APY GUY: Maximize Your Savings & Earnings

12 Best Debit Cards for Kids and Teens in 2021


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When shopping around for the right debit or prepaid card for your kid or teen you’re going to want to keep an eye out for several key features. Things like low fees, parental controls for reloading funds and monitoring and controlling spending activity are essential.

Depending on the age of your kid(s) though, you many want additional features such as automatic bill pay, or mobile direct deposit. These are great to have if your teen has a part time job and may even have bills to pay of their own such as a cell phone, iTunes, Netflix, etc.

In compiling this list below of the best debit cards for kids and teens, we’ve considered the following features and variables:

  • Does the account pay an interest on the balance?
  • What are the fees associated with this account – monthly fees, fees per cash reload, etc.?
  • Which cards are the best for households with multiple kids and/or teens?
  • Which offers provide the best security?
  • Which offers provide the best parental controls?
  • Which provides the best app and/or online experience?
  • Which debit cards feature the best card art?

If you’re considering applying for a debit or prepaid card for your child or teen, you’ll want to read our comprehensive and objective review of what we believe to be the best options below.

These are not necessarily ranked in descending order from best to worst.

Greenlight Kids’ Debit Card

image credit: greenlightcard.com

The Greenlight debit card for kids is perfect for teaching your children all the basics of earning, spending, and saving their money.

Greenlight lets you create a chore list that your child can work through to earn money and other perks. You can also set automatic allowance deposits on a weekly or monthly basis in addition or if you prefer giving  your children a set amount of money each week. And if you ever need to fund your child’s account in a matter of minutes, you can make an instant transfer through the app.

When your child spends money, you’ll receive a notification that their card was used moments after they’ve used it. You’ll be kept in the loop and you’ll have a say in where your child is allowed to use their money, but your kids will be doing valuable learning themselves as they track their spending and saving and build money management skills. Kids with Greenlight cards can use their funds to make purchases anywhere Mastercard is accepted or even to buy stock.

A Greenlight subscription costs $4.99 a month for your whole family, which can include up to five kids’ accounts.

FamZoo Prepaid Debit Card

image credit: famzoo.com

The FamZoo Family Pack of Prepaid Cards gives parents control over how and what their children spend and kids opportunities to learn how to manage their money. FamZoo accounts use private family banking systems to give children hands-on learning experiences that are parent-directed.

With FamZoo, parents are “bankers” and their children are account holders. Parents can establish a payroll for their kids, loan money, set up automatic allowances, and even pay interest on savings.

This virtual family bank is great for families of all sizes and can be customized to meet your children’s specific needs. FamZoo is easy to use from both the parent and child perspective and the prepaid cards can be used safely anywhere where Mastercard is accepted.

FamZoo accounts cost $5.99 per month if you pay monthly, but you can save if you pay in advance. If you pay for 12 months, the cost will come out to around $3.33 per month. The first four debit cards are free and each card beyond this costs $2.

BusyKid Visa Prepaid Spend Card

image credit: busykid.com

If you have a child between the ages of five and 16, you may be interested in the BusyKid Visa Prepaid Spend Card. 

BusyKid uses a chores-based system to allocate money for your child so that they can see exactly where their money is coming from and where it is going. You can set rates for different chores and your children can mark them complete and see when they will be paid. Parents who use BusyKid appreciate that this system instills a sense of responsibility and ownership over spending and saving in their children.

Once your children have been paid for their chores, they can choose to spend, donate, or invest their money. Investments can be made into real companies like Netflix and Nike through Stockpile and kids can donate a percentage of their earnings into the charities of their choice. All purchases and spending is approved by parents before it goes through.

BusyKid prepaid debit cards can be used online and anywhere Visa is accepted. A BusyKid annual subscription costs $19.99 including a free card. Each additional card costs $7.99 a year.

This breaks down to a monthly cost of just $1.67 for one child or $2.33/month for two.

Copper Debit Card

image credit: getcopper.com

Copper debit cards are specifically designed to help your teenager learn good money habits, without being overly restrictive or charging fees for mistakes like overdrafts. Copper debit cards can be used online and in person anywhere Mastercard is accepted.

With Copper, your child is given the tools they need to make smart financial decisions for themselves and control over their own accounts to practice what they’re learning.  They can also take quizzes to test their knowledge and they’ll have access to expert advice whenever they need it. 

The Copper app provides a straightforward, comprehensive look at your teen’s spending and saving, lets them set savings goals, and makes it easy to manage their finances in one place. And as their parent, you can set up automatic payments into your child’s account and not have to worry about transferring money.

Copper requires no minimum deposit to open and does not charge an annual fee.

Akimbo Prepaid Mastercard

image credit: akimbocard.com

An Akimbo prepaid Mastercard offers a safe way for your older children to learn the nuances of banking in a low-risk environment. This card lets your teens have total control over their money but gives you the final say in what they can and can’t spend. Your child’s card account will be a sub account within your own, so you can decide how much money you allocate to your teen’s card.

Akimbo doesn’t have all of the bells and whistles of some of the kids cards and apps talked about in this list, but it is as close as you can get to giving your child a bonafide debit card without surrendering your ability to see what they’re doing and help them. You’ll be notified when they spend their money and, as the account manager, what they spend it on. This is great for parents that want to play a role in teaching their children financial literacy lessons.

Each Akimbo account may have up to four prepaid cards. There is no monthly fee. However, reloading your card costs up to $5 each time and ATM withdrawals are around $2 each.

Capital One MONEY Teen Checking

image credit: capitalone.com

A MONEY teen checking account with Capital One is a great choice for kids and teens that have already learned the basics of money management and are ready for more independence with their cash. Kids eight years old or older qualify for this account.

The Capital One MONEY app lets your child track their earning and spending as well as set savings goals in different categories. If you choose to, you can reward them for reaching these goals with bonuses. And in cases of emergency, you can lock your child’s card instantly.

There are no monthly fees or account minimums with this account. Parents do not need to have a Capital One account to enroll their child in MONEY. This account earns an APY of 0.10% on any balance. 

Gohenry Debit Card

image credit: gohenry.com

The gohenry debit card is designed for kids between the ages of six and 18 years old, but it’s best for parents that want to start teaching their children young about the importance of smart budgeting.

The gohenry app lets you set up an automatic weekly allowance for your child and you can also add chores and set a price for these to let them earn more. Then, you set limits on how much your child can spend in a given week or trip and change these as needed. Your child can save, spend, or donate their money to Boys & Girls Clubs of America. They can set as many savings goals as they want for larger purchases.

A gohenry account costs $3.99 per month per child. This card is a little pricier than some of the others on this list because fees are charged per child, but it’s good for small families. These cards can be used online or anywhere Mastercard is accepted.

American Express Serve Prepaid Debit Cards

image credit: serve.com

The American Express Serve FREE Reloads prepaid debit card, while not marketed as a teen product, is great for teaching your teen financial literacy. 

A FREE Reloads debit card requires no minimum monthly balance and is free to use/reload at over 45,000 ATM and store locations. By giving your teen a certain amount of money and allowing them to decide when and how to spend it, this card encourages independence and offers all of the perks and protections of a true debit card.

This account charges a monthly fee of $6.95, which cannot be waived. A card is free to purchase online but may cost up to $3.95 if you go to a retail location. These can be used online or anywhere American Express is accepted. To avoid transfer fees, your teen will need their own American Express bank account, and many parents choose to link this to their own.

Alliant Credit Union Free Teen Checking

image credit: alliantcreditunion.org

You might want to look into getting an Alliant Credit Union free teen checking account if you’re a fan of the popular credit union, fee-free banking, or easy-to-use platforms. Teens between the ages of 13 and 17 are eligible to open an account.

This checking account is one of the best options out there for giving your teen a comprehensive banking experience that is safe and helpful. Teens can set their own budgets and even earn interest up to 0.25% APY when they save (you will need to enroll in eStatements and make one deposit per month into their account to access this feature); and parents can set ATM and spending limits for their teens and transfer money between accounts at no cost. On top of that, the Alliant mobile app is consistently rated at five stars.

If you’re looking for even more interest, they also have a kids savings account that features an APY of 0.55%. To put this in perspective, the current national average sits at just 0.07% APY.

There is no minimum monthly balance requirement or monthly fee with this account. Just a few of the perks offered include access to over 80,000 free ATMs, up to $20/month in ATM rebates, and the ability to make contactless Visa purchases.

Jassby Virtual Debit Card

The Jassby virtual debit card for kids offers all of the safety and convenience that a kids’ card should, with the added security of being fully digital. This card is best for families with multiple children because parents are in complete control of when the card is activated and for who. The card can only be used when active.

The Jassby virtual card is unique in that it is on your child’s phone, so you don’t have to worry about them losing a card, but they can still use it anywhere. You can use the Jassby Family Finance app to pay your child an allowance and for chores instantly without incurring fees.

There is no monthly fee for this account for the first six months and as long as the card is used once per month after this (otherwise the monthly charge is $2.99). This card can be used online or anywhere Mastercard is accepted.

Current Debit Card for Teens

image credit: current.com

You and your child will both love the Current debit card for teens. They will love the freedom to make purchases just about anywhere and save more effectively with round ups and savings goals, and you will love being able to keep them safe wherever they are using their card.

This card lets you set spending limits, assign chores, pay allowance, and transfer money to your teen with ease. You are immediately notified whenever your child uses their card. The Current app is user-friendly and easy to navigate, making it perfect for teaching your teen about banking without the stresses of a complicated interface. You also have the ability to block your child from using this card at certain merchants.

The price is $36 per teen annually. There is no minimum monthly balance fee, overdraft fee, or transfer fee. This card can be used online or anywhere Visa is accepted.

Mango Prepaid Debit Card

A Mango prepaid debit card is our last great pick for this list and a stand-out option because it offers the opportunity to link a high-interest savings account to your card.

This account has a lot going for it, including the fact that it can be opened even if your teen doesn’t have a checking account of their own. Your teen can open a linked Mango savings account with a deposit of just $25 and earn up to 6% APY (to qualify for this rate, your teen needs to make signature purchases totaling $1,500 after opening the account and maintain a minimum monthly balance of $25 after). 

You can add funds to your teen’s card from your own checking account or load money onto it from a participating retailer like Walmart or Walgreens.

There is no activation fee, but there is a monthly charge of $5 and a $3 ATM withdrawal fee. This card can be used online or anywhere Mastercard is accepted. Mango can also be used virtually from your phone when you enable this from the app.

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


Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

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.

Navy Federal Credit Union CD Rates

CD TermAPYAPY
deposit amount:$1,000 – $50k$100k +
3 months0.40%0.45%
6 months0.45%0.50%
9 months0.50%0.55%
12 month0.55%0.60%
18 months0.55%0.60%
24 months0.55%0.60%
3 year0.70%0.75%
4 year0.70%0.75%
5 year0.90%0.95%
6 year0.90%0.95%
7 year0.90%0.95%

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 0.16% APY right now, so 0.55 – 0.60% for the same term is pretty decent. That said, if you’re comfortable with an FDIC insured online savings account there are still accounts that hold APYs above 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

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 0.42%, which is less attractive 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 month0.40%
12 month0.50%
18 month0.50%
24 month0.50%

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 – $9,9990.40%
$10k – $24,9990.45%
$25k – $49,9990.45%
$50k +0.45%

The current national average for money market accounts is just 0.07% APY to put these offers in perspective, however slightly 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 0.40%. 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.

State Employees’ Credit Union CD Rates: Up to 0.55% APY


image credit: ncsecu.org

The State Employees’ Credit Union of North Carolina has certainly come a long way since its humble beginnings. Incorporated in 1937, the credit union began its operation in the basement of the agriculture building in Raleigh, NC. Today, they are the second largest credit union in the country both by assets and members – serving over 2.1 million members with over $40.6 billion in assets.

Despite their size, State Employees’ Credit Union (NCSECU) is fairly exclusive. They only offer membership to select groups, most of which are based in North Carolina. If you are eligible to join, however, they offer some fairly competitive rates on many of their deposit products.

These personal banking products include:

  • checking accounts
  • money market accounts
  • certificates of deposit (6 to 60 month terms)
  • IRA (individual retirement accounts)

In our review below, we will cover the rates (APY), details and features of these products as well as go over the membership requirements for State Employees’ Credit Union.

State Employees’ Credit Union is federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

State Employee’s Credit Union CD Rates + Account Details

State Employees’ Credit Union has eight standard term certificates of deposit that range from 6 months to 5 years and come with a minimum deposit requirement of $250.

State Employees’ Credit Union CD Rates

TermAPY
6 months0.30%
12 months0.35%
18 months0.35%
24 months0.40%
30 months0.40%
36 months0.50%
48 months0.50%
60 months0.55%

To give these offers some context, the current national average on a 12 month CD and a 5 year CD sit at just 0.15% APY and 0.32% APY, respectively, according to recent FDIC data.

Interest and Payments

Unfortunately, with State Employees’ Credit Union CDs you will not receive compounding interest on your funds. This is a bit unusual for credit unions or banks to only provide interest on your principal, but not unheard of. That said, you will still receive daily interest on your principal. Due to this, your APY (annual percentage yield) will be the same as the interest rate.

Interest payments are deposited to another SECU account every month selected by the owner. This is ideal for those living off of interest for income.

Early Withdrawal Penalties

If you need your funds prior to your deposit maturity, SECU will impose an early withdrawal penalty equal to 90 days of interest, or all interest accrued, whichever is less.

This is much more lenient than most early withdrawal penalties we see which tend to increase with the term. And in some cases we’ve even seen penalties dip into the principal.

Money Market & Other Variable Rate Accounts

State Employees’ Credit Union offers six variable-rate “Share” accounts that earn interest. These are:

  1. Share,
  2. Zard Share,
  3. FAT CAT Share,
  4. Summer Cash,
  5. Holiday Cash Club, and
  6. Money Market Share

The Share account is required to establish membership. It has a $25 minimum deposit requirement as well as a $25 minimum balance requirement to maintain membership.

The Zard Share is a savings account designed for teens to save money, build good savings habits, and learn about budgeting. There are also a variety of tools with this account, but you must be ages 13 – 19 to open one.

The FAT CAT Share account is a more basic version of the Zard Share account. It is for children 12 and under.

The Summer Cash account is designed for teachers and educators and those who work 9, 10 or 11 months out of the year. It helps you save money from each paycheck during the school year and allows for access to these funds during the summer.

The Holiday Cash Club account helps people save money throughout the year for holiday shopping. Deposits can be made up until the last business day of October at which point the funds are transferred to your Share, money market or checking account.

The Money Market Share account is a fairly standard MMA. It comes with a minimum deposit requirement of $250. You will also have to maintain this as your monthly balance to earn dividends. Dividends are compounded daily and paid monthly.

Share Account Rates and Minimum Deposit Requirements

Below are the interest rates associated with the six Share accounts mentioned above. To put these offers in perspective, the average APY on a savings account sits at just 0.07% currently.

AccountMin DepositAPY
Share$250.15%
Zard Share$250.15%
FAT CAT Share$50.15%
Summer Cash$00.60%
Holiday Cash$00.15%
Money Market Share$2500.20%

These rates are variable and subject to change at any time without notice.

Membership and Eligibility

As mentioned, despite its membership size, State Employees’ Credit Union is quite exclusive. Below is a list of eligibility requirements. You must meet ONE of these to join. Upon joining you will also need to open and maintain a Share account with at least $25.

  • Employees of the state of North Carolina
  • Federal employees assigned to North Carolina state agencies (for example, a federal US Department of Agriculture employee assigned to work at the North Carolina Department of Agriculture)
  • Employees of public boards of education
  • Members of the North Carolina National Guard
  • County employees of Social Services, Health, Mental Health and Civil Defense
  • Employees of associations formed for the benefit of state of North Carolina employees (e.g., State Employees’ Association of North Carolina)
  • Employees of agencies or departments whose employees are subject to the State Personnel Act
  • Individuals retired from the above employment or service as pensioners and/or annuitants from the above employment or service. This includes former employees who are “vested” and have not withdrawn or terminated future eligibility to be a pensioner and/or annuitant.
  • Un-remarried spouses of persons who died while in the field of membership
  • Immediate family (spouse, parents, siblings and children) of a current member
  • Individuals sharing a single economic unit with a current member

Final Thoughts

If you are eligible to join NCSECU and are in the market for a fixed rate certificate of deposit, then their CDs may meet your needs.

That said, more competitive APYs can be found at credit unions like Navy Federal Credit Union or PenFed Credit Union which also have more lenient eligibility requirements.

Best CD Rates in New York for February 2021


Average 1 and 5 year CD rates in New York currently sit at 0.34% and 0.44% APY, respectively.

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

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

According to DepositAccounts.com there are 215 local, regional and national banks serving the state of New York with over 4,600 branches.

There are also 331 credit unions serving the state with almost 6 million members throughout New York and combined assets of over $88 billion in New Yorkers’ hard earned cash, according to the New York Credit Union Association.

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

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

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

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

Below is our report on the best CD Rates in New York for the month of February 2021.

Top 6 month CD Rates in New York

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

Bank or Credit UnionMin. Deposit APY
Navy Federal Credit Union$100,0000.50%
Pen Air Federal Credit Union$250.45%
United Orient Bank$5000.40%
MySavings Direct$1,0000.30%
Live Oak Bank$2,5000.25%
Northeast Community Bank$10,0000.25%

The two institutions on this list that are exclusive to residents of New York are United Orient Bank and Northeast Community Bank.

North East Community Bank was founded in 1934 in Manhattan and has just 10 locations. These consist of both branches and loan production offices in New York and Massachusetts. In New York they have locations in Manhattan, the Bronx, White Plains, New City, Spring Valley and Monroe. And in Massachusetts they have locations in Danvers, Framingham and Quincy.

United Orient Bank is a community bank serving residents and business owners in New York City’s Chinatown. They have two branches. Their main branch is in lower Manhattan in Chatham Square (10 Chatham Square New York, NY 10038) and their other branch is in Chinatown on Canal street (185 Canal Street New York, NY 10013). Both of their locations are currently open but have adjusted hours due to the ongoing concern of COVID-19. You can give them a call at (212) 699-3888.

Top 12 Month CD Rates

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

Bank or Credit UnionMin. Deposit APY
United Orient Bank$5000.85%
Navy Federal Credit Union$100,0000.60%
Flushing Bank$1,0000.50%
CFG Community Bank$5000.67%
Ally Bank$00.60%
Goldman Sachs$5000.55%

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

Flushing Bank has been in business since 1929 but is a local bank to residents in the metropolitan area of the city. They have branch locations in Queens, Brooklyn, Manhattan, and on Long Island.

To give the offers above some context, the average APY on a 12 month CD in New York sits at 0.34% as of January 2021 according to Bankrate.

Top 2 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
United Orient Bank$5001.00%
Pen Air Federal Credit Union$250.80%
Navy Federal Credit Union$100,0000.60%
Comenity Direct$1,5000.75%
Live Oak Bank$2,5000.65%

To put these offers above in perspective, the average 2 year CD rate in New York currently sits at just 0.36% APY.

Top 3 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Massena Savings and Loan$1,0001.23%
Flushing Bank$1,0000.85%
Navy Federal Credit Union$100,0000.75%
Comenity Direct$1,5000.85%
Ally Bank$00.65%

To put these offers above in perspective, the average 3 year CD rate in New York currently sits at just 0.38% APY.

Massena Savings and Loan is a small bank based out of Massena, New York. They have just two branch locations and under $170 million in total assets. As with all of the other banks listed in this report, they are federally insured by the FDIC. To open their 36 month CD you will have to visit a branch or you can give them a call at 315-764-0541.

Top 5 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Massena Savings and Loan$1,0001.53%
Pen Air Federal Credit Union$251.15%
Navy Federal Credit Union$100,0000.95%
Comenity Direct$1,5000.90%
Ally Bank$00.85%

To put these offers above in perspective, the average 5 year CD rate in New York currently sits at just 0.44% APY.

New York CD Rates vs National CD Rates

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

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

Average CD Rates in New York – vs – Average CD Rates Nationally:

CD TermAvg. APY NYAvg. APY US
12 month0.34%0.15%
2 year0.36%0.20%
3 year0.38%0.24%
5 year0.44%0.32%

Final Thoughts

If you’re in the market for a fixed-rate, certificate of deposit with a competitive APY and you reside in the state of New York, you’d be better suited going with a local community bank rather than a large national one this month.

Just be sure to check with the institution directly to confirm their current rates. Also, it should be noted that opening a deposit at a small community bank in New York may require you to visit a local branch.

Synchrony Bank CD Rates – Up to 0.80% APY + 0.55% 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
$00.55%

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 +0.40%

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.

Best 6 Month CD Rates for February 2021


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

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

We review several hundred banks and credit unions on a monthly basis and have visual pings set up to notify our system whenever rates change. We’ve used this data to compile our top 12 list of the best 6 month CD rates for February 2021.

Top Eleven 6 Month CD Rates

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

Name of InstitutionMinimum DepositAPYAvailability
ParkeBank$5000.75%NJ and PA
Community Wide Federal Credit Union$1,0000.70%nationwide
United Fidelity BankNA0.65%Must open in branch
Spectrum Federal Credit Union$5000.60%nationwide
Navy Federal Credit Union$500.45%must have family in armed services.
First Internet Bank$1,0000.45%nationwide
Tab Bank$1,0000.40%nationwide
Georgia’s Own Credit Union$5000.40%Georgia residents
Bethpage Federal Credit Union$500.40%nationwide
Patelco Credit Union$2500.35%nationwide
PenFed Credit Union$1,0000.30%nationwide
Sallie Mae$2,5000.30%nationwide

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

#1 ParkeBank – 0.75% APY

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

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

You can see their full list of CD rates here.

United Fidelity Bank, formerly First City Bank of Florida – 0.65% APY

United Fidelity Bank, formerly First City Bank of Florida is a small community bank with just two branch locations in Fort Walton Beach, Florida. This town is located in the Northwest region of Florida just outside of Pensacola. You do not need to be a resident of Florida to open a CD with them, but you DO need to stop by a local branch. These CDs cannot be opened over the phone or online.

That said, they will gladly accept deposits from residents in all 50 states.

#2 Community Wide Federal Credit Union – 0.70% APY

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

#3 Spectrum Credit Union – 0.60% APY

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

#4 Navy Federal Credit Union – 0.45% APY

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

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

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

#6 First Internet Bank – 0.45% APY

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

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

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

#5 TAB Bank – 0.40% APY

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

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

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

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

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

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

#8 Bethpage Federal Credit Union – 0.40% APY

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

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

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

#9 Patelco Credit Union – 0.35% APY

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

  • 3 – 5 months
  • 6 – 11 months

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

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

#10 PenFed Credit Union – 0.30% APY

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

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

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

#11 Sallie Mae – 0.30% APY

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

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

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

Who Should Open a 6 Month CD

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

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

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

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

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

6 Month CD – Bank or Credit Union

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

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

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

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

Alternatives to 6 month CDs

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

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

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

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

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

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

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

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