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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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CD Rates

Bread Savings CD Rates – Up to 2.15% APY

editorial staff
May 12, 2022

Bread Savings, formerly Comenity Direct, has some very competitive CD rates on all 5 of their regular term certificates of deposit.

You may remember Comenity Direct. They regularly topped the charts with the highest yields on both fixed rate CDs and their variable rate online savings account. Today, Bread Savings has maintained the competitiveness of these offers.

See rates and account details below.

Bread Savings CD Rates + Account Details

A Bread Savings certificate of deposit requires a minimum deposit of $1,500 and is federally insured by the FDIC up to $250,000 per depositor.

CD Rates

TermAPY
1 year1.50%
2 year1.80%
3 year1.85%
4 year1.95%
5 year2.15%

To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.17% APY and 0.32% APY, respectively, according to recent FDIC data.

Bread Savings does not offer any specialty CDs or CDs with durations under 1 year at this time.

They also impose a maximum deposit limit of $1 million per account and $10 million limit per customer.

Compounding Interest

The interest you earn with a Bread Savings CD both accrues and compounds daily. It is then credited and posted back to the account monthly.

Fees

There are no monthly maintenance fees or hidden fees associated with a Bread Savings CD. The only fees you may encounter with your deposit account would be from an outgoing wire transfer or an official check request. Those fees are as follows:

  • $25 per outgoing wire transfer
  • $15 per official check request

If you’d prefer to get paper statements rather than viewing them online, you will also incur a $5 paper statement fee.

Early Withdrawal Fees

If you need to access your funds prior to the maturity of your CD, you stand to lose a portion of your interest but you will not lose any of your principal. Early withdrawal fees are as follows:

  • For terms shorter than 1 year, the penalty is 90 days simple interest.
  • For terms 12 months to 3 years, the penalty is 180 days simple interest.
  • For terms 4 years and up, the penalty is 365 days simple interest.

Grace Period

Prior to the maturity of your CD, Bread Savings will notify you letting you know the term is almost over. When it is, you will be given a 10 day grace period in which you may withdraw any or all of these funds. If nothing is done within the 10 day window, Bread Savings will automatically renew your CD with the same term and the going APY at that time.

Filed Under: CD Rates Tagged With: Comenity Direct

Golden 1 Credit Union CD Rates – Up to 1.10% APY

Lauren Graves
May 11, 2022

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 months0.15% APY0.15% APY0.20% APY0.20% APY0.25% APY
6 – 11 months0.30% APY0.30% APY0.35% APY0.35% APY0.40% APY
12 – 17 months0.50% APY0.50% APY0.50% APY0.55% APY0.60% APY
18 – 23 months0.50% APY0.50% APY0.50% APY0.55% APY0.60% APY
24 – 35 months0.65% APY0.65% APY0.65% APY0.70% APY0.75% APY
36 – 47 months0.70% APY0.70% APY0.75% APY0.80% APY0.85% APY
48 – 59 months0.80% APY0.80% APY0.80% APY0.85% APY0.90% APY
60 months1.00% APY1.00% APY1.00% APY1.04% APY1.10% APY

Wondering how these rates compare to other CDs? The national average interest rate on a 6-month certificate is 0.10%, on a 12-month CD is 0.17%, on a 24-month CD is 0.22%, and on a 60-month CD is 0.32% according to recent FDIC data. Note that these rates are on the rise.

These rates are fairly competitive when compared to the best products out there, but they’re certainly not the highest we’ve seen. Many digital banks like Synchrony and Marcus by Goldman Sachs are beating these rates by a wide margin. A five-year CD with Synchrony, for example, will earn an interest rate of 2.25% right now.

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.

Final Thoughts

If you qualify for membership, Golden 1 Credit Union might be right for you. While you can find better CD rates with other banks, the rates available from Golden 1 Credit Union are definitely not bad and it’s easy to become a member. These certificates have low minimum opening deposit requirements and reasonable early withdrawal penalties and there are many convenient branch locations across California.

And with a little more flexibility than most including the option to use the funds in your CD as collateral for a certificate secured loan or receive regular interest payments, this is a great choice if you’re looking for a standard CD that has less strict terms and conditions. But if you’re just hunting for the best rates or you don’t want to have to join a credit union (or aren’t eligible), you should probably keep looking.

Filed Under: CD Rates

TIAA Bank Yield Pledge CD Rates – Now up to 2.30% APY

Lauren Graves
May 11, 2022

image credit: tiaabank.com

[Update May 2022: Following the FED’s rate bump on May 4, Tiaa Bank lifted the APYs on all of their CDs with terms 6 months or greater. This is the second major rate hike Tiaa Bank has done this year. Their CD rates increased by between 0.10% and 1.0% APY. See more below.]

Tiaa Bank, previously called EverBank, is a Florida-based financial services institution with an all-inclusive lineup of digital personal banking products. These include high yield money market accounts, certificates of deposit, savings accounts and even foreign currency CDs.

This U.S. bank features a limited number of brick-and-mortar branches, but you don’t need to visit these in order to manage your accounts. So Florida resident or not, you have access to this online institution.

When TIAA, short for the Teachers Insurance and Annuity Association, acquired EverBank Financial Corp in 2017, the institution became legally known as TIAA, FSB, and the online personal banking portion of the company was rebranded as TIAA Bank.

Complicated history aside, TIAA is a Fortune 500 company boasting incredible profits every year, but is it an online bank worth your time and money? Keep reading for all the information you need to know about TIAA Bank deposits accounts—as well as other pertinent banking and accessibility details—to decide whether this online bank is right for you.

TIAA Bank CD Rates + Account Details

TIAA Bank’s product suite features a few certificate of deposit options, including “Yield Pledge CDs,” and “Bump Rate CDs.” Their product line used to offer “Basic CDs” that came with APYs slightly under the yield pledge products, but these appear to have been discontinued.

If you’re after a higher rate on a CD, consider you probably want to take a peek at their Yield Pledge CDs. These products are also backed by the high yield guarantee previously mentioned and features slightly better yields across the board.

Tiaa Bank has a higher than average minimum deposit requirement of $5,000 to open a Yield Pledge CD.

Yield Pledge CD Rates

CD TermAPY
3 month0.35%.
6 month0.50%
9 month0.70%
1 year1.20%
18 month1.60%
2 year1.70%
30 month1.70%
3 year1.90%
4 year1.95%
5 year2.30%

To put these offers (above) in perspective, a 12 month CD currently yields roughly 0.17% APY, according to national FDIC averages and a 60 month CD has an average yield of 0.32% APY.

Bump Rate CD

The other type of CD offered through TIAA Bank is their Bump Rate CD.

Bump your APY if rates rise during your term!

The Bump Rate CD is a specialty CD that gives users a one-time rate bump feature that allows them to lock into a better rate that comes along before their certificate matures (this is the same as a step-up or step rate CD). Right now, this account is a 3.5 year term that requires a minimum opening deposit of $1,500 and earns 1.90% APY.

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

Early Withdrawal Fees

Early withdrawal policies on Yield Pledge CDs are as follows:

  • 22 days’ interest on 3 month CDs,
  • 45 days’ interest on 6 month CDs,
  • 68 days’ interest on 9 month CDs,
  • 91 days’ interest on 1 year CDs,
  • 136 days’ interest on 18 month CDs,
  • 182 days’ interest on 2 year CDs,
  • 228 days’ interest on 30 month CDs,
  • 273 days’ interest on 3 year CDs,
  • 365 days’ interest on 4 year CDs, and
  • 456 days’ interest on 5  year CDs.

Unlike most bank deposits, these CDs do not automatically renew and come with a grace period of 10 days after maturity.

Basic Savings and Yield Pledge Money Market

All of TIAA Bank savings accounts and deposits are federally insured by the FDIC up to $250,000, the maximum amount allowed.

TIAA Bank Basic savings accounts are one of the bank’s less impressive product choices. Although they are significantly higher than the current national average (which hovers around 0.07% APY currently), they are still much less competitive than other online offers.

Though uncompetitive, these accounts are accessible. You only need to deposit and maintain an average daily balance of $25 for a Basic Savings account with TIAA Bank.

If your balance drops below this minimum, you’ll be charged a $5 fee every month until you get it back above the threshold. If you happen to live in Rhode Island you are exempt from this low balance fee. This account also charges a $30 non-sufficient funds fee on overdrafts.

Interest accrues daily and credits monthly to your account.

The TIAA Bank Yield Pledge Money Market accounts is their other variable rate account and this one has an APY of 0.50% on all balance tiers.

Yield Pledge Money Market Rates

BalanceAPY
$0 – $9,999.990.50%
$10k – $24,999.990.50%
$25k – $49,999.990.50%
$50k – $99,999.990.50%
$100k +0.50%

The average annual percentage yield (APY) on money market accounts across the country sits at just 0.08% currently.

There is a minimum deposit requirement of $500 to open one of these accounts. But ultimately, unless you have more than $25,000 ready to go, you’re probably better off just opening a Basic savings account as you will earn more with this on lower balances than you would with a TIAA Bank MMA. 

However, Yield Pledge Money Market accounts guarantee high rates through TIAA Bank’s Yield Pledge promise, which entails weekly competitor assessments and adjustments necessary to ensure that these rates are in the top 5% across Competitive Accounts. The Basic Savings account, conversely, does not come with this guarantee—do with this what you will.

Interest on savings and money market savings accounts is compounded daily and credited monthly.

Per federal regulation D, you are limited to 6 transactions into or out of a savings or money market account each month. This includes ACH transfers, checks, internet, phone, and mobile-initiated transactions, and more. Should you exceed this limit excessively or frequently, TIAA Bank reserves the right to restrict your access further and transfer your balance into a Cash Reserves account.

Banking Experience and Customer Sentiment

Unlike many online banks today, TIAA Bank actually does offer ATM cash access at an impressive 80,000+ fee-free locations. TIAA Bank does not charge ATM fees and will reimburse out-of-network fees imposed by other institutions if your average daily balance is at least $5,000. If your balance is below this, you’ll be reimbursed up to $15. There are 11 TIAA Bank branch locations across Florida.

TIAA Bank offers both a Basic Checking and a Yield Pledge Checking account option. A TIAA Bank Basic Checking will not pay you interest, but a TIAA Bank Yield Pledge Checking is an interest-bearing account that earns a 1-year intro APY of 0.40%. After that, your APY will be between 0.15% and 0.30%, depending on your balance.

Overall, people seem to have a lukewarm impression of TIAA Bank from a customer experience perspective. Out of 119 user reviews left for the bank on WalletHub, 45% of reviewers gave the bank 3 stars for an average rating of 3 stars. And out of 23 reviews on DepositAccounts, TIAA Bank scored just 2.5 stars. 

Customer service at TIAA Bank could use some work, according to customers themselves. The overwhelming majority of negative reviews left for the company are related to bad experiences with customer support, with representatives being called condescending, rude, arrogant, and unhelpful by several users. Most positive reviews pertain to good rates and simple sign-ups.

The TIAA Bank apps, on the other hand, are supposed to be really solid. With 4.6 stars on the App Store and 4.5 on Google Play, it’s safe to assume that you can count on a user-friendly and comprehensive mobile banking experience through the TIAA Bank app.

TIAA Bank limits ACH transfers from a TIAA account to an external account to $50,000 daily and from an external account into a TIAA account to $250,000 daily.

To reach customer service, call the client solutions team at 1-(888)-882-3837 or tweet @TIAABankHelp. Representatives are standing by 7 days a week from 8 AM to 11 PM (ET).

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

America First Credit Union CD Rates – Up to 0.90% APY

Lauren Graves
May 10, 2022

America First Credit Union was founded in 1939 in Salt Lake City, Utah, and is now the 8th largest credit union by asset size and 5th largest by membership in the United States. This federally-chartered credit union controls $16.83 billion in total assets in 2022 and serves over 1.2 million members. What started as an institution for civilian employees of Fort Douglas now has member-owners across the country.

Membership with this credit union is restricted to certain geographical locations in the western United States. But if you are eligible to become a member, should you open a CD?

Here’s everything you need to know about the many CDs offered through this credit union and what it’s like to bank with America First.

Standard Certificates of Deposit

All certificate accounts with America First are federally insured up to $250,000 per account, per depositor by the NCUA.

There are many different types of certificates of deposit available through this credit union. These include Regular, IRA, Bump-Rate, Dedicated Savings, Flexible, and Ladder. In this article, we’ll cover

All standard CDs require a minimum opening deposit and balance to earn interest of $500. This credit union does not use tiered rates for these CDs. You will earn the same rate for your term length regardless of your balance. See these rates below.

Standard CD Rates

TermAPY
3 – 5 months0.25%
6 – 11 months0.35%
12 – 23 months0.50%
24 – 29 months0.60%
30 – 35 months0.65%
36 – 47 months0.70%
48 – 59 months0.80%
60 months0.90%

The national average interest rate for a six-month CD is 0.10%, for a 12-month CD is 0.17%, for a 24-month CD is 0.22%, and for a 60-month CD is 0.32%, according to recent FDIC data. But even though these are above average nationally, these rates are not very competitive compared to products from the top banks and credit unions. Many other institutions are offering upwards of 2% interest on similar CDs, some with no minimum opening deposit.

Interest for this account is compounded and credited monthly back into the certificate or paid out to a linked account of your choosing. You can request that the dividends be sent automatically to a checking, savings, or money market account with America First instead of rolling back into the CD.

These CDs automatically renew at the same term length when they reach maturity. When this happens, you will have a grace period of 10 calendar days during which you can withdraw funds without getting charged a fee.

📍 Please note: The maximum deposit you can place into any one deposit account is $100,000.

Early Withdrawal Penalties

Early withdrawal penalties will apply if you remove some or all of the money from your account before it matures, outside of the grace period. These are:

  • Early withdrawal from a term of less than 12 months incurs a penalty fee equal to 60 days’ interest
  • Early withdrawal from a term of greater than 12 months incurs a penalty fee equal to 180 days’ interest.

These are pretty low penalties for standard certificates.

Specialty Certificates of Deposit

In this section, we’ll go over all of the non-standard CDs America First Credit Union has to offer except for the IRA CD. Let’s start with the Bump-Rate CDs.

Bump-Rate CDs

Bump-rate CDs allow you to request a rate bump one time during the term. If the rates available on new CDs is higher than the rate you locked into when you opened your account, you can have your rate adjusted to this higher rate and this will apply until the account reaches maturity. This is the only feature that makes this different from a standard certificate.

With this extra flexibility comes the downside of lower rates. These rates are not as competitive as standard CDs with this credit union, which weren’t all that competitive to begin with. See the table below for current Bump-Rate APYs.

Bump-Rate CD Rates

TermAPY
3 – 5 months0.10%
6 – 11 months0.20%
12 – 23 months0.35%
24 – 29 months0.45%
30 – 35 months0.50%
36 – 47 months0.55%
48 – 59 months0.65%
60 months0.75%

The minimum opening deposit for these accounts is also $500. It’s up to you to initiate a rate bump. If you choose not to or forget, America First will not do it for you. Dividends can be credited back into your certificate or paid out into a linked savings, checking, or money market account.

This CD is automatically renewable as a regular certificate if you choose to go that route.

Flexible CDs

At the moment, there is only one flexible certificate at America First Credit Union. It is a 12-month CD that earns interest at a rate of 0.40%. What sets this account apart from a standard CD is the added flexibility to access and add money before maturity. 

Instead of paying a fee for any early withdrawal, you are permitted to make up to one free withdrawal per quarter at no added cost. The catch is that you can’t just do this any time you like. It has to be during the first five calendar days of the quarter or you forfeit the option and will pay the same early withdrawal penalties as everyone else. 

As long as your flexible CD has been open for at least one full calendar month prior to the end of the quarter month (with quarter months being January, April, July, and October), you can take any amount of your money out that you want. 

With this account, you are also permitted to make additional deposits at any time after opening. You can deposit up to $10,000 per calendar month as long as you don’t exceed the balance limit for this product. You cannot deposit more than $100,000 into any one flexible certificate or combination of flexible certificates.

The minimum opening deposit is again $500. This account will automatically renew at maturity.

Dedicated Savings

Interest rates are the same for these CDs as they are for standard CD accounts, but there are a few key differences between how these accounts function. 

Dedicated Savings CD Rates

TermAPY
3 – 5 months0.25%
6 – 11 months0.35%
12 – 23 months0.50%
24 – 29 months0.60%
30 – 35 months0.65%
36 – 47 months0.70%
48 – 59 months0.80%
60 months0.90%

There is no minimum opening deposit requirement for this account and you don’t need to maintain a certain balance to keep earning interest. You do, however, have to make a deposit of at least $10 each month to keep a dedicated savings certificate. You will link another account to automate this transfer so you don’t have to remember. 

You can make contributions of up to $10,000 per month as long as your balance in one or multiple dedicated savings certificates does not exceed $100,000. 

Dedicated savings CDs are used for large short-term financial goals like vacations and holidays. Rather. As with the other CDs, you have the option to either allow the dividends to automatically roll back into the certificate or have them paid out.

Early withdrawal penalties still apply.

Ladder CDs

This isn’t a type of CD as much as it is an investing or cash management strategy. To ladder your CDs or create a CD ladder means that you’re opening up several certificates of different term lengths so that they have staggered maturity dates.

By having many CDs that mature at different times, you will reach maturity more often than if you were to invest all the money into one certificate. This can be a smart way to use CDs for short-term goals and still take advantage of the higher rates offered on longer terms. It’s up to you how you ladder, but a lot of people open one-year, two-year, three-year, four-year, and five-year accounts so that one account matures every year.

Since it makes the most sense to ladder regular certificates as these offer the best rates, take a look at the section above for rate information. Note that you do not need to take any extra steps to ladder your CDs and the renewal policies, early withdrawal policies, and deposit policies are all the same.

Ladder CDs will automatically renew at the longest term length available for the ladder maturity structure.

How to Become a Member

There are several different ways to become a member of America First Credit Union. The first is to live, work, or attend school or church in select cities and counties of Utah, Nevada, Arizona, Idaho, Oregon, and New Mexico. See a list of eligible cities and counties by state below: 

  • Utah: All of Salt Lake and Juab counties and eligible areas of Cache, Davis, Iron, Rich, Washington, and Weber counties
  • Nevada: All of Clark and Lincoln counties (except for those living within 25 miles of the Alamo U.S. Post Office) and eligible areas of Churchill, Douglas, Esmeralda, Lyon, Mineral, Nye, Storey, Washoe, and Carson City counties
  • Arizona: All of Maricopa county and eligible areas of Mohave and Pima counties
  • Idaho: Eligible areas of Ada, Bannock, Bear Lake, Bingham, Boise, Bonneville, Canyon, Caribou, Clark, Elmore, Franklin, Gem, Jefferson, Madison, Owyhee, and Power counties
  • Oregon: Eligible areas of Malheur county
  • New Mexico: Eligible areas of Bernalillo, Chaves, De Baca, Guadalupe, Harding, Mora, Quay, Sandoval, San Miguel, Santa Fe, Torrance, and Valencia counties

As you can see, membership is rather exclusive. If you don’t qualify geographically, you may be eligible to join through your employer. America First partners with many Select Employer Groups across the country. More broadly, anyone who works in the food and beverage industry in Utah can become a member.

And like many other credit unions, you can also join through a family member, spouse, or someone you live with who is already a member.

If none of these apply to you, you are not eligible to join. Unlike many other credit unions, America First does not offer a “loophole” or alternative to people who don’t otherwise meet membership requirements.

Consumer Sentiment & Reviews

Are America First Credit Union member-owners happy? Reviews are mixed. Many users complain about poor customer service, but just as many have never had an issue. Most likely, it depends on which branch you’re visiting or if you’re calling customer service.

The America First mobile app is solid all around. It has a rating of 4.7 out of 5 stars on Google Play and 4.9 out of 5 stars in the App Store. While not fancy, this has everything you want in a mobile banking app and is pretty reliable and easy to use.

To contact customer support, you can call 1-800-999-3961 before 8 pm Mountain Time, email support@americafirst.com, or log into your America First account to access the chat function during business hours. You can also schedule a good time for a representative to call you back to avoid waiting.

There are over 130 branch locations in Utah and Nevada. While you don’t ever have to set foot in a branch if you don’t want to, there are convenient locations in many major cities.

Final Thoughts

If you’re looking for a certain kind of specialty CD, America First Credit Union offers more options than most institutions. What these CDs lack in competitive rates they make up for in flexibility. Those with short-term financial goals are an especially good fit for this credit union and the CDs it has to offer. And with digital and in-person solutions, you can decide how you want to do your banking. 

We don’t recommend this credit union to anyone looking for the most bang for their buck. These interest rates aren’t the best out there and you can find CDs with no minimum opening deposits.

Filed Under: CD Rates

Live Oak Bank CD Rates: Now up to 2.75% APY!

editorial staff
May 10, 2022

image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

CD Rates

TermAPY
6 months1.25%
1 year1.75%
18 months2.00%
2 year2.20%
3 year2.30%
4 year2.50%
5 year2.75%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.17% and 0.32% APY, respectively, according to recent FDIC data.

Opening a Deposit Account

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.60%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

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

Ally Bank CD Rates – Now up to 2.0% APY

editorial staff
May 9, 2022

[Update May 2022: Ally Bank bumped the rates on all of their certificate of deposit accounts again this month following the FED’s rate hike on May 4th. All 7 of their regular term CDs saw their APYs increase by between 0.15% and 0.80%. Their promotional CDs also got a raise. The “raise your rate CD” got a lift of 0.40% and their “No Penalty CD” went up by 0.10%. They also added a 20 month CD special with an APY of 1.75% that is available through July of this year. See all rates below.]

Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online savings products including CDs, savings accounts, interest checking and money market accounts.

In this review we’ll focus on Ally Bank’s fixed-rate, certificates of deposit. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”

The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if the rate for your term and balance tier goes up while your CD is active.

The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.

For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.

Ally Bank CD Rates + Account Details

image credit: ally.com/bank/cd-rates/

As mentioned, Ally Bank has seven standard term certificates of deposit that come with no minimum opening deposit requirements. The terms range from 3 months to 5 years and come with annual percentage yields that beat the current national average by considerable margins and regularly place among the top rates for online banks nationwide.

Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts.

CD Rates

TermAPY
3 months0.30%
6 months0.60%
9 months0.65%
12 months1.25%
18 months1.65%
20 month special1.75%
3 years1.80%
5 years2.0%

To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 0.17% and 0.32% APY, respectively, according to the most recent FDIC data.

The 20 month CD is a promotional term available through July 31, 2022. This will automatically renew into an 18 month CD upon maturity. Read more here.

Ally Ten Day Best Rate Guarantee

All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.

Interest is compounded daily which gives your overall APY (annual percentage yield) a boost over bank deposits that compound less frequently like monthly or quarterly.

Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.

Early Withdrawal Penalties

Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:

  • CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
  • CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
  • CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
  • CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.

Grace Period

Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.

Ally Bank Loyalty Rewards for CD Account Holders

Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.

“Raise Your Rate CD” Rates + Details

The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.

Raise Your Rate CDs

TermAPY
2 year1.40%
4 year1.40%

The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.

The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.

“No Penalty CD” Rate + Details

Withdraw any amount fee-free after 6 days of funding the account.

The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.

Ally Bank No Penalty CD Rate

TermAPY
11 months0.60%

As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.

[You can read a review of Ally Bank’s money market account and its current APY here.]

Final Thoughts

Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.

The APYs on their IRA CDs and regular CDs beat the current national average(s) handily and continue to rise after the FEDs March announcement of more rate hikes to come.

Ally Bank’s digital interface – both online and through their IOS and android apps – are very intuitive and allow for easy deposits and account monitoring as well.

Filed Under: CD Rates Tagged With: Ally Bank

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APY Updates

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The Big Banks

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Noteworthy Credit Unions

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Brokered CDs

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Alternatives

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Real Estate Investment Platforms

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