APY GUY: Maximize Your Savings & Earnings

Money Market

Northern Bank Direct Money Market – Now 4.35% APY!

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image credit: northernbankdirect.com

Northern Bank Direct is the online subsidiary of Northern Bank, a Massachusetts-based bank founded in 1960.

While the Northern Bank prides itself on being a community institution — the #1 Community Bank in New England, in fact, according to S&P Global Market Intelligence Rankings — Northern Bank Direct is nationally available to anyone with a few minutes to spare.

Northern Bank Direct Money Market Account + Current Rates

All of Northern Bank Direct’s deposit accounts, whether it be variable rate money market accounts or fixed rate CDs, are owned by Northern Bank. They are FDIC-insured up to $250,000 per depositor or $500,000 for joint accounts.

Northern Bank Direct offers a money market account that regularly features one of the top yields among its peers.

Money Market Rates

Minimum DepositAPY
$5,000 +4.35%
APY = annual percentage yield

With a minimum deposit of $5,000, you can open a Northern Bank Direct money market account and start earning 4.35% APY (annual percentage yield) on balances up to $250,000.

To put this yield perspective, the average yield on a savings account sits at just 0.33% APY and the average yield on a money market account earns just 0.44% APY nationally, according to FDIC data.

The minimum deposit and balance requirements associated with this account are steep when compared to other online banks.

We should note that the $5,000 minimum deposit is just that – a minimum deposit. If your balance dips below the $5,000 mark that is OK. You’ll still earn the 4.35% APY on all sums.

How to Open an Account with Northern Bank Direct

As with most online banks, opening an account with Northern Bank Direct is simple and straightforward and can be done in minutes.

To get started you will need the following information for yourself and the joint owner (if applicable):

  • home address
  • date of birth
  • driver’s license number
  • social security number
  • account number of bank or credit union you’ll be transferring funds from
  • routing number of said financial institution

Funding Your Northern Bank Direct Account

You can fund an account electronically through direct deposit or ACH transfer, wire transfer, or mobile deposit. Or you can send checks to: Northern Bank Direct 275 Mishawum Road Woburn, MA 01801 [Do not send cash.]

Once your account is opened there is little in the way of fees to worry about.

There are no monthly maintenance fees at all, but there is a $20 excessive transaction fee and a $3 transfer fee.

You may make no more than six deposits into – or withdrawals from – this account in any given month or incur the $20 excessive transaction fee for each transaction after the sixth.

The $3 transfer fee will be applied each time you transfer money from a Northern Bank Direct money market into an external bank account. Interest is compounded and credited monthly.

Northern Bank Direct CD Rates + Account Details

A minimum deposit of $500 is required to open any certificate of deposit with Northern Bank Direct.

CD Rates

CD TermAPY
6 months0.40%
9 months0.40%
12 months0.50%
15 months0.50%
17 months3.75%
18 months0.55%
24 months0.60%
30 months0.60%
36 months0.65%
48 months0.65%
60 months0.65%
APY = Annual Percentage Yield

To give the offers above more context, the national average for a 12 month CD and a 60 month CD sit at 1.28% APY and 1.21%, respectively.

That said, the top APYs from online banks and nationally available credit unions are now creeping over the 4.75% APY mark and 4.50% APY mark for the same respective terms.

Early Withdrawal Fees

If you need access to the funds in your CD prior to its maturity date, you will incur an early withdrawal fee. Early withdrawal fees are as follows:

  • For CDs with terms of 12 – 35 months, you’ll owe 12 months’ interest
  • For CDs with terms of 36 – 47 months, you’ll owe 24 months’ interest
  • For CDs with terms of 48 months or more, you’ll owe 36 months’ interest

Banking Experience and Customer Satisfaction

Northern Bank Direct accounts can be opened and managed through the online portal or mobile apps. There are no membership restrictions—anyone is eligible to join.

You can visit Northern Bank branches to make transactions, but since all Northern Bank branch locations are in Massachusetts, mobile and online banking will be the most convenient option for most people. Northern Bank ATMs are also located exclusively in the New England area, but Northern Bank Direct doesn’t offer ATM or debit cards anyway.

When you look at the numbers alone, Northern Bank Direct’s customer satisfaction rating is about average. For the most part, the bank’s most winning product—its high-interest money market account—is how it gets its best reviews. But as a whole, Northern Bank Direct has your standard mix of 1- and 5-star ratings and somewhere around 3 stars overall. They don’t seem to do better or worse than the average online bank in terms of keeping their account holders happy.

The primary complaint of dissatisfied customers is the $5,000 daily ACH external transfer limit, which is a pretty inconvenient restriction for an online bank where larger transactions should be expected, especially soon after opening an account, and convenience is key. Transaction limits, in general, seem to be the source of most frustration. On the flip side, the primary praise of satisfied members of this bank is the customer service they consistently receive. For the online version of a bona fide community bank, this isn’t surprising but is significant nonetheless. 

The apps, on the other hand, score quite poorly. The NBTC mobile banking app for Apple devices has 2.1 stars and the NBTC mobile banking app for Android devices has a little less than 3.5 stars. The general consensus is that the app is functional enough in its design but crashes often, which is not so functional or helpful. When you’re dealing with an online bank, most people want to be able to rely on their phones to manage their accounts.

You can reach a customer service representative through email at nbdirect@nbtc.com or over the phone through (844) 348-8996. The phones are manned Monday through Friday from 9 AM to 6 PM, so try not to have a question or emergency over the weekend or in the evening.

Ponce Bank High Yield Money Market – Now 3.25% APY!

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image credit: SaveBetter.com

Ponce Bank has launched a high yield money market account through the SaveBetter platform that pays a noteworthy APY of 3.25% and comes with a minimum deposit requirement of just $1.00.

The SaveBetter platform that houses this offer, allows for consumers to create just one account (with SaveBetter) which then unlocks access to a curated network of FDIC member banks and their FDIC-insured savings products.

Ponce Bank and their high yield money market account is currently the highest yielding product within the SaveBetter network. We should note that the network now consists of 19 banks and credit unions as of February 2023:

  • Ponce Bank,
  • Axiom Bank,
  • Continental Bank,
  • Central Bank of Kansas City,
  • Liberty Savings Bank,
  • Lemmata Savings Bank,
  • The Idabel National Bank
  • mph.bank,
  • Patriot Bank,
  • Sallie Mae,
  • SEB The State Exchange Bank,
  • Western Alliance Bank,
  • Wex Bank,
  • American First Credit Union,
  • The Atlantic Federal Credit Union,
  • Great Lakes Credit Union,
  • Bellco Credit Union,
  • Blue Federal Credit Union
  • SkyOne Federal Credit Union

Ponce bank does not offer this digital savings product through their own website. If you visit Poncebank.com and navigate to their savings solutions section, you’ll notice the savings product(s) aren’t the ones offered through SaveBetter.

To access the high yield savings account Ponce Bank offers in this review, you’ll want to navigate to the products exploration page on SaveBetter. You can also continue reading our comprehensive review on the product below.

Ponce Bank High Yield Money Market Account Rate + Details

The Ponce Bank high yield money market account available through SaveBetter is federally insured by the FDIC up to $250,000 per depositor. Joint accounts are not available at this time.

Ponce Bank High Yield Money Market Account

Min DepositMonthly FeeAPY
$1$03.25%
APY = Annual Percentage Yield

To put the yield above in perspective, the current national average for a money market account sits at just 0.44% APY, according to recent FDIC data. That said, there are still a handful of online banks and even nationally available credit unions offering yields above 4.00% APY following the FED’s latest rate hike on February 1, 2023. Keep in mind these rates are variable and can change anytime without notice.

Interest is compounded daily and credited monthly.

Drawbacks

The account has some notable drawbacks that one should consider before opening it.

First, the account provides limited access to your funds. You will not have an ATM or debit card of any kind. You also can not deposit money through traditional methods such as direct deposit, wire transfer, cash deposit, or remote check deposit via a mobile app. The only way to withdraw funds is by linking a bank account. And depending on the bank or credit union you’ve linked, this could take anywhere from 3 – 5 business days to receive a transfer.

No joint accounts. Typically banks and credit unions allow for joint savings and/or deposit accounts which expands FDIC coverage up to $500,000 so that both individuals are covered up to the applicable limits of $250,000 per depositor.

You have to use the SaveBetter mobile app to manage the account. And the app does not provide any basic budgeting or automatic savings tools that many digital savings products do.

Customer Service goes through SaveBetter and office hours are limited. To reach an actual representative for questions regarding your Ponce Bank High Yield Money Market account, you’ll need to call: 844-994-EARN (3276). And the hours of operation are just Monday to Friday from 9:00 a.m. – 4:00 p.m. Eastern Standard Time.

How to Open the Account

If you’d like to open the Ponce Bank high yield money market account and earn the advertised interest rate, you’ll first need to navigate to the Ponce Bank offer page on Save Better here.

Once there, follow these steps:

  1. Click the forest green “Save now” button.
  2. Enter your email address, and set a strong password.
  3. Enter your name and go over the terms and conditions (link at the bottom). Once done, confirm that you have read them. Click “Continue“.
  4. Then you’ll need to confirm your email address.
  5. From there, you’ll enter your date of birth, Social Security number and contact details. Then click “Continue“.
  6. Review and submit your application.
  7. Once approved you’ll need to connect the bank in which you’ll be transferring funds from. You’ll need your bank account number and routing number to complete this step.

Items to have handy to complete the process:

  • Driver’s license or government-issued ID
  • Social Security Card (if you don’t have the number memorized)
  • Bank account number and routing number of the institution you’ll be transferring the funds from.

Final Thoughts

If you’re strictly after a high yield, variable-rate money market account and do not need regular access to these funds, then this Ponce Bank high yield money market account may be a good option for you.

If you value in-person banking and easy access to cash and your money held, then this product may not be a good fit for you.

Also keep in mind you’ll be interfacing with SaveBetter and their app(s) to manage the account and will not have any interaction with Ponce Bank itself.

Morgan Stanley Deposit Rates – See how they compare

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image credit: Unsplash

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

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

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

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

The tiers are as follows:

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

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

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

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

Morgan Stanley Bank Deposit Program APYs

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

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

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

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

Morgan Stanley Domestic Money Market Sweep Fund and Yield

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

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

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

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

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

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

Morgan Stanley Offshore Money Market Sweep Fund + Yield

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

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

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

FAQ

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

Does Morgan Stanley Offer CDs (certificates of deposit)?

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

What are Morgan Stanley’s CD Rates?

Morgan Stanley does not offer CDs at this time.

Is Morgan Stanley FDIC insured?

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

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

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

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

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

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

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

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

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

Ally Bank Money Market Account Details + APY

image credit: ally.com

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

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

Market Account Rate

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

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

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

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

Accessing Your Cash

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

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

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

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

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

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

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

Fee Schedule

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

Ally Bank Fee Schedule

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

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

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

Money Market VS Online Savings

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

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

Money Market Rate Vs Online Savings Rate

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

So what’s the difference?

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

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

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

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

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

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

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

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

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

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

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

Patelco Credit Union CD Rates + Details

image credit: patelco.org

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

CD Rates

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

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

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

Compounding and Crediting Interest

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

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

Grace Period and Early Withdrawal Fees

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

Early Withdrawal Fees

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

Patelco Credit Union Money Market Rates + Account Details

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

So, if you deposit $10k, you’ll earn:

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

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

See table below for breakdown:

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

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

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

Other Savings Accounts Offered by Patelco Credit Union

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

Patelco Health Savings Account Rates:

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

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

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

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

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

About Patelco Credit Union + Eligibility

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

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

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

Eligible California counties include:

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

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

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

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

Vio Bank CD Rates – Now up to 3.60% APY!

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Back in the summer of 2018 when CDs and savings rates were starting to pick up steam, many of the big national banks hopped on a growing trend – creating online-only banking divisions that specialize in amazing high yield savings accounts and CDs.

This is exactly what happened when MidFirst Bank, one of the five largest privately held banks in the country, launched Vio Bank in August of 2018.

Vio Bank came out of the gates with a bang – offering one of the top APY (annual percentage yields) for an online savings account anywhere in the country.

Today in 2022, as the interest rate landscape heads back upward, Vio Bank still has some respectable yields for savers but are not among the rate leaders like the once were.

Vio Bank offers 10 certificates of deposit with terms ranging from 6 months to 5 years. These are fixed rate deposit accounts.

They also offer a money market account, called “Cornerstone Money Market Account,” and a high yield savings account. These are variable rate deposit accounts that can change at any time and without notice.

Vio Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.

To see if these products are right for you, continue reading our review below.

Vio Bank’s CD Rates + Account Details

image credit: viobank.com

Vio Bank’s CD rates have risen along with the savings rate environment in general in 2022. All of their CD rates beat the national average for each respective term by a significant margin.

That said, they still lag some of the top CD rates offered by other online, FDIC-insured banks and nationally available credit unions.

Vio Bank’s CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly.

The minimum deposit requirement for a Vio Bank CD is $500.

CD Rates

CD TermAPY
6 month2.00%
9 month3.00%
12 month3.50%
18 month3.60%
24 month3.50%
36 month3.50%
48 month2.75%
60 month2.75%
84 month2.75%
120 month2.75%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.90% APY and 0.98% APY, respectively, according to FDIC data.

Early withdrawal penalties apply for all Vio Bank CDs.

Early Withdrawal Penalties

The penalties vary depending on the length of the deposit term. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

For CDs with terms longer than 1 year the penalty is 3 percent of the amount withdrawn plus a $25 fee.

Cornerstone Money Market Account

The Vio Bank Cornerstone Money Market Account can be opened online with as little as $100. It also has no balance requirements moving forward once it is opened.

Cornerstone Money Market Rate

Minimum DepositAPY
$1004.01%

To give the Cornerstone Money Market yield some context, the national average sits at just 0.29% APY while the very best variable rate accounts (online savings, money market, etc.) are just now inching above the 4.00% mark – and there aren’t many.

Online Savings Account Rate + Details

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening.

Minimum DepositAPY
$1001.10%

To put this yield into perspective, the current national average sits at just 0.24% APY nationwide.

More account details:

  • Interest is compounded daily and paid out monthly
  • 6 free withdrawals per monthly statement cycle. A $10 withdrawal fee applies after 6.
  • No monthly fees.

Please note – if you plan on making more than 6 withdrawals per statement cycle you may want to consider using a different account. Not only will a $10 fee be imposed on withdrawals after 6 in any monthly statement cycle but Vio Bank states they could shut down your account if withdrawals become too abundant.

ACH transfers initiated through the Vio Bank External Transfer Service may not exceed $25,000 (or 5 separate transfers) per day or $100,000 (999 separate transfers) per month. Incoming or outgoing transfers initiated by a third party transfer service are not limited though, which will allow you to get around these restrictions if needed.

Fee Schedule

Like many online savings accounts Vio Bank has no maintenance fees. That said, you still may have to pay for certain items and/or services. Here is their complete fee schedule:

TypeFee
Monthly Maintenance$0
Dormant Account (inactive for 12 consecutive months)$5/month
Electronic Statements$0
Withdrawals6 free per month, then $10/each
Wire Transfers (domestic outgoing)$18
Wire Transfers (domestic incoming)$10
Wire Transfers (international outgoing)not listed
Wire Transfers (international incoming)$0
Stop Payment$30
Returned Item$7
Verification of Deposit$15
Paper Statements$5/month
Additional Statements$2 each
Copies$1 each
Research Requests$40/hour

If you’re looking to lock in a rate and not worry about a future drop, then you may want to consider one of Vio Bank’s certificates of deposit.

Banking Experience + Consumer Sentiment

As an online-only bank, Vio Bank does not have any branches or ATM networks. In fact, you won’t even get an ATM card with any VIO bank accounts nor any check writing capabilities.

There are very few Vio Bank account features to write home about (if any). Customers have no access to any budgeting tools or peer to peer transfers.

Accessing money or moving it around will be difficult with Vio Bank unless you’re comfortable with ACH or wire transfers.

Vio Bank has apps for both IOS (Apple Store) and Android (Google Play) phones that have received mixed reviews. Their IOS app has a 4.4 star rating out of 5, while their Android app receives just a 3 star rating out of 5.

The apps allow Vio Bank account holders to do the following:

  • Check account balances anytime
  • Search recent transactions by date, amount or check number
  • Transfer cash between accounts
  • Deposit checks while on the go

Bank review websites and bloggers love Vio Bank, but reviews and experiences provided by users tell a different story. On DepositAccounts, Vio Bank has 2 stars. So though this bank looks good on paper (especially for its high-yield savings account), it does not meet expectations in the eyes of real people with accounts.

In a nutshell, here is what some of these people have to say:

Look out for contradictory information provided by Vio’s website and representatives as well as cumbersome application hurdles and poor service issues named by many users. Many individuals seem to doubt the bank’s trustworthiness based on support interactions and insufficient explanations. Even more have been turned away or had their accounts closed soon after opening for no apparent reason. Definitely don’t ignore these alarm bells but know that every person’s experience is going to look different and that Vio Bank might improve its customer care, policies, and practices over time.

User reviews for MidFirst Bank, the parent company of Vio Bank, are similarly poor with an overall rating of 2.5 stars on Yelp. There are also 20 complaints left against this company with the Better Business Bureau, but nothing in 2022.