APY GUY: Maximize Your Savings & Earnings

Money Market

Ally Bank Money Market Account – Now up to 1.00% APY!


[📌 Update June 2022: Ally Bank’s money market account and online savings account both saw their rates increase again this month following the FED’s historic rate hike on June 15. Both variable rate accounts now yield 1.00% APY (up from 0.75% APY to start the month). 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

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 – $5,0001.00%
$5k – $24,999.991.00%
$25k or more1.00%

To put the yields above in perspective, the current national average for a savings account sits at just 0.08% APY and the national average on a money market account sits at 0.09% APY, according to FDIC data.

That said, there are a number of high yield online savings accounts featuring APYs above 1.50%.

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 – $5,0001.00%$0 – $5,0001.00%
$5k – $24,999.991.00%$5k – $24,999.991.00%
$25k or more1.00%$25k or more1.00%

So what’s the difference?

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

The difference is in the tool set that the online savings account offers. 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.

HomeStreet Bank CD Rates – Now up to 1.00% APY!


[📌 Update June 2022: HomeStreet Bank’s CD rates remain largely uncompetitive so far in 2022 despite the FED’s historic rate hike on June 15 and their commitment of more to come throughout the remainder of the year. That said, HomeStreet Bank did add a 13 month featured CD that yields 1.00% APY. This is their most competitive deposit account at the moment. See all rates below.]

image credit: homestreet.com

HomeStreet Bank is a regional bank headquartered in Seattle, Washington serving residents in Washington, Oregon, California and Hawaii.

They were founded in 1921 by W. Walter Williams who managed to keep the bank in the family through four generations.

HomeStreet suffered major losses during the 2008 financial crisis which eventually required them to raise capital through an IPO in 2012 – ending four generations of control by the Williams family.

Today, HomeStreet Bank offers various financial services to both businesses and individuals.

For the purpose of this review, we will focus on HomeStreet Bank’s fixed rate CDs (certificates of deposit) and variable rate money market accounts.

All of the deposit accounts covered in this review are federally insured by the FDIC up to the applicable limits.

HomeStreet Bank CD Rates + Account Details

There are two variables that may affect the APY (annual percentage yield) that you receive on your CD with HomeStreet Bank. These are 1. Location, and 2. Deposit amount.

Before displaying the rates of their CDs, HomeStreet Bank requires you to select your region (you can do that here).

They have regions broken up into four groups – 1. California, 2. Eastern Washington, 3. Hawaii, and 4. Western Washington/Oregon. We should note that we’ve downloaded rate cards from each region and found the interest rates and APYs to be the same throughout. In more favorable interest rate environments, we suspect this would change.

Their rates are also tiered by deposit amount, but like location, all tiers pay the same APYs currently. We will update this post when their rates change.

HomeStreet Bank offers three types of certificates of deposit. These are:

  • Custom and IRA Certificates. Terms ranging from 31 days to 5 years.
  • Featured CDs. Oddball terms such as 11 and 22 months and higher APYs.
  • Jumbo Certificates. Require minimum $90,000.

Interest is compounded daily and credited monthly on all HomeStreet Bank CDs. We should also note that HomeStreet Bank’s CDs automatically renew and you are provided a standard 10 day grace period in which you may add or withdraw funds penalty free. If nothing is done during this time, the CD will renew with the same terms and the going APY.

If you need your funds prior to your maturity date, HomeStreet Bank may impose a simple interest penalty on the amount withdrawn based on the current interest rate being paid on the account.

Custom and IRA CD Rates

Their Custom and IRA CDs offer 9 terms to choose from ranging from 31 days to 5 years. The minimum deposit requirement is $500.

CD Term$500$2,500$5k$10k$25k+
31 days0.10%0.10%0.10%0.10%0.10%
3 months0.15%0.15%0.15%0.15%0.15%
6 months0.20%0.20%0.20%0.20%0.20%
9 months0.20%0.20%0.20%0.20%0.20%
12 months0.20%0.20%0.20%0.20%0.20%
18 months0.20%0.20%0.20%0.20%0.20%
2 year0.20%0.20%0.20%0.20%0.20%
3 year0.20%0.20%0.20%0.20%0.20%
5 year0.20%0.20%0.20%0.20%0.20%

To put the yields shown in HomeStreet Bank’s rate matrix (above) in perspective, the current national average for a 12 month CD and a 5 year CD sit at 0.25% APY and 0.48% APY, respectively, according to FDIC data.

Featured CD Rates

The Featured CDs offer the most competitive yields and as of June 2022 offer a 13 month CD with an APY of 1.00%.

CD Term$500$2,500$5k$10k$25k+
11 months0.25%0.25%0.25%0.25%0.25%
13 months1.00%1.00%1.00%1.00%1.00%
15 months0.25%0.25%0.25%0.25%0.25%
18 months0.40%0.40%0.40%0.40%0.40%
22 months0.40%0.40%0.40%0.40%0.40%
3 years0.40%0.40%0.40%0.40%0.40%
5 years0.40%0.40%0.40%0.40%0.40%

Jumbo Certificate Rates

HomeStreet Bank’s Jumbo CDs come with a minimum deposit requirement of $90,000 and a maximum deposit amount of $240,000. You may hold multiple CDs with HomeStreet, but FDIC coverage applies to just $250,000 per individual or $500,000 on joint accounts.

Jumbo CD TermAPY
30 days0.15%
60 days0.15%
90 days0.15%
120 days0.15%
180 days0.30%
270 days0.30%
365 days0.30%

HomeStreet Bank only offers Jumbo CDs with short terms at this time.

Money Market Rates + Account Details

HomeStreet Bank typically offers five different kinds of money market accounts, however two have been discontinued. These accounts feature variable rates that can change at any time without notice. The three available options include:

  1. Money Market. Standard account with minimum deposit requirement of $1,000.
  2. Private Banking Money Market. Higher APY available, must contact a branch to open.
  3. Promotional Plus Money Market. Higher APY available, must open with $10,000 in new money.

Some of the benefits of a money market account with HomeStreet Bank include:

  • no charges for paper or electronic statements
  • ability to write checks
  • access cash with a debit card
  • can use as overdraft protection against checking account
  • FDIC insured

Money Market Rates

The standard money market account comes with a minimum deposit requirement of $1,000 AND a minimum daily balance requirement of $1,000 to avoid a $5 monthly service fee.

BalanceAPY
$1k – $9,9990.10%
$10k – $49,9990.10%
$50k – $99,9990.10%
$100k – $149,9990.10%
$150k – $249,9990.10%
$250k – $499,9990.10%
$500k +0.10%

As with their CDs, HomeStreet Bank’s basic money market account pays a flat APY across all balance amounts. To put the yields above in perspective, the current national average for a money market account sits at just 0.09% APY and the national average on a savings account is just 0.07% APY.

Promotional Plus Money Market

HomeStreet Bank’s Promotional Plus Money Market account requires a minimum deposit of $10,000 of new funds to HomeStreet Bank (or from an existing HomeStreet Bank CD that has matured and is in its grace period). Below are the current yields.

BalanceAPY
< $9,9990.10%
$10k – $49,9990.10%
$50k – $99,9990.10%
$100k – $149,9990.15%
$150k – $249,9990.15%
$250k – $499,9990.20%
$500k +0.20%

Yields ascend with higher balances. You can locate a branch here if you’d like to proceed with one of these accounts and open it in person.

Connexus Credit Union CD Rates – Up to 3.21% APY!


image credit: connexuscu.org

[📌 Update June 2022: Connexus Credit Union raised their CD rates quite substantially following the FED’s unprecedented rate hike by 0.75% (not seen since 1994). All of their certificate of deposit terms saw APY increases by between 0.71% and 1.01%. See all rates below.]

Founded in 1935 in Wausau, Wisconsin, Connexus Credit Union got its start as an employee-only credit union serving individuals and families affiliated with Employers Mutual, which later became the insurance giant Liberty Mutual.

As with many credit unions that stand the test of time, Connexus credit union experienced growth through acquisition. Over the years they acquired a number of smaller credit unions that allowed them to broaden their membership eligibility to what it is today.

Today, Connexus credit union serves roughly 360,000 members in all 50 states with over $2.8 billion in assets and just shy of $2.5 billion in consumer deposits.

Connexus credit union has also been nationally recognized over the years for consistently offering high deposit rates on both variable and fixed rate accounts, as well as exemplary customer service.

Connexus Credit Union CD Rates + Account Details

Connexus credit union offers both IRA CDs and standard CDs with terms ranging from 12 months to 5 years. Both their IRA CDs and standard CDs currently feature the same APYs for their respective terms.

Connexus Credit Union’s deposit products are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

All of their certificates of deposit require a minimum deposit of $5,000.

CD Rates

CD TermAPY
12 months2.26%
24 months2.86%
36 months3.01%
48 months3.11%
60 months3.21%

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 0.21% APY and 0.39% APY, respectively, according to recent FDIC data.

You’ll be given a 10 day grace period upon maturity of your deposit where you can either withdraw or deposit funds penalty free.

If you need to withdrawal money from this deposit prior to its maturity you will be subject to the following early withdrawal fees:

  • For the 12 month certificate, you’ll pay 90 days’ worth of dividends.
  • For the 24-month and 36-month certificates, you’ll pay 180 days’ worth of dividends.
  • For the 60-month certificate, you’ll pay 365 days’ worth of dividends.

Money Market Account Rate + Details

Connexus Credit Union offers some highly competitive money market rates if you:

  1. keep a high daily active balance in the account of $50,000 or more, and
  2. have an active checking account with them, and
  3. open a basic Regular Savings or Youth Savings account and fund it with at least $5.

Keeping an active checking account will likely be the hardest qualification to meet if you are new to Connexus Credit Union and already conduct checking elsewhere.

Connexus Credit Union defines an active checking account as a single checking account with Connexus under the same membership with:

  • Direct Deposit of net pay, including salary, wages, government benefits, or pension made to the account each month;
  • having ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the last business day of each month;
  • and electing to receive eStatements. ATM transactions not included.

Money Market Rates

BalanceAPY
$0 to $999.990.00%
$1k – $19,999.990.25%
$20k – $99,999.991.00%
$100K +1.11%

To give the APYs above more context, the current national average for a money market account sits at just 0.08% APY currently.

The minimum deposit requirement for a money market account with Connexus credit union is $1,000. Interest is compounded monthly and credit monthly. There is no monthly maintenance fee associated with this account.

Outside of the checking account requirement there are a few other oddball rules tied to Connexus credit union’s money market accounts.

  1. If you make a cash withdrawal it must be at least $250.
  2. You may write checks with this account (if you order a box of checks for $16.90/100 checks), BUT you are allotted just three per month. Every check after the third will cost you $29.95 per check.

You can also only make a total of six transactions per month. This includes check, ACH, digital transfer or telephone transfer. This is par for the course for money market accounts and demand deposit accounts in general, per Federal Regulation D. If you need to get around these limits, you can make unlimited transactions through an ATM or at an in-person Connexus branch. Connexus is a part of a shared branch network featuring over 6,000 branch locations across the country.

Health Savings Account Rates + Details

Connexus Credit Union’s Health Savings Account features some of the most competitive rates in the country currently if you can maintain a balance of $5,000 or more.

A HSA (Health Savings Account) from Connexus credit union will allow you to put money aside on a pre-tax basis for qualified medical expenses that may arise in your life. These accounts earn impressive dividends and your money rolls over from year to year if you don’t use it.

To be eligible for an HSA account through Connexus credit union you must meet the following requirements:

  • You are covered under a High Deductible Health Plan (HDHP)
  • You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
  • You are not enrolled in Medicare
  • You cannot be claimed as a dependent on someone’s tax return

Contribution Limits

20212022
Single$3,600$3,650
Family$7,200$7,300

Contributions can be made by either you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.

Health Savings Account Rates

BalanceAPY
$0 to $99.990.00%
$100 to $499.990.50%
$500 to $2,499.991.00%
$2,500 to $4,999.991.00%
$5k to $14,999.991.50%
$15k +2.00%

Connexus Credit Union Eligibility

Connexus Credit Union offers its services to customers nationwide. It has four paths to membership. The first three are the easiest/fastest ways to join, followed by the fourth way which is essentially a loophole for any US citizen to join. The four paths to membership are as follows:

  • Employees, retirees, family members, or members of one of the following groups, or
  • Residents of one of the following communities, or
  • Spouses, family members, and those living in the same household of an existing member, or
  • Members of the Connexus Association. This just requires a one-time $5 donation.

Applying for membership is a straightforward process. You will need:

  • Valid Driver’s License/State ID/Passport
  • Valid United States Social Security Number
  • Account information for accounts that you would like to close and/or transfer money from.

Final Thoughts

If you value top-notch rates from a member-centric credit union, then Connexus credit union deserves your consideration. They’ve been nationally recognized for abnormally high rates and outstanding service by CNN Money, Kiplinger, PC Magazine, BankRate, the AARP and more.

Both their native apps for Apple and Android receive high marks in their respective app stores. Averaging a 4.7 star rating out of 5 for Apple and a 4.7 star rating out of 5 for Android.

That said, one of their highest yielding accounts (the money market account) comes with some potentially difficult hoops to jump through. However, if you are able to open and maintain an active checking account with them (the prerequisite to opening their money market account) you’ll be rewarded with some of the best yields available on the money market side.

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


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).

CFG Bank Money Market: 1.02% APY + 2.52% CDs


CFG Bank, a quaint bank based out of Maryland, currently has one of the top APYs for money market accounts anywhere in the country.

Available nationwide, CFG Bank is offering 1.02% APY on sums greater than $1,000 placed in their high yield money market account.

The account can be opened online. 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.

Learn more about CFG Bank and their generous high yield money market account and CD offers below.

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.

High Yield Money Market Account Details

CFG Bank’s money market account yield of 0.72% APY is still one of the highest in the country for accounts like these. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

BalanceAPY
$1,0001.02%

To put the yield above into perspective, the current national average for a money market account sits at just 0.08% APY, according to recent FDIC data.

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).

CFG Bank’s Online CD Rates

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

They have five online deposit products with terms of 12 months, 13 months, 18 months, 36 months and 60 months.

CFG Bank’s CD Rates:

CD TermAPY
12 months1.52%
13 months1.07%
18 months1.72%
36 months2.22%
60 months2.52%

Fifth Third Bank CD Rates & Savings Accounts: Are they Worth Opening in 2021?


image credit: 53.com

Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size. With over six million customer accounts and locations in 10 different states, this bank has earned itself a reputation as a large regional bank with decent account options and good accessibility for those living in midwestern or southeastern states. 

Fifth Third Bank was born of numerous mergers through the years, the most notable of these taking place between Third National Bank and Fifth National Bank in 1908 (which is how The Bank of the Ohio Valley, founded in 1858, eventually came to be known as Fifth Third Bank).

Fifth Third Bank’s CD rates are unimpressive at the moment, so this bank probably won’t be a good choice for you if you’re after a high-yield certificate of deposit.

With that said, there are many deposit accounts offered through this institution, and one or more of them might be up your alley. Here’s a closer look at what Fifth Third Bank has available for its customers, who is eligible to join this bank, and any other account details you might need to know if you’re interested in becoming a member.

Fifth Third Bank CD Rates + Account Details

Please note that Fifth Third Bank certificates of deposit cannot be opened online currently. We cover how to open a Fifth Third Bank CD in the following section.

Fifth Third Bank claims CD rates vary by location, but at this time it appears that all Fifth Third Bank certificate of deposits, even promotional accounts, are earning the same (exceptionally low) rates regardless of zip code.

The same rates (shown below) were obtained running a few scenarios. First, using 45202, the zip code for Cincinnati, Ohio. Second, using 6007, the zip code for Elk Grove Village, IL right outside Chicago. And the third, using 27531, the zip code for Wake County, NC right outside Raleigh.

All Fifth Third Bank certificate of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

Fifth Third Bank CD Rates

TermAPY
7 – 89 days0.01%
3 – 6 months0.01%
6 – 12 months0.01%
12 – 24 months0.01%
24 – 36 months0.01%
36 – 48 months0.01%
48 – 60 months0.01%
60 – 84 months0.01%
84 + months0.01%

For context, the national average for a 12 month CDs sits at 0.24% APY currently. Although you cannot beat that here at Fifth Third Bank at the moment, they have been known to offer competitive deposit rates in the past.

If you can get past the low rates you’ll find that the terms are flexible and unique in that they go all the way down to 7 days and all the way up to 84 months. In a normal interest rate environment these rates would be tiered by balance amount – with higher yields paid on higher balances. Today, however, rates remain the same across all balance amounts.

Fifth Third Bank requires a $500.00 minimum deposit to open a CD with a term of 3 months or more and a $5,000.00 minimum deposit to open a 7-89 Day CD or to open any promotional CD.

Fifth Third Bank Promotional CD Rates

TermAPY
5 months0.05%

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. While this tactic has been quite successful for them in the past, their current CD promotions fall far behind the standard rates offered by online banks such as Discover or TIAA bank.

Interest is compounded continuously and credited monthly either back into your CD or to a Fifth Third checking or savings account. 

Fifth Third Bank Certificate of Deposit Grace Period

The grace period for withdrawing or adding funds penalty-free at Fifth Third Bank is much shorter than usual on their short term CDs. That said, renewal upon maturity is not automatic unless you opt into this feature.

CDs with maturities shorter than 32 days have a grace period of just one day. For all other CDs it is ten days.

Early Withdrawal Penalties

  • Early withdrawal from a CD of 7 to 364 will cost you 1% of the principal withdrawn,
  • Early withdrawal from a CD of 365 days to 36 months will cost you 2% of the principal withdrawn,
  • and from a CD of 36 months or greater will cost you 3% of the principal withdrawn

How to Open a Certificate of Deposit at Fifth Third Bank

Anyone residing in one of the ten states in which Fifth Third operates AND is at least 18 years old with a valid form of identification can apply to join Fifth Third Bank and open a CD. These states are:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

As mentioned, many of Fifth Third Bank’s deposit accounts such as CDs cannot be opened online. To open any of their CDs, you will need to visit a Fifth Third Bank branch — there are over 1,123 — and speak with a banker.

Fifth Third Bank Savings Accounts and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including traditional savings accounts, money market accounts and multiple types of checking accounts. These are all FDIC insured up to the maximum allowed limit of $250,000 per depositor or $500,000 for joint accounts.

Most Fifth Third Bank deposit accounts come with monthly maintenance fees, only some of which are avoidable, and almost all of which are $5 a month. These accounts have low minimum balance requirements and some have interest bonuses.

The Fifth Third Goal Setter Savings account is an interest-bearing account that is designed to help you set and reach savings goals. These goals can range anywhere from $500 to $25,000 each. You will receive a one-time interest bonus equal to the total amount the account has earned when you reach your first savings goal. Open this account for yourself or for your child. Fifth Third Bank mentions contacting them for current rates, however, we ran scenarios again in Ohio, Illinois and North Carolina and found the rate to sit at 0.01% APY.

A Fifth Third Relationship Saving account is almost identical to a Goal Setter savings account, except that it earns an APY of 0.02% instead of 0.01% on all balances. This also lets you make automatic transfers between your checking account and this account and can be used as a savings account for your children.

Fifth Third Relationship Money Market savings accounts offer tiered interest rates that are somewhat higher than the previously mentioned savings accounts. For every month you keep an eligible linked checking account, earn the higher relationship interest rate posted. No minimum opening deposit is required.

Fifth Third Standard + Relationship Money Market Rates

BalanceStandard APYRelationship APY
$0.01 – $9,9990.01%0.02%
$10k – $24,9990.01%0.02%
$25k – $49,9990.01%0.02%
$50k – $99,9990.01%0.02%
$100k – $249,9990.01%0.02%
$250k +0.01%0.02%

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively, and able to be used only on college spending; Minor Savings accounts, simple accounts designed for those under the age of 18; Health Savings accounts.

Avoid the $5 monthly service fee on all of Fifth Third Bank’s savings accounts if:

  • you and all other account owners also have a Fifth Third Checking or Express Banking account,
  • you maintain an average daily balance of $500 or more,
  • the primary account owner is under the age of 18, or
  • you are enrolled in Fifth Third Military Banking.

This fee is automatically waived for all new Goal Setter Savings accounts for the first six months.

In compliance with Federal regulation, all savings accounts are limited to a total of six transactions per month. You will incur excessive withdrawal fees, determined by account type, for every time you exceed this.

If you open a Fifth Third Bank account with a debit card and ATM access, you’ll want to note that there are more than 50,000 surcharge-free ATMs (including Allpoint, Presto!, and 7-Eleven ATMs) across the country that are considered in-network to Fifth Third members.

Final Thoughts

Fifth Third Bank doesn’t excel when it comes to rates currently, and in fact falls below the national average(s).

If yields are your number one factor in determining who to bank with then Fifth Third likely won’t make the cut. However, if you value in-person banking with an established institution and a robust suite of product offerings then Fifth Third Bank may be worth your consideration.