APY GUY: Maximize Your Savings & Earnings

Online Savings Accounts

American Express Personal Savings Account 0.40% 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.

Within this relatively short period of time, American Express National Bank has racked up over $78 billion in consumer deposits.

Their current deposit suite consists of a personal high yield savings account and seven standard term CDs (certificates of deposit). The personal savings account comes with an APY that consistently places within the top yields from FDIC-insured, online banks with nationwide acceptance.

American Express National Bank is an online-only bank, so there are no physical branches. If you’re considering opening the personal online savings account from American Express, be sure you are comfortable with online banking. They also have no native apps available on IOS or Android so you will have to use a web browser on your PC, tablet or smartphone to manage your account(s).

To learn more, read our complete review of their personal savings account and certificate of deposit products below.

American Express Personal Savings Account Details + APY

The personal high yield savings account by American Express National Bank comes with zero monthly maintenance fees, and no minimum balance or deposit requirements. American Express Bank is member FDIC and all consumer deposits are federally insured up to the applicable limits.

American Express Personal Savings Account APY

Minimum BalanceAPY
$00.40%

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 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 side. More on that below.

For moving funds about, you’ll want to link an external bank account. American Express allows you to link up to 3 external bank accounts. 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.

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 0.14% APY currently, however, many credit unions are still offering near 0.50% 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.

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.

Synchrony Bank CD Rates – Up to 0.80% APY + 0.40% 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
$00.40%

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 +0.35%

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 months0.15%
6 months0.25%
9 months0.35%
12 months0.50%
18 months0.50%
24 months0.60%
36 months0.65%
48 months0.65%
60 months0.80%

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.

Simple High Yield Account – 0.40% APY!


All Simple accounts will automatically transfer to BBVA accounts May 8, 2021.

[Update April 2021: Simple accounts will become BBVA accounts as of May 8, 2021. CDs have been discontinued since February. To learn more visit the Simple to BBVA transition FAQ page here.]

Simple is another app-based, FinTech company acting as a mobile bank such as Aspiration and Affirm; which we covered earlier this month.

Simple leverages BBVA USA for its banking services and FDIC insurance, but then layers on its budgeting tools and fee-free accounts.

It was founded in 2009 in Portland, Oregon, but was acquired by BBVA in 2014. Therefore all money in a Simple account is actually held at BBVA USA, the American subsidiary of Banco Bilbao Vizcaya Argentaria, S.A., and is FDIC-insured up to the applicable limits.

Simple has expanded its product suite since their inception and acquisition and now offers the following types of accounts:

  • Online checking
  • High yield checking
  • Shared checking
  • Certificates of Deposit
  • Personal Loans

For the purposes of this review we will stick to the high yield checking account and the certificates of deposit that Simple has to offer. These are the only Simple accounts that currently provide a return on your savings.

To see if these Simple products are right for you, continue reading our full review of their features, account details and potential drawbacks below.

What is the Simple Account?

Simply put, the Simple account is an app-based smart wallet that can be managed on your desktop, tablet or mobile phone. It comes with free checking and budgeting tools that keep your personal finances organized.

While the account primarily functions as a checking account – complete with a debit card – it also has an add-on “Protected Goals Account” that functions as a high yield savings account and safe-guards your funds against unwanted spending. This Protected Goals Account also pays a solid 0.40% APY.

Simple Account Features and Drawbacks

The Simple Account comes with many features that an ordinary checking account does not. It also has some limitations in which standard checking accounts at brick and mortar banks and credit unions do not.

Simple Account Features:

  • Safe-to-Spend. The first thing you see when you login is your account balance minus any upcoming bills, pending transactions, or Protected Savings Goals. Safe-to-Spend gives users a complete picture of what they can safely spend that day.
  • Automate savings with deposits into your Protected Goals Account.
  • 0.40% APY (for funds in protected goals account)
  • No monthly fees
  • No minimum balance or deposit requirements
  • Mobile check deposit functionality
  • Debit card
  • Check writing (It costs $5 for a book of checks.)
  • Budgeting and automatic savings tools
  • No overdraft fees (Simple will reject transactions that will overdraw your account)
  • 40,000 fee-free ATMs through the Allpoint network
  • No fees from Simple when using out-of-network ATMs
  • 1% international transaction charge when you use your debit card outside of the U.S.

Drawbacks:

  • No ATM reimbursements on out of network ATM surcharges
  • No physical branches
  • No online bill payment. Read more about why they pulled this functionality here.

Simple Protected Goals Account Features + APY

The Simple Protected Goals Account is separate from your Simple account but money can be transferred easily between the two. Simple keeps these accounts separate to protect the funds designated for savings against any unwanted, accidental spending.

When you open the Simple Protected Savings Goal account your first goal will be automatically created for you. You can add and delete others, but this initial one may not be deleted. It is also where your accrued interest will get credited to at the end of each month.

Once you set a goal for a specific expense or purchase, Simple will automatically put away money each day until the goal is achieved. There is also a “Save It Now” feature for one-off transfers to savings goals.

Simple Protected Goals Account

BalanceAPY
$0.010.40%

To put Simple’s APY in perspective the average yield on a traditional savings account sits at just 0.07% APY nationally.

On top of the great yield, there are some other noteworthy features of the Simple Protected Goals Account. These are:

  • Set specific goals with end dates
  • Automated savings via transfers from Simple Account
  • Only requires a penny to get started
  • No monthly service charge(s)

Simple No Penalty 12 Month CD

If you’re in the market for an FDIC-insured, fixed rate certificate of deposit then you may want to check out Simple’s 12 month No Penalty CD. It is currently their only CD available, but comes with an attractive yield and terms.

As the name implies, this CD does not penalize you for early withdrawals if you need your cash prior to the 12 month maturity. You will have full access to your funds after 7 days of opening the account.

Simple 12 month No Penalty CD

Due to the transition to BBVA, Simple no longer offers CDs at this time.

TermMin. DepositAPY
NANANA

To put this offer in perspective, the current national average for a 12 month CD sits at roughly 0.22% APY.

Simple Mobile Apps

Simple’s primary user-base is younger, tech savvy individuals between the ages of 18 and 35.

The Simple app is available on iTunes and Google Play and scores a 4.6 and 4.4 star rating out of 5, respectively. This is better than the average mobile banking app rating of 4.05 out of 5 for a bank and 4.15 out of 5 for a credit union according to MagnifyMoney.

With their mobile apps you can:

  • Deposit checks remotely by taking a picture of it with your phone (maximum $5,000 per day). Please allow 1-9 business days before the funds are available. There is also a 10 check per week max with this feature.
  • Manage, budget and transfer funds on the go. You can set up new goals or instantly transfer money to existing goals. You can also monitor safe to spend amounts, daily transfers to savings goals and debit card spending.

Final Thoughts

If you’re looking for a simple, low-cost digital bank with modern money management tools then Simple is certainly worthy looking into.

This digital payment account works with a debit card and checks and provides a respectable APY on idle funds that you stash away into protected goals.

The main downside is the lack of any online bill pay feature(s) which may prevent you from keeping this as your primary account.

Comenity Direct High Yield Savings – 0.55% APY + 0.90% APY CDs


image credit: direct.comenity.com

[Update March 2021: Comenity Direct finally lowered the rate on their variable rate high yield savings account by 0.05% to the current 0.55% APY. They also raised the rate on their 1 year CD from 0.60% APY to the current 0.63% APY.

Update January 2021: The APY (annual percentage yield) on Comenity Direct’s variable rate high yield savings account and all of their fixed rate CDs remain unchanged to start the new year. Their last rate drop was in September of last year.]

You may have heard of Comenity – the global credit card services provider with a product range featuring more than 145 retail-branded credit cards – but did you know they do FDIC-insured deposit accounts as well?

This corporation’s online banking services sector, Comenity Direct, offers online CDs and a high yield savings account featuring APYs well above the national average.

Comenity Direct scores high marks across many review platforms for its high-yield savings and certificate of deposit accounts – which require fairly low opening deposits, incur minimal fees and boast big rates.

That said, Comenity Direct isn’t perfect – customer experiences are mixed and other banks are going to have more options for accessing cash – but if high savings rates are what you’re after, the pros seem to outweigh the cons in a significant way.

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1000.55%

Recent Rate Drops on Comenity Direct’s High-Yield savings account:

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to 1.10% APY on July 1, 2020
  • then again from 1.10 to 1.00% APY around July 23, 2020
  • dropped for the first time in August on the 14th to 0.80% APY (down from 1.00% APY)
  • dropped in September, 2020 to 0.60% APY
  • dropped in March 2021 to 0.55% APY

The national average, for context, has been hovering around 0.07% for several weeks and doesn’t seem likely to go up any time soon. That said, remember that these online savings account rates are variable and can change at any time without notice. Interest on the Comenity Direct High Yield Savings account is compounded daily and credited monthly back to the account. 

For such a strong rate of return, you might assume that these accounts require a high minimum opening deposit and balance, but this is not the case. As with many online savings accounts the minimum balance required to open and earn interest is quite low – at just $100. You’ll want to note that you won’t earn interest if your balance drops below $100 and if it happens too frequently Comenity Direct may close your account.

There are few fees you should be aware of with the Comenity Direct High Yield Savings account:

  • $25 per outgoing wire transfer,
  • $15 per paper check, and
  • $5 per paper statement (in an effort to encourage fully paperless billing and banking).

As for monthly maintenance, incoming wire transfers, ACH transfers, and online statements, these are all free and there is, again, no low balance fee. In compliance with federal regulation D, you can make up to 6 transactions a month for free. An excessive withdrawal fee is not listed, so Comenity Direct may just prohibit transactions over this limit from going through.

To add funds when you open an account, link an external bank account and make a transfer or set up direct deposit. You cannot deposit cash.

Comenity Direct CD Rates + Account Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s certificates of deposit earn interest up to $10 million.

Like Comenity Direct’s savings account, their CD accounts are also miles ahead of the national average in terms of APY. You’ll also notice that rates still increase with the terms, which can’t be said for many institutions’ deposit products today.

CD TermAPY
1 year0.63%
2 year0.75%
3 year0.85%
4 year0.85%
5 year0.90%

To give these rates some context, the current national average for a 1 year CD is just 0.22% APY currently.

You can still lock in 12 month CDs above 0.90% APY through some credit unions but the pickings are slim.

These are all standard certificates. There aren’t any special, jumbo, or step-up CDs in their product suite at this time.

With a minimum deposit of $1,500, you can open a Comenity Direct certificate of deposit account under any term. The same fees apply for certificate accounts as with the savings account mentioned above with the only addition being early withdrawal fees.

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

  • If your term is between 12 months and 3 years in length, you’ll owe 180 days’ interest for an early withdrawal.
  • If it’s greater than or equal to 4 years, you’ll owe 365 days’ interest.

Grace Period

The grace period is 10 days after maturity. You can let your account automatically renew after this period expires or cash out the full balance before the time is up. In other words, when your certificate matures, you’ll have 10 days to either add funds or withdraw funds and close the account.

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

Dividends can be paid out via ACH transfer to a linked external account or to your Comenity Direct High-Yield savings account if you call customer service to make this request at least 3 days before the interest is applied. But unless you put in this request, your account will default to depositing credited interest back into the certificate.

Banking Reviews and Customer Sentiment

If you were to ask 10 different Comenity Direct customers how satisfied they were with their overall banking experience, you’d likely get 10 very different answers. This range is reflected in the thousands of online ratings left for the bank. 

If you go to DepositAccounts, for example, you’ll find a dead-average 2.5-star rating out of 22 reviews. If you go instead to ConsumerAffairs, you’ll see a single star. And over on WalletHub, 16,846 people have given the bank an average score of 3.8 stars. Keep in mind the sheer number of reviews on WalletHub versus the others likely make it the most accurate reading.

Taking customer feedback into account, Comenity Bank scores a little better than what’s normal for a respectable and trustworthy bank or credit union. And because Comenity Direct is an offshoot of Comenity Bank and offers only deposit and savings accounts through this company, these reviews are largely for Comenity Direct accounts.

Understand that many banks and credit unions are receiving harsh feedback from their users at this time amidst the panic of COVID-19 and all of the financial difficulty that has come with it.

The Comenity Direct app has just 2.5 stars on Google Play but 4.4 stars on the App Store. Do with this discrepancy what you will, but it seems like the mobile app performs better on Apple devices. Remember, you can also do your banking online if their apps are underperforming.

The Comenity Direct Customer Care Center is available to take your call from 7 AM to 11 PM (CT) Monday through Friday and from 9 AM to 5 PM on weekends and holidays. The number for this is 1-(833)-755-4354. You can also reach help online through the web banking platform. Unfortunately, there is no live chat feature at this time and no option for those that prefer sending an email or letter. 

There are no Comenity or Comenity Direct branches or ATMs, so ATM access is a no-go. But since there are also no ATM or debit cards offered with these deposit accounts, this shouldn’t be too surprising. This bank does not allow cash deposits, but you’ll be able to make and receive unlimited ACH transfers.

Final Thoughts

All in all, if you’re after respectable rates, there are many reasons to sign up for a Comenity Direct high yield savings or deposit account. What this online-only institution lacks in physical accessibility it makes up for in competitive rates. So as long as you are on board with the basic concept of online-only banking and see at-your-fingertips banking as a benefit of going digital rather than a hindrance, Comenity Direct is a strong choice.

Outside of attractive rates, Comenity Direct doesn’t charge many fees on its highly rewarding savings and deposit accounts. The accounts also compound interest daily and allow for unlimited ACH transfers.

SFGI Direct Online Savings Account – 0.56% APY!


image credit: sfgidirect.com

SFGI Direct is the online subsidiary of Summit Community Bank.

Summit Community Bank provides community banking services to residents of Kentucky, Virginia and West Virginia through its 41 branch locations.

Summit Financial Group, Inc. is the parent company that owns both Summit Community Bank and SFGI Direct. They are headquartered in Moorefield, West Virginia and hold $3.1 billion in assets.

While Summit Community Bank operates locally in the three states mentioned above, SFGI Direct allows customers nationwide to open their single product offering; an online savings account.

Their online savings account also happens to be one of the most competitive in the country currently, and can be opened with as little as $500.

SFGI Direct Online Savings Account Details + APY

As mentioned the SFGI Direct online savings account can be opened with as little as $500, but once opened will earn interest on all sums above $1.00.

Min DepositMin BalanceAPY
$500$1.000.56%

To put this yield in perspective, the current national average for a savings account sits at just 0.05% APY according to recent FDIC data. The national average on a money market account is slightly better at 0.06% APY.

The highest yielding online savings accounts still hit the 0.60% APY mark, but just barely.

Like most savings accounts, SFGI Direct’s account features a variable rate that is subject to change at any time without notice.

There are no monthly fees associated with the account.

Account Drawbacks

Although the yield is quite attractive, there are some drawbacks to SFGI Direct and their online savings account.

For starters, this is SFGI Direct’s only account. If you are looking for a checking account for easy access to cash or a fixed rate CD, then you’re out of luck. They also have zero products on the loan side.

Second, as with many online savings accounts, this account comes with no debit card or ATM access.

Depositing, withdrawing and accessing funds can only be done through electronic transfers from or to other connected bank accounts. Paper checks are not even accepted for deposits.

All transfers take up to 2 business days to complete.

How to Open the SFGI Direct Online Savings Account

To sign up, click on the open account button from their homepage.

The process should only take about 10 minutes if you have all the necessary pieces of information handy and ready to go. It’s a 2 step process that starts with verifying your personal information and going over account disclosures, followed by funding the account.

Here’s what you need to complete the process:

  • U.S. Social Security number (have your card handy if you do not know your number)
  • A valid form of identification including: Driver’s license, State ID, Military ID or Passport
  • Previous home address (if you have lived at your current home address less than two years)
  • U.S. checking or savings account to fund your new account(s). For this you will need both your account number and the institution’s routing number.

If you need to stop anywhere in the process, just keep in mind the site will time you out in 30 minutes for security purposes, so it’s best to have all the information you’ll need ready to go before you begin.

How to Contact SFGI Direct

If you have any questions in the application process or about the account in general you may contact SFGI Direct in a few ways.

You can give them a call 6 days per week at (877) 776-9722 within these working hours:

Monday – Friday: 8:00am – 6:00pm
Saturday: 8:00am – 2:00pm

You may also email them at customerservice@summitfgi.com. This is a secure email, however you should never include sensitive information such as your bank account numbers or identity information like your social security number or any tax numbers.

SFGI Direct’s physical address is:

300 North Main Street
Moorefield, WV  26836

FDIC Insurance

Another point to mention about SFGI Direct and their online savings account is that they technically share the same deposit insurance coverage through the FDIC with Summit Community Bank.

Therefore if you already have deposits held with Summit Community Bank AND are looking to open the online savings account with SFGI Direct, the $250,000 in coverage will be spread between all deposit accounts held at both of those institutions.

For example, if you currently have $50,000 in a checking account with Summit Community Bank and open the SFGI Direct online savings account, you’ll only have $200,000 in FDIC coverage left for the online savings.

Final Thoughts

If you’re in the market for a no frills online savings account with a respectable yield then CFGI Direct’s product may be a good fit for you.

You can see how the APY stacks up against other high yield online savings accounts this month.

Citi Accelerate High Yield Savings – Still 0.50% APY!


image credit: online.citi.com
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Update February 2021 APY Update: The Citi Accelerate High Yield Savings account still holds an APY of 0.50%. This is a variable rate account but the rate has remained at this level since December of last year.]

You can read prior APY updates for this account directly below to get an idea of how often the Citi Accelerate account lowers its APY.

[Update September 28, 2020: Citi lowered the rate on their Accelerate Savings account to 0.70% APY. Down from 0.90% APY. This is the first rate decrease in September.]

[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.]

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 0.49% and an APY of 0.50% on minimum monthly balances of at least $500. To put this in perspective the national average on a savings account sits at just 0.05% APY according to recent FDIC data. That said, this account is still lower than some of the top online offers which still hover slightly over 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

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” and found a consistent 0.49% interest and 0.50% 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 – 0.50%

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 0.50% 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 – 0.49% standard interest rate and 0.50% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.49% standard interest rate and 0.50% 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 – 0.49% standard interest rate and 0.50% 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 0.50% 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 0.50% 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.