APY GUY: Maximize Your Savings & Earnings

Money Market

Connexus Credit Union CD Rates – Up to 5.76% APY!

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Fact Checked :
Updated

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 445,000 members in all 50 states with over $5.2 billion in total assets.

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.

In this review, we will focus on the fixed-rate CDs (certificates of deposit) offered by Connexus Credit Union as well as their variable rates savings accounts and money market accounts. To see if any of their deposit accounts are right for you, continue reading below.

Connexus Credit Union CD Rates + Account Details

Connexus Credit Union offers standard CDs and Jumbo CDs with terms ranging from 12 months to 5 years. Both types of CDs can be opened as standalone CDs or as IRA CDs (Traditional or ROTH).

đź“Ś Update: Connexus Credit Union used to offer a 15 month promotional CD but has replaced this product with a 24 month Bump-Up CD that allows one rate hike during its term. More info below.

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.

Standard CDs require a minimum deposit of $5,000 and jumbo CDs require a minimum deposit of $100,000.

CD Rates

CD TermAPY
12 months5.61%
24 months5.01%
36 months4.51%
48 months4.01%
60 months3.91%
APY = Annual Percentage Yield

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.76% APY and 1.41% APY, respectively, according to recent FDIC data.

That said, the top yields from online banks and credit unions with nationwide acceptance are now hovering around 5.50% and 4.50% APY for the same respective terms with Connexus Credit Union leading the way for 1 year CDs.

Jumbo CD Rates

Jumbo CDs require a $100,000 minimum deposit to earn the advertised rate.

CD TermAPY
12 months5.76%
24 months5.26%
36 months4.76%
48 months4.26%
60 months4.16%
APY = Annual Percentage Yield

Bump-Up CD Rates

Connexus Credit Union’s newest CD offer is their “Bump-Up Certificate.” This comes with a 24 month term and the option to receive one rate bump while its open if/when Connexus decides to raise the rate.

CD TermAPY
24 months4.31%
APY = Annual Percentage Yield

How do Connexus Credit Union’s CD Rates Compare?

Take a look at the table below to see how Connexus Credit Union’s best CD rate stacks up against the top CD rates offered by other credit unions and online banks.

InstitutionBest CD Rate (APY)
Connexus Credit Union5.76%
HSBC Bank4.85%
Navy Federal Credit Union4.95%
Santander Bank5.50%
State Employees’ Credit Union5.60%
CD rates surveyed September 12, 2023.

How Much Can You Earn With a Connexus CD?

The amount of money you can earn with a CD from Connexus Credit Union depends on the term you choose, its APY (annual percentage yield) and your deposit size. Below is a table showing total earnings from interest payments for some of Connexus Credit Union’s best CD rates. It assumes a deposit size of $100,000 to receive the jumbo rates.

CD TermAPYEarnings
12 months5.76%$5,760.00
2 years5.26%$10,796.68
3 years4.76%$14,970.51
5 years4.16%$28,603.53
Earnings = Sum of all interest payments made through maturity.

Grace Period and Early Withdrawal Fees

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

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

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

Money Market Account Rate + Details

Connexus Credit Union offers some fairly competitive rates with their money market accounts. To earn these yields in the past you were required to also have a checking account with Connexus Credit Union along with direct deposit set up, but this is no longer the case.

You will still need to hold significantly higher balances in the account to earn the most competitive interest rates. See rates below.

Money Market Rates

BalanceAPY
$0 to $999.990.00%
$1k – $19,999.990.25%
$20k – $99,999.993.01%
$100K – $249,999.994.01%
$250k – $499,999.994.26%
$500k – $999,999.994.51%
$1m +4.76%
APY = Annual Percentage Yield

To give the APYs above more context, the current national average for a money market account sits at just 0.62% APY currently, with the top yields from FDIC-insured online banks sitting around the 5.00% APY mark.

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.

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

20232024
Single$3,850$4,150
Family$7,750$8,300

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

Health Savings Account Rates

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

Connexus Credit Union Eligibility

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

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

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

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

Final Thoughts

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

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

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

Regions Bank CD Rates – Now up to 5.15% APY!

Written by:
Fact Checked :
Updated

image credit: regions.com

Regions Bank​, headquartered in Alabama, is a sizable full-service financial institution serving customers across 16 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 $153 + 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 Bank CD Rates + Account Details

Regions Bank offers “Relationship Rates” and Promotional Relationship Rates.” Their Relationship Rate CDs are not competitive at this time, however, their Promotional Relationship CDs are starting to nudge upwards.

For exact rates being offered near you, you’ll need to search the ​Regions CD rate search tool​.

The CD rates shown below were surveyed on August 2, 2023 using a Miami, Florida zip code (33012).

CD Rates Promotional

Regions Bank Promotional CDs require a minimum deposit of $10,000 to open. To obtain the higher “Relationship” rate you must open and maintain a Regions checking account.

TermStandard APYRelationship APY
8 months4.75%5.00%
14 months4.90%5.15%
26 months4.25%4.50%
APY = Annual Percentage Yield

CD Rates Non-Promotional

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.

CD TermStandard APYRelationship APY
1 – 5 months0.01%0.01%
6 months0.01%0.03%
8 – 12 months0.01%0.03%
14 – 17 months0.01%0.03%
18 – 23 months0.01%0.03%
24 – 25 months0.01%0.05%
27 – 35 months0.01%0.05%
36 – 47 months0.01%0.05%
48 – 59 months0.01%0.05%
60 – 72 months0.01%0.05%
APY = Annual Percentage Yield

As you can see, there are plenty of CD terms to choose from at Regions Bank but the rates offered are very low unless you opt for a promotional CD. To give the offers (above) a little more context, the national average for 12 month and 60 month CDs sits at 1.72% and 1.37%, respectively, according to FDIC data.

That said, the top CD rates from online banks and nationally available credit unions are inching over the 5.25% APY and 4.50% APY mark for the same respective terms.

How do Regions Bank’s CD Rates Compare?

Take a look at the table below to see how the best CD rates offered by Regions Bank compare to other regional banks and their top CD rates.

BankBest CD Rate (APY)
Huntington Bank5.39%
Santander5.50%
Truist5.00%
Regions5.15%
CD rates surveyed August 2, 2023.

How Much Can You Make with a Regions Bank CD?

The amount of money you can earn with a CD form Regions Bank is going to depend on your deposit size, the CD term you select and its going APY (annual percentage yield). Take a look at the table below to see how much you’d assuming a $25,000 deposit and an existing Regions Bank Checking account to obtain the Relationship APY.

CD TermAPYEarnings
8 months5.00%$826.54
14 months5.15%$1,508.44
26 months4.50%$2,501.64
Earnings = Sum of all interest payments through maturity.

Compounding and Crediting Interest

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.

Grace Period and Early Withdrawal Penalties

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.

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 their savings rates aren’t providing much in the way of returns to consumers.

Savings Rates

Account NameMin DepositAvoid FeeAPY
LifeGreen Savings$50Must have checking account or $5/mo0.01%
Regions Savings$50$300 avg. daily balance or $5/mo0.01%
Now Savings$10None0.01%
Money Market$100$2,500 avg. daily balance or $12/mo0.01% – 0.05%
Premium Money Market$100$15k avg. daily balance or $15/mo1.50% – 3.50%
APY = Annual Percentage Yield

Average savings account rates sit at 0.40% while average money market account rates sit at 0.59% according to the FDIC, but the most competitive variable-rate accounts on the market are hovering around 5.00% APY with no minimum balance requirements or monthly fees.

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​. Their normal money market accounts aren’t competitive at this time and yield just 0.01% APY. Their Premium Money Market Accounts pay a better interest rate on your balance but still fall far short of top yields from other online banks.

The annual percentage yield is determined by your balance amount. See the table below for details.

Premium Money Market Account Rates

BalanceAPY
$0.00 – $9,999.991.50%
$10k – $49,999.992.00%
$50k – $99,999.992.50%
$100k – $249,999.993.50%
$250k +3.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for a money market account sits at 0.59% APY according to FDIC data.

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 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

Banking Experience and Customer Sentiment

When you bank with Regions, you’ll have access to over 1,952 ATMs in the bank’s cross-state service area and branches. There are around 1,454 branch locations in 16 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 ​2,100 customer reviews left on WalletHub​, Regions Bank pulled 3.8 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 both Google Play with a rating of 4.8 stars and on the App Store with a rating of 4.8 stars as of August, 2023.

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​.

TotalDirectBank CD Rates – Now up to 5.46% APY!

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Fact Checked :
Updated

TotalDirectBank has become a solid player 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, TotalDirectBank, has a simple set of FDIC-insured deposit accounts. They have a variable rate high yield money market account as well 6 CDs (certificates of deposit) with terms ranging from 3 months to 5 years. We will cover all of these deposit accounts in this review.

TotalDirectBank CD Rates + Account Details

image credit: totaldirectbank.com

All of TotalDirectBank’s certificates of deposit come with a steep minimum deposit requirement of $25,000.

Usually online-only banks tend to have lower minimum deposit requirements. For example, banks like Marcus by Goldman Sachs or Vio Bank only require $500 to open one of their CDs.

CD Rates

The CD rates shown below were surveyed on May 23, 2023.

CD TermAPY
3 months5.20%
6 months5.40%
12 months5.46%
24 months4.34%
36 months3.56%
60 months3.05%
APY = Annual Percentage Yield

To put the offers above in perspective the current national average for a 12 month and 60 month CD sit at roughly 1.72% APY and 1.37% APY, respectively, according to FDIC data.

Right now, TotalDirectBank’s most competitive offers are their short term CDs – terms 3 months to 12 months. Their rates for those CDs are among some of the best from FDIC-insured, online banks. Their longer term CDs with durations 2 years to 5 years aren’t as competitive and higher yields can be found elsewhere.

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

How Much Can You Make with a TotalDirectBank CD?

The amount of money you can make with a TotalDirectBank CD is going to depend on your deposit size, the term you choose and its APY (annual percentage yield). In the scenario below, we display total earnings from interest payments on several TotalDirectBank CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
3 months5.20%$318.85
12 months5.46%$1,365.00
24 months4.34%$2,217.09
60 months3.05%$4,052.26
Earnings = Sum of all interest payments through maturity.

How do TotalDirectBank’s CD Rates Compare?

In the table below we compare the best yield offered by TotalDirectBank with some of the best CD yields offered by other FDIC-insured online banks.

BankBest CD Rate (APY)
Ally5.00%
Citizens Access5.00%
First Internet Bank5.35%
TotalDirectBank5.46%
CD rates surveyed July 30, 2023.

Compounding and Crediting CD Interest

TotalBankDirect uses the daily balance method to compound interest. This means your CD will pay interest that is compounded daily.

Here’s how TotalDirectBank pays out interest:

  • For 3 month CDs, interest is paid at maturity.
  • For 6 month CDs, interest can be paid monthly, quarterly or at maturity.
  • For 12 month CDs or longer, interest can be paid monthly, quarterly or annually.

Payments may be sent by check or transferred to another account.

Grace Period

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. TotalDirectBank 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.

Early Withdrawal Fees

If you need to withdraw any or all funds prior to your CD’s maturity, TotalDirectBank does impose an early withdrawal fee. This fee will never eat into your principal deposit, but will affect your interest earnings. Their early withdrawal fees are as follows:

  • For 3 and 6 month CDs, early withdrawal fees will be 1 month of simple interest earned.
  • For 12 month CDs, early withdrawal fees will be 3 months of simple interest earned.
  • For 2 year CDs or greater, early withdrawal fees will be 6 months of simple interest earned.

We should also note that all of the above computations are based on a 360 day year.

TotalDirectBank Money Market Rate + Account Details

TotalDirectBank’s money market account requires an average monthly balance of $2,500 to earn the advertised APY and a minimum deposit of $25,000 to open an account. There is also a maximum balance of $1,000,000 allowed.

Money Market Rate

Min. BalanceMin. DepositAPY
$2,500$25,0005.20%
APY = Annual Percentage Yield

The current national average for a money market account sits at just 0.63% APY nationally, according to FDIC data, however, the top yields from online banks are inching over the 5.00% APY mark with TotalDirectBank being among the rate leaders.

Account Details

TotalDirectBank allows for unlimited deposits and transfers from an external bank, but only 6 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 opening the account.

TotalDirectBank Reviews and Customer Sentiment

Reviews of TotalDirectBank 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.

TotalDirectBank 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 TotalDirectBank may have fixed some issues in their back end.

About TotalDirectBank

TotalDirectBank 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 TotalDirectBank a year later.

UFB Direct Savings Account – Now 5.06% APY!

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Fact Checked :
Updated

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

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

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

  1. Priority Savings account
  2. Priority Money Market account

Both currently hold the same APY (annual percentage yield) of 5.06% however, there are a few notable differences between the two accounts which we’ll go over in our review below.

Priority Savings Account

ufbdirect.com

UFB Direct’s Priority Savings account was launched back in August of 2022 originally as a “Rewards Savings” account then was rebranded as the “Elite Savings” account before settling on “Priority Savings” account.

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

It also comes with no minimum deposit requirement.

Rate

Balance TierAPY
$0 – $9,999.995.06%
$10k – $24,999.995.06%
$25k – $49,999.995.06%
$50k – $99,999.995.06%
$100k +5.06%
APY = Annual Percentage Yield

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

To put this yield into perspective, the current national average for a savings account sits at just 0.42% APY according to FDIC data.

The most competitive variable-rate savings accounts, however, are offering yields just above the 5.00% APY mark.

How Does UFB Direct’s Priority Savings Account Compare

Take a look at the table below comparing UFB Direct’s Priority Savings account versus other competitive online savings account offers.

BankMin. BalanceAPY
Citibank$1.004.05%
Citizens Access$0.014.50%
PNC Bank$1.004.65%
UFB Direct$0.005.06%
Interest Rates (APYs) surveyed on July 26, 2023.

Compounding and Crediting Interest

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

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

Deposits and Withdrawals

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

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

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

Features

âś… Free ATM card to make cash withdrawals from your Priority Savings account.

âś… Digital tools for 100 percent remote banking.

âś… Free transfers between external bank account and UFB Direct Priority Savings account.

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

âś… Mobile Check Deposit for depositing physical checks via your smartphone.

Priority Money Market Account

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

Rate

Balance TierAPY
$0 – $9,999.995.06%
$10k – $24,999.995.06%
$25k – $49,999.995.06%
$50k – $99,999.995.06%
$100k +5.06%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account sits at just 0.63% APY per FDIC data.

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

đź“Ś Please Note – There is no complimentary ATM card associated with the Priority Money Market account.

How Does UFB Direct’s Priority Money Market Account Compare

Take a look at the table below comparing UFB Direct’s Priority Money Market account versus other competitive online savings account offers.

BankMin. BalanceAPY
CFG Bank$1,0005.17%
Northern Bank Direct$5,0004.95%
TotalDirectBank$2,5004.95%
UFB Direct$5,0005.06%
Interest Rates (APYs) surveyed on July 26, 2023.

Final Thoughts

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

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

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

CFG Bank CD Rates & Money Market – Up to 5.17% APY!

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

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

CFG Bank’s money market account offers the most competitive interest rate of 5.17% APY but comes with a minimum balance requirement of $1,000 to avoid a $10 monthly service charge.

Their deposit accounts can be opened and managed completely online. You may also stop by one of their 4 branches if you live in or around the Baltimore, MD region to open an account or speak with a representative.

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

CFG Bank CD Rates + Account Details

image credit: cfg.bank

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

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

CD Rates

CD TermAPY
12 months5.05%
18 months4.80%
36 months4.30%
60 months4.20%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at 1.72% and 1.37% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching above 5.25% and 4.50% APY, for the same respective terms.

CFG Bank was among the rate leaders in May for short term CDs but have since pulled back the yields on their 12 and 18 month CD while other banks have increased theirs.

How Much Can You Make with a CFG Bank CD?

How much money you earn with a CD from CFG Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). Below is a table breaking down total earnings from interest payments for all of CFG Bank’s CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
12 months5.05%$1,262.50
18 months4.80%$1,821.43
36 months4.30%$3,365.66
60 months4.20%$5,709.91
Earnings = sum of all interest payments through maturity.

How do CFG Bank’s CD Rates Compare?

CFG Bank offers some of the most competitive CD rates around. Take a look at their best CD rates compared to some of the best yields from other FDIC-insured online banks in the table below.

BankBest CD Rate (APY)
Fifth Third Bank5.00%
Merrick bank5.35%
Third Federal Savings & Loan4.00%
Sallie Mae5.15%
CFG Bank5.05%
CD rates surveyed July 25, 2023.

Compounding and Crediting Interest

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

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

Grace Period and Early Withdrawal Fees

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

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

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

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

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

Opening and Funding the Account

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

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

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

Requirements for Opening an Account:

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

Funding the Account:

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

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

High Yield Money Market Account Details

CFG Bank’s money market account comes with a minimum deposit requirement of $1,000 and a $1,000 on-going minimum balance requirement to avoid a $10 monthly service fee.

Money Market Rate

BalanceAPY
$1,0005.17%
APY = Annual Percentage Yield

To put the yield above into perspective, the current national average for a money market account sits at just 0.63% APY, according to recent FDIC data, while top online savings rates are inching above the 5.00% APY mark.

Unlike CFG Bank’s CD rates, which have become less competitive since our last update in May, CFG Bank’s variable rate high yield money market account has become more competitive. This yield is up 0.10% since May when it sat at 5.07% APY.

CFG Bank Money Market Account vs Competitors

To get a better idea of how CFG Bank’s money market account stacks up against other competitive offers from online banks, then take a look at the table below.

BankBalancesMoney Market Rate (APY)
Redneck Bank$0 – $100k5.05%
TotalDirectBank$2,500 – $1m5.20%
UFB Direct$5,000 – $250k5.06%
CFG Bank$1,000 – $250k5.17%
Money market rates surveyed on July 25, 2023.

Account Details Below:

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

Any fees to worry about? If your average daily balance dips below $1,000 for any given month you will be charged a $10 service fee.

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

Credit Inquiry? None.

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

Check Writing? No, there are no check writing privileges with this account.

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

High Yield Money Market Account Features

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

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

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

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It has assets of just over $4.2 billion and nearly $3.3 billion in total deposits. You can read more on their financial information here.

Originally a brick and mortar bank with just 4 locations around Baltimore. MD, they now offer online banking, bill pay services and have mobile apps available for download to go with the fDIC-insured deposit accounts that they offer to consumers nationally.

Fifth Third Bank CD Rates – Now up to 5.00% APY!

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Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size with just over $211 billion.

They also have 6 million customer accounts and 1,100+ branches in 11 different states. Fifth Third Bank has earned the reputation of a financially sound regional bank with solid account options and good accessibility for those living in the midwest or the southeast.

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 (certificate of deposit) rates are becoming more competitive as the interest rate environment as a whole continues to rise.

To see if this bank and their deposit accounts are right for you, continue reading our review below.

Compare Fifth Third CD Rates:

Fifth Third Bank’s top offer sits at 5.00% APY (annual percentage yield). See competing offers below.

5 Month CD
5.55% APY
NCUA Insured		Open Account
$1.00 minimum.
12 month CD
5.51% APY
FDIC Insured		Open Account
$1.00 minimum
APY = Annual Percentage Yield

Fifth Third Bank CD Rates + Account Details

image credit: 53.com

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 may vary by location, but per the time of this writing it appears that all Fifth Third Bank certificates of deposits come with the same yields across all of the regions they service.

The CD 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 certificates of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

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%
APY = Annual Percentage Yield

For context, the national average for a 12 month CD and a 60 month CD sit at 1.59% and 1.37% APY, respectively, according to FDIC data.

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.

Promotional CD Rates

TermAPY
5 months5.00%
9 months4.75%
12 months4.50%
APY = Annual Percentage Yield

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. That said, their current CD promotions are still slightly behind the standard CD rates offered by many online banks such as Discover or TIAA bank and others.

How Much Can You Make with a Fifth Third Bank CD?

The amount of money you can earn with a CD from Fifth Third Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield).

Take a look at the table below to see how much you’d earn on Fifth Third Bank’s promotional CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
5 months5.00%$513.43
9 months4.75%$885.44
12 months4.50%$1,125.00
Earnings = Sum of all interest payments made through maturity.

How do Fifth Third Bank’s CD Rates Compare?

To get a better idea of how Fifth Third Bank’s CD rates stack up against the competition, then take a look at the table below. We’ve pitted Fifth Third’s best CD rate with the best CD rates offered by other well known regional banks.

BankBest CD Rate (APY)
Regions Bank5.00%
Santander Bank5.25%
Truist Bank5.00%
Fifth Third Bank5.00%
CD rates surveyed June 15, 2023.

Compounding Interest

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

Grace Period and Early Withdrawal Penalties

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 Fifth Third Bank CD

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
  • South Carolina
  • 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 and speak with a banker.

Savings and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including 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.

Momentum Savings

The Fifth Third Momentum Savings is an interest-bearing account that is designed to help you set and reach savings goals. You can set up to 4 savings goals at a time and have them funded via automatic transfers. 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.

This account comes with a $5 monthly service fee unless any one of the following conditions are met:

  • You have a Fifth Third Checking Account that does not include Fifth Third Express Banking.
  • You maintain an average monthly balance of $500 or more
  • Someone under age 18 is an owner of the account
  • You are enrolled in Fifth Third Military Banking

Relationship Money Market

A Fifth Third Relationship Money Market account also comes with a negligible interest rate of 0.01% APY just like the Momentum Savings account. You will, however, have the ability to write checks with this account. The interest rate is tiered by balance amount, although all tiers pay the same APY at the moment.

Relationship Money Market Rates

BalanceAPY
$0.01 – $9,9990.01%
$10k – $24,9990.01%
$25k – $49,9990.01%
$50k – $99,9990.01%
$100k – $249,9990.01%
$250k +0.01%
APY = Annual Percentage Yield

Their Relationship Money Market account also comes with the same $5 monthly service fee if the conditions noted above aren’t met. These are the same conditions as the Momentum Savings account.

To put the money market yields into perspective, the current national average is 0.59% APY, according to FDIC data, however some online banks are now paying close to 5.00% APY with no minimum balance requirements or maintenance fees.

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively. These accounts have tax advantages but can only be used for college spending. Their Minor Savings account is a simple savings account designed for those under the age of 18. Lastly, their Health Savings account is a straightforward pre-tax savings account that can be used for a variety of medical expenses.

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.