ApyGuy: Maximize Your Savings & Earnings

Barclays Bank CD Rates – Up to 0.30% APY


image credit: barclaysus.com

The online-only, US division of Barclays Bank has a simple set of bank deposit accounts that feature some noteworthy yields.

Their current product suite consists of an online savings account and 9 regular term CDs ranging from 3 months to 5 years. The current yields on their certificates of deposit, while higher than the national average(s) for terms of 1 year or greater, do not vary all that much at this time. For example, all Barclays CDs with terms between 12 and 60 months come with an APY of 0.30% at the moment.

Barclays CDs can be opened online in minutes and their products are available to US citizens and residents over the age of 18 in all 50 states.

Barclays Bank CD Rates + Account Details

Barclays Bank is federally insured by the FDIC. All deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

Barclays Bank CD Rates

TermAPY
3 months0.10%
6 months0.10%
9 months0.10%
12 months0.30%
18 months0.30%
24 months0.30%
36 months0.30%
48 months0.30%
60 months0.30%

To put these offers in perspective the current national average on a 12 month CD and a 60 month CD sit at just 0.22% and 0.47% APY, respectively.

Given the fact that Barclays Bank has static yields on terms ranging from 12 to 60 months, their 12 month CD is going to be more competitive when compared to the national average than the 5 year CD – although both beat it handily.

How is Interest Calculated and Paid

All Barclays CDs compound interest daily and credit it monthly to your account. You can choose to have these funds kept in your deposit to compound further, transferred to a Barclays online savings account or transferred to an external account.

Fo those that would like the interest transferred, here’s how to set that up:

  1. Select the Account detail tab,
  2. Go to the Additional Details section.
  3. Under CD interest disbursement, select the Edit option.

Please note that you’ll need the wiring information and bank account number to where the funds will be disbursed.

Early Withdrawal Penalties

Watch out for early withdrawal penalties. Barclays bank doesn’t offer any promotional, one-time early withdrawal option that some other online banks do.

If you need access to your funds prior to your CD’s maturity you can expect to pay the following:

  • For a CDs with terms less than 24 months, a penalty equaling 90 days simple interest on the dollar amount withdrawn subject to penalty will be imposed,
  • for CDs with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.

What Happens When Your Barclays CD Matures

Barclays gives you ample time to decide what to do with your funds when your CD matures. They will send you an email alert notifying you of your upcoming CD maturity roughly 30 days prior to the maturation date. At this time you may login to your account and make your maturity selection. You can choose to do nothing and have the CD renew, withdraw some or all of the funds, or change the term of your CD.

Upon maturity you will be allotted a 14 day grace period in which you can withdraw funds (or add them) without any penalty. To withdraw funds, you’ll need to contact them in writing or by phone before the grace period is over. For more detailed instructions, call the Barclays Customer Care team at 888-710-8756, 7 days a week from 8:00 am to 8:00 pm ET.

If nothing is done during this 14 day grace period, your CD will automatically renew into the same term deposit with whatever yield is currently being offered at that time.

Important: Be sure to set up your own alerts as these emails can be accidentally sent to your junk mail.

Final Thoughts

Barclays Bank specializes in great online savings rates. Their deposit product selection, while limited, all feature above average yields.

That said, the flat yields across their longer term fixed-rate CDs is less than ideal for those looking to lock in 3 to 5 year CDs.

While Barclays CD rates certainly beat the national average(s) for their respective terms, higher yields can be found on longer terms through other online banks and nationally available credit unions.

Barclays Online Savings Account – Now 0.50% APY


image credit: banking.barclaysus.com

Although London-based, Barclays Bank has been around since 1690 and services just shy of 50 million customers worldwide, the online-only division was established in the US in 2003.

Barclays online deposit product suite is simple – with just an online savings account and a few standard term CDs.

In this review we will cover the variable-rate online savings account. It comes with a higher than average yield and no fees or minimum balance requirements.

Barclays was awarded the “Best Banks for Savings” rating by Nerdwallet in 2019 and its online savings account consistently competes with the top APYs on the market.

You won’t be able to do all of your banking in one place with Barclays as they do not offer a checking account or ATM card, but if you’re comfortable managing your savings digitally in the interest of earning better interest, Barclays online savings account might be a good fit for you.

Barclays Online Savings Account Details + Current Rate

Barclays has only one savings account, the Barclays Online Savings. This account offers a solid APY of 0.50% currently and has no minimum deposit requirements to open the account. Once the account is open there is also no minimum balance requirements. To get paid interest, however, you will have to maintain an average daily minimum balance of just $1.00.

Interest is compounded daily and credited monthly to your savings account or an external account.

Barclays is a member of the FDIC, so all accounts opened with them are insured up to $250,000 or $500,000 for joint accounts.

Minimum Balance to earn interestAPY
$1.000.50%

To give this offer some context, the current national average for a savings account sits at just 0.07% APY currently.

How to Open the Barclays Online Savings Account

You’ll need a few basic things to get started with your account. Here is the information Barclays will require:

  • Name
  • Address
  • Date of Birth
  • Phone Number
  • Social Security Number
  • Occupation

Funding the Account

Barclays will also ask for the necessary bank information of where you will be transferring funds from. For this, you will need:

  • your current bank account routing number
  • your current bank account number

As with many online banks, you will need to verify two small test deposits that Barclays credits to your account before funding it. If you are making your initial deposit via check you can use $0.00 for these fields. Just be sure to mail your check in asap.

You can deposit funds via any of the following methods:

  • you can set up direct deposits,
  • make remote deposits through the app or website,
  • transfer funds electronically through an ACH transaction,
  • or mail a check to the following address: Barclays P.O. Box 4538 Carol Stream, IL 60197

Once your online savings account is open, you can easily transfer funds to other accounts and other banks for free (though you will have to wait 2 – 3 business days for these to go through). You can do this up to six times per month without incurring fees per Federal Regulation D. For each transaction after that, you’ll be charged $5.

The other fee to potentially look out for is the $5 non-sufficient funds fee, which is still significantly lower than what most banks charge. For more information on fees, continue reading below.

Barclays Online Savings Account Fees

As mentioned, the account comes with no monthly maintenance fees and no monthly balance requirements. That said, depending on what actions you intend to take with this account, there may be some associated fees.

Barclays Online Savings Fees

TypeFee
Excessive Transaction$5 each after the sixth
Stop Payment$0
Cashier’s Check$5
Returned Item$5 each
Non-Sufficient Funds (NSF) Fee$5 per item
Statement Copy$0.50 per statement
Express Mail/Rush Delivery Charge$25
Legal Documents$0
Account Research$0

Please note that Barclays does not accept wire transfers at this time.

Barclays Online Banking Experience

Barclays has ATMs, but you won’t be able to access them if you’re an online-only customer because the Barclays Online Savings account does not come with an ATM card.

There is also no U.S. branch network. To access your funds, you’ll have to transfer them to another account or cash out checks. And remember, Barclays does not offer a checking account at this time.

So what do US consumers have to say about this online institution?

Reviews are very mixed.

Until recently, customers have generally been satisfied with their experience with this bank. Out of 220 reviews on DepositAccounts, the bank earned a 4-star customer rating. Out of 472 customer ratings on ConsumerAffairs, the institution earned about 3.2 stars. Finally, on WalletHub, Barclays scored a 3.8 out of 24.2 thousand user reviews—overall, the bank is rated somewhere between 3 and 4 stars out of 5. (Keep in mind, however, that some reviews are of the global company and not of the online, U.S.-based retail bank alone.)

In normal environments consumers seem to be satisfied with this bank, especially for its interest rates and the ease of use of its digital platform. But in the past few weeks, amidst the panic of COVID-19 and the worrisome financial situations of so many Americans that have resulted, Barclays has received an outpouring of overwhelmingly negative reviews. 

As customers seek help in the form of mortgage relief, advice, answers, and more, Barclays has allegedly become flaky and unpredictable. Many users have reported unexpected account closures and freezes and countless customers are unable to reach customer service representatives at all. Though this might not be the typical Barclays experience, you’ll want to decide for yourself whether Barclays is a bank you can trust using this information.

As for the Barclays mobile app, this scores a 4.8 out of 5 on Apple’s App Store and a 4.5 on Google Play. Users report that this app is functional and easy to navigate—if basic—though the general consensus seems to be that its quality declines with each required update. You can do your banking online if you prefer, and customer service can be reached at (888) 710-8756 Monday through Friday from 8 am to 8 pm or through the live chat function on the site.

Final Thoughts

Barclays online bank may meet your savings needs, but there are a few considerations you’ll want to take into account. 

For one, their customer service seems to be unsatisfactory, at least for the time being. This is a red flag that shouldn’t be ignored, especially when the bank in question is online-only and you won’t be able to go into a branch to have your questions answered and concerns heard.

For another, Barclays doesn’t have many products, so doing all of your banking in one place won’t be possible. There has been talk of an online checking account option becoming available, but this has yet to happen.

On the positive side, Barclays online savings accounts are available to a wide range of people as they have no minimum balance requirements or monthly maintenance fees. Plus, it comes with an APY that consistently competes with the top yields available.

American Express Personal Savings Account 0.60% APY + 0.55% APY CDs


image credit: americanexpress.com

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

Known by most as a credit card company—American Express—this financial corporation was approved to become a commercial bank with the name American Express National Bank in 2008 and has been a part of the digital banking sector ever since.

Within this relatively short period of time, American Express National Bank has racked up over $78 billion in consumer deposits.

Their current deposit suite consists of a personal high yield savings account and seven standard term CDs (certificates of deposit). The personal savings account comes with an APY that consistently places within the top yields from FDIC-insured, online banks with nationwide acceptance.

American Express National Bank is an online-only bank, so there are no physical branches. If you’re considering opening the personal online savings account from American Express, be sure you are comfortable with online banking. They also have no native apps available on IOS or Android so you will have to use a web browser on your PC, tablet or smartphone to manage your account(s).

To learn more, read our complete review of their personal savings account and certificate of deposit products below.

American Express Personal Savings Account Details + APY

The personal high yield savings account by American Express National Bank comes with zero monthly maintenance fees, and no minimum balance or deposit requirements. American Express Bank is member FDIC and all consumer deposits are federally insured up to the applicable limits.

American Express Personal Savings Account APY

Minimum BalanceAPY
$00.60%

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

Fees, Minimum Balance Requirements, and Compounding Interest

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

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

Dividends on this high-yield account are compounded daily and credited monthly to your account.

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

How to Open a Savings Account with American Express Bank

The online application is a 4-step process that can be completed in minutes.

The account opening process is simple and straightforward. To get started, navigate to the high yield savings account page on the American Express Bank website (link above).

From here you will click on the blue “Apply” button, then it is a four step process that can be completed in minutes. If you have already begun the process you will also be able to access your saved application here. The steps are:

  1. Account set up.
  2. Going through the terms and conditions.
  3. Funding the account.
  4. Online access set up.

For step 1, you will need the following information:

  1. Full name and date of birth (drivers license)
  2. Address
  3. Phone number
  4. Email
  5. Social security number

Once you arrive at step 3 you will need a few pieces of information from the bank in which you will be funding the savings account.

This information includes:

  1. Routing number of bank
  2. Your account number

Once your account is activated and funded you’ll be ready to start earning interest on your balance. As time goes on you will likely need access to these funds. You can learn more about your account access and monitoring your funds below.

Accessing and Monitoring your Funds

You can access your account online either on a desktop, tablet or phone 24 hours per day, 7 days per week. If you’re using your mobile phone you may use the web browser to access your account. American Express does not currently have an IOS or Android app for their savings account. They do, however, for credit cards, but those accounts are not in any way linked to the banking side. More on that below.

For moving funds about, you’ll want to link an external bank account. American Express allows you to link up to 3 external bank accounts. If you initiate this through American Express, this will take 3 or more business days. If you initiate this through the bank from which funds are being pulled, this will take just 1 or 2 business days.

A standard verification process will take place where American Express will send you small micro payments (typically two) in which you will then confirm to complete the syncing of your accounts. After this is completed, you’ll be able to transfer or deposit funds from or into your American Express savings account. Just keep in mind it generally takes one to three business days for new funds to be reflected in your account.

American Express Bank CD Rates + Account Details

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

American Express CD Rates

CD TermAPY
6 months0.10%
12 months0.20%
18 months0.30%
24 months0.40%
36 months0.45%
48 months0.50%
60 months0.55%

The national average for a 12 month CDs sits at just 0.22% APY currently, however, many credit unions are still offering near 1.00% APY on 12 month terms.

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

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

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

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

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

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

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

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

American Express Banking Experience + Customer Satisfaction

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

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

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

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

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

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

The answer to that is NO.

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

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

Final Thoughts

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

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

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

Capital One CD Rates – Up to 0.40% APY


image credit: capitalone.com

Capital One offers a number of online certificates of deposit as part of their 360 product suite. The terms come with standard lengths ranging from 6 months to 60 months and above average annual percentage yields.

Their CDs also come with more flexibility than most certificates offered by large national banks. Right now, all Capital One 360 CDs have no minimum deposit and can be opened with any dollar amount that is right for you.

That said, these products must be opened and managed online. But don’t worry, they make it exceptionally easy with their web (and mobile web) interface as well their highly rated apps for IOS and Andriod.

Below is our full review of their CD offerings. If you have experience opening a CD with Capital One, please feel free to share your experience in the comment section below.

Capital One 360 CD Rates + Account Details

Capital One 360 CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. As mentioned there are no minimum deposit requirements, but you will need to deposit something in the account to open it.

Capital One 360 CD Rates

TermAPY
6 months0.20%
9 months0.20%
12 months0.20%
18 months0.25%
24 months0.25%
30 months0.25%
36 months0.30%
48 months0.35%
60 months0.40%

To put these offers above in perspective the average yield on a 12 month CD and a 60 month CD sit at just 0.22% and 0.58% APY, respectively. That said, there are still a handful of credit unions and online banks offering slightly higher rates on the same terms.

Interest is compounded monthly on Capital One 360 CDs and credited to your account either monthly, yearly or upon maturity. You can have these funds deposited into a separate account or returned to the CD for further compounding.

Capital One 360 CDs come with a standard 10 day grace period. You’ll also want to note that Capital One CDs automatically renew, so if you plan on adding or withdrawing funds to your CD this 10-day period is the only time you can do so penalty free.

Early Withdrawal Penalties

If you withdraw funds from a CD you opened with a term of 12 months or less, you’ll have to pay three months’ interest as a penalty.

If you withdraw funds from a CD you opened with a term of greater than 12 months, you’ll have to pay six months’ interest.

Please note that it is possible to incur a penalty that dips into your principal if the withdraw happens early enough.

How to Open a Capital One 360 CD?

If you decide you want to open a Capital One 360 CD, first navigate to their online CDs page here.

On this page you can take another look at any of the terms, conditions, or features one last time before you open the account.

Once you’re ready to open a deposit, click on the green “Open Account” button at the top of the page. This button remains static at the top of this page as you scroll.

It will look something like this (below):

Look for the green “Open Account” button that sticks to the top of your browser as you scroll the page.

Once you click on that green button, the process takes about 5 minutes to complete. They’ll first ask you whether or not you already have a Capital One login. If you’ve opened a checking, savings or even credit card with them (either online or in a branch) then you likely have a login already. If you do, this should expedite the process.

If you do not, and this is your first account with Capital One, then you’ll need the following:

  • Full legal name
  • Current address
  • telephone number
  • employment status (and job title)
  • social security number
  • date of birth

Capital One will then use your personal data to confirm your identity. If you are looking to open a joint account, you must first go through this process individually then you can add another account holder online.

Once your identity is confirmed and the account is opened, you will be provided with your account number and the routing number. You then have the option to add funds immediately to your CD. Your rates are locked in the moment you open the deposit until maturity.

Capital One 360 CD Reviews and Customer Sentiment

The Capital One 360 product suite receives high marks across the board from third party review sites. Their savings products in particular – both the variable rate online savings account and the fixed rate online CDs – receive above average marks for consistently higher than average yields and flexible terms. Most notably the lack of minimum deposit or balance requirements to earn the advertised interest.

You can manage your money easily either online or through one of their native apps. Their IOS and Android apps both receive high marks (especially as far as banking apps go). Their IOS app currently has 4.8 stars out of 5, while their Android app has 4.6 stars out of 5.

Final Thoughts

If you’re looking for a solid bank with good rates and a great reputation then Capital One, and more specifically Capital One 360, deserves your consideration.

Their rates consistently beat the national average by considerable margins and come with user-friendly technology that make your accounts both secure and easy to manage/navigate.

Marcus Bank by Goldman Sachs Online Savings: 0.60% APY + 0.70% APY CDs


image credit: marcus.com

You’ve surely heard of Goldman Sachs, the global investment services firm, but you might not be familiar with their digital subsidiary, Marcus.

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering personal loans, a savings account, and CDs. Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, this bank is at the top of the game with its high-yield savings and deposit products. 

Marcus was recognized as one of the “Best Banks for Savings in 2019 by Nerdwallet” and as one of the “Best Savings Accounts of 2020 by GOBankingRates.”

Marcus by Goldman Sachs consistently features high yields on its variable rate savings account, but does that mean you should sign up?

Find out more about their deposit products and customer experience before you commit to this trendy banking platform.

Marcus by Goldman Sachs Online Savings Account Rate + Details

The Marcus savings account holds a very respectable APY. To put the yield below in perspective the current national average for savings accounts sits at just 0.07% nationwide.

Min DepositAPY
$00.60%

The no-hassle minimum deposit or daily active balance requirements make the account very stress free and widely available to all income groups.

To earn the noteworthy APY you just have to fund your account within 60 days of opening it, and maintain a positive balance after that.

There are four different ways you can make a deposit into this savings account.

You can:

  • 1. link your savings account to an external bank account and transfer funds (Marcus won’t charge fees for this, but your other bank might),
  • 2. set up direct deposit payments from your payroll or Social Security,
  • 3. send a domestic wire transfer, or
  • 4. mail a check to this address – Goldman Sachs Bank USA P.O. Box 4571 Carol Stream, IL 60197-4571

Once you’ve opened the account, you can move funds about via:

  • Wire transfer
  • Electronic transfer

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

Per the standard and federally-enforced limit, you can make up to six transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. These accounts do not come with hidden monthly maintenance fees. 

Marcus does not offer a debit or ATM card for its savings accounts at this time, so you’ll have to have your funds transferred to another account if you wish to withdraw them. Use the savings calculator to find out how much your money will grow if you don’t touch it.

Marcus by Goldman Sachs CD Rates + Account Details

Marcus offers standard CD terms (shown below) with high yields as well as a “No-Penalty CD” that comes with a 7 month term and an APY of 0.55%. We discuss the no penalty CD a little further down.

Marcus CD Rates

CD TermAPY
6 month0.25%
7 month “No-Penalty CD”0.55%
9 month0.35%
12 month0.65%
18 month0.65%
2 year0.65%
3 year0.65%
4 year0.65%
5 year0.70%
6 year0.70%

To put the offers above in perspective, the current national average for 12 month CDs sits at just 0.26% APY nationally.

No- Penalty 7 Month CD

Earn a fantastic rate while still having access to your funds! Note the yield is now 0.55% APY.

The no-penalty CD is much more flexible than your standard certificate. It’s a 7 month term that earns 0.55% APY—an excellent rate of return for such a short time period—and comes with no early withdrawal penalty.

You’ll earn the fixed interest rate for the duration of your CD, but you can withdraw up to 100% of the funds as soon as 7 days after issuance penalty-free. This is the only difference between a high-yield and no-penalty Marcus certificate as far as terms and conditions.

CD Account Details

Interest is compounded daily and credited monthly to your certificate account, or you can withdraw it as you please. You can have all interest automatically reinvested, all interest withdrawn, or some withdrawn and some reinvested—you can make any changes over the course of the term.

A $500 minimum opening deposit and average daily balance is required to earn interest on a certificate account. Marcus CDs are backed by a 10-day Rate Guarantee, which promises the highest published interest rate and APY Marcus has to offer on your term for 10 days after certificate issuance. Essentially, you’ll get the highest rate on your account as possible for a short time—you aren’t locked in to a rate until that 10-day period is up. To ensure that this safety net is enforced, just make sure you have the $500 minimum deposited in the account within this time period.

There is a 10 day grace period within which you should try to make any changes or withdraws after a CD renews. If you don’t and you find yourself needing to withdraw funds from a high-yield CD (not a no-penalty CD!) after this, get ready to pay. For terms of less than 1 year, you’ll be charged 90 days’ simple interest; for terms of 1 – 5 years, you’ll be charged 270 days’ simple interest; and for terms more than five years, you’ll be charged 365 days’ simple interest.

Banking Experience with Marcus by Goldman Sachs

There are no Marcus ATMs or in-person branches, which is typical of online banks but important to know.

There are also no Marcus ATM, debit, or credit cards, but there is the Goldman Sachs card. Goldman Sachs’ only credit card, the Apple card, had a rough start. When it first launched, the card drew heat for alleged gender discrimination in the algorithm used to assess a potential user’s credit and qualifications. With two high-profile corporations like Goldman Sachs and Apple teaming up to launch a card, this error was quickly spotted and users were turned off of the product by such an egregious glitch. But now that the media storm has mostly calmed and the issues have been addressed, the Apple card is considered a decent product for devoted Apple users.

User reviews of Marcus are about average, but the data is somewhat imprecise. This is because many users report about their experiences with the Apple card rather than with Marcus as a bank, so this leads to difficulty in condensing customer experience with the online bank. Nevertheless, the results that are in are as follows: out of 128 reviews on WalletHub, Marcus scored 3 stars out of 5. Out of 165 reviews on DepositAccounts, the bank landed, again, 3 stars. And out of 71 reviews on Trustpilot, Marcus scored about a 3.5. 

When you bank 100% digitally, you always run the risk of not being able to have your problems solved in a timely manner and, in some cases, at all. Unfortunately, Marcus is no exception. Some customers have reported not being able to get in contact with customer service representatives when their accounts were temporarily and inexplicably locked and have expressed frustration with slow, unsatisfactory service. 

Overall, it seems, customers are either highly satisfied or highly unsatisfied with Marcus, so this might be a case where you’ll want to see for yourself how accessible Marcus customer service is. You might try giving their help line a call before opening an account if you have any questions and see what that experience is like to get an idea of what you can expect, but of course, this isn’t a perfect measure. Customer Service can be contacted Monday through Friday from 8 am – 10 pm and Saturday to Sunday from 9 am – 7 pm  ET or you can call (855) 730-7283 to get in touch with someone.

The Marcus online portal is said to be more user-friendly than most banks, which is important when you’re managing your money digitally. The app gets 4.5 stars on Google Play and 4.9 stars on Apple.

Final Thoughts

The annual percentage yields offered on Marcus’s savings products are top notch. Both their online savings account rate and certificates of deposit rates put the national averages (and a large chunk of their competitors) to shame.

Even though the overall banking experience is mixed, if you’re simply after high yields and no frills, then the savings products offered by Marcus should be on your short list.

Northern Bank Direct Money Market: 0.60% APY + 0.45% APY CDs


image credit: northernbankdirect.com

Northern Bank Direct is the online subsidiary of Northern Bank, a Massachusetts-based bank founded in 1960.

While the Northern Bank prides itself on being a community institution — the #1 Community Bank in New England, in fact, according to S&P Global Market Intelligence Rankings — Northern Bank Direct is nationally available to anyone with a few minutes to spare. 

Northern Bank Direct Money Market Account + Current Rates

All of Northern Bank Direct’s deposit accounts, whether it be variable rate money market accounts or fixed rate CDs, are owned by Northern Bank. They FDIC-insured up to $250,000 per depositor or $500,000 for joint accounts.

Northern Bank Direct offers a money market account that regularly features one of the top yields among its peers.

Northern Bank Direct Money Market Rates

Minimum DepositAPY
$5,000 +0.60%

With a minimum deposit of $5,000, you can open a Northern Bank Direct money market account and start earning 0.60% APY.

To put this yield perspective, the average yield on a savings account sits at just 0.07% APY and the average yield on a money market account earns just 0.06% APY nationally. That said, there are a handful of online banks that still provide better yields than this and with lower balance requirements.

The minimum deposit and balance requirements associated with this account are steep when compared to other online banks.

We should note that the $5,000 minimum deposit is just that – a minimum deposit. If your balance dips below the $5,000 mark that is OK. You’ll still earn the 0.60% APY on all sums.

How to Open an Account with Northern Bank Direct

As with most online banks, opening an account with Northern Bank Direct is simple and straightforward and can be done in minutes.

To get started you will need the following information for yourself and the joint owner (if applicable):

  • home address
  • date of birth
  • driver’s license number
  • social security number
  • account number of bank or credit union you’ll be transferring funds from
  • routing number of said financial institution

Funding Your Northern Bank Direct Account

You can fund an account electronically through direct deposit or ACH transfer, wire transfer, or mobile deposit. Or you can send checks to: Northern Bank Direct 275 Mishawum Road Woburn, MA 01801 [Do not send cash.]

Once your account is opened there is little in the way of fees to worry about.

There are no monthly maintenance fees at all, but there is a $20 excessive transaction fee and a $3 transfer fee.

You may make no more than six deposits into – or withdrawals from – this account in any given month or incur the $20 excessive transaction fee for each transaction after the sixth.

The $3 transfer fee will be applied each time you transfer money from a Northern Bank Direct money market into an external bank account. Interest is compounded and credited monthly.

Northern Bank Direct CD Rates + Account Details

Northern Bank Direct’s CD rates have taken a hit like all bank and credit unions’ certificate of deposit rates have, however, they still top national averages for each respective term.

Northern Bank Direct CD Rates

CD TermAPY
9 months0.30%
12 months0.30%
15 months0.35%
18 months0.40%
24 months0.45%

To give the offers above more context, the national average for 12 month CDs sits at roughly 0.22% APY currently.

What’s slightly unusual about Northern Bank Direct’s certificate of deposit product suite is that they don’t offer any longer-term CDs—like a 36 month, 48 month, or 60 month term—that are standard for most institutions.

A minimum deposit of just $500 is required to open any certificate of deposit with Northern Bank Direct. Interest on these accounts are compounded and credited monthly. Early withdrawal penalties are as follows:

  • 12 months’ interest for terms of 12 to 35 months,
  • 24 months’ interest for terms of 36 to 47 months, and
  • 36 months’ interest for terms of 48 months or more.

Given their deposit terms only go up to 24 months at the moment, 12 months interest would be the penalty for any early withdrawals on any of their deposit products.

Banking Experience and Customer Satisfaction

Northern Bank Direct accounts can be opened and managed through the online portal or mobile apps. There are no membership restrictions—anyone is eligible to join.

You can visit Northern Bank branches to make transactions, but since all Northern Bank branch locations are in Massachusetts, mobile and online banking will be the most convenient option for most people. Northern Bank ATMs are also located exclusively in the New England area, but Northern Bank Direct doesn’t offer ATM or debit cards anyway.

When you look at the numbers alone, Northern Bank Direct’s customer satisfaction rating is about average. For the most part, the bank’s most winning product—its high-interest money market account—is how it gets its best reviews. But as a whole, Northern Bank Direct has your standard mix of 1- and 5-star ratings and somewhere around 3 stars overall. They don’t seem to do better or worse than the average online bank in terms of keeping their account holders happy.

The primary complaint of dissatisfied customers is the $5,000 daily ACH external transfer limit, which is a pretty inconvenient restriction for an online bank where larger transactions should be expected, especially soon after opening an account, and convenience is key. Transaction limits, in general, seem to be the source of most frustration. On the flip side, the primary praise of satisfied members of this bank is the customer service they consistently receive. For the online version of a bona fide community bank, this isn’t surprising but is significant nonetheless. 

The apps, on the other hand, score quite poorly. The NBTC mobile banking app for Apple devices has 2.1 stars and the NBTC mobile banking app for Android devices has a little less than 3.5 stars. The general consensus is that the app is functional enough in its design but crashes often, which is not so functional or helpful. When you’re dealing with an online bank, most people want to be able to rely on their phones to manage their accounts.

You can reach a customer service representative through email at nbdirect@nbtc.com or over the phone through (844) 348-8996. The phones are manned Monday through Friday from 9 AM to 6 PM, so try not to have a question or emergency over the weekend or in the evening.

Final Thoughts

While Northern Bank Direct has offered very compelling APYs in the past on both their fixed rate deposit products and their variable rate money market accounts, the APY provided today isn’t quite as competitive. While they do beat the national average handily, slightly more attractive yields can be found with other online-only institutions.

Aside from their (sometimes) attractive rates, the bank doesn’t have a solid ratio of satisfied customers. The lackluster mobile apps and low ACH transfer capabilities leave many frustrated.