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Online Savings Accounts

Vio Bank Online Savings Account – 0.66% APY + 0.70% APY CDs


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

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

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

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

That said, we’re thrilled to see Vio Bank hold strong on their lucrative 0.66% APY high yield online savings account. Although we don’t know how long the rate will hold, it is one of the top APYs available online today and the account can be opened with as little as $100.

Vio Bank’s Online Savings Account Rate + Details

Vio Bank’s online savings account rate dropped from 1.01% APY to 0.76% APY in September 2020. Then from 0.76% APY to the current 0.66% APY in November 2020.

Like the Citi Accelerate Savings Account we covered earlier this month, the 0.66% annual percentage yield on Vio Bank’s online savings account remains highly competitive despite falling rates around the country. This is a variable rate that can change at any time without notice.

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

More account details:

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

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

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

Drawbacks to Banking With Vio Bank

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

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

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

Vio Bank Online Savings Account Fee Schedule

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

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

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

Vio Bank’s CD Rates + Account Details

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

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

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

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

Vio Bank’s Current CD Rates:

CD TermAPY
6 month0.15%
9 month0.20%
12 month0.15%
18 month0.20%
24 month0.25%
36 month0.30%
48 month0.40%
60 month0.50%
84 month0.60%
120 month0.70%

To put the yields above in perspective, the current national average on a 12 month CD and a 60 month CD sit at 0.22% APY and 0.60% APY, respectively.

Early withdrawal penalties apply for all Vio Bank CDs.

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

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

Vio Bank Reviews and Customer Sentiment

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

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

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

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

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

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

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

Final Thoughts

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

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

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

Live Oak Bank CD Rates: Up to 1.00% APY + 0.70% APY Online Savings Account!


image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

TermAPY
6 months0.60%
1 year0.70%
18 months0.60%
2 year0.60%
3 year0.60%
4 year0.60%
5 year1.00%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.70%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.

Ponce Bank High Yield Savings – 0.50% APY!


image credit: SaveBetter.com

Ponce Bank has launched a high yield savings account through the SaveBetter platform that pays a noteworthy APY of 0.50% and comes with a minimum deposit requirement of just $1.00.

The SaveBetter platform that houses this offer, allows for consumers to create just one account (with SaveBetter) which then unlocks access to a curated network of FDIC member banks and their FDIC-insured savings products.

Ponce Bank and their high yield savings account is currently the highest yielding product within the SaveBetter network. We should note that the network only consists of three banks at the moment:

  • Ponce Bank,
  • Continental Bank and
  • Central Bank of Kansas City.

Ponce bank does not offer this digital savings product through their own website. If you visit Poncebank.com and navigate to their savings solutions section, you’ll notice the savings product(s) there are not the one offered through SaveBetter.

To access the high yield savings account Ponce Bank offers in this review, you’ll want to navigate to the products exploration page on SaveBetter. You can also continue reading our comprehensive review on the product below.

Ponce Bank High Yield Savings Account APY + Details

The Ponce Bank high yield savings account available through SaveBetter is federally insured by the FDIC up to $250,000 per depositor. Joint accounts are not available at this time.

Ponce Bank High Yield Savings Account

Min DepositMonthly FeeAPY
$1$00.50%

To put the yield above in perspective, the current national average for a savings account sits at just 0.07% APY. That said, there are still a handful of online banks and even nationally available credit unions offering yields near 0.75% APY still. Keep in mind these rates are variable and can change anytime without notice.

Interest is compounded daily and credited monthly.

Drawbacks to Ponce Bank High Yield Savings Account

The account has some notable drawbacks that one should consider before opening it.

First, the account provides limited access to your funds. You will not have an ATM or debit card of any kind. You also can not deposit money through traditional methods such as direct deposit, wire transfer, cash deposit, or remote check deposit via a mobile app. The only way to withdraw funds is by linking a bank account. And depending on the bank or credit union you’ve linked, this could take anywhere from 3 – 5 business days to receive a transfer.

No joint accounts. Typically banks and credit unions allow for joint savings and/or deposit accounts which expands FDIC coverage up to $500,000 so that both individuals are covered up to the applicable limits of $250,000 per depositor.

You have to use the SaveBetter mobile app to manage the account. And the app does not provide any basic budgeting or automatic savings tools that many digital savings products do.

Customer Service goes through SaveBetter and office hours are limited. To reach an actual representative for questions regarding your Ponce Bank High Yield Savings account, you’ll need to call: 844-994-EARN (3276). And the hours of operation are just Monday to Friday from 9:00 a.m. – 4:00 p.m. Eastern Standard Time.

How to Open the Ponce Bank High Yield Savings Account

If you’d like to open the Ponce Bank high yield savings account and earn the advertised interest rate, you’ll first need to navigate to the Ponce Bank offer page on Save Better here.

Once there, follow these steps:

  1. Click the forest green “Save now” button.
  2. Enter your email address, and set a strong password.
  3. Enter your name and go over the terms and conditions (link at the bottom). Once done, confirm that you have read them. Click “Continue“.
  4. Then you’ll need to confirm your email address.
  5. From there, you’ll enter your date of birth, Social Security number and contact details. Then click “Continue“.
  6. Review and submit your application.
  7. Once approved you’ll need to connect the bank in which you’ll be transferring funds from. You’ll need your bank account number and routing number to complete this step.

Items to have handy to complete the process:

  • Driver’s license or government-issued ID
  • Social Security Card (if you don’t have the number memorized)
  • Bank account number and routing number of the institution you’ll be transferring the funds from.

Final Thoughts

If you’re strictly after a high yield, variable-rate online savings account and do not need regular access to these funds, then this Ponce Bank high yield savings account may be a good option for you.

If you value in-person banking and easy access to cash and your money held, then this product may not be a good fit for you.

Also keep in mind you’ll be interfacing with SaveBetter and their app(s) to manage the account and will not have any interaction with Ponce Bank itself.

Popular Direct Savings Account: 0.65% APY + 0.80% 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
$5,0000.65%

A Popular Direct Ultimate Savings account will earn you an APY of 0.65%. 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 month0.15%
6 month0.20%
1 year0.30%
18 month0.35%
2 year0.40%
3 year0.50%
4 year0.60%
5 year0.80%

To give the annual percentage yields above some context, the national average for 1 year CDs and 5 year CDs sit at roughly 0.22% APY and 0.47% APY, respectively at the moment.

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.

TAB Bank High Yield Savings – 0.65% APY + CDs up to 0.85% APY


TAB Bank [Transportation Alliance Bank]

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

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

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

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

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

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

TAB Bank High Yield Savings Account

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

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

TAB Bank Online Savings rate

Daily BalanceAPY (Annual Percentage Yield)Min. Deposit to Open
$10.65%$0

Interest is compounded daily and paid out monthly.

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

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

Tab Bank High Yield Savings Account Fee Schedule

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

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

TAB Bank CD Rates

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

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

TAB Bank’s current CD rates:

CD TermAPY
6 months0.50%
9 months0.50%
12 months0.60%
18 months0.65%
24 months0.70%
36 months0.75%
48 months0.80%
60 months0.85%

All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000. To give the yields above some context, the current national average on 12 month CD and a 60 month CD sit at just 0.22% and 0.47% APY, respectively.

How to Open and Fund a TAB Bank Account

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

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

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

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

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

Here’s what you’ll need:

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

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

How to Fund Your Tab Bank Account

There are 6 ways to fund your Tab Bank account:

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

ACH Transfer Limits

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

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

Tab Bank Customer Support and Customer Sentiment

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

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

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

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

Final Thoughts

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

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

TAB Bank’s CD rates while lucrative in the past are only so-so today (albeit above the current national average). More lucrative APYs can be had with other FDIC-insured online banks.

Synchrony Bank CD Rates – Up to 0.80% APY + 0.60% APY Savings Account


image credit: synchronybank.com

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.60%

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 +0.50%

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 months0.60%
13 months0.60%
14 months0.60%
15 months0.60%
18 months0.60%
24 months0.65%
36 months0.70%
48 months0.70%
60 months0.80%

To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Synchrony Bank Perks Program for Deposit Accounts

The Synchrony Perks program rewards customers for a combination of two things:

  1. Loyalty (ie how long you’ve banked with them) and
  2. High balances.

The tiers are set up as follows:

image credit: synchonybank.com/about/

Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.

You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:

  • Unlimited ATM reimbursements
  • 3 free wire transfers per statement cycle
  • dedicated phone line to a banker

Opening an account at Synchrony Bank

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

  • ACH transfer from an external account,
  • transfer from a Synchrony account,
  • mobile check deposit,
  • direct deposit from a third party,
  • wire transfer, or
  • personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Final Thoughts

Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.

Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.

If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.