details

image credit: capitalone.com

Capital One 360 CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. As mentioned there are no minimum deposit requirements, but you will need to deposit something in the account to open it.

360 CD Rates (November to Current)

TermAPY
6 months3.30%
9 months3.30%
11 month5.00%
12 months4.15%
18 months4.25%
24 months4.30%
30 months4.30%
36 months4.30%
48 months4.20%
60 months4.10%
APY = Annual Percentage Yield

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to recent FDIC data.

Compounding and Crediting Interest

Interest is compounded monthly on all Capital One 360 CDs and credited to your account either monthly, yearly or upon maturity. You can have these funds deposited into a separate account or returned to the CD for further compounding.

Grace Period

Capital One 360 CDs come with a standard 10 day grace period. You’ll also want to note that Capital One CDs automatically renew, so if you plan on adding or withdrawing funds to your CD this 10-day period is the only time you can do so penalty free.

Early Withdrawal Penalties

If you withdraw funds from a CD you opened with a term of 12 months or less, you’ll have to pay three months’ interest as a penalty.

If you withdraw funds from a CD you opened with a term of greater than 12 months, you’ll have to pay six months’ interest.

Please note that it is possible to incur a penalty that dips into your principal if the withdrawal happens early enough.

How to Open a Capital One 360 CD?

If you decide you want to open a Capital One 360 CD, first navigate to their online CDs page here.

Once you’re ready to open a deposit, click on the green “Open Account” button at the top of the page. This button remains static at the top of this page as you scroll.

It will look something like this (below):

Look for the green “Open Account” button that sticks to the top of your browser as you scroll the page.

Once you click on that green button, the process takes about 5 minutes to complete. They’ll first ask you whether or not you already have a Capital One login. If you’ve opened a checking, savings or even credit card with them (either online or in a branch) then you likely have a login already. If you do, this should expedite the process.

If you do not, and this is your first account with Capital One, then you’ll need the following:

  • Full legal name
  • Current address
  • telephone number
  • employment status (and job title)
  • social security number
  • date of birth

Capital One will then use your personal data to confirm your identity. If you are looking to open a joint account, you must first go through this process individually then you can add another account holder online.

Once your identity is confirmed and the account is opened, you will be provided with your account number and the routing number. You then have the option to add funds immediately to your CD. Your rates are locked in the moment you open the deposit until maturity.

Capital One 360 CD Reviews and Customer Sentiment

The Capital One 360 product suite receives high marks across the board from third party review sites. Their savings products in particular – both the variable rate online savings account and the fixed rate online CDs – receive above average marks for consistently higher than average yields and flexible terms. Most notably the lack of minimum deposit or balance requirements to earn the advertised interest.

You can manage your money easily either online or through one of their native apps. Their IOS and Android apps both receive high marks (especially as far as banking apps go). Their IOS app currently has 4.8 stars out of 5, while their Android app has 4.6 stars out of 5.

How Capital One’s CD Rates Compare

Of all the major US banks, Capital One still offers the most competitive yields on their certificates of deposit via their 360 CD accounts. Bank of America, Citibank, U.S.Bank, Wells Fargo, and Chase, all offer lower yields on their CDs per the time of this writing.

There are, however, a handful of online banks and credit unions with nationwide acceptance that have slightly higher yields but the top rate leaders shuffle around often especially in our rising interest rate environment.

Capital One also offers extremely flexible terms with no minimum deposit requirements and several options for paying out interest which makes their accounts available for nearly everyone.

Filed Under: CD Rates Tagged With: Capital One

Washington Federal CD Rates – Now up to 4.00% APY!

editorial staff
February 1, 2023

Washington Federal Bank based out of Seattle, Washington operates 235 branches in 8 states in the Western United States. They have been in business since 1917 and have over $20 billion in assets.

They offer a number of CDs (certificates of deposit) with terms ranging from just 7 days to 5 years. They offer both standard CDs and 2 CD Specials which come with significantly higher yields.

If you’re in the market for a CD and live within Washington Federal’s geographical footprint, then you may want to browse through offers to see if they’re a good fit.

The 8 western states that Washington Federal Bank accepts customers from are:

  1. Washington
  2. Idaho
  3. Oregon
  4. Nevada
  5. Utah
  6. Arizona
  7. New Mexico
  8. Texas

Washington Federal Bank CD Rates + Account Details

image credit: wafdbank.com

Washington Federal Bank is member FDIC and all deposits held with them are federally insured up to the applicable limits.

Their CDs come with customizable terms (by the month) ranging from 14 days to 60 months and have a minimum deposit requirement of $1,000. If you’re opening a CD as a minor, your minimum deposit is just $500 and if you’re opening a CD in an IRA (i.e. an IRA CD) then the minimum deposit is just $100.

(Special) CD Rates

Washington Federal Bank offers two “CD Specials” at the moment. They come with either a 7 month term or a 13 month term and pay a slightly higher APY if you also have a checking account with WaFd.

CD TermAPY (w/o checking)APY (w checking)
7 months3.90%4.00%
13 months3.90%4.00%
APY = Annual Percentage Yield

To put these offers into perspective, the current national average for a 6 month and 12 month CD sit at just 0.81% and 1.28% APY, respectively, according to the FDIC. That said a number of online banks with nationwide acceptance are starting to pay close to 4.50% APY on both terms.

(Standard) CD Rates

Their standard CD rates are much less competitive and don’t keep up with the national average at this time.

CD TermsAPYAPY w/ $90k + deposit
14 Days – 2 MonthsNA0.10%
3 months0.05%0.10%
4 – 5 months0.10%0.15%
6 – 11 months0.15%0.20%
12 – 17 months0.20%0.25%
18 – 23 months0.20%0.25%
24 – 35 months0.20%0.25%
36 – 47 months0.20%0.25%
48 – 59 months0.25%0.30%
60 months0.30%0.35%
APY = Annual Percentage Yield

Any of these CDs – both the special offers and the standard ones – can be opened online or by stopping by a branch. If you choose to open one online, you’ll still need to provide an address that is within their geographical footprint to be approved.

Compounding and Crediting Interest

The interest on all Washington Federal Bank CDs is compounded daily and credited back to the CD monthly. For those depositing $10,000 or more, you may elect to have the CD interest payments sent to you each month rather than deposited back into the CD for further compounding.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD you will have a 10 day grace period in which you may modify the CD or close it out. If nothing is done during this grace period your CD will automatically renew into a new CD with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will incur an early withdrawal fee. The fee structure is as follows:

CD TermEarly Withdrawal Fee
1 year or less90 days’ interest on amount withdrawn
>1 year and less than 4 years180 days’ interest on amount withdrawn
4 years or more365 days’ interest on amount withdrawn

How Open and Fund the CD

As mentioned, if you live within WaFd’s geographical footprint you may open the CD online or in a local branch.

If you’re opening the CD online you’ll need the following information to expedite the process:

Personal Information:

  • full legal name
  • email
  • phone
  • address
  • social security number
  • drivers’ license

Once you’ve set up the CD account you’ll need to fund it. If you’re funding the account from an external bank, you’ll need the following information:

  • current bank or credit union’s routing number
  • bank account number where funds will be withdrawn from

📌 Please note: WaFd Bank will not pull your credit score from the 3 main credit bureaus. They will, however, review your personal information on OFAC (Office of Foreign Assets Control) and ChexSystems.

Filed Under: CD Rates

American Heritage CD Rates – Now up to 4.10% APY!

editorial staff
January 31, 2023

American Heritage Credit Union based out of Philadelphia, PA is offering some highly competitive CD (certificate of deposit) rates to their members currently featuring APYs (annual percentage yields) up to 4.10%.

American Heritage Credit Union is a member-owned financial cooperative and all deposit accounts are federally insured by the NCUA up to $250,000 per depositor.

They were founded in 1948 and are in the top 100 credit unions nationwide by assets and membership serving over 250,000 members with more than $4 billion in assets.

They offer 19 standard CDs with terms ranging from 3 months to 5 years. They also have a number of promotional CDs available as well.

If you don’t live near one of their 35 locations across Philadelphia, Bucks, Montgomery, Delaware and Camden Counties, you can still join the credit union by becoming a member of their partner organization Kids-N-Hope. Once you become a member you can open any of American Heritage Credit Union’s CDs online. Learn more below.

American Heritage Credit Union CD Rates + Account Details

image credit: americanheritagecu.org

American Heritage Credit Union CDs require a minimum deposit of $500 to open and can be opened as IRA CDs as well.

CD Rates

TermAPY
3 months3.00%
4 months3.00%
4 month (Special)4.00%
5 months3.00%
6 months3.00%
7 months3.00%
8 months3.00%
9 months3.00%
10 months3.00%
11 months3.25%
12 months3.50%
13 months3.50%
15 months3.50%
18 months3.50%
18 month (Legacy Club)3.60%
20 months3.50%
24 months3.80%
30 months4.10%
36 months3.85%
48 months4.05%
60 months4.05%
APY = Annual Percentage Yield

📍 Please note – The 4 month promotional CD requires new money to the credit union and has a maximum deposit limit of $2,000.

To put these CD rates above into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, the highest yielding 12 month CDs and 60 month CDs are now topping 4.50% for both terms.

Compounding and Crediting Interest

American Heritage Credit Union CDs feature daily compounding interest. By default the interest gets deposited to your CD for further compounding, however, for CDs with terms longer than 12 months members may choose to have this interest paid to them by check or transferred to another account of theirs. This is great for folks who use the interest as income, but just remember if you do this compounding interest does not apply.

Grace Period and Early Withdrawal Fees

American Heritage Credit Union CDs have a 7 calendar day grace period upon maturity in which you may add or withdraw any/all funds without incurring a penalty fee. If nothing is done during this period the CD will automatically renew.

If you need access to your CD’s funds prior to its maturity you will incur an early withdrawal fee. The fees are based on the term of the CD.

Early withdrawal fees are as follows:

CD TermFee
11 months or less90 days’ interest
12 – 35 months180 days’ interest
36 months or longer360 day’s interest

You can learn more about their CDs by reading their Truth in Savings disclosure.

Membership

The easiest way to join is if you live in the greater Philadelphia area and can go into one of their physical branches.

For those outside of that region just looking to take advantage of their competitive CD rates, you can easily join Kids-N-Hope with a one-time $5.00 donation.

Kids-N-Hope was formed by American Heritage Credit Union back in 1996. Doing this made AHCU the first credit union to create its own charitable organization.

The Kids-N-Hope foundation primarily provides financial support for the Music Therapy Program at the Children’s Hospital of Philadelphia, PA.

Filed Under: CD Rates

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