APY GUY: Maximize Your Savings & Earnings

Online Savings Accounts

Oxygen Bank Review – Top banking App + 1.25% APY on savings!


image credit: oxygen.us

There are a few distinct advantages to switching from a traditional bank to an online-only bank. Without the overhead of brick-and-mortar locations, online-only banks can focus their efforts on providing technology that supports their customers’ financial goals. Many online-only banks don’t impose fees. They tend to have better-developed and more intuitive apps and websites, as well. 

Oxygen.us does an excellent job of marketing to a younger demographic. They specialize in providing support to entrepreneurs with benefits like cashback rewards, high interest on savings accounts, and virtual cards for enhanced security. There’s much competition in the zero-fee online banking space. Here’s how Oxygen stacks up. 

What is Oxygen Bank?

Oxygen is a San Francisco-based neobank with an online-only banking platform owned by The Bancorp Bank, offering checking and savings accounts for both personal and business use. They partner with Visa to provide debit card services. 

As a newcomer to the fintech scene, Oxygen provides services targeted to entrepreneurs. Their app won 2021 Best Overall Fintech App at the Fintech Breakthrough Awards.

Oxygen Bank Joins the Neobank Movement

Neobanks, created to meet the banking needs of the tech-savvy customer, provides traditional banking services intending to democratize access to tools via technology. Neobanks don’t have a physical location, which means they can use their resources to provide financial education, budgeting tools, small business management tools, higher interest rates, and fewer fees than traditional banks. 

Neobanks don’t usually offer credit cards or lines of credit. This helps limit their risks, which also keeps operating costs low. It’s worth noting that while neobanks provide a myriad of advantages to users, they aren’t subject to the same regulations as traditional banks. If you decide to open an account with Oxygen (or any online bank), make sure they offer deposit insurance via the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund, administered by the NCUA. 

Neobanks lose an average of $11 per user due to free accounts and general operating costs. Oxygen provides benefit tiers lined up with each element. The bank waives corresponding annual fees after the first year when a user meets specific criteria. 

What Information Can I Find on the Oxygen Bank Website?

The Oxygen Bank website offers answers to any questions you may have as you evaluate online banking possibilities. Oxygen’s marketing plan appears to revolve around the four elements; earth, water, air, and fire. Each element represents a “loyalty tier” with varying benefits (and fees) for users. 

The site is generally easy to navigate. You can download the app via a link from the website. 

Details About Oxygen’s Banking Services

Oxygen Bank provides distinct advantages for both individuals and entrepreneurs. Here’s what they get right:

No fees: There are zero fees associated with an Oxygen Bank account. You’ll enjoy unlimited fee-free transactions, including direct deposits, mobile check deposits, ACH transfers, and incoming domestic wire transfers. Oxygen business account holders get free bill pay services that allow you to send physical checks through the mail to businesses or individuals located in the United States. 

ATM access: The Oxygen debit card works at more than 55,000 Allpoint ATMs globally. 

Cash deposits: Many competing online-only bank accounts do not accept cash at all. You can’t deposit cash via an ATM; you’ll have to find one of 90,000 Green Dot locations in the United States if you need to make a cash deposit. 

Cashback rewards: 

All Oxygen debit cardholders receive cashback according to their tier of service and account type. Account-holders can select and redeem cashback rewards by navigating to the cashback area of the app. It’s easy to track earned rewards. After earning $10, users can cash out and have their rewards deposited to their Oxygen account. 

Oxygen Bank Tiered Services

Oxygen Bank offers several options organized in tiers with themes that match the four elements: Earth, Water, Aire, and Fire. 

Some of the perks and rewards available to every user include:

Cashback: 

  • Gas, food delivery, TraderJoes, etc. 
  • $1 back at a coffee shop

Savings management:

  • Round up the change to boost savings
  • Annual Percentage Yield (APY) up to 20X average national rate

Travel:

  • Hotel theft coverage
  • Delayed and lost luggage coverage
  • Car rental damage waiver protection

Retail: 

  • Extended warranties
  • Cell phone protection

Oxygen bank users enjoy fee-free bank transfers, access to more than 40,000 fee-free ATMs in the United States, virtual cards, card freezing, bill pay, and the ability to pay friends through the Oxygen app. Annual fees apply only once if all conditions are met for 12 consecutive months. 

Oxygen Bank Tiers:

Earth

  • No monthly fees
  • No minimum balance requirements
  • No qualifications
  • 2% cashback 
  • Savings with a higher-than-average APY on balances of $20,000 or less
  • Three savings goals
  • Three virtual cards

Water

  • $19.99 annual fee
  • Must have more than $1,500 in qualified deposits during a 30-day consecutive period
  • Must spend $500 with the Oxygen debit card during a 30-day consecutive period
  • 4% cashback
  • Ten savings goals
  • 15 virtual cards 
  • Two mo. Netflix reimbursement

Air

  • $49.99 annual fee
  • Must have more than $3,300 in qualified deposits during a 30-day consecutive period
  • Must spend $1,000 with the Oxygen debit card during a 30-day consecutive period
  • 5% cashback
  • Unlimited savings goals & virtual cards 
  • Two months Netflix & Peloton digital reimbursement
  • PriorityPass™ Membership plus five annual visits

Fire

  • $199.99 annual fee
  • Must have more than $6,000 in qualified deposits during a 30-day consecutive period
  • Must spend $2,000 with the Oxygen debit card during a 30-day consecutive period
  • 6% Cashback
  • Unlimited Savings Goals & Virtual Cards
  • Two mo. Netflix & Peloton reimbursement 
  • PriorityPass™ Membership plus ten annual visits / Global Entry Reimbursement
  • 1.25% annual percentage APY with savings account balances of $20,000 or less. 

Business account holders receive the following perks:

  • Cashback on rideshare, gas, etc. 
  • Ability to tag expenses
  • Virtual cards with spending controls
  • Business Savings Account
  • Form an LLC from within the app

Oxygen Bank Pros and Cons

Pros:

  • Zero monthly fees
  • Zero minimum balance requirements
  • Zero opening deposit requirements
  • Fee-free ATMs via Allpoint network
  • Ability to deposit cash (Green Dot network imposes fees)
  • Create an LLC via the Oxygen app before opening a business account
  • Reusable and temporary virtual cards
  • Fee-free transactions are unlimited

Cons:

  • Out-of-network ATM transactions cost $3 per withdrawal
  • Cash deposit service fee of up to $4.95 each
  • No international or domestic wire transfer sending; can’t receive international wire transfers
  • Mobile banking only; no ability to see a teller face-to-face and no access to brick-and-mortar banking locations or offices
  • No ability to authorize additional users on a single account
  • Businesses can deposit a maximum of $10,000 worth of cash per month; fees apply

Oxygen Bank Review: How Entrepreneurs Could Benefit From Switching to Oxygen

Business owners can conduct all banking activities via the Oxygen.us app. There’s no need to visit a physical branch and wait in line to speak with a bank representative. 

Business owners can receive up to 7% cashback from places like Walmart, Whole Foods, and Trader Joes. Here are some examples of cashback possibilities for entrepreneurs from Oxygen Bank:

  • Pharmacy: 5%
  • Coffee and Food: 1%
  • Gasoline: 5%
  • Food Delivery: 5%
  • Gaming: 5%
  • Public transportation and rideshare: 5%

How to Open an Oxygen Business Bank Account

Setting up an account is easy for entrepreneurs. Oxygen specializes in small business accounts. You’ll need to send your personal or business information via an application through the app. It may take three to five weeks for the Oxygen team to put your documents through the federally -mandated verification process. 

Business account applications require digital copies of your EIN letter, operating agreement, and other documents, depending on the business structure. You must also provide a digital copy of your driver’s license or other government-issued identification, your Social Security number, date of birth, and U.S. mailing address. 

If you want to form an LLC, sign up for a personal account via the Oxygen Bank app. You can start the process of creating your LLC after Oxygen Bank verifies your information and your account is up and running. You can go through the entire process of forming an LLC through CorpNet. Depending on your state of residence and which services you choose, you may have to pay fees to start an LLC. 

Your new account has a routing number and account number, just like every other bank account. You can connect your Oxygen account to Stripe, PayPal, Square, or any other accounts you use to connect with customers. 

Connect to Other Bank Accounts with the Oxygen App

Oxygen.us provides an all-in-one solution that allows users to see each of their connected bank accounts on a single dashboard. On-the-go entrepreneurs won’t have to log in to multiple accounts to get a bird’s eye view of their current financial situation. 

Oxygen for Individuals

Personal accounts with Oxygen Bank offer a convenient and secure way to manage personal financial matters. The bank aims to create a flexible and intuitive user experience ideal for evolving financial situations. 

Users can create single-use cards and merchant-locked cards to keep details private. Lost cards are easy to lock and unlock via the app. Oxygen maintains the strictest global standards in the industry with PCI DSS certification. Users receive immediate alerts when Oxygen’s security system sees unusual activity. 

Get Your Paycheck Two Days Early

One of the most attractive perks of opening an Oxygen bank account for many users is the ability to get access to their direct deposits up to two days earlier than they would with a traditional bank. 

There are no overdraft fees, monthly fees, minimum balance requirements, or ACH bank transfer fees with a basic personal Oxygen bank account. 

Is Oxygen Bank Any Good? 

Big brick-and-mortar banks ask a lot of their customers. They want their customers to come into a physical location to open a new account. Certain account maintenance activities also have to be handled in person. Oxygen doesn’t offer in-person services, so people comfortable banking via technology can use the site to manage every banking-related task, from opening the first account to creating a US-based LLC. 

Oxygen Bank Customer Reviews

Oxygen Bank on Trustpilot

The Oxygen has just 25 reviews on Trustpilot:

  • Excellent: 8%
  • Great: 0%
  • Average: 0%
  • Poor: 0%
  • Bad: 92%

While the overwhelming majority of reviews on Trustpilot are negative, there seems to be a theme. If you need to deposit cash or a physical check, you’ll have to jump through some fee-laden hoops to do so. 

Oxygen Bank is an online-only bank. Suppose you are an entrepreneur or individual who receives payment via cash or physical check and doesn’t want to use the Oxygen app to deposit a check. In that case, you’ll have to go through Green Dot or Ingo Money (subcontractors) to get the money into your account. 

Many reviewers complained of difficulty with issues such as fraud alerts triggered by cryptocurrency transactions. One user noted that he could not use his Oxygen card in Albania and did not have a backup payment method on hand. 

Oxygen Bank’s App Reviews in the Apple Play Store

More than 81,000 Oxygen customers provided ratings for the bank’s app. With 4.7 stars out of five, Oxygen appears to be a popular option for customers who prefer to bank via their phone, tablet, or computer.

It also holds the #5 spot for the most downloaded finance app on Apple’s “Top Charts.”

“I was immediately surprised at how easy and fast I was able to successfully open my Oxygen account. Almost before I knew it, I was told that my personal info was accepted, my account was approved and an Oxygen Visa debit card was on it’s way to me. I was already able to use a virtual card if I needed to as well. The Oxygen app is very user friendly and has an extremely slick appearance. I quickly realized that Oxygen was something I definitely needed, in more ways than one.

Kudos to the developers for creating an extremely likeable and efficient application with several very unique features. This is how it is supposed to be.”

-Djdonny2 06/19/2021

“The best free checking account I’ve ever had. Literally no fees, has the best banking app I’ve ever used, has great security, money management features, & compared to other online banking apps, it has much better development and stays frequently updated. They have to be the best, if not one of the very best when it comes to their app. Since they don’t have physical branches, this is where they are able to deliver a banking experience that made me close my other account, in general; their app is GOOD. It works flawlessly on my iPhone 8. Haven’t had any issues since banking at Oxygen. anytime I need something that I need to talk to a human, customer service has taken care of me with a great sense of urgency. -Seriously the best mobile, or actually, general banking experience I’ve had, & I’ve had accounts with several of the major banks out there. They even have a cool debit card design.”

-Sleeptron 06/23/2021

Oxygen Bank on the BBB Website

The Better Business Bureau (BBB) Oxygen.us profile shows a physical address of 100 1st St Ste 2250, San Francisco, California. There are just three customer reviews with an average rating of 1.33 out of five stars. Nineteen complaints were closed in the past 12 months. 

All complaints made by Oxygen.us customers to the BBB appear to have roots in alleged fraud and/or the customer’s inability to use the Oxygen app to manage their finances. 

Here is one of Oxygen’s responses:

11/25/2020: “Oxygen has researched the alleged loss of money in this customer’s account, and we cannot find any discrepancy or source of potential confusion. We have communicated intensely with this customer for a long period. We have also filed, investigated, and completed numerous transactional disputes for this account-holder.”

Is Oxygen Bank Worth It? 

Switching banks means working your way through a long and non-negotiable to-do list. Much of that pain is unavoidable, so it pays to research your options carefully before starting down the road of moving your finances from one banking institution to another. 

If you’ve been interested in online banking and are ready to gain access to advanced features and a few nice perks, Oxygen Bank deserves a spot on your shortlist of neobanking options.

The free tier offers a lot of great perks, so if you aren’t comfortable diving into the paid levels, or you don’t think you need extras that could end up costing you money, starting with the basic earth tier at Oxygen Bank. This starter account offers excellent advantages that make going through the process of switching banks worth the hassle.

Marcus Bank by Goldman Sachs Online Savings: 0.50% APY + 0.60% APY CDs


image credit: marcus.com

Update June 2021: Marcus Bank has not changed any rates on either their fixed rate CDs or their variable rate online savings account in all of 2021 thus far. To put their current yields in perspective (see rates below), we’ve highlighted current national averages for various products according to recent FDIC data.

  • Average yield on a money market account: 0.10% APY
  • Average yield on a savings account account: 0.06% APY
  • Average yield on an interest checking account: 0.03% APY
  • Average yield on an 12 month CD: 0.14% APY
  • Average yield on an 60 month CD: 0.27% APY

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
$00.50%

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

Once you’ve opened the account, you can move funds about via:

  • Wire transfer
  • Electronic transfer

Interest on the 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.

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 0.55%. We discuss the no penalty CD a little further down.

Marcus CD Rates

CD TermAPY
6 month0.15%
7 month “No-Penalty CD”0.45%
9 month0.25%
12 month0.55%
18 month0.55%
2 year0.55%
3 year0.55%
4 year0.55%
5 year0.60%
6 year0.60%

To put the offers above in perspective, the current national average for 12 month CDs and 60 months CDs sit at just 0.14% APY and 0.27% APY, according to recent FDIC data.

No- Penalty 7 Month CD

Earn a fantastic rate while still having access to your funds! Note the yield is now 0.45% APY.

The no-penalty CD is much more flexible than your standard certificate. It’s a 7 month term that earns 0.45% 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.

Affirm Savings Review – Still 0.65% APY!


A word from founder Max Levchin (former PayPal founder).

Update June 2021: Affirm’s high yield savings account remains at 0.65% APY and has not encountered a rate drop yet in 2021. To put this yield in perspective, recent FDIC data shows the following national averages on various types of variable-rate savings accounts:

  • Average yield on a money market account: 0.10% APY
  • Average yield on a savings account account: 0.06% APY
  • Average yield on an interest checking account: 0.03% APY

Affirm is another San Francisco-based, financial technology company that recently launched a high yield savings account in June of this year.

The company was founded by former PayPal founder Max Levchin and the savings account features one of the best APYs (annual percentage yields) on the market.

As Max states, “We’re here to improve lives. If that means more work for us, or that we make less money, we will always take the more difficult path in favor of treating people better.”

This sentiment shows in their high yield savings account. We’ll review this product, its interest rate, features and potential drawbacks below.

Affirm Savings Rate + Account Details

As mentioned, Affirm itself is a financial technology company. They have partnered with Cross River Bank to offer their high yield savings account; leveraging Cross River Bank’s FDIC insurance. All Affirm savings account deposits are federally insured by the FDIC up to $250,000 per depositor (joint accounts are not available at this time).

Affirm Savings Rate

Minimum BalanceAPY
$00.65%

To give the yield above some context, the national average for a savings account currently sits at just 0.07% APY. The top online savings account and money market account rates from FDIC-insured banks are ranging from 0.50% – 0.60% APY, currently.

Interest is compounded daily on all balances above $0.01.

The account is limited to six ACH transfers per month per Federal Regulation D.

Unfortunately there is no debit card at this time. The only way you can access your money is through bank transfers.

How to Open and Fund the Account

To get started, navigate to the high yield savings offer page on the Affirm website (located here). From this page you can either enter in your email, which will Affirm will then confirm and send you a link to download their app OR you can download the app directly from this page. You can find their Android app and IOS app at their respective stores or use our links.

Once you’ve downloaded the app on your phone or tablet, you may begin the process of opening and funding the account.

Information you’ll need to open the account:

  1. full name (driver’s license)
  2. current address
  3. phone number
  4. email
  5. social security number or valid Tax ID

To fund your savings account or add more money, do the following:

  1. Open the Affirm app.
  2. Under Savings on the Manage tab, tap “See account.”
  3. Tap “Add money.”
  4. Enter the amount you want to add.
  5. Under From, tap the bank account you want to transfer money from.
    • No linked accounts? Tap From, then tap New bank account and link a new bank account.
    • Only one linked account? From will be auto-filled with your linked bank account. To switch to a new bank account, tap From, then link a new bank account.
    • Multiple linked accounts? Tap From, then tap a linked bank or link a new bank account.
  6. Under Frequency, choose how often you want to add money.
    • To add money once, keep Frequency auto-filled with Once. Your transfer will start no later than the next business day.
    • To add money every week, tap Weekly, then choose the day. Depending on the day you pick, your transfer may start next week.
    • To add money every month, tap Monthly, then choose the date. Depending on the date you pick, your transfer may start next month.
  7. Review your transfer details and tap Confirm.

After you have funded your account you will begin earning the advertised rate on all balances above $0.01.

Reviews and Customer Sentiment

Manage your savings and watch your balance grow with Affirm’s highly rated mobile apps.

Given the fact that the Affirm savings account has only been on the market for a short period of time, there isn’t too much coverage on the product.

That said, their mobile app ranks quite high for both Apple and IOS, scoring 4.6 and 4.9 stars out of 5 on the Google Play store and Apple store, respectively.

Final Thoughts

If you’re looking for a no-hassle, digital way to save your cash then you’ll likely want to consider this saving account by Affirm.

It comes with zero fees of any kind and an annual percentage yield that beats the current national average by almost 12x.

Just be sure you won’t need any checking account features such as a debit card, checks or easy access to cash as this account won’t be able to provide you with those.

TAB Bank High Yield Savings – 0.50% APY + CDs up to 0.75% APY


TAB Bank [Transportation Alliance Bank]

TAB Bank is an online only financial institution based out of Ogden, Utah.

Known as the bank tailored to truckers, TAB Bank, or Transportation Alliance Bank, has a suite of online savings products that are generally quite competitive.

Their current rates are slightly lower than the best rates found online today, but TAB usually places near the top of the pack in terms of APY (annual percentage yield) for both their high yield savings account and certificates of deposit.

Their certificate of deposit rates are on par with what you’d see at other online banks, and still beat the national average for their respective terms by a good margin.

Find out if TAB Bank’s savings products are right for you in our rundown below.

Keep in mind APYs on FDIC-insured deposit products are down across the board and will likely stay that way for the foreseeable future as the FED aims to keep the federal funds rate near zero through 2022.

TAB Bank High Yield Savings Account

TAB Bank’s high yield savings account can be opened online in minutes and is FDIC-insured up to $250,000 per depositor or $500,000 on joint accounts.

The account offers flexible terms and a low balance requirement to earn the advertised yield.

TAB Bank Online Savings rate

Daily BalanceAPY (Annual Percentage Yield)Min. Deposit to Open
$10.50%$0

Interest is compounded daily and paid out monthly.

To give the above rate some context, the current national average for savings accounts sits at just 0.07% APY.

A unique feature of this product is that TAB doesn’t put a cap on the amount of money you can keep in the account and earn interest. Although the FDIC will only cover you up to $250,000, this feature differentiates TAB from other online banks. In fact, some online banks put maximum balance caps on amounts well below the $250,000 mark (for example: Paramount Bank’s online savings account).

Tab Bank High Yield Savings Account Fee Schedule

Tab Bank’s high yield savings account comes with minimal fees. Below is the complete fee schedule.

TypeFee
Monthly Maintenance$0
eStatements$0
Paper Statements$5/each
Cashiers Check$15/each
Outgoing Wire$30/each
Stop Payment$30/each
Return Deposit Item$30/each
Paid Overdraft or Returned Item$30/each ($150 max per day)
Account Record$5
Account Research$20/hr. 1 hour min.

TAB Bank CD Rates

TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years.

Their CD rates are better than the current national average, but higher yields can be found through other online banking institutions as well as regional and national credit unions such as Patelco, PenFed, or Navy Federal Credit Union.

TAB Bank’s current CD rates:

CD TermAPY
6 months0.40%
9 months0.40%
12 months0.50%
18 months0.55%
24 months0.60%
36 months0.65%
48 months0.70%
60 months0.75%

All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000. To give the yields above some context, the current national average on 12 month CD and a 60 month CD sit at just 0.14% and 0.24% APY, respectively.

How to Open and Fund a TAB Bank Account

As with most online only institutions opening an account is simple and straightforward.

To start, navigate to the product page you are looking to open.

Here’s an example of how to select a 12 month CD. Click “Open Now” once you’ve selected the product you wish to open.

You will need to be 18 years or older to open a TAB Bank account Please have your personal information handy. Some of this information can be sucked in from other sources such as Facebook, or you can fill it out manually.

If you’re looking to open an IRA to have your certificate of deposit placed in, then you’ll need to apply over the phone by calling (800) 215-7128.

Here’s what you’ll need:

  1. Full name
  2. Date of birth
  3. Home address
  4. Email
  5. Phone number
  6. Social security number

After your account is opened, you’ll need to fund it. You’ll want to have the routing number and bank account number of the bank/account you’ll be transferring funds from.

How to Fund Your Tab Bank Account

There are 6 ways to fund your Tab Bank account:

  1. Direct Deposit. Contact Tab Bank to get their direct deposit notification form. You’ll then use this to notify your employer (or other source) to begin placing deposits in your new Tab Bank account automatically.
  2. Deposits via third party checks. ComCheck, T­Chek, EFS, or even Western Union®. These are considered guaranteed funds and are available within an hour. They can be done by calling their customer service department.
  3. Wire Transfer. You can send money from an external bank account by wire. You will have same-­day access to your funds.
  4. ACH transfer. You can request money from an external bank account by ACH transfer, which you must set up beforehand. You will have access to funds within two business days. 90 days after opening your account you can apply for TAB Bank Express ACH, which gives you access to transferred funds within one business day.
  5. Gift Card. You can also buy a gift card at any Pilot Flying J and call our customer service department to deposit that money into your account.
  6. Mail in check with deposit slip.

ACH Transfer Limits

These are not listed in Tab’s website or in the fine print, so you’ll have to get in touch with a representative to find out what these will be for you.

According to customers, the incoming and outgoing transfer limit is or at least has been $10,000. Just know that you probably won’t find out exactly what limits are until you open an account.

Tab Bank Customer Support and Customer Sentiment

If you’re struggling with online and/or mobile banking, give the bank a call at 800-355-3063.

Hours of operation are from 6 AM to 7 PM Mountain Time Monday through Friday and from 9 AM to 3 PM on Saturday. You can also send a secure message through the bank’s online platform.

Reviews on Tab Bank’s customer support are wildly mixed, so it’s not clear what you can most likely expect from this service.

Tab Bank as a whole doesn’t do especially well on customer review sites such as DepositAccounts, where the bank earned just 2.5 stars. Many people come for the rates and it seems like the majority do stay for the rates, but a lot of users have shared that the online banking interface leaves a lot to be desired.

Final Thoughts

If you’re in the market for a high yield online savings account, then TAB Bank’s high yield savings product is a fantastic option.

The account is easy to open and has no minimum deposit or balance requirements.

TAB Bank’s CD rates are also above the national average for each respective term by a considerable margin.

Vio Bank Online Savings Account – 0.57% APY + 0.70% APY CDs


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

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

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

Today, the interest rate landscape is heading back the other direction. And with the FED’s latest drop to zero, it looks like CDs and savings will likely follow suit (as is tradition).

That said, we’re thrilled to see Vio Bank hold strong on their lucrative 0.57% APY high yield online savings account. Although we don’t know how long the rate will hold, it is one of the top APYs available online today and the account can be opened with as little as $100.

Vio Bank’s Online Savings Account Rate + Details

Like the Citi accelerate savings account we covered earlier this month, the 0.57% annual percentage yield on Vio Bank’s online savings account remains highly competitive despite falling rates around the country. This is a variable rate that can change at any time without notice.

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening. The account is FDIC-insured up to $250,000.

More account details:

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

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

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

Drawbacks to Banking With Vio Bank

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

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

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

Vio Bank Online Savings Account Fee Schedule

Like many online savings accounts Vio Bank’s has minimal fees. That said, you will still have to pay for certain items and/or services. Here is their complete fee schedule:

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

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

Vio Bank’s CD Rates + Account Details

Vio Bank’s current certificate of deposit rates aren’t nearly as competitive as their high yield online savings account.

The CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly. Your deposits are also FDIC insured up to $250,000 and can be opened online with $500 or more.

Side Note: Unfortunately there are no promotional deposit products offered currently by Vio Bank. This is an effective marketing tactic we’ve seen used by many online banks even in poor savings environments.

Vio Bank’s Current CD Rates:

CD TermAPY
6 month0.10%
9 month0.15%
12 month0.15%
18 month0.15%
24 month0.15%
36 month0.30%
48 month0.40%
60 month0.50%
84 month0.60%
120 month0.70%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.14% APY and 0.24% APY, respectively.

Early withdrawal penalties apply for all Vio Bank CDs.

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

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

Vio Bank Reviews and Customer Sentiment

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

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

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

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

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

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

User reviews for MidFirst Bank, the parent company of Vio Bank, are similarly poor with an overall rating of 2.5 stars on Yelp and 1.5 stars on DepositAccounts. There are also a number of complaints left against this company with the Better Business Bureau, another red flag that doesn’t reflect well on Vio either.

Final Thoughts

If you’re after a high yield online savings account and APY is your sole focus, then Vio Bank may be a solid solution for you.

However, if you intend to conduct regular banking activities out of this high yield savings account, you will be let down as it comes with no ATM card and no real way to move money around other than wires or ACH transfers.

Their CDs aren’t attractive at all at the moment and carry some steep early withdrawal penalties (mentioned above), so if you’re looking for an online CD we would suggest shopping around.

Citizens Access Savings Account: 0.40% APY + 0.25% APY CDs


image credit: citizensaccess.com

You’ve likely heard of Citizens Bank, the 15th largest bank in the U.S. by asset size, but you may not know of Citizens Access, its online-only division.

Citizens Access was just launched in 2018 and comes with a separate suite of consumer deposit products than that of its parent company, and the rates are far more competitive.

Like many digital savings banks, Citizens Access deposit products are limited to just an online savings account and standard CDs. They do not offer the full array of deposit products like traditional banks tend to do which come with checking accounts, debit cards and ATM access. Citizens Access is strictly designed for savers and offers no debit cards, ATM cards or checks.

Below is an overview of Citizens Access savings products, current APYs, and customer sentiment.

Citizens Access Online Savings Account Rate + Details

Though Citizens Access is able to offer their customers separate deposit products and pay higher interest on CDs and savings accounts than Citizens Bank, Citizens Access and Citizens Bank are treated as the same entity by the FDIC and insured up to $250,000 as a unit.

Please note that if you are a Citizens Bank member in addition to being a Citizens Access account holder, any deposit accounts you hold with the bank will be combined with any deposit accounts you hold with Citizens Access.

Citizens Access Savings Account Rate

BalanceAPY
$0 – $4,999.990.10%
$5,000 +0.40%

A Citizens Access savings account earns an APY of 0.40%. The average yield on a savings account sits at just 0.07% nationally, to give you some context. However, there are still a handful of online banks offering yields above 0.70% APY for savings accounts.

Although the APY is good, the terms could be better. A savings account with this digital bank requires a minimum deposit of $5,000. Your average daily balance must meet the $5k threshold as well to earn the advertised APY. If your account drops below an average daily balance of $5,000, your money will earn a much more modest 0.10% APY.

On the plus side, you won’t have to worry about hidden costs or fees.

Citizens Access prides itself on not charging ANY fees—not for maintenance, account issuance, or even low balances. This “no fees” policy is a huge pro and one of the main reasons that customers like the bank.

Dividends are compounded daily and credited monthly. You can transfer these to another account if you please, but not too frequently. Federal regulation restricts all transactions—withdrawals and transfers—to six per month. If you don’t follow these guidelines, Citizens Access reserves the right to close your account.

You’ll need to fund a new account within 30 days of opening. To make an initial deposit into a Citizens Access savings account and to deposit money once your account is open, simply add funds via online funds transfer from an external account, enroll in direct deposit and have the funds pulled from your paycheck, or send a check electronically or through the mail to the address: Citizens Access P.O. Box 6801 Carol Stream, IL 60197-6801.

Citizens Access CD Rates + Account Details

Citizens Access offers both traditional and liquid online CDs with slightly lower than average yields.

Citizens Access CD Rates

CD TermAPY
1 year0.10%
2 year0.10%
3 year0.15%
4 year0.20%
5 year0.25%

To give these offers more context, the national average for a 12 month certificate sits at 0.15% APY currently and the national average for a 5 year CD sits at 0.24% APY. There is normally a 6 month CD option as well, but this is not currently being offered by Citizens Access.

These accounts, like the savings account, require a high minimum deposit and average daily balance. You must deposit at least $5,000 into your new CD and maintain this balance in order to obtain interest at all and keep your account (Citizens Access may close your certificate if it doesn’t meet this minimum required balance). You need to fund these certificates at the time of issuance and may not do so after.

Citizens Access also offers a liquid CD option, which functions exactly like a no-penalty CD. This 11 month liquid CD currently earns a fixed APY of 0.05%.

Similarly to no-penalty CDs, this liquid CD allows you to withdraw the entire balance of your certificate, as soon as 7 days after funding, without being penalized with an early withdrawal fee.

Early withdrawal from a traditional Citizens Access online CD, on the other hand, does incur fees. Citizens Access charges 90 days’ interest for early withdrawal from terms of 12 months or less and 120 days’ interest for early withdrawal from terms greater than 12 months. There is a 10 day grace period within which you can make changes to your account or withdraw funds after renewal without being charged. Citizens Access does not allow partial withdrawals.

Interest on a Citizens Access CD is compounded daily and credited monthly. Interest defaults to being deposited back into the certificate, but you can opt instead to have it transferred to your Citizens Access savings account or even an external bank account if you please.

Citizens Access Banking Experience & Consumer Reviews

Citizens Access has fairly average customer satisfaction ratings with review sites giving it between 3.5 and 4 stars. As a relatively new online-only bank, many Citizens Access customers haven’t been customers for long enough to report on their long-term experiences. 

For those that have reported on their experiences with Citizens Access, the reviews are quite positive overall. Some users say that their experience with Citizens Access has been the best they’ve ever had with an online bank for a variety of reasons, including the easy-to-use online platform and the smooth application and account management processes. Customer service is generally seen as adequate at the very least and excellent by many.

The majority of dissatisfied customers cite changing CD rates as the source of their disappointment – which is also largely dependent on the interest rate environment as a whole. Citizens Access rates are great and competitive, but they’re not quite at the top, which is a source of frustration for some. If having the best interest rates possible is a priority for you, understand that Citizens Access cannot give you these at this time. However, many users have stated that they don’t mind the fluctuation and settling for slightly lower interest rates because the flexibility of having zero fees and maintenance costs outweigh this con.

Citizens Bank has banks and ATMs across the country, but you will not be able to use these if you are a Citizens Access account holder. You have to handle ALL of your banking online. Unfortunately, Citizens Access also does not have a mobile app. Most customers say that the online banking portal is simple and comprehensive enough that this is not a problem, but it could be inconvenient for you. 

To contact customer service, call (888) 201-6505 between the hours of 8AM and 10PM Monday through Friday, 9AM to 3PM on Saturday, and 10AM to 3PM on Sunday. Alternatively, you can send a secure message directly through the Citizens Access online portal. You should receive an answer to your inquiry within 24 business hours.

Final Thoughts

The Citizens Access online savings account is the most competitive offer within the Citizen Access deposit product suite. It currently features an APY of 0.40% APY (if you can meet the minimum balance of $5k) which is a little over 7x the national average of just 0.07% APY.

That said, the minimum deposit requirement of $5,000 to earn the advertised APY is steeper than most banks, and if your average daily balance dips below the $5k mark, you’ll earn a rate of just 0.25% APY.

In terms of fixed-rate CDs, Citizen Access offers rates that are struggling to keep up with the already abysmal national average. Their 12 and 60 month CDs come in under the national average for both terms.

On top of that, as with their online savings account, the minimum deposit requirement of $5,000 to earn the advertised APY is steeper than most banks and credit unions.