ApyGuy: Maximize Your Savings & Earnings

Sallie Mae CD Rates, Savings and Money Market Review


image credit: salliemae.com

Sallie Mae has become a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship by handling both federal and private sector loans.

Some may remember their Federal Stafford and Federal Perkins loans coming from Sallie Mae. However, Sallie Mae started the path of incorporation as a private company during the 90s and completed it in 2004, severing their operation from the government.

Today, their product suite covers a large range of financial services from private education loans and college savings programs to banking services and insurance programs.

In this review, we’ll focus on the savings side of Sallie Mae Bank. Sallie Mae is a member of the Federal Deposit Insurance Corporation and currently offers several types of FDIC-insured savings accounts for a variety of needs: the SmartyPig savings account, certificates of deposit, money market, and high-yield savings accounts are all on the menu with Sallie Mae.

Please note the SmartyPig savings account will not be covered here. Use the link above to read more about that account.

Sallie Mae CD Rates + Account Details

If you’re looking to lock-in an interest rate, a certificate of deposit may be the way to go.

Sallie Mae was named as one of the best banks for certificates for deposit in 2020 by GOBankingRates.

Although their CD rates have been more competitive in the past, they still feature returns that beat the national average(s) for their respective terms by decent margins.

TermMinimum DepositAPY
6 months$2,5000.75%
9 months$2,5000.75%
11 months$2,5000.75%
12 months$2,5000.95%
13 months$2,5000.95%
15 months$2,5000.95%
18 months$2,5000.95%
24 months$2,5000.95%
30 months$2,5000.95%
36 months$2,5000.95%
60 months$2,5000.95%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.26% APY and the current average for a 5 year CD sits at 0.61% APY.

As you can see from the table, there is a wide range of terms to choose from but the current yields don’t vary much by term.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In CD Rates

The interest rate and APY will be determined on the date you fund the CD account, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Sallie Mae Money Market Rates + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different than most money market accounts that tie yields to balances.

Sallie Mae Money Market Account Rates

Monthly BalanceMinimum DepositAPY
$0$00.99%

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.11% APY. On top of the respectable yield, the lack of both minimum deposit and monthly balance requirements make this an attractive account. Keep in mind money market rates are variable and can change at anytime without notice.

Transaction Limitations

You may deposit or withdraw money via:

  • Check,
  • EFT, or
  • Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

  • Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
  • Stop Payment Charge: $15
  • Returned Check Fee: $5
  • Insufficient Funds (NSF) Fee: $19
  • Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Sallie Mae Money Market Promotional Offers

Sallie Mae may offer a bonus interest rate and APY from time to time for their money market account customers. The promotional period’s bonus rate will be paid regardless of your balance and discontinued after the promotional period has ended. Your interest rate and APY will then revert to Sallie Mae’s current interest rate and APY. Promotions are not valid with other offers or promotions unless otherwise stated.

Sallie Mae High Yield Savings Account Rates + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

Sallie Mae High Yield Savings Account Rate

Monthly BalanceMinimum DepositAPY
$0$00.90%

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at anytime without notice.

Transaction Limitations

You may withdrawal or deposit money via:

  • Check,
  • EFT, or
  • Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally than Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive just 3.6 starts on Android, but an impressive 4.6 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.

Final Thoughts

Sallie Mae has a variety of options in terms of deposit accounts. All of their variable rate products feature $0 minimum deposit and monthly balance requirements which make them available to pretty much anyone.

Their CDs feature above average rates, but better APYs can be locked-in through other online institutions or credit unions.

HSBC Direct Savings Account – 1.01% APY + 0.70% APY CDs


image credit: hsbcdirect.com

HSBC, short for Hong Kong and Shanghai Banking Corporation, is a global financial services organization serving more than 40 million people across 64 countries.

HSBC Direct is the international bank’s online-only branch with its own range of deposit products and terms.

An open-membership digital institution, HSBC Direct makes its accounts—including checking, savings, and certificate—available to nearly anyone that applies.

HSBC Direct’s product choices are about as limited as your standard online-only bank, but the APYs that come with them are higher than the current national average.

Can HSBC Direct’s account terms and customer satisfaction live up to the high bar of competitiveness these online banks set? Read our review to find out.

HSBC Direct Online Savings Account Rate + Details

HSBC Direct’s online-only deposit accounts are insured per depositor up to $250,000 by the FDIC. This digital bank offers an online savings account, but does not have a money market account in its suite of products at this time.

HSBC Direct Online Savings Account

Minimum BalanceAPY
$1.001.01%

An HSBC Direct Savings account, ranked one of the best savings accounts of 2020 by The Ascent, earns an APY of 1.01%. The national average APY on a savings account is 0.06%, making HSBC’s product nearly 20x better by comparison and a top competitor across all banks and credit unions currently.

There is no minimum balance required to earn the stated interest rate of 1.01% and there is currently no difference in rates across balance tiers. This account requires a minimum opening deposit of just $1 and any money used to fund a new account must be new money. There is a maximum daily online transaction limit of $350,000.

Interest is credited and compounded monthly. There is no monthly maintenance fee regardless of your account balance and you’ll never be charged an excessive withdrawal fee. You will, however, be charged a fee of $35 for every overdraft and $15 for every incoming wire transfer. HSBC Direct will allow you to make up to six transactions into or out of this account per month.

To fund a new savings account, you can deposit money via electronic funds transfer, wire transfer, or mobile check deposit. Initial deposits must be made with new money, but accounts can be funded with transfers from another HSBC account after opening.

How Does HSBC’s Online Savings Account Compare?

Shown below are today’s highest yielding online savings accounts available nationwide. Online banks tend to offer higher APYs than brick and mortar institutions as they have lower overhead costs and return those savings to customers in the form of higher rates.

InstitutionAPYNotesMore
1.25%1.15% APY on $1k – $24,999 and 1.50% APY on $25k or more.Review
1.21%Review
1.20%Must avg. 12,000 daily steps.Review
1.20%Review
1.20%$4.50 monthly fee can be waived.Review
1.20%$4 monthly fee charged if account dips below $1k.Review
1.10%Review
1.05%Review

HSBC Direct CD Rates

HSBC Direct CD accounts offer fair rates and limited options. HSBC Direct normally features a wider range of CD options, but is currently only selling these three.

HSBC Direct CD Rates

CD TermAPY
6 months0.60%
12 months0.70%
24 months0.70%

These online-only certificates seem middle-of-the-road but are technically above the national average, which sits at just 0.24% for a 12 month CD. That said, there are a number of other online financial institutions offering more attractive rates.

If you’re in the market for a bank deposit over a savings account, there are still credit unions paying 2.0% APY on 60 month terms and online banks with 12 month CDs well over 1.0% APY.

HSBC Direct CDs require a minimum opening deposit of $1,000. You must also maintain an average daily balance of $1,000 in order to keep earning interest. Dividends are compounded daily and credited at maturity for 6 and 12 month terms and credited either monthly, quarterly, semi-annually, or annually for a 24 month term (your options for how often your interest is paid on a 24 month account will depend on what’s applicable to your account when you open it). If your account is eligible for periodic interest payments, you can have these automatically credited to another HSBC deposit account rather than having them reinvested in the CD.

Avoid an early withdrawal penalty after renewal by making changes to an account within the 10 day grace period after maturity (this includes the maturity date). Early withdrawal from terms of up to 369 days will cost you 30 days’ interest, from terms of 370-733 days will cost you 90 days’ interest, and from terms of 734 or greater will cost you 180 days’ interest. Only the first fee applies at the moment, of course.

About HSBC Direct & Customer Experience

In addition to CDs and savings accounts, HSBC Direct does feature a checking account option. This doesn’t come with paper checks, but it does come with an HSBC Debit Mastercard. You can use this at any HSBC U.S. ATM location. But you’re out of luck if you want to access your savings account funds from an ATM, as these accounts do not have ATM cards available. 

HSBC Direct is an online-only bank despite being a subsidiary of a global institution. This means that you’ll need to log online on a computer or mobile device to service your HSBC Direct account as branch locations, though spread out across the U.S., are not going to let Direct members open new accounts or manage their money.

So what can you expect your banking experience to look like if you join HSBC Direct? Big picture-wise, HSBC seems to do fine in the customer satisfaction department. Please note, however, that the following customer reviews have been given for HSBC overall, not for HSBC Direct in particular.

If you look at the 48 customer reviews for HSBC on Consumer Affairs, you’ll see a pathetic rating of 1 star. If you look at the 1,731 reviews on WalletHub, you’ll see a respectable 3.9 star rating. Finally, out of 366 reviews on Trustpilot, HSBC clocks in at just 1.7 stars. Why the discrepancy? Interestingly, HSBC customers pretty much report one of two experiences: very good or very bad.

For some, HSBC customer service is nothing but excellent. For others, it’s consistently terrible. Mixed reviews like this make it difficult to know who to believe, but in many review forums, HSBC scores more 4 and 5 star ratings than anything else. 

One common theme across these ratings, which appears as both praise and a complaint, is the strict security protocol of the bank. While some appreciate HSBC’s diligence in keeping account holders safe from identity theft and fraud, others are just frustrated by security measures such as phone calls and account freezes when suspicious activity is presumed. 

Again, HSBC and HSBC Direct don’t provide quite the same experience to customers and this should be taken into consideration. But although those 1 star ratings might look grim, don’t dismiss HSBC entirely for them. As for mobile banking, the HSBC US app for Apple devices has a 3.5 star rating and the HSBC US app for Android devices has a 2.3 star rating.

There are many ways to get in contact with HSBC representatives. If you want to go the traditional route and get some help with your account over the phone, customer service can be reached any day of the week at (800) 462-1874 from 8AM to 10PM ET (COVID-19 updated hours). You can also send HSBC customer service a letter at the address: HSBC Bank USA, N.A. P.O. Box 2013 Buffalo, NY 14240

For a more modern and faster alternative, tweet HSBC @HSBC_US. Finally, HSBC Direct also features a Live Chat option that’s not operated by a bot. This is especially useful for those that like to catalogue their conversations and get answers right away.

Final Thoughts

No one would blame you for passing on HSBC Direct’s CD accounts given their current yields, but you may want to give their savings account serious consideration. It boasts one of the highest yields available anywhere. Just remember that online savings accounts, in general, come with variable rates that can change at anytime, and without notice.

Fitness Bank Savings Review – Up to 1.05% APY!


If you regularly rack up 12,500+ steps per day, you can lock in one of the highest savings rates in the country!

How far have you gone to save money? If your answer is 10,000 steps or more a day, you might want to hear about FitnessBank.

Self-described active lifestyle bank, FitnessBank is an FDIC-insured online member bank that wants you to stay (or get) fit almost as much as you do. By incentivizing fitness progress with financial savings, this modern bank strives to keep you accountable and boost your morale during your wellness journey.

About Fitness Bank

Though new itself, FitnessBank is a division of ​Newton Federal Bank​, an entity with roots in 1947. But as the only company in America that links physical activity with earnings, FitnessBank is the first of its kind.

This online bank only offers savings accounts: the Fitness Savings and the Senior Savings Account. So if you’re looking for a bank that features checking account options, retirement guidance, investment opportunities, or physical branches, look elsewhere. In addition, this bank operates 100% online, so FitnessBank accounts are only for those fully comfortable using technology to manage their money.

As a non-traditional digital bank, FitnessBank joins the likes of popular neobanks ​Simple​, ​Chime​, Aspiration​, and more. If you want to become part of a new kind of banking, keep reading to find out if a FitnessBank savings account will fit your lifestyle.

Fitness Bank Savings Account

FitnessBank’s method for establishing your APY is what sets it apart from the rest of the online savings accounts out there. The interest you earn on your FitnessBank savings account is determined entirely by the physical steps you take. Your average daily step count is calculated each month and your APY adjusted accordingly. Because of this payment method your interest is both compounded and paid out monthly.

A Fitness Savings account is available to anyone U.S. citizen that’s 18 years old or older for an opening deposit of $100, and signing up is easy. The company boasts a straightforward ​application​ that takes less than two minutes to complete. Account balance thresholds are:

  • Account minimum:​ $100
  • Account maximum:​ $250,000

With a Fitness Savings account, the following actions and features are free:

  • online banking
  • external account transfers
  • incoming wire transfers
  • eStatements

Here is a breakdown of all fees attached to FitnessBank accounts:

Maintenance Fee$10/month
Excessive Withdrawal Fee$10
Overdraft Fee$40

The monthly maintenance fee of $10 is waived for accounts with an average daily balance of $100 or more. The excessive withdrawal fee of $10 per transaction is charged when you make ​more than six debit transactions​ (withdrawals or automatic transfers/payments), or your monthly allowance, in a single month. An ACH incoming/outgoing transfer limit of $2,500 per day is enforced.

FitnessBank does not offer debit cards and there are no FitnessBank ATMs, so you will not be able to withdraw funds in-person at any ATM.

How the Step Tracker Works

The FitnessBank business model is made possible by the ​FitnessBank Step Tracker app​. This proprietary app links to a ​FitBit​,​ Google Play​, A​pple Health​, or ​Garmin​ activity-tracking device to log your steps and to your savings account to deposit earnings. You can set monthly APY and step targets for yourself and see your progress toward them right in the app.

Your APY is calculated month-to-month from the previous month’s step data. If, for example, your average daily step count for July is 10,000, your APY for August will be 0.95%. If your average daily step count for August is 8,700, your APY for September will be 0.85%.

The Step Tracker draws data from your chosen activity-tracking device, but the only way for FitnessBank to receive this data is for you to open the Step Tracker app between the first and third of every month. If you forget to do this, FitnessBank will use the previous month’s step data to calculate your average daily steps. If you work hard to increase your daily steps, you’ll want to make sure that the Step Tracker app can see this. Don’t let expired data keep you from earning the rates you’re entitled to.

To further motivate users to perform, FitnessBank features Step Challenges and ​Leaderboards. Winners earn the rewards and prizes described in each challenge summary. There is a FitnessBank Step Challenge of the Month in which all FitnessBank customers can compete and promotional Step Challenges that are open to the general public. Contact ​onlinesupport@fitnessbank.fit​ if you’ve got an idea for a new Step Challenge.

Members can earn bonus steps in their ​StepBank​ for making referrals. These can be used toward an average daily step count or to purchase FitnessBank merchandise, dispensed at the user’s discretion. ​To connect with other dedicated FitnessBank members with goals similar to your own, consider joining a group​.

How to Earn Savings Rate APY

The savings rate APY for a Fitness Savings account varies from individual to individual, but the rate you will earn is predictable. There are five different APY tiers available through the Fitness Savings account, and these, along with the step count required to qualify for them, are shown in the chart below.

Fitness Savings Account Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.50%
5,000 – 7,4990.75%
7,500 – 9,9990.85%
10,000 – 12,4990.95%
12,500+1.05%

1.05% APY is one of the highest yields available on a savings account, but you’ll have to work for it month-to-month to earn this competitive APY.

You might be wondering how FitnessBank can afford to offer such high savings to its most devoted customers. According to its website, it’s because they are an online bank with low overhead, “[making them] nimble and efficient.”

Senior Savings Rate APY

Any U.S. citizen over the age of 65 may apply for a ​Senior Savings Account​ with FitnessBank. The rates and step requirements for this type of savings account are:

Senior Fitness Savings Rates:

Daily Step RequirementAPY (Annual Percentage Yield)
0 – 4,9990.75%
5,000 – 7,4990.85%
7,500 – 9,9990.95%
10,000+1.05%

The foundation of FitnessBank is staying healthy, but that means something different for every age group. Because of this, seniors are held to different daily step requirements yet entitled to the same opportunities for high APYs. To earn the highest APY possible (1.05%), for example, people over the age of 65 have to take an average of 10,000 steps or more per day rather than 12,500.

Final Thoughts

For any ​already highly-active individual that is looking to combine their personal financial goals with their physical fitness goals, a FitnessBank savings account might be a great option. However, unless you are fully able and willing to commit to 10k steps per day (and have already proved this to yourself) then we would recommend looking elsewhere for an online savings account as you can likely find a better APY with another online institution.

FitnessBank is a fintech firm, so it’s part of a field that’s at the forefront of melding technology with finance. If you prefer your banks to be more traditional and well-established with brick and mortar locations, then you’ll want to look into other options as well.

TIAA Bank Yield Pledge Money Market + CDs and Savings Review


image credit: tiaabank.com

Tiaa Bank, previously called EverBank, is a Florida-based financial services institution with an all-inclusive lineup of digital personal banking products. These include high yield money market accounts, certificates of deposit, savings accounts and even foreign currency CDs.

This U.S. bank features a limited number of brick-and-mortar branches, but you don’t need to visit these in order to manage your accounts. So Florida resident or not, you have access to this online institution.

When TIAA, short for the Teachers Insurance and Annuity Association, acquired EverBank Financial Corp in 2017, the institution became legally known as TIAA, FSB, and the online personal banking portion of the company was rebranded as TIAA Bank.

Complicated history aside, TIAA is a Fortune 500 company boasting incredible profits every year, but is it an online bank worth your time and money? Keep reading for all the information you need to know about TIAA Bank deposits accounts—as well as other pertinent banking and accessibility details—to decide whether this online bank is right for you.

TIAA Bank Basic Savings + Yield Pledge Money Market Account Details

All of TIAA Bank savings accounts and deposits are federally insured by the FDIC up to $250,000, the maximum amount allowed.

TIAA Bank Basic savings accounts are one of the bank’s less impressive product choices. Although they are significantly higher than the current national average (which hovers around 0.07% APY currently), they are still much less competitive than other online offers.

Though uncompetitive, these accounts are accessible. You only need to deposit and maintain an average daily balance of $25 for a Basic Savings account with TIAA Bank.

If your balance drops below this minimum, you’ll be charged a $5 fee every month until you get it back above the threshold. If you happen to live in Rhode Island you are exempt from this low balance fee. This account also charges a $30 non-sufficient funds fee on overdrafts.

Interest accrues daily and credits monthly to your account.

The TIAA Bank Yield Pledge Money Market accounts is their other variable rate account and this one boasts a higher APY – especially on larger balances. For the first year after opening a money market account, you’ll earn an intro APY of 0.70%.

Although money market accounts come with variable rates, TIAA Bank guarantees a 0.70% APY for an entire year after opening. Above is the calculation on how much you’d earn with a $50k deposit.

After that year is up, you’ll earn an ongoing APY based on your balance amount. See table below.

TIAA Bank Yield Pledge Money Market

BalanceAPY
$0 – $9,999.990.50%
$10k – $24,999.990.55%
$25k – $49,999.990.60%
$50k – $99,999.990.65%
$100k +0.70%

The average annual percentage yield (APY) on money market accounts across the country sits at just 0.09% currently.

There is a minimum deposit requirement of $500 to open one of these accounts. But ultimately, unless you have more than $25,000 ready to go, you’re probably better off just opening a Basic savings account as you will earn more with this on lower balances than you would with a TIAA Bank MMA. 

However, Yield Pledge Money Market accounts guarantee high rates through TIAA Bank’s Yield Pledge promise, which entails weekly competitor assessments and adjustments necessary to ensure that these rates are in the top 5% across Competitive Accounts. The Basic Savings account, conversely, does not come with this guarantee—do with this what you will.

Interest on savings and money market savings accounts is compounded daily and credited monthly.

Per federal regulation D, you are limited to 6 transactions into or out of a savings or money market account each month. This includes ACH transfers, checks, internet, phone, and mobile-initiated transactions, and more. Should you exceed this limit excessively or frequently, TIAA Bank reserves the right to restrict your access further and transfer your balance into a Cash Reserves account.

TIAA Bank CD Rates

TIAA Bank’s product suite features a few certificate of deposit options, including “Yield Pledge CDs,” and “Bump Rate CDs.” Their product line used to offer “Basic CDs” that came with APYs slightly under the yield pledge products, but these appear to have been discontinued.

If you’re after a higher rate on a CD, consider you probably want to take a peak at their Yield Pledge CDs. These products are also backed by the high yield guarantee previously mentioned and features slightly better yields across the board.

Unfortunately, you’ll need to cough up at least $5,000 to be eligible for any of these accounts.

TIAA Bank Yield Pledge CD Rates

CD TermAPY
3 month0.35%
6 month0.75%
9 month0.90%
1 year1.01%
18 month1.05%
2 year1.10%
30 month1.01%
3 year1.21%
4 year1.31%
5 year1.35%

To put these offers (above) in perspective, a 12 month CD currently yields roughly 0.26% APY, according to national FDIC averages.

The other type of CD offered through TIAA Bank is their Bump Rate CD.

The Bump Rate CD is a specialty CD that gives users a one-time rate bump feature that allows them to lock into a better rate that comes along before their certificate matures (this is the same as a step-up or step rate CD). Right now, this account is a 3.5 year term that requires a minimum opening deposit of $1,500 and earns 1.21% APY.

Interest is compounded daily and credited according to your account agreement upon issuance.

Early withdrawal policies on Yield Pledge CDs are as follows:

  • 22 days’ interest on 3 month CDs,
  • 45 days’ interest on 6 month CDs,
  • 68 days’ interest on 9 month CDs,
  • 91 days’ interest on 1 year CDs,
  • 136 days’ interest on 18 month CDs,
  • 182 days’ interest on 2 year CDs,
  • 228 days’ interest on 30 month CDs,
  • 273 days’ interest on 3 year CDs,
  • 365 days’ interest on 4 year CDs, and
  • 456 days’ interest on 5  year CDs.

Unlike most bank deposits, these CDs do not automatically renew and come with a grace period of 10 days after maturity.

Banking Experience and Customer Sentiment

Unlike many online banks today, TIAA Bank actually does offer ATM cash access at an impressive 80,000+ fee-free locations. TIAA Bank does not charge ATM fees and will reimburse out-of-network fees imposed by other institutions if your average daily balance is at least $5,000. If your balance is below this, you’ll be reimbursed up to $15. There are 11 TIAA Bank branch locations across Florida.

TIAA Bank offers both a Basic Checking and a Yield Pledge Checking account option. A TIAA Bank Basic Checking will not pay you interest, but a TIAA Bank Yield Pledge Checking is an interest-bearing account that earns a 1-year intro APY of 0.40%. After that, your APY will be between 0.15% and 0.30%, depending on your balance.

Overall, people seem to have a lukewarm impression of TIAA Bank from a customer experience perspective. Out of 119 user reviews left for the bank on WalletHub, 45% of reviewers gave the bank 3 stars for an average rating of 3 stars. And out of 23 reviews on DepositAccounts, TIAA Bank scored just 2.5 stars. 

Customer service at TIAA Bank could use some work, according to customers themselves. The overwhelming majority of negative reviews left for the company are related to bad experiences with customer support, with representatives being called condescending, rude, arrogant, and unhelpful by several users. Most positive reviews pertain to good rates and simple sign-ups.

The TIAA Bank apps, on the other hand, are supposed to be really solid. With 4.6 stars on the App Store and 4.5 on Google Play, it’s safe to assume that you can count on a user-friendly and comprehensive mobile banking experience through the TIAA Bank app.

TIAA Bank limits ACH transfers from a TIAA account to an external account to $50,000 daily and from an external account into a TIAA account to $250,000 daily.

To reach customer service, call the client solutions team at 1-(888)-882-3837 or tweet @TIAABankHelp. Representatives are standing by 7 days a week from 8 AM to 11 PM (ET).

Final Thoughts

TIAA Bank has a diverse and competitive set of FDIC-insured deposits and variable rate savings accounts.

They are certainly worth checking out if you’re searching for an online bank that can handle all of your banking needs and offer respectable rates across the board.

Just be careful not to sign up with this bank for its introductory offers without knowing what you’ll get long-term. The 1-year introductory period on a TIAA Bank Yield Pledge MMA, for example, would definitely make just about anyone want to join, but the ongoing rates, while respectable are still less competitive than other bank rates.

Overall though, Yield Pledge guarantees, low balance requirements, and mostly competitive rates make this bank a solid choice.

Bethpage Federal Credit Union CD Rates – 1.15% APY


image credit: bethpagefcu.com

Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.

Headquartered in Bethpage, New York, this  member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation. 

Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974. 

Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.

Keep reading for more information about Bethpage FCU’s suite of deposit products.

Bethpage FCU CD Rates + Account Details

Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.

Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.

Bethpage FCU CD Rates

CD TermAPY
3 month0.50%
6 month0.50%
12 month0.70%
18 month0.70%
24 month0.85%
30 month1.00%
36 month1.00%
39 month bump-up1.00%
48 month1.05%
60 month1.15%

To put these rates in perspective, the current national average for 12 month CDs sits at just 0.26%. That said, higher APYs can be had through online banks, like Discover Bank, or other credit unions with nationwide acceptance, such as Spectrum.

Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.

The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.

To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.

Bethpage FCU Money Market Rates + Account Details

Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.

Bethpage Federal Credit Union Money Market Rates

BalanceAPY
$500 – $24,9990.50%
$25k – $49,9990.50%
$50k +0.50%

The national average for a money market rates sits at just 0.07% APY, but significantly higher rates can be found through online savings accounts such as TAB Bank or the Citi Accelerate Savings Account which operate similarly to money market accounts.

You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.

Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%. 

Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.

Other Savings Accounts Offered by Bethpage FCU

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.

The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.

For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.

About Bethpage FCU + Eligibility

Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership. 

That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.

There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.

There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information. 

Final Thoughts

Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory. 

Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.

Popular Direct Savings Account: 1.05% APY + 1.05% APY CDs


image credit: populardirect.com

Popular Direct is the online division of Popular, Inc. – a global financial services provider headquartered in Puerto Rico.

Depending on where you live you may see variations of this name. For example, they operate as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the U.S.

In this article, however, we’ll just be discussing the online division, Popular Direct, and their FDIC-insured savings products.

Like most online-only banks, Popular Direct is open membership and easy to join from a computer or mobile device.

Popular Direct is able to provide better rates on its savings products than most traditional banks, but its product suite is minimal. They offer just an “Ultimate Savings” account and standard CDs at this time. Both of which come with steeper than usual minimum deposit requirements.

We’ve also learned that Popular Direct will place a 60 day hold on any withdrawals for new accounts. So if you planned on moving funds in or out of their high yield savings account within 60 days of opening it, you may want to look elsewhere. Popular Direct notes that this is a security measure and your funds will still accrue interest during the holding period.

Popular Direct “Ultimate Savings” account APY + Details

Popular Direct savings accounts are federally insured by the FDIC up to $250,000 and direct deposit products with this bank are opened through Popular Bank.

Popular Direct Ultimate Savings account

BalanceAPY
$5,0001.05%

A Popular Direct Ultimate Savings account will earn you an APY of 1.05%. To put this in perspective the average yield for a savings account nationwide is hovering around 0.06% APY.

You’ll want to note all potential fees before opening a savings account with Popular Direct.

  1. If you close your account within 180 days of issuance, you’ll be charged a $25 fee.
  2. A monthly dormancy fee of $5 is applied to accounts that have been inactive for 12 months.
  3. A excessive withdrawal fee of $5 is charged for every deposit or transfer over the federally-enforced 6 transaction limit.
  4. A low balance fee of $4 is charged if account balances dip below $500.

Interest is compounded daily and credited monthly.

To transfer money into this account, you will need to link an external account with another bank. You can then initiate an ACH electronic transfer or set up direct deposit. From there, you may transfer funds electronically from a savings account to a certificate account as long as this doesn’t cause you to exceed the monthly transaction limit.

Popular Direct CD Rates + Account Details

Popular Direct certificate accounts are currently providing much lower yields than its variable rate savings account, however they still beat the national average(s) for their respective terms.

Popular Direct CD Rates

CD TermAPY
3 month0.20%
6 month0.25%
1 year0.40%
18 month0.45%
2 year0.50%
3 year0.65%
4 year0.85%
5 year1.05%

To give the annual percentage yields above some context, the national average for 1 year CDs sits at roughly 0.24% APY right now.

A steep minimum deposit requirement of $10,000 is required to open an account. Interest is compounded daily and credited monthly. Unfortunately with Popular Bank CDs, you may not withdraw credited interest prior to maturity.

The automatic renewal grace period on one of these accounts is 10 days after the date of maturity. Fees for early withdrawal from a Popular Direct certificate of deposit account are quite high.

Early Withdrawal Penalties

Early withdrawal:

  • from a term of less than 91 days will cost you 89 days’ interest,
  • from a term of 91 days to 12 months will cost you 120 days’ interest,
  • from a term of 12 to 36 months will cost you 270 days’ interest,
  • from a term of 36 to 60 months will cost you 365 days’ interest, and
  • from a term of 60 months or more will cost you 730 days’ interest.

Banking Experience and Customer Sentiment

There aren’t a lot of customer reviews for Popular Direct, but don’t expect too much from this institution based on the reviews that have been left. Out of 90 ratings on DepositAccounts, Popular Direct scored an average rating of 2 stars and 53 of the user reviews left were paltry 1-star ratings.

Most customer complaints seem to be about untrustworthy service with some users reporting deceitful representatives and broken contracts. Aside from that, the majority of customers are displeased with the dropping interest rates on Popular Direct deposit products and inexplicably frozen accounts. As for positive reviews, people like the competitive rates—especially those available a couple of years back.

Overall, people aren’t happy with Popular Direct’s web and mobile banking platforms either. The Popular Direct app has 2.1 stars on Google Play and 1.5 stars on the App Store. The online banking portal and apps have been described as “astonishingly terrible,” and “buggy.”

Other online-only banks that offer ATM or branch access to their customers have an edge over Popular Direct, as Popular Direct accounts can only be managed via online banking, mobile banking, and ACH authorizations through linked external bank accounts.

There is no Popular Direct ATM network in the U.S., but even if there were, members wouldn’t be able to use it. As of right now, Popular Direct doesn’t have a checking account in its product suite and might not any time soon. This means no debit or ATM cards.

To contact customer service and get the most appropriate service or answers, visit the Popular Direct website and find the link that most closely relates to your needs. The general customer care line is 1-(800)-274-5696 and representatives can be reached in this way 24 hours a day, 7 days a week. You can also get help by selecting the “Contact Us” link via “Support” through the website and sending a service request or sending mail to the address below: Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

You will not be able to get the help you need through Popular Bank or Banco Popular if you are an online-only user, so be mindful of this.

Final Thoughts

Popular Direct CD accounts are undesirable for a number of reasons, but a Popular Direct Ultimate Savings account might work for you. Just remember, this bank charges customers a high number of fees for various account services on top of requiring high minimum opening deposits.