APY GUY: Maximize Your Savings & Earnings

Online Savings Accounts

CIT Bank Savings Accounts & Money Market – APYs up to 0.50%


CIT Bank has three variable rate savings products with APYs ranging from 0.40% to 0.50% currently. These are:

  • CIT Bank Savings Builder
  • CIT Bank Savings Connect
  • CIT Bank Money Market

The Savings Connect just had its APY upped to 0.50% recently, while the Savings Builder and Money Market accounts earn 0.40% and 0.45%, respectively.

Each comes with their own minimum deposit requirements and account details which we’ll cover in detail below.

If you haven’t heard of CIT Bank before it might be because they’ve gone through several re-brands, mergers and acquisitions over their century-plus history since their founding in 1908.

Today they hold over $50 billion in assets and regularly offer some competitive rates on their deposit accounts.

To see if any of CIT bank’s savings products are right for you, continue reading our comprehensive review below.

CIT Bank is member FDIC and all funds held in any CIT bank account are federally insured up to the applicable limits.

CIT Bank Savings Builder APY + Account Details

The CIT Bank Savings Builder account requires a rather steep minimum deposit of $25,000 to earn the advertised APY. However, if you do not have $25k to open the account but can manage to add at least $100 to it monthly, CIT will still provide you with the 0.40% APY. If you don’t have $25k nor can you commit $100/mo to the account, you’ll earn just 0.28% APY on your balance. More details below.

Minimum Balance + ConditionsAPY
$100 – $25,0000.28%
$100 + $100/mo deposit0.40%
$25,000 +0.40%

To put these APYs in perspective, the current national average on a savings account sits at just 0.06% according to recent FDIC data.

Remember, if you have a balance of less than $25,000 AND you do not deposit or transfer $100 each month into the account you will earn just 0.28% on your balance. So if you wish to open the account but are under the $25,000 limit, you may want to hold some funds back or be sure you can commit to maintaining a $100 deposit each month to earn the higher APY.

You should also note that all new accounts will get an introductory APY of 0.40% during what CIT Bank refers to as the “Introductory Period.” When this period ends, all accounts will be evaluated on “Evaluation Day” to determine the APY paid for the next period.

The introductory period begins the day you open the account and ends on Evaluation Day. The Evaluation Day is the fourth business day prior to the end of the month. If you aren’t maintaining a monthly balance of $25,000 or more, you’ll want to make a deposit of at least $100 during this period if you want to keep the higher APY.

Regardless of your balance, interest is compounded daily and credited monthly to the account.

CIT Bank Savings Connect APY + Account details

The CIT Bank Savings Connect account offers the most competitive APY of 0.50% if you can meet the criteria. If you just open the Savings Connect account as a stand alone account with a minimum of at least $100 you’ll still earn 0.42% APY on your balance.

To earn the higher rate of 0.50% you’ll also need to open a CIT Bank eChecking account and set up an automated monthly deposit of at least $200 during the “evaluation period.”

Min Balance + ConditionsAPY
$1000.42%
$100 and $200/mo to eChecking0.50%

If you do decide to open the eChecking account for the higher APY, we should note that that account also pays an APY of 0.25% on balances above $25,000 and 0.10% APY on all amounts below that.

CIT Bank Money Market APY + Account Details

CIT Bank’s money market account is perhaps its most straight forward variable rate product. It earns a competitive 0.45% APY on all balances above the $100 minimum required to open it.

There are no fees or secondary accounts required to earn the advertised APY.

To put this yield into perspective, the national average for money market rates sits at just 0.08% APY currently.

Fees Associated with the Accounts

Like many hassle-free online savings accounts this one has no monthly maintenance fees or ongoing fees of any kind. The only fee you might want to look out for is a $10 wire fee for moving funds about; however CIT Bank will waive this fee as well if you maintain an average monthly balance of at least $25,000 in the account.

Opening an Account and Accessing Funds

To fund your CIT Savings Builder account, you’ll have four options. These are:

  • Mail a check
  • Send a wire (no fee for this)
  • ACH funds transfer, or
  • Mobile check deposit via their mobile app (download for IOS or Android)

If you plan on funding the account via an electronic funds transfer, please allow up to two business days for the money to appear in your account. Mailed checks will likely take a little bit longer depending on your location and time spent in transit.

Once you’ve opened the account, you may withdraw money in one of three ways. These are:

  • ACH Electronic funds transfer
  • Request a mailed check by CIT Bank
  • Outgoing Wire transfer

You’ll want to note the potential $10 wire fee we mentioned previously if you aren’t maintaining a balance of $25,000 or more.

ATM or Branch Access?

Like many online savings accounts the CIT Bank Savings Builder account comes with no ATM or debit card of any kind. You will not have access to cash via this method or access to any physical branch locations. If you need access to cash, you will have to transfer the money to a bank or credit union with a branch near you or request a check from CIT Bank.

Other CIT Bank Deposit Accounts

Outside of the variable rate accounts discussed above, CIT Bank also offers the following deposit products with interest payments:

  • Eight standard term CDs
  • 11 month No-Penalty CD
  • Jumbo CDs (four terms available)

We covered CIT Bank’s CD accounts earlier this year and they still feature competitive APYs. For fixed rate deposits with CIT Bank you will earn the same interest whether the account is a standard deposit or “Jumbo.” In normal interest rate environments jumbo accounts tend to pay more than standard ones.

Final Thoughts

If you’re in the market for a variable-rate, online savings account with a solid yield and FDIC insurance then the CIT Bank has some solid options for you to choose from.

However, their top tier rates come with secondary accounts that you must open and regularly make deposits into to earn those top yields.

SmartyPig Savings Account – Up to 0.75% APY!


image credit: smartypig.com

[Update September 2021: Sallie Mae’s Smarty Pig lowered their rates just one time this year. Their top yield is now 0.75% APY, down from 0.80% APY earlier this year. Their higher balance tier rates also dropped from 0.50% APY to 0.45% APY for accounts with $10,000 or more in them. See current rates below.]

Sallie Mae might be known best for its private student loan operation, but did you know they also sell competitive deposit products – and have been since 2005?

Sallie Mae Bank was named a top bank of 2020 by GOBankingRates for its rewarding and accessible savings accounts. Sallie Mae deposit products — which include savings accounts, money market accounts, and CDs — have fairly high interest rates without any of the tedious restrictions or fees associated with many banks.

Among Sallie Mae’s suite of FDIC-insured deposit products, the SmartyPig savings account is a particularly popular choice. 

The SmartyPig savings account has unique set of tools and generous APY that benefit savers who fit one of the following profiles:

  1. new savers,
  2. individuals that need to get into the habit of regularly saving,
  3. people with financial goals that could use some help with organization and/or motivation,
  4. people who want to earn a competitive interest rate.

If you’re considering the SmartyPig Savings Account, you’ll want to read our comprehensive review of their product, its tool set, the current rates and potential bonus offers.

What is SmartyPig?

SmartyPig is a free online, high-yield savings account available through Sallie Mae Bank.

It is FDIC-insured up to the federally allowed limit of $250,000 and available to any U.S. citizen over the age of 18 with a social security number and an external account that can fund it (more details on eligibility requirements below).

Advertised as an online “piggy bank,” this nontraditional savings account is intended to help you save for various achievable financial goals. It does this by giving you a user-friendly platform through which you can organize your goals and track your progress. The key features of this account that enable your savings to build are:

  1. Automatic transfers. Once you’ve set up a new savings goal, say for a downpayment to a car, you then set up automatic transfers from your external checking account that slowly seed this initiative.
  2. Fantastic APY. The money that gets auto-transferred to fund your goal earns a phenomenal APY that sits well above the current national average for a savings account.

The philosophy behind this account is that concrete goals are easier to save for than saving just for the sake of saving, which can feel daunting and at times unrewarding.

How to Open a SmartyPig Account

Opening a SmartyPig savings account is simple and painless.

Just visit the SmartyPig website (note this is a separate domain and not the Sallie Mae website) and click “Start Saving” in red on the home screen.

From there, go through the 4-step registration process that will ask you for your personal information, social security number, and driver’s license number. 

As soon as your account is ready to go and your chosen external account is linked, you can fund it with as little as a penny to begin earning interest and creating savings goals.

Schedule monthly or biweekly recurring contributions from your external account into whichever goal(s) you choose.

Almost anyone qualifies for a SmartyPig account. You just need to be at least 18 years old and have an external checking or savings account that you can use to fund your Savings Goals. You also need to be a U.S. citizen, resident with a social security number, or permanent U.S. resident alien with a green card or social security number to open an account. 

If you have issues setting up or servicing your account, call customer service at (811) 751-6884 during their business hours of 8 AM to 8 PM Eastern Time Monday through Friday or send a secure message through the Message Center (if you already have an account).

Setting Up SmartyPig Savings Goals + Rules and Restrictions

What makes the SmartyPig account unique is the savings goal feature. A simple interface that allows you to set up specific goals and then fund them in an ongoing and manageable way.

These goals are flexible and can be tweaked or canceled at any time, and money can be moved between goals as you please. The balance of your entire account will earn interest regardless of your progress toward goals or how many goals you have set up. 

Each distinct savings goal must be for at least $50 but not greater than $250,000. Recurring contributions, which may be monthly or biweekly, need to be equal to at least $10 but not greater than $50,000. You need to link 1 and only 1 external funding source, either a checking or savings account, to fund this account. This account is not a bank but a savings vehicle that earns interest and is not meant to replace a savings or checking account.

SmartyPig Current Interest Rate + Account Details

All SmartyPig interest compounds daily and credits monthly. Your funds are FDIC-insured up to $250,000 per individual or $500,000 per joint account. See the table below for current rate tiers.

SmartyPig Savings Rates

BalanceAPY
$0.01 – $2,5000.70%
$2,500.01 – $10k0.70%
$10,000.01 – $50k0.45%
$50,000.01 +0.45%

To give the yields above some perspective, the national average for:

  • a savings account sits at just 0.06% APY,
  • a money market account sits at 0.08% APY
  • and an interest checking account sits at a paltry 0.03% APY, according to the most recent FDIC data.

As for the highest savings rates – they’ve all fallen under the 1.00% APY mark. Making the SmartyPig account one of the most competitive FDIC-insured, variable-rate deposit accounts on the market.

The account comes with no minimum opening deposit requirement or minimum balance requirements. Plus, you’ll never be charged monthly maintenance or low balance fees.

There are also zero penalties for failing to meet a savings goal by the target date you’ve set. If this happens, just log-in to your account and change the target date. You may also transfer the sum to a different goal.

Once a goal has been reached, automatic transfers put toward that goal will be halted, but you will still earn the advertised rate on your sum.

Account transactions may not exceed 6 per statement cycle, per federal regulation D. Excessive withdrawals will not be permitted, but you will not be charged for attempting them. Just avoid them so that your account is not closed.

Account balances may not exceed $250,000 unless direct deposits over this maximum are automatically made, in which case greater balances will be accepted.

SmartyPig Bonus Offers

SmartyPig Savings Accounts have a few other perks built in that many savings accounts do not, including opportunities for referral bonuses and a bonus redemption program through Amazon. Refer a friend to SmartyPig and earn a reward of $10 once they successfully open and fund a new savings account. 

SmartyPig is partnered with Amazon, which makes it possible for you to order Amazon gift cards valued anywhere from $5 to $500 using SmartyPig funds. This isn’t an exceptional offer but it would allow you to save some time if an item you’re putting money towards is available for purchase through Amazon.com. This would simply allow you to buy it instantly once your goal is reached rather than having to wait for a transfer to your external funding account to post.

Final Thoughts

SmartyPig is a great micro-savings account option for short-term goals and has one of the most competitive yields on the market for lower balance tiers.

Say, for instance, that you’re saving up for a new mattress. SmartyPig would enable you to set up automatic payments from another account toward this goal (plus earn a phenomenal, FDIC-insured interest rate) until that goal is achieved, and your funds available for withdrawal.

Even without its unique tool set and approach to savings, the interest rate and lack of fees make it an attractive account.

Synchrony Bank CD Rates – Up to 0.85% APY + 0.50% APY Savings Account


image credit: synchronybank.com

[Update August 25, 2021: Synchrony Bank has raised the rate on their high yield savings account by 0.10% APY since April (now 0.50% APY up from 0.40% APY). They have also raised the rates on all of their CDs with durations of 12 months or longer by between 0.05% and 0.10% APY. See their current CD rates in our rate tables below.]

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
$00.50%
Synchrony moved this rate up from 0.40% APY in April 2021.

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 months0.55%
15 months0.55%
18 months0.60%
24 months0.65%
36 months0.75%
48 months0.75%
60 months0.85%
Synchrony has raised the rates on their CDs by 0.05 – 0.10% APY since April 2021.

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.

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.