APY GUY: Maximize Your Savings & Earnings

U.S. Bank CD Rates – APYs now up to 0.75%!


image credit: usbank.com

[Update September 2021: US Bank now has 4 CD specials (see rates below) up from just 1 in May of this year. Standard CDs, Step Up CDs and Trade Ups CDs rates remain unchanged.]

U.S. Bank has the most competitive certificate of deposit rates of all the major banks at the moment even though many of their APYs (annual percentage yields) fall short of the national average for their respective terms.

U.S. Bank has four types of CDs available to consumers. These are:

  1. Standard certificates of deposit
  2. U.S. Bank CD Specials
  3. U.S. Bank “Step Up” CDs
  4. U.S. Bank “Trade Up” CDs

Their standard CDs come with yields more akin to the other large national banks, while their CD specials offer slightly more competitive yields.

Their Step Up CD comes with a 28 month term and a rate that increases every 7 months and their Trade UP CD allows you to swap your deposit for one with a higher rate if interest rates increase while your deposit is active.

To get the full rundown of U.S. Bank’s CD rates and to see if these products are right for you continue reading our comprehensive review below.

U.S. Bank Certificate of Deposit Rates + Details

All of U.S. Bank’s CDs are federally insured by the FDIC up to their applicable limits.

U.S. Bank offers eleven standard-term certificates of deposit. These come with a minimum deposit requirement of $500 and a maximum deposit amount of $250,000. They can be opened online, over the phone or in a local branch.

U.S. Bank CD Rates

CD TermDeposit RangeAPY
1 month$500 – $250k0.05%
2 months$500 – $250k0.05%
3 months$500 – $250k0.05%
6 months$500 – $250k0.05%
9 months$500 – $250k0.05%
12 months$500 – $250k0.05%
18 months$500 – $250k0.05%
24 months$500 – $250k0.05%
36 months$500 – $250k0.10%
48 months$500 – $250k0.15%
60 months$500 – $250k0.25%

To put these annual percentage yields in perspective the current national average on a 12 month CD and a 60 month CD sit at 0.15% APY and 0.24% APY, respectively.

Interest is compounded daily on all terms.

Early Withdrawal Penalties

If you need to withdraw funds from your U.S. Bank CD prior to its maturity date, you will be charged with an early withdrawal fee. Their current early withdrawal fee schedule is outlined below.

Early Withdrawal Fees

CD Term: 6 months or less
Fee: All of the interest that would have been earned on the funds if held to maturity – OR – 1% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.
CD Term: 6 months to 12 months
Fee: Half of the interest that would have been earned on the funds withdrawn if held for the entire term – OR – 1% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.
CD Term: Greater than 12 months
Half of the interest that would have been earned on the funds withdrawn if held for the entire term – OR – 3% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.

Grace Period

U.S. Bank CDs come with a standard grace period of 10 days in which you may add or withdraw funds from your deposit penalty free. If nothing is done during this period, the CD will renew for the same terms at the going APY.

U.S.Bank will send you a reminder when your CD is about to mature, but be sure to set up your own notifications if you do not wish to have your funds locked into the same deposit terms.

U.S. Bank CD Specials

U.S. Bank now has 4 CD specials, up from just one back in May 2021. They generally have between 3-4, all of which tend to come with oddball terms and more competitive yields than their standard CDs.

The minimum deposit required to open one of U.S. Bank’s special CDs is $1,000 – twice the amount of their standard CDs.

U.S. Bank Special CD Rates

CD TermDeposit RangeAPY
17 months$1,000 – $250k0.15%
37 months$1,000 – $250k0.35%
47 months$1,000 – $250k0.50%
59 months$1,000 – $250k0.75%

We should note that the offer listed above only applies for the initial term.

If you allow for your Special CD to renew after the term is up, U.S. Bank will roll this into another CD with the same duration, but the APY will be determined based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD.

In other words U.S. Bank will apply the APY of the nearest standard term CD but will keep the oddball duration you had with your initial CD special.

The same early withdrawal penalties apply with U.S. Bank’s CD Specials as they do with their standard CDs.

On Special CDs, all interest payments will be made at the end of the term or annually, whichever occurs first based on the term you select.

U.S. Bank Step Up CD

U.S. Bank’s Step Up CD is a 28 month term deposit with four incremental rate increases (one every 7 months) throughout its duration.

The product starts with an APY of 0.05% and ends with an APY of 0.65% to give you a blended APY of 0.35% for its duration.

Breakdown of APY

TermInterest RateBlended APY
28 months0.05% for first 7 months0.35%
0.25% for next 7 months
0.45% for next 7 months
0.65% for last 7 months

To put this offer in perspective, the average yield on a 2 year CD (24 months) sits at just 0.23% APY according to the FDIC as of November 2020.

The minimum deposit requirement for the U.S. Bank Step Up CD is $1,000.

U.S. Bank Trade Up CD

The U.S. Bank Trade Up CD currently comes with two terms to choose from. A 30 month term or a 60 month term.

As the name implies, this product allows one to ‘trade up’ for a higher rate if one happens to come along while your CD is active. This is an ideal product during an ascending interest rate environment.

Terms and APY

CD TermDeposit RangeAPY
30 months$1,000 – $250k0.10%
60 months$1,000 – $250k0.40%

The 60 month Trade Up CD by U.S. Bank is currently more attractive than the 30 month CD when pitted against the current national average(s) for the nearest terms. As mentioned, 24 month CDs are averaging 0.23% APY nationally according to the FDIC, while 60 month CDs are hovering around 0.47% APY according to Bankrate.

If you go with a Trade Up CD by U.S. bank you will need to visit an actual branch location to initiate your one time interest rate trade up. Once initiated, U.S. Bank will calculate the remaining time on your CD and find a standard term CD that is closest to it, then apply that rate. Please allow up to 10 days for this rate change to take effect.

Final Thoughts

If you’re in the market for a fixed-rate certificate of deposit and would prefer to open one with a major bank that has a large branch network, then U.S. Bank may be a good fit.

They have the highest yields on CDs of any of the large national banks and have promotional deposit products that can amplify your earnings – especially in more favorable savings rate environments.

The minimum deposit requirements are also relatively low and U.S. Bank provides many different ways to open the accounts – online, over the phone, or in branch.

Zacks Investment Research Review – Returns Generated + Is it Worth it?


image credit: zacks.com

Zacks was the first investment research company to combine earnings forecasts from Wall Street firms and share the data. 

So, instead of choosing a few firms to follow and basing stock buys on those recommendations, subscribers can access information from every major Wall Street firm to see trends. Zacks has been providing aggregate stock earnings forecasts since the early 1980s.

What is Zacks Investment Research?

Zacks Investment Research, founded by MIT scholar Len Zacks in 1978, provides investment-related content and independent research. The company is best known for supporting professional investors with analysis and financial data so they can make the best possible investment decisions for their clients. The company was built on its ability to produce consensus earnings-per-share (EPS) estimates. Zacks Research also provides research reports, stock prices, recommendations about stocks, and a number of investment tools. 

Are Zack’s Investment Research Stock Picks Any Good? 

Zacks bases their stock ratings and recommendations on whether research analysts are increasing or revising earnings estimates upward. Historically, those stocks outperform the market. Stocks that are downgraded to Sell or Strong sell by analysts tend to underperform.

Zacks Investment Research continues to refine their methods, and have one of the most dependable stock picking services available today. 

Zacks Rank Profit Power

All of the Zacks portfolios are governed by Zacks Rank fundamentals. The mathematical system produces average returns of +25.6% per year. A stunning example on display on the Zacks website shows how the Zacks Rank fundamentals work:

$10,000 in the S&P 500 invested January 1, 1988, rebalanced monthly (not counting fees) = $350,000 + by June 28, 2021.

$10,000 in Zacks Rank system invested January 1, 1988, rebalanced monthly = $20.7 million by June 28, 2021 [source].

image credit: zacks.com

Recent short-term trading portfolio examples:

  • +334.8% (7.5 months) Anavex – Healthcare Innovators
  • +350.8% (3.5 months) SnapOn – Options Trader
  • +73.1% (9 weeks) ACM Research, Inc. – Technology Innovators
  • +252.0% (19 days) Blackberry Limited – Counterstrike
  • +140.5% (6 months) NVIDIA – TAZR

Recent long-term trading portfolio examples:

  • +178.6% (2.5 months) Fiverr International Ltd – Home Run Investor
  • +251.1% (45 months) Microsoft – Income Investor
  • +386.8% (12 months) Sea Limited ADR – Zacks Top 10 Stocks
  • +475.8% (6 months) Digital Turbine – Stocks Under $10

Details About Zack’s Investment Research’s Subscription Services

The free tier of Zacks Investment Research’s subscription includes briefings from Zacks’ Profit from the Pros newsletter. You’ll get a daily email with 5 newly Upgraded Zacks’ Strong Buy Stocks, Bull Stock of the Day, and Key Market Developments. New subscribers get instant access to Zacks’ 7 Best Stocks for the Next 30 Days, as well. 

With the free version, you’ll get access to Zacks Portfolio Tracker to help you see crucial metrics on each stock in your portfolio or watch list. You’ll also have access to Zacks Rank and Style Scores. 

Zacks Premium

As a Zacks Premium subscriber, you’ll get access to a number of benefits, including premium resources and tools. 

Here’s what you’ll get with Zacks Premium:

  • Daily briefing on portfolio changes and key developments
  • Member-only website access with live performance and open positions
  • Market insights from Stock Strategists
  • Real-time buy and sell signals from private long-term portfolios

Zacks #1 Rank List: Strong Buy stocks have more than doubled the S&P 500. Average gains are +25.6% per year January 1, 1988 through June 28, 2021. 

Industry Rank List: Sorts companies into 250 groups by industry and calculator average Zacks Rank for total stocks in that industry. Stocks in the top half of all ranked industries beat the bottom half by 2-to-1. 

Premium Screener: Zacks created 45 predefined screens to help subscribers choose Zacks Ranked stocks to match value, growth, momentum, on income trading styles. 

Focus List: 50 top long-term stocks chosen by Sheraz Mian, Director of Research. Equity Research Report offers the reasoning behind each pick. Stock Strategist Daniel Laboe shares insights on market activity every Monday. 

Equity Research Reports: Research from Zacks’ analysts with analysis on each company for more than 1,000 stocks, including growth prospects and fundamentals. 

Earnings ESP Filter: Identify stocks with the potential to provide surprising returns with the Earnings Expected Surprise Prediction (ESP) Filter. Based on the Zacks Earnings ESP metric, the filter has predicted earnings with 70% accuracy over a ten-year time period. 

Zacks #5 Rank List: 220 Zacks Rank #5 stocks with a historical performance of more than 3.5x worse than the market since 1988

Style Scores: Individual Style Scores (A, B, C, D, F for value, growth, and momentum) for each stock covered by Zacks make it easy to narrow the #1 rank list to stocks that match your style. Use the VGM (value, growth, momentum) score to identify the best overall scores. 

With Zacks Premium, subscribers get the same $1 trial deal as they would with Zacks Ultimate, including unrestricted access to everything offered to subscribers. The 100% satisfaction guarantee provides a full refund if you aren’t pleased with the service 90 days from the time you accept the full-price subscription. You’ll also get the 100% performance guarantee, which says that if your Zacks Investor Collection subscription doesn’t help you beat the market, you can get a refund provided you meet the performance guarantee criteria. 

If you decide to keep the Zacks Premium subscription past the first month’s trial period, you’ll pay $59 per month. 

Zacks Ultimate

New subscribers get 30-day access to the Zacks Ultimate buys & sells for $1. During this trial, you can see all short-term trading portfolios and long-term investing portfolios. You’ll also get Zacks Premium research and tools as well as the company’s private market insights. 

With Zacks Ultimate, you’ll have real-time access to buys and sells as well as the following market commentary from private services:

Black Box Trader

Stock-picking formulas that use automation to distill 10 weekly high-potential stocks from thousands. 

Blockchain Innovators 

Information to help investors harness the “Internet of Money” without the volatility associated with cryptocurrency investing. 

Commodity Innovators 

Long-term and short-term profits with reduced risk on investments in gold, grains, oil, livestock, currencies, and more. ETFs and stocks only. 

Counterstrike 

The best stocks rebounding from panic sell-offs. 

ETF Investor Blending 

Identifies emerging trends by blending Zacks Industry Rank + 2-to-1 performance advantage + Zacks ETF Rank without the added risk of buying individual stocks. 

Headline Trader

Focusing on companies that show rising earnings estimates and strong fundamentals, you’ll get the jump on the kind of news that causes big stock moves. 

Healthcare Innovators 

Breakthroughs in the healthcare sector; biotechnology, hospitals, pharmaceuticals, devices, and more. 

Home Run Investor 

Identifies little-known companies with a great deal of potential; +50%, +100%, +200%. 

Income Investor 

Provides guidance toward carefully selected high-dividend stocks as well as low-risk assets. 

Insider Trader 

Information about insiders buying their own company’s stock using their own funds combined with Zacks Rank evaluation. 

Large-Cap Trader 

Large-cap stocks with strong potential for growth that offer resistance to volatility. 

Marijuana Innovators 

The cannabis industry is now worth $61 billion – up from $9 billion in 2017. Sweeping legalization makes this an ideal industry for investors, and this newsletter provides much-needed information about which stocks to buy and which to stay away from. 

Options Trader 

Professional options strategies blended with the gain power of the Zacks Rank provides substantial returns with a fraction of the risk. 

Short Sell List 

Computer-driven list of stocks that could soon fall more than average, making them ideal for shorting in bear markets. 

Stocks Under $10 

Low-priced stocks with great earnings outlooks and growth potential. 

Surprise Trader 

Positive earnings surprises predicted with more than 80% accuracy using Zacks’ research breakthrough. 

TAZR 

Technical Analysis + Zacks Rank combines to create a small number of #1 and #2 stocks. 

Technology Innovators 

Tracks breakthroughs and trends in cloud computing, artificial intelligence, and the Internet of Things. 

Value Investor 

Tracks undervalued companies using proven criteria with Zacks Rank timing to provide information about when investors should purchase specific stocks. 

Zacks Confidential 

Zacks VP Kevin Matras reveals key trades providing insight into Zacks’ Best of the Best. Released weekly. 

Zacks Premium 

Professional-grade tools for individuals with a daily update of the Zacks Rank, access to Zacks Equity Research, Premium Screens, and Focus List portfolio that includes 50 stocks for the long haul. 

Zacks Top 10 Stocks 

Top 10 stocks to buy and hold complete with in-depth research and quarterly updates. 

Zacks Ultimate subscribers receive a daily summary email to help them distill the most important information from each newsletter. 

Zacks money-back guarantee

If you decide to continue with a subscription to Zacks Ultimate, you can choose to cancel within 90 days after the end of the $1 trial to receive a full refund. 

The Zacks money-back Performance Guarantee states that if Zacks doesn’t help you beat the market, they’ll refund up to one years’ worth of your subscription. 

If you choose to participate in the Zacks Ultimate trail, you’ll receive a notification from Zacks seven days before the end of your trial. You can cancel the service or allow the continuation of Zacks Ultimate for $299 per month. 

How to Beat the Market with a Zacks Investment Research Subscription

The folks behind the newsletters and investment tools at Zacks are ready to refund up to a years’ worth of monthly subscription fees if their recommendations don’t beat the market. Here’s how to maximize your chances of successful investing and ensure a refund if the Zacks recommendations don’t perform as predicted. 

  • Top 10 subscribers: Buy and sell all 10 recommendations
  • Execute trades within 24 hours of newsletter emails

Is Zack’s Investment Research Worth it For New Investors?

While the Zacks investment team produces a huge volume of information about which stocks may be a good buy, a new investor may find the information overwhelming. The more important metric is whether a new investor has the disposable income to invest in the stock market by choosing individual stocks. 

Even the least expensive Zacks Investment Research subscription is $708 per year. It may be wise to start with the free version of Zacks Investment Research that allows access to a daily newsletter, basic research, a portfolio tracker, email alerts, and Zacks Rank for stocks, mutual funds, and ETFs. If the service provides enough support for you to experience some success investing in stocks, it may be a good idea to upgrade and experience the free one-month trial of Zacks Premium tier of services. 

Zack’s Investment Research Customer Reviews

Before you take the plunge and sign up for a premium tier subscription to Zacks, take a look at what current and past customers have to say about their experience with the company. Fortunately, Zacks is a Chicago-based investment advice firm with a decades-long track record. While some users praise the platform for giving them the information and tools they need to succeed as investors, others are just annoyed that the platform keeps delivering email newsletters, even with the free tier. 

The Zack’s Investment Research on Trustpilot

Zacks Investment Research has just 25 reviews on Trustpilot, with only 11% in the “excellent” or “good” category. Customers who’ve left reviews of Zacks’ subscriptions and services on Trustpilot have a low opinion of the firm due to the volume of daily emails they receive. 

The free tier of Zacks features a number of email newsletters, as outlined in their subscription services summary. 

“I signed up for their one off report – got an email… was not impressed, so decided to unsubscribe. Having unsubscribed to every email I received for a week, I am still getting a torrent of emails.” -O sharabi

One subscriber found the service to be less-than-useful due to their location. 

“I don‘t know what went wrong in the first place but Zacks showed that they do care about their customers. The reason I still did not purchase their Research Wizard is that as a non-US resident, I received too many US small cap stock recommendations that I am not able to trade with my brokers. In addition, many stocks (even mid-cap) from my home country are not covered by Zacks.” -Thomas Malek

This customer enjoys the service but found it to be expensive. 

“I purchased their pricy “Ultimate” lifetime access. Aside from price point, I’ve been pleased with the research available. Following their Home Run and Stocks Under $10 portfolios has helped toward my continued trading success. Not every add plays out but that is just the nature of the beast. I can’t comment on their cheaper offerings but I’ve already paid for my investment 10x over since September 2020 in gains. Also, the sales representative I dealt with was very helpful. The first 90 days I was just paying monthly when I realized they offered a lifetime access package that equated to basically a year of service charges. I contacted them and Rick was kind enough to give me 100% credit of what I’d already paid monthly toward the lifetime purchase.” -Stacey G

The Zack’s Investment Research BBB Rating

Zacks Investment Research was accredited by the Better Business Bureau (BBB) in 2012. They have 43 customer reviews with an average rating of 3.3 stars out of five stars. Five-star reviews (typically written by paid subscribers) note that they’ve made a decent return on their investments by following cues from Zacks. 

Negative reviewers complain that their card was charged after the free trial and that they receive emails from Zacks. 

Positive reviews offer valuable information about what the customer likes most about Zacks Investment Research. 

“I have done really well using Zacks Ultimate. I particularly value the insights and picks from Jeremy Mullin, Kevin Cook, Tracey Ryniec and Brian Bolan. The service is good value for the money.” -Andy U. 

Is Zack’s Investment Research Worth it? 

Over the past 25 years, Zacks Investment Research’s stock picks rated as a #1 Strong Buy beat the market with an average annual return of 25.6%. Their #2 Buy list had a 19.1% return. The S&P 500 had an 11.2% return. Zacks #5 Strong Sell list underperformed the S&P 500 with an average yearly return of 3.2%. Not only do their stock picks land well, but their recommendations about which stocks to sell would have been valuable information for an active investor, as well. 

If you have money to spend on a stock investment research company, Zacks has a history of excellent performance. Their team of analysts is competent, and even though their top-tier subscription service will set you back several thousand dollars each year, an active investor with a healthy portfolio that wants to continue investing may find that Zacks Investment Research has the tools and advice they need to make money in the stock market.

Sallie Mae CD Rates – Now up to 0.70% APY!


image credit: salliemae.com

[Update September 2021: Sallie Mae raised the rates on many of their CDs with terms of 12 months and greater. The biggest increases came with their 12 and 36 month CD which now yield 0.60% APY and 0.70% APY, respectively. They also raised their money market rate by 0.10% APY to the current 0.40% APY. See all of their current rates below.]

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$2,5000.30%
9 months$2,5000.30%
11 months$2,5000.30%
12 months$2,5000.60%
13 months$2,5000.45%
15 months$2,5000.45%
18 months$2,5000.65%
24 months$2,5000.60%
30 months$2,5000.60%
36 months$2,5000.70%
60 months$2,5000.45%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.14% APY and the current average for a 5 year CD sits at 0.24% APY according to recent FDIC data.

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$00.50%

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 any time 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 than 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$00.35%

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 any time 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.

Capital One CD Rates – Now up to 0.80% APY!


image credit: capitalone.com

[Update September 2021: Capital One made a bold move this summer by raising the rates on their 3 year and 5 year CDs by double what they were in just June of this year. Capital One’s 3 year and 5 year CDs now provide an APY of 0.60% and 0.80%, respectively — up from 0.30% and 0.40% APY in June. See all of Capital One 360’s current CD rates below.]

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

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

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

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

Capital One 360 CD Rates + Account Details

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

Capital One 360 CD Rates

TermAPY
6 months0.10%
9 months0.10%
12 months0.20%
18 months0.25%
24 months0.25%
30 months0.25%
36 months0.60%
48 months0.65%
60 months0.80%

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

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

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

Early Withdrawal Penalties

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

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

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

How to Open a Capital One 360 CD?

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

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

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

It will look something like this (below):

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

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

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

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

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

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

Capital One 360 CD Reviews and Customer Sentiment

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

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

Final Thoughts

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

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

Ally Bank CD Rates – Still up to 0.80% APY!


image credit: ally.com

[Update September 2021: Ally Bank’s CD rates remain largely unchanged throughout the summer and 2021 in general. The only APY change comes from their 3 month CD which had its rate lowered from 0.20% APY to 0.15% APY. You can see all of Ally Bank’s current CD rates further below in this article.]

Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online savings products including CDs, savings accounts, interest checking and money market accounts.

[You can read a review of Ally Bank’s money market account and its current APY here.]

In this review we’ll focus on Ally Bank’s fixed-rate, certificates of deposit. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”

The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if their rate for your term and balance tier goes up while your CD is active.

The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.

For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.

Ally Bank CD Rates + Account Details

image credit: ally.com/bank/cd-rates/

As mentioned, Ally Bank has seven standard term certificates of deposit that come with no minimum opening deposit requirements. The terms range from 3 months to 5 years and come with annual percentage yields that beat the current national average by considerable margins and regularly place among the top rates for online banks nationwide.

Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts.

Ally Bank CD Rates

TermAPY
3 months0.15%
6 months0.25%
9 months0.30%
12 months0.55%
18 months0.60%
3 years0.65%
5 years0.80%

To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 0.14% and 0.27% APY, respectively, according to the most recent FDIC data.

Ally Ten Day Best Rate Guarantee

All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.

Interest is compounded daily which gives your overall APY (annual percentage yield) a boost over bank deposits that compound less frequently like monthly or quarterly.

Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.

Early Withdrawal Penalties

Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:

  • CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
  • CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
  • CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
  • CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.

Grace Period

Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.

Ally Bank Loyalty Rewards for CD Account Holders

Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.

Ally Bank “Raise Your Rate CD” Rates + Details

The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.

Ally Raise Your Rate CDs

TermAPY
2 year0.55%
4 year0.55%

The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.

The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.

Ally Bank “No Penalty CD” Rate + Details

Withdraw any amount fee-free after 6 days of funding the account.

The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.

Ally Bank No Penalty CD Rate

TermAPY
11 months0.50%

As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.

Final Thoughts

Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.

The APYs on their IRA CDs and regular CDs beat the current national average(s) handily, but pay the same yields on all terms regardless of deposit amount. There are also no differences in rates whether the CD is opened in an IRA or not.

Ally Bank’s digital interface – both online and through their IOS and android apps – are very intuitive and allow for easy deposits and account monitoring as well.

Alliant Credit Union Teen Checking Account with Debit Card


image credit: alliantcreditunion.org

Alliant Credit Union is a name you’ve heard before. A lot of our readers are Alliant customers and we’ve had the opportunity to review several products from this institution in the past. Today, we’re reviewing an account just for teens.

The Alliant Teen Checking Account With Debit Card is an interest-bearing joint checking account for families with teens. It is a free account geared toward young adults that lets users deposit their own money, make payments and transfers, and earn interest on whatever they don’t spend. You’ll have a better idea of whether or not this is the right account for your teen after reading this article.

[Related: See how the Alliant Teen Checking Account and debit card compare to the best debit cards for kids and teens in 2021!]

Who’s It For

Target age: Teens between the ages of 13 and 17

Good candidate: Teens who want to save money and will use their accounts regularly

Because this account earns interest, it makes the most sense for teens who want to start putting away money and growing their wealth. A teen shares ownership of this account with a parent or guardian but the teen is the primary account owner and the parent is the joint owner. There are certain permissions granted to either the joint or primary owner and certain permissions granted to both people on the account.

When a user turns 18, this checking account automatically converts to a standard Alliant Checking account. Both joint owners will remain on the account but the teen may remove their parent as an owner. Spending limits and rates will increase accordingly and a new debit card will be issued.

Features and Benefits

There are no minimum balance or opening deposit requirements for this account. Although a teen is the primary account owner, their parent has more control. 

For Kids

A teen needs to be a member of Alliant in order to qualify for a checking account and debit card. They will automatically qualify for membership if their parent or guardian, or another immediate family member, is a member. Teens and parents must sign up for this account together.

💰 Earn: Teens who are employed can deposit paychecks through the mobile app or set up direct deposit transfers into their accounts.

This platform does not give teens the option to directly request money to be transferred from their parents and teens are not able to refer friends to earn cash. Teens may receive an allowance from their parent(s) in the form of a recurring payment, but that is one of the only ways to earn more money.

💸 Spend: Every Alliant Teen Checking Account includes a contactless Visa debit card that can be used almost anywhere Visa is accepted. This debit card can also be used to withdraw funds at more than 80,000 in-network ATMs. If a teen uses an out-of-network ATM and incurs fees doing so, they are eligible for up to $20 in rebates per month.

ATM withdrawals are limited to $100 cash per day and POS transactions are limited to $300 per day.

Teens can write checks using their accounts, but their parent(s) must be the one to order and reorder the checks.

Teens are not permitted to make ACH transfers, but there are many ways they can transfer money to friends. This account and debit card are compatible with Apple Pay, Google Pay, and Samsung Pay and can also be linked with digital P2P payment apps including Cash App, Venmo, and PayPal.

This platform does not have budgeting features such as the option to create buckets for different types of spending, but teens can analyze their spending habits using the monthly spending summary. They also cannot set aside money to be saved or set savings goals and track their progress.

💰 Save: The Alliant Teen Checking account pays an interest rate of 0.25% APY on all balances. 

To qualify for this interest rate, a teen must make at least one electronic deposit per month and opt into digital eStatements and out of paper statements. Direct deposits, ACH transfers from external banks, mobile check deposits, and ATM deposits all qualify a user to receive interest. Interest payments are made on the last day of every month.

Before a parent can see all of their teen’s account information, the teen must grant them access to their account. They can do this by logging into the app and selecting “Account Details” from the sidebar. From there, they should click “Manage Joint Owners,” “Manage Online Access,” and choose their checking account. This will grant their parent(s) the ability to view activity on this account from their banking portal.

For Parents

Once a parent has been given permission to view their teen’s activity, they can monitor their spending by opting into transaction alerts. They can also view their teen’s monthly transaction summary to see how much money their teen has spent and where. 

If a parent has a different checking or savings account with Alliant, they can link this account to fund their teen’s checking account. Alternatively, they can link external bank accounts and transfer money from this. They have the option to initiate one-time transfers or schedule recurring transfers from their funding account to their joint account. For recurring transfers, they can specify (and change at any time) frequencies, amounts, and dates. 

Parents can also fund the account via ACH transfer from an external bank, direct deposit, check deposit, or credit or debit card transaction. Only the joint owner, the parent or guardian, may initiate standard outgoing ACH transfers.

As an adult joint account owner, the parent serves as the primary account contact and has account and management permissions that the teen does not. For example, the joint account owner is responsible for managing Overdraft Protection, meaning that they will need to decide whether to activate this feature. Though this feature is free for all account holders, it needs to be initiated to go into effect. 

When Overdraft Protection is enabled, funds are automatically withdrawn from a linked savings account to cover transactions for which the checking account balance is not sufficient. When not enabled, overdrafting is not authorized and transactions are declined. 

Likewise, only a parent can order checks for their teen’s account. The first box of checks is free when an account is opened. Both joint account owners and primary account owners (teens) can dispute transactions, but the joint account owner needs to sign off on any documentation and will be the main line of communication as Alliant works to resolve the dispute.

How Much Does the Alliant Teen Checking Account Cost

💸 Fees:

  • $0 monthly maintenance fee,
  • $0 low balance fee,
  • $0 for ACH transfers,
  • $1 per paper statement,
  • $10 inactivity fee,
  • $10 dormant account fee,
  • $0 for replacement debit card,
  • $0 for the first order of checks,
  • $25 non-sufficient funds fee,
  • $25 outgoing domestic wire transfer

Users are encouraged to opt out of receiving paper statements and into digital statements, which are also required to earn interest (along with monthly transactions). And as long as you’re making at least one transaction into or out of this account per month, you can also avoid the inactivity and dormant account fees.

As of August 2021, teens will not be required to pay non-sufficient funds fees when they overdraw their accounts. If an account is overdrawn to pay for a transaction and this results in a negative balance, a user may see a $25 fee charged to their account, but it will be automatically refunded in a day or two. 

Benefits of Alliant VS Competitors

We recommend this product to families who want a free account, which can be achieved by making regular deposits or transfers and receiving electronic statements. Alliant doesn’t charge for much at all.

Another benefit of this product over others is transfer flexibility and cash access. Teen users can send money easily to their friends via most mobile payment apps and make cash withdrawals at thousands of in-network ATMs. Alliant even reimburses ATM fees.

Potential Drawbacks

But although teens can access and send their money no problem, other account features are rather limited. There are no budgeting or savings features built into the platform, and users can’t separate their money into saving and spending categories. To really get the most out of their first checking account, teens will need to work together with their parents to review their spending and create budgeting and saving strategies or even open a separate savings account. We’re sure most families would prefer doing all of this from one account.

Teen users may also find this account’s spending and withdrawal limits to be pretty restrictive because Alliant sets pretty low daily maximums on these activities. Customers can only withdraw up to $100 in cash per day, which could leave teens in a pinch when they probably got a checking account for spending freedom in the first place.

On the parents’ side, controls are also fairly limited. Parents cannot prevent their teens from making purchases at certain merchants by creating restrictions, changing overall spending limits, or setting caps for different spend categories. They also can’t reinforce good habits such as saving with incentives such as account bonuses, balance matching, etc.

Consumer Sentiment

Reviews from Alliant customers are mixed. Many users have had negative experiences with customer service representatives who did not know how to help solve problems or came across as unprofessional. Communicating issues to users also seems to be a fairly common problem for this institution, with numerous users saying that they’ve had their accounts locked, transfers canceled, etc. without warning. 

On the flip side, just as many users and long-time Alliant members report positive experiences overall with the credit union and customer service interactions they’ve had.

The Alliant mobile app has a rating of 4.6 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store. The app has been called glitchy, but the vast majority of users are satisfied. The app interface is pretty standard for a banking app and is sleek and easy to use.

You can call Alliant’s customer service line at 800-328-1935. Or, you can send a secure email by logging into your account or ping Alliant on Twitter with non-urgent inquiries. 

Some customers choose to do certain parts of their banking over the phone. If you choose to do this, just be aware that Phone Banking can incur fees that online or mobile banking would not (for example, an ACH transfer initiated online is free but costs $10 to initiate over the phone).

Is It Safe

All Alliant Teen Checking accounts are insured up to $250,000 by the NCUA. Alliant also provides 24/7 fraud protection to all members, free of charge. Still, users are required to alert the credit union immediately when they notice suspicious activity to avoid paying for transactions they did not authorize.

How to Sign Up

To get started opening an Alliant Teen Checking account, you must first be a member of the credit union. You may be eligible if you are employed by a business that partners with Alliant, are married or related to another Alliant member, or work in a community surrounding Chicago such as Franklin Park, Elmhurst, or Prospect Heights.

If the above criteria doesn’t fit your circumstance, you can also join Alliant Credit Union by becoming a member of Foster Care to Success (FC2S). FC2S serves thousands of foster teens across the United States, focusing on those who are aging out of the foster care system. FC2S awards grants and scholarships for higher education and provides care packages, mentoring and internships. (Alliant will pay a $5 membership fee to FC2S on the member’s behalf.)

Once you’ve joined Alliant Credit Union, your teen will also need to become a member — either before you begin opening an account or when you start the application process.

You can then open an account on their behalf.

Final Thoughts

The Alliant Teen Checking account could be more collaborative and lacks some of the features you might be looking for, but it’s a fair option overall. If you’re looking for the most comprehensive platform with no shortage of educational resources and controls, keep looking. But if you want an account that will allow your teen to earn interest on the money they put away and give them the freedom to ditch cash, this might be the checking account and debit card for you.