ApyGuy: Maximize Your Savings & Earnings

Money Market

TotalDirectBank Money Market – 0.50% APY + 0.50% APY CDs


image credit: totaldirectbank.com

Total Direct Bank is a division of City National Bank of Florida – an institution with over $15 billion in assets and a “superior” 5-star rating from Bauer Financial for 24 consecutive quarters.

City National Bank has gone through a series of mergers and acquisitions throughout its ~70 year history in Florida, but its most recent M&A activity stems from the financial crisis of 2008.

In 2008 Caja Madrid purchased City National Bank, giving it international reach. In 2012, the Spanish bank then had to sell off its assets due to financial hardships. After a short period of uncertainty, Banco de Credito e Inversiones acquired City National Bank for $946.9 million in 2015. That transaction laid the groundwork for the move to direct banking.    

On December 1, 2017, City National Bank, infused with new capital from the Banco de Credito acquisition, purchased TotalBank for $528 million. The merger of the two Florida powerhouses made them the third largest bank in the state and paved the way for the launch of Total Direct Bank a year later.

Total Direct Bank has become a solid play in the online banking space, regularly featuring respectable yields on their deposit products that handily beat the current national average(s).

Like many online-only banks, Total Direct Bank, has a simple set of FDIC-insured products. They have a variable rate high yield money market account as well fixed-rate, standard term CDs. We will cover their deposit products in this review.

TotalDirectBank Money Market Rate + Account Details

Total Direct Bank has a competitive money market account that currently features a good rate if you can deposit and maintain an average monthly balance of $2,500.

BalanceMin DepositAPY
$2,500$2,5000.50%

Total Direct Bank allows for unlimited deposits and transfers from an external bank, but only six withdrawals per month per Federal Regulation D.

There are no maintenance fees but you will need to maintain an average daily balance of $2,500 to earn the advertised APY.

There are some geographical limitations. TDB does not do business in Florida, Puerto Rico, or the US Virgin Islands. Valid state issued ID or US passport is required for account opening.

TotalDirectBank CD Rates + Account Details

Total Direct Bank’s certificate of deposit suite offers less enticing rates than their money market account, with an extremely steep minimum deposit requirement of $25,000.

In general, online-only banks tend to have lower minimum deposit requirements on their FDIC-insured deposit products. For example, banks like Marcus by Goldman Sachs or Vio Bank only require $500 to open any of their CDs.

TotalDirectBank CD Rates

CD TermAPY
3 months0.50%
6 months0.50%
12 months0.50%
24 months0.50%
36 months0.50%
60 months0.50%

To put the offers above in perspective the current national average for a 12 month and 60 month CD sit at roughly 0.22% APY and 0.47% APY, respectively. That said, more competitive offers can be found online or through a handful of credit unions.

All accounts at Total Direct Bank are FDIC insured up to the maximum deposit amount of $250,000 per depositor or $500,000 for joint accounts.

Upon the maturity date of your CD you will have a 10 day grace period in which you may withdraw (or add) funds. If nothing is done, the money will auto renew into the same product at the current rate. Total Direct Bank will mail you a “Maturity Notice” prior to the maturity date, but you’ll want to set up reminders and alerts for yourself as well.

TotalDirectBank Review and Customer Sentiment

Reviews of Total Direct Bank are mixed with aggregate numbers sitting between 2.5 and 3 stars out of 5 on popular third party review sites.

They have no native apps to download on either IOS or android which is unusual for a digital bank.

Total Direct Bank does appear to have good phone support, but only during business hours. If you call outside the 9:00 AM to 5:00 PM window, you won’t get anyone on the phone. That should be fine for most customers and it’s clearly stated on TDB’s “contact us” page.

Data aggregation and problems setting up ACH seem to be limited to 2019 Q4 and early 2020 Q1. Outside of that window, I’m seeing a lot of happy customers, so Total Direct Bank may have fixed some issues in their back end.

Final Thoughts

Total Direct Bank’s CDs and money market account are fairly mediocre on rates and fall behind on both range of account offerings and minimum deposit requirements.

A $25,000 minimum deposit requirement on a CD is about as steep as they come for accounts like these. Online banks generally stay in the $0 – $2,500 range.

Their lack of apps for both IOS and android is also unusual for an online bank, but their online banking interface and phone support seem to meet the bar.

Sallie Mae CD Rates up to 0.60% APY + 0.55% APY Money Market Account


image credit: salliemae.com

Sallie Mae has become a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship by handling both federal and private sector loans.

Some may remember their Federal Stafford and Federal Perkins loans coming from Sallie Mae. However, Sallie Mae started the path of incorporation as a private company during the 90s and completed it in 2004, severing their operation from the government.

Today, their product suite covers a large range of financial services from private education loans and college savings programs to banking services and insurance programs.

In this review, we’ll focus on the savings side of Sallie Mae Bank. Sallie Mae is a member of the Federal Deposit Insurance Corporation and currently offers several types of FDIC-insured savings accounts for a variety of needs: the SmartyPig savings account, certificates of deposit, money market, and high-yield savings accounts are all on the menu with Sallie Mae.

Please note the SmartyPig savings account will not be covered here. Use the link above to read more about that account.

Sallie Mae CD Rates + Account Details

If you’re looking to lock-in an interest rate, a certificate of deposit may be the way to go.

Sallie Mae was named as one of the best banks for certificates for deposit in 2020 by GOBankingRates.

Although their CD rates have been more competitive in the past, they still feature returns that beat the national average(s) for their respective terms by decent margins.

TermMinimum DepositAPY
6 months$2,5000.30%
9 months$2,5000.30%
11 months$2,5000.30%
12 months$2,5000.50%
13 months$2,5000.50%
15 months$2,5000.50%
18 months$2,5000.55%
24 months$2,5000.60%
30 months$2,5000.60%
36 months$2,5000.60%
60 months$2,5000.60%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.22% APY and the current average for a 5 year CD sits at 0.47% APY.

As you can see from the table, there is a wide range of terms to choose from but the current yields don’t vary much by term.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In CD Rates

The interest rate and APY will be determined on the date you fund the CD account, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Sallie Mae Money Market Rates + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different than most money market accounts that tie yields to balances.

Sallie Mae Money Market Account Rates

Monthly BalanceMinimum DepositAPY
$0$00.55%

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.11% APY. On top of the respectable yield, the lack of both minimum deposit and monthly balance requirements make this an attractive account. Keep in mind money market rates are variable and can change at any time without notice.

Transaction Limitations

You may deposit or withdraw money via:

  • Check,
  • EFT, or
  • Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

  • Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
  • Stop Payment Charge: $15
  • Returned Check Fee: $5
  • Insufficient Funds (NSF) Fee: $19
  • Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Sallie Mae Money Market Promotional Offers

Sallie Mae may offer a bonus interest rate and APY from time to time for their money market account customers. The promotional period’s bonus rate will be paid regardless of your balance and discontinued after the promotional period has ended. Your interest rate and APY will then revert to Sallie Mae’s current interest rate and APY. Promotions are not valid with other offers or promotions unless otherwise stated.

Sallie Mae High Yield Savings Account Rates + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower than the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

Sallie Mae High Yield Savings Account Rate

Monthly BalanceMinimum DepositAPY
$0$00.50%

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at any time without notice.

Transaction Limitations

You may withdrawal or deposit money via:

  • Check,
  • EFT, or
  • Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally than Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive just 3.6 starts on Android, but an impressive 4.6 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.

Final Thoughts

Sallie Mae has a variety of options in terms of deposit accounts. All of their variable rate products feature $0 minimum deposit and monthly balance requirements which make them available to pretty much anyone.

Their CDs feature above average rates, but better APYs can be locked-in through other online institutions or credit unions.

Regions Bank CD Rates, Savings and MMA – Top Rate 0.30% APY


image credit: regions.com

Regions Bank​, headquartered in Alabama, is a sizable full-service financial institution serving customers across 15 U.S. states.

Although it is geographically limited, it is still the 23rd largest bank in the country by asset size.

Regions Bank is also a member of the S&P 500 with its $129 + billion in assets. This traditional, regional bank is available to anyone that lives in the following states:

  • Alabama,
  • Arkansas,
  • Florida,
  • Georgia,
  • Illinois,
  • Indiana,
  • Iowa,
  • Kentucky,
  • Louisiana,
  • Mississippi,
  • Missouri,
  • North Carolina,
  • South Carolina,
  • Tennessee, or
  • Texas.

Those that qualify for membership may choose to bank in-person at a branch, or digitally by enrolling in online banking.

Checking, savings, money market, and CD accounts are eligible for online banking.

Find out all there is to know below—from savings rates to disclosures—and what its members have to say about banking with Regions.

Regions Savings Accounts + Money Market Account Details

All of Regions deposit accounts (both fixed rate and variable) are FDIC insured up to the legal limit of $250,000.

For a savings account option, you can choose from the LifeGreen account, the Regions Savings account, and the Now Savings account, but beware they are all providing a lower than average APY currently.

Regions Bank Savings Account Options + APYs

Account NameMin DepositBalance to Avoid FeesAPY
LifeGreen Savings$50$500.01%
Regions Savings$50$3000.01%
Now Savings$10$100.01%
Money Market$100$2,5000.01%

Average savings account rates sit at roughly 0.06% APY nationally to give these offers some context.

Although the accounts pay practically nothing in interest, there are at least no maintenance fees (if you have a Regions checking account) and no minimum balance requirements to avoid closures or fees. This could make an account worthwhile, despite the low rates.

LifeGreen Savings Account Details

You’ll need to search rates by area to be sure what Regions Bank is offering in your location, but across several zip codes, 0.01% is what you’ll get on a LifeGreen Savings account regardless of your balance.

Now for some good news. This account also comes with a 1% annual savings bonus of up to $100. To nab this bonus rate, you’ll have to set up automatic monthly transfers of $10 or more from your Regions LifeGreen checking account into your savings account.

Regions Savings Account Details

A ​Regions Savings​ won’t do you any better in earnings as it also pays a rate of 0.01%. This account requires a minimum opening deposit of $50 and an average daily balance of $300. If your balance is below this, you’ll be charged a monthly low balance fee of $5. A Regions Savings account does not pay a savings bonus.

Regions Now Savings Account Details

Finally, there is the ​Regions Now Savings​ account, and this has an APY of—you guessed it—0.01%, but it’s a little more flexible than the last one. Requiring a minimum opening deposit of $10 and absent maintenance fees, this account is fairly easy to get. The only account opening requirement is that you have a ​Regions Now Card​, a reloadable Visa Prepaid Card.

Although you don’t ​need ​a Regions checking account to open a Now savings account, this savings account also comes with a 1% annual savings bonus of up to $100 if you set up monthly transfers from a checking account. And for every month that you make a deposit of at least $5 into this and don’t make any withdrawals, you’ll get a $1 bonus. A Now savings account is the only savings account mentioned so far that will always earn the same rate across all balances.

Dividends on all Regions savings accounts are compounded daily and paid monthly. Excessive withdrawals outside of the federally-enforced limit of 6 will cost you $3 each.

Regions Bank Money Market Account Details

If you’re looking for an alternative or addition to these standard savings accounts, Regions Bank also offers ​Money Market Accounts​ and ​Premium Money Market Accounts​. Right now, MMAs are earning 0.09% nationally and 0.01% at Regions Bank. Be on the lookout for promotional rates, but this is it for now. The only thing that this account does that a savings account doesn’t is provide you with the ability to write checks.

You can open either type of MMA with a deposit of $100, but a Money Market Account requires a minimum average daily balance of only $2,500 to avoid a $12 monthly maintenance fee while the Premium MMA requires $15,000 or a LifeGreen Preferred checking account (an interest-bearing checking account with high balance requirements) to avoid a $15 monthly maintenance fee. Excessive withdrawal from a money market account will cost you $15 a piece.

Regions Bank Fee Schedule

Depending on which actions you to take with your Regions Bank account and how you move your money about, you may encounter fees from time to time.

Below is a complete list of potential fees and account limitations you may come across:

ActionFee/Limitation
Domestic Wire (inbound)$15
Domestic Wire (outbound)$30
Insufficient Funds Fee$36
Overdraft Fee$36
Monthly Service Charge$12
Is the Monthly Service Charge Avoidable?Yes
Permitted Monthly Withdrawals6
Max Number of Checks per Month6
Online BankingYes
Online Bill PayYes
Online StatementsYes

Regions Bank CD Rates + Account Details

For exact rates being offered near you, you’ll need to search the ​Regions CD rate search tool​. But here’s what you can ​most likely ​expect:

Regions Bank CD Rates

CD TermAPY
Less than 1 month0.01%
1 – 2 months0.01%
3 – 5 months0.01%
6 – 8 months0.05%
10 – 11 months0.05%
12 – 17 months0.10%
18 – 23 months0.10%
24 – 35 months0.10%
36 – 47 months0.10%
48 – 59 months0.20%
60 – 72 months0.30%

As you can see, there are plenty of CD terms to choose from at Regions Bank. To give the offers (above) a little more context, the national average for 12 month CDs sits at roughly 0.22% APY.

There is also a promotional “relationship rate” of 0.25% APY on a special 9 month term. Although it is a promotional rate, better rates can be found online.

To qualify for this, you must open your account with at least $10,000 and have and maintain a Regions checking account. The good thing about this product is that the rate is fixed for as long as you continue to meet these requirements – so if rates continue to slide, this may be increasingly favorable.

A minimum deposit of $2,500 is required for terms of 7 – 89 days and a minimum deposit of $500 is required for all other terms.

Interest is compounded daily and paid monthly, quarterly, semi-annually, annually, or at maturity, depending on your term. If a certificate is 1 year or more, interest is credited quarterly back into it unless you’ve asked for these payments to be disbursed to another checking or savings account in which case you may choose the disbursement frequency.

The grace period on a Regions Bank Time Deposit account is 10 days and early withdrawal fees will come with the following charges/fees:

  • For terms of 31 days or less, you will be charged all the interest your account would have earned;
  • for terms of 32 – 181 days, you will be charged 31 days’ interest;
  • for terms of 182 – 364 days, you will be charged 90 days’ interest;
  • and for terms of 365 or more, you will be charged 182 days’ interest.

Banking Experience and Customer Sentiment

When you bank with Regions, you’ll have access to over 1,900 ATMs in the bank’s cross-state service area and branches. There are around 1,400 branch locations in 15 states, and you can use the site’s ​locator​ to see if there’s an ATM or branch location near you. Keep in mind that Regions will not reimburse out-of-network ATM charges.

Regions Bank users are mostly content with what this institution brings to the table. Out of ​1,800 customer reviews left on WalletHub​, Regions Bank pulled 4 stars, suggesting that the bank might provide a better banking experience than it does opportunities for significant savings growth.

The app for this bank is well-liked on Google Play with a rating of 4.2 stars and hated on the App Store with a rating of 2.3 stars.

It should be noted that the recently-updated Regions Bank website is rather poor. Though mostly comprehensive, the site is difficult to use and makes tracking down information excessively tedious. You’ll need to perform individual searches for rates on all accounts in your area and even important information such as ACH transfer limits, which aren’t listed because they “may vary by account.” Both sending and receiving daily and rolling transfer limits are determined on an individual basis, so you won’t know what yours are until you contact support at 1-800-472-2265 (the number for online banking support).

Regions Bank customer service can be reached in a variety of ways. The live chat feature on the bank’s website offers quick response times for simple questions, but a call to the customer service center at 1-800-734-4667 can also get you the help you need. If you have questions about Regions credit cards, mortgages, or loans, find the ​extension​ devoted to your inquiry topic. Tweet @askRegions to get support via social media or send a ​secure email through this form​.

Final Thoughts

Regions Bank is not going to be the best choice for most people. For one thing, not everyone is eligible to join, which automatically rules this out as a viable option for people in 35 states. For another, the institution’s products just don’t give you much to feel excited about. Regions Bank has many choices, but most of them—at least their deposit and savings accounts—just aren’t good and their rates are on par with the drab offerings of most big brick-and-mortar banks like Wells Fargo.

When it comes to pure accessibility, Regions Bank does fine—members of this bank can visit a branch and/or enroll in online and mobile banking to service their accounts, which is nice for a lot of people, and help is easy to get. But other than that, Regions Bank doesn’t have a whole lot to offer that many other banks don’t also have other than bonus loyalty rates and a (potentially) better-than-most banking experience.

CFG Bank Money Market: 0.76% APY + 0.88% CDs


CGF Bank APY Updates:
November 12, 2020: CFG lowered the APY on their money market account from 0.80% to the current 0.76% APY.
October 23, 2020: CFG Bank lowered the APY on their money market account from 0.86% to 0.80%.
October 8, 2020: CFG Bank lowered their money market rate from 0.90% APY to 0.86% APY. They also lowered the APY on a few CDs. See below.
September 3, 2020: CFG Bank lowered the APY on their money market account to the current 0.90% APY, down from 1.00% APY last month.
August 28 2020: CFG Bank lowered the APY on their money market account to 1.00% APY down from 1.04% APY.
August 13 2020: CFG Bank lowered the APY on their money market account to 1.04% APY down from 1.10% APY.
July 16 2020: CGF Bank lowered the APY on their money market account for the second time this month. CD rates remain unchanged.
July 9, 2020: CFG Bank lowered the APY on their money market account and all of their CDs.
June 23, 2020: CFG Bank lowered the APY on their high yield MMA and a handful of their online CDs.
June 15, 2020: CFG Bank lowered the APY on their high yield MMA and their online certificates of deposit following the FED move to keep rates near zero through 2022.
June 4, 2020: CFG Bank lowered the APY on their high yield MMA and several of their deposit terms.
May 11, 2020: CFG Bank lowered the APY on their high yield money market account from 1.73% to 1.60% on balances above $25k. The new APY on balances below $25k is 1.52%.

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 0.80% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 0.70% APY on sums between $1,000 and $24,999.99.

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 under $700 million and has roughly $500 million in consumer deposits making it the 11th largest bank in Maryland and the 743rd largest bank in the country according to Deposit Accounts. 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.

0.76% APY High Yield Money Market Account Details

The rates above changed on November 12. The 18 month CD and high yield money market account now yield 0.68% and 0.76% APY, respectively.

CFG Bank’s money market account yield of 0.76% 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
$1,000 – $24,9990.66%
$25,000 +0.76%

Account Details Below:

Minimum Balance Requirements? $25,000 to earn the advertised APY. You will earn a slightly lower APY on balances between $1,000 and $24,999.99. See above for current rates.

Any fees to worry about? There are no monthly 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 respectable online CDs as well.

They have five online deposit products with terms of 12 months, 13 months, 18 months, 33 months and 60 months. The 33 month CD is a brand new product they began offering in May of 2020. The 13 month CD is also a newer product that was added to their suite of online CD’s on or around March 30, 2020.

CFG Bank’s CD rates were showcasing an inverted yield curve in early 2020. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates. Today, their rates show a fairly flat yield curve with little incremental gain for longer terms.

CFG Bank’s CD Rates:

CD TermAPY
12 months0.73%
13 months0.68%
18 months0.68%
33 months0.78%
60 months0.88%

Final Thoughts

If you are looking to plop more than $25,000 into a high interest, FDIC-insured product, and don’t want to lock the funds down for an extended period of time, then the high yield money market account by CFG Bank is one of the best deals around for you.

Keep in mind though, that the online banking and mobile app features are relatively lackluster. You’ll also have other notable restrictions such as the inability to write checks, so we’d suggest not using this money market account as a primary account for everyday expenses.

Their certificates of deposit are also yielding substantial returns compared to the current national average, however, you can likely get a similar APY with banks that don’t require so much effort in opening an account.

Patelco Credit Union CDs & Savings – Top Rate 2.0% 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 360,000 members across the nation and over $7 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

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.

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.60%
36 – 47 months0.70%
48 – 59 months0.80%
60 months0.90%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.22% and 0.55% APY, respectively.

Dividends are compounded and 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. 

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-day grace period in which you can make changes or add to a newly opened or renewed CD account.

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 dividends.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers an array of money market account options. These tiered accounts earn surprisingly high blended APYs on lower balances, but rates drastically fall off a cliff for higher amounts. See rate chart below:

BalanceAPY
$0 – $2,0002.0%
$2,000.01 – $5,0001.0%
$5,000.01 – $10,0000.50%
$10,000.01 – $50,0000.35%
$50,000.01 – $100,0000.25%
$100,000.01 – $9,999,999.990.20%

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.

Remember, these are blended APY rates. That means that though larger balances have lower interest rates than smaller balances, these APYs are minimum rates, not fixed rates. There is a range of APY rates that can be obtained within every tier. For example, at $2,000, you’d earn 3%; at $4,000, 2.5%; and at $8,000, 1.88%. Use this calculator to find out the exact APY you can expect on any given balance.

These money market account rates are some of the best in the country at this time. With an average APY of 0.18% for similar accounts, it’s easy to see why Patelco is particularly proud of its spread of money market options. This is one of the strongest savings tools the credit union has to offer and an excellent way to grow your money.

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 38 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.

Patelco has over 360,000 members and close to $7.5 billion in assets. As of February 29 2020, they had more than $5.5 billion member loans and more than $1 billion in investments.

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.

Final Thoughts

Patelco is an easy credit union for anyone to join, but it doesn’t have the best rates out there on most of its suite of savings products. With that said, rates on their money market accounts are hard to beat especially for lower balances. So if you were looking for a liquid savings account (such as a money market account) and you plan on keeping a balance of $10k or less, then this may be a valuable option for you.

You probably want to look elsewhere for short term CDs or standard savings accounts, because the current offerings at Patelco fall short of the top rates held by online institutions.

Georgia’s Own Credit Union CD Rates – Up to 1.20% 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$5000.40%
1 year$5000.70%
22 month own your rate$5000.97%
2 year$5001.00%
3 year$5001.10%
44 month own your rate$5001.14%
4 year$5001.20%
5 year$5001.20%

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 0.22% 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 – $49,9990.18%
$50,000 – $99,9990.18%
$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 – $9,9990.60%
$10,000 – $24,9990.60%
$25,000 – $49,9990.60%
$50,000 – $99,9990.60%
$100k – $249,9990.60%
$250k – $499,9990.60%
$500k – $999,9990.70%
$1m +0.70%

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.