APY GUY: Maximize Your Savings & Earnings

First Foundation Bank Online Savings Account: 0.60% APY!


[Update January 2021: After holding strong at 0.75% APY for several months, First Foundation Bank finally dropped the yield on their online savings account to 0.60% APY on January 14, 2021.]

First Foundation Bank is offering one of the best APYs for an online savings account anywhere in the country currently.

Now available nationwide, First Foundation Bank is offering up to 0.60% APY on new money placed in their online savings account.

Learn more about First Foundation Bank and their generous online savings account below.

Who is First Foundation Bank?

First Foundation Bank was founded in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.

In 2008 they officially began operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.

Today, their FDIC-insured product suite consists of checking, money market, CDs, and the online savings account.

They offer most of these products on the business side as well, however the online savings product is only available for personal accounts.

0.60% APY Online Savings Account Details

First Foundation Bank’s online savings account rate dropped from 0.75% APY to 0.60% APY on January 14, 2021.

First Foundation Bank’s online savings account yield of 0.60% APY makes it one of the most noteworthy FDIC-insured, variable-rate savings products on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

What are the minimum deposit and balance requirements? There is a $1,000 minimum balance requirement to earn the advertised APY and a $1,000 “new money” minimum deposit requirement to open the account.

Are there any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdraw your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

Availability? Nationwide and can be opened online or branch if you live in one of the three states in which they are present. Currently 20 branches exist in California, Hawaii and Nevada. Locate one here. You can also give them a call at 1-888-405-4332.

How to fund your account? Depositing funds into the online savings account can be done in the following ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile check deposit
  • Visiting a First Foundation Bank branch (available only in Northern California, Southern California, Hawaii and Nevada)

Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.

How to access your funds? Once you’ve opened the account you’ll have access to your funds in the following ways:

  • ACH transfer
  • Wire transfer
  • Requesting a mailed check
  • Visiting a First Foundation Bank branch
  • ATM withdrawal (must first request an ATM card)

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Final Thoughts

If you can maintain a $1,000 balance or more and are looking for a high yield online savings account, then the 0.60% APY from First Foundation Bank is going to be hard to beat.

A major plus is that an ATM card can be requested with the online savings account. Online savings accounts in general don’t usually come with ATM cards or access.

Also, if you live in California, Hawaii or Nevada you’ll have the added benefit of being able to visit one of their 20 branch locations.

Edward Jones CD Rates – Now Up to 1.10% APY!


image credit: edwardjones.com

Edward Jones is a brokerage firm you’ve probably heard of over the years as it nears almost a century in age.

Founded in 1922, Edward Jones scores surprisingly well in customer satisfaction—18 points over the industry average, according to a J.D. Power 2019 survey—and is known for being a largely reliable and professional company.

The current suite of brokered certificates of deposit offered through Edward Jones are less competitive than the current national average for their respective terms and higher yields can be found directly through online banks and credit unions.

Because Edward Jones is a brokerage firm and not an actual bank they don’t sell their own CDs. Instead, they ‘broker’ or re-sell a range of deposits from other banking institutions.

Are Edward Jones brokered deposits worth considering? Read our full review below.

Edward Jones CD Rates + Account Details

No one would blame you for being unimpressed with the rates offered through Edward Jones certificate accounts. Their APYs sit far below those found through online banks and many nationally available credit unions.

That said, these products do have some advantages. For one, you can exit these CDs at any time by selling them through a secondary market which Edward Jones offers. Second, you can spread your funds into multiple banks with Edward Jones as your broker.

Edward Jones CD Rates

CD TermAPY
3 monthsNA
6 monthsNA
9 monthsNA
1 year0.05%
18 monthsNA
2 years0.10%
30 months0.10%
3 years0.15%
4 yearsNA
5 years0.40%
7 yearsNA
10 years1.10%

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 3, 6, 9 and 18 month CDs as well as 4 and 7 year CDs are not available at this time.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.47% APY, respectively.

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store. Though poorly rated, the apps are comprehensive and functional.

Final Thoughts

Edward Jones may be a more than satisfactory brokerage firm, but its brokered CDs do not offer competitive rates at this time. In fact, they fall short of the current national average for each of their respective terms.

Their money market funds and cash management account have some benefits, but more competitive account features and rates can be found through other brokerage firms.

CIBC Agility Savings Account – Now up to 0.52% APY!


image credit: us.cibc.com

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

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

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

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

CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 0.52%.

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

CIBC Agility Savings Account APY + Details

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

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

Min. DepositMin. BalanceAPY
$1,000$0.010.52%

To put this yield in perspective, the current average for a savings account sits at just 0.05% APY and the current average on a money market account sits at just 0.07% APY according to the most recent FDIC data.

Interest is compounded and credited to your account monthly.

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

CIBC U.S. Fee Schedule

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

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

CIBC Fee Schedule

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

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

How to Open the CIBC Agility Savings Account

The Agility Savings account can be opened online in minutes!

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

Here’s how to open the account in minutes.

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

What information do I need to have handy?

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

Managing the CIBC Agility Saving Account

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

The mobile banking app by CIBC has mixed reviews, averaging only 2 stars out of 5 on IOS with 48 ratings at the time of this writing and 4 stars out of 5 on Google Play with over 22k ratings.

App Features:

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

Final Thoughts

The CIBC Agility Savings account available to U.S. consumers offers a competitive APY and a manageable minimum deposit and monthly balance requirement.

If you’re in the market for a variable rate online savings account, then this may be a good option.

If you’re looking for a better yield and fixed rates, then you may want to look into a CD (certificate of deposit) offered by a local credit union.

Best CD Rates in Florida – January 2021 Report


Florida CD rates are higher than the national average on all major terms from 6 months to 5 years.

APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit products from hundreds of banks and credit unions nationwide.

In this January 2021 report, we’ve published what we’ve found to be the top CD rates available to residents in Florida looking for FDIC or NCUA insured, fixed-rate certificates of deposit. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.

According to FDIC state profile data (download here) there are 256 banks serving the state of Florida with combined deposits of just over $468 billion in Floridians’ hard earned cash.

There are also 132 credit unions with headquarters in Florida serving 6.2 million members with combined assets of just over $85.5 billion according to CreditUnionsOnline.com.

The largest credit union in Florida by member size and assets held is Suncoast Credit Union, serving just shy of 900,000 members in the state and holding $11.90 billion in assets.

Credit unions and banks of all sizes within the state of Florida and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.

Generally speaking, with fixed-rate CDs, the longer you lock up your funds (ie the greater the term) the higher the APY you will earn.

That said, savings rates – both fixed and variable – at banks and credit unions are generally correlated to Federal Reserve rates which have been anchored between 0.0% and 0.25% and are unlikely to move in the near term. Therefore expect CD rates to not only be extremely low compared to where they’ve been historically, but also expect a smaller spread in yield between short term and long term deposits.

In many cases we’ve even seen flat lining yields where 1 year CDs provide the same APY as 5 year CDs. This isn’t typical with all banks and credit unions, although our current interest rate environment is making it more common, especially with the larger national banks.

Below is our report on the best CD Rates in Florida for the month of January 2021.

Top 6 month CD Rates in Florida – as of January 2021

Below are the top five 6 month CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Navy Federal Credit Union$100,0000.65%
Pen Air Federal Credit Union$250.55%
MySavings Direct$1,0000.50%
Live Oak Bank$2,5000.50%
Jacksonville Firemen’s Credit Union$1000.45%
Suncoast Credit Union$100,0000.30%

There are two institutions on this list that are exclusive to Florida residents. Those are Suncoast Credit Union and Jacksonville Firemen’s Credit Union.

Suncoast Credit Union allows all Florida residents to join, however, Jacksonville Firemen’s Credit Union has stricter membership eligibility.

Only those who are regular employees or public officials of Fire/Rescue Departments in Duval, Clay, Nassau, St. Johns, Flagler, Columbia, Putnam, and Volusia counties, any association of such employees, volunteer organizations associated with professional firefighters, emergency services personnel, associated government employees, and members of the family of persons within such groups are eligible to join Jacksonville Firemen’s Credit Union.

Top 12 Month CD Rates

Below are the top five 12 month CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Jacksonville Firemen’s Credit Union$1000.90%
Navy Federal Credit Union$100,0000.85%
CFG Community Bank$5000.73%
Ally Bank$00.65%
Central Bank FL$2,5000.60%
Suncoast Credit Union$100,0000.40%

Although CFG Community Bank has “community bank” in their name, their products are available nationally through their website.

Central Bank FL and Suncoast Credit Union are exclusive to Florida residents. Central Bank FL is based in Tampa, FL and can be reached directly at 813-929-4477 to inquire about current rates.

To give the offers above some context, the average APY on a 12 month CD in Florida sits at 0.21% as of January 2021 according to Bankrate.

We should note that Jacksonville Firemen’s Credit Union also has a 9 month CD providing an APY of 0.75%.

Top 2 Year CD Rates

Below are the top five 2 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Jacksonville Firemen’s Credit Union$1001.00%
Navy Federal Credit Union$100,0000.95%
Live Oak Bank$2,5000.80%
Comenity Direct$1,5000.75%
Pen Air Federal Credit Union$250.70%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 2 year CD rate in Florida currently sits at just 0.42% APY.

Both Live Oak Bank and Comenity Direct have certificates of deposit that can be opened online by nearly anyone nationwide.

Top 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Delta Community Credit Union$1,0001.15%
Jacksonville Firemen’s Credit Union$1001.11%
Navy Federal Credit Union$100,0001.10%
Comenity Direct$1,5000.85%
Ally Bank$00.75%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 3 year CD rate in Florida currently sits at just 0.49% APY.

Although Delta Community Credit Union is based in Georgia, they open their doors to most Florida residents. They currently serve 415,000 members and have roughly $6 billion in assets.

Top 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit UnionMin. Deposit APY
Delta Community Credit Union$1,0001.35%
Jacksonville Firemen’s Credit Union$1001.31%
Navy Federal Credit Union$100,0001.25%
Pen Air Federal Credit Union$251.25%
Ally Bank$01.00%
Suncoast Credit Union$100,0000.95%

To put these offers above in perspective, the average 5 year CD rate in Florida currently sits at just 0.57% APY.

Florida CD Rates vs National CD Rates

Banks and credit unions operating in Florida and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.

We’ve compiled a chart comparing average CD rates in Florida vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of January 2021.

Average CD Rates in Florida – vs – Average CD Rates Nationally:

CD TermAvg. APY FLAvg. APY US
12 month0.40%0.17%
2 year0.42%0.22%
3 year0.49%0.26%
5 year0.57%0.34%

Final Thoughts

If you’re in the market for a fixed-rate, certificate of deposit with a competitive APY and you reside in the state of Florida, you won’t be much better off in terms of going with a local credit union or bank over one with nationwide acceptance. The difference in APY for most terms is negligible except, perhaps, for the 3 and 5 year CDs offered by Delta Community Credit Union.

Just be sure to check with the institution directly to confirm their current CD rates. Also, it should be noted that opening a deposit at a community bank or regional credit union in Florida may require you to visit a local branch.

Barclays Online Savings Account – Now 0.45% APY


image credit: banking.barclaysus.com

[Update January 2021: Barclays online savings account dropped from 0.50 to the current 0.45% APY.]

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 0.45% 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
$1.000.45%

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.

Best 6 Month CD Rates to Start the New Year!


If you’re in the market for a fixed rate certificate of deposit but don’t want to keep your funds locked up for a long period of time, then a 6 month CD may be a good option for you to kick off 2021.

Normally 6 month CDs would offer much lower APYs (annual percentage yields) when compared to CDs with longer terms such as 3 or 5 years, however, in our current interest rate environment the difference between long and short term rates is far less significant.

We review several hundred banks and credit unions on a monthly basis and have visual pings set up to notify our system whenever rates change. We’ve used this data to compile our top 11 list of the best 6 month CD rates for January 2021.

Top Eleven 6 Month CD Rates

Some institutions featured below have regional exclusivity and others offer their products to customers nationwide. All are federally insured by either the FDIC (for banks) or the NCUA (for credit unions) up to the applicable limits.

Name of InstitutionMinimum DepositAPYAvailability
ParkeBank$5000.75%NJ and PA
Community Wide Federal Credit Union$1,0000.75%nationwide
Spectrum Federal Credit Union$5000.60%nationwide
Navy Federal Credit Union$500.50%must have family in armed services.
Tab Bank$1,0000.50%nationwide
First Internet Bank$1,0000.45%nationwide
Georgia’s Own Credit Union$5000.40%Georgia residents
Bethpage Federal Credit Union$500.40%nationwide
Patelco Credit Union$2500.35%nationwide
PenFed Credit Union$1,0000.30%nationwide
Sallie Mae$2,5000.30%nationwide

To give the annual percentage yields above some context, the current national average on 12 month CD sits at 0.22% APY and the current national average on a money market account sits at just 0.11% APY.

#1 ParkeBank – 0.75% APY

ParkeBank is a full service bank with a regional presence. They are based out of Washington Township, New Jersey and only have 7 branch locations throughout New Jersey and Pennsylvania.

Although they are a small brick and mortar bank, they do offer online banking to clients. You will need to be a resident and stop by a local branch to open a your initial account, but once it’s open you can move funds into other accounts like CDs through their online portal.

You can see their full list of CD rates here.

#2 Community Wide Federal Credit Union – 0.75% APY

Community Wide Federal Credit Union is a small member-owned institution based out of South Bend, Indiana. They were founded in 1967 and relied on seed money from the Catholic Church to survive their early days. Today, like many local credit unions, even if you don’t live, work or worship in South Bend, Indiana you can still become a member by joining one of their partner organizations. These memberships typically come with annual fees though, so be mindful of that when calculating potential earnings on your CD. You will also be required to make a minimum deposit into a Share Savings Account. This also acts as your ‘share’ in the member-owned credit union. You can see Community Wide Federal Credit Union’s full list of partner organizations here.

#3 Spectrum Credit Union – 0.60% APY

Spectrum Credit Union merged with Chevron Credit Union back in 2012, but still operates under its own brand. They have 100,000 members mostly in the Bay Area, but like Community Wide FCU, they open their arms to anyone who joins one of their partner organizations (found here).

#4 Navy Federal Credit Union – 0.50% APY

Navy Federal Credit Union needs little introduction being the largest credit union in the country by both members and assets with 9.4 million members and $130 billion in assets.

Despite NFCU’s vast size, they do not provide membership to anyone. They used to provide backdoor membership by joining one of several partner organizations, but this changed sometime in 2017 according to this online report.

That said, service members in all branches of the armed forces, along with their family and household members are eligible. You may apply online here or you can give them a call at 1-888-842-6328 or visit a local branch. Locate a branch near you.

#5 TAB Bank – 0.50% APY

TAB Bank stands for Transportation Alliance Bank and is known as the bank tailored for truckers. They got their start in 1988 in Odgen, Utah and entrenched themselves with truckers by starting out as a banking service that operated within the truck stops.

Today, they offer their high yield, FDIC-insured online deposit products to people nationwide. Outside of their 6 month CD on our list, they also have a variable rate, online savings account with an APY that’s often found at the front of the pack for online savings accounts.

#6 First Internet Bank – 0.45% APY

First Internet Bank has been selling online CDs since dial-up modems and AOL accounts.

As their name implies, they quite literally were the first, one-hundred percent online bank complete with FDIC insurance. They were founded in 1997 by David Pecker and opened their digital doors to customers on February 22, 1999.

Today, their CDs remain competitive for each term they offer up to 60 months. Their CDs can be opened both online or over the phone at 1-888-873-3424.

#7 Georgia’s Own Credit Union – 0.40% APY

Georgia’s Own Credit Union is a member-owned, not-for-profit, full-service financial institution.

Getting their start back in 1934 with just $160 they’ve since grown to be the 3rd largest credit union in the state of Georgia by both members and total assets. Today they serve more than 200,000 members and control just shy of $3 billion in assets.

Unfortunately, for many, this credit union is restricted to residents of Georgia. To see their complete eligibility checklist, visit their membership page.

#8 Bethpage Federal Credit Union – 0.40% APY

Bethpage is a small credit union based out of Bethpage, New York on Long Island (locate branches here) that has been serving members since 1941.

Despite their seemingly regional presence they actually open their membership to anyone willing to deposit $5 into a share savings account. This also serves as your ownership ‘share’ in the credit union. You can open a share account and learn more here.

Bethpage FCU also has a noteworthy youth savings account which provides a lucrative APY of 2.0% on the first $1,000, followed by a still respectable 0.35% on balances above $1,000.

#9 Patelco Credit Union – 0.35% APY

Unlike the other institutions on our list, Patelco offers its CD terms in ranges. For short term CDs, they have ranges of:

  • 3 – 5 months
  • 6 – 11 months

Their 3 – 5 month CDs come with an APY of just 0.20% while the 6 – 11 month term features the APY of 0.35%.

Although Patelco’s branches are limited to the Bay Area of California, they serve members in all 50 states. Like Bethpage, to join Patelco you must simply open a share account (minimum of just $1.00) which also functions as your stake in the institution. You can learn more and join using this link.

#10 PenFed Credit Union – 0.30% APY

Unlike Navy Federal Credit Union, PenFed opens its doors to anyone in the country willing to deposit $5 into a share account. You used to have to donate to a charity of their choosing for membership if you weren’t eligible through the standard paths, but that is not the case anymore.

You can complete a membership application online here or give them a call at 800-247-5626 and complete it over the phone.

On top of their solid 6 month CD, PenFed also has a variable rate online savings account that earns an exceptional APY of 0.55%. You can read more about this offering here.

#11 Sallie Mae – 0.30% APY

Sallie Mae originally came on the scene in 1973 to service federal education loans. They became private and offered private student loans while still operating under contract to service federal loans.

An overview of their history and controversies can be found here, but needless to say, their product line has evolved quite drastically since inception.

Along with their competitive 6 month CD, Sallie Mae also has an extremely competitive, variable rate savings product called SmartyPig. This account pays up to 0.80% APY on balances of $10,000 or less.

Who Should Open a 6 Month CD

In general, CDs (certificates of deposit) are good products for people looking for a fixed-rate of return for a specified period of time – 6 months.

They are considered short-term deposit products, along with 3 month and 9 month CDs, and are ideal for those who can keep funds untouched for the entire duration. If you are unsure whether or not you can keep your funds tied up for that long, you may want to consider a 3 month CD or a variable-rate savings account or money market account. Savings and money market accounts do not feature fixed rates though and are subject to change at any time without notice to the account holder.

CDs are also good options for people who are saving for something particular and do not want to have access to the funds they’ve set aside.

A 6 month CD, specifically, can be a good savings vehicle for those looking to save up for a vacation, a wedding ring, a downpayment to a car, etc. If you’re looking to save for something larger like a downpayment to a house you may want to consider a longer term CD with a higher rate.

CDs come with early withdrawal fees that can greatly reduce your earnings and even your principal in some cases. This can work as a great hindrance for those tempted to reach into their deposit prior to maturity.

6 Month CD – Bank or Credit Union

Deciding on whether to open a 6 month CD at a bank or credit union is going to rely on several factors other than simply who has the highest rate.

Credit Unions are not-for-profit, member-owned institutions that generally pass along profits back to its members in the form of lower loan rates and better savings rates. That is why you’ll generally see better APYs with credit unions than you would with brick and mortar banks – and especially the big banks (Bank of America, Citibank, Chase, etc).

However, given that credit unions are smaller, member-owned institutions and are not purely profit driven with aggressive growth goals, they tend to be more exclusive with membership than your average big bank. Some provide loopholes through membership in partner organizations, but you’ll need to check with each credit union individually for specific eligibility requirements.

Online banks may be a good option if your desired credit union is out of reach. They can compete on APY as well as they have little overhead compared to their brick and mortar counterparts. The operational savings found in their online business model can be used to entice new customers in the form of lower loan rates and better savings rates.

Alternatives to 6 month CDs

If you’re turned off by the current interest rate environment for short term CDs, you have some alternatives to consider.

For those relying on the safety of FDIC coverage, you might want to explore cash management accounts.

These accounts are hybrid accounts that usually provide a combination of checking, savings, and investment services. They are tech companies at their core, but rely on the FDIC insurance of their partner bank(s). At the end of each day funds are swept into partner banks to leverage their FDIC-insurance. You can generally exceed the $250,000 FDIC limit as well by having funds swept into multiple institutions at day’s end.

A good cash management account comes with no fees and features high APYs. Currently the most popular options hover between 0.30% and 0.40% APY. The Aspiration Spend & Save account still features an APY of 1.00%.

Another option that provides FDIC insurance are rewards checking accounts. These accounts usually provide cash back on spending or very generous yields on savings. Many accounts pay well over 1.00% APY on balances, but there is generally a catch.

Most of the accounts require a certain number of debit card transactions from the account each month (typically 10) as well as a direct deposit set up. On top of that, in most cases you can only earn the exceptional APY up to a certain balance amount. Capping balances from $5,000 to $10,000 is typical but some go higher.

Failing to meet either the required number of debit card transactions OR the monthly direct deposit will result in either no interest paid, or worse, a hefty fee. Check with the institution directly to see what the exact monthly requirements are.

If you’re open to taking on more risk, we’ve also compiled a list of alternatives to CDs and savings here that feature a dozen different options.