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Online Savings Accounts

American Express Personal Savings Account 1.00% APY + 0.85% APY CDs


image credit: americanexpress.com

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

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

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

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

American Express Personal Savings Account Details + APY

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

American Express Personal Savings Account APY

Minimum BalanceAPY
$11.00%

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

American Express Personal Savings Account Fees

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

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

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

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

American Express Bank CD Rates + Account Details

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

American Express CD Rates

CD TermAPY
6 months0.25%
12 months0.35%
18 months0.45%
24 months0.55%
36 months0.65%
48 months0.75%
60 months0.85%

The national average for a 12 month CDs sits at just 0.26% APY currently, however, many credit unions are still offering well above 1.00% APY on 12 month terms.

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

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

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

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

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

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

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

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

American Express Banking Experience + Customer Satisfaction

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

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

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

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

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

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

The answer to that is NO.

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

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

Final Thoughts

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

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

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

HSBC Direct Savings Account – 1.01% APY + 0.70% APY CDs


image credit: hsbcdirect.com

HSBC, short for Hong Kong and Shanghai Banking Corporation, is a global financial services organization serving more than 40 million people across 64 countries.

HSBC Direct is the international bank’s online-only branch with its own range of deposit products and terms.

An open-membership digital institution, HSBC Direct makes its accounts—including checking, savings, and certificate—available to nearly anyone that applies.

HSBC Direct’s product choices are about as limited as your standard online-only bank, but the APYs that come with them are higher than the current national average.

Can HSBC Direct’s account terms and customer satisfaction live up to the high bar of competitiveness these online banks set? Read our review to find out.

HSBC Direct Online Savings Account Rate + Details

HSBC Direct’s online-only deposit accounts are insured per depositor up to $250,000 by the FDIC. This digital bank offers an online savings account, but does not have a money market account in its suite of products at this time.

HSBC Direct Online Savings Account

Minimum BalanceAPY
$1.001.01%

An HSBC Direct Savings account, ranked one of the best savings accounts of 2020 by The Ascent, earns an APY of 1.01%. The national average APY on a savings account is 0.06%, making HSBC’s product nearly 20x better by comparison and a top competitor across all banks and credit unions currently.

There is no minimum balance required to earn the stated interest rate of 1.01% and there is currently no difference in rates across balance tiers. This account requires a minimum opening deposit of just $1 and any money used to fund a new account must be new money. There is a maximum daily online transaction limit of $350,000.

Interest is credited and compounded monthly. There is no monthly maintenance fee regardless of your account balance and you’ll never be charged an excessive withdrawal fee. You will, however, be charged a fee of $35 for every overdraft and $15 for every incoming wire transfer. HSBC Direct will allow you to make up to six transactions into or out of this account per month.

To fund a new savings account, you can deposit money via electronic funds transfer, wire transfer, or mobile check deposit. Initial deposits must be made with new money, but accounts can be funded with transfers from another HSBC account after opening.

How Does HSBC’s Online Savings Account Compare?

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

InstitutionAPYNotesMore
1.25%1.15% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.21%Review
1.20%Must avg. 12,000 daily steps.Review
1.20%Review
1.20%$4.50 monthly fee can be waived.Review
1.20%$4 monthly fee charged if account dips below $1k.Review
1.10%Review
1.05%Review

HSBC Direct CD Rates

HSBC Direct CD accounts offer fair rates and limited options. HSBC Direct normally features a wider range of CD options, but is currently only selling these three.

HSBC Direct CD Rates

CD TermAPY
6 months0.60%
12 months0.70%
24 months0.70%

These online-only certificates seem middle-of-the-road but are technically above the national average, which sits at just 0.24% for a 12 month CD. That said, there are a number of other online financial institutions offering more attractive rates.

If you’re in the market for a bank deposit over a savings account, there are still credit unions paying 2.0% APY on 60 month terms and online banks with 12 month CDs well over 1.0% APY.

HSBC Direct CDs require a minimum opening deposit of $1,000. You must also maintain an average daily balance of $1,000 in order to keep earning interest. Dividends are compounded daily and credited at maturity for 6 and 12 month terms and credited either monthly, quarterly, semi-annually, or annually for a 24 month term (your options for how often your interest is paid on a 24 month account will depend on what’s applicable to your account when you open it). If your account is eligible for periodic interest payments, you can have these automatically credited to another HSBC deposit account rather than having them reinvested in the CD.

Avoid an early withdrawal penalty after renewal by making changes to an account within the 10 day grace period after maturity (this includes the maturity date). Early withdrawal from terms of up to 369 days will cost you 30 days’ interest, from terms of 370-733 days will cost you 90 days’ interest, and from terms of 734 or greater will cost you 180 days’ interest. Only the first fee applies at the moment, of course.

About HSBC Direct & Customer Experience

In addition to CDs and savings accounts, HSBC Direct does feature a checking account option. This doesn’t come with paper checks, but it does come with an HSBC Debit Mastercard. You can use this at any HSBC U.S. ATM location. But you’re out of luck if you want to access your savings account funds from an ATM, as these accounts do not have ATM cards available. 

HSBC Direct is an online-only bank despite being a subsidiary of a global institution. This means that you’ll need to log online on a computer or mobile device to service your HSBC Direct account as branch locations, though spread out across the U.S., are not going to let Direct members open new accounts or manage their money.

So what can you expect your banking experience to look like if you join HSBC Direct? Big picture-wise, HSBC seems to do fine in the customer satisfaction department. Please note, however, that the following customer reviews have been given for HSBC overall, not for HSBC Direct in particular.

If you look at the 48 customer reviews for HSBC on Consumer Affairs, you’ll see a pathetic rating of 1 star. If you look at the 1,731 reviews on WalletHub, you’ll see a respectable 3.9 star rating. Finally, out of 366 reviews on Trustpilot, HSBC clocks in at just 1.7 stars. Why the discrepancy? Interestingly, HSBC customers pretty much report one of two experiences: very good or very bad.

For some, HSBC customer service is nothing but excellent. For others, it’s consistently terrible. Mixed reviews like this make it difficult to know who to believe, but in many review forums, HSBC scores more 4 and 5 star ratings than anything else. 

One common theme across these ratings, which appears as both praise and a complaint, is the strict security protocol of the bank. While some appreciate HSBC’s diligence in keeping account holders safe from identity theft and fraud, others are just frustrated by security measures such as phone calls and account freezes when suspicious activity is presumed. 

Again, HSBC and HSBC Direct don’t provide quite the same experience to customers and this should be taken into consideration. But although those 1 star ratings might look grim, don’t dismiss HSBC entirely for them. As for mobile banking, the HSBC US app for Apple devices has a 3.5 star rating and the HSBC US app for Android devices has a 2.3 star rating.

There are many ways to get in contact with HSBC representatives. If you want to go the traditional route and get some help with your account over the phone, customer service can be reached any day of the week at (800) 462-1874 from 8AM to 10PM ET (COVID-19 updated hours). You can also send HSBC customer service a letter at the address: HSBC Bank USA, N.A. P.O. Box 2013 Buffalo, NY 14240

For a more modern and faster alternative, tweet HSBC @HSBC_US. Finally, HSBC Direct also features a Live Chat option that’s not operated by a bot. This is especially useful for those that like to catalogue their conversations and get answers right away.

Final Thoughts

No one would blame you for passing on HSBC Direct’s CD accounts given their current yields, but you may want to give their savings account serious consideration. It boasts one of the highest yields available anywhere. Just remember that online savings accounts, in general, come with variable rates that can change at anytime, and without notice.

Fitness Bank Savings Review – Up to 1.05% APY!


If you regularly rack up 12,500+ steps per day, you can lock in one of the highest savings rates in the country!

How far have you gone to save money? If your answer is 10,000 steps or more a day, you might want to hear about FitnessBank.

Self-described active lifestyle bank, FitnessBank is an FDIC-insured online member bank that wants you to stay (or get) fit almost as much as you do. By incentivizing fitness progress with financial savings, this modern bank strives to keep you accountable and boost your morale during your wellness journey.

About Fitness Bank

Though new itself, FitnessBank is a division of ​Newton Federal Bank​, an entity with roots in 1947. But as the only company in America that links physical activity with earnings, FitnessBank is the first of its kind.

This online bank only offers savings accounts: the Fitness Savings and the Senior Savings Account. So if you’re looking for a bank that features checking account options, retirement guidance, investment opportunities, or physical branches, look elsewhere. In addition, this bank operates 100% online, so FitnessBank accounts are only for those fully comfortable using technology to manage their money.

As a non-traditional digital bank, FitnessBank joins the likes of popular neobanks ​Simple​, ​Chime​, Aspiration​, and more. If you want to become part of a new kind of banking, keep reading to find out if a FitnessBank savings account will fit your lifestyle.

Fitness Bank Savings Account

FitnessBank’s method for establishing your APY is what sets it apart from the rest of the online savings accounts out there. The interest you earn on your FitnessBank savings account is determined entirely by the physical steps you take. Your average daily step count is calculated each month and your APY adjusted accordingly. Because of this payment method your interest is both compounded and paid out monthly.

A Fitness Savings account is available to anyone U.S. citizen that’s 18 years old or older for an opening deposit of $100, and signing up is easy. The company boasts a straightforward ​application​ that takes less than two minutes to complete. Account balance thresholds are:

  • Account minimum:​ $100
  • Account maximum:​ $250,000

With a Fitness Savings account, the following actions and features are free:

  • online banking
  • external account transfers
  • incoming wire transfers
  • eStatements

Here is a breakdown of all fees attached to FitnessBank accounts:

Maintenance Fee$10/month
Excessive Withdrawal Fee$10
Overdraft Fee$40

The monthly maintenance fee of $10 is waived for accounts with an average daily balance of $100 or more. The excessive withdrawal fee of $10 per transaction is charged when you make ​more than six debit transactions​ (withdrawals or automatic transfers/payments), or your monthly allowance, in a single month. An ACH incoming/outgoing transfer limit of $2,500 per day is enforced.

FitnessBank does not offer debit cards and there are no FitnessBank ATMs, so you will not be able to withdraw funds in-person at any ATM.

How the Step Tracker Works

The FitnessBank business model is made possible by the ​FitnessBank Step Tracker app​. This proprietary app links to a ​FitBit​,​ Google Play​, A​pple Health​, or ​Garmin​ activity-tracking device to log your steps and to your savings account to deposit earnings. You can set monthly APY and step targets for yourself and see your progress toward them right in the app.

Your APY is calculated month-to-month from the previous month’s step data. If, for example, your average daily step count for July is 10,000, your APY for August will be 0.95%. If your average daily step count for August is 8,700, your APY for September will be 0.85%.

The Step Tracker draws data from your chosen activity-tracking device, but the only way for FitnessBank to receive this data is for you to open the Step Tracker app between the first and third of every month. If you forget to do this, FitnessBank will use the previous month’s step data to calculate your average daily steps. If you work hard to increase your daily steps, you’ll want to make sure that the Step Tracker app can see this. Don’t let expired data keep you from earning the rates you’re entitled to.

To further motivate users to perform, FitnessBank features Step Challenges and ​Leaderboards. Winners earn the rewards and prizes described in each challenge summary. There is a FitnessBank Step Challenge of the Month in which all FitnessBank customers can compete and promotional Step Challenges that are open to the general public. Contact ​onlinesupport@fitnessbank.fit​ if you’ve got an idea for a new Step Challenge.

Members can earn bonus steps in their ​StepBank​ for making referrals. These can be used toward an average daily step count or to purchase FitnessBank merchandise, dispensed at the user’s discretion. ​To connect with other dedicated FitnessBank members with goals similar to your own, consider joining a group​.

How to Earn Savings Rate APY

The savings rate APY for a Fitness Savings account varies from individual to individual, but the rate you will earn is predictable. There are five different APY tiers available through the Fitness Savings account, and these, along with the step count required to qualify for them, are shown in the chart below.

Fitness Savings Account Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.50%
5,000 – 7,4990.75%
7,500 – 9,9990.85%
10,000 – 12,4990.95%
12,500+1.05%

1.05% APY is one of the highest yields available on a savings account, but you’ll have to work for it month-to-month to earn this competitive APY.

You might be wondering how FitnessBank can afford to offer such high savings to its most devoted customers. According to its website, it’s because they are an online bank with low overhead, “[making them] nimble and efficient.”

Senior Savings Rate APY

Any U.S. citizen over the age of 65 may apply for a ​Senior Savings Account​ with FitnessBank. The rates and step requirements for this type of savings account are:

Senior Fitness Savings Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.75%
5,000 – 7,4990.85%
7,500 – 9,9990.95%
10,000+1.05%

The foundation of FitnessBank is staying healthy, but that means something different for every age group. Because of this, seniors are held to different daily step requirements yet entitled to the same opportunities for high APYs. To earn the highest APY possible (1.05%), for example, people over the age of 65 have to take an average of 10,000 steps or more per day rather than 12,500.

Final Thoughts

For any ​already highly-active individual that is looking to combine their personal financial goals with their physical fitness goals, a FitnessBank savings account might be a great option. However, unless you are fully able and willing to commit to 10k steps per day (and have already proved this to yourself) then we would recommend looking elsewhere for an online savings account as you can likely find a better APY with another online institution.

FitnessBank is a fintech firm, so it’s part of a field that’s at the forefront of melding technology with finance. If you prefer your banks to be more traditional and well-established with brick and mortar locations, then you’ll want to look into other options as well.

Popular Direct Savings Account: 1.05% APY + 1.05% APY CDs


image credit: populardirect.com

Popular Direct is the online division of Popular, Inc. – a global financial services provider headquartered in Puerto Rico.

Depending on where you live you may see variations of this name. For example, they operate as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the U.S.

In this article, however, we’ll just be discussing the online division, Popular Direct, and their FDIC-insured savings products.

Like most online-only banks, Popular Direct is open membership and easy to join from a computer or mobile device.

Popular Direct is able to provide better rates on its savings products than most traditional banks, but its product suite is minimal. They offer just an “Ultimate Savings” account and standard CDs at this time. Both of which come with steeper than usual minimum deposit requirements.

We’ve also learned that Popular Direct will place a 60 day hold on any withdrawals for new accounts. So if you planned on moving funds in or out of their high yield savings account within 60 days of opening it, you may want to look elsewhere. Popular Direct notes that this is a security measure and your funds will still accrue interest during the holding period.

Popular Direct “Ultimate Savings” account APY + Details

Popular Direct savings accounts are federally insured by the FDIC up to $250,000 and direct deposit products with this bank are opened through Popular Bank.

Popular Direct Ultimate Savings account

BalanceAPY
$5,0001.05%

A Popular Direct Ultimate Savings account will earn you an APY of 1.05%. To put this in perspective the average yield for a savings account nationwide is hovering around 0.06% APY.

You’ll want to note all potential fees before opening a savings account with Popular Direct.

  1. If you close your account within 180 days of issuance, you’ll be charged a $25 fee.
  2. A monthly dormancy fee of $5 is applied to accounts that have been inactive for 12 months.
  3. A excessive withdrawal fee of $5 is charged for every deposit or transfer over the federally-enforced 6 transaction limit.
  4. A low balance fee of $4 is charged if account balances dip below $500.

Interest is compounded daily and credited monthly.

To transfer money into this account, you will need to link an external account with another bank. You can then initiate an ACH electronic transfer or set up direct deposit. From there, you may transfer funds electronically from a savings account to a certificate account as long as this doesn’t cause you to exceed the monthly transaction limit.

Popular Direct CD Rates + Account Details

Popular Direct certificate accounts are currently providing much lower yields than its variable rate savings account, however they still beat the national average(s) for their respective terms.

Popular Direct CD Rates

CD TermAPY
3 month0.20%
6 month0.25%
1 year0.40%
18 month0.45%
2 year0.50%
3 year0.65%
4 year0.85%
5 year1.05%

To give the annual percentage yields above some context, the national average for 1 year CDs sits at roughly 0.24% APY right now.

A steep minimum deposit requirement of $10,000 is required to open an account. Interest is compounded daily and credited monthly. Unfortunately with Popular Bank CDs, you may not withdraw credited interest prior to maturity.

The automatic renewal grace period on one of these accounts is 10 days after the date of maturity. Fees for early withdrawal from a Popular Direct certificate of deposit account are quite high.

Early Withdrawal Penalties

Early withdrawal:

  • from a term of less than 91 days will cost you 89 days’ interest,
  • from a term of 91 days to 12 months will cost you 120 days’ interest,
  • from a term of 12 to 36 months will cost you 270 days’ interest,
  • from a term of 36 to 60 months will cost you 365 days’ interest, and
  • from a term of 60 months or more will cost you 730 days’ interest.

Banking Experience and Customer Sentiment

There aren’t a lot of customer reviews for Popular Direct, but don’t expect too much from this institution based on the reviews that have been left. Out of 90 ratings on DepositAccounts, Popular Direct scored an average rating of 2 stars and 53 of the user reviews left were paltry 1-star ratings.

Most customer complaints seem to be about untrustworthy service with some users reporting deceitful representatives and broken contracts. Aside from that, the majority of customers are displeased with the dropping interest rates on Popular Direct deposit products and inexplicably frozen accounts. As for positive reviews, people like the competitive rates—especially those available a couple of years back.

Overall, people aren’t happy with Popular Direct’s web and mobile banking platforms either. The Popular Direct app has 2.1 stars on Google Play and 1.5 stars on the App Store. The online banking portal and apps have been described as “astonishingly terrible,” and “buggy.”

Other online-only banks that offer ATM or branch access to their customers have an edge over Popular Direct, as Popular Direct accounts can only be managed via online banking, mobile banking, and ACH authorizations through linked external bank accounts.

There is no Popular Direct ATM network in the U.S., but even if there were, members wouldn’t be able to use it. As of right now, Popular Direct doesn’t have a checking account in its product suite and might not any time soon. This means no debit or ATM cards.

To contact customer service and get the most appropriate service or answers, visit the Popular Direct website and find the link that most closely relates to your needs. The general customer care line is 1-(800)-274-5696 and representatives can be reached in this way 24 hours a day, 7 days a week. You can also get help by selecting the “Contact Us” link via “Support” through the website and sending a service request or sending mail to the address below: Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

You will not be able to get the help you need through Popular Bank or Banco Popular if you are an online-only user, so be mindful of this.

Final Thoughts

Popular Direct CD accounts are undesirable for a number of reasons, but a Popular Direct Ultimate Savings account might work for you. Just remember, this bank charges customers a high number of fees for various account services on top of requiring high minimum opening deposits.

Citizens Access Savings Account: 1.00% APY + 1.00% 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 might not know about Citizens Access.

Citizens Access, launched in 2018, is the online-only subsidiary of the long standing national bank with deposit accounts that are different from those of the parent company.

This is good news for savings-oriented individuals, as Citizens Access CDs and savings accounts offer much higher rates of return than Citizens Bank accounts.

Like many digital banks, Citizens Access deposit products are limited to just a savings account and standard CD accounts. They do not offer the full array of deposit products like traditional banks tend to do.

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 – $4,999.990.25%
$5,000 +1.00%

A Citizens Access savings account earns an APY of 1.00%. The average yield on a savings account sits at just 0.07% nationally, to give you some context. However, they’re not the only bank offering rates above 1.00% APY on an online savings account. Some banks – like Vio Bank – go slightly higher.

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 0.25% 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 reasonably competitive yields.

Citizens Access CD Rates

CD TermAPY
1 year0.85%
2 year0.85%
3 year0.90%
4 year0.95%
5 year1.00%

To give these offers more context, the national average for a 12 month certificate sits at 0.26% APY currently, so the bar is quite low. Still, other institutions sell certificates with higher rates and lower minimum balances. 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 0.75%.

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

Citizens Access has a lot going for it: its CD and savings rates are competitive and its online banking portal is user friendly. Managing and opening Citizens Access accounts is simple and hassle-free, a benefit that shouldn’t be dismissed when you’re talking about a fully digital bank. However, maybe you want a higher yield than these deposit accounts can offer or you don’t have $5,000 to deposit. Or maybe you just feel better banking with a company that’s been around longer than 2 years or has more product options. 

Citizens Access is a good online-only bank with solid accounts. It comes with the standard online-only potential drawbacks such as not being able to visit a branch and having to resolve problems via remote customer service, but its products are going to give you above par returns without charging annoying fees.

Comenity Direct High Yield Savings – 1.10% APY + 1.10% APY CDs


image credit: direct.comenity.com

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

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

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

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

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1001.10%

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

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to the current 1.10% APY on July 1, 2020

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

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

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

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

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

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

Comenity Direct CD Rates + Account Details

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

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

CD TermAPY
1 year1.00%
2 year1.05%
3 year1.05%
4 year1.05%
5 year1.10%

To give these rates some context, the current national average for a 1 year CD is just 0.26% APY currently.

You can still lock in 12 month CDs above 1.00% APY through some credit unions but the pickings are slim.

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

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

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

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

Grace Period

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

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

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

Banking Reviews and Customer Sentiment

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

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

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

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

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

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

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

Final Thoughts

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

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