APY GUY: Maximize Your Savings & Earnings

Money Market

Morgan Stanley Deposit Rates – See how they compare


image credit: Unsplash

Morgan Stanley’s Bank Deposit Program is an investment vehicle used to hold cash balances while awaiting reinvestment.

Idle funds held in account(s) at Morgan Stanley are automatically deposited by MSSB (Morgan Stanley Smith barney LLC) into FDIC-insured accounts complete with interest.

The accounts these funds funnel into are held by either Morgan Stanley Bank and/or Morgan Stanley Private Bank. Both are member FDIC and funds are insured up to the applicable limits for individual and joint accounts.

The APYs paid on these accounts are tiered based on balance amount.

The tiers are as follows:

  • $0 – $99,999.99
  • $100k – $249,999.99
  • $250k – $499,999.99
  • $500k – $999,999.99
  • $1m – $1,999,999.99
  • $2m and above

Currently, all tiers earn the same APY, however as interest rates rise you can expect this to change with higher balances earning more attractive yields.

The Bank Deposit Program is the default sweep option unless the account is ineligible to participate in the Bank Deposit Program. Morgan Stanley provides a couple alternate funds in which free credit balances can be swept into, if you’re ineligible for the Bank Deposit Program.

To view Morgan Stanley’s current APYs for their Bank Deposit Program and alternate funds, continue reading our review below.

Morgan Stanley Bank Deposit Program APYs

The yields below are accurate as of the time of this publishing. To give these yields some context, the current national average for a money market account and an interest checking account sit at 0.33% APY and 0.06% APY, respectively, according to recent FDIC data.

Deposit RangeAPY
$0 – $99,999.990.01%
$100k – $249,999.990.01%
$250k – $499,999.990.01%
$500k – $999,999.990.05%
$1m – $1,999,999.990.15%
$2m – $4,999,999.990.30%
$5m – $9,999,999.990.50%
$10m +0.50%
APY = Annual Percentage Yield

If the account is ineligible for Morgan Stanley’s Bank Deposit Program outlined above, then balances in the account will be swept into one of Morgan Stanley’s alternate funds.

Also note that balances above $20 million will be swept to the MGPXX fund. More info on that fund below.

Morgan Stanley Domestic Money Market Sweep Fund and Yield

If your account is ineligible for the Bank Deposit Program, Morgan Stanley’s Domestic Money Market Sweep Fund may still be available to you. The yields shown below are not traditional annual percentage yields, but rather 7 day yields.

We should also note that funds held in these accounts are not insured by the FDIC.

Fund NameFund Symbol7-Day Yield
MSILF GOVT SEC PARTMGPXX3.98%
MS U.S. GOV’T MONEY MARKET TRDWGXX4.04%

Unlike traditional money market accounts held at banks or credit unions, it is possible to lose money with the funds above.

Per Morgan Stanley’s fine print (found here):

“Depending upon the type of money market fund in which you invest, a fee may be imposed upon sale of your shares or the Fund may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.“

Morgan Stanley Offshore Money Market Sweep Fund + Yield

Similar to the Domestic Money Market Sweep Fund Morgan Stanley offers, the Offshore Money Market Fund Sweep Fund also quotes their yields in 7 day terms. This product is not available in the US or to US citizens.

Fund NameInternal Fund Symbol7-Day Yield
CAYMAN SWEEP FUNDAAGS3.93%

Unlike the fund symbols associated with Morgan Stanley’s domestic money market options, the Cayman Sweep Fund is an internal product that can not be looked up publicly.

FAQ

Still have questions about Morgan Stanley’s deposit accounts? See what other consumers are asking as well as our responses below.

Does Morgan Stanley Offer CDs (certificates of deposit)?

No. As of January 2023 Morgan Stanley does not offer CDs for consumers.

What are Morgan Stanley’s CD Rates?

Morgan Stanley does not offer CDs at this time.

Is Morgan Stanley FDIC insured?

Not themselves, but their partner banks are. Cash balances are swept into deposit accounts offered by participating banks in Morgan Stanley’s Bank Deposit Program. All participating banks are FDIC-insured.

UFB Direct Savings Account – Now 4.21% APY!


[📌 Update January, 2023 – UFB Direct bumped up their yields again this month to start the new year. Both their Elite Savings account and Elite Money Market account now come with an APY (annual percentage yield) of 4.21%. This is up from 4.11% APY in December and up from 3.83% APY in November. See details below.]

UFB Direct is a division of Axos Bank. Both banks are fully digital, online banks that have no physical branches.

They also share the same FDIC insurance (certificate #35546), so if you currently have a deposit account with Axos Bank that balance amount will count towards your FDIC limit with UFB Direct as well.

UFB Direct offers two variable rate deposit accounts with highly competitive yields. These are:

  1. Elite Savings account
  2. Elite Money Market account

Both currently hold the same APY (annual percentage yield) of 4.21% however, there are a few notable differences between the two accounts which we’ll go over in our review below.

Elite Savings Account

ufbdirect.com

UFB Direct’s Elite Savings account was just launched in August of 2022 originally as a “Rewards Savings” account, but then changed the name of the account shortly after launching.

It has zero monthly maintenance fees and no monthly direct deposit requirements to earn the advertised interest rate and APY.

It also comes with no minimum deposit requirement.

Rate

Balance TierAPY
$0 – $9,999.994.21%
$10k – $24,999.994.21%
$25k – $49,999.994.21%
$50k – $99,999.994.21%
$100k +4.21%
APY = Annual Percentage Yield

Although all balance tiers pay the same yield currently, this may change in the future.

To put this yield into perspective, the current national average for a savings account sits at just 0.33% APY according to FDIC data.

The most competitive variable-rate savings accounts are now yielding over the 4.00% APY mark, with these accounts by UFB Direct among the rate leaders.

Compounding and Crediting Interest

Interest on the UFB Direct Savings account is compounding daily and you start earning interest on the same business day that they receive your funds.

Interest is credited back to the account monthly and can remain for further compounding or can be transferred to an external account which has been set up for direct deposit.

Deposits and Withdrawals

If funding the savings account via ACH transfer please allow 2 – 3 business days before your account is actually opened.

Once you set up an external account for direct deposit into your UFB Elite Savings account, you will be able to make free direct deposits at your convenience.

You are limited to 6 withdrawals per month per federal regulation D.

Features

✅ Free ATM card to make cash withdrawals from your Elite Savings account.

✅ Digital tools for 100 percent remote banking.

✅ Free transfers between external bank account and UFB Direct Elite Savings account.

✅ SMS messaging to access your account when you’re without any internet connection.

✅ Mobile Check Deposit for depositing physical checks via your smartphone.

Elite Money Market Account

UFB Direct’s Elite Money Market account comes with the same APY as the Elite Savings account. The major difference between these two is that the money market account comes with a minimum balance requirement of $5,000 to avoid a $10.00 monthly fee.

Rate

Balance TierAPY
$0 – $9,999.994.21%
$10k – $24,999.994.21%
$25k – $49,999.994.21%
$50k – $99,999.994.21%
$100k +4.21%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account sits at just 0.44% APY per FDIC data.

UFB Direct uses the same daily balance method for compounding the interest on your Elite Money Market account. Dividends are paid monthly as well.

📌 Please Note – There is no complimentary ATM card associated with the Elite Money Market account.

Final Thoughts

UFB Direct’s Elite Savings account and Elite Money Market account both come with extremely competitive yields that are among the highest yields in the country at the moment.

The newly launched Elite Savings account appears to be the more attractive offer of the two as it comes with no minimum deposit or balance requirements and no monthly fees whereas the money market account requires you to maintain a $5,000 balance to avoid a $10/month fee.

The free ATM card and free transfers between direct deposit accounts add to the convenience of the Elite Savings account as well. These are features many online savings accounts do not offer.

Ally Bank Money Market Account – Now up to 3.30% APY!


[📌 Update January, 2023: Ally Bank’s money market account and online savings account continue to see their variable rates rise. Both accounts now provide an APY (annual percentage yield) of 3.30% APY. This is up from 3.00% APY in December. See more account details below.]

Ally Bank is a one-hundred percent digital institution that has practically become synonymous with online banking itself.

After rebranding themselves from GMAC (General Motors Acceptance Corporation) in 2009 to Ally Bank following the 2008 financial crisis, they’ve gone on to position themself front and center in the online banking world.

In September of 2019, they announced that they had soaked up over $100 billion in consumer deposits just months after their 10th year anniversary.

Today, Ally Bank offers a full suite of FDIC-insured deposit accounts with competitive APYs that always stay in-line or ahead of their peers.

Ally Bank’s variable-rate deposit account consists of an interest checking account, an online savings account and a money market account. Their fixed-rate, certificate of deposit accounts consist of standard CDs and a handful of specialty CDs.

For the purpose of this review, we will focus on Ally Bank’s variable-rate money market account.

Ally Bank Money Market Account Details + APY

image credit: ally.com

Ally Bank’s money market account is about as hassle free as they come. It has no minimum deposit requirement to open the account and no monthly balance requirement once the account is opened. The account also has no monthly fees to worry about and features a decent APY.

The APY is tiered based on balance amount, however as of the time of this writing all balances come with the same yield. As the savings rate environment continues to heat up throughout the remainder of 2022, this may change.

Market Account Rate

BalanceAPY
$0 – $5,0003.30%
$5k – $24,999.993.30%
$25k or more3.30%
APY = Annual Percentage Yield

To put the yields above in perspective, the current national average for a savings account sits at just 0.30% APY and the national average on a money market account sits at 0.38% APY, according to FDIC data.

That said, there are a number of money market accounts featuring APYs above 4.00%.

Interest is compounded daily for maximum growth. Keep in mind though that this rate is variable and is subject to change at any time without notice.

Accessing Your Cash

Per Federal Regulation D, you are limited to just 6 withdrawals or transfers per statement cycle. If you exceed this amount, Ally Bank will charge $10 for each additional transaction after the sixth. Please note, that due to COVID-19 Ally Bank is currently refunding these excessive transaction fees. We will update this post when Ally Bank’s policy changes on this matter.

Despite limited digital withdrawals and transfers, you are allowed an unlimited amount of monthly ATM withdrawals.

Upon opening the Ally Bank money market account, Ally will send you a debit card that should arrive in the mail no later than 10 business days after your initial deposit. Your first order of checks will also come within this time frame.

With your Ally Bank ATM card you can make unlimited cash withdrawals from your account for free at any of the 43,000+ Allpoint ATMs across the country. Ally Bank will also reimburse you up to $10 per statement cycle for fees charged at other ATMs.

Adding funds to your money market account is quick and easy with Ally Bank’s mobile app for Android or IOS phones. With the Ally Bank eCheck Deposit feature you can snap a photo of your check and deposit it on the go.

If you have any issues accessing your funds or with the account in general, Ally Bank features 24/7 support with live, actual people.

You can get in contact with them a number of ways outlined on their contact page, or you can give them a call directly at 1-877-247-2559. You’ll notice Ally Bank even shows the estimated customer support wait time at the top, right-hand corner of their homepage.

Fee Schedule

Depending on how you use your Ally Bank money market account, you may encounter various fees from time to time. Below is a complete breakdown of how and where you may encounter these.

Ally Bank Fee Schedule

ActionFee
Returned deposit item$7.50
Overdraft item (paid or returned)$25
Excessive transaction fee$10 (currently reimbursed)
Expedited delivery$15
Outgoing domestic wires$20
Account research fee$25

Unlike many online banks and credit unions, Ally Bank does not charge for incoming wires – either foreign or domestic.

With Ally Bank, you’ll also be entitled to free standard or expedited ACH transfers, copies of online statements, postage paid deposit envelopes, and free cashier checks and regular checks.

Money Market VS Online Savings

Ally Bank’s online savings account is a similar product to their money market account in many ways.

The accounts pay the exact same APY and have the exact same balance tiers. They also have identical fee schedules and nearly identical account features.

Money Market Rate Vs Online Savings Rate

Money MarketAPYOnline SavingsAPY
$0 – $5,0003.30%$0 – $5,0003.30%
$5k – $24,999.993.30%$5k – $24,999.993.30%
$25k or more3.30%$25k or more3.30%
APY = Annual Percentage Yield

So what’s the difference?

Three automated savings tools that are only found with the online savings account.

The difference is in the tools and access that each provides. The online savings account offers 3 automated savings tools that the money market account does not. These are:

  1. Recurring Transfers – Set up automatic transfers into your savings account that works for your budget. This can be a fixed dollar amount or percentage of deposit.
  2. Round Ups – This feature is powered by an Ally Bank algorithm. It tracks your Ally Bank interest checking account transactions and determines when it can round-up to the nearest dollar. Once you’ve built up $5.00 in ’round-ups’ the feature will deposit these funds into your online savings account.
  3. Surprise Savings – Another algorithm feature, this tool analyzes your linked interest checking account for funds it determines as “safe-to-save.” Then it transfers these to your online savings account.

The money market account offers easy ways to access your cash at any time. These include:

  1. Debit Card. This can be used at 43,000+ AllPoint ATM locations nationwide. Ally will also reimburse you up to $10 per month for third party ATM charges.
  2. Check writing capability. The money market account also allows you to write checks.

Patelco Credit Union CD Rates – Now up to 4.30% APY!


Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 400,000 members across the country and over $9 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

image credit: patelco.org

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

CD Rates

CD TermAPY
3 – 5 months0.25%
6 – 11 months0.95%
12 – 17 months2.00%
14 month special4.30%
19 – 23 months2.25%
24 – 35 months2.25%
36 – 47 months2.30%
48 – 59 months2.40%
60 months2.50%
APY = Annual Percentage Yield

To put the above offers in perspective, the current national average for 12 and 60 month CDs hovers around 1.07% and 1.09% APY, respectively, according to FDIC data.

That said, some of the top FDIC-insured online banks in the country are now offering over 4.50% and 4.75% APY for the same respective terms.

Compounding and Crediting Interest

Interest rates are compounded monthly. Dividends are paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest.

Grace Period and Early Withdrawal Fees

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10 calendar day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early Withdrawal Fees

  • Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest.
  • Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days interest.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers variable-rate money market accounts as well. These are tiered accounts that earn a blended APY based on balance.

So, if you deposit $10k, you’ll earn:

  • 2.00% APY on the first $2k,
  • 1.50% APY on the next $3k,
  • 1.00% APY on the remaining $5k.

This would give you an overall blended APY of: 1.35% on your $10,000 balance. You can use this calculator to find out what your blended APY will be on any given balance.

See table below for breakdown:

BalanceAPY
$0 – $2,0002.00%
$2,000.01 – $5,0001.50%
$5,000.01 – $10,0001.00%
$10,000.01 – $50,0000.25%
$50,000.01 – $100,0000.20%
$100,000.01 – $9,999,999.990.15%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average sits at 0.39% APY according to the FDIC, however, there are some banks paying over 4.00% APY following the most recent rate hike by the FED on December 14th of last year.

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

BalanceAPY
$00.05%
$2,000.010.10%
$3,500.010.25%

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 37 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

  1. You live in certain counties (see below)
  2. You live, work, attend school, or worship in certain cities (see below)
  3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
  4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
  5. An immediate family member qualifies

Eligible California counties include:

  • Alameda
  • Contra Costa
  • El Dorado
  • Marin
  • Merced
  • Napa
  • Placer
  • Sacramento
  • San Francisco
  • San Joaquin
  • San Mateo
  • Santa Clara
  • Solano
  • Sonoma
  • Stanislaus and
  • Yolo

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.

CFG Bank CD Rates – Now up to 4.75% APY!


CFG Bank, a quaint, FDIC-insured bank based out of Maryland, currently has some of the highest APYs (annual percentage yields) for both CDs (certificates of deposit) and money market accounts anywhere in the country.

In terms of CDs, they have just 4 options with terms ranging from 12 months to 5 years and minimum deposit requirements of $500.

CFG Bank’s money market account is currently offering an APY of 4.15% APY and comes with a minimum deposit requirement of $1,000.

Their deposit accounts can be opened and managed completely online.

Learn more about CFG Bank and their generous CD rates and high yield money market account in our comprehensive review below.

CFG Bank CD Rates + Account Details

Along with a high yielding money market account, CFB offers some competitive online CDs as well.

They have 4 online deposit products with terms of 12 months, 18 months, 36 months and 60 months.

CD Rates

CD TermAPY
12 months4.75%
18 months4.75%
36 months4.60%
60 months4.60%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at 1.07% and 1.09% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching above 4.25% and 4.50% APY, respectively, for the same terms – with CFG Bank leading the way.

Compounding and Crediting Interest

CFG bank doesn’t appear to have a Truth-in-Savings disclosure which usually provides a section on compounding and crediting interest. The only mention of this we can find is a blurb where CFG Bank states that:

“Interest can be added to the account to compound for a higher yield and then withdrawn when needed, or an interest check can be mailed monthly or interest can be transferred to another account.”

Grace Period and Early Withdrawal Fees

Because CFG Bank does not provide Truth-in-Savings disclosure we also can not find the grace period or specific early withdrawal fees.

Generally speaking, banks and credit unions allow for a 7 or 10 day grace period upon the maturity of a CD in which consumers can add or withdraw funds without incurring a penalty. If nothing is done during this grace period, CDs usually automatically renew with the same term and the going APY at that time.

If you need funds prior to the maturity of your CD, you will pay an early withdrawal fee.

CFG bank refers you to your account agreement for the specifics of these penalties, but doesn’t post the agreement publicly. Presumably this is something you will be given access to during the application process.

3rd party websites have stated the early withdrawal fee is 180 days’ interest on all 4 of their CD options, but this should be verified via your account agreement.

Opening and Funding the Account

To start the application process click on the “apply for an account link” in the top right.

From there you will be prompted to complete a series of steps to open the account.

CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Requirements for Opening an Account:

  • Be a citizen of the United States or have Resident Alien Status
  • Have a Social Security Number
  • Have a physical United States address
  • Have a driver’s license or state issued ID 
  • Be at least 18 years old

Funding the Account:

If you open your CD online, you must fund it via an ACH transfer.

Interest payments can be returned to your CD or can be transferred into a CFG Bank savings account, an external account via ACH, or a cashier’s check to your physical address.

High Yield Money Market Account Details

CFG Bank’s money market account yield of 2.55% APY is one of the highest in the country.

BalanceAPY
$1,0004.15%
APY = Annual Percentage Yield

To put the yield above into perspective, the current national average for a money market account sits at just 0.39% APY, according to recent FDIC data, while top online savings rates are just now inching above the 4.00% mark following the FED’s latest 0.50% rate hike in the middle of December.

Account Details Below:

Minimum Balance Requirements? $1,000. This used to be a tiered account with balances above $25k earning the highest APY, but they have removed the tiers in 2022.

Any fees to worry about? There are no monthly maintenance fees or early withdrawal fees associated with the high yield money market account.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None have been noted.

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Check Writing? No, there is no check writing allowed from this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just over $2.6 billion and has roughly $2.2 billion in consumer deposits. You can read more on their financial information here. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.

Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.

TIAA Bank CD Rates – Now up to 4.30% APY!


[📌 Update December, 2022: TIAA Bank gave their CDs with terms of 6 months to 2 years a raise by between 0.10% and 0.30% APY this month following the FED’s fifth rate hike of the year (this time by 0.50%) on December 14th. Tiaa Bank’s 3 month CD as well as their longer term CDs with terms of 30 months or more remain the same. Their top yield is now 4.30% APY. See all of TIAA Bank’s CD rates 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

image credit: tiaabank.com

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 (annual percentage yield) 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 month2.00%
6 month3.00%
9 month3.65%
1 year4.30%
18 month4.25%
2 year4.20%
30 month4.00%
3 year3.80%
4 year3.65%
5 year3.45%
APY = Annual Percentage Yield

To put these yields into perspective, a 12 month CD and a 60 month CD have an average yield of just 0.90% APY and 0.98% APY, respectively, according to FDIC data.

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 3.80% APY.

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

Grace Period and Early Withdrawal Fees

Tiaa bank allows for 10 calendar days (the grace period) upon your CD’s maturity in which you can add/withdraw funds, change terms, or close out the CD entirely without incurring any penalty fee. If nothing is done during the grace period your funds will renew into a new CD of equal terms and the going yield at that time.

If you need funds prior to CD’s maturity, you will incur an early withdrawal fee.

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.

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 account pays an APY of 2.25% on all balances and requires just $500 to open. The account has no fees to worry about and allows for mobile check deposits once you enroll in online banking and download their app.

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 pays an APY based on your balance amount. Rates are as follows:

Yield Pledge Money Market Rates

Min. BalanceAPY
$0 – $9,999.991.60%
$10k – $24,999.992.00%
$25k – $49,999.992.30%
$50k – $99,999.992.65%
$100k +3.00%
APY = Annual Percentage Yield

To put these yields into perspective, the average annual percentage yield (APY) on money market accounts across the country sits at 0.39% according to the FDIC.

There is a minimum deposit requirement of $500 to open one of these accounts. But ultimately, unless you have a large balance every month, you’re probably better off just opening a Basic savings account as you will earn more with that account on lower balance amounts than you would with a TIAA Bank money market account.

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 0.10% APY on all tiers at the time of this writing.

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).