ApyGuy: Maximize Your Savings & Earnings

Spectrum Credit Union CD Rates – 1.05% APY + 0.80% APY Money Market


Spectrum Credit Union is a small financial cooperative with just over 100,000 members and less than $4 billion in assets, based primarily in San Francisco and Maryland. 

Founded originally as Bechtel Employees Federal Credit Union in 1973, the institution was first intended to serve the banking needs of Bechtel Corporation employees. Becthel Corp is an engineering firm that is one of the largest construction companies in the United States and is the 11th largest privately held company in the country.

Since becoming Spectrum Credit Union, the company made another acquisition in 2012 with the larger Chevron Federal Credit Union. Today, Chevron Federal Credit Union is the parent company to Spectrum.

Spectrum now serves employees of Bechtel, Charles Schwab & Co., residents of San Francisco and Maryland, and more.

Plus, even if you don’t fall within one of their location or employment-based eligibility brackets, you can always join a Spectrum non-profit partner foundation to become a member.

This credit union offers competitive CD and money market rates, making it a strong option for many savers despite a declining interest rate environment.

Spectrum Credit Union CD Rates + Account Details

As with most credit unions, your deposits are federally insured by the NCUA up to $250,000. Spectrum CDs can be opened with just $500, but the APYs scale slightly upward with larger deposit amounts. Below are the current deposit rates and terms available at Spectrum.

Spectrum Credit Union CD Rates

CD TermAPYAPYAPY
deposit amount:$500 – $50k$100k$250k
3 month0.80%0.80%0.80%
6 month0.80%0.80%0.80%
9 month0.80%0.80%0.80%
12 month0.85%0.90%0.95%
24 month0.85%0.90%0.95%
36 month0.90%0.95%1.00%
48 month0.90%0.95%1.00%
60 month1.00%1.00%1.10%

To put the annual percentage yields listed above in perspective, the current national average for 12 month CDs sits at just 0.22% APY.

Some online banks are still offering 12 month CDs with rates above Spectrum’s, but not by much. In fact, up until April 2020 Spectrum had the most lucrative APY anywhere in the country.

Dividends on these deposit accounts are compounded daily and credited monthly. You can opt to have these deposited back into the certificate, paid out by check, or automatically moved to another deposit account. 

If your balance drops below $500, you’ll stop earning interest.

There is a 10 day grace period on these accounts; if you make changes to a CD outside of this window, be prepared to pay for it. The early withdrawal fees for each term are as follows:

  • 12 months or less: three months’ interest 
  • 24 months: six months’ interest
  • 36 months: nine months’ interest
  • 48 and 60 month: 12 month’s interest

Spectrum Credit Union Money Market Rates + Account Details

Spectrum MarketEdge money market savings accounts offer rates well above the national average just like their deposit products, however, higher APYs can be found with a number of online banks.

Spectrum “MarketEdge” Money Market Rates

BalanceAPY
$0 – $2,499.990.40%
$2,500 – $250k0.80%

There is no minimum balance requirement with the MarketEdge money market account. If your average daily balance comes in under $2,500, you’ll earn a more modest rate of 0.40% APY which is the same yield as their regular savings account.

There are no monthly maintenance fees and interest is compounded daily and credited monthly. Transactions are limited to no more than six per month.

Other Savings Accounts Offered by Spectrum Credit Union

The $25 Spectrum share that you’ll have to buy to become (and stay) a member of the credit union goes right into a Spectrum Primary Share Savings account. This account comes with an APY of 0.40% and can be added to (above the initial required share deposit). You’ll need to keep your balance above $25 to avoid a $5 monthly low balance fee.

image credit: spectrumcu.org

A lucrative youth savings account called MySavings account offers a promotional rate of 7.0% APY on balances up to $1,000. Spectrum members under 21 years of age are eligible for this account, and with a rate like this, it is a fantastic way to get kids excited about savings!

To open this account and earn the 7.0% APY, you’ll need to:

  • Have a Social Security number
  • Have a valid email address
  • Opt into eStatements within 60 days of opening and out of paper statements

Account balances that surpass $1,000 earn the standard APY of 0.40%. Keep your account total above $25 to earn interest, but don’t worry, you won’t be charged any fee for low balances.

Spectrum also offers another savings account type for anyone looking to put away money for specific purposes, called a sub-savings account. When you open a sub-savings account within your primary savings account, you’ll continue earning the same rate but will be able to keep designated funds separate.

There are no monthly maintenance fees for any Spectrum savings accounts. There is, however, a $25 overdraft fee and a $1 fee for out-of-network ATM transactions. Spectrum savings accounts are subject to federal regulation D transaction limits.

About Spectrum Credit Union + Eligibility

There are a number of ways to join Spectrum Credit Union. We’ll go over the easiest ways first. If you don’t find that you’re eligible, don’t worry Spectrum offers many loopholes for membership that allow practically anyone in the US to join. Keep reading to see all of the ways to qualify.

Individuals that qualify include:

  • Non-manual Bechtel and affiliate employees
  • Charles Schwab & Co. employees who work in, or are paid from, San Francisco
  • Spectrum family members or roommates
  • U.S. members and employees of Safari Club International or Project Management Institute, Inc.
  • Those that live, work, worship, or attend school in qualifying San Francisco neighborhoods (see below, call 510-251-6000 or 800-782-8782 to confirm eligibility)
  • Those that live, work, worship, or attend school in Maryland’s Frederick County, Thurmont, Woodsboro, Emmitsburg, or surrounding areas (call to confirm eligibility)

Qualifying San Francisco neighborhoods include:

  • Bayview
  • Bernal Heights
  • Chinatown
  • Financial District
  • Hunters point
  • North Beach
  • Portala
  • Potrero Hill
  • Russian Hill
  • South of Market
  • Telegraph Hill
  • The Mission
  • The Panhandle
  • Visitacion Valley
  • Western Addition

If you do not meet any of the above criteria, you can still join Spectrum by becoming a member of either the Contra Costa County Historical Society (CCCHS) for a $40 annual fee or the Navy League of the United States for (NLUS) for a $55 annual fee. Anyone can join these nonprofit organizations and membership to either will make you eligible for membership with Spectrum Credit Union.

The CCCHS, located in Martinez, California, is devoted to providing historical records and heritage of Contra Costa County to the public. Though many members of this historical society are members of other local historical groups as well, this is not required; and if you so choose, you can become a member without ever setting foot in Contra Costa County. The NLUS dedicates itself to serving members and veterans of the Navy through education and advocacy. 

Spectrum Credit Union participates in co-op shared branching with over 5,000 credit union branches. Spectrum members can also access and manage their money at any Chevron branch or through over 85,000 surcharge-free ATMs. There are nine Spectrum branches across California, Texas, Virginia, and Utah and six Chevron branches across California, Louisiana, Mississippi, and Texas.

At the end of the 2019 fiscal year, Spectrum/Chevron held nearly $3.6 billion in assets, and that figure includes $3 billion in net member loans. There are over 100,000 members across the country.

Final Thoughts

Although Spectrum Credit Union is rather tiny in size – both by membership and assets held – they still offer some of the best savings rates in the country of any federal credit union.

That said, reports of slow service and occasionally poor customer service can be found on a few review sites online.

Keep in mind, you’ll also have to manage banking without access to in-person branches if you don’t live near one of their very few physical locations.

Northern Bank Direct Money Market: Now 0.75% APY + 0.45% APY CDs


image credit: northernbankdirect.com

Northern Bank Direct is the online subsidiary of Northern Bank, a Massachusetts-based bank founded in 1960.

While Northern Bank prides itself on being a community institution — the #1 Community Bank in New England, in fact, according to S&P Global Market Intelligence Rankings — Northern Bank Direct is nationally available to anyone with a few minutes to spare. 

Northern Bank Direct Money Market Account + Current Rates

All of Northern Bank Direct’s deposit accounts, whether it be variable rate money market accounts or fixed rate CDs, are owned by Northern Bank. They FDIC-insured up to $250,000 per depositor or $500,000 for joint accounts.

Northern Bank Direct offers a money market account that regularly features one of the top yields among its peers.

Northern Bank Direct Money Market Rates

Minimum DepositAPY
$5,000 +0.75%

With a minimum deposit of $5,000, you can open a Northern Bank Direct money market account and start earning 0.75% APY.

To put this yield perspective, the average yield on a savings account sits at just 0.07% APY and the average yield on a money market account earns just 0.06% APY nationally. That said, there are a handful of online banks that still provide better yields than this and with lower balance requirements.

The minimum deposit and balance requirements associated with this account are steep when compared to other online banks.

We should note that the $5,000 minimum deposit is just that – a minimum deposit. If your balance dips below the $5,000 mark that is OK. You’ll still earn the 0.75% APY on all sums.

How to Open an Account with Northern Bank Direct

As with most online banks, opening an account with Northern Bank Direct is simple and straightforward and can be done in minutes.

To get started you will need the following information for yourself and the joint owner (if applicable):

  • home address
  • date of birth
  • driver’s license number
  • social security number
  • account number of bank or credit union you’ll be transferring funds from
  • routing number of said financial institution

Funding Your Northern Bank Direct Account

You can fund an account electronically through direct deposit or ACH transfer, wire transfer, or mobile deposit. Or you can send checks to: Northern Bank Direct 275 Mishawum Road Woburn, MA 01801 [Do not send cash.]

Once your account is opened there is little in the way of fees to worry about.

There are no monthly maintenance fees at all, but there is a $20 excessive transaction fee and a $3 transfer fee.

You may make no more than six deposits into – or withdrawals from – this account in any given month or incur the $20 excessive transaction fee for each transaction after the sixth.

The $3 transfer fee will be applied each time you transfer money from a Northern Bank Direct money market into an external bank account. Interest is compounded and credited monthly.

Northern Bank Direct CD Rates + Account Details

Northern Bank Direct’s CD rates have taken a hit like all bank and credit unions’ certificate of deposit rates have, however, they still top national averages for each respective term.

Northern Bank Direct CD Rates

CD TermAPY
9 months0.30%
12 months0.30%
15 months0.35%
18 months0.40%
24 months0.45%

To give the offers above more context, the national average for 12 month CDs sits at roughly 0.22% APY currently.

What’s slightly unusual about Northern Bank Direct’s certificate of deposit product suite is that they don’t offer any longer-term CDs—like a 36 month, 48 month, or 60 month term—that are standard for most institutions.

A minimum deposit of just $500 is required to open any certificate of deposit with Northern Bank Direct. Interest on these accounts are compounded and credited monthly. Early withdrawal penalties are as follows:

  • 12 months’ interest for terms of 12 to 35 months,
  • 24 months’ interest for terms of 36 to 47 months, and
  • 36 months’ interest for terms of 48 months or more.

Given their deposit terms only go up to 24 months at the moment, 12 months interest would be the penalty for any early withdrawals on any of their deposit products.

Banking Experience and Customer Satisfaction

Northern Bank Direct accounts can be opened and managed through the online portal or mobile apps. There are no membership restrictions—anyone is eligible to join.

You can visit Northern Bank branches to make transactions, but since all Northern Bank branch locations are in Massachusetts, mobile and online banking will be the most convenient option for most people. Northern Bank ATMs are also located exclusively in the New England area, but Northern Bank Direct doesn’t offer ATM or debit cards anyway.

When you look at the numbers alone, Northern Bank Direct’s customer satisfaction rating is about average. For the most part, the bank’s most winning product—its high-interest money market account—is how it gets its best reviews. But as a whole, Northern Bank Direct has your standard mix of 1- and 5-star ratings and somewhere around 3 stars overall. They don’t seem to do better or worse than the average online bank in terms of keeping their account holders happy.

The primary complaint of dissatisfied customers is the $5,000 daily ACH external transfer limit, which is a pretty inconvenient restriction for an online bank where larger transactions should be expected, especially soon after opening an account, and convenience is key. Transaction limits, in general, seem to be the source of most frustration. On the flip side, the primary praise of satisfied members of this bank is the customer service they consistently receive. For the online version of a bona fide community bank, this isn’t surprising but is significant nonetheless. 

The apps, on the other hand, score quite poorly. The NBTC mobile banking app for Apple devices has 2.1 stars and the NBTC mobile banking app for Android devices has a little less than 3.5 stars. The general consensus is that the app is functional enough in its design but crashes often, which is not so functional or helpful. When you’re dealing with an online bank, most people want to be able to rely on their phones to manage their accounts.

You can reach a customer service representative through email at nbdirect@nbtc.com or over the phone through (844) 348-8996. The phones are manned Monday through Friday from 9 AM to 6 PM, so try not to have a question or emergency over the weekend or in the evening.

Final Thoughts

While Northern Bank Direct has offered very compelling APYs in the past on both their fixed rate deposit products and their variable rate money market accounts, the APY provided today isn’t quite as competitive. While they do beat the national average handily, slightly more attractive yields can be found with other online-only institutions.

Aside from their (sometimes) attractive rates, the bank doesn’t have a solid ratio of satisfied customers. The lackluster mobile apps and low ACH transfer capabilities leave many frustrated.

Alliant Credit Union CD Rates & Savings Review


[Update September 4, 2020: Alliant Credit Union lowered the APY on all of their standard term CDs as well as the three variable-rate savings accounts they offer by 0.10%. Current rates are listed below.]

Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

Alliant Credit Union sells CD terms ranging from one to five years. There are no shorter term products such as 3 or 6 month certificates available, which is somewhat unusual, and terms are sold as ranges rather than fixed lengths.

Alliant certificate deposits are federally insured by the NCUA up to $250,000.

Alliant Credit Union CD Rates:

CD TermAPY
12 – 17 months0.55%
18 – 23 months0.55%
24 – 35 months0.55%
36 – 47 months0.60%
48 months0.65%
60 months0.65%

When opening the CD, you will first be asked to choose either a 12 – 48 month CD or a 60 month CD before making any deposits. If you choose a 12 – 48 month CD, then you will be asked to specify the exact duration within said range later in the account opening process.

When viewing the annual percentage yields above, keep in mind that the national average for 12 month CDs currently sits around 0.60% – and this figure is steadily dropping. Therefore you could safely say that Alliant has competitive rates of return for its certificates​ albeit more competitive offers through online banks.

All of the above terms require a minimum deposit of $1,000. Interest is compounded and paid monthly, which you can withdraw or reinvest as you please.

Early withdrawals are allowed but penalized unless within the 7-day withdrawal grace period upon your deposit’s maturity. If you do withdraw your funds within 7 days, you won’t earn interest on your money during that grace period, but you’ll get everything else back. If you need to withdraw funds outside of the 7 day grace period for any unexpected emergencies, here’s how you’ll be charged:

Alliant Credit Union Early Withdrawal Penalties on CDs:

CD Maturity PeriodsFee
12 – 17 monthsNumber of days’ interest since issuance up to 90 days
18 – 23 monthsNumber of days’ interest since issuance up to 120 days
24 – 48 or 60 monthsNumber of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

Opening an Alliant certificate account is easy because there are four ways different ways to do it:

  1. Online
  2. Call (800) 328-1935
  3. Mail in a ​certificate application
  4. In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

  1. high-rate savings account,
  2. supplemental savings account, and
  3. kids savings account.
Savings Account NameAPY
High Rate Savings Account0.65%
Supplemental Savings Account0.65%
Kids Savings Account0.65%

The ​high-rate savings account​ is your share in Alliant and is opened automatically when you become an Alliant member; this was ranked the best savings account of 2018 by NerdWallet and WalletHub as well as the best online savings account of 2017 by MagnifyMoney. With an APY rate of 0.75% compared to the national average of 0.07%, it’s easy to see why.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns a rate of return of 0.75% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, there is the ​kid savings account​. This, like the others, earns 0.75% interest. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over ​80,000 surcharge-free ATMs​, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

  1. You are a current or retired employee of a business or organization in partnership with Alliant (search these ​here​).
  2. Someone in your immediate family or your domestic partner is an Alliant member.
  3. You live or work in a ​qualifying community​ around the Alliant headquarters in Chicago, Illinois.
  4. You are a member of a ​qualifying organization.
  5. You are a member of ​Foster Care to Success​ ($5 membership fee paid on your behalf by Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even ​non-U.S. residents​ can join as long as they have a valid Social Security number or unexpired ITIN.

Final Thoughts

Alliant Credit Union is one of the largest credit unions in the country for good reason. The APYs offered on both their deposit and savings products are solid when pitted against the current national average – although better deposit rates can be found through online-only banks.

Banking with Alliant means banking 100% through an ​app​, ​online​, or over the ​phone​ (unless you happen to live near the Chicago headquarters). If access to in-person locations is important to you, Alliant likely won’t be a good fit. But if digital banking is right up your alley, then so, probably, is Alliant.

Live Oak Bank CD Rates + Online Savings Account Review


image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

TermAPY
6 months0.65%
1 year0.65%
18 months0.65%
2 year0.70%
3 year0.70%
4 year0.80%
5 year0.80%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.85%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.

CFG Bank Money Market: 0.90% APY + 0.90% CDs


CGF Bank APY Updates:
September 3, 2020: CFG Bank lowered the APY on their money market account to the current 0.90% APY, down from 1.00% APY last month.
August 28 2020: CFG Bank lowered the APY on their money market account to 1.00% APY down from 1.04% APY.
August 13 2020: CFG Bank lowered the APY on their money market account to 1.04% APY down from 1.10% APY.
July 16 2020: CGF Bank lowered the APY on their money market account for the second time this month. CD rates remain unchanged.
July 9, 2020: CFG Bank lowered the APY on their money market account and all of their CDs.
June 23, 2020: CFG Bank lowered the APY on their high yield MMA and a handful of their online CDs.
June 15, 2020: CFG Bank lowered the APY on their high yield MMA and their online certificates of deposit following the FED move to keep rates near zero through 2022.
June 4, 2020: CFG Bank lowered the APY on their high yield MMA and several of their deposit terms.
May 11, 2020: CFG Bank lowered the APY on their high yield money market account from 1.73% to 1.60% on balances above $25k. The new APY on balances below $25k is 1.52%.
May 5, 2020: CFG Bank lowered the APY on their CD rates. High yield savings account APY remains unchanged from the last update.

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

Available nationwide, CFG Bank is offering 1.00% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 0.90% APY on sums between $1,000 and $24,999.99.

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

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

Who is CFG Bank?

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

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

0.90% APY High Yield Money Market Account Details

CFG Bank lowered the rate on their high yield MMA from 1.00% APY to 0.90% APY on or around September 3rd. This is the first rate drop on their MMA for September.

CFG Bank’s money market account yield of 0.90% APY is still one of the highest in the country for accounts like these. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

BalanceAPY
$1,000 – $24,9990.80%
$25,000 +0.90%

Account Details Below:

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

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

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

Credit Inquiry? None have been noted.

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

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

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

High Yield Money Market Account Features

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

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

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

CFG Bank’s Online CD Rates

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

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

CFG Bank’s CD rates were showcasing an inverted yield curve in early 2020. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates. Today, however, they have a flat yield curve, where longer terms yield roughly the same rates as short terms.

CFG Bank’s CD Rates:

CD TermAPY
12 months0.75%
13 months0.70%
18 months0.80%
33 months1.00%
60 months0.90%

Final Thoughts

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

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

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

Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account


image credit: lfcu.org

Lafayette Federal Credit Union is a regional institution with branch locations in Maryland, Virginia, and Washington, D.C.

Founded in 1935, this small credit union serves roughly 20,000 members in the greater D.C. area.

If you’re looking for a credit union that feels more personal than what you’d get with a bigger bank AND you live in or around D.C., you might want to give Lafayette Federal a try.

A few of their products are fairly competitive in terms of rates, especially for a credit union. For example, they feature a promotional checking account with an APY of 3.03% on balances up to $3,000 as long as a few criteria are met.

They also have solid rates on their longer term certificates of deposit. Their 5 year CD features a yield well over twice the current national average.

For more information on the deposit products offered by this institution as well as membership eligibility, read our full review below.

Lafayette Federal Credit Union CD Rates + Account Details

Lafayette Federal deposit accounts are federally insured by the National Credit Union Administration up to $250,000, the maximum amount allowed.

A unique aspect of Lafayette’s certificate products is that they sell both fixed and variable rate CDs. And both come with competitive rates.

Lafayette Federal Credit Union Fixed-Rate CDs

CD TermMinimum DepositAPY
7 month$5000.70%
1 year$5000.80%
2 year$5000.90%
3 year$5001.01%
4 year$5001.16%
5 year$5001.26%

To put the offers above in perspective, the current national average for a 1 year CD and a 5 year CD sit at just 0.22% APY and 0.54% APY, respectively.

Lafayette Federal Credit Union Variable-Rate CDs

CD TermMinimum DepositAPY
18 month$500.75%
3 year$500.90%
5 year$501.11%

There are a few differences between these two certificate types besides the rates.

One is that the variable-rate CDs require a minimum opening deposit of $50 and the fixed-rate CDs require a minimum opening deposit of $500.

Another is that you can deposit more money into a variable-rate account at any time prior to maturity. This cannot be done with the fixed rate CDs.

The most notable difference though is in the name(s) – “variable” and “fixed.” With a fixed CD you are getting locked into an interest rate until maturity. With a variable CD your rate and APY will rise and fall with the market – much like a money market account or online savings account.

In general, variable-rate CDs are going to be better when you expect interest rates to rise and fixed-rate CDs are going to be best in times of declining interest rates.

Lafayette Federal Credit Union Savings Accounts and Money Market

Lafayette Federal Credit Union has many savings accounts in its product suite:

  1. A Share savings account, your ticket to membership with Lafayette;
  2. An IRA savings account,
  3. A Preferred savings account; and
  4. A Premier savings account.

The Share savings is going to pay you the least amount in interest but will be the easiest to maintain, and a Premier savings account will pay the most in interest but will require a high deposit and minimum balance to maintain.

Lafayette Federal Credit Union Savings Account Rates

AccountMinimum BalanceAPY
Share Savings Account$500.10%
IRA Savings Accountna0.50%
Preferred Savings Account$0 – $19,999.990.20%
$20,000 +0.30%
Premier Savings Account1st $50k0.30%
2nd $50k0.40%
Next $150k0.50%
Next $250k +0.75%

To give the offers above more context, the current national average for a savings account sits at just 0.06% APY. And the current national average for a money market account doesn’t fare much better at 0.09% APY.

Dividends are compounded quarterly and paid quarterly on all savings accounts.

Lafayette Federal Credit Union Money Market Rates

BalanceAPY
$0 – $2,4990.00%
$2,500 – $24,9990.05%
$25k – $149,9990.15%
$150,000 +0.30%

These money market accounts require a minimum opening deposit of $2,500 and they can be opened in-person or online.

How to Avoid Fees on the Savings Accounts and Money Market Accounts

Remember your Share Saving account, while it doesn’t yield much, is your key to membership. So be sure to keep at least $50 in the account. Failure to maintain this balance will result in a $10 monthly charge.

Excessive withdrawals over the federally enforced limit of 6 per statement cycle cost $10 each for Preferred savings accounts, $20 each for money market accounts, and $100 each for Premier savings accounts.

Lafayette Federal Credit Union Relationship Checking

If you open Lafayette’s Relationship Checking account you’ll be signing up for a decent interest-bearing checking account with the potential to earn an APY of 3.03%.

This excellent interest rate is, of course, conditional. It only applies to balances up to $3,000 plus comes with some monthly hoops to jump through (criteria listed below).

Above $3,000, your balance will earn an APY of 0.025%. A minimum opening deposit and average daily balance of just $5 is required. Interest is compounded and paid quarterly similar to Lafayette’s other deposit products.

How to Earn the 3.03% APY on Balances up to $3,000

To earn the 3.03% APY dividend rate, members will be obligated to

  1. Continue to receive their statement electronically (no paper statements will be mailed),
  2. Sign in to online banking at least once per month,
  3. Maintain at least one (1) qualified direct deposit of at least $500 per month, and
  4. Complete at least five (5) debit card point of sale transactions per month.

Qualified direct deposits include:

  1. Recurring direct deposits via a paycheck,
  2. Pension,
  3. Social Security or
  4. Other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

About Lafayette Federal Credit Union + Eligibility

Lafayette Federal Credit Union is not open membership, so you need to meet their eligibility requirements in order to join.

These criteria are mostly employment and location based. You can immediately qualify through your employer, through your area of residence, or through a family member.

This credit union extends membership to employees of many corporations, some national and even international (Whole Foods, AMEX, and more) and some regional. You can also join if you are the relative of someone that is already a member or if you live in Potomac, Maryland or you live, work, or worship in select regions of D.C.

Those that don’t meet the above eligibility requirements can easily join by becoming a member of the American Consumer Council (ACC) for free through this link. For all details about qualifying employers and regions, please visit the membership eligibility page.

Branches and ATMs

Lafayette Federal participates in co-op shared branching with over 6,000 branches and thousands of surcharge-free ATMs across the country. There are only 8 Lafayette Federal Credit Union branches, and these are located in: 

  • Crystal City, Virginia
  • McLean, Virginia
  • Kensington, Maryland
  • Potomac, Maryland
  • Rockville, Maryland
  • Washington, D.C.

Most accounts can be opened and managed online, and Lafayette Federal Credit Union has an app for both Apple and Android devices to make banking more convenient whether you live near a branch location or not.

Final Thoughts

If you live in the greater D.C. area and are looking for a competitive long term CD or a rewards checking account, then Lafayette Federal Credit Union might be a good home for you.

Just note that better rates on variable rate deposit products can be had through online institutions that don’t have such strict eligibility requirements. The trade-off being you will have a less personalized banking experience and will have to manage your accounts online.