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Online Savings Accounts

Synchrony Bank CD Rates – Up to 0.90% APY + 0.75% APY Savings Account


image credit: synchronybank.com

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.75%

In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:

  • <$4,999,
  • $4,999.01 – 24,999, and
  • >$24,999.01

This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

With this savings product, you will have cash access via:

  • phone,
  • ATM, and
  • online banking.

Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

Synchrony Bank Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Synchrony Bank Money Market Account Rate

BalanceAPY
$0 +0.50%

Interest is compounded daily and credited monthly

MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

Synchrony Bank CD Rates

CD TermAPY
3 months0.25%
6 months0.50%
9 months0.50%
12 months0.60%
13 months0.60%
14 months0.60%
15 months0.60%
18 months0.60%
24 months0.70%
36 months0.75%
48 months0.75%
60 months0.90%

To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Synchrony Bank Perks Program for Deposit Accounts

The Synchrony Perks program rewards customers for a combination of two things:

  1. Loyalty (ie how long you’ve banked with them) and
  2. High balances.

The tiers are set up as follows:

image credit: synchonybank.com/about/

Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.

You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:

  • Unlimited ATM reimbursements
  • 3 free wire transfers per statement cycle
  • dedicated phone line to a banker

Opening an account at Synchrony Bank

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

  • ACH transfer from an external account,
  • transfer from a Synchrony account,
  • mobile check deposit,
  • direct deposit from a third party,
  • wire transfer, or
  • personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Final Thoughts

Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.

Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.

If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.

American Express Personal Savings Account 0.60% APY + 0.55% APY CDs


image credit: americanexpress.com

American Express National Bank is the 26th largest bank in the U.S. by asset size with just shy of $122 billion in total assets.

Known by most as a credit card company—American Express—this financial corporation was approved to become a commercial bank with the name American Express National Bank in 2008 and has been a part of the digital banking sector ever since. Though Amex ​travel and rewards credit cards​ are still around and still worth checking out, it’s the company’s online savings and deposit products that are bringing many new customers in the door. Amex has racked up over $78 billion in consumer deposits in its short history.

American Express National Bank is an online-only bank, so there are no physical branches, but you can do all of your banking online, which is exactly what many consumers in our digital age are looking for.

Read our complete review of their personal savings account and certificate of deposit products below.

American Express Personal Savings Account Details + APY

Perhaps the most popular savings product offered by American Express National Bank is its fee-free, high-yield online savings account called the American Express Personal Savings account. This and all other deposit accounts with American Express Bank are federally insured by the FDIC up to $250,000.

American Express Personal Savings Account APY

Minimum BalanceAPY
$10.60%

To put this offer in perspective, the current national average for savings accounts sits at just 0.07% APY. However, a number of online institutions still offer slightly higher APYs such as the Citi Accelerate savings account, but remember, rates on these accounts are variable and change often.

Fees, Minimum Balance Requirements, and Compounding Interest

The American Express Personal Savings account does not charge monthly maintenance fees nor does it require an average daily minimum balance. To earn the advertised interest rate and APY, you just need to maintain a balance of $1 or more.

There is no minimum opening deposit required either, but accounts that remain with a $0 balance for 180 days will be closed. These flexible terms put this savings product within reach of just about anyone, regardless of net worth or income.

Dividends on this high-yield account are compounded daily and credited monthly to your account. You can easily fund your savings account by initiating an electronic transfer from a linked external account, of which you may have up to 3. If you initiate this through American Express, this will take 3 or more business days. If you initiate this through the bank from which funds are being pulled, this will take just 1 or 2 business days. 

You can make no more than 6 withdrawals or deposits into this account per month, per federal regulation D.

How to Open a Savings Account with American Express Bank

The online application is a 4-step process that can be completed in minutes.

The account opening process is simple and straightforward. To get started, navigate to the high yield savings account page on the American Express Bank website (link above).

From here you will click on the blue “Apply” button, then it is a four step process that can be completed in minutes. If you have already begun the process you will also be able to access your saved application here. The steps are:

  1. Account set up.
  2. Going through the terms and conditions.
  3. Funding the account.
  4. Online access set up.

For step 1, you will need the following information:

  1. Full name and date of birth (drivers license)
  2. Address
  3. Phone number
  4. Email
  5. Social security number

Once you arrive at step 3 you will need a few pieces of information from the bank in which you will be funding the savings account.

This information includes:

  1. Routing number of bank
  2. Your account number

Once your account is activated and funded you’ll be ready to start earning interest on your balance. As time goes on you will likely need access to these funds. You can learn more about your account access and monitoring your funds below.

Accessing and Monitoring your Funds

You can access your account online either on a desktop, tablet or phone 24 hours per day, 7 days per week. If you’re using your mobile phone you may use the web browser to access your account. American Express does not currently have an IOS or Android app for their savings account. They do, however, for credit cards, but those accounts are not in any way linked to the banking/savings side. More on that below.

For moving funds about, you’ll want to link an external bank account. This process may take two to four days to complete. A standard verification process will take place where American Express will send you small micro payments (typically two) in which you will then confirm to complete the syncing of your accounts. After this is completed, you’ll be able to transfer or deposit funds from or into your American Express savings account. Just keep in mind it generally takes one to three business days for new funds to be reflected in your account.

American Express Bank CD Rates + Account Details

American Express certificates of deposit aren’t nearly as competitive as the American Express Personal savings account with their rates, but they do offer APYs that sit well above the national average for their respective terms.

American Express CD Rates

CD TermAPY
6 months0.10%
12 months0.20%
18 months0.30%
24 months0.40%
36 months0.45%
48 months0.50%
60 months0.55%

The national average for a 12 month CDs sits at just 0.22% APY currently, however, many credit unions are still offering near 1.00% APY on 12 month terms.

American Express’s certificates of deposit still feature ascending rates with ascending terms – meaning the longer you lock up your funds, the higher the rate you will receive. While this is standard and to be expected in normal market conditions, it is not what we presently see with a number of online banks and credit unions – where the ominous inverted yield curve has taken effect.

There is no minimum deposit or balance requirement to open and maintain an American Express CD. Any positive balance will earn the fixed APY on the account and you’ll never be charged a fee. You just need to deposit funds within 30 days of being approved for an account. 

Dividends are compounded daily and credited monthly. Your interest will default to being deposited back into the certificate account, but you can choose instead to have it transferred automatically to your:

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

3) mailed to you by check monthly, quarterly, or annually.

Partial withdrawals are not permitted. Early withdrawal policies for this bank are strict and the fees high, so do your best to wait until your certificate matures to withdraw funds or do so within the permitted window. There is a 10 day grace period within which you may deposit more money after issuance and make changes to your account after renewal. Here are all possible early withdrawal charges:

  • 90 days’ interest for terms of less than 12 months
  • 270 days’ interest for terms greater than 12 and less than 48 months
  • 365 days’ interest for terms greater than 48 and less than 60 months
  • 540 days’ interest for terms greater than 60 months

Keep in mind also that American Express reserves the right to deduct the difference from your principal if your CD does not have enough interest to pay the early withdrawal fee.

American Express Banking Experience + Customer Satisfaction

You won’t be able to withdraw or deposit savings account funds at in-network ATMs because an American Express Personal Savings account does not come with an ATM card and there is no Amex checking account. So really, these ATMs are for credit card users only. 

The digital bank’s customer satisfaction is rather high. Out of 266 reviews on DepositAccounts, American Express Bank scored a rating of 4. Many reviewers go out of their way to mention the superior customer service—helpful representatives, reasonably short wait times, easy process, etc.—they have received with this bank and express their appreciation for the user-friendly online banking platform. Most have only good feedback for the company.

Unfortunately for those hoping to conduct their banking through a mobile app, the Amex mobile app is also only for credit card customers. Hopefully, though, you will agree with the majority of other users that say that the American Express online portal is convenient and easy to use.

To contact customer service—available 24 hours a day, 7 days a week—call 1-(800)446-6307, fax 1-(800)-542-0779, or send checks/correspondence to the below address: American Express National Bank P.O. Box 30384 Salt Lake City, Utah 84130

Are American Express Credit Cards associated with American Express National Bank?

A common question among current American Express credit card holders is whether or not their account and information are tied (or will be tied) to American Express National Bank if they choose to open a personal savings account or CD.

The answer to that is NO.

American Express Credit Cards and American Express National Bank accounts like the Personal Savings Account or any of their CDs are offered by two separate entities.

On top of that, the login credentials for your Amex card(s) and the login credentials for your personal savings account or CD will be separate and used for two different websites. These systems do not share any personal information, balance or transaction data with one another.

Final Thoughts

American Express Bank isn’t trying to replace your other banks by becoming your number one.

It doesn’t offer a checking account and it doesn’t have in-person branches. In fact, this institution will likely be more supplementary than anything else.

With that said, their longer term deposit accounts and personal savings accounts are fee-free and competitive, so if you’re after higher than average yields American Express National Bank may be worth considering.

Live Oak Bank CD Rates + Online Savings Account Review


image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

TermAPY
6 months0.65%
1 year0.65%
18 months0.65%
2 year0.70%
3 year0.70%
4 year0.80%
5 year0.80%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.85%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.

Marcus Bank by Goldman Sachs Online Savings: 0.80% APY + 0.90% APY CDs


image credit: marcus.com

You’ve surely heard of Goldman Sachs, the global investment services firm, but you might not be familiar with their digital subsidiary, Marcus.

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering personal loans, a savings account, and CDs. Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, this bank is at the top of the game with its high-yield savings and deposit products. 

Marcus was recognized as one of the “Best Banks for Savings in 2019 by Nerdwallet” and as one of the “Best Savings Accounts of 2020 by GOBankingRates.”

Marcus by Goldman Sachs consistently features high yields on its variable rate savings account, but does that mean you should sign up?

Find out more about their deposit products and customer experience before you commit to this trendy banking platform.

Marcus by Goldman Sachs Online Savings Account Rate + Details

The Marcus savings account holds a very respectable APY. To put the yield below in perspective the current national average for savings accounts sits at just 0.07% nationwide.

Min DepositAPY
$00.80%

The no-hassle minimum deposit or daily active balance requirements make the account very stress free and widely available to all income groups.

To earn the noteworthy APY you just have to fund your account within 60 days of opening it, and maintain a positive balance after that.

There are four different ways you can make a deposit into this savings account. You can:

  • 1. link your savings account to an external bank account and transfer funds (Marcus won’t charge fees for this, but your other bank might),
  • 2. set up direct deposit payments from your payroll or Social Security,
  • 3. send a domestic wire transfer, or
  • 4. mail a check to this address – Goldman Sachs Bank USA P.O. Box 4571 Carol Stream, IL 60197-4571

Interest on a Marcus savings account is compounded daily and credited monthly. Per the standard and federally-enforced limit, you can make up to six transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. These accounts do not come with hidden monthly maintenance fees. 

Marcus does not offer a debit or ATM card for its savings accounts at this time, so you’ll have to have your funds transferred to another account if you wish to withdraw them. Use the savings calculator to find out how much your money will grow if you don’t touch it.

How does Marcus by Goldman Sachs Savings Account Compare?

Shown below are today’s highest yielding online savings accounts available nationwide. Online banks tend to offer higher APYs than brick and mortar institutions as they have lower overhead costs and return those savings to customers in the form of higher rates.

InstitutionAPYNotesMore
1.05%$4.50 monthly fee can be waived.Review
1.05%Must avg. 12,000 daily steps.Review
1.04%0.94% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.01%$100 minimum deposit required.Review
1.00%$100 minimum deposit required.Review
1.00%$1,000 minimum deposit (new money). No monthly balance requirement.Review
0.80%$4 monthly fee charged if account dips below $1k.Review
0.80%$500 minimum balance required.Review

Marcus by Goldman Sachs CD Rates + Account Details

Marcus offers standard CD terms (shown below) with high yields as well as a “No-Penalty CD” that comes with a 7 month term and an APY of 1.00%. We discuss the no penalty CD a little further down.

Marcus CD Rates

CD TermAPY
6 month0.45%
7 month “No-Penalty CD”0.75%
9 month0.55%
12 month0.85%
18 month0.85%
2 year0.85%
3 year0.85%
4 year0.85%
5 year0.90%
6 year0.90%

To put the offers above in perspective, the current national average for 12 month CDs sits at just 0.26% APY nationally.

No- Penalty 7 Month CD

Earn a fantastic rate while still having access to your funds! Note the yield is now 0.90% APY.

The no-penalty CD is much more flexible than your standard certificate. It’s a 7 month term that earns 0.90% APY—an excellent rate of return for such a short time period—and comes with no early withdrawal penalty.

You’ll earn the fixed interest rate for the duration of your CD, but you can withdraw up to 100% of the funds as soon as 7 days after issuance penalty-free. This is the only difference between a high-yield and no-penalty Marcus certificate as far as terms and conditions.

CD Account Details

Interest is compounded daily and credited monthly to your certificate account, or you can withdraw it as you please. You can have all interest automatically reinvested, all interest withdrawn, or some withdrawn and some reinvested—you can make any changes over the course of the term.

A $500 minimum opening deposit and average daily balance is required to earn interest on a certificate account. Marcus CDs are backed by a 10-day Rate Guarantee, which promises the highest published interest rate and APY Marcus has to offer on your term for 10 days after certificate issuance. Essentially, you’ll get the highest rate on your account as possible for a short time—you aren’t locked in to a rate until that 10-day period is up. To ensure that this safety net is enforced, just make sure you have the $500 minimum deposited in the account within this time period.

There is a 10 day grace period within which you should try to make any changes or withdraws after a CD renews. If you don’t and you find yourself needing to withdraw funds from a high-yield CD (not a no-penalty CD!) after this, get ready to pay. For terms of less than 1 year, you’ll be charged 90 days’ simple interest; for terms of 1 – 5 years, you’ll be charged 270 days’ simple interest; and for terms more than five years, you’ll be charged 365 days’ simple interest.

Banking Experience with Marcus by Goldman Sachs

There are no Marcus ATMs or in-person branches, which is typical of online banks but important to know.

There are also no Marcus ATM, debit, or credit cards, but there is the Goldman Sachs card. Goldman Sachs’ only credit card, the Apple card, had a rough start. When it first launched, the card drew heat for alleged gender discrimination in the algorithm used to assess a potential user’s credit and qualifications. With two high-profile corporations like Goldman Sachs and Apple teaming up to launch a card, this error was quickly spotted and users were turned off of the product by such an egregious glitch. But now that the media storm has mostly calmed and the issues have been addressed, the Apple card is considered a decent product for devoted Apple users.

User reviews of Marcus are about average, but the data is somewhat imprecise. This is because many users report about their experiences with the Apple card rather than with Marcus as a bank, so this leads to difficulty in condensing customer experience with the online bank. Nevertheless, the results that are in are as follows: out of 128 reviews on WalletHub, Marcus scored 3 stars out of 5. Out of 165 reviews on DepositAccounts, the bank landed, again, 3 stars. And out of 71 reviews on Trustpilot, Marcus scored about a 3.5. 

When you bank 100% digitally, you always run the risk of not being able to have your problems solved in a timely manner and, in some cases, at all. Unfortunately, Marcus is no exception. Some customers have reported not being able to get in contact with customer service representatives when their accounts were temporarily and inexplicably locked and have expressed frustration with slow, unsatisfactory service. 

Overall, it seems, customers are either highly satisfied or highly unsatisfied with Marcus, so this might be a case where you’ll want to see for yourself how accessible Marcus customer service is. You might try giving their help line a call before opening an account if you have any questions and see what that experience is like to get an idea of what you can expect, but of course, this isn’t a perfect measure. Customer Service can be contacted Monday through Friday from 8 am – 10 pm and Saturday to Sunday from 9 am – 7 pm  ET or you can call (855) 730-7283 to get in touch with someone.

The Marcus online portal is said to be more user-friendly than most banks, which is important when you’re managing your money digitally. The app gets 4.5 stars on Google Play and 4.9 stars on Apple.

Final Thoughts

The annual percentage yields offered on Marcus’s savings products are top notch. Both their online savings account rate and certificates of deposit rates put the national averages (and a large chunk of their competitors) to shame.

Even though the overall banking experience is mixed, if you’re simply after high yields and no frills, then the savings products offered by Marcus should be on your short list.

Capital One 360 Performance Savings – Now 0.65% APY


UPDATE: The bonus of up to $500 for opening the 360 Performance Savings account is no longer available. Check back here often, we will update if/when it returns.

[Update August 26, 2020: The Capital One 360 Performance Savings account cut its APY to 0.65%, down from 0.80%. This is the third rate cut in August.]

[Update August 13, 2020: The Capital One 360 Performance Savings account had its APY lowered from 1.00% to the current 0.80% APY.]

[Update August 2020: This account does not feature the cash bonus anymore. The account still pays an APY of 1.00%.]

Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

  • The 360 Performance Savings Account (Variable rate of 0.65% APY)
  • 360 CDs (Fixed rates, see the rates here)
  • 360 IRA Savings Account (Variable rate of 0.65% APY)
  • 360 Checking (Variable rate of 0.10% APY)
  • Kids Saving Account (Variable rate of 0.50% APY)
  • Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a respectable 0.65% APY.

360 Performance Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.65%

To give the yield above some context, the national average for savings accounts sits at just 0.07% currently. However, there are some banks offering between 0.80 and 1.00%, but these accounts may not offer the $0 minimums that Capital One does.

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Capital One 360 Performance Savings Account Fees

TypeFee
Account Maintenance$0
Outgoing Domestic Wire$30
Statement Copies$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.65%

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum DepositMinimum BalanceAPY
$0$00.50%

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

The account pays a very respectable APY that beats the current national average of 0.07%. However, if you’re strictly after high rates, there are better youth-based savings accounts offered through nationally available credit unions.

Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

Final Thoughts

Capital One is a hybrid bank, meaning that it is neither fully digital nor fully physical. So as a 360 customer, you reap the benefits of a physical institution and a digital institution. You can access your 360 accounts in-person at a branch or ATM or service your accounts entirely from the comfort of your own home—your experience is customizable.

The fact that this online bank is not online-only is a huge pro for anyone not willing to completely embrace digital banking just yet, and Capital One 360 is still able to offer competitive rates typical of online-only banks.

Unless you’re unwilling to settle for anything less than the best rates in spite of excellent customer support and more than reasonable account terms and conditions, Capital One 360 is well-suited to nearly everyone. You’d be hard-pressed to find a bank—online or traditional—with personal banking products and services comparable to those of Capital One.

Citi Accelerate High Yield Savings – Now 0.90% APY


image credit: online.citi.com

[Update August 24, 2020: Citi lowered the rate on their Accelerate Savings account to 0.90% APY. Down from 1.05% APY.]

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

[Update: The Citi Accelerate High Yield Savings Account saw its rate lowered at the end of April to 1.55% APY. Down from 1.60% APY.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.60% APY from 1.70% APY on or around March 23rd. This marks the second rate decrease in a month since the FED moved rates back to zero.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.70% APY from 1.85% APY on March 10, 2020.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive. Although their CD rates are currently lower than what you can find with other online banks, they still have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today the account comes with a standard interest of 0.89% and an APY of 0.90% on minimum monthly balances of at least $500.

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” (you can find this on their Citi Accelerate page) and found a consistent 0.89% interest and 0.90% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 0.90%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 0.90% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 0.89% standard interest rate and 0.90% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.89% standard interest rate and 0.90% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 0.89% standard interest rate and 0.90% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 0.90% APY across all variables.

Keep in mind this is a variable rate and is subject to change at any time. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 0.90% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.