APY GUY: Maximize Your Savings & Earnings

Money Market

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.

SunTrust Bank Money Market Review + CD Rates and Savings Accounts


image credit: suntrust.com

[Update February 2021: SunTrust Bank’s fixed and variable rate deposit accounts including CDs, savings and money market accounts, have not seen a rate change yet this year.]

SunTrust Bank​, now Truist, is a hybrid brick-and-mortar and online bank. Their branch locations are limited to a handful of Southeastern states, but their personal banking products can be managed 100% digitally – making this corporation accessible to just about anyone.

In 2019, BB&T and SunTrust merged to become Truist Financial Corporation. But today, the two banks still operate separately and offer a distinct set of products.

On the savings side of the equation, SunTrust’s FDIC-insured products include interest checking, savings accounts, money market accounts, and CDs.

But how do they stack up?

First off, if you value an in-person banking experience and don’t live in the Southeast, SunTrust likely isn’t for you. But if you do live near a branch and/or you’re ready to go digital then you could consider them as an option. Just don’t expect much in the way of savings rates at the moment.

SunTrust Essential and Select Savings + Advantage Money Market Account Details

All of SunTrust deposit and savings accounts are federally insured by the FDIC to the legal limit of $250,000

SunTrust Bank offers two savings account options:

SunTrust Essential Savings Account

BalanceAPY
$0.010.01%

A ​SunTrust Essential Savings​ account earns a pitiful rate of 0.01% APY. This almost makes the national average of 0.06% APY look less terrible than it really is.

Interest is compounded daily and credited quarterly. You need only maintain an average daily balance of $0.01 to avoid closure, so while there is technically a minimum balance requirement, access to this account isn’t restricted to wealthier individuals.

This account doesn’t require a minimum opening deposit either, and it also doesn’t charge any monthly maintenance fees. There is, however, an incentive to go paperless in the form of a $3 paper statement fee.

SunTrust Bank Select Savings Account

BalanceAPY + loyal customer bonus
$1,0000.01% + 1.0% bonus (up to$25)

With a ​SunTrust Bank Select Savings​ account, you’ll be getting a slightly less basic account with a (sort of) better rate. The standard APY on this account is also 0.01%, but loyal customers can earn an annual bonus worth 1% APY of their balance up to $25. In other words, you can make up to $25 on top of whatever you’re earning from the paltry 0.01% APY.

A Select Savings account comes with a $7 monthly maintenance fee that can’t just be dodged by going green with billing, but it​ can​ be avoided in one of two ways:

  1. setting up automatic transfers totaling $25 or more per statement cycle
  2. or by maintaining an average daily balance of at least $1,000.

SunTrust Advantage Money Market Account

BalanceAPY
$10,0000.01% + promo introductory rate (call for details)

Finally, there are the ​SunTrust Advantage money market accounts​. The national average rate on a money market is currently a measly 0.09%, so you might be surprised to find that right now, SunTrust Bank is paying only 0.01%. But this isn’t always the case—this bank often offers promotional introductory rates that are far better than this, but you’ll actually have to call customer support to inquire about offers in effect as rates vary by area and account history and aren’t posted or searchable.

And although rates aren’t currently listed, they are tiered rates calculated by balance. These are the balance tiers:

  • Tier 1: <$9,999.99
  • Tier 2: $10,000 – 24,999.99
  • Tier 3: $25,000 – 49,999.99
  • Tier 4: $50,000 – 99,999.99
  • Tier 5: $100,000 – 249.999.99
  • Tier 6: $250,000 – 499,999.99
  • Tier 7: $500,000 – 999,999.99
  • Tier 8: $1,000,000 – 1,999,999.99
  • Tier 9: $2,000,000+

Interest on a money market account is compounded daily and credited monthly. A minimum balance of $10,000 is enforced through a $17 low balance fee. This can be avoided by either meeting the balance requirement or setting up an electronic transfer/deposit of at least $100. You will need to make a deposit of at least $100 upon account opening.

No matter what SunTrust savings account you have, you’ll be restricted to 6 transactions per account, per month—this, of course, is the government’s rule, not SunTrust’s. Transact more than this and you will incur a fee of $6 per transaction on an Essential or Select savings account and $15 per transaction on a money market savings account.

One final note on SunTrust Bank savings accounts, which may or may not make up for these lackluster rates, is that they make you eligible for a 10% loyalty cash bonus if you a) Have a SunTrust Rewards Credit Card​ and b) Redeem the cash bonus you get from this card into a deposit account (via ACH transfer). Essential, Select, and Advantage Money Market savings accounts count toward this bonus.

SunTrust Bank CD Rates

SunTrust Bank Advantage CD​ rates are similarly elusive, but you can ​search current promotional rates by area here​. This is what we found for the vast majority of zip codes. If you found something different please leave us a comment on this post, or email us a screenshot of the rates you see.

SunTrust Bank CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
18 month0.05%
24 month0.05%

To give the offers above some context, the current national average on a 12 month CD sits at just 0.27% APY currently. All SunTrust certificates do manage to come in slightly above this, however much better deposit rates can still be had elsewhere.

A minimum deposit of $2,000 is required to open an Advantage certificate account. In the fine print, you’ll see that SunTrust Bank requires you to have a checking account with them before they’ll let you open an Advantage CD.

Early withdrawal penalties are issued based on the amount of time you have left on a term, not the full length of the term upon issuance. The fees are as follows:

  • If you have 1 to 31 days remaining, you’ll pay 180 days’ interest.
  • If you have 1 to 6 months remaining, you’ll pay 270 days’ interest.
  • If you have 12 to 24 months remaining, you’ll pay 360 days’ interest.
  • If you have 24 to 60 months remaining, you’ll pay 720 days’ interest.
  • And if you have more than 60 months remaining, you’ll pay 1080 days’ interest.

You can make ONE penalty-free withdrawal within 7 days of opening or renewing an account.

Banking Experience and Customer Sentiment

Both BB&T and SunTrust ATMs are available for SunTrust customers to use. This adds up to over 2,000 ATMs to use surcharge free. On top of that, SunTrust Bank has ​branch locations​ in the following states:

  • Alabama,
  • Arkansas,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Maryland,
  • Mississippi,
  • North Carolina,
  • South Carolina,
  • Tennessee, and
  • Virginia.

You will be refunded up to 3 times per statement cycle for transactions made using out-of-network ATMs.

SunTrust Bank scores about average in the customer banking experience department. The bank has received a fair amount of negative reviews recently, especially with regard to mortgages and personal loans, but has 3.5 stars overall out of 679 reviews on WalletHub. This is slightly better than average, but out of 169 reviews on ConsumerAffairs (which seems to be the place people go to complain), the bank has 1.1 stars.

In general, SunTrust Bank physical branch locations, good enough remote service, and easy set-up processes are sources of satisfaction for many. While unexpected account closures—a theme across many digital bank review forums—and merger complications are common complaints against the bank.

If you bank with SunTrust Bank, you can probably count on decent customer service over the phone, but if you live near a branch location, you’re likely to get better service there. To get in touch with customer support, call 1-(800)-786-8787 (hours not listed).

The SunTrust Bank app performs well with ​4.4 stars on Google Play​ and ​4.1 stars on the App Store​. The bank’s mobile and online platforms are said to be easy-to-use and relatively glitch-free.

ACH Transfer Limitations:

SunTrust Bank limits external ACH inbound transfers to $10,000 per transaction and per day, and outbound ACH transfers to $2,000 per transaction and per day.

Final Thoughts

Yes, this bank has offered stellar APYs in the past, however with the savings rates offered today there is little to be excited about here.

This bank is going to be more for people that live in the Southeastern part of the country who prefer the option of walking into a branch to manage their accounts. This isn’t going to be a great fit for rate hounds, low-income individuals, or anyone looking to grow their money with FDIC-insured savings vehicles. Account options are limited, come with the potential for rather steep fees, and are generally at or below average in terms of rates.

Paramount Bank 12 month CD: 0.75% APY + 0.85% APY Interest Checking


[Update January 21, 2021 – Paramount Bank’s interest checking and money market account now provide a highly competitive yield of 0.85% APY and 0.50% APY, respectively. Fixed rate CDs remain unchanged to start the new year.]

[Update: August 7, 2020 – Paramount Bank lowered the APY on their 6 month and 12 month CD to 0.50% APY and 0.75% APY, respectively. The variable rate, interest checking account also had its APY lowered to 0.85%. ]

[Update: March 31, 2020 – Paramount Bank lowered its interest checking account APY from 1.25% to 1.00%. They also lowered their 6 month and 12 month CD rates to 1.25% and 1.00% APY, respectively.]

Update: March 13, 2020 – After lowering their rates across the board in early March, Paramount Bank again lowered most of their rates again this week, however, they kept the APY on 6 month and 12 month CDs to 1.50% APY and 1.25% APY, respectively. Paramount Bank still has one of the deepest inverted yield curves we’ve seen from a single financial institution since the FED’s recent rate cut of 0.50%.]

Some of the accounts offered by Paramount Bank still hold respectable APYs that are above the current national average, but more lucrative rates can be found elsewhere online.

Paramount Bank has 11 locations in 9 states with headquarters in Hazelwood, Missouri. Their savings products are available nationwide and can be opened online.

Paramount Bank is FDIC-insured up to $250,000 against bank insolvency.

Paramount Bank’s Current CD Rates

Paramount Bank’s certificate of deposit product line comes with terms ranging from 6 months to 5 years and has a minimum deposit requirement of $1,000 and a maximum deposit allowance of just $100,000.

Their CDs can be held in IRA accounts or as stand alone deposits and the yields are the same for each.

Paramount Bank CD Rates:

CD TermAPYMinimum Deposit
6 month0.50%$1,000
12 month0.75%$1,000
18 month0.75%$1,000
24 month0.75%$1,000
36 month0.75%$1,000
48 month0.75%$1,000
60 month0.75%$1,000

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% APY and 0.32% APY, respectively, according to FDIC data.

How your interest is calculated and paid:

The interest on your CD is paid out monthly, however, we have not been able to confirm if the interest is accrued daily or monthly. We’ve reached out to the bank but have yet to hear back.

You can learn more about Paramount Bank’s CDs here.

Paramount Bank’s Money Market and Interest Checking Rates

Paramount Bank’s interest checking account earns one of the highest APYs we’ve seen on a variable rate, FDIC-insured deposit account so far in 2021.

This account currently pays an APY of 0.85% on all balances up to $500,000 which beats the national average of 0.07% by several multiples. It also sits comfortably ahead of some of the top online savings account rates which hover around the 0.50% APY mark.

The account has no minimum balance fees and a minimum deposit requirement of just $100.

As with most interest checking accounts, the rate is variable and subject to change at any time without notice.

Paramount Bank’s money market account comes with a less attractive annual percentage yield (APY) and fees for dipping below the minimum balance threshold.

The rate sits at just 0.50% APY and comes with a $2,000 monthly balance requirement to avoid a $10 monthly fee.

Similar to the interest checking account the minimum deposit requirement is $100, but be sure to keep an average monthly balance of at least $2,000 or the $10 fee will cut into your interest earnings, and could even eat away at your principal.

If you’re looking to earn some interest on cash balances with your small business, then you might want to consider Paramount Bank’s business money market account. It also earns a competitive APY of 0.75% but comes with a monthly minimum balance requirement of $5,000 to avoid a $20 monthly fee.

About Paramount Bank

Paramount Bank originally started out as an independent mortgage company in 1970.

A group of local investors based out of St. Louis rebuilt the bank in 2004 with a focus on online products – namely high yield certificates of deposit and savings accounts.

They have 11 locations throughout the country in the following states: Arizona, California, Florida, Illinois, Iowa, Kansas, Missouri, Ohio and Texas.

For all banking inquiries, reach out to 833-731-0229.

Final Thoughts

Paramount Bank’s current APYs beat the national average by considerable margins for both their variable rate and fixed rate deposit accounts.

The interest checking account has the highest yield, but keep in mind this is a variable rate product subject to change at any time.

Their fixed rate CDs offer competitive rates for each term, although the yields are currently providing a flat APY of 0.75% from 1 to 5 year durations.

Regions Bank CD Rates & Savings – Top APY now 0.55%!


image credit: regions.com

[Update January 2021: Regions bank removed their 8 month promotional CD and replaced it with a 63 month promotional CD. It comes with an APY of 0.55% but you must also open a checking account and keep it open for the duration of the CD.]

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 months0.03%
10 – 11 months0.03%
12 – 17 months0.03%
18 – 23 months0.05%
24 – 35 months0.05%
36 – 47 months0.05%
48 – 59 months0.05%
60 – 72 months0.05%
63 month*0.55%

As you can see, there are plenty of CD terms to choose from at Regions Bank but the rates offered are very low. 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 0.55% APY on a special 63 month term.

Although it is a promotional rate and Region’s best offer, better rates can be found through online banks and credit unions for 60 month terms.

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.

Connexus Credit Union Money Market Account 1.15% APY + CD Rates up to 1.01% APY!


image credit: connexuscu.org

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.

Connexus Credit Union CD Rates

CD TermAPY
12 months0.71%
24 months0.81%
36 months0.90%
42 months0.96%
48 months0.96%
60 months1.01%

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 0.22% APY and 0.47% APY, respectively.

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.

Connexus Credit Union 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.

Connexus Credit Union Money Market Rates

BalanceAPY
$0 to $999.990.00%
$1k – $9,999.990.50%
$10k – $19,999.990.60%
$20k – $49,999.990.75%
$50k – $99,999.991.00%
$100K +1.15%

To give the APYs above more context, the current national average for a money market account sits at just 0.11% APY currently.

We also want to point out that according to Connexus Credit Union’s deposit rate page, these money market rates haven’t changed since January. Given the FED’s multiple rate drops since then plus their commitment to keep rates near zero through 2022, we wouldn’t be surprised to see Connexus lower these rates soon.

image credit: connexuscu.org

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.

Connexus Credit Union 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

20192020
Single$3,500$3,550
Family$7,000$7,100

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.

Connexus Credit Union 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%

Who is Eligible to Join Connexus Credit Union

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 4.3 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.

HomeStreet Bank CD Rates & Money Market Accounts


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$240k
31 days0.10%0.10%0.10%0.10%0.10%0.10%
3 months0.15%0.15%0.15%0.15%0.15%0.15%
6 months0.20%0.20%0.20%0.20%0.20%0.20%
9 months0.20%0.20%0.20%0.20%0.20%0.20%
12 months0.20%0.20%0.20%0.20%0.20%0.20%
18 months0.20%0.20%0.20%0.20%0.20%0.20%
2 year0.20%0.20%0.20%0.20%0.20%0.20%
3 year0.20%0.20%0.20%0.20%0.20%0.20%
5 year0.20%0.20%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 0.22% APY and 0.47% APY, respectively.

Featured CD Rates

The Featured CDs offer the most competitive yields, however they’re currently a flat 0.40% APY across all terms and deposit amounts.

CD Term$500$2,500$5k$10k$25k$240k
11 months0.40%0.40%0.40%0.40%0.40%0.40%
13 months0.40%0.40%0.40%0.40%0.40%0.40%
15 months0.40%0.40%0.40%0.40%0.40%0.40%
18 months0.40%0.40%0.40%0.40%0.40%0.40%
22 months0.40%0.40%0.40%0.40%0.40%0.40%
3 years0.40%0.40%0.40%0.40%0.40%0.40%
5 years0.40%0.40%0.40%0.40%0.40%0.40%

Based on current national averages, HomeStreet Bank’s 11 month CD is quite competitive at nearly twice the national average (0.40% vs 0.22% avg). That said, their 5 year CD comes in slightly under at 0.40% vs a 0.47% average for 60 month terms.

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. You may want to bookmark this page and check back later. We will update if/when HomeStreet adds longer durations.

HomeStreet Bank 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

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 – $9,9990.15%
$10k – $49,9990.15%
$50k – $99,9990.15%
$100k – $149,9990.15%
$150k – $249,9990.15%
$250k – $499,9990.15%
$500k +0.15%

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 0.11% APY and the national average on a savings account is just 0.07% APY.

Private Banking Money Market

More information on Private Banking Money Market accounts are available through a banker at a HomeStreet Bank local branch. Below are the current yields.

BalanceAPY
$1k – $9,9990.10%
$10k – $49,9990.15%
$50k – $99,9990.25%
$100k – $149,9990.35%
$150k – $249,9990.35%
$250k – $499,9990.35%
$500k +0.35%

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

Promotional Plus Money Market

As mentioned the Promotional Plus Money Market account requires a higher minimum deposit amount of $10,000. These funds need to be new money to HomeStreet Bank – or -existing funds from a maturing HomeStreet CD, which can be transferred during the grace period.

BalanceAPY
$10k – $49,9990.15%
$50k – $99,9990.20%
$100k – $149,9990.25%
$150k – $249,9990.25%
$250k – $499,9990.30%
$500k +0.30%

Final Thoughts

If you’re in the market for a variable rate money market account, then HomeStreet Bank may be suitable for you. Their rates beat the national average by a respectable margin and pay well on all tiers. That said, be sure you can meet the average daily balances to avoid fees. There are also a handful of online savings accounts and money market accounts still paying up to the 0.50% APY mark on all balances.

If you’re looking for a fixed rate CD, then an 11 – 15 month featured CD from HomeStreet Bank may be a decent option, however, you can also find online CDs or even credit union CDs with equal or slightly better yields.