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Online Savings Accounts

Capital One 360 Performance Savings – Now 0.50% APY


UPDATE: The bonus of up to $500 for opening the 360 Performance Savings account is no longer available. Check back here often, we will update if/when it returns.

[Update October 5, 2020: The Capital One 360 Performance Savings account lowered its APY to 0.50%, down from 0.65%. This is the first rate cut of October.]

[Update August 26, 2020: The Capital One 360 Performance Savings account cut its APY to 0.65%, down from 0.80%. This was the third rate cut in August.]

[Update August 13, 2020: The Capital One 360 Performance Savings account had its APY lowered from 1.00% to 0.80% APY.]

[Update August 2020: This account does not feature the cash bonus anymore.]

Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

  • The 360 Performance Savings Account (Variable rate of 0.50% APY)
  • 360 CDs (Fixed rates, see the rates here)
  • 360 IRA Savings Account (Variable rate of 0.50% APY)
  • 360 Checking (Variable rate of 0.10% APY)
  • Kids Saving Account (Variable rate of 0.40% APY)
  • Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a respectable 0.50% APY.

360 Performance Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.50%

To give the yield above some context, the national average for savings accounts sits at just 0.07% currently. However, there are some banks offering between 0.70 and 0.90%, but these accounts may not offer the $0 minimums that Capital One does.

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Capital One 360 Performance Savings Account Fees

TypeFee
Account Maintenance$0
Outgoing Domestic Wire$30
Statement Copies$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum DepositMinimum BalanceAPY
$0$00.50%

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum DepositMinimum BalanceAPY
$0$00.40%

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

The account pays a very respectable APY that beats the current national average of 0.07%. However, if you’re strictly after high rates, there are better youth-based savings accounts offered through nationally available credit unions.

Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

Final Thoughts

Capital One is a hybrid bank, meaning that it is neither fully digital nor fully physical. So as a 360 customer, you reap the benefits of a physical institution and a digital institution. You can access your 360 accounts in-person at a branch or ATM or service your accounts entirely from the comfort of your own home—your experience is customizable.

The fact that this online bank is not online-only is a huge pro for anyone not willing to completely embrace digital banking just yet, and Capital One 360 is still able to offer competitive rates typical of online-only banks.

Unless you’re unwilling to settle for anything less than the best rates in spite of excellent customer support and more than reasonable account terms and conditions, Capital One 360 is well-suited to nearly everyone. You’d be hard-pressed to find a bank—online or traditional—with personal banking products and services comparable to those of Capital One.

PNC Bank High Yield Savings + Virtual Wallet Checking Bonuses – $50, $200 and $300!


$50, $200 and $300 bonuses available by region through October 31, 2020!

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.

They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.

For the purpose of this review we will focus on the personal High Yields Savings account and the Virtual Wallet Checking Pro with Spend account. These are PNC Bank’s online savings account and online checking account, respectively.

The Virtual Wallet Pro with Spend account, which functions as the online checking account, can also come packaged with the High Yield Savings, so that your reserve funds can grow with a solid APY. PNC Bank calls this packaged product the Virtual Wallet Pro with Spend, Reserve and Growth (a bit of a mouthful, we know).

If you open any of the Virtual Wallet accounts you can currently earn a bonus of $50, $200 or $300 depending on where you live and which account you open.

We ran several scenarios and detailed them below, but in general, the western states and cities are only eligible for the $200 bonus with the Virtual Wallet Pro with Spend account and the Midwest and Eastern states have that same $200 offer plus the option of either a $50 or $300 bonuses based on the type of account set up and the associated qualifying actions.

PNC Bank High Yield Savings Overview – 0.80% APY

PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

PNC Bank High Yield Savings

AccountMin BalanceAPY
High Yield Savings$10.80%

To give this yield some context, the current national average for a savings account sits at just 0.07% APY and the top rates online are just touching 0.90% APY. That said, there are still a handful of specialty savings accounts like Sallie Mae’s SmartyPig or the Fitness Bank savings account that feature APYs at or above 1.00%.

Setting up, funding and managing your High Yield Saving account is fairly simple and straightforward.

To get started you will need the following:

  • Driver’s License or State ID
  • Social Security Number

On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.

Funding the account can be done in three ways:

  • Wire transfer from existing external bank account
  • Check deposit via the PNC mobile app. This can only be done after you’ve enrolled in PNC online banking or mobile banking.
  • A PNC checking account

The easiest and fastest way to get going is via a wire transfer. For this you will need the routing number and account number of your existing bank and bank account.

One your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.

PNC Virtual Wallet Checking Pro with Spend

The Virtual Wallet Checking Pro with Spend account is an online checking account in your virtual wallet. Like the high yield saving account, this account has no minimum deposit requirements and no fees.

It comes with a debit card and access to over 18,000 ATMs nationwide (locate them here). It also comes with ATM reimbursements of up to $20 per statement cycle. This is a generous out of network ATM reimbursement amount per statement cycle – especially given the coverage of PNC Bank and its own ATM network.

Virtual Wallet Checking Pro with Spend Features

ItemFeature
Minimum deposit$0
Minimum balance$0
Monthly service fees$0
Debit CardFree
ChecksUnlimited
ATMs18,000 in network
ATM reimbursement$20 per statement cycle
Sign Up Bonus$200 – with qualifying direct deposit(s)

$50, $200 and $300 Bonus Details

As mentioned only the Midwest and Eastern states have the option for the $50 and $300 bonus. They also have the $200 bonus option that all the Western states have with the Virtual Wallet Checking Pro with Spend account mentioned above.

We ran this scenario in six major cities across the country:

  • Seattle 98109
  • San Francisco 94016
  • Dallas 75001
  • Chicago 60007
  • New York City 10001
  • Miami 33101

In Seattle, San Francisco and Dallas we found that only the $200 bonus offer was available.

In Chicago, New York, and Miami we found that same $200 offer available plus a $50 offer and a $300 offer. Details on each offer are listed below.

$50 Bonus for Virtual Wallet

Perhaps the easiest bonus to nab for those in eligible regions is PNC Bank’s $50 bonus is by opening the virtual wallet and establishing $500 in qualifying direct deposit(s) to the Spend account.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$200 Bonus Offer

For the $200 bonus that is available everywhere. You will need to set up the Virtual Wallet Checking Pro with Spend account AND set up qualifying direct deposit(s) of $2,000 or more.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your checking account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.

$300 Bonus Offer

The $300 bonus that is available in Midwestern and Eastern States can be received by opening the Virtual Wallet with Performance Select account and

  1. setting up $5,000 or more in qualifying direct deposits OR
  2. $5,000 in average monthly balance in Spend and Reserve OR
  3. $25,000 in combined average monthly balance in PNC consumer deposits or investments.

To qualify for this offer you must open the account between 10/1/20 to 10/29/20, and a qualifying Direct Deposit(s) must be received within the first 60 days.

Final Thoughts

These are extremely noteworthy accounts and generous bonuses offered by PNC Bank.

The high yield savings account comes with an APY that is only beat by a handful of institutions and the Virtual Wallet with Spend account comes with a lucrative signing bonus of $200 plus the same ability to earn 0.80% APY on reserve cash.

For Midwestern and Eastern states only, we love the ability to earn $50 and $300 bonuses for the Virtual Wallet accounts, but the $300 bonus comes with much steeper direct deposit and/or average monthly balance requirements.

Citi Accelerate High Yield Savings – Now 0.70% APY


image credit: online.citi.com

[Update September 28, 2020: Citi lowered the rate on their Accelerate Savings account to 0.70% APY. Down from 0.90% APY. This is the first rate decrease in September.]

[Update August 24, 2020: Citi lowered the rate on their Accelerate Savings account to 0.90% APY. Down from 1.05% APY.]

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

[Update: The Citi Accelerate High Yield Savings Account saw its rate lowered at the end of April to 1.55% APY. Down from 1.60% APY.]

[Update: The Citi Accelerate High Yield Savings Account rate lowered to 1.60% APY from 1.70% APY on or around March 23rd. This marks the second rate decrease in a month since the FED moved rates back to zero.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive. Although their CD rates are currently lower than what you can find with other online banks, they still have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today the account comes with a standard interest of 0.69% and an APY of 0.70% on minimum monthly balances of at least $500.

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” (you can find this on their Citi Accelerate page) and found a consistent 0.69% interest and 0.70% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 0.70%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 0.70% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 0.69% standard interest rate and 0.70% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.69% standard interest rate and 0.70% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 0.69% standard interest rate and 0.70% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 0.70% APY across all variables.

Keep in mind this is a variable rate and is subject to change at any time. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 0.70% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.

Citizens Access Savings Account: 0.60% APY + 0.75% APY CDs


image credit: citizensaccess.com

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

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

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

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

Citizens Access Online Savings Account Rate + Details

Though Citizens Access is able to offer their customers separate deposit products and pay higher interest on CDs and savings accounts than Citizens Bank, Citizens Access and Citizens Bank are treated as the same entity by the FDIC and insured up to $250,000 as a unit. Please note that if you are a Citizens Bank member in addition to being a Citizens Access account holder, any deposit accounts you hold with the bank will be combined with any deposit accounts you hold with Citizens Access.

Citizens Access Savings Account Rate

BalanceAPY
$0 – $4,999.990.25%
$5,000 +0.60%

A Citizens Access savings account earns an APY of 0.60%. The average yield on a savings account sits at just 0.07% nationally, to give you some context. However, there are still a handful of online banks offering yields above 0.70% APY for savings accounts.

Although the APY is good, the terms could be better. A savings account with this digital bank requires a minimum deposit of $5,000. Your average daily balance must meet the $5k threshold as well to earn the advertised APY. If your account drops below an average daily balance of $5,000, your money will earn a much more modest 0.25% 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 year0.650%
2 year0.60%
3 year0.65%
4 year0.70%
5 year0.75%

To give these offers more context, the national average for a 12 month certificate sits at 0.22% 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 0.50%.

Need some of your funds early? Not a problem with a liquid CD from Citizens Access.

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.

MySavings Direct Savings – 0.55% APY + 0.70% APY CDs


MySavings Direct is one of several online divisions of Emigrant Bank – the largest savings bank in New York City since 1920.

If you’re looking for an online-only bank featuring a respectable APY on certificates of deposit and/or an online savings account, then you may want to consider MySavings Direct. Although their products have held more competitive rates in the past, the APYs still beat the national average by decent margins.

Currently, they offer a 30 month CD featuring an APY of 0.60% and an online savings account featuring an APY of 0.55% on deposits of just $1,000 and $0.01, respectively.

To put these offers in perspective, the average APY for savings accounts and 12 month CDs sit at just 0.07% and 0.22% APY, respectively.

We should also note that MySavings Direct has an interesting differentiator to its many online banking competitors in that they offer the ability to trade and hold precious metals.

Their “Precious Metals Direct” account allows consumers to buy and hold gold coins and bullion bars. These holdings can be stored in their secured vault or delivered.

Over half of MySavings Direct’s FAQ section is dedicated to precious metal trading, but for the purposes of this review we’ll stick to FDIC insured deposits and savings accounts offered by MySavings Direct.

MySavings Direct “MyTerm” Certificate of Deposit

The MyTerm CDs offered by MySavings Direct come with varying maturity dates and APY.

Here’s the full list of offerings of CDs available to purchase from MySavings Direct.

CD TermAPYMin Deposit
6 month0.55%$1,000
30 month0.60%$1,000
60 – 120 months0.70%$1,000

You’ll want to note that early withdrawal penalties apply if you need your funds prior to the CD maturity date.

Early withdrawal penalties are structured as follows:

  • For an account with a term of less than one year, the penalty will be an amount equal to 90 days interest (whether earned or not) and calculated at the contract rate on the principal amount.
  • For an account with a term of one year or more, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount.

As you can see from the rate table above, MySavings Direct’s longer durations CDs are currently featuring better rates than their short term 6 month deposit. Although it may sound intuitive that longer duration CDs carry higher interest payouts than shorter ones, the current inverted yield curve environment we’re in makes the difference between short term yields and long term yields significantly smaller (if not inverted).

The reason for this is that during periods of inverted yield curves interest rates flip on U.S. Treasuries with short-term bonds paying more than long-term bonds. This phenomena is generally mirrored, albeit not instantaneously and not to the same degree, with CD rates at retail banks.

MySavings Direct “MySavings Account”

MySavings Direct offers a high yield online savings account called the “MySavings Account.” It currently features an APY of 0.55%.

BalanceAPY
$00.55%

The nice thing about their online savings account is that, unlike their certificate of deposits, this account comes with no minimum deposit requirements.

The main downside is that the rate is variable and can change at any time without notice.

The MySavings Account is federally insured by the FDIC up to $250,000 in case of bank insolvency and can only be opened online.

MySavings Account Fee Schedule

Although the account comes with zero maintenance fees and no minimum balance requirements there are certain services and functions offered by MySavings Direct that have fees associated with them. Below is the complete fee schedule:

TypeFee
Monthly Maintenance$0
Excessive Transactions (above 6 per month)$0
Balance Confirmation Letter$30 plus $5 for each additional copy
Verification of Deposit Letter$30 plus $5 for each additional copy
Legal Documents$100
Incoming Wire$0
Outgoing Wire$0

It’s worth mentioning that if you need to wire money regularly (either receive or send) then this bank may be a solid option for you. Paying $0 on wires is not normal for most banks. Typical wire fees hover around $30 per.

How to Open A MySavings Account + Funding Your Account

As with most online banks, a MySavings account from MySavings Direct can be opened in as little as five minutes.

You can start by clicking the green “open now” button on their homepage.

To proceed you will need:

  • a valid tax identification number,
  • at least be 18 years old and have a driver’s license
  • have a legal address

MySavings Direct will accept a physical check to initially fund your account, but after that you will need to have hooked up a checking account from another bank for further funding. This can be set up with any US bank.

How to Fund your MySavings Account

  • Physical Check (one-time only if needed to initially fund your account)
  • Mobile Deposit from external checking account
  • Wire Transfer from external checking account

About MySavings Direct

Early Irish depositors of Emigrant Savings Bank. Image credit: picryl

MySavings Direct is one of several online divisions of Emigrant Bank.

Emigrant Bank’s origins came long before the internet – in 1850 – when a group of 18 Irish Emigrants founded the institution in New York City.

Today, Emigrant Bank is the largest savings bank in New York City and 9th largest privately owned bank in the US with nearly $6 billion in assets. They have three online-only divisions that specialize in high yield savings accounts and CDs. These are Emigrant Direct, Dollar Savings Direct and their most recent offering, MySavings Direct.

You won’t notice much differentiation between these three subsidiaries though. In fact their websites and product offerings all look strikingly similar.

Through these online-only subsidiaries Emigrant Bank is able to keep the focus on consumer savings, featuring rates that are consistently above the national average and that regularly top brick and mortar institutions.

Final Thoughts

MySavings Direct is a very simple and straightforward FDIC-insured, online-only bank.

Their accounts come with no physical branches, no frills and no perks other than a decent APY.

On the flip side though, the account also comes with very limited hassles such as zero monthly maintenance fees, no service charges, no hidden penalties, no paper statement fees and only one minimum balance requirement – which is a manageable $1,000 for CDs.

If all you’re after is a respectable APY on a CD or savings account then MySavings Direct may satisfy your needs, although higher rates can be found elsewhere online.

Live Oak Bank CD Rates + Online Savings Account Review


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 months0.65%
1 year0.65%
18 months0.65%
2 year0.70%
3 year0.70%
4 year0.80%
5 year0.80%

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
$00.85%

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.