ApyGuy: Maximize Your Savings & Earnings

Regions Bank CD Rates, Savings and MMA – Top Rate 0.30% APY


image credit: regions.com

Regions Bank​, headquartered in Alabama, is a sizable full-service financial institution serving customers across 15 U.S. states.

Although it is geographically limited, it is still the 23rd largest bank in the country by asset size.

Regions Bank is also a member of the S&P 500 with its $129 + billion in assets. This traditional, regional bank is available to anyone that lives in the following states:

  • Alabama,
  • Arkansas,
  • Florida,
  • Georgia,
  • Illinois,
  • Indiana,
  • Iowa,
  • Kentucky,
  • Louisiana,
  • Mississippi,
  • Missouri,
  • North Carolina,
  • South Carolina,
  • Tennessee, or
  • Texas.

Those that qualify for membership may choose to bank in-person at a branch, or digitally by enrolling in online banking.

Checking, savings, money market, and CD accounts are eligible for online banking.

Find out all there is to know below—from savings rates to disclosures—and what its members have to say about banking with Regions.

Regions Savings Accounts + Money Market Account Details

All of Regions deposit accounts (both fixed rate and variable) are FDIC insured up to the legal limit of $250,000.

For a savings account option, you can choose from the LifeGreen account, the Regions Savings account, and the Now Savings account, but beware they are all providing a lower than average APY currently.

Regions Bank Savings Account Options + APYs

Account NameMin DepositBalance to Avoid FeesAPY
LifeGreen Savings$50$500.01%
Regions Savings$50$3000.01%
Now Savings$10$100.01%
Money Market$100$2,5000.01%

Average savings account rates sit at roughly 0.06% APY nationally to give these offers some context.

Although the accounts pay practically nothing in interest, there are at least no maintenance fees (if you have a Regions checking account) and no minimum balance requirements to avoid closures or fees. This could make an account worthwhile, despite the low rates.

LifeGreen Savings Account Details

You’ll need to search rates by area to be sure what Regions Bank is offering in your location, but across several zip codes, 0.01% is what you’ll get on a LifeGreen Savings account regardless of your balance.

Now for some good news. This account also comes with a 1% annual savings bonus of up to $100. To nab this bonus rate, you’ll have to set up automatic monthly transfers of $10 or more from your Regions LifeGreen checking account into your savings account.

Regions Savings Account Details

A ​Regions Savings​ won’t do you any better in earnings as it also pays a rate of 0.01%. This account requires a minimum opening deposit of $50 and an average daily balance of $300. If your balance is below this, you’ll be charged a monthly low balance fee of $5. A Regions Savings account does not pay a savings bonus.

Regions Now Savings Account Details

Finally, there is the ​Regions Now Savings​ account, and this has an APY of—you guessed it—0.01%, but it’s a little more flexible than the last one. Requiring a minimum opening deposit of $10 and absent maintenance fees, this account is fairly easy to get. The only account opening requirement is that you have a ​Regions Now Card​, a reloadable Visa Prepaid Card.

Although you don’t ​need ​a Regions checking account to open a Now savings account, this savings account also comes with a 1% annual savings bonus of up to $100 if you set up monthly transfers from a checking account. And for every month that you make a deposit of at least $5 into this and don’t make any withdrawals, you’ll get a $1 bonus. A Now savings account is the only savings account mentioned so far that will always earn the same rate across all balances.

Dividends on all Regions savings accounts are compounded daily and paid monthly. Excessive withdrawals outside of the federally-enforced limit of 6 will cost you $3 each.

Regions Bank Money Market Account Details

If you’re looking for an alternative or addition to these standard savings accounts, Regions Bank also offers ​Money Market Accounts​ and ​Premium Money Market Accounts​. Right now, MMAs are earning 0.09% nationally and 0.01% at Regions Bank. Be on the lookout for promotional rates, but this is it for now. The only thing that this account does that a savings account doesn’t is provide you with the ability to write checks.

You can open either type of MMA with a deposit of $100, but a Money Market Account requires a minimum average daily balance of only $2,500 to avoid a $12 monthly maintenance fee while the Premium MMA requires $15,000 or a LifeGreen Preferred checking account (an interest-bearing checking account with high balance requirements) to avoid a $15 monthly maintenance fee. Excessive withdrawal from a money market account will cost you $15 a piece.

Regions Bank Fee Schedule

Depending on which actions you to take with your Regions Bank account and how you move your money about, you may encounter fees from time to time.

Below is a complete list of potential fees and account limitations you may come across:

ActionFee/Limitation
Domestic Wire (inbound)$15
Domestic Wire (outbound)$30
Insufficient Funds Fee$36
Overdraft Fee$36
Monthly Service Charge$12
Is the Monthly Service Charge Avoidable?Yes
Permitted Monthly Withdrawals6
Max Number of Checks per Month6
Online BankingYes
Online Bill PayYes
Online StatementsYes

Regions Bank CD Rates + Account Details

For exact rates being offered near you, you’ll need to search the ​Regions CD rate search tool​. But here’s what you can ​most likely ​expect:

Regions Bank CD Rates

CD TermAPY
Less than 1 month0.01%
1 – 2 months0.01%
3 – 5 months0.01%
6 – 8 months0.05%
10 – 11 months0.05%
12 – 17 months0.10%
18 – 23 months0.10%
24 – 35 months0.10%
36 – 47 months0.10%
48 – 59 months0.20%
60 – 72 months0.30%

As you can see, there are plenty of CD terms to choose from at Regions Bank. To give the offers (above) a little more context, the national average for 12 month CDs sits at roughly 0.22% APY.

There is also a promotional “relationship rate” of 0.25% APY on a special 9 month term. Although it is a promotional rate, better rates can be found online.

To qualify for this, you must open your account with at least $10,000 and have and maintain a Regions checking account. The good thing about this product is that the rate is fixed for as long as you continue to meet these requirements – so if rates continue to slide, this may be increasingly favorable.

A minimum deposit of $2,500 is required for terms of 7 – 89 days and a minimum deposit of $500 is required for all other terms.

Interest is compounded daily and paid monthly, quarterly, semi-annually, annually, or at maturity, depending on your term. If a certificate is 1 year or more, interest is credited quarterly back into it unless you’ve asked for these payments to be disbursed to another checking or savings account in which case you may choose the disbursement frequency.

The grace period on a Regions Bank Time Deposit account is 10 days and early withdrawal fees will come with the following charges/fees:

  • For terms of 31 days or less, you will be charged all the interest your account would have earned;
  • for terms of 32 – 181 days, you will be charged 31 days’ interest;
  • for terms of 182 – 364 days, you will be charged 90 days’ interest;
  • and for terms of 365 or more, you will be charged 182 days’ interest.

Banking Experience and Customer Sentiment

When you bank with Regions, you’ll have access to over 1,900 ATMs in the bank’s cross-state service area and branches. There are around 1,400 branch locations in 15 states, and you can use the site’s ​locator​ to see if there’s an ATM or branch location near you. Keep in mind that Regions will not reimburse out-of-network ATM charges.

Regions Bank users are mostly content with what this institution brings to the table. Out of ​1,800 customer reviews left on WalletHub​, Regions Bank pulled 4 stars, suggesting that the bank might provide a better banking experience than it does opportunities for significant savings growth.

The app for this bank is well-liked on Google Play with a rating of 4.2 stars and hated on the App Store with a rating of 2.3 stars.

It should be noted that the recently-updated Regions Bank website is rather poor. Though mostly comprehensive, the site is difficult to use and makes tracking down information excessively tedious. You’ll need to perform individual searches for rates on all accounts in your area and even important information such as ACH transfer limits, which aren’t listed because they “may vary by account.” Both sending and receiving daily and rolling transfer limits are determined on an individual basis, so you won’t know what yours are until you contact support at 1-800-472-2265 (the number for online banking support).

Regions Bank customer service can be reached in a variety of ways. The live chat feature on the bank’s website offers quick response times for simple questions, but a call to the customer service center at 1-800-734-4667 can also get you the help you need. If you have questions about Regions credit cards, mortgages, or loans, find the ​extension​ devoted to your inquiry topic. Tweet @askRegions to get support via social media or send a ​secure email through this form​.

Final Thoughts

Regions Bank is not going to be the best choice for most people. For one thing, not everyone is eligible to join, which automatically rules this out as a viable option for people in 35 states. For another, the institution’s products just don’t give you much to feel excited about. Regions Bank has many choices, but most of them—at least their deposit and savings accounts—just aren’t good and their rates are on par with the drab offerings of most big brick-and-mortar banks like Wells Fargo.

When it comes to pure accessibility, Regions Bank does fine—members of this bank can visit a branch and/or enroll in online and mobile banking to service their accounts, which is nice for a lot of people, and help is easy to get. But other than that, Regions Bank doesn’t have a whole lot to offer that many other banks don’t also have other than bonus loyalty rates and a (potentially) better-than-most banking experience.

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


image credit: synchronybank.com

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

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

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

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

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

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

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

Synchrony Bank High Yield Savings Account Rate + Details

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

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.60%

In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:

  • <$4,999,
  • $4,999.01 – 24,999, and
  • >$24,999.01

This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

With this savings product, you will have cash access via:

  • phone,
  • ATM, and
  • online banking.

Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

Synchrony Bank Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Synchrony Bank Money Market Account Rate

BalanceAPY
$0 +0.50%

Interest is compounded daily and credited monthly

MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

Synchrony Bank CD Rates

CD TermAPY
3 months0.15%
6 months0.25%
9 months0.35%
12 months0.60%
13 months0.60%
14 months0.60%
15 months0.60%
18 months0.60%
24 months0.65%
36 months0.70%
48 months0.70%
60 months0.80%

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

15 Day Best Rate Guarantee

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

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

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

Synchrony Bank Perks Program for Deposit Accounts

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

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

The tiers are set up as follows:

image credit: synchonybank.com/about/

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

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

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

Opening an account at Synchrony Bank

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

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

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

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

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

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

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

Final Thoughts

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

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

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

CFG Bank Money Market: 0.76% APY + 0.88% CDs


CGF Bank APY Updates:
November 12, 2020: CFG lowered the APY on their money market account from 0.80% to the current 0.76% APY.
October 23, 2020: CFG Bank lowered the APY on their money market account from 0.86% to 0.80%.
October 8, 2020: CFG Bank lowered their money market rate from 0.90% APY to 0.86% APY. They also lowered the APY on a few CDs. See below.
September 3, 2020: CFG Bank lowered the APY on their money market account to the current 0.90% APY, down from 1.00% APY last month.
August 28 2020: CFG Bank lowered the APY on their money market account to 1.00% APY down from 1.04% APY.
August 13 2020: CFG Bank lowered the APY on their money market account to 1.04% APY down from 1.10% APY.
July 16 2020: CGF Bank lowered the APY on their money market account for the second time this month. CD rates remain unchanged.
July 9, 2020: CFG Bank lowered the APY on their money market account and all of their CDs.
June 23, 2020: CFG Bank lowered the APY on their high yield MMA and a handful of their online CDs.
June 15, 2020: CFG Bank lowered the APY on their high yield MMA and their online certificates of deposit following the FED move to keep rates near zero through 2022.
June 4, 2020: CFG Bank lowered the APY on their high yield MMA and several of their deposit terms.
May 11, 2020: CFG Bank lowered the APY on their high yield money market account from 1.73% to 1.60% on balances above $25k. The new APY on balances below $25k is 1.52%.

CFG Bank, a quaint bank based out of Maryland, currently has one of the top APYs for money market accounts anywhere in the country.

Available nationwide, CFG Bank is offering 0.80% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 0.70% APY on sums between $1,000 and $24,999.99.

The account can be opened online. To start the application process click on the “apply for an account link” in the top right. From there you will be prompted to complete a series of steps to open the account. CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Learn more about CFG Bank and their generous high yield money market account and CD offers below.

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just under $700 million and has roughly $500 million in consumer deposits making it the 11th largest bank in Maryland and the 743rd largest bank in the country according to Deposit Accounts. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.

Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.

0.76% APY High Yield Money Market Account Details

The rates above changed on November 12. The 18 month CD and high yield money market account now yield 0.68% and 0.76% APY, respectively.

CFG Bank’s money market account yield of 0.76% APY is still one of the highest in the country for accounts like these. 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.

BalanceAPY
$1,000 – $24,9990.66%
$25,000 +0.76%

Account Details Below:

Minimum Balance Requirements? $25,000 to earn the advertised APY. You will earn a slightly lower APY on balances between $1,000 and $24,999.99. See above for current rates.

Any fees to worry about? There are no monthly monthly maintenance fees or early withdrawal fees associated with the high yield money market account.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None have been noted.

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

Check Writing? No, there is no check writing allowed from this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).

CFG Bank’s Online CD Rates

Along with a high yielding money market account, CFB offers some respectable online CDs as well.

They have five online deposit products with terms of 12 months, 13 months, 18 months, 33 months and 60 months. The 33 month CD is a brand new product they began offering in May of 2020. The 13 month CD is also a newer product that was added to their suite of online CD’s on or around March 30, 2020.

CFG Bank’s CD rates were showcasing an inverted yield curve in early 2020. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates. Today, their rates show a fairly flat yield curve with little incremental gain for longer terms.

CFG Bank’s CD Rates:

CD TermAPY
12 months0.73%
13 months0.68%
18 months0.68%
33 months0.78%
60 months0.88%

Final Thoughts

If you are looking to plop more than $25,000 into a high interest, FDIC-insured product, and don’t want to lock the funds down for an extended period of time, then the high yield money market account by CFG Bank is one of the best deals around for you.

Keep in mind though, that the online banking and mobile app features are relatively lackluster. You’ll also have other notable restrictions such as the inability to write checks, so we’d suggest not using this money market account as a primary account for everyday expenses.

Their certificates of deposit are also yielding substantial returns compared to the current national average, however, you can likely get a similar APY with banks that don’t require so much effort in opening an account.

Patelco Credit Union CDs & Savings – Top Rate 2.0% APY!


Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 360,000 members across the nation and over $7 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.60%
36 – 47 months0.70%
48 – 59 months0.80%
60 months0.90%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.22% and 0.55% APY, respectively.

Dividends are compounded and paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest. 

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10-day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest. Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days dividends.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers an array of money market account options. These tiered accounts earn surprisingly high blended APYs on lower balances, but rates drastically fall off a cliff for higher amounts. See rate chart below:

BalanceAPY
$0 – $2,0002.0%
$2,000.01 – $5,0001.0%
$5,000.01 – $10,0000.50%
$10,000.01 – $50,0000.35%
$50,000.01 – $100,0000.25%
$100,000.01 – $9,999,999.990.20%

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Remember, these are blended APY rates. That means that though larger balances have lower interest rates than smaller balances, these APYs are minimum rates, not fixed rates. There is a range of APY rates that can be obtained within every tier. For example, at $2,000, you’d earn 3%; at $4,000, 2.5%; and at $8,000, 1.88%. Use this calculator to find out the exact APY you can expect on any given balance.

These money market account rates are some of the best in the country at this time. With an average APY of 0.18% for similar accounts, it’s easy to see why Patelco is particularly proud of its spread of money market options. This is one of the strongest savings tools the credit union has to offer and an excellent way to grow your money.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

BalanceAPY
$00.05%
$2,000.010.10%
$3,500.010.25%

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 38 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

  1. You live in certain counties (see below)
  2. You live, work, attend school, or worship in certain cities (see below)
  3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
  4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
  5. An immediate family member qualifies

Eligible California counties include:

  • Alameda
  • Contra Costa
  • El Dorado
  • Marin
  • Merced
  • Napa
  • Placer
  • Sacramento
  • San Francisco
  • San Joaquin
  • San Mateo
  • Santa Clara
  • Solano
  • Sonoma
  • Stanislaus and
  • Yolo

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Patelco has over 360,000 members and close to $7.5 billion in assets. As of February 29 2020, they had more than $5.5 billion member loans and more than $1 billion in investments.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.

Final Thoughts

Patelco is an easy credit union for anyone to join, but it doesn’t have the best rates out there on most of its suite of savings products. With that said, rates on their money market accounts are hard to beat especially for lower balances. So if you were looking for a liquid savings account (such as a money market account) and you plan on keeping a balance of $10k or less, then this may be a valuable option for you.

You probably want to look elsewhere for short term CDs or standard savings accounts, because the current offerings at Patelco fall short of the top rates held by online institutions.

Navy Federal Credit Union CD Rates – Still up to 3.50% APY!


Navy Federal Credit Union is the largest credit union in the nation by a wide margin and has been since the 1960s.

This massive financial cooperative was founded in 1933 by Navy Department employees as the Navy Department Employees’ Credit Union of the District of Columbia.

Dropping the unwieldy name and extending membership to all Navy employees worldwide (rather than just those in D.C.), the credit union became known as the Navy Federal Credit Union in 1954.

Fast forward to today, you no longer have to be affiliated with the Navy to become a member of Navy Federal, but you do need to have military or family ties to join.

Navy Federal is a global credit union with international locations and hundreds of branches, but you’ll want to consider factors beyond accessibility before applying for membership.

Acclaimed not for its savings accounts but for its loans and customer service, Navy Federal Credit Union could be a good option for you, but it depends on what you’re looking for. For information about Navy Federal’s suite of NCUA-insured deposit products, keep reading.

Navy Federal Credit Union CD Rates + Account Details

Navy Federal deposit accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

Navy Federal is unique in that it offers several different types of certificates, some standard and some variable-rate; some short-term and some requiring much longer investments.

[Update November 16, 2020: Navy Federal Credit Union has yet to lower their CD rates since early August, 2020. Since then, FED Reserve Chairman, Jerome Powell, has reiterated his stance on keeping key rates at/near zero for the foreseeable future. Given the FEDs stance and Navy Federal Credit Union’s stale CD rates, we feel there is a decent chance they lower their CD rates in the near future. You may want to lock in these APYs (annual percentage yields) now while they are still available.]

Navy Federal Credit Union CD Rates

CD TermAPYAPY
deposit amount:$1,000 – $50k$100k +
3 months0.50%0.55%
6 months0.60%0.65%
9 months0.60%0.65%
12 month0.90%0.95%
18 months0.90%0.95%
24 months1.01%1.05%
3 year1.05%1.10%
4 year1.10%1.15%
5 year1.20%1.25%
6 year1.20%1.25%
7 year1.20%1.25%

Navy Federal standard certificate accounts require a minimum deposit of $1,000. To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22% right now, so 0.90 – 0.95% for the same term is pretty good.

In a normal interest rate environment, NFCU’s deposit rates would vary by deposit amount, however in today’s market a minimum deposit of anywhere from $1,000 to $50,000 is going to have the same payoff in terms of APY.

Navy Federal also sells a 3 year variable rate certificate. This type of CD enables you to leverage upward market trends to earn more interest, but it also leaves you more vulnerable to downward market trends. 

Rates on these variable certificates adjust automatically at 12 and 24 months after issuance, at which point you can also add money if you choose, but will not decrease more than 0.50% of the original rate. The current APY on this type of account is 0.46%, which is exceptionally poor when compared to a standard Navy Federal 3 year CD, so you definitely don’t want to commit to one of these unless you’re almost certain rates are going to increase significantly within at least a year.

There are EasyStart and Special EasyStart certificates as well. See EasyStart rates below.

Navy Federal Credit Union Easy Start CD Rates

CD TermAPY
6 month0.50%
12 month0.80%
18 month0.80%
24 month0.90%

One benefit of an EasyStart certificate is that it only requires an opening deposit of $50, but these accounts earn slightly lower APYs than their standard counterparts, making this really only a decent option for those that don’t have at least $1,000 to deposit (and maintain) but still want to earn while they save. There is no maximum balance or account limit associated with these CDs.

image credit: navyfederal.org

The Special EasyStart certificate is a 12 month term with a $50 minimum deposit, $3,000 maximum balance, and a 3.50% APY.

A Special EasyStart certificate account is available only to Navy Federal customers that have checking and direct deposit accounts with Navy Federal. Money may be added to EasyStart certificates at any time. Customers are limited to one Special EasyStart account per member.

All certificate dividends are compounded daily and credited monthly. These will be deposited to the certificate account automatically unless a dividend distribution option is chosen when the account is opened. There is a generous 21 day grace period for Navy Federal certificates.

Early Withdrawal Fees

Early withdrawal from terms of

  • 12 months or less will be charged fees equal to whichever option costs less: 90 days’ interest or all dividends on the amount withdrawn since issuance/renewal.
  • Early withdrawal from terms greater than 12 months will cost either 180 days’ interest or all dividends on the amount withdrawn since issuance/renewal and from terms of five years or more will cost 365 days’ interest or all dividends.

Navy Federal Credit Union Money Market Rates + Account Details

Navy Federal money market savings accounts are fine, but you’ll see that they’re not particularly attractive.

Navy Federal Credit Union Money Market Rates

BalanceAPY
$0 – $9,9990.50%
$10k – $24,9990.55%
$25k – $49,9990.60%
$50k +0.65%

The current national average for money market accounts is just 0.08% APY to put these offers in perspective, however significantly better rates can be had through online institutions such as Vio Bank, Tab Bank, or Discover.

A $2,500 minimum average daily balance is required to earn interest, but you won’t be charged a fee if your balance drops below this. Dividends are compounded and credited monthly. For every transaction you make over the six transaction limits enforced under federal regulation D, you’ll be charged $10.

Other Savings Accounts Offered Through Navy Federal Credit Union

An initial share with Navy Federal costs $5 and gets you a Share Savings Account. This is also how much you’ll need to keep in your savings account. With an APY of 0.25%, this savings product isn’t ideal for growing your money, but it doesn’t come with many inconveniences such as monthly maintenance or low balance fees. It does come with a $3 quarterly inactivity fee if your account is inactive for 12 months during any given quarter. Dividends are compounded and credited monthly.

Navy Federal also offers a SaveFirst Account with an APY of 0.50%. With a slightly better rate of return but equal minimum deposit, this account is a better option for anyone wanting to put money away for designated purposes like weddings or vacations. Select a term between 3 months and 5 years and watch your deposit grow (a little). Dividends are compounded daily and credited monthly. This savings account is going to earn you more than a share savings account, but a money market account might be a better option.

About Navy Federal Credit Union + Eligibility

Navy Federal blows other credit unions out of the water with its asset and membership numbers. They hold more than $112 billion in total assets and over $86 billion in member savings and deposits, with just shy of 9 million total members.

Though the credit union is headquartered in Virginia, you don’t have to live anywhere near Virginia to access Navy Federal branches or ATMs. There are 343 branches worldwide, some on military bases and some overseas in 26 international locations. In the U.S., Navy Federal has branches in metro D.C., Virginia, California, and Florida. They do not participate in shared branching, but they are part of a network of over 30,000 co-op ATMs.

To be eligible to join Navy Federal, you must have ties to the Department of Defense, the armed forces, the National Guard, or have a family member that does. Navy, Marines, Army, Air Force, Space Force, and Coast Guard active duty and retired members all qualify for membership. This credit union is not open membership and you may not join if you do not meet the above membership criteria.

Final Thoughts

Navy Federal has come to be known for its commitment to its customers. It receives high marks on the loan side and currently features exceptional APYs on the savings side.

It’s also the largest credit union in the country with far-reaching accessibility.

12 Lucrative Alternatives To CDs and Savings Accounts


image credit: pixabay

Every investor wants to earn a reasonable rate of return. 

Your rate of return can produce an income to pay for living expenses, or funds can be reinvested to increase your investment portfolio.

The current interest rate environment makes it difficult to earn a decent return on traditional deposit accounts.

Interest Rate Landscape

Interest rates have steadily declined since the early 1980’s when they were at their highest point in modern history. According to NerdWallet and the Federal Reserve Bank of St. Louis, a 3 month CD in December of 1980 would have earned you a whopping 18.65% APY.

Today, however, you’d be hard-pressed to find a yield even one-tenth that size. And you’d have to lock up your funds for many years to even come close.

Since the onset of COVID-19 and the subsequent recession, the interest rate environment for savers has gotten even worse. The Federal Reserve System chairman Jerome Powell has made it clear they intend to hold key rates at historically low levels for an extended period of time. And thanks to low rates of inflation, the Fed will likely be able to keep its promise.

That being said, many savers that have historically relied on FDIC-insured investment vehicles for their savings and investments are now searching for safe alternatives that feature higher returns.

Below is our breakdown of the most worthy alternatives to traditional CDs and savings accounts.

Have you considered the following?

Paying off High Interest Debt

Reducing debt can generate an attractive rate of return.

You can earn a higher rate of return by paying off debt that carries a high rate of interest.

If the rate of interest you remove is higher than the rates available on CDs and saving accounts, you’re financially better off.

The average interest rate on credit card debt is over 21%, and interest rates on student loans average between 4.5% and 7.6%, depending on the type of loan.

Here’s a simple example, assuming that the investor pays off the highest interest rate debt first.

  • You pay off a $3,000 credit card balance with a 20% annual interest rate, saving you $600 interest expense. You now have $600 available to use toward another debt.
  • Next, you apply the $600 in saved credit card interest and $4,400 additional dollars to pay off $5,000 in student debt. This debit has a 6% annual interest rate, saving you $300 in interest. 
  • Finally, you apply the $300 in saved student loan interest and $1,700 additional dollars to pay off $2,000 in additional student debt. This debit has a 4.5% annual interest rate, saving you $90 in interest. 

The result? You invested $9,100 to pay down debt, and saved $990 in interest costs. Your return, in terms of interest costs eliminated, is over 10%. This is a much higher return than rates for CDs and savings accounts.

A growing number of investors are considering the returns from peer-to-peer lending.

Peer to Peer Lending

Peer to peer lending provides an alternative to traditional bank loans, and offers a competitive rate of return to investors.

With peer-to-peer (P2P) lending, borrowers are connected with lenders through an online marketplace, with the P2P company serving as a facilitator.

The borrower doesn’t have to go through a lengthy loan approval process. The application process is simplified, and decisions are made quickly. The lender earns a return, based on a share of the interest rate charged to the borrower.

Companies such as Upstart and Funding Circle facilitate personal and business loans. PriceWaterhouseCoopers estimates that the market could reach $150 billion or higher by 2025.

As an example, Upstart states that the average 3-year loan has an annual percentage rate of 20%, and that over 478,000 loans have originated on the site. P2P lenders can earn annual returns from 6 to 10%. 

These are unsecured loans, and there is a risk of default by a borrower. Upstart’s default rate is between 4% and 9%. Fortunately, you can spread your risk by investing a small dollar amount in a number of different loans.

Both the SEC and state entities regulate P2P lenders.

ETF And Dividend Stocks

Over the long term, common stocks have offered higher returns than CD and savings accounts.

One way to measure the average return on common stocks is to use the Standard and Poor’s (S&P) 500 Index. This is an index that tracks the investment performance of 500 large company stocks.

The average annual return for the index from 1957 through 2018 is roughly 8% (7.96%). While the average return is higher, the year-to-year volatility creates risk for investors. The index generated a 34% increase in 1995, and a 38% decline in 2008. 

Common stocks can be a successful investment for individuals who hold a portfolio of stocks over the long term. 

An exchange-traded fund (ETF) is a portfolio of stocks that tracks the performance of an underlying index, such as the S&P 500 Index. ETFs are listed on exchanges, and their shares are traded each business day. Purchasing an ETF is an inexpensive way to invest in a diversified portfolio of stocks.

You can reduce stock market volatility by purchasing dividend stocks. These stocks pay a high dividend, as compared to the overall stock market. Typically, high-dividend stocks represent companies that are well established, and produce consistent profits.

Assuming dividend reinvestment, high-dividend stocks posted compound annual returns of 11.7% between 1986 and 2016. According to Ned Davis Research, dividend stocks posted an average annual return of 10.07% between 1972 and 2013.

Stock investors are exposed to volatility, as explained earlier. By reinvesting a high dollar amount of dividends, investors can benefit from compounding interest, or the ability to earn a return on prior dividend payments.

Compounding interest increases returns, and reduces the impact of stock price declines on the annual rate of return. ETFs and high-dividend stocks are appropriate for investors who are willing to take a moderate level of risk to earn higher returns.

Corporate, Municipal, and Government Bonds

A bond is a debt instrument that pays an investor a fixed interest rate each year, and returns the original (principal) amount when the bond reaches maturity. Many investors use bonds to earn a predictable amount of income each year.

Most bonds receive a credit rating, based on their ability to make all required interest payments and repay the investor’s principal amount at maturity. 

A default means that the bond missed an interest payment, principal repayment, or both. Investors should consider the bond rating for every investment, in order to minimize the risk of a bond default. 

Standard and Poor’s and other institutions analyze bonds and provide a bond rating. 

Investors can purchase several types of bonds:

Corporate Bonds

Debt issued by corporations to raise capital. Companies that generate consistent profits and limit the total debt can make all required debt payments. These firms typically receive a higher bond rating than other businesses with inconsistent profits.

Municipal bonds

States, cities, and local governments issue municipal bonds. The bond may be secured by the taxing power of the municipality (general obligation bonds), or funded by a specific revenue source.

Government bonds

The US federal government issues Treasury bonds. These bonds are backed by the full faith and credit of the US, and have the highest bond rating for creditworthiness.

Barclays Capital reports that bonds earned an average annual return of 4.3% from 1915 to 2014. Keep in mind, however, that inflation reduces the purchasing power of the income paid on a bond. Inflation averaged 3.2% during the same time period, meaning that the average “real” return was (4.3% – 3.2%), or 1.1%

CD and savings account investors are also subject to inflation and reduced purchasing power. So, it’s useful to compare CD and savings rates to the 4.3% annual return on bonds.

Real Estate Investing, REITS

With REITs you can invest in a diversified portfolio of properties or property management companies. The average 20 year return on a REIT is 11.8%.

Investors can diversify their investment portfolios and earn competitive rates of return by investing in real estate. 

Investopedia explains that the average 20-year return in commercial real estate is 9.5%, while residential real estate averages 10.6%.

  • Purchasing individual properties is complicated, and carries several forms of risk. You need to understand current prices in the market, so that you can negotiate a reasonable purchase price. 
  • You’ll need an expert who can ensure that the title of the property is legally transferred to you. 
  • If you want to build or make changes to an existing structure, you’ll need to get permits and follow local building code regulations.

Real estate investment trusts (REITS) allow you to invest in a portfolio of securities, and avoid the challenges of purchasing individual properties.

Like stocks and mutual funds, REITS are securities, and they trade on exchanges. You can invest in a diversified portfolio of properties, and invest in property management companies.

Kiplinger lists SITE Centers (shopping centers) and Boston Properties (commercial property) as two of the best REITs for investors.

The average 20-year return for a REIT is 11.8%.

Rewards Checking

If you’ve used credit cards and received rewards, you might consider a rewards checking account. You can potentially earn high interest rates, cash back rewards, and even signup bonuses.

Reward checking interest rates may be higher than what you’re currently earning in a checking or savings account. These accounts offer free checking, and many will refund ATM fees.

There are some drawbacks to rewards checking accounts, however.

  • Debit card usage: The most common requirement is that the owner must use the account debit card a minimum number of times each month (10 times is typical). If you don’t meet the usage requirement, you’ll earn less interest.
  • Types of debit card purchases: Some accounts may also require debit card purchases for a minimum dollar amount. You may not be able to meet the minimum usage requirement with a number of small purchases.
  • Balance caps: The bank may cap the dollar amount that you can use to earn the higher interest rate. Read the agreement details carefully to determine if there is a cap.

If you’re self-disciplined and monitor your debit card usage and balance, you can earn a higher return with rewards checking.

Foreign Currency CDs

These CDs can offer a higher rate of return, but investors are exposed to currency risk while their deposits are active.

The risk with foreign currency CDs is currency depreciation against the US dollar while your funds are deposited.

When the investor converts back to dollars, the owner is exposed to the currency fluctuation that took place during the tenure of his/her deposit. If the US dollar’s value has strengthened compared to the other currency, the investor will get back fewer dollars when the CD matures. Conversely, if the US dollar has weakened compared to the other currency, the investor will get back more dollars when the CD matures.

Many traditional banks do not offer these products. TIAA Bank (formerly EverBank) is the most well known institution serving the space. They have two products – WorldCurrency CDs and WorldCurrency Baskets. You can choose from a number of currencies in both developed and emerging countries. The World Currency Baskets let you diversify into a number of currencies. You can read more in our rundown of foreign currency CDs.

Home Improvements / Rent Property as Airbnb

Earn a rate of return on an asset that you already own.

Upgrade your home- particularly if you own a second home- and rent your property as an Airbnb.

Airbnb is an online marketplace that connects people who want to rent out their homes with people who are looking for accommodations in that locale. It currently covers more than 81,000 cities and 191 countries worldwide.

The company is the largest home-sharing platform in the U.S., with more than two million people on average booked every night into its listings worldwide.

Many people earn income from Airbnb, particularly if they upgrade their homes to make them more attractive to a potential renter. You can make small improvements in your kitchen, or a spare bedroom, and post photos and a video of your home on Airbnb.

The risk for Airbnb hosts is that a renter may do damage to your home. However, Airbnb’s Host Guarantee program provides protection for up to $1,000,000 in damages to covered property in the rare event of guest damage, in eligible countries.

If you travel or have a second home, you can use the time away as an opportunity to rent your home and earn income.

Use start-ups like AirDNA to estimate how much your rental property could generate in Airbnb income. Research average nightly rates plus expected vacancy rates to get an estimated monthly income report for your property.

Diversified Portfolio of Growth Stocks

Growth stocks offer a potentially higher rate of return than the broad market, with a higher level of risk. A growth mutual fund may be an option for a small percentage of your investment portfolio.

The Motley Fool explains that: “Growth stocks prioritize going from small, up-and-coming businesses to leaders in their respective industries as quickly as possible. Early on, growth stocks tend to concentrate on building up their revenue, often at the cost of delaying profitability until a future date. After a period of time, growth stocks start focusing more on maximizing profit.”

Growth stocks may not produce consistent earnings, and these firms typically reinvest available earnings into the company. In most cases, growth stocks do not pay a dividend, which means that your return is generated from an increase in the stock price.

As mentioned earlier, average annual return for the S&P 500 stocks from 1957 through 2018 is roughly 8% (7.96%). While the average return is higher, the year-to-year volatility creates risk for investors. 

You can purchase a growth mutual fund that invests in dozens (or hundreds) of stocks. If a particular growth stock declines sharply in price, the impact on your portfolio is minimized.

Add Capital To Existing Business

Consider investing in yourself.

If you own and operate a successful business, you can invest additional capital. Maybe you use the added capital to fund a marketing campaign for a new product, or to buy inventory to meet seasonal demand.

A company that generates a 10% profit can use additional capital and generate a similar return. You know your business better than anyone else, and you can use the invested capital where your firm needs it the most.

Home Addition To Increase Value

If the owner has a smaller home in a highly desirable location and is considering a home sale, an addition could sharply increase the potential sale price of the home. The gain on sale may be far more than the cost of the home addition.

As mentioned above, the average annual return on residential real estate is 10.6%.  However, making right changes to your home can differentiate your property from others in the neighborhood. Talk with a realtor about an addition or remodeling project, and take advantage of your home’s location.

Private Equity Investing

If you have a high net worth, and can keep dollars invested for at least 4-5 years, private equity investing is an option for you.

Private equity funds invest in private companies that do not trade on an exchange. The fund managers work to make changes and increase the sales and profits of the purchased company. In most cases, the private equity fund attempts to sell the company for a gain after 6-10 years.

You must meet net worth minimums and other requirements before you can invest in a private equity fund. The fund also requires investors to keep funds invested for 4-5 years, so that the funds can be used to improve the company’s performance.

Private equity investing offers higher returns, with a higher level of risk. In some cases, the purchased businesses cannot be sold for a gain, or generate a loss for the fund.

Investing Options to Avoid

If you’re looking for higher rates of return, avoid these three types of investments.

Annuities

An annuity is an investment that pays a fixed stream of payments to an investor over time. Retirees use annuities that pay an income for a fixed number of years, or for the remaining life of the investor. Variable annuities allow purchasers to invest in stock and bond portfolios.

Annuities are complex, and the fees can be expensive. Many annuity investors do not understand the investment, and the fees charged reduce the rate of return.

Stock Options

Options are an investment tool that allows the buyer to speculate on the increase or decrease in the future price of a stock. Option prices are highly volatile, and some options expose the investor to an unlimited amount of risk. 

Commodity Trading

Commodities are materials or agricultural products that trade on exchanges. Commodities can change rapidly in price, based on weather, crop production, and world events. Like stock options, this investment exposes the investor to a large level of risk.

Next Steps

Talk with a financial advisor, and do your homework. Consider the potential risks and rewards for each investment alternative. If you diversify your investments, you can earn a higher return than rates on Bank CDs and savings accounts.