APY GUY: Maximize Your Savings & Earnings

Online Savings Accounts

Marcus Bank Online Savings – Now 3.30% APY + $100 Bonus!


[📌 Update January, 2023 – Marcus Bank is now offering a $100 cash bonus when you open a new online savings account with $10,000 (or add $10k to an existing one). That’s essentially a 1% bonus just for signing up! Offer valid through 2/15/2023. See more below.]

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 high yield online savings account, and CDs. Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, Marcus Bank’s online savings account is regularly among the highest yielding accounts available nationwide.

To see if this account is right for you, continue reading our review below.

Online Savings Account Rate + Details

image credit: marcus.com

The Marcus savings account comes with zero fees and no minimum deposit requirement.

Online Savings Account Rate

Min DepositAPY
$03.30%
APY = Annual Percentage Yield

To put this yield into perspective, the current average for a money market account and a savings account sit at just 0.33% APY and 0.44% APY, respectively, according to recent FDIC data.

That said, there are now a handful of FDIC-insured online banks offering above the 4.00% APY mark to start the new year.

$100 Bonus!

The $100 bonus is available to all new and existing customers that open and deposit $10,000 of new funds into an online savings account.

Here are the details:

  1. Enroll in a Marcus Bank online savings account.
  2. Deposit $10,000 of new funds to the account within 10 calendar days of opening it.
  3. Maintain that balance for 90 consecutive days.

You must enroll by February 15, 2023. Get started here.

How to Open and Fund Your Account

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

📌 Important: Marcus features same day transfers from other banks to Marcus of $100,000 or less. Marcus will process transfers made through Marcus by 12 PM EST on a business day by 5 PM EST that same day. You will start earning interest from Marcus on the amount you transfer the day your request is received.

Compounding and Crediting Interest

Interest on the Marcus savings account is compounded daily and credited monthly.

Withdraws and Transactions

Per the standard and federally-enforced limit, you can make up to 6 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. Some banks allow you to go over this limit but impose a fee for doing so.

Marcus does not offer a debit card or ATM card for their savings account, so you’ll have to transfer funds to another account if you wish to withdraw them.

Banking Experience and Customer Sentiment

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 4.4 stars on Google Play and 4.8 stars on Apple.

UFB Direct Savings Account – Now 4.21% APY!


[📌 Update January, 2023 – UFB Direct bumped up their yields again this month to start the new year. Both their Elite Savings account and Elite Money Market account now come with an APY (annual percentage yield) of 4.21%. This is up from 4.11% APY in December and up from 3.83% APY in November. See details below.]

UFB Direct is a division of Axos Bank. Both banks are fully digital, online banks that have no physical branches.

They also share the same FDIC insurance (certificate #35546), so if you currently have a deposit account with Axos Bank that balance amount will count towards your FDIC limit with UFB Direct as well.

UFB Direct offers two variable rate deposit accounts with highly competitive yields. These are:

  1. Elite Savings account
  2. Elite Money Market account

Both currently hold the same APY (annual percentage yield) of 4.21% however, there are a few notable differences between the two accounts which we’ll go over in our review below.

Elite Savings Account

ufbdirect.com

UFB Direct’s Elite Savings account was just launched in August of 2022 originally as a “Rewards Savings” account, but then changed the name of the account shortly after launching.

It has zero monthly maintenance fees and no monthly direct deposit requirements to earn the advertised interest rate and APY.

It also comes with no minimum deposit requirement.

Rate

Balance TierAPY
$0 – $9,999.994.21%
$10k – $24,999.994.21%
$25k – $49,999.994.21%
$50k – $99,999.994.21%
$100k +4.21%
APY = Annual Percentage Yield

Although all balance tiers pay the same yield currently, this may change in the future.

To put this yield into perspective, the current national average for a savings account sits at just 0.33% APY according to FDIC data.

The most competitive variable-rate savings accounts are now yielding over the 4.00% APY mark, with these accounts by UFB Direct among the rate leaders.

Compounding and Crediting Interest

Interest on the UFB Direct Savings account is compounding daily and you start earning interest on the same business day that they receive your funds.

Interest is credited back to the account monthly and can remain for further compounding or can be transferred to an external account which has been set up for direct deposit.

Deposits and Withdrawals

If funding the savings account via ACH transfer please allow 2 – 3 business days before your account is actually opened.

Once you set up an external account for direct deposit into your UFB Elite Savings account, you will be able to make free direct deposits at your convenience.

You are limited to 6 withdrawals per month per federal regulation D.

Features

✅ Free ATM card to make cash withdrawals from your Elite Savings account.

✅ Digital tools for 100 percent remote banking.

✅ Free transfers between external bank account and UFB Direct Elite Savings account.

✅ SMS messaging to access your account when you’re without any internet connection.

✅ Mobile Check Deposit for depositing physical checks via your smartphone.

Elite Money Market Account

UFB Direct’s Elite Money Market account comes with the same APY as the Elite Savings account. The major difference between these two is that the money market account comes with a minimum balance requirement of $5,000 to avoid a $10.00 monthly fee.

Rate

Balance TierAPY
$0 – $9,999.994.21%
$10k – $24,999.994.21%
$25k – $49,999.994.21%
$50k – $99,999.994.21%
$100k +4.21%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account sits at just 0.44% APY per FDIC data.

UFB Direct uses the same daily balance method for compounding the interest on your Elite Money Market account. Dividends are paid monthly as well.

📌 Please Note – There is no complimentary ATM card associated with the Elite Money Market account.

Final Thoughts

UFB Direct’s Elite Savings account and Elite Money Market account both come with extremely competitive yields that are among the highest yields in the country at the moment.

The newly launched Elite Savings account appears to be the more attractive offer of the two as it comes with no minimum deposit or balance requirements and no monthly fees whereas the money market account requires you to maintain a $5,000 balance to avoid a $10/month fee.

The free ATM card and free transfers between direct deposit accounts add to the convenience of the Elite Savings account as well. These are features many online savings accounts do not offer.

CIT Bank Savings Accounts – Now up to 4.05% APY!


image credit: cit.com

CIT Bank has three variable rate savings products with APYs (annual percentage yield) ranging from 1.00% to 4.05% currently. These are:

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

The Savings Connect just had its APY upped to 4.05% recently, while the Savings Builder and Money Market accounts earn 1.00% and 1.55% APY, 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 1.00% APY. If you don’t have $25k nor can you commit $100/mo to the account, you’ll earn just 0.40% APY on your balance. More details below.

Minimum Balance + ConditionsAPY
$100 – $25,0000.40%
$100 + $100/mo deposit1.00%
$25,000 +1.00%

To put these APYs in perspective, the current national average on a savings account sits at just 0.33% according to recent FDIC data.

All new accounts will get an introductory APY of 1.00% during what CIT Bank refers to as the “Introductory Period.” When this period ends, 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 4.05% and can be opened with just $100.

Min BalanceAPY
$1004.05%
APY = Annual Percentage Yield

This is their most competitive product and also the easiest to open with no additional accounts required and a low minimum deposit requirement.

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 1.55% 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 0.29% 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 and 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.

E-Trade Premium Savings Account – Now 3.50% APY!


E-Trade has teamed up with Morgan Stanley to offer banking products along with their well-renowned brokerage services.

This account is ideal for those who use E-Trade on the brokerage side and would like to earn a competitive APY (annual percentage yield) on uninvested funds.

Money can be moved seamlessly from brokerage account to premium savings account with easy access to your funds and quick deposits.

E-Trade’s Premium Savings account currently pays an APY of 3.50% on all balances and has no minimum deposit requirements or balance requirements to maintain.

To see if this account is right for you, continue reading our review below.

E-Trade Premium Savings Rate + Account Details

image credit: etrade.com

As mentioned the E-Trade Premium Savings Account has no minimum deposit requirement to open it nor any balance requirement to maintain it. That said, if you open the account and fail to fund it within 30 days, they will close the account.

Premium Savings Account Rate

Min. DepositAPY
$03.50%
APY = Annual Percentage Yield

To put this yield into context, the national average for a savings account and a money market account sit at just 0.44% APY and 0.33% APY, respectively, according to FDIC data.

There are, however, a few online banks and nationally available credit unions now paying 4.00% APY or more on variable rate savings accounts.

All funds are federally insured by the FDIC up to $500,000. This is double the normal coverage of $250,000 for deposits held at most banks and credit unions.

Compounding and Crediting Interest

The E-Trade Premium Savings account features daily compounding interest. Interest begins compounding on the date of your initial deposit and continues until the last full day prior to the withdrawal.

Interest is credited to your account monthly.

Opening the Account

The account is available to consumers nationwide and can be opened online in minutes. E-Trade also has branches in 17 states where you can stop by to open the account in-person if you’d prefer. Below are the following states in which E-Trade has branches. You can locate a specific branch here.

  • Arizona
  • California
  • Colorado
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • North Carolina
  • Oregon
  • Pennsylvania
  • Texas
  • Washington

Managing the Account

Once your account is open, you can transfer money between your brokerage account and the Premium Savings account easily and you’ll have instantaneous access to your transferred funds.

If you’re depositing funds via the mobile app, only a portion of your funds will be immediately available. You must wait until the 4th business day to access the full deposit. This is similar to Robinhood and other brokerage accounts with savings features.

E-Trade’s apps receive relatively high ratings. Their IOS app has a 4.6 out of 5 star rating with nearly 140k ratings and their Android app has a 4.0 out of 5 star rating with over 40k reviews.

How E-Trade Premium Savings Compares

E-Trade offers one of the highest yields on the market for brokerage accounts with FDIC-insured savings account options.

For comparison see the chart below:

BrokerageAPY on idle cash
E-Trade3.50%
Robinhood1.50% – or – 4.00% with Gold
SoFi3.25%
Fidelity2.21%
APY = annual percentage yield

Final Thoughts

If you are already an active trader on E-Trade and are in the market for a savings account to park uninvested cash, then opening up the Premium Savings Account by E-Trade via Morgan Stanley is a no-brainer.

That said, if you’re just in the market for a high yield, FDIC-insured savings account or money market account without any brokerage account tied to it, then slightly higher yields can be found through a handful of online banks and credit unions with nationwide acceptance.

CIBC Agility Savings Account – Now 3.62% APY!


CIBC (Canadian Imperial Bank of Commerce) is one of the “big five” banks of Canada and is headquartered in Toronto, Ontario.

The institution was formed by the largest chartered bank merger in Canada’s history in 1961 when the Canadian Bank of Commerce (founded in 1867) merged with the Imperial Bank of Canada (founded in 1873).

Today, CIBC holds roughly $770 billion in assets and brings in $18.7 billion in revenue (as of 2020) with operations spanning the globe.

For U.S. based customers, CIBC has an offshoot called CIBC U.S. which is headquartered in Chicago, Illinois, but backed by the 150 year-old Canadian bank.

CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 3.62%.

This account can be opened online by anyone in the U.S. that has a valid ID and is 18 years of age. To see if this account is right for you, continue reading our review below.

CIBC Agility Savings Account APY + Details

image credit: us.cibc.com

To open the CIBC Agility Savings account you must make an initial minimum deposit of at least $1,000, but once the account is opened interest is earned on all balances above $0.01.

CIBC U.S. is member FDIC and all consumer deposits are federally insured up to the applicable limits.

Savings Rate

Min. DepositMin. BalanceAPY
$1,000$0.013.62%
APY = Annual Percentage Yield

To put this yield in perspective, the current average for a savings account sits at just 0.30% APY and the current average on a money market account sits at just 0.38% APY according to the most recent FDIC data.

Interest is compounded and credited to your account monthly.

Per federal regulation D, this account is limited to 6 transactions per monthly statement cycle. If you exceed this amount CIBC will charge $10 for each subsequent transaction. No external transfers can be made either within the first 90 days of opening the account.

CIBC U.S. Fee Schedule

Depending on the actions you take with your CIBC Agility Savings account you may encounter some fees from time to time.

Below is a complete outline of the fees CIBC imposes for various account activities (or inactivities).

CIBC Fee Schedule

ActivityFee
Statement Copies$5 each
Stop Payment$5.00
Hold Mail Fee$25 per request
Stop Payment$30
Automatic transfer from one account to another to cover overdraft$35.00 per item, max $175.00 day
Overdraft fee (item paid)$35.00 per item, max $175.00 day
Returned deposited item fee (chargeback)$10.00
Account research$25.00 per half hour, $25.00 minimum
Account closed within 90 days of opening$25
Dormant account fee$5 per month with a max of $60 annually

You can read more about CIBC U.S. deposit account disclosures and terms of service here.

How to Open the CIBC Agility Savings Account

The Agility Savings account can be opened online in minutes!

As mentioned this account is available to anyone in the U.S. that is 18 years old or older with a valid ID, internet connection and $1,000 for the initial deposit.

Here’s how to open the account in minutes.

  1. To open the account, navigate to the CIBC U.S. Agility Savings landing page here and click “Apply Now.”
  2. From here it is a 4-step process that starts with your personal information. Fill in the required personal information and then click “Continue.“
  3. Read and accept the account disclosures and click “Continue.“
  4. Fund your account. This will require the routing number of your current bank and the bank account number you’ll be transferring the funds from.

What information do I need to have handy?

  1. Driver’s license or government issued ID.
  2. Home address, phone number and email.
  3. Social security card or number.
  4. Existing bank account routing number.
  5. Existing bank account number with at least $1,000 in the account.
  6. Employment information.

Managing the CIBC Agility Saving Account

As mentioned the account can be managed completely online through the web or their native IOS or Android app. CIBC has multiple apps available for download. You will want to download the CIBC US mobile banking application to manage your Agility Savings account.

The mobile banking app by CIBC has mixed reviews, averaging 3 stars out of 5 on IOS (up from 2/5 stars in March 2022) with only 3 ratings at the time of this writing and 2.7 stars out of 5 on Google Play (down from 4/5 in March 2022) with over 175 reviews.

App Features:

  • View account balances and recent transactions
  • Transfer funds using their person to person payment system. Send funds with just a phone number or email.
  • Transfer funds between CIBC US accounts.
  • Mobile check deposit
  • Check status of deposits
  • Pay bills electronically
  • Schedule future bill payments
  • Contact representative for assistance
  • Locate branches and ATMs

CIBC Agility Online CD Rates

CIBC currently offers 5 online “Agility” CDs with terms ranging from 9 months to 30 months. They currently come with impressive yields when compared to the national average, but the yields are tiered based on deposit amount. Depositing $25,000 or more will get you a higher rate. See all rates and deposit requirements below.

CD TermAPY
9 months3.80%
9 months ($25k +)3.85%
12 months3.85%
12 months ($25k +)3.90%
18 months3.90%
18 months ($25k +)3.95%
24 months3.90%
24 months ($25k +)3.95%
30 months3.90%
30 months ($25k +)3.95%
APY = Annual Percentage Yield

To put these yields in perspective, the current national average for a 12 month CD and a 36 month CD sit at just 1.07% and 1.02% APY, respectively.

All CIBC online Agility CDs come with a minimum deposit requirement of $1,000.

LendingClub High Yield Savings – Now 4.00% APY!


[📌 Update January, 2023 – LendingClub bumped up the yield on their high yield savings account to 4.00% APY (annual percentage yield). This is up from 3.25% APY in December. See more details below.]

You may recall LendingClub, founded in 2006, as the very first peer-to-peer lending platform to register their securities with the SEC.

By December of 2015, the San Francisco based start-up had claimed to facilitate $15.98 billion in loans on its platform.

In 2016 however, the company was hit hard with problems and scandals. The company was failing to bring on investors, had scandals involving some of their loans, and the board of directors were concerned with LendingClub’s CEO.

Fast forward to 2020, LendingClub decides to drop its peer-to-peer lending platform entirely and acquires Radius Bank to commence more traditional banking operations.

Today, they offer a number of competitive, FDIC-insured, high yield deposit accounts with both fixed and variable rates.

For the purpose of this review we will focus on Lending Club’s high yield savings account which offers a competitive yield of 4.00% APY.

LendingClub High Yield Savings Account Rate + Details

To open LendingClub’s high yield savings account you’ll need a minimum deposit of $100 to complete the account opening process. Once your account is open there are no monthly balance requirements or maintenance fees of any kind.

Savings Rate

Min DepositAPY
$1004.00%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.38% and 0.30% APY, respectively, according to FDIC data.

Opening and Funding Your Account

You’ll need to be a US citizen or legal resident and 18 years old or older to obtain this account.

To get started, you’ll want to have the following information readily available:

  • Social Security Number
  • Current Physical Address
  • Email Address
  • Bank account number and routing number – or – debit card from the institution you wish to transfer funds from

Please make sure this account has the $100 you’ll need to open your new LendingClub high yield savings account.

If you have all of this information handy, the account should only take 3 minutes to open online.

📍 Please Note: LendingClub may hold your funds for up to 5 business days during their “review process.” Also, although LendingClub does not pull your credit score if you have a hold on your credit for security purposes, LendingClub will manually review your application.

Managing Your Account

The easiest way to manage your LendingClub account is through their IOS or Android app or simply with their online banking.

Funds can be added to your account after account opening through LendingClub’s mobile deposit. This is available on both their banking apps or by initiating ACH transfers or wire transfer through their online banking portal.

Lending Club’s IOS app scores a 4.4 star rating out of 5 with over 1,700 consumer reviews and their Android app scores a 3.8 star rating out of 5 with over 1,100 consumer reviews.

Transaction Limits

LendingClub imposes daily transaction limits for their high yield savings account that is determined by how long you’ve been a customer of theirs.

See the matrix below for more details.

EligibilityNew Client90 days + $10k Balance120 days + $50k Balance
Incoming ACH$10k daily$150k daily$250k daily
Outgoing ACH$10k daily$50k daily$250k daily
Mobile Check Deposit$50k daily$150k daily$250k daily
ATM Card$500 daily$1k daily$2k daily

LendingClub ATM Card

image credit: https://legacy-bank.lendingclub.com/

LendingClub gives you the option to obtain a free ATM card that is tied to your high yield savings account.

They are a member of two of the largest nationwide surcharge-free ATM networks: MoneyPass® and SUMSM.

You can use your ATM card at any of their 37,000 locations nationwide without incurring an ATM surcharge fee.