APY GUY: Maximize Your Savings & Earnings

Money Market

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.

Morgan Stanley Deposit Rates – See how they compare


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 for 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 0.07% APY and 0.03% APY, respectively, according to recent FDIC data.

Deposit RangeAPY
$0 – $99,999.990.02%
$100k – $249,999.990.02%
$250k – $499,999.990.02%
$500k – $999,999.990.02%
$1m – $1,999,999.990.02%
$2m and above0.02%

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 the 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 PARTMGPXX0.01%
MS U.S. GOV’T MONEY MARKET TRDWGXX0.01%

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 FUNDAAGS0.01%

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.

Final Thoughts

While earning interest on temporarily idle cash balances is a nice benefit to have, the yields currently provided at Morgan Stanley are extremely low even when benchmarked against a historically low national average.

Although their money market funds cannot be compared to traditional money market accounts and online savings accounts offered by banks and credit unions in a true, apples-to-apples kind of way, it’s worth mentioning some of the top yields for those traditional accounts are still touching 0.50% APY.

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.

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.

KeyBank CD Rates & Savings Review


KeyBank is a mid-sized, regional bank that operates both online and offline. They can take consumer deposits from residents in all 50 states, however, their branch and ATM network are only in 25 states plus Washington D.C.

KeyBank has 1,197 branches and 1,572 ATMs in the following states:

  • Alaska 
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington, D.C.
  • Washington

KeyBank has a full suite of FDIC-insured deposit accounts complete with checking, money market, certificates of deposit and savings accounts. For the purpose of this review, we will focus on KeyBank’s fixed and variable rate, interest-bearing deposit products.

There are three types of CDs offered at KeyBank as well as the two money market accounts and three savings account options.

KeyBank’s Fixed Rate Deposit Accounts – The three types of CDs sold at KeyBank are:

  1. Key Short Term CDs,
  2. Key Tiered CDs and
  3. Key Jumbo CDs

KeyBank’s Variable Rate Deposit Accounts – The five types of variable rate savings accounts offered at KeyBank are:

  1. Key Active Saver
  2. Key Silver Money Market Savings Account
  3. Key Gold Money Market Savings Account
  4. Health Savings Account
  5. KEY4KIDS Savings Account

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

Key Bank CD Rates + Details

KeyBank’s 3 types of CD accounts.

As mentioned KeyBank has three different types of CDs to choose from. They have short term CDs with terms ranging from 7 days to less than 6 months. They have tiered CDs with terms ranging from 6 months to 10 years and jumbo CDs with terms ranging from 7 days to 10 years but requiring a minimum deposit of $100,000.

KeyBank’s short term CDs and tiered CDs come with a minimum deposit requirement of $2,500. In normal interest rate environments, higher deposit ‘tiers’ or amounts earn higher rates and APYs. Today, however, all tiers provide the same yield. For future reference, the tiers are broken down as follows:

  • $2,500 – $9,999
  • $10k – $24,999
  • $25k – $49,999
  • $50k – $99,999
  • 100k or more = Jumbo CDs

We should also note that in more favorable savings rate environments, KeyBank provides better yields for those with “Relationship Rewards.” Or in other words, those who also hold a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking account with them. Today, however, as with their tiers, all accounts earn the same APY regardless of relationship status.

Key Bank’s Short Term CD Rates

CD TermsMin. DepositAPY
7 – 31 days$2,5000.05%

To put the yield above in perspective, the current national average for a savings account and a 12 month CD sit at just 0.07% APY and 0.22% APY, respectively.

KeyBank’s tiered CDs come with a minimum deposit requirement of $2,500.

Key Bank’s Tiered CD Rates

CD TermAPY
6 months0.05%
7 months0.05%
8 months0.05%
9 months0.05%
10 months0.05%
12 months0.05%
2 years0.05%
3 years0.05%
4 years0.05%
5 years0.05%
6 years0.05%
7 years0.05%
8 years0.05%
9 years0.05%
10 years0.05%

As noted, in more favorable savings rate environments each CD term above would be broken down into deposit tiers with higher dollar amounts earning higher yields. Refer to the tiers listed above for a full breakdown.

If you have $100k or more, you may open a Jumbo CD with KeyBank. Currently all terms pay the same low APY as with all of KeyBank’s CDs.

KeyBank Jumbo CD Rates

CD TermAPY
7 – 13 days0.05%
14 – 29 days0.05%
30 – 59 days0.05%
6 months0.05%
7 months0.05%
8 months0.05%
12 months0.05%
13 months0.05%
14 months0.05%
5 years0.05%
6 years0.05%
7 years0.05%
8 years0.05%
9 years0.05%
10 years0.05%

KeyBank CD Interest, Early Withdrawal Fees and Grace Period

All of KeyBank’s certificate of deposit accounts feature daily compounding interest for the entire term.

These CDs also automatically renew for the same term at the going APY if nothing is done during the grace period.

For all CDs with terms of 32 days or greater, KeyBank provides a standard grace period of 10 days. During this time you may add or withdraw funds penalty free. KeyBank will send you a maturity notice, but be sure to set your own reminders as well if you plan on moving funds around at the end of your CD term.

If you need access to your fund prior to maturity, KeyBank will charge you a portion of your simple interest as a penalty. The current fees are as follows:

Key Bank Early Withdrawal Penalties Short Term CDs

CD TermPenalty
7 to 31 days7 days’ interest
32 to 89 day30 days’ interest
90 to 179 days90 days’ interest

Key Bank Early Withdrawal Penalties Tiered CDs

CD TermPenalty
Up to 359 days3 months’ interest
360 days to 23 months6 months’ interest
24 to 47 months9 months’ interest
48+ months12 months’ interest

Key Bank Early Withdrawal Penalties Jumbo CDs

CD TermPenalty
7 to 31 days7 days’ interest
32 to 89 days30 days’ interest
90 to 359 days3 months’ interest
360 days to 23 months6 months’ interest
24 to 47 months9 months’ interest
48+ months12 months’ interest

KeyBank Savings Account Rates + Details

KeyBank’s 3 savings account options + 2 money market accounts.

KeyBank has three savings accounts and two money market accounts to choose from. For savings accounts, they offer a health savings account, a child savings account and a traditional savings account which they call the “Key Active Saver” account.

For money market accounts, they have a Key Silver Money Market account and a Key Gold Money Market account. The main difference between these two is the minimum daily balance you must maintain.

KeyBank Savings Accounts

Key Active SaverHealth Savings AccountKEY4KIDS
APY0.01%0.01%0.01%
Compound InterestDailyDailyDaily
Monthly Fee$4*$5*$0
Min. Opening Deposit$10$0$10
Overdraft ProtectionYesNoNo
How to OpenOnlineOnlineIn Branch

* The $4 monthly service fee can be waived when you open any checking account with KeyBank.

As with their CDs, KeyBank’s savings accounts are tiered with higher balances earning more attractive rates. That said, all tiers are currently providing the same APY.

KeyBank Money Market Accounts

Key Silver Money MarketKey Gold Money Market
APY0.01%0.01%
Compound InterestDailyDaily
Monthly Fee$12*$5**
Min. Opening Deposit$50$25,000
Overdraft ProtectionYesYes
Check WritingYes, limitedYes, limited
How to OpenOnlineOnline

*KeyBank will waive the $12 monthly fee if ONE of the following requirements are met:

  • Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking
  • Maintain a minimum daily balance of $5000 or more during the statement cycle
  • A monthly direct deposit of at least $25.00 is credited to your Key Silver Money Market Savings Account during the monthly statement cycle
  • A recurring monthly online banking transfer of $25.00 or more from another KeyBank deposit account is transferred to the Key Silver Money Market Savings Account during the monthly statement cycle

**KeyBank will waive the $5 monthly fee if BOTH of the following requirements are met:

  • Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking AND
  • maintain a daily average balance of a $25,000 in the account

Patelco Credit Union CDs & Savings – Top Rate 2.0% APY!


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

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

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

Today, it has 360,000 members across the nation and over $7 billion in assets.

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

Patelco Credit Union CD Rates + Details

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

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.60%
36 – 47 months0.65%
48 – 59 months0.75%
60 months0.85%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.22% and 0.47% APY, respectively.

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

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

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

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

Patelco Credit Union Money Market Rates + Account Details

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

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

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

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

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

Other Savings Accounts Offered by Patelco Credit Union

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

Patelco Health Savings Account Rates:

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

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

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

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

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

About Patelco Credit Union + Eligibility

There are only 38 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

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

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

Eligible California counties include:

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

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

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

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

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

Final Thoughts

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

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