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CD Rates

MySavings Direct Savings – 0.75% APY + 1.10% APY CDs


MySavings Direct is one of several online divisions of Emigrant Bank – the largest savings bank in New York City since 1920.

If you’re looking for an online-only bank featuring a respectable APY on certificates of deposit and/or an online savings account, then you may want to consider MySavings Direct. Although their products have held more competitive rates in the past, the APYs still beat the national average by decent margins.

Currently, they offer both a 6 month CD featuring an APY of 0.75% and an online savings account featuring an APY of 0.75% on deposits of just $1,000 and $0.01, respectively.

To put these offers in perspective, the average APY for savings accounts and 12 month CDs sit at just 0.07% and 0.26% APY, respectively.

We should also note that MySavings Direct has an interesting differentiator to its many online banking competitors in that they offer the ability to trade and hold precious metals.

Their “Precious Metals Direct” account allows consumers to buy and hold gold coins and bullion bars. These holdings can be stored in their secured vault or delivered.

Over half of MySavings Direct’s FAQ section is dedicated to precious metal trading, but for the purposes of this review we’ll stick to FDIC insured deposits and savings accounts offered by MySavings Direct.

MySavings Direct “MyTerm” Certificate of Deposit

The MyTerm CDs offered by MySavings Direct come with varying maturity dates and APY.

Here’s the full list of offerings of CDs available to purchase from MySavings Direct.

CD TermAPYMin Deposit
6 month0.75%$1,000
30 month1.00%$1,000
60 – 120 months1.10%$1,000

You’ll want to note that early withdrawal penalties apply if you need your funds prior to the CD maturity date.

Early withdrawal penalties are structured as follows:

  • For an account with a term of less than one year, the penalty will be an amount equal to 90 days interest (whether earned or not) and calculated at the contract rate on the principal amount.
  • For an account with a term of one year or more, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount.

As you can see from the rate table above, MySavings Direct’s longer durations CDs are currently featuring better rates than their short term 6 month deposit. Although it may sound intuitive that longer duration CDs carry higher interest payouts than shorter ones, the current inverted yield curve environment we’re in make the difference between short term yields and long term yields significantly smaller (if not inverted).

The reason for this is that during periods of inverted yield curves interest rates flip on U.S. Treasuries with short-term bonds paying more than long-term bonds. This phenomena is generally mirrored, albeit not instantaneously and not to the same degree, with CD rates at retail banks.

MySavings Direct “MySavings Account”

MySavings Direct offers a high yield online savings account called the “MySavings Account.” It currently features an APY of 0.75%.

BalanceAPY
$00.75%

The nice thing about their online savings account is that, unlike their certificate of deposits, this account comes with no minimum deposit requirements.

The main downside is that the rate is variable and can change at anytime without notice.

The MySavings Account is federally insured by the FDIC up to $250,000 in case of bank insolvency and can be only be opened online.

MySavings Account Fee Schedule

Although the account comes with zero maintenance fees and no minimum balance requirements there are certain services and functions offered by MySavings Direct that have fees associated with them. Below is the complete fee schedule:

TypeFee
Monthly Maintenance$0
Excessive Transactions (above 6 per month)$0
Balance Confirmation Letter$30 plus $5 for each additional copy
Verification of Deposit Letter$30 plus $5 for each additional copy
Legal Documents$100
Incoming Wire$0
Outgoing Wire$0

It’s worth mentioning that if you need to wire money regularly (either receive or send) then this bank may be a solid option for you. Paying $0 on wires is not normal for most banks. Typical wire fees hover around $30 per.

How to Open A MySavings Account + Funding Your Account

As with most online banks, a MySavings account from MySavings Direct can be opened in as little as five minutes.

You can start by clicking the green “open now” button on their homepage.

To proceed you will need:

  • a valid tax identification number,
  • at least be 18 years old and have a drivers license
  • have a legal address

MySavings Direct will accept physical check to initially fund your account, but after that you will need to have hooked up a checking account from another bank for further funding. This can be set up with any US bank.

How to Fund your MySavings Account

  • Physical Check (one-time only if needed to initially fund your account)
  • Mobile Deposit from external checking account
  • Wire Transfer from external checking account

About MySavings Direct

Early Irish depositors of Emigrant Savings Bank. Image credit: picryl

MySavings Direct is one of several online divisions of Emigrant Bank.

Emigrant Bank’s origins came long before the internet – in 1850 – when a group of 18 Irish Emigrants founded the institution in New York City.

Today, Emigrant Bank is the largest savings bank in New York City and 9th largest privately owned bank in the US with nearly $6 billion in assets. They have three online-only divisions that specialize in high yield savings accounts and CDs. These are Emigrant Direct, Dollar Savings Direct and their most recent offering, MySavings Direct.

You won’t notice much differentiation between these three subsidiaries though. In fact their websites and product offerings all look strikingly similar.

Through these online-only subsidiaries Emigrant Bank is able to keep the focus on consumer savings, featuring rates that are consistently above the national average and that regularly top brick and mortar institutions.

Final Thoughts

MySavings Direct is a very simple and straight forward FDIC-insured, online-only bank.

Their accounts come with no physical branches, no frills and no perks other than a decent APY.

On the flip side though, the account also comes with very limited hassles such as zero monthly maintenance fees, no service charges, no hidden penalties, no paper statement fees and only one minimum balance requirement – which is a manageable $1,000 for CDs.

If all you’re after is a respectable APY on a CD or savings account then MySavings Direct may satisfy your needs, although higher rates can be found elsewhere online.

TAB Bank High Yield Savings – 0.90% APY + CDs up to 1.10% APY


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 online savings products that are generally quite competitive.

Their current rates are slightly lower than their peers, but TAB usually places near the top of the pack in terms of APY (annual percentage yield) for their high yield savings account.

Their certificate of deposit rates are on par with what you’d see at other online banks, and still beat the national average for their respective terms by a good margin.

Find out if TAB Bank’s savings products are right for you in our rundown below.

Keep in mind APYs across the board are trending downward as the FED aims to keep rates near zero through 2022.

TAB Bank High Yield Savings Account

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

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

Here are the account details:

Daily BalanceAPY (Annual Percentage Yield)Min. Deposit to Open
$10.90%$0

Interest is compounded daily and paid out monthly.

To give the above rate some context, the current national average for savings account sits at just 0.07% APY.

A unique feature of this product is that TAB doesn’t put a cap on the amount of money you can keep in the account and earn interest. Although FDIC insurance will only cover you up to $250,000, this feature differentiates the product from others. In fact, some online banks put maximum balance caps on amounts well below the $250,000 mark (for example: Paramount Bank’s online savings account).

Tab Bank High Yield Savings Account Fee Schedule

Tab Bank’s high yield savings account comes with minimal fees. 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.

TAB Bank CD Rates

TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years.

Their CD rates are better than the current national average, but higher yields can be found through other online banking institutions as well as regional and national credit unions such as Patelco, PenFed, or Navy Federal Credit Union.

TAB Bank’s current CD rates:

CD TermAPY
6 months0.50%
9 months0.50%
12 months0.60%
18 months0.70%
24 months0.75%
36 months0.95%
48 months0.99%
60 months1.10%

All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000.

How to Open a CD or Savings Account with TAB Bank?

As with most online only institutions the opening process of either a CD, online savings account or money market account is very simple and straight forward.

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

We are choosing a 12 month CD, so we’ll get started by going to the certificate of deposit page.

The certificate of deposit page requires us to further drill down to our specific product type. Since we’re looking to open a 12 month CD, our product selection page looks like this:

You’ll be able to select the CD term you’d like on the left. Once clicked you’ll see the selected product show up on the right. We chose a 12 month deposit.

From here you can click on the “open now” button once more and proceed to fill out your basic contact info. This information can be sucked in from other sources such as Facebook, or you can fill it out manually.

Other specific information the application will require are your name, address, date of birth, social security number, and potentially your tax ID.

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.

How to Fund Your Tab Bank Account

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 before hand. 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.

ACH Transfer Limits

These are not listed in Tab’s website or in the fine print, so you’ll have to get in touch with a representative to find out what these will be for you.

According to customers, the incoming and outgoing transfer limit is or at least has been $10,000. Just know that you probably won’t find out exactly what limits are until you open an account.

Tab Bank 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 wildly mixed, so it’s not clear what you can most likely expect from this service.

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. Many people come for the rates and it seems like the majority do stay for the rates, but a lot of users have shared that the online banking interface leaves a lot to be desired.

Final Thoughts

If you’re in the market for a high yield online savings account, then TAB Bank’s high yield savings product is a fantastic option.

The account is easy to open and has no minimum deposit or balance requirements.

If you’re looking to do more everyday type banking, then you’ll want another account to supplement this one. ATM fees alone could eat away at your interest.

TAB Bank’s CD rates while lucrative in the past are only so-so today (albeit above the current national average). More lucrative APYs can be had with other FDIC insured banks.

Discover Bank CD Rates – Now 1.15% APY


image credit: discover.com

[Update June 25, 2020: Discover Bank lowered the APY on all of their CDs by 0.05 – 0.10% APY.]

[Update June 4, 2020: Discover Bank lowered the APY on all CDs.]

[Update May 28, 2020: Discover Bank lowered the APY on all deposits with terms greater than 12 months. Making this the the third time in a single month in which Discover bank has done that.]

[Update: May 19, 2020: Discover Bank lowered the APY on CDs with terms of 12 months and higher. Short term deposit rates remain unchanged.]

[Update: May 5, 2020: Discover bank lowered the APY on CD terms of 30 months and higher. Shorter term deposits remain unchanged.]

Ever since Sears first introduced the Discover Credit Card back in 1985, the Discover Bank brand has largely become a household name.

Although the bank is often associated with their popular credit cards, they also have a suite of online savings accounts and certificates of deposit with annual percentage yields far above the current national average.

If you’re in the market for an FDIC insured bank CD, Discover Bank is certainly worth exploring.

Discover Bank CD Rates

CD TermAPY
3 months0.25%
6 months0.45%
9 months0.55%
12 months0.90%
18 months0.90%
24 months1.01%
30 months1.05%
3 years1.05%
4 years1.10%
5 years1.15%
7 years1.15%
10 years1.15%

As you can see the real jump in APY comes at 1 year mark. If you’re open to tying up funds for 12 months, then this is likely the optimal deposit product for you if you choose to go with Discover Bank.

After the 12 month term, the APY doesn’t increase proportionately with the associated term increase, therefor we wouldn’t recommend opting for a longer duration CD with Discover Bank.

How Do Discover Bank CDs Stack Up Against The Competition?

All of Discover Bank’s CDs come with a minimum deposit requirement of $2,500 which is relatively steep compared to other online banks offering FDIC insured certificates of deposit products.

On the other hand, their interest rate and APY are almost always among the top yielding banks nationally for CDs.

image credit: discover.com

In fact, on the CD section of Discover Bank’s website (shown above), they have a very helpful interactive widget that allows you to add other banks and compare current deposit rates. So Discover Bank certainly isn’t shy about pitting their rates against their competitors.

More on Discover Bank’s CD Rate Comparison Widget:

They have a couple banks defaulted into the module when you start – US Bank, Bank of America and Capital One.

You can choose up to 6 different banks to compare, but only 3 at a time.

Unfortunately no credit unions can be added to the comparison module at this time.

Getting Started With Your Discover Bank CD

Purchasing CDs from Discover Bank is a very straight forward process. They have gone above and beyond in perfecting the online application process, optimizing their mobile apps for customer needs and making their fine print easy to understand and accessible.

Opening your Discover Bank CD

Once you’ve found the right CD term for you, you can navigate to Discover Bank’s online CD page here and click the orange “Open an Account” button found at the top right of the page and directly in the center under the words “Lock in your future.”

Now proceed through the application process.

Here are the things you’ll likely need to finish the application:

  • full name
  • home address
  • date of birth
  • phone number
  • Social Security number
  • employment status (employer and length of employment may be requested)
  • driver’s license, passport or other form of photo ID

After your application is completed and accepted you can fund the account.

Funding your Discover Bank CD

Upon completing the application you will have exactly 45 days to fund this account. The account can be funded in one of 4 ways. Here are the 4 ways in which you can fund your account:

  1. Transfer funds from another bank account via an online transfer.
  2. Transfer funds from another bank account via telephone. This function is only available for your initial transfer. Call 1-800-347-7000 to get started.
  3. Download their mobile app from iTunes or the Google Play store and complete a mobile check deposit.
  4. Make a check out to yourself and send it via snail mail to the following address: Discover Bank P.O. Box 30417 Salt Lake City, UT 84130

Discover Bank CD Account Details

There are a few details to your Discover Bank CD that you should be aware of.

First, your deposit is federally insured by the FDIC up to $250,000 in case of bank insolvency during your deposit term.

Second, fees. While this account has very little to worry about in terms of fee’s there are a couple you should be aware of – most notably early withdrawal fees. If you need your funds in the case of an emergency an early withdrawal fee will be applied. That said, this is quite standard with any Bank CD and Discover Bank’s fees in this regard are on par with other major banks.

Discover Bank’s early withdrawal fee structure:

image credit: discover.com

The only other fee you’ll need to be aware of is for outgoing wires. If you plan on moving any money out of the CD upon maturity you’ll incur a $30 fee per wire.

What Happens When Your Discover Bank CD Matures?

Exactly 30 days prior to your Discover Bank CD maturing, Discover Bank will send you a notification making you aware of the date.

Upon maturity you will enter what is referred to as a grace period. The grace period with Discover Bank CDs is 9 days. During these 9 days you can make additional deposits, withdrawal any interest or principal or change the term of your deposit. However, once you take any of the aforementioned actions, this will trigger the end of your grace period, even if the full 9 days are not up.

If you do nothing during the 9 day grace period your CD will automatically renew into the same CD term you had before with whatever current APY Discover Bank is offering on said term.

Earning and Allocating Interest On Your Discover Bank CD

You’ll start earning interest on your deposit the same day it is funded. The interest is compounded daily and returned to the deposit (or another Discover Bank account) once per month.

With the interest earned you can do one of two things:

  1. The do nothing / default option places the interest back into the CD to compound until maturity.
  2. If you’re living off of the interest as income, or for whatever reason want the interest to be accessible, you may have it transferred to another Discover bank account.

Discover Bank Customer Sentiment + Account Features

Discover’s performance as a bank is above average with user reviews hovering around ​4 out of 5 stars on the top review sites​.

The online institution simply has a reputation for being a stand-up company with total transparency, and it’s known for having a team of customer service representatives that are as helpful as they are speedy. User reviews reflect satisfaction with the bank, with only the occasional angry customer reporting excessively long transfer holds, unexpected account closures, and the like.

Likewise, the Discover app is top-notch. Millions of Apple and Android users agree that this mobile banking app deserves a near 5 star rating for a platform that’s almost as simple to use as it is functional. If you’ve read our mobile app reviews of other online banks you’ll quickly notice this is far from the norm. You can download their Apple app here and their Android app here.

Overall, Discover online and mobile banking platforms are user-friendly and representatives are knowledgable and friendly.

Discover has multiple phone lines devoted to various banking needs, and these are all open 24/7 year-round. To open or manage an account, call 1-800-347-7000. For online banking tech support, call 1-800-290-9885. For everything else, visit ​this page​ for the right number. Mail can be addressed to:

General Correspondence Discover Bank
P.O. Box 30416
Salt Lake City, UT 84130

Discover has only one branch (the bank’s headquarters in Delaware), but there is a sizable network of ATMs​ from which you can service your accounts at no cost.

Discover will allow you to make incoming or outgoing ACH transfers of up to $250,000 per month.

Final Thoughts

Discover Bank CDs consistently feature APYs that are significantly higher than the national average – usually just a handful of basis points away from the highest yielding accounts.

They have invested considerable time and resources into developing one of the most straight and easy to navigate online banks with account perks that outdo many of their competitors.

If you like all of your accounts under one roof, then Discover Bank is definitely worth the look. From online savings accounts, checking accounts, credit cards and CDs, Discover Bank has it all.

Lafayette Federal Credit Union CD Rates: Up to 1.51% APY


image credit: lfcu.org

Lafayette Federal Credit Union is a regional institution with branch locations in Maryland, Virginia, and Washington, D.C.

Founded in 1935, this small credit union serves roughly 20,000 members in the greater D.C. area.

If you’re looking for a credit union that feels more personal than what you’d get with a bigger bank AND you live in or around D.C., you might want to give Lafayette Federal a try.

A few of their products are fairly competitive in terms of rates, especially for a credit union. For example, they feature a promotional checking account with an APY of 3.03% on balances up to $3,000 as long as a few criteria are met.

They also have solid rates on their longer term certificates of deposit. Their 5 year CD features a yield well over twice the current national average.

For more information on the deposit products offered by this institution as well as membership eligibility, read our full review below.

Lafayette Federal Credit Union CD Rates + Account Details

Lafayette Federal deposit accounts are federally insured by the National Credit Union Administration up to $250,000, the maximum amount allowed.

A unique aspect of Lafayette’s certificate products is that they sell both fixed and variable rate CDs. And both come with competitive rates.

Lafayette Federal Credit Union Fixed-Rate CDs

CD TermMinimum DepositAPY
7 month$5000.75%
1 year$5000.85%
2 year$5001.01%
3 year$5001.16%
4 year$5001.31%
5 year$5001.51%

To put the offers above in perspective, the current national average for a 1 year CD and a 5 year CD sit at just 0.24% APY and 0.61% APY, respectively.

Lafayette Federal Credit Union Variable-Rate CDs

CD TermMinimum DepositAPY
18 month$500.80%
3 year$501.01%
5 year$501.26%

There are a few differences between these two certificate types besides the rates.

One is that the variable-rate CDs require a minimum opening deposit of $50 and the fixed-rate CDs require a minimum opening deposit of $500.

Another is that you can deposit more money into a variable-rate account at any time prior to maturity. This cannot be done with the fixed rate CDs.

The most notable difference though is in the name(s) – “variable” and “fixed.” With a fixed CD you are getting a locked into an interest rate until maturity. With a variable CD your rate and APY will rise and fall with the market – much like a money market account or online savings account.

In general, variable-rate CDs are going to be better when you expect interest rates to rise and fixed-rate CDs are going to be best in times of declining interest rates.

Lafayette Federal Credit Union Savings Accounts and Money Market

Lafayette Federal Credit Union has many savings accounts in its product suite:

  1. A Share savings account, your ticket to membership with Lafayette;
  2. An IRA savings account,
  3. A Preferred savings account; and
  4. A Premier savings account.

The Share savings is going to pay you the least amount in interest but will be the easiest to maintain, and a Premier savings account will pay the most in interest but will require a high deposit and minimum balance to maintain.

Lafayette Federal Credit Union Savings Account Rates

AccountMinimum BalanceAPY
Share Savings Account$500.10%
IRA Savings Accountna0.50%
Preferred Savings Account$0 – $19,999.990.20%
$20,000 +0.30%
Premier Savings Account1st $50k0.30%
2nd $50k0.40%
Next $150k0.50%
Next $250k +0.75%

To give the offers above more context, the current national average for a savings account sits at just 0.06% APY. And the current national average for a money market account doesn’t fare much better at 0.09% APY.

Dividends are compounded quarterly and paid quarterly on all savings accounts.

Lafayette Federal Credit Union Money Market Rates

BalanceAPY
$0 – $2,4990.00%
$2,500 – $24,9990.05%
$25k – $149,9990.15%
$150,000 +0.30%

These money market accounts require a minimum opening deposit of $2,500 and they can be opened in-person or online.

How to Avoid Fees on the Savings Accounts and Money Market Accounts

Remember your Share Saving account, while it doesn’t yield much, is your key to membership. So be sure to keep at least $50 in the account. Failure to maintain this balance will result in a $10 monthly charge.

Excessive withdrawals over the federally enforced limit of 6 per statement cycle cost $10 each for Preferred savings accounts, $20 each for money market accounts, and $100 each for Premier savings accounts.

Lafayette Federal Credit Union Relationship Checking

If you open Lafayette’s Relationship Checking account you’ll be signing up for a decent interest-bearing checking account with the potential to earn an APY of 3.03%.

This excellent interest rate is, of course, conditional. It only applies to balances up to $3,000 plus comes with some monthly hoops to jump through (criteria listed below).

Above $3,000, your balance will earn an APY of 0.025%. A minimum opening deposit and average daily balance of just $5 is required. Interest is compounded and paid quarterly similar to Lafayette’s other deposit products.

How to Earn the 3.03% APY on Balances up to $3,000

To earn the 3.03% APY dividend rate, members will be obligated to

  1. Continue to receive their statement electronically (no paper statements will be mailed),
  2. Sign in to online banking at least once per month,
  3. Maintain at least one (1) qualified direct deposit of at least $500 per month, and
  4. Complete at least five (5) debit card point of sale transactions per month.

Qualified direct deposits include:

  1. Recurring direct deposits via a paycheck,
  2. Pension,
  3. Social Security or
  4. Other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

About Lafayette Federal Credit Union + Eligibility

Lafayette Federal Credit Union is not open membership, so you need to meet their eligibility requirements in order to join.

These criteria are mostly employment and location based. You can immediately qualify through your employer, through your area of residence, or through a family member.

This credit union extends membership to employees of many corporations, some national and even international (Whole Foods, AMEX, and more) and some regional. You can also join if you are the relative of someone that is already a member or if you live in Potomac, Maryland or you live, work, or worship in select regions of D.C.

Those that don’t meet the above eligibility requirements can easily join by becoming a member of the American Consumer Council (ACC) for free through this link. For all details about qualifying employers and regions, please visit the membership eligibility page.

Branches and ATMs

Lafayette Federal participates in co-op shared branching with over 6,000 branches and thousands of surcharge-free ATMs across the country. There are only 8 Lafayette Federal Credit Union branches, and these are located in: 

  • Crystal City, Virginia
  • McLean, Virginia
  • Kensington, Maryland
  • Potomac, Maryland
  • Rockville, Maryland
  • Washington, D.C.

Most accounts can be opened and managed online, and Lafayette Federal Credit Union has an app for both Apple and Android devices to make banking more convenient whether you live near a branch location or not.

Final Thoughts

If you live in the greater D.C. area and are looking for a competitive long term CD or a rewards checking account, then Lafayette Federal Credit Union might be a good home for you.

Just note that better rates on variable rate deposit products can be had through online institutions that don’t have such strict eligibility requirements. The trade-off being you will have a less personalized banking experience and will have to manage your accounts online.

Georgia’s Own Credit Union CD Rates – Up to 1.90% APY!


image credit: georgiasown.org

Georgia’s Own Credit Union is a regional credit union serving Georgians across the Peach State since it opened its doors in 1934.

This credit union is quite small on a national scale but it’s the third-largest credit union in the state of Georgia, with 23 branch locations in metro-Atlanta, Savannah, Augusta, and other cities. 

To join Georgia’s Own – should you decide that it would be a good fit for your long-term financial goals – you’ll need to meet their geography or employment-based membership requirements.

Georgia’s Own Credit Union is not open membership but there are a couple of eligibility loopholes you can use to qualify if you don’t meet the general criteria. We’ll cover this in our eligibility section further down in this article.

Curious how their NCUA-insured savings products stack up? Find out in our comprehensive review below.

Georgia’s Own Credit Union CD Rates + Account Details

Deposits made into Georgia’s Own deposit accounts are federally insured by the NCUA (FDIC equivalent for credit unions) up to the maximum amount allowed of $250,000 per depositor. Joint accounts are covered up to $500,000.

As mentioned earlier, CD accounts with Georgia’s Own are currently providing some very lucrative yields at the moment.

Standard certificate accounts and bump rate certificate accounts, which Georgia’s Own calls “Own Your Rate CDs,” are available for purchase.

Georgia’s Own Credit Union CD Rates

CD TermMinimum DepositAPY
6 month$5000.75%
1 year$5001.30%
2 year$5001.45%
3 year$5001.65%
4 year$5001.65%
5 year$5001.90%

Please note that these standard CD rates can vary depending on balance, however at the present time they do not. Yields are consistent across all deposit amounts.

To put the offers above in perspective, the current national average for a 12 month certificate of deposit sits at just 0.24% APY currently.

Own Your Rate Savings Certificate (Bump Rate CD)

Bump rate CDs are also available at Georgia’s Own.

You’ll find these under the name of Own Your Rate Savings certificates and these require $500 to open just like their standard CDs.

These certificates come with 22 and 44 month terms that allow you to bump up your rate. You are allowed one bump for the 22 month term, and two for the 44 month term.

Remember, these products are only useful when rates are rising. If Georgia’s Own does not raise their deposit rates during the life of your CD, then the option becomes irrelevant. Also keep in mind Georgia’s Own will not notify of rate increases, so you’ll have to monitor these yourself while you bump CD is active.

How is Interest Compounded?

Interest is compounded and credited monthly or quarterly on 6 month, 1 year, 3 year, and 5 year CDs, but compounded and credited only quarterly on 2 year and 4 year CDs.

Early Withdrawal Penalties

  1. Early withdrawal from a term of 12 months or less will cost 90 days’ interest,
  2. from a term of 13-24 months will cost 180 days’ interest,
  3. from a term of 25-36 months will cost 270 days’ interest,
  4. from a term of 37-48 months will cost 360 days’ interest, and
  5. from a term of 49-60 months will cost 450 days’ interest.

The grace period within which you can make penalty-free withdrawals or deposits upon renewal is 10 days.

Georgia’s Own Credit Union Savings Accounts

There are 5 different savings account options to choose from with Georgia’s Own Credit Union. However, all of them provide the same yields currently. Your 5 options are:

  1. Primary Savings
  2. Holiday Savings
  3. Vacations Savings
  4. Club Savings
  5. Coindexter Club Savings

The Holiday and Vacation savings accounts allow you to automatically set money aside for those intended uses. The funds you save in these accounts are then automatically transferred to your primary account on November 1st and May 1st, respectively, so that the money is available when you need it for those events.

A Club savings account, on the other hand, lets you set aside money for unspecified uses but functions similarly to the Holiday and Vacation savings accounts.

A Coindexter Club savings account is geared towards children learning the value of saving. These can be opened by children up to 13 years old. When this account reaches a balance of $250, the primary account holder receives a free gift.

Interest is compounded and credited quarterly for all savings accounts.

Lookout For Potential Fees

Though technically called an inactive account fee, you’ll essentially be charged a monthly maintenance fee of $5 for every month that your account balance dips below $250. For every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

Georgia’s Own Credit Union Savings Rates

BalanceAPY
$5.00 – $49,9990.10%
$50,000 – $99,9990.13%
$100,000 +0.18%

A minimum opening deposit of just $5 is required to open any savings account with Georgia’s Own Credit Union, and any balance above $5 will earn interest.

The initial $5 that you deposit into the Primary savings account granted to you when you join is your share in the credit union, so you’ll need to make sure that that money stays there to keep your membership.

Georgia’s Own Credit Union Money Market Rates + Account Details

The money market rates offered by Georgia’s Own are more competitive than their savings products, but still lag the top rates held by online institutions.

Georgia’s Own Credit Union Money Market Rates

BalanceAPY
$2,500 – $9,9990.45%
$10,000 – $24,9990.55%
$25,000 – $49,9990.60%
$50,000 – $99,9990.65%
$100k – $249,9990.70%
$250k – $499,9990.75%
$500k – $999,9990.80%
$1m +0.80%

To put these offers in perspective, the current national average for money market rates falls between 0.08% and 0.11% nationally according to SmartAsset.

Avoid a $10 monthly service fee and continue earning dividends by maintaining an average daily balance of $2,500 or more.

As with the savings accounts, for every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

About Georgia’s Own Credit Union + Eligibility Requirements

Georgia’s Own Credit Union holds just shy of $2.5 million in total assets and has a net income of $21 million. 182,756 members bank with this credit union. There are 32 Georgia’s Own Credit Union branches, all of these located in Georgia. This institution also participates in co-op shared branching with other credit unions and shares over 85,000 surcharge-free ATMs across the country.

To be eligible to join Georgia’s Own, you’ll need to meet one of the following:

  1. be a resident of a qualifying Georgia county,
  2. a member of the Georgia’s Own Foundation,
  3. a Georgia resident and member of the Getting Ahead Association,
  4. a family member to someone that’s a Georgia’s Own member, or
  5. an employee/retiree of a qualifying company.
  6. Having ties to Georgia State University – whether you’re a former student, current student, or member of faculty or staff.

To become an Advocate with the Georgia’s Own Foundation you’ll need just $10 and anyone can join. This is the biggest loophole for non-Georgia residents to join.

To become a member of the Getting Ahead Association, you’ll need to be a Georgia resident and you can contact a Georgia’s Own representative for help joining.

Georgia’s Own has mobile banking apps available for download for Apple and Android mobile devices, and these are generally considered to be user-friendly and comprehensive based on customer reviews.

Final Thoughts

Georgia’s Own Credit Union is probably going to be best suited for individuals living in or around Georgia.

They don’t offer much interest on their variable rate savings products. All five of the savings accounts plus their money market accounts come with rates well under one percent.

However, if you’re looking for a fixed rate deposit, their CDs are beating the national averages for their respective terms by considerable margins – especially on longer term deposits. They also beat the yields of top online banks, which credit unions don’t often do.

With a credit union of this size, you’ll also likely have a customer service experience that feels much more personal.

Barclays Online Savings Account: 1.00% APY + 0.85% CDs


image credit: banking.barclaysus.com

Barclays Bank Delaware is an online-only investment bank that was established in the U.S. in 2003. An online division of Barclays – the multinational financial services company headquartered in London that traces its history back to 1690 – this online institution has garnered recognition for convenience and high rates of return. For the purposes of this article, Barclays Bank Delaware, the online-only U.S. division of Barclays, will be referred to simply as Barclays. 

Barclays product suite is simple – with just an online savings account and a few standard term CDs.

That said, the accounts generally come with higher than average rates, plus zero fees or minimum balance requirements.

Barclays was also awarded a “Best Banks for Savings” rating by Nerdwallet in 2019 and consistently competes with the best products on the market.

You won’t be able to do all of your banking in one place with Barclays, but if you’re comfortable managing your savings digitally in the interest of earning better interest, Barclays might be a good fit.

Barclays Online Savings Account Rates + Details

Barclays has only one savings account, the Barclays Online Savings. This account offers a solid APY of 1.00%. Barclays is a member of FDIC, so all accounts opened with them are insured up to $250,000.

Minimum BalanceAPY
$01.00%

How to open an account:

You can deposit funds by any of the following methods:

  • you can set up direct deposits,
  • make remote deposits through the app or website,
  • transfer funds electronically through an ACH transaction,
  • or mail a check to the following address: Barclays P.O. Box 4538 Carol Stream, IL 60197

To put this in perspective, the current national average for savings accounts sits at just 0.07% APY, although some banks are still offering APYs of up to 1.45%. Keep in mind these rates are variable and can change at anytime without notice.

There’s no minimum balance to open a Barclays Online Savings account and there are no monthly maintenance fees to worry about either. To get paid interest, just maintain an average daily minimum balance of $1.00. Dividends are compounded daily and credited monthly to your savings account or an external account. 

You can easily transfer funds to accounts with other banks for free (though you will have to wait 2 – 3 business days for these to go through), but you can do this six times per month without incurring fees. For each transaction after that, you’ll be charged $5. The only other fee attached to this account that you’ll want to know about is the $5 non-sufficient funds fee, which is significantly lower than what most banks charge.

How Does Barclays Online Savings Account Compare?

Shown below are today’s highest yielding online savings accounts available nationwide. Online banks tend to offer higher APYs than brick and mortar institutions as they have lower overhead costs and return those savings to customers in the form of higher rates.

InstitutionAPYNotesMore
1.25%1.15% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.21%Review
1.20%Must avg. 12,000 daily steps.Review
1.20%Review
1.20%$4.50 monthly fee can be waived.Review
1.20%$4 monthly fee charged if account dips below $1k.Review
1.10%Review
1.05%Review

Barclay CD Rates + Account Details

Barclays’ certificate of deposit terms are fairly standard. Their APYs are higher than the current national averages for their respective terms, but better rates can be found elsewhere online and even through a handful of credit unions.

Barclays Online CD Rates

CD TermAPY
3 month0.35%
6 month0.65%
9 month0.70%
12 month0.85%
18 month0.85%
24 month0.85%
36 month0.85%
48 month0.85%
60 month0.85%

To give the yields above some context, a 12 month CD currently holds an average APY of just 0.26% nationally.

There are no bump-up or special CDs currently offered through Barclays.

Interest on these deposit accounts are compounded daily and credited monthly. You will have the option of either keeping earned interest in your CD or having it disbursed monthly to your Barclays Online Savings account. You can edit this preference at any time. 30 days before your CD reaches maturity, you will be asked whether you’d like to renew or not.

There are no minimum balances or monthly maintenance fees, but as with most deposit products they do impose early withdrawal fees.

Early withdrawal fees are as follows:

  • For terms of less than or equal to 24 months 90 days’ simple interest will be charged,
  • for terms of greater than 24 months 180 days’ simple interest will be charged

If you have to make any changes or remove funds after renewal, try to do so within the 14 day grace period.

Barclays Online Banking Experience

Barclays has ATMs, but you won’t be able to access them if you’re an online-only customer because the Barclays Online Savings account does not come with an ATM card. There is also no U.S. branch network. To access your funds, you’ll have to transfer them to another account or cash out checks. And remember, Barclays does not offer a checking account at this time.

So what do users think of this online-only institution?

Reviews are very mixed.

Until recently, customers have generally been satisfied with their experience with this bank. Out of 220 reviews on DepositAccounts, the bank earned a 4-star customer rating. Out of 472 customer ratings on ConsumerAffairs, the institution earned about 3.2 stars. Finally, on WalletHub, Barclays scored a 3.8 out of 24.2 thousand user reviews—overall, the bank is rated somewhere between 3 and 4 stars out of 5. (Keep in mind, however, that some reviews are of the global company and not of the online, U.S.-based retail bank alone.)

In normal environments consumers seem to be satisfied with this bank, especially for its interest rates and the ease of use of its digital platform. But in the past few weeks, amidst the panic of COVID-19 and the worrisome financial situations of so many Americans that have resulted, Barclays has received an outpouring of overwhelmingly negative reviews. 

As customers seek help in the form of mortgage relief, advice, answers, and more, Barclays has allegedly become flaky and unpredictable. Many users have reported unexpected account closures and freezes and countless customers are unable to reach customer service representatives at all. Though this might not be the typical Barclays experience, you’ll want to decide for yourself whether Barclays is a bank you can trust using this information.

As for the Barclays mobile app, this scores a 4.8 out of 5 on Apple’s App Store and a 4.5 on Google Play. Users report that this app is functional and easy to navigate—if basic—though the general consensus seems to be that its quality declines with each required update. You can do your banking online if you prefer, and customer service can be reached at (888) 710-8756 Monday through Friday from 8 am to 8 pm or through the live chat function on the site.

Final Thoughts

Barclays online bank may meet your savings needs, but there are a few considerations you’ll want to take into account. 

For one, their customer service seems to be unsatisfactory, at least for the time being. This is a red flag that shouldn’t be ignored, especially when the bank in question is online-only and you won’t be able to go into a branch to have your questions answered and concerns heard.

For another, Barclays doesn’t have many products, so doing all of your banking in one place won’t be possible. There has been talk of an online checking account option becoming available, but this has yet to happen.

On the positive side, Barclays accounts do not have minimum balances or monthly maintenance fees and are, of course, have higher than average yields.