Citibank Review: Savings, Checking, CD, and IRA CD and Money Market Accounts

Citibank Reviews
iStock

You might think of credit cards when you hear the name “Citi,” and you wouldn’t be wrong. This bank — one of the largest banks in the entire world — is well-known for its line of credit cards. But Citibank offers a variety of financial products, including several deposit accounts where you can safely store your cash. But are they any good? And how do their rates and rules compare to other banks?

We’re going to dive into Citibank’s deposit accounts in this review so that you can decide whether it’s right for you or not.

One important note: The rates for each of these accounts vary depending on where you live. To compare consistent numbers, we decided to report rates from South Dakota, because Citibank is headquartered there, in Sioux Falls. Rates are accurate as of Dec. 08, 2017. To see rates for your area, go to Citibank’s website and enter your state.

How Citibank’s checking and savings accounts work

You can’t really get an individual checking or savings account at Citibank. Instead, you have to apply for one of five account packages. That means that when you open a checking account, you’ll also get a linked savings account, and vice versa.

Some account packages come with a monthly maintenance fee, which applies to the account package as a whole. For example, if there is a $30 monthly fee and you don’t meet the requirements to waive it using either your checking or savings account, the fee will be taken out once that month from your checking account.

To make things less confusing, we’ll go through all of the account packages first describing the checking accounts, because these accounts differ the most between account packages. Then, we’ll describe how the savings account works within each of these packages.

Citibank checking accounts

Checking account offer

Citibank is currently offering a great sign-up bonus when you open a new qualifying checking account before December 31, 2017.

To get a sign-up bonus of $300, you’ll have to do three things. First, open a new checking account within a Citibank® Account Package. Second, you’ll have to fund it with at least $15,000 within 30 days of opening the account and keep the money there for at least 60 days. Third, you’ll have to set up a direct deposit into your new account for at least two consecutive months.

If you have a bit more cash on hand, you can earn a larger sign up bonus of $500. Instead, you’ll have to open a premium checking account in a Citi Priority Account Package and deposit $50,000 within 30 days and leave it for at least 60 days. You’ll need to set up a direct deposit for two consecutive months into this account as well to be eligible for the cash bonus.

When applying for a Citibank deposit account, you’ll need to provide basic information about yourself (including your Social Security number) and a valid form of ID. Both offers require you to be a “New-to-Citibank” customer.

Citigold® Package

Myriad exclusive deals and perks for people with a lot of cash

Checking account details:

  • Minimum opening deposit: $0
  • Interest rate: 0.03% APY
  • Monthly maintenance fee: None
  • ATM fees: None
  • ATM refunds: All ATM surcharges from non-Citibank ATMs are refunded for any statement period you are eligible for Citigold®.
  • Overdraft fees: None

The Citigold® account package is more than just a checking account. To qualify for this account package you’ll need to bring a lot of cash to the table: You’ll need at least $200,000 in all linked Citi accounts, whether they be in your deposit, retirement or investment accounts. If your balances dip below that amount, Citi will automatically convert your account to the Citi Priority account package.

But, if you can meet that high bar, you’ll be eligible for numerous perks, even if the interest rate on this savings account is admittedly quite low. You’ll get a personal team to help you navigate the intricacies of all this account package has to offer — and it offers a lot more than just free checks. You’ll get a personal financial adviser, a concierge service and numerous travel perks, as well as discounts and waived fees on various loans, lines of credit and investments. Plus, you can enroll your checking account in Citi’s ThankYou Rewards® program.

You can apply for a Citigold® account online, over the phone, or by visiting a local branch.

Citi Priority Account Package

Nice perks for people with less — but still a lot — of money

Checking account details:

  • Minimum opening deposit: $0
  • Interest rate: 0.03% APY
  • Monthly maintenance fee: $30
  • How to waive monthly maintenance fee: Keep at least $50,000 in linked Citibank accounts, including deposit accounts, retirement accounts and investment accounts.
  • ATM fees: None
  • ATM refunds: Not available
  • Overdraft fees: None

Unlike the Citigold® account, which has no fees, you’ll pay a high monthly fee of $30 with this account unless you can keep at least $50,000 in other linked Citi accounts. If you’re able to do that, though, you can still take advantage of many of the same perks offered to the premium Citigold® members.

You’re eligible to link your checking account with the Citi ThankYou® Rewards program. This account still waives all banking fees, and offers you discounts and waived fees off of investment products, loans, and lines of credit. And while you may not have an entire team waiting at your fingertips, you still have exclusive access to financial advisors to help you make investment decisions.

You can apply for a Citi Priority account online, over the phone or by visiting a local branch.

The Citibank® Account Package

Average account with above-average requirements

Checking account details:

  • Minimum opening deposit: $0
  • Interest rate: 0.01% APY
  • Monthly maintenance fee: $25
  • How to waive monthly maintenance fee: Keep at least $10,000 in linked Citibank deposit, retirement or investment accounts.
  • ATM fees: $2.50 for each non-Citibank ATM use, unless you have at least $10,000 in linked Citibank accounts.
  • ATM refunds: None
  • Overdraft fees: $10 per day when funds are transferred to cover an overdraft.

If you can’t meet the high minimum balance requirements of the Citigold® or Citi Priority account packages, you might consider the Citibank Account. You can enroll your account in Citi ThankYou® Rewards, and your first order of checks is free.

But, you’ll still need to keep a high account balance of $10,000 in linked Citibank accounts to avoid paying the high monthly fee. In return, you earn interest on this account, but it’s a miniscule 0.01% APY.

You can apply for a the Citibank Account in online, over the phone or at a local branch.

Basic Banking Package

A no-frills account—but watch out for high fees.

Checking account details:

  • Minimum opening deposit: $0
  • Monthly maintenance fee: $12
  • How to waive monthly maintenance fee: You can get out of the maintenance fee if you
      1. 1. are 62 years or older
        2. make one bill payment from your account and one qualifying direct deposit into your account each month
        3. keep at least $1,500 in your checking and/or savings account
  • ATM fees: $2.50 for each withdrawal at a non-Citi ATM.
  • ATM refunds: None
  • Overdraft fees: $10 per day when funds are transferred to cover an overdraft.

This account is truly a no-frills version of Citi’s premium checking accounts. Not only does it not pay any interest or earn any Citi ThankYou® Rewards points, but you’ll have to watch out for high fees, as well. If you can’t meet the minimum deposit or age requirements, you’ll also be shelling out $12 per month for this austere account.

You can apply for the Basic Banking account online, over the phone or at a local branch.

Access Account Package

A high-fee checking account—that doesn’t let you write physical checks

Checking account details:

  • Minimum opening deposit: $0
  • Monthly maintenance fee: $10
  • How to waive monthly maintenance fee: There are three options:
      1. 1. Keep at least $1,500 in your account
        2. Make a bill payment from your account
        3. Have at least one qualifying direct deposit into your account each month
  • ATM fees: $2.50 for each withdrawal at a non-Citi ATM.
  • ATM refunds: None
  • Overdraft fees: None

This is a bit of a bizarre account. In exchange for a slightly lower fee ($2 less), you can get basically the same thing as the Basic Banking account but without the ability to write physical checks. If all you need to do is pay bills online, this account might work for you — but as soon as you need to write a physical check, you’re out of luck with this account.

Besides, the requirements to waive the monthly fee are almost the same, though the Access Account lets you slide by with one fewer bill payment/direct deposit per month. If you meet the requirements to have the Access Account maintenance fee waived, why not at least upgrade to the Basic Account and the ability to write physical checks?

If you do decide that this account is right for you, you for a Citi Access account online, over the phone or at a branch.

How Citibank’s checking accounts compare

Citibank’s premium account packages (Citigold® and Citi Priority) offer a lot of perks by way of waived fees and free services. However, unless you have deep pockets, you’ll likely be limited to considering The Citibank Account, Basic Banking or Access Account. These accounts come with high monthly account maintenance fees unless you can qualify for one of the ways to waive these pesky fees.

All of Citi’s checking accounts — even the ones with the nice premium perks — offer very low yields, especially compared to high-interest checking accounts available elsewhere.

Citi® Savings

Generally lackluster interest rates on savings account packages

  • Minimum opening deposit: $100
  • Monthly maintenance fee: For Basic and Access savings accounts, an additional $4.50 monthly maintenance fee applies if they are not linked to checking accounts. For account packages with linked checking and savings accounts, the fee may be charged to the checking account (see above account package descriptions for details).
  • How to waive monthly maintenance fee: For Basic and Access savings accounts, maintain a $500 minimum balance in your savings account or open the savings account with a linked checking account. Requirements for getting maintenance fees waived on other account packages are listed above.

Citi Savings Account (for Citigold®, Citi Priority and The Citibank Account)

 

Annual Percentage Yield (APY) by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Promotional Interest Rate

0.10%

0.10%

1.00%

1.00%

1.00%

1.00%

1.00%

Standard Interest Rate

0.04%

0.04%

0.08%

0.08%

0.10%

0.13%

0.13%

*As of Dec. 08, 2017

Basic Banking Package

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.06%

0.06%

0.06%

0.06%

0.06%

*As of Dec. 08, 2017

Access Account Package

APY by Account Balance

<$10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000-
$499,999.99

$500,000-
$999,999.99

$1,000,000+

Standard Interest Rate

0.04%

0.04%

0.06%

0.06%

0.06%

0.06%

0.06%

*As of Dec. 08, 2017

To qualify for the promotional interest rates offered with some of the packages, you’ll need to meet a few requirements. You’ll need to open a new savings account (within an account package) and fund it with at least $25,000. You’ll also need to be 18 years or older, and provide Citibank with a W-9 or W-8BEN. Unfortunately, these promotional interest rates only last for 90 days after you open your account, after which they revert to the much lower standard interest rates.

You can apply for a Citi Savings account online, over the phone or at al branch.

How Citibank’s savings accounts compare

Although Citibank offers good rates as high as 1.00% APY, it’s for a very short period of time and only if you bring a large amount of cash to the table and still meet other requirements.

Once the promotional period has passed, you’ll be left with piddly interest rates in account packages that may not meet your needs and potentially carry high fees to boot. If you’re looking for a low-fee and high-interest-rate savings account, you can do much better with other banks and credit unions like those in the roundup of the best online savings accounts.

Citibank CD Rates

Small earnings, but small early withdrawal penalties as well.

  • Minimum deposit amount: $1,000
  • How interest is calculated: Interest is calculated and paid monthly for CDs with terms longer than one year. For CDs with terms of one year or less, interest may be calculated and paid at maturity.
  • Early withdrawal penalties: For CDs with terms of one year or less, you’ll pay 90 days’ worth of interest. For CDs with terms of over one year, you’ll pay 180 days’ worth of interest. However, you can withdraw the interest at any time without paying a penalty.
  • When the CD matures: It’ll automatically renew for another CD of the same term length but with the current interest rate.
  • Grace period: After your CD matures and renews to another of the same term, you have seven calendar days to add or withdraw the funds penalty-free or change the CD to a different term length.

Citibank says that it offers different rates depending on which account package you open up a CD with. (That’s right — you can’t just go to the bank and open a CD. You need to have an existing account with them first.) But, as you’ll see below, the rates actually are the same for each type of account package.

CD Rates for Citigold® account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.75%

0.75%

0.75%

0.75%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.07%

0.07%

0.07%

0.07%

0.07%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

0.10%

0.10%

0.10%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.15%

0.15%

0.15%

0.15%

0.15%

13 month

0.20%

0.20%

0.20%

0.20%

0.20%

18 month

0.25%

1.01%

1.01%

1.01%

1.01%

2 year

0.25%

0.25%

0.25%

0.25%

0.25%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.50%

0.50%

0.50%

0.50%

0.50%

4 year

0.50%

0.50%

0.50%

0.50%

0.50%

5 year

0.50%

0.50%

0.50%

0.50%

0.50%

*As of Dec. 08, 2017

CD Rates for Citi Priority account holders

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.75%

0.75%

0.75%

0.75%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.07%

0.07%

0.07%

0.07%

0.07%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

0.10%

0.10%

0.10%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.15%

0.15%

0.15%

0.15%

0.15%

13 month

0.20%

0.20%

0.20%

0.20%

0.20%

18 month

0.25%

1.01%

1.01%

1.01%

1.01%

2 year

0.25%

0.25%

0.25%

0.25%

0.25%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.50%

0.50%

0.50%

0.50%

0.50%

4 year

0.50%

0.50%

0.50%

0.50%

0.50%

5 year

0.50%

0.50%

0.50%

0.50%

0.50%

*As of Dec. 08, 2017

CD Rates for The Citibank Account, Basic Banking, and Access Account packages

CD Term

APY by Deposit Amount

Below $10,000

$10,000-
$24,999.99

$25,000-
$49,999.99

$50,000-
$99,999.99

$100,000+

3 month

0.05%

0.05%

0.05%

0.05%

0.05%

4 month

0.05%

0.05%

0.05%

0.05%

0.05%

5 month

0.05%

0.75%

0.75%

0.75%

0.75%

6 month

0.07%

0.07%

0.07%

0.07%

0.07%

7 month

0.07%

0.07%

0.07%

0.07%

0.07%

8 month

0.07%

0.07%

0.07%

0.07%

0.07%

9 month

0.10%

0.10%

0.10%

0.10%

0.10%

10 month

0.10%

0.10%

0.10%

0.10%

0.10%

12 month

0.15%

0.15%

0.15%

0.15%

0.15%

13 month

0.20%

0.20%

0.20%

0.20%

0.20%

18 month

0.25%

1.01%

1.01%

1.01%

1.01%

2 year

0.25%

0.25%

0.25%

0.25%

0.25%

30 month

0.25%

0.25%

0.25%

0.25%

0.25%

3 year

0.50%

0.50%

0.50%

0.50%

0.50%

4 year

0.50%

0.50%

0.50%

0.50%

0.50%

5 year

0.50%

0.50%

0.50%

0.50%

0.50%

*As of Dec. 08, 2017

If you already have an account package with Citi and you’d like to apply for a CD, you can do so online, over the phone or at a branch. All you’ll need to provide is basic information about yourself (including your Social Security number), have a physical address in the United States, and have a valid form of ID.

If you have “issues with your credit history” or are depositing more than $100,000 into your CD, you cannot do so online or over the phone — you’ll have to go and visit a Citibank branch in person.

How Citibank’s CDs compare

Citibank offers very low rates on its CDs, especially compared to high yield CDs you can get elsewhere without having to mess around with account packages.

One clear advantage of Citibank CDs is that the early withdrawal penalties are relatively low. For example, the early withdrawal penalty on a five-year Citibank CD is 180 days’ worth of interest. Discover Bank — which offers much better CD rates — charges a whopping 18 months’ worth of interest if you withdraw the cash early from Discover’s five-year CD. However, Citi’s CD rates are so low, you’d be better off putting money in a high-yield savings account — the best ones offer rates higher than Citi’s CDs — and not worrying about early withdrawal fees. That wouldn’t necessarily be a good strategy in a falling-rates market, but since rates hit a historic low after the financial crisis, we’ve been in a rising-rates market.

Unless you a) already have an existing account with Citibank, b) don’t want to go through the hassle of opening a CD at another institution (it’s not hard, we promise), and c) think that there’s a high likelihood that you’ll withdraw the money early and don’t want to open accounts elsewhere, we wouldn’t recommend a Citibank CD.

Citibank banking IRA

Guaranteed low returns, especially when compared to equity investments

Citibank offers banking IRAs in two flavors: as CDs (with the rates listed in the section above), or as a money market account at an interest rate of 0.20% APY*. These rates are extremely low, especially when compared to higher-yielding IRA CDs.

In general, the returns on IRA CDs and money market accounts don’t even come close to the kind of gains you need to be making while growing your retirement accounts, and Citibank’s banking IRAs are no exception. For example, equities (i.e., stocks and bonds) earn average returns of around 7% per year — far higher than the piddly 0.50% APY that you can get in a best-case scenario with a Citibank CD.

In fact, the rates that Citi offers for banking IRAs are far lower than typical inflation levels (around 3% per year). This means that even if you opt for the highest rates that Citi offers, your money won’t even keep pace with inflation over time and you’ll be left with less and less each year (albeit at a guaranteed rate).

Overall review of Citibank

Although Citibank offers some great credit cards (such as the Citi® Double Cash Card and Citi® Simplicity Card), they fall short in the deposits department.

Citibank does offer some nice perks, such as some accounts being eligible for Citi’s ThankYou® Rewards program. The Citigold® and Citi Priority account packages come with features that can save you money and make your life easier, if you have the deep pockets required for these account packages.

All-in-all, while there are some bright spots to Citibank’s accounts, you can earn higher rates and pay lower fees at other banks and credit unions.

The post Citibank Review: Savings, Checking, CD, and IRA CD and Money Market Accounts appeared first on MagnifyMoney.

Review of Wells Fargo CD Rates

Review of Wells Fargo CD Rates
iStock

Wells Fargo offers numerous products and services, including savings and checking accounts, insurance and investment products. They also offer certificates of deposit (CDs), though their rates are significantly lower compared to other big name competitors. Keep in mind that their rates will differ depending on where you live. The rates you’ll see in this article are based on their headquarters in San Francisco. If you want an accurate list of Wells Fargo CD rates based on your location, head over to their rates page and type in your ZIP code.

Wells Fargo’s fixed-rate CDs

Wells Fargo’s Standard CD Rates

CD Term

Annual Percentage Yield (APY)

Minimum Deposit Amount

3 months

0.01%

$2,500

6 months

0.01%

$2,500

1 year

0.05%

$2,500

As of Dec. 6, 2017

The Wells Fargo Standard CD ensures that you get a guaranteed return for the entire CD term. Your rate is locked in once you make an opening deposit into your account. Anyone can open an account online or in person as long as they have a minimum of $2,500 to deposit into an account.

Wells Fargo’s Standard CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

3 months

0.06%

$2,500

6 months

0.06%

$2,500

1 year

0.10%

$2,500

As of Dec. 6, 2017

You can get the Wells Fargo Standard CD bonus rates if you link your CD to a Portfolio by Wells Fargo® account and make a $2,500 minimum deposit. This product is their upgraded checking account which offers better interest rates across many Wells Fargo products. You also get certain fees waived from your account, discounts on loans, as well as additional credit card benefits. This includes avoiding the $30 maintenance fees if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts. All you need to open this checking account is a minimum opening deposit of $25.

If your CD is no longer linked to your Portfolio by Wells Fargo® account, the bonus CD rate will revert back to the standard rate.

Wells Fargo’s Special CD Rates

CD Term

APY

Minimum Deposit Amount

9 months

0.25%

$5,000

19 months

0.45%

$5,000

39 months

0.50%

$5,000

58 months

1.01%

$5,000

As of Dec. 6, 2017

To open a Wells Fargo’s Special CD, you’ll need a minimum opening deposit of $5,000. Additionally, these rates only apply to the initial agreed term. Once your CD matures, it’ll automatically renew to the standard rates.

Wells Fargo’s Special CD Bonus Rates

CD Term

APY

Minimum Deposit Amount

9 months

0.30%

$5,000

19 months

0.50%

$5,000

39 months

0.55%

$5,000

58 months

1.06%

$5,000

As of Dec. 6, 2017

To be eligible for the special bonus CD rates, you’ll need to meet the same requirements as the regular Special CD, plus link your account to a Portfolio by Wells Fargo® and make a $5,000 minimum deposit. This will revert back to standard rates once it matures and you decide to renew your CD. You may be eligible for the bonus Standard CD rate upon renewal.

How to get one of Wells Fargo’s fixed-rate CDs

To open a fixed rate CD, you can apply online using their secure online application form. During the application process, you’ll be asked to choose the term you want and submit details such as your Social Security number, funding account information and a valid ID. You can fund your CD using any bank account, credit card or by mailing a check or money order after you submit your application. (Note: Using a credit card to fund a CD only makes sense if you’re paying off the credit card balance in full. Otherwise, credit card finance charges could significantly outweigh CD interest earnings.) Once you complete the application, you’ll get instant notification of your application status and possible next steps.

Wells Fargo Step Rate CDs

CD Term

APY

Minimum Deposit Amount

24 months

0.16%

$2,500

As of Dec. 6, 2017

The Step Rate CD offers multiple rate increases and a penalty-free withdrawal every six months as long as you are able to maintain the minimum opening balance. You’re guaranteed automatic rate increases at seven, 13 and 19 months into your CD term. At these times, the interest rate (not APY) goes up in increments of 0.10%:

  • 1 to 6 months: 0.01%
  • 7 to 12 months: 0.11%
  • 13 to 18 months: 0.21%
  • 19 to 24 months: 0.31%

To make your penalty-free withdrawals, you’ll need to do it within five business days at the start of the days when your interest rate goes up. If the rate increase happens to fall on a weekend or on a holiday, the withdrawal period will begin on the next business day. Once your account matures, the CD will be automatically renewed and reverted to a standard 24-month fixed rate CD.

Wells Fargo Step Rate Bonus CD

CD Term

APY

Minimum Deposit Amount

24 months

0.21%

$2,500

As of Dec. 6, 2017

To be eligible for the bonus rate, you’ll need to link your Step Rate CD to a Portfolio by Wells Fargo® account. Keep in mind that there is a monthly maintenance fee of $30 for the checking account unless you have at least $25,000 in qualifying bank deposits or $50,000 in qualifying brokerage, bank and credit balances.

You’ll also get rate increases and penalty-free withdrawals every six months as long as you keep the minimum opening balance. You are subjected to the same interest rate increases and requirements as the regular Step Rate CD.

Upon account maturity, your CD will automatically renew into a standard fixed rate bonus CD. If you don’t have a Portfolio by Wells Fargo® account, your rate will revert back to the standard rate.

How to Get a Wells Fargo Step Rate CD

You can only open a Step Rate CD in person at any Wells Fargo branch. You can show up at any one of their physical locations. You can also make an appointment online or by calling 1-800-869-3557.

Here’s how Wells Fargo CD rates compare to other banks

Wells Fargo rates don’t even come close to the top competitors’ offers, even with the bonus rates. Those better CD rates often also come with a lower minimum deposit than what Wells Fargo requires. However, competitors with the highest rates tend to be online-only banks, which is only a disadvantage if you prefer to bank in person. If it’s important to you to keep all your banking products in one place, then Wells Fargo may be worth considering, though that strategy isn’t a financial advantage, as far as CDs go.

Additional information about Wells Fargo CDs

Founded in 1852, Wells Fargo is considered the third largest bank in the U.S. This FDIC insured bank provides retail, commercial and corporate banking services through its branches and online in the U.S. and internationally. Wells Fargo has over 13,000 ATMs and 6,000 branch locations across the country.

All rates earned are compounded daily and interest starts to accrue as soon as you make your deposit, as long as it’s on a business day. Otherwise it’ll begin on the next available business day. Any interest earned is paid out monthly and deposited into a checking account, savings account or via check. You could also opt to leave it your CD until maturity. You can also choose to have your interest payments paid out annually, semi-annually or when your CD matures. The only exception is for CD terms 12 months or more, where you can’t choose to have your interest paid out at maturity.

There are penalties if you make early withdrawals on fixed-rate CDs. You either have to pay the early withdrawal fee or be subjected to the Regulation D penalty.

Those who may need to pay the Regulation D penalty include those who make withdrawals within seven days of account opening. This penalty also applies if you make withdrawals during the grace period and the withdrawal is more than any additional deposits during that time. Regulation D penalty means you’ll need to pay seven days’ simple interest.

Any withdrawals after the first seven days are subjected to the following early withdrawal fee:

  • 90 days or less: one month’s interest
  • 90 days to a year: three months’ interest
  • 12 to 24 months: six months’ interest
  • 24 months and over: 12 months’ interest.

If you make a withdrawal on a Step Rate CD or the Step Rate Bonus CD, the early withdrawal fee will apply if the money you take out will cause the balance to be under the minimum opening deposit. The penalty will be based on the whole amount taken out. You’ll also be subject to early withdrawal penalties if you make a withdrawal on days other than the five day withdrawal period when interest rates increase.

There are some exceptions where you may be able to get early withdrawal penalties waived. Common ones include death of the account owner, but you’ll need to contact Wells Fargo customer service to chat about your exact situation and circumstances. (This exception isn’t unique to Wells Fargo.)

Wells Fargo will send you a notice to remind you of the CD maturity date about a month before it happens. When your CD actually matures, you have a seven day grace period. You can either renew the CD or choose to change the terms (such as linking your Portfolio by Wells Fargo® account). Other options include closing the CD, making another deposit or withdrawing money as long as the remaining balance can meet minimum balance requirements.

If you choose not to do anything, the CDs renew automatically. However, no interest will be paid during the seven day grace period if you don’t choose to reinvest your CD or you take money out of the account.

Overall review on Wells Fargo CD rates

Although Wells Fargo offers a myriad of services, including the ability to link your checking account to your CD, their rates fall short compared to other financial institutions as well as national averages. There are online banks that offer much better rates and with lower minimum deposits.

The post Review of Wells Fargo CD Rates appeared first on MagnifyMoney.

The 2017 MagnifyMoney Mobile Banking Ratings

It’s difficult to remember how frustrating mobile banking was for users just five years ago. Some mobile banking apps would struggle to find the nearest ATM. Depositing checks by capturing an image was considered cutting edge. It was even quite possible your bank didn’t have a smartphone app.

Fast forward to today. Now, alerts from banking apps are a feature we take for granted. Most apps, if the bank offers a credit card account, will show you your current credit score. Some banks are even allowing you to make ATM withdrawals through the app, without a bank card.

The data in MagnifyMoney’s 2017 mobile banking ratings indicates that, as a class, banking apps have matured. Overall, apps haven’t appreciably improved, with users on the Apple App Store and Google Play rating banking apps an average of 3.7 stars (out of 5), as they did in 2016. But this year, none of the mobile banking apps can be considered especially awful anymore.

How we reviewed the apps

Summary of key findings:

  • Best Overall App: Discover with a score of 4.8, up from 4.2 in 2016.
  • Best Apps Among the 10 Largest Banks: Chase and Capital One both scored 4.6.
  • Worst App Among the 10 Largest Banks: BB&T with a score of 3.0, improving from 2.8 in 2016.
  • Best Apps Among the 10 Largest Credit Unions: SchoolsFirst, PenFed, Alliant, BECU and America First all scored 4.3, well above the average of 3.7 for all credit union apps.
  • Worst App Among the 10 Largest Credit Unions: Star One with a score of 3.2, down from 3.3 in 2016.
  • Best Online Direct Bank App: Discover Bank with a score of 4.8, up from 4.2 in 2016.
  • Worst Online Direct Bank App: Ally Bank, with a score of 3.4, improving from 3.1 in 2016.
  • Overall Most Improved App: First Tech Federal Credit Union, with a score increase of 122% year over year, from 1.9 to 4.2.
  • Most Improved Traditional Bank: Umpqua Bank, with a 30% ratings increase year over year, from 2.3 to 2.9.
  • Overall Most Deteriorated App: First Tennessee, whose score dropped 40%, from 3.5 to 2.1 year over year.

Overall Best and Worst Bank Apps

Discover tops them all

Discover has managed to keep the more than 1 million people who have used its mobile app relatively content. Part of its success may lie in serving more credit card-only users than mobile apps from other large banks, which tend to have customers primarily using mobile apps for more traditional checking and savings accounts. Nonetheless, its score of 4.8 is the highest of any institution in our rankings this year.

Sample Discover feedback from Android app users:

Excellent mobile app with TU FicoScore 8 to know your creditworthiness. Also, allow the manage of authorized user to freeze their credit cards awesome feature. The only secured credit card with rewards. Overall perfect, Thanks Discover. – December 3, 2017

Does pretty much everything you could ever need. Slick UI. Reliable. The only thing I’d change which is minor is being able to manage my bank and my card in the same tab. – November 18, 2017

Credit unions still among those highly rated, but traditional banks are catching up

Last year, credit unions monopolized the highest rated app list, when all but one name was a credit union. But this year, credit unions share the stage with two traditional banks and an online direct bank. Capital One and BBVA Compass were also ranked highly by app users this year, each garnering a 4.6 overall rating by mobile app users.

Sample Capital One feedback from iOS app users:

App is super simple and fast. Doesn’t crash. Quick two-factor security. All normal features promised and delivered like auto-pay, one click to see my credit score, simple rewards features, etc. – November 2017

Sample BBVA Compass feedback from Android app users:

Love this app. Makes it so easy to do banking without the hassle of going to the ?!!! I can do everything right from my phone. With the new updates it’s gotten even better!!! – November 7, 2017

10 Best and Worst Bank Apps

(Among the 10 largest banks and credit unions)

Bigger is getting better

Apart from laggard BB&T, the apps of the 10 largest banks were rated better than average by users, which is quite a feat when you consider that many of these apps, like Wells Fargo Mobile and Citi Mobile, not only offer savings, checking and credit card accounts, but also more complicated products like brokerage accounts and holistic personal finance management programs similar to websites like Mint.com.

Sample Chase feedback from iOS app users:

I use this app every day. It’s pretty simply laid out, intuitive. It combines my multiple personal accounts and business accounts in one app. – August 5, 2017

Online banking still a mixed bag

Among the 10 online direct apps we found more dispersion in app user satisfaction. While Discover tops the list with a weighted overall rating of 4.8, four of the banks had apps with a rating of less than 4. Still, nearly all the apps in this category saw a modest improvement in user satisfaction versus last year.

Credit unions hold steady

Credit union customers (shareholders, in Credit Union’s language) tend to be happier than those who use traditional banks, and that trend continues for mobile apps.

5 of the 10 largest credit unions have the same overall score of 4.3, which is unsurprising as the interface of many credit union apps are from the same software developer.

Methodology

App ratings were recorded the week of Nov. 15, 2017 in the Google Play and Apple App Stores, and include ratings for all app versions. Overall ratings are a weighted average, rounded to the nearest tenth, of iOS and Android ratings based on the number of reviews for each platform. Institutions with no mobile apps were excluded from ranking summaries.

The 50 largest banks, defined as those with the largest deposits per FDIC data June 2017, were examined. Those not offering consumer checking accounts were excluded. The 50 largest credit unions by assets according to the CUNA in September 2017 were examined. For online direct banks, and 10 of the largest online direct banks were chosen by number of app ratings.

The post The 2017 MagnifyMoney Mobile Banking Ratings appeared first on MagnifyMoney.

3 Reasons Emigrant Bank Might Not Be the Best Place to Save

Emigrant Bank Review

Emigrant Bank, through its internet bank subsidiaries (DollarSavingsDirect, MySavingsDirect and EmigrantDirect), offers highly competitive interest rates. However, before deciding to open an account with Emigrant, here are three concerns that every potential customer should consider:

1. Emigrant Bank has a regular history of introducing “America’s Highest Rate” to attract customers, only to decrease the rate later. Emigrant Bank is fully within its legal right to do so (because savings account rates can change at any time). But other leading internet banks pay much more consistent rates, and so the pattern starts to feel a bit like bait-and-switch.

2. Emigrant Bank has a C+ health rating from DepositAccounts.com (which, like MagnifyMoney, is owned by LendingTree). All deposits at Emigrant are insured by way of the Federal Deposit Insurance Corporation (FDIC). However, if you want to deposit more than the FDIC-insured limit, the health of your chosen bank is an important consideration. Emigrant was hit hard during the 2008 financial crisis, and some of its health indicators continue to flash warning lights

3. The digital experience of Emigrant Bank is lacking. There is no mobile banking app. The website has a look and feel better suited to the 1990s than to 2017. If digital experience is important to you, Emigrant will disappoint.

I will review each of these concerns in more detail below, while including a brief background of the bank.

What is Emigrant Bank?

Emigrant Bank was founded in 1850 by Irish immigrants to New York. Very quickly, the bank became one of the largest in the country and helped finance iconic buildings like St. Patrick’s Cathedral. Fast-forward, and today Emigrant Bank (which is technically owned by its holding company, New York Private Bank & Trust Corporation) is the largest privately held bank in the country. Howard Milstein owns the bank, which now has $6.4 billion in assets. Emigrant is not tiny, but it is far from the 7th largest bank (which today has more than $300 billion in assets).

Although the bank’s physical footprint remains in New York, it has a nationwide internet deposit business to fund its operations. Emigrant’s internet-only savings brands include the aforementioned DollarSavingsDirect, MySavingsDirect and EmigrantDirect. These brands are part of Emigrant (and your FDIC insurance limit is for your total relationship balance, not each individual brand).

Beware of the bait-and-switch (a high rate to attract, and then a rapid dropoff)

Leading internet-only banks, like Ally and Synchrony, consistently pay very high rates. Emigrant has a different strategy. It has created different sub-brands. These brands will come out with the highest rate in the country to attract deposits, and then the rates will be decreased. This occurs consistently, across brands.

With a savings account, the interest rate can change at any time. But although it’s perfectly legal, this feels a bit like a bait and switch. Here are some examples:

EmigrantDirect: It once paid 1.10% APY. Now it’s 0.50% APY

When 1.10% was America’s Highest Rate in 2010, EmigrantDirect was paying it to depositors. However, the rate has consistently and dramatically dropped, and the rate is only 0.50% APY now. If you opened your account in 2010, you would have seen your rate fall by more than 50%, even though the market interest rates have been increasing, and it is now easy to get at least 1.30% APY. Here is a chart of the deposit history, from DepositAccounts:

MySavingsDirect: It once paid 1.25% APY – now 1.00% APY

In 2015, MySavingsDirect had America’s Highest Rate. In fact, it was featured prominently on MagnifyMoney because of the healthy interest rate. However, the rate started to drop dramatically and swooned as low as 0.85% APY in less than a year. We can only guess that people started leaving in droves — because the rate bounced up a bit to 1.00% APY. This rate is far from America’s Highest, however, and MagnifyMoney readers who signed up in 2015 probably feel a bit sore about the rapid drop in rates.

Look at the chart below to see the bumpy road depositors have been on:

DollarSavingsDirect: Now America’s Highest Rate

DollarSavingsDirect now has America’s Highest Rate, and is paying 1.50% APY. We can’t argue with the rate. But when you look at DollarSavingsDirect’s rate history (below), and consider what Emigrant Bank has done with the other brands, you would be safe in betting that this rate will probably come down soon:

Source: Depositaccounts.com

Health warning: Emigrant’s risks

Emigrant was hit particularly hard during the 2008 financial crisis and required a financial bailout. The bank is now very well capitalized and has a 19.34% Tier 1 capital ratio (as of June 2017). The Tier 1 capital ratio is one of the highest in the banking universe, and it received an A+ from DepositAccounts for capitalization.

However, there are two reasons to be cautious. First, the bank continues to struggle with profitability. According to the FDIC, Emigrant’s Return on Assets (ROA) for the first six months of 2017 was only 0.70%. For banks, 2017 has been an excellent year for profitability. FDIC-insured institutions achieved an average ROA of 1.14%, which is the highest in 10 years. In a period of record earnings and low losses, Emigrant Bank is only able to achieve its much lower figure — which means a future downturn or recession will be more difficult.

In addition, the Texas Ratio of the bank is 20.23%. The Texas Ratio looks at the book value of all nonperforming assets as a percentage of the equity capital and loan-loss reserves. This ratio measures a bank’s likelihood of failure by comparing bad assets to available capital. If the ratio is above 100%, a bank is highly likely to fail. At 20%, Emigrant Bank’s Texas Ratio is flashing yellow (and received a B from DepositAccounts).

If all of this sounds confusing, let’s offer a simple recap:

  • Emigrant Bank was hit hard in 2008.
  • To repair itself, the bank raised lot of capital (to buffer against future losses).
  • Unfortunately, the bank still struggles to generate earnings. In a period of record bank earnings, it lags industry averages.
  • There are still a relatively high number of bad loans on the books, given the high Texas Ratio

In fairness, the bank has been around since the 1800s and has made it through every crisis, including the Great Depression and the recent Great Recession. However, Emigrant is not the strongest bank in the market, and you should think long and hard before depositing more money than the FDIC limit.

A poor digital experience

If you open an account with a bank that does not have branches, your expectation for a strong digital experience should be high. Sadly, Emigrant Bank does not deliver. Its website has a very dated look and feel, and there is no mobile banking app. If digital experience is important to you, Emigrant will not deliver.

Bottom line

If you want to open a savings account with a bank that consistently pays a market-leading rate, Emigrant Bank (along with its various internet brands) is probably not the bank for you.

If you want a bank where you plan on depositing significantly more than the FDIC maximum, you should do some extensive homework before entrusting your funds to Emigrant.

And if digital experience and mobile banking apps are important to you, you should avoid Emigrant.

However, if you are willing to do work, and don’t mind regularly moving your money around, you will probably be able to find America’s Highest Rate at one of Emigrant Bank’s brands at any given point in time. Just watch that rate carefully, because it will likely go down.

The post 3 Reasons Emigrant Bank Might Not Be the Best Place to Save appeared first on MagnifyMoney.

Discover Customer Service Review

iStock

These days, financial companies need to have impeccable customer service. Not only are there a significant amount of competitors, but consumers now go to social media to air their grievances. With this in mind, it’s important for financial companies to take the time to listen to their customers and serve them well.

One financial company that has a particularly good customer service reputation is Discover.

Discover’s customer service reputation

Discover has an award-winning customer service team and is known for high customer satisfaction rates. It has won numerous industry awards and has been in the top rankings on several customer satisfaction surveys in recent years. It ranked high in several studies, multiple years in a row, which indicates a continued dedication to customers.

Below are some examples of recent praise and awards Discover earned:

What’s impressive about this list is that Discover wins awards in multiple categories. Not only does the financial industry recognize its excellence with credit cards and banking, but it also gets top honors in new customer service categories, like with its mobile app.

How Discover compares

Although Discover ranked the highest in customer satisfaction with credit card users in J.D. Power’s 2016 rankings, it came in second place behind American Express in 2017.

Still, Discover has several standout features when compared with other major financial companies, especially with its app. You can communicate with Discover’s customer service team through the app 24/7. Another noteworthy feature is that you can “freeze” your account through the app if you lose your card. Discover also touts its 100 percent U.S.-based customer service, though the effect that has on the bank’s customer service quality is hard to measure.

Also, Discover is what’s called a branchless bank, which means there are no physical locations. Among branchless banks, Capital One 360 ranks the highest in customer satisfaction, whereas Discover Bank ranks second, followed by E*TRADE Bank. J.D. Power noted in its direct banking study. (The rankings in this category were extremely close.)

However, if you’re the kind of person who likes the ability to go into a bank branch to resolve account issues, this sort of bank structure may not appeal to you.

How to get in touch with Discover customer service

You can get in touch with Discover customer service in the following ways:

Mail

Payment Address

Discover Financial Services
P.O. Box 6103
Carol Stream, IL 60197-6103

Customer Service – General Inquiries

Discover Financial Services
P.O. Box 30943
Salt Lake City, UT 84130-0943

Discover Gift Cards

P.O. Box 52145
Phoenix, AZ 85027-2145

Phone

U.S. Calls

1-800-DISCOVER

Outside U.S. Calls

1-801-902-3100

TDD (for the hearing impaired)

1-800-347-7449

Live chat

In order to speak to a Discover customer service representative via live chat, you need to log into your account first on the top right of the Discover homepage.

Self-service

There are also numerous places where you can get help with specific Discover products. Find answers to frequently asked questions, redeem rewards, learn how to find out your FICO score and more at the links below.

Credit Card Help Center

Make payments, register your account,
report a lost or stolen card, activate your card, get a cash advance,
live chat, call 24 hours a day

Credit Resource Center

Read content about credit card tips, credit health, saving money,
debt management, credit scores, budgeting, and more.

Banking Help Center

A homepage that lists several different ways to contact
Discover to talk about their banking products, like opening an
account or reporting fraudulent activity.

Home Equity Help Center

Use this page to access financial calculators, learn how you can use
your home equity, find loans and rates, and of course apply
for a home equity loan.

Student Loans Help

Use this page to log into your student loan account and email
Discover specific questions. You can also use this page to pay your
student loans, learn how to apply for student loans, and access student
loan calculators.

Personal Loans Help

Use this page to find out the types of personal loans Discover offers.
You can also access resources, calculators, make payments, and see
if you qualify for a personal loan in just a few minutes
(with no impact to your credit score.)

Business Card Help

This page leads to the same general “Credit Card Help Center”
page mentioned above.

Gift Card Help

You can use this page to get contact information related to
Discover gift cards. You can also activate the card, check your balance,
and see a list of FAQs.

Discover card options to consider

Discover has several different credit card options to consider. Below are some of the most popular Discover it cards.

Keep in mind that one of the best perks among these cards is no annual fee. Additionally, there is significant protection for shopping and purchases. For example, Discover covers your purchases up to $500 if they are stolen or damaged. It also offers extended product warranties and will refund the difference if you find a lower price on one of your purchases elsewhere within 90 days.

Discover it® 18-Month Balance Transfer Card

The best part of this card is definitely the introductory 18-month balance transfer offer. Keep in mind that you will have to pay a 3 percent fee on the transfer, but then you get 0 percent interest for 18 months. This card is best for people with good credit scores who want to get out of credit card debt. Keep in mind you cannot transfer a balance from another Discover card to this card. You can read our full review here.

Discover it® - 18 Month Balance Transfer Offer

APPLY NOW Secured

on Discover’s secure website

Discover it® Secured Card

This credit card is for people who have no credit or bad credit. Cardholders put down a minimum deposit of $200 to secure a credit line so they can work on improving their credit scores. There is no annual fee but there is a high APR, which should not be a problem if you pay your card off every month. The card stands out from other secured cards in that it offers rewards and automatic account reviews after eight months, to see if you can “upgrade” to an unsecured credit card and get your deposit back. You can read our full review here.

Discover it® Secured Card - No Annual Fee

APPLY NOW Secured

on Discover’s secure website

Discover it® Miles

Like the other Discover cards on this list, this card comes with no annual fee. The biggest benefit is that you’ll earn 1.5 points on every dollar you spend, which you can use toward travel. This card is best for those who love to travel and would rather all of their points go toward that. What sets it apart from other popular travel credit cards is that Discover will also match all of the miles you earn at the end of your first year.

Discover it® Miles

APPLY NOW Secured

on Discover’s secure website

Discover it® chrome

This card is similar to other Discover cards except it’s perfect for people who enjoy dining out. Discover will give you 2 percent cash back at restaurants and gas stations up to $1,000 in combined purchases every quarter — no sign-ups required. Plus, it’ll automatically match all the cash back you earn at the end of your first year. Like the others, there is no annual fee.

Discover it® chrome

APPLY NOW Secured

on Discover’s secure website

To see other types of Discover credit cards and find the one that fits you best, check out all of the Discover cards, which includes student cards. Don’t forget you can also get your FICO score for free.

Check out all the other cardmember benefits here.

The post Discover Customer Service Review appeared first on MagnifyMoney.

TD Bank Review: Savings, Checking, CD, Money Market, and IRA Accounts

td bank review
iStock

TD Bank got an early start in the 1850s. Today, it’s one of the largest banks in the nation. Even though it’s a nationwide bank, you can really go into a physical branch only if you live along the East Coast. If you are that lucky, you can take your pick from over 1,200 branches, many of which have convenient extended hours during the week and on weekends.

People living in the Midwest and on the West coast will have to suffice with online-only banking. But, rest assured, they still make it easy: they maintain a 24/7 customer service line if you do need to chat with a real person.

We’ll go over everything you need to know about TD Bank’s deposit accounts in this article. One important note: TD Bank’s rates vary depending on where you live. To compare apples to apples, we’ll look at the rates from Cherry Hill, N.J., which is where TD Bank is headquartered. However, we recommend checking your local rates when deciding whether these accounts are right for you. All rates are current as of Dec. 4, 2017.

TD Bank Savings Accounts

TD Simple Savings account

Simply low savings for a fee-heavy savings account.

[Chart-TDSimpleSavingsaccount]

APY

Minimum Balance Amount

0.05%

$0 ($300 to waive monthly maintenance fee)

[/Chart-TDSimpleSavingsaccount]
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5 ($4 if you’re signed up for online statements)
  • How to waive the account maintenance fee:
    1. Keep at least $300 in your account
    2. Have a linked TD student checking account
    3. Be under age 18 or over age 62
    4. Transfer at least $25 per month from a TD Bank account and have a linked TD Bank personal checking account (but this will only waive the fee for 12 months)
  • ATM fees: None if using a TD ATM; $3 for non-TD ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

You’ll need to keep an eye out for fees with this account. It’s not hard to waive the monthly account fee if you keep it stocked full of savings (which is how you should use a savings account, after all), but if you decide to empty the account, you’ll have to pay this steep monthly fee. Furthermore, the rates offered are very low, especially when compared with savings accounts at other banks.

Opening a Simple Savings account with TD Bank takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Preferred Savings account

Moderate interest rates for high-balance savers.

[Chart-TDPreferredSavingsaccount]
 

$0.01 - $19,999.99

$20k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k - $499,999.99

$500k - $999,999.99

$1M – $9,999,999.99

$10M+

APY with standard rate

0.05%

0.20%

0.35%

0.50%

0.50%

0.50%

0.50%

0.45%

APY with bump rate

0.10%

0.50%

0.75%

1.00%

1.00%

1.00%

1.00%

0.95%

[/Chart-TDPreferredSavingsaccount]
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 ($14 if you’re signed up for online statements)
  • How to waive the account maintenance fee: Keep at least $20,000 in your account.
  • ATM fees: None. However, you may be charged a surcharge fee (i.e., the fee that the ATM’s owner tacks on) unless you keep at least $2,500 in your account.
  • Overdraft fees: $35 for each item, up to five items per day.

TD Bank does offer semi-OK returns for their Preferred Savings account, with a catch: You’ll need to keep a lot of money in it. Otherwise, you’ll face a hefty monthly account fee that will wipe away your earnings.

For example, let’s say that you have $15,000 in your account. That’s $5,000 under the $20,000 threshold needed to waive the $15 monthly fee. If you receive the rate bump for having another eligible TD Bank account, you’ll earn $1.25 in interest that month — meaning you’ll lose $13.75 after paying the monthly account maintenance fee.

You can qualify for the higher bump rates by also having one of the following types of accounts with TD Bank and making three transactions per month with it: a mortgage, a home equity loan, a credit card, or a personal or small business checking account.

Opening a Preferred Savings account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone, or by visiting a local branch.

How TD Bank’s savings accounts compare

TD Bank’s savings accounts are pretty lackluster. They carry the potential for a lot of fees and for very little return.

Their Preferred Savings account in particular does offer high earning potential with interest rates up to five times greater than the national average. But you’ll need to have heavy pockets to be able to reach those levels, in addition to meeting a list of other requirements to waive the monthly fee and be eligible for these high interest rates.

Most people probably won’t be able to reach these high interest rates. But there’s good news: There are many other high-interest savings accounts that offer better rates without so much fine print holding you back.

TD Bank Checking Accounts

TD Premier Checking account

Earn low interest rates for keeping a high balance in your checking account.

[Chart-TDPremierCheckingaccount]

Minimum Balance Amount

$0.01 - $2,499.99

$2,500 - $49,999.99

$50k - $249,999.99

$250k+

APY

0.00%

0.05%

0.05%

0.05%

[/Chart-TDPremierCheckingaccount]
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $25
  • How to waive the account maintenance fee: Keep at least $2,500 in your account.
  • ATM fees: None. However, you may be charged a surcharge fee (i.e., the fee that the ATM’s owner tacks on) unless you keep at least $2,500 in your account.
  • Overdraft fees: $35 for each item, up to five items per day.

If you’re looking to earn interest on the money held within your checking account, you might consider this account. Just be careful: you’ll need to keep a pretty high balance to a) earn any interest at all, and b) avoid the high monthly account fee.

A few minor side benefits of having this account also include things like free bank checks and money orders, and no service charge for more obscure things like stop payments on checks, incoming wire transfers and paper statements. You’ll also get a 0.25% interest rate reduction if you decide to apply for a home equity line of credit.

If high interest rates on your checking account with less fees are what you’re after, there are actually many other better online checking accounts to choose from.

Opening a Premier Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Convenience Checking account

A standard-level checking account — but stay vigilant for high fees.

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15
  • How to waive the account maintenance fee: Keep at least $100 in your account.
  • ATM fees: None if using a TD ATM. $3 for non-TD ATMS (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

If you can’t keep the required $2,500 in your checking account to waive the monthly fee for the TD Premier Checking account, consider this one. You still need to keep some cash in this account to waive the $15 monthly fee, but at $100, it’s much more manageable.

Unfortunately, you’ll have to sacrifice earning any return on your funds with this account, since it pays no interest. But there still are some minor perks that come with this account. You’ll get a discount on your first order of checks, and discounts on TD Bank home loans and home equity lines of credit.

Opening a Convenience Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Simple Checking account

Simply high fees for a basic-level checking account.

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5.99
  • ATM fees: None if using a TD ATM. $3 for non-TD ATMS (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

As far as checking accounts go, this isn’t really a good one. It charges a high monthly account fee and there’s no way to waive the fee. That’s a bit ridiculous with so many free checking accounts.

The only reason you might choose this checking account is if you can’t afford to keep the minimum $100 deposit in the TD convenience checking account to waive that monthly account fee. But if you’re not able to do that, you’ll pay out $100 in fees in a little over a year with this account anyway, so what’s the point?

You do get minor perks as with the other accounts — a discount on your first order of checks, and a discount on a home loan or home equity line of credit — but let’s be honest: That’s probably not going to save you a whole lot of money.

Opening a Simple Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Relationship Checking account

Small earnings for big account requirements.

  • Minimum opening deposit: $0
  • Interest rate: 0.03% APY
  • Monthly account maintenance fee: $25
  • How to waive the account maintenance fee: Keep at least $20,000 in all of your TD Bank accounts combined (including checking, savings, loans, etc — but not credit cards).
  • ATM fees: None.
  • ATM fee refunds: You can be refunded for any ATM surcharges (the money the ATM’s owner charges) if you keep at least $2,500 in your account.
  • Overdraft fees: $35 for each item, up to 5 items per day.

If you have existing deposit (savings, checking, or CDs) or loan accounts with TD Bank, you can actually leverage them to earn at least something on the money in your checking account. It’s not much — 0.03% APY — but it’s still better than nothing.

This account also comes with a discount on home loans and home equity lines of credit, You’ll also get a few more perks than with their other checking accounts, such as free checks (not just a discount), free services that normally come with high fees (such as a stop payment order, overdraft transfers or money orders), and a fee waiver for another checking account and a savings account.

In return, just keep a close eye on your accounts to make sure you are meeting the requirements to waive the monthly fee. $25 per month is not a fee you want to pay.

Opening a Relationship Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD 60 Plus Checking account

A great checking account for seniors, but keep an eye on the account balance.

  • Minimum opening deposit: $0
  • Interest rate: 0.05% APY
  • Monthly account maintenance fee: $10
  • How to waive the account maintenance fee: Keep at least $250 in your account.
  • ATM fees: None if using a TD ATM. $3 for non-TD ATMS (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

If you’re over age 60, you are eligible for this account. TD Bank has generously waived many of its high fees for some account services. You’ll get free money orders, free checks and free paper statements. This account also comes with the standard rate discounts on home loans and home equity lines of credit.

Plus you’ll earn interest on your balance. Not a lot of interest, but 0.05% APY is better than 0.00% APY.

We recommend this account only if you can keep at least $250 in your account to waive the monthly fee. Otherwise, the $10 monthly fee will wipe out any interest you’ll earn.

Opening a 60 Plus Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Student Checking account

A no-frills student checking account with no monthly fee.

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a TD ATM. $3 for non-TD ATMS (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

This is perhaps one of TD Bank’s best checking accounts, but only because it’s the only one not to come with a monthly account maintenance fee. Full-time students under age 24 are eligible to open this account. (You’ll need a joint checking account with a parent if you’re under age 18). This account will automatically transfer over to a Convenience Checking account after your 24th birthday or five years from the account opening, whichever occurs first.

You won’t earn any interest on this account, but you will get some other benefits. If you link a TD Simple Savings account alongside this checking account, you won’t have to pay the $5 monthly fee for the savings account. You’ll also get a discount on your first box of checks. You can even get a discount on a home loan or a home equity line of credit, but as a student, are you really likely to use that?

Opening a Student Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch. You’ll also need to provide either your student ID or a student loan bill or receipt to prove you’re actually a student.

How TD Bank’s checking accounts compare

TD Bank does offer a lot of different types of checking accounts. This is nice because it offers you a wider range of ways to avoid their notorious account fees — and there are many to watch out for.

Plus, many of these accounts don’t even earn any interest, and when they do, the minimum balance requirements are often far above what you’d likely be keeping in a checking account anyway. If you’re looking for the best checking account possible, you’d be better off looking elsewhere unless you really are attached the TD Bank.

TD Bank CD Rates

TD Choice CDs

Moderate returns if you have a TD Bank Checking account.

Standard rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.10%

0.15%

0.15%

0.20%

6 months

0.15%

0.20%

0.20%

0.25%

9 months

0.20%

0.25%

0.25%

0.30%

12 months

0.30%

0.35%

0.40%

0.50%

18 months

0.30%

0.35%

0.40%

0.50%

24 months

0.35%

0.40%

0.45%

0.55%

3 years

0.40%

0.45%

0.50%

0.65%

5 years

0.45%

0.50%

0.60%

0.70%

Bump Rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.15%

0.20%

0.20%

0.25%

6 months

0.20%

0.25%

0.30%

0.35%

9 months

0.25%

0.30%

0.35%

0.40%

12 months

0.65%

0.80%

0.90%

1.10%

18 months

0.40%

0.45%

0.50%

0.60%

24 months

0.45%

0.50%

0.55%

0.65%

3 years

0.80%

1.00%

1.10%

1.30%

5 years

0.75%

0.90%

1.00%

1.10%

TD Bank’s Choice CDs are their standard line of CDs. You’ll need at least $250 to invest in them, which is a pretty low requirement and makes saving accessible for most people. Of course, you’ll earn higher rates if you put in much larger amounts of cash. You can also earn higher “bump rates” if you hold a checking account with TD Bank. You’ll also earn higher rates for larger deposits and longer terms.

Just be aware when you’re choosing longer terms, however, that you’ll pay an early withdrawal penalty if you do need to take that cash out early. You also can’t take out your cash at all for the first seven days after you initially open your CD. Early withdrawal penalties depend on the original term of the CD and are as follows:

  • < 3 months: All interest
  • 3 months < 1 year: 3 months’ worth of interest
  • 1 year < 2 years: 6 months’ worth of interest
  • 2 years < 3 years: 9 months’ worth of interest
  • 3 years < 4 years: 12 months’ worth of interest
  • 4 years < 5 years: 18 months’ worth of interest
  • 5 years: 24 months’ worth of interest

Once you open your account, you can’t add any more funds until the CD’s term is over. When that happens, your CD will automatically renew to another one of the same length with whatever the current interest rate is. But you have 10 days after this happens to decide what to do with it — withdraw the cash penalty-free, add in more funds or just let the CD continue.

Opening a Choice CD with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD No-Catch CDs

Moderate returns that give you the flexibility of making a free withdrawal once per term.

CD Term

APY

6 months

0.15%

12 months

0.20%

If the idea of having your money locked away makes you a little queasy, the No-Catch CD might be a good choice for you. It’s currently only offered in two term lengths — six and 12 months. Once per term, you’re allowed to make one withdrawal without paying an early withdrawal penalty if you need the cash. But remember, you can only make a withdrawal after the account has been open for at least seven days. If you need to make more than one withdrawal, you’ll pay a penalty for each additional transaction.

This will save you from paying a penalty of three months’ worth of interest (for the six-month CD) or six months’ worth of interest (for the 12-month CD). In return for this advantage, you’ll get a slightly lower return on the 12-month CD than the normal TD Choice CD (without the higher bump rates, that is). The interest rate is currently the same for the six-month Choice CD.

Just as with the TD Choice CD, you can open a TD No-Catch CD with at least $250. After the CD matures, it’ll roll over into another CD of the same term length (but with the current interest rate), and you’ll get 10 days to withdraw the money, add funds or let it continue in the current CD.

Opening a No-Catch CD with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID, and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Step Rate CDs

Higher rates over time with more frequent penalty-free access to your cash.

CD Term

APY

3 years

Year 1: 0.25%
Year 2: 0.30%
Year 3: 0.45%
Composite: 0.33%

5 years

Year 1: 0.35%
Year 2: 0.40%
Year 3: 0.55%
Year 4: 0.70%
Year 5: 1.19%
Composite: 0.64%

If you really want frequent penalty-free access to your cash but want higher rates than the No-Catch CDs offer, consider the Step Rate CDs. You can open them with as little as $250.

These CDs will allow you to make one penalty-free withdrawal per year during a 10-day window around your account’s anniversary. If you make a withdrawal outside of these windows, you’ll face an early-withdrawal penalty of 12 months’ worth of interest (for a three-year CD), or 24 months’ worth of interest (for a five-year CD).

If you leave some or all of your money in the account on each anniversary, you’ll be rewarded with sequentially higher interest rates until the term of the CD ends. When that happens, it’ll automatically roll over into a 12-month Step Rate CD with the current interest rate of the day. But you’ll still have another 10-day window where you can add or withdraw funds or let the CD investment continue.

How TD Bank’s CDs compare

TD Bank does offer a nice suite of CDs that allow you more frequent access to your money. This is especially helpful for folks who want to earn higher rates than their paltry savings and checking accounts (when interest is even earned at all), but still want to be able to get their money on a more frequent basis if needed.

Compared with other banks, however, the interest rates offered on these CDs are fairly low. If higher interest rates are what you’re after, consider these CD accounts with higher rates.

TD Bank IRA Accounts

TD Simple Savings IRA

Guaranteed low rates on your retirement savings.

APY

Minimum Balance Amount

0.05%

$0.01

The TD Simple Savings IRA account is the mirror image of its regular TD Simple Savings account, but in an IRA form. And, just like the regular TD Simple Savings account, it earns peanuts for interest.

Its saving grace is that the monthly maintenance fee is waived for the IRA version of this account (which would normally cost you up to $5 per month). You’ll also need at least $300 to open this account, making it more accessible if you’re just starting to save for retirement and don’t have a lot of cash yet.

Another disadvantage of this account is that you can only open them in a local branch — so, if you’re not near any branches, this account will be unavailable to you.

TD Preferred Savings IRA

Higher (but still low) rates for having larger balances and linked TD accounts.

 

$0.01 - $19,999.99

$20k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k - $499,999.99

$500k - $999,999.99

$1M - $9,999,999.99

$10M +

APY with Standard Rate

0.05%

0.20%

0.35%

0.50%

0.50%

0.50%

0.50%

0.45%

APY with Bump Rates

0.10%

0.50%

0.75%

1.00%

1.00%

1.00%

1.00%

0.95%

If you’d still like to save for your retirement using a plain-vanilla savings account but want to earn slightly higher rates, the TD Preferred Savings IRA might be for you. You’ll need at least $20,000 to open an account, but there are no monthly maintenance fees.

You can also earn higher interest rates in two ways. First, you’ll earn more by keeping larger balances in your account (the highest rates are offered on balances between $100,000 and $9,999,999). Second, you can earn higher “bump rates” if you have a another linked TD Bank account, such as a checking account, or even a mortgage or a credit card.

As with the rest of their retirement savings account, you can only open this account by going to a local branch in-person. You cannot open this account online or over the phone, so you’re out of luck if you don’t have a local branch near you.

TD Choice IRA CDs

Getting warmer… but still pretty low rates on an IRA CD.

Standard rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.10%

0.15%

0.15%

0.20%

6 months

0.15%

0.20%

0.20%

0.25%

9 months

0.20%

0.25%

0.25%

0.30%

12 months

0.30%

0.35%

0.40%

0.50%

18 months

0.30%

0.35%

0.40%

0.50%

24 months

0.35%

0.40%

0.45%

0.55%

3 years

0.40%

0.45%

0.50%

0.65%

5 years

0.45%

0.50%

0.60%

0.70%

Bump Rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.15%

0.20%

0.20%

0.25%

6 months

0.20%

0.25%

0.30%

0.35%

9 months

0.25%

0.30%

0.35%

0.40%

12 months

0.65%

0.80%

0.90%

1.10%

18 months

0.40%

0.45%

0.50%

0.60%

24 months

0.45%

0.50%

0.55%

0.65%

3 years

0.80%

1.00%

1.10%

1.30%

5 years

0.75%

0.90%

1.00%

1.10%

These CDs are also the mirror image of their regular TD Choice CD accounts, but in an IRA form. You can also open these CDs with a minimum $250 deposit, but of course you’ll earn higher rates if you put more money in. Still, if you’re just starting out and you really want a TD Bank IRA, this is one of your lowest-barrier options. You can also earn higher rates if you own another TD Bank checking account.

If you need to withdraw the money before the term is up, you’ll face the following early withdrawal penalties depending on the original term length of the IRA CD:

  • < 3 months: All interest
  • 3 months < 1 year: 3 months’ worth of interest
  • 1 year < 2 years: 6 months’ worth of interest
  • 2 years < 3 years: 9 months’ worth of interest
  • 3 years < 4 years: 12 months’ worth of interest
  • 4 years < 5 years: 18 months’ worth of interest
  • 5 years: 24 months’ worth of interest

To open this IRA CD you’ll need to go into a local TD Bank branch in person. No phone or online options exist for those away from a local branch, unfortunately.

TD IRA Add-Vantage CD

Term

APY

12 months

0.25%

One of the disadvantages of CDs is that you generally can’t add more money to them once they get started. That’s a real pain if you do come into some more money and want to take advantage of the higher rates that CDs offer. This is especially true if you’re relying on CDs as a part of your retirement savings strategy.

The TD IRA Add-Vantage CD adds a neat little feature to get around this. You can deposit more money into the account at any time, as long as you follow these two rules:

  1. You can only add money in $500 increments
  2. You can’t make more than $250,000 in deposits during the CD’s term

Thus, this IRA CD functions generally like a savings account, except you can’t withdraw your money but once per year due to the sole 12-month CD term offered. If you do withdraw the money, you’ll face an early withdrawal penalty of six months’ worth of interest.

This CD is also only available to people who can visit a local branch to open an account. You’re out of luck if you don’t live near a TD Bank branch, unfortunately.

How TD Bank’s IRA CDs Compare

The trend in low rates for TD Bank’s accounts continues. These rates are all-around low compared with the best IRA CD rates out there.

CDs already offer notoriously low returns compared with more mainstream IRA investments like mutual funds and stocks (which in general offer nonguaranteed average returns of 7.0% per year), and that’s especially the case here. If you’re relying on TD Bank’s IRAs as your primary retirement strategy, you won’t get very far.

TD Bank Money Market Accounts

TD Growth Money Market account

Earn similar rates to TD’s Preferred Savings account, but with a lower minimum balance.

 

$0.01 - $999.99

$1k - $1,999.99

$2k - $4,999.99

$5k - $9,999.99

$10k - $24,999.99

$25k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k+

APY with Qualified Amount

0.05%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.35%

APY without Qualified Amount

0.03%

0.03%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.30%

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $12 (or $11 if you sign up for online statements only).
  • How to waive the account maintenance fee: Keep at least $2,000 in your account, or be age 62 or older.
  • ATM fees: None if using a TD ATM. $3 for non-TD ATMS (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

This account offers a nice balance between the lower balance requirements of the TD Simple Savings account and the higher rates of the TD Preferred Savings account. You only need a $2,000 minimum balance to waive the monthly fee (compared to the Preferred Savings’ $20,000 minimum balance to waive that account’s fee).

You’re also eligible to receive a higher rate if

  1. You have a linked TD Bank account
  2. You use it to make at least a $50 recurring monthly deposit into this account

How TD Bank’s Money Market account compares

Again, TD Bank comes up well short when compared with the best money market account rates available today. Plus, you need a fairly high opening deposit to even get access to this account.

This leaves savers who are just getting started high and dry, since all TD Bank offers for these folks is their Simple Savings account that offers a miniscule interest rate (and a minimum $300 deposit to avoid the monthly fee, to boot).

Overall review

We do like TD Bank’s ease of access if you’re looking to visit an in-person branch. Their local branches generally offer good hours and are open seven days per week. But for folks who don’t live near a local branch — and that’s most of the country — you’re kind of out of luck aside from the 24-hour customer service line. And if you want to open an IRA, you’re again out of luck since this must be done in person.

Furthermore, you’ll need to keep large balances in most of TD Bank’s accounts to waive high monthly fees. In return for this, you get rock-bottom interest rates. If you want to use TD Bank, we recommend you come with a hefty amount of cash.

In general, we’re left feeling rather unimpressed with these products. You can get much better rates and terms on every single one of these accounts elsewhere, without being tricked into paying out a boatload of banking fees.

The post TD Bank Review: Savings, Checking, CD, Money Market, and IRA Accounts appeared first on MagnifyMoney.

Everything You Need to Know About ChexSystems

Most consumers are aware that they have a credit score and credit report, used by lenders to decide if you represent a borrowing risk.

But did you know that banks and credit unions have their own method of determining if you’re a good prospective customer — or a potential problem? It’s called ChexSystems and it’s a reporting system that tracks your closed checking and savings accounts. Many people who have had a bank account at one point in time will have a ChexSystems report. Accounts stay on ChexSystems for up to five years after closure.

What is ChexSystems and how does it work?

The information ChexSystems tracks is used to create your Fair and Accurate Credit Transaction Act (FACTA) report. Think of this as a sort of banking version of your credit report.

chexsystemsWhen you apply for a new checking or savings account, the financial institution will often run your ChexSystems report to see if you have any negative marks. These can include overdrawn accounts, negative balances, closed accounts and more.

It takes five years for negative marks to leave your ChexSystem report. However, if you find incorrect information, you can dispute it and ask to have to it removed.

Like a credit report freeze, you can freeze or place a security freeze on your ChexSystems report so no bank or credit union can view it. This could block someone from stealing your identity and opening a new account in your name. It can also make it more difficult for you to open a new checking or savings account. (You’ll need to thaw your report first.)

4 reasons you might be denied for a checking or savings account

#1 Not paying your fees.

When you overdraw your account, the bank will usually charge you a fee. Overdraft fees can be as high as $35 at some banks but the national median is $30, according to the research firm Moebs Services. Even if you’re only overdrawn for one day, you can end up owing significantly more than that if you continue to spend money before you realize the account is overdrawn. It can be difficult to repay these fees, especially if you can’t afford to bring your account current.

However, if you end up closing the account with a negative balance or if the bank decides to close the account for you, ChexSystems will list this on your report. This is one of the most common reasons a bank or credit union will deny your application, since your report reflects that you may struggle to pay your debts.

If you do get a fee on your account, call your bank as soon as possible. Sometimes it’ll waive (or reduce) fees for good customers. At the very least, ignoring the problem won’t make it go away and can cause you to get a negative mark on your ChexSystems report. Usually banks will give you a deadline to pay your fees before closing your account and reporting to ChexSystems.

#2 Overdrafting too many times.

Even if you pay your overdraft fees when you go over your account balance, you can still be denied a new account if ChexSystems shows that you overdraw too often. Doing it too many times can signal that you’re irresponsible and aren’t aware of how much money you have in your account.

Consider setting up safeguards to prevent overdrafting:

  • Keep all of your money in one account that you use solely for daily transactions
  • Allow your bank to decline purchases if you don’t have enough available funds (which may mean declining to enroll in overdraft protection).
  • Speaking of which, we highly recommend you use caution with overdraft protection. With this service, banks will allow transactions to go through even if you have insufficient funds, but they will almost always hit you with overdraft fees at the same time.
  • Avoid using checks, which may be cashed at a later date.
  • Set up bank alerts so you’re notified if your balance dips below a certain amount, such as $50.

#3 Committing fraud

It’s one thing to write a check for $100 and assume you have $100 in your bank account, only to have that check bounce. But it’s quite another to write a check knowing that you don’t have the funds in your account. That constitutes fraud and is a serious offense, sometimes resulting in criminal action. Other types of fraud include opening an account with someone else’s information, and trying to write a check to yourself from another person’s account.

#4 Bouncing checks

A bounced check is when you write a check for an amount that you don’t currently have in your account. When the recipient tries to deposit the check, the bank will reject it and charge you a fee for nonsufficient funds.

Too many bounced checks and it’ll show up in your ChexSystems report; that could cause you to be denied for a new account. Bouncing checks makes it seem like you’re not on top of your finances, especially if it continues to happen over a long period of time.

How to get your free ChexSystems report

what to know about chexsystem
iStock

To get your free ChexSystem report, go to www.chexsystems.com and click on “free FACTA report”. As with a credit report, you’re legally entitled to one free copy of your report every 12 months.

However, unlike with your credit report, which you can access online after answering a series of questions, you have to wait for your ChexSystems report to be sent to you through by mail. You should receive the report within five business days after submitting your application.

You know how people have both credit reports and credit scores? Well, consumers also have ChexSystems reports and ChexSystems scores. You may request your ChexSystems Consumer Score by mailing or faxing this form. It can take up to 15 business days to get your score back. Scores range from 100 to 899. The closer you are to 899, the better you look to potential banks.

Disputing and reporting errors

To dispute and report errors in your ChexSystems report, you may submit a form via this website, by fax at 602-659-2197, or by mail at the following address:

ChexSystems Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125

ChexSystems recommends you include the following information when you submit your dispute:

  • Full name
  • Social Security number
  • Current and mailing address
  • Consumer ID number if available

Also, identify the information being disputed and provide the specific nature of your dispute

It usually takes 30 days for the investigation to be finalized, and the results will be mailed to you.

Alternatives to checking accounts

If you’ve had a hard time keeping track of bank accounts in the past and your ChexSystems report is a less-than-spotless one, you may have trouble qualifying for a traditional bank account

Unfortunately, that leaves you in a precarious position. There are many ways to get around not having a traditional checking account, but many of those options can be time-consuming and loaded with fees that can eat away at your earnings.

“A bad ChexSystems report can mean paying more for banking services if you’re unable to switch,” says Jason Vitug, a former retail banking executive and author of “You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.”

“It can also mean relying on nontraditional services such as cashing your paycheck at check cashing outlets [which can easily] cost you more,” Vitug says.

If this describes your situation, you have a few other options. Here are some alternatives to checking accounts that can work until you improve your ChexSystems report.

Prepaid cards

A prepaid card works like a gift card. You load it with money and then use it wherever cards are accepted. Some popular providers include the American Express Serve card, which also provides 1 percent cash back to consumers.

You can send money with your prepaid card, pay bills online and set up direct deposit. In many ways, it acts like a debit card you’d get with a checking account.

However, there are downsides to these cards, mostly fees. Some prepaid cards charge a fee for buying the card, while others also have a monthly fee. They can also charge every time you withdraw money or reload the card. If you use the card often, you can face high fees every month that cut into your ability to save and improve your finances.

Prepaid cards have been targeted by consumer watchdogs like the Consumer Financial Protection Bureau (CFPB), which has gone after companies that charge consumers exorbitant fees.

In our review of the AccountNow Gold Visa Prepaid Debit Card, we found that consumers could spend more than $100 in fees per year just to maintain the card.

Fresh start/second chance bank accounts

Typically, Fresh Start or Second Chance checking accounts are a better option than a prepaid card. That’s because they often have many of the typical features found in a traditional checking account, like ATM access.

Like prepaid cards, these accounts sometimes have extra fees. For example, the BBVA Compass Easy Checking account comes with a $13.95 monthly fee as well as a $10 fee for opening a debit card. Most traditional checking accounts have smaller monthly fees that can be waived if you have direct deposit or a minimum account balance.

If you decide to use a Second Chance account, try to find one that offers to upgrade you after a certain time period. For example, BBVA will allow you to request an upgrade after 12 months if your account has a positive balance and is in good standing. Because of this, it may make more sense to open one of these accounts than to set up a prepaid debit card.

Just watch out for fees associated with these accounts, as they can be significant.

If you already have a bank in mind, call them and ask what information they use to verify new accounts. Not all banks use ChexSystems; some use Early Warning System or Telechek.

Axiom

Axiom is a regional bank in central Florida and it offers a second chance checking account called Opportunity Checking. It charges a $10 monthly fee but has no minimum balance requirement. And like many fresh start checking accounts, the bank requires a minimum opening deposit of $25.

Bank of America

Bank of America’s SafeBalance Banking Account has some of the lowest fees for all Second Chance accounts, at $4.95 a month and a $25 minimum opening deposit. Because these accounts don’t allow you to spend more than your current balance, you’re not likely to overdraw your account and face heavy fees.

You can even enroll in the popular Keep the Change program which will round up purchases to the nearest dollar and transfer the difference in a savings account. However, this account does not provide paper checks so if you need to write checks on a regular basis, try applying for another account.

BBVA

BBVA’s Easy Checking Account has fewer fees than some Second Chance checking accounts. Mobile banking and bill pay are free and the only mandatory fee is a $13.95 monthly charge. Plus, you can earn cash back on certain purchases.

PNC Bank

PNC Bank does not advertise its second chance checking account, but it’s called Foundation Checking. According to ValuePenguin, PNC offers this account with a minimum opening deposit of $25 and monthly fees of $9.

TD Ameritrade

TD Ameritrade doesn’t check your ChexSystems account; however, in order to qualify for a bank account, you must open a brokerage account with the firm. Fortunately, it’s possible to open a brokerage account with TD Ameritrade without a minimum deposit; however, a lot of people might not want to go through so much trouble just for access to a checking account.

Wells Fargo

Wells Fargo’s Opportunity Checking accounts allow users to avoid the $10 monthly fee with a few easy methods, including 10 debit card purchases, qualifying direct deposits of $500 or more or a $1,500 minimum daily balance. Fees related to this account include $2.50 for non-Wells Fargo ATM withdrawals, $35 overdraft fees and $12.50 each time a transfer is made to avoid a direct deposit.

How to avoid negative marks on your ChexSystems report

Having a good ChexSystems report is like having a good credit report. All it takes is creating good habits, staying on top of your finances and being patient.

If you’re trying to repair a poor ChexSystems report, the best thing you can do is to avoid any overdrafts or bounced checks. If your account is negative, try to rectify it as soon as possible.

Communicate with your bank or credit union as soon as you anticipate a problem. Customer service representatives are more likely to be lenient if you’re attempting to find a solution.

The post Everything You Need to Know About ChexSystems appeared first on MagnifyMoney.

Review of Northwest Bank’s Deposit Rates

Formerly called Northwest Savings Bank, Northwest Bank offers a range of personal banking products and services including loans and insurance. Headquartered in Warren, Pa., Northwest Bank has 175 locations throughout New York, Pennsylvania and Ohio.

Northwest
Northwest Bank was on Forbes’ list of the Most Trustworthy Companies in 2016. JD Power touted Northwest for the “Highest Customer Satisfaction with Retail Banking in the Mid-Atlantic Region” in the same year.Customer service and trustworthiness don’t necessarily translate to the best rate for customers, however. Compared with the rates at other banks, like Ally, Goldman Sachs, and Synchrony Bank, Northwest Bank’s deposit account rates are significantly lower for similar products.

When learning about the various accounts available at Northwest Bank, keep in mind that their rates vary depending on where you live. The rates listed below are based on the area closest to the bank’s headquarters. To get list of rates based on your region, please head over to the rates section of the bank’s official website and enter your ZIP code.

Northwest Bank CD Rates

The CDs at Northwest are locked in based on the term you choose, and interest earned can be compounded or paid out via check or direct deposit into a Northwest Bank account.

Term

APY

Minimum Deposit Amount

12-17 Months

0.30%

$500

18-23 Months

0.35%

$500

24-29 Months

0.45%

$500

30-35 Months

0.55%

$500

36-47 Months

0.60%

$500

48-59 Months

0.75%

$500

60-71 Months

0.90%

$500

72-120 Months

1.00%

$500

Rates current as of 12/05/2017

Northwest Bank’s CD accounts offer higher rates for longer terms. When a CD matures, you have a seven-day grace period where you can opt to roll over the account or take it out in cash.

There are early withdrawal penalties which vary depending on the term:

  • Account terms up to 181 days: one month of interest
  • Account terms 182 days to 364 days: three months of interest
  • Account terms 24 to 47 months: six months of interest
  • Account terms 48 months or longer: 12 months of interest

To withdraw money, you can do so easily using online or mobile banking or by calling your local branch. Early withdrawals will require you to call Northwest Bank; as long as you acknowledge and understand the penalties involved, you can access your cash.

How Northwest Bank’s CDs compare

Compared with competitors, Northwest Bank falls short in terms of APY. With its highest APY at 1.00%, it lags other banks offering almost double that. There are much better CD rates elsewhere and ones with shorter terms. However, the minimum deposit requirement at Northwest Bank is significantly lower than what you’ll find at many competitors, making this account more accessible to those who do not have large amounts to invest.

How to get a Northwest Bank CD

To open an account, you can call Northwest’s toll-free number at 1-877-672-5678, apply online or do so at your local branch.

Northwest Bank Savings Account Rates

Northwest Bank offers two different savings account options. The Statement Savings account is best for those who do not intend to keep a large balance in their accounts and don’t want to pay a monthly fee. The Insured Money Fund is best for those who seek more interest, want access to a Visa debit card and intend to keep larger sums banked.

Statement Savings

You can get access to free online and mobile banking and over 55,000 ATMs, but at the cost of a low APY.

APY

Minimum amount to open

Minimum balance requirement

0.05%

$50

$100

As of 12/05/2017

Interest earned on Northwest Bank’s Statement Savings account compounds and deposits monthly. In order to earn interest, you need to keep an average balance of at least $100.

With your account, you get access to eStatements and a free ATM card. If you already have a checking account with Northwest, you can link your account to your Visa debit card.

You can make deposits or withdrawals using your ATM card, online, via a mobile app or at a branch. However, you can only make unlimited withdrawals in person, by mail or at an ATM. Online withdrawals are limited to six withdrawals a month.

Insured Money Fund

Northwest Bank’s Insured Money Fund provides access to a Visa debit card and unlimited ATM and in-person transactions.

Minimum balance requirement

APY

Minimum amount to open

Up to $2,499.99

0.05%

$50

$2,500.00-$9,999.99

0.10%

$50

$10,000.00-$74,999.99

0.15%

$50

$75,000-$4,999,999.99

0.25%

$50

$5,000,000.00 and over

0.25%

$50

As of 12/05/2017

Compared with Statement Savings, you need to keep a higher balance but you get a higher APY that’s compounded monthly. As long as you keep an average daily balance of $2,500, you will not be charged a service fee. Any lower than that and you’ll have to pay $10 every month.

This account gives you a free Northwest Visa debit card. You can also write checks, deposit money at a qualifying ATM, and have access to monthly statements and direct deposit. You can access your money online, in person or through Bankline, a 24/7 automated telephone banking service. You also get unlimited ATM or in-person transactions.

How Northwest Bank’s Statement Savings a Insured Money Fund compare

The minimum opening balance is on par with some similar offerings from other competitors. However, the rates are much lower compared with what’s out there. You can easily find a savings account with 1.30% APY these days, some with no minimum requirements to open an account.

However, Northwest Bank offers more access to your money compared with others that only allow ACH transfers and check-writing capabilities. Many comparable banks also do not offer in-person customer service or debit cards. You can also make unlimited withdrawals at ATMs, compared with six per month with some of the other banks out there.

Other Northwest Bank Savings Accounts

Club Accounts

Club Accounts are designed to help you reach short-term savings goals, but you can do the same with money market accounts from competitors.

Account name

APY

Minimum amount to open

Term

Holiday Club

0.05%

$1.00

Nov.-Oct.

Vacation Club

0.05%

$1.00

May-Apr.

The Club Accounts are designed to help you reach your short-term savings goals for the busiest times of the year, whether for a vacation or gift giving. These as sub-accounts are designed for a specific purpose similar to a one-year CD. You choose the type of account based on when you want to access your savings, as both accounts offer the same APY and minimum opening deposit.

You fund your account in person, online, via direct deposit or by setting up an automatic transfer. Once the money is in the account, you cannot access it for the duration of the account. At the end of the savings period, you can have a check mailed to you or have it automatically transferred to a Northwest savings or checking account.

Compared with a one-year CD, this account falls short. For one, the rates are significantly lower, with some banks offering at least 1.75% APY for a 12-month CD with a minimum deposit of $500. However, you can access the cash earlier if you’re willing the face the penalties. If you have less than a few hundred dollars for an opening deposit, then the Club Accounts may be a good alternative.

Health Savings Account

Northwest Bank’s Health Savings Account allows you to access pretax funds easily for your medical needs, but at a lower rate compared with some competitors.

Minimum balance requirement

APY

$1,000.00-$4,999.999

0.05%

$5,000.00-$14,999.99

0.10%

$15,000.00 and over

0.15%

Opening a Health Savings Account (HSA), can help you set aside money for out-of-pocket medical expenses. As long as you’re covered under a qualified high-deductible health plan, you can use this account for pre-tax savings to help you cover health care costs.

Northwest Bank’s HSA account requires that you maintain an average daily balance of at least $1,000 if you want to earn interest and avoid a $3 monthly service fee. Like other accounts offered, you get access to online and mobile banking and ATMs. You also get a Northwest HSA debit card which is accepted by Visa merchants worldwide.

Competitors offer similar services with higher rates. However, some of these banks have mandatory monthly service fees of up to $4. With these accounts, you can access your cash the same way, except some offer Mastercard debit cards instead.

How to get a Northwest Bank savings account

You can open an account by phone, online or in person. You’ll need your social security number, personal information and a government issued ID.

Northwest Bank Checking Account Rates

MyNorthwest Interest Checking

This account offers one of the lowest interest rates, but has unlimited ATM transactions and a GO! Rewards account.

APY

Minimum balance requirement

Minimum amount to open

0.01%

$1,500

$50

As of 12/05/2017

MyNorthwest Interest Checking requires a minimum daily balance of $1,000 or else you face a $10 monthly service charge. There is also an overdraft fee of $35 with no grace period. However, you can opt in to a premium service that costs $12 a year. This service links your checking and savings accounts so that any possible drafts from one account will be withdrawn from the other.

Like the savings account, you get access to free ATMs, electronic statements, and online and mobile banking. You also get access to online bill pay and a Northwest Visa debit with Go! Rewards. With this program you earn points with each purchase to redeem for merchandise as well as the ability to use Apple, Android, and Samsung Pay.

How MyNorthwest Interest Checking compares

Compared to other banks’ checking accounts, Northwest’s checking account has a much lower rate. However, it offers free access to ATMs and rises above its competition with its Visa debit card. Not many banks offer GO! Rewards, which could be a huge advantage if you’re interested in earning rewards and plan on using your card often.

How to get a Northwest Bank checking account

To open a checking account, you’ll need your Social Security number, government-issued ID, and account information for existing bank accounts you want to transfer to Northwest Bank.

Northwest Bank IRA Account Rates

IRA CDs

Northwest Bank’s IRA CDs offer one of the lowest minimum deposit amounts, at the expense of a lower APY.

Term

APY

Minimum deposit amount

12-17 Months

0.30%

$500

18-Month Variable

0.35%

$25

18-23 Months

0.35%

$500

24-29 Months

0.45%

$500

30-35 Months

0.55%

$500

36-47 Months

0.60%

$500

48-59 Months

0.75%

$500

60-71 Months

0.90%

$500

72-120 Months

1.00%

$500

As of 12/05/2017

With the IRA CD, you can deposit money any time and in any increment you wish. Interest is compounded and credited every quarter. However, the interest rate is not fixed, meaning that the interest rate may fluctuate on the last day of each quarter.

When your IRA matures, you have a seven-day grace period in which to make withdrawals or roll it over. Early withdrawals are subject to the same penalties as their regular CD accounts

How Northwest Bank’s IRA CDs compare

The minimum opening deposit is one of the lowest out there, compared with some other IRA CDs that ask for a $1,000 minimum for an 18-month IRA CD. Like Northwest Bank’s other products, their IRA CDs offer a much lower rate, at least half of what its competitors offer.

How to get an IRA CD from Northwest Bank

You will need to apply for an IRA CD at the nearest branch.

IRA Tiered Money Fund

This account offers higher rates than their IRA CD, but still falls short compared with other banks.

Minimum balance requirement

APY

Up to $2,499.99

0.10%

$2,500.00-$9,999.99

0.10%

$10,000.00-$74,999.99

0.10%

$75,000.00 and over

0.25%

As of 12/05/2017

Like the IRA CD, you only need a minimum of $25 to open an account and deposit money as often as you want. There is a tiered interest based on balance, and interest is compounded and deposited every month. As well, there are no withdrawal restrictions, unlike the IRA CD where you may be penalized for early withdrawals.

If you’re looking for a similar product else with higher rates, you can consider a savings or checking account that may have tiered APYs.

How to get an IRA Money Fund from Northwest Bank

Visit your local branch to open an IRA Money Fund. You cannot open one online.

Bottom line

Although Northwest Bank offers free ATM access as well as a wide variety of customer service options, its rates are significantly lower than you’ll find with competitors. If you’re looking for a bank that offers more competitive rates with similar services, you may be better off looking elsewhere.

The post Review of Northwest Bank’s Deposit Rates appeared first on MagnifyMoney.

PNC Bank Reviews: Checking, Savings, CD, Money Market, and IRA Rates

var
pnc bank reviews
iStock

PNC Bank is one of the oldest and largest banks in the country, founded shortly after the American Revolution. Although it is based out of Pittsburgh and its 2,600 branches are mostly located across the Eastern U.S., that doesn’t mean you’re out of luck if you’re in the western U.S.

PNC Bank offers a robust online banking platform with plenty of helpful features. But is it the right bank for you? How do its rates compare with those of other banks? Let’s walk you through the different types of PNC Bank account offerings.

It’s important to note that PNC Bank charges different rates across the country. To keep things consistent for comparison purposes, we’ll present you with the rates closest to their headquarters in Pittsburgh using the ZIP code 15222. To see rates for your local area, click here.

PNC Bank’s Virtual Wallet®

Wouldn’t it be great if you could get a super-easy holistic account package when you decide to switch banks? That’s what PNC Bank aims to offer with its Virtual Wallet® kit. It’s a complete set of accounts for everything you need to do, including:

  • Spend : An everyday checking account.
  • Reserve : A savings account for short-term goals, like a vacation or Christmas gifts.
  • Growth : A savings account for long-term goals, like a down payment on a house.

Virtual Wallet® accounts also come with different tiers of interest rates, depending on whether you meet certain qualifications. We’ll do a deeper dive on that later.

What’s really neat about PNC Bank’s Virtual Wallet® is that it comes with all sorts of tools to help you manage your money better. Within the checking account, you can take advantage of the following tools:

  • Calendar : Allows you to see scheduled bills and amounts due.
  • Online bill pay : Will pay your bills for you automatically on their due dates.
  • Danger Day : Shows you when you might run out of money for the month.
  • Spending Zone : Allows you to set up and track your spending in a budget.
  • Money Bar : Shows you how your money is divvied up: savings, scheduled for bills, or free to spend.

The Virtual Wallet® even makes it easier to save in Reserve and Growth savings accounts with the following features:

  • Punch The Pig : Gamifies your savings when you hit a pig icon to transfer money to your Growth account.
  • Wish List : Allows you to set up and track individual savings goals separately from each other.
  • Early closure fee: $25 if you close the account within 180 days of opening.
  • Savings Engine : Automatically puts money into savings when you’re paid, or if you pay a bill.

PNC Checking Accounts

PNC Bank’s checking accounts are, overall, pretty lackluster. The only advantage of using them is that you get access to the Virtual Wallet® account package, which actually does offer some nice money management tools. But you can still get access to budgeting tools and savings apps elsewhere that can do all the same jobs as the Virtual Wallet®.

The rewards structure for these checking accounts is confusing. There’s no way to know whether you’ll earn good rewards, since you have to log into a portal and manually activate them ahead of time. Furthermore, once you do earn those rewards points, you have to redeem them through another portal. Some checking accounts do come with discounts, but they’re mostly on more obscure banking products you probably aren’t going to use much anyway, like cashier’s checks or safety deposit boxes.

These accounts carry a lot of red tape and fees. They also don’t pay much interest, if any. If earning the highest interest rates possible (with the least amount of fine print and fees) is your goal, there are much better checking accounts elsewhere.

Read on to find out more about all of PNC’s checking account offerings:

Checking accounts with Virtual Wallet®

Virtual Wallet® Basic

A basic account for lower-income earners who want to use Virtual Wallet® features to manage their money.

If you’re looking to take advantage of PNC Bank’s Virtual Wallet® account package but don’t earn a huge income, this basic account is where you’ll want to start.

Just beware of fees; there are plenty that come with this product, including the following:

  • Minimum opening deposit : $25
  • Interest rate : The Spend account does not earn interest. The Reserve and Growth accounts earn 0.01% APY. If you meet qualifications (such as making at least five debit transactions per month from your Spend account), you can earn up to 0.10% APY with your Growth account.
  • Monthly account maintenance fee : $7
  • How to waive the account maintenance fee :
    1. Keep at least $500 in your Spend and/or Reserve accounts
    2. Have at least $500 direct-deposited into your Spend account
    3. Be 62 or older
    4. Provide proof of active enrollment in a qualifying education institution (expires six years after the account is enrolled in the student banking program).
  • ATM fees : No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC ATMS.
  • ATM fee refunds:None.
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.
  • Early closure fee : $25 if you close the account within 180 days of opening.

This checking account does come with a rewards program, but we’ll be honest: it is confusing.

To earn rewards points, you’ll need to log into the PNC Bank Rewards Portal to see and manually activate customized offers just for you, based on your spending history.

You can redeem your rewards through the online rewards catalog or receive cash back directly into your account. If you link up a PNC Points Visa credit card with your account, you can also earn 25 percent more rewards points for your purchases.

Because of the complexity of assessing the value of the rewards program before you sign up, we think that this is a nice bonus feature but not one you should base your decision on. If you’re looking for cashback rewards, there are many better, more transparent options for you.

If you decide to open a basic Virtual Wallet® account with PNC Bank, the process is relatively straightforward.

You can do it online, over the phone, or in a local branch if one is nearby. Simply provide some basic information (name, address, Social Security number and the like), have a government-issued photo ID ready, and a way to make an opening deposit with your existing bank’s routing and account numbers, or with a debit or credit card.


Virtual Wallet® with Performance Spend

A low-interest-earning account for those who earn a higher income and want to use the Virtual Wallet® package.

The Virtual Wallet® with Performance Spend works exactly like the basic Virtual Wallet® accounts, albeit with some extra threshold levels for higher rewards.

  • Minimum opening deposit : $25
  • Interest rate : 0.01% APY on balances over $2,000 for your Spend account or $1 for your Reserve account. Up to 0.35% APY on balances on your Growth account if you meet certain qualifications (such as making at least five debit purchases per month).
  • Monthly account maintenance fee : $15
  • How to waive the account maintenance fee :
    1. Keep at least $2,000 in your Spend and/or Reserve accounts
    2. Have at least $15,000 in another PNC Bank account or loan
    3. Have at least $2,000 direct-deposited into your Spend account each month ($1,000 for military members).
  • ATM fees : No charge at PNC Bank ATMs. It’s $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds : Two refunds per statement. However, ATM surcharges from the originating financial institution ATMs may not be refunded.
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. You won’t be charged if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.
  • Early closure fee : $25 if you close the account within 180 days of opening.

The rewards program is structured the same way as with the basic Virtual Wallet package. You’ll need to log into a portal to view and activate different rewards offers for purchases you make. When you’ve accumulated enough rewards, you can redeem them for an unknown amount of cash back or other rewards.

The Performance Spend also adds in a few extra rewards: You get up to two ATM fee refunds per month. You’ll also get discounts on check designs, an annual safe deposit box rental,`free cashier’s checks, and higher rates on certain CDs and IRA CDs You do have the potential to earn slightly higher (but still paltry) interest rates on your savings accounts.


Virtual Wallet® with Performance Select

A low-interest-earning account for high earners who want to take advantage of Virtual Wallet® features.

This Virtual Wallet® package is built to be used by high-income earners. After all, you do not want to be paying a $25 monthly account fee, especially when you can get a much better rates at another bank.

  • Minimum opening deposit : $25
  • Interest rate : 0.01% APY on balances over $2,000 for your Spend account or $1 for your Reserve account. Up to 1.00% APY on balances over $1 on your Growth account if you meet certain qualifications (such as making at least five debit purchases per month).
  • Monthly account maintenance fee : $25
  • How to waive the account maintenance fee :
    1. Keep at least $5,000 in your Spend and/or Reserve accounts
    2. Have at least $25,000 in another PNC Bank account or loan
    3. Have at least $5,000 direct-deposited into your account each month.
  • ATM fees : None for PNC Bank ATMS and non-PNC Bank ATMS.
  • ATM fee refunds : Up to $10 per month in non-PNC Bank surcharges (i.e., the fees the ATM owner tacks on).
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Growth accounts.
  • Early closure fee : $25 if you close the account within 180 days of opening.

The Performance Select package comes with added bonus perks. In addition to all the perks from the Performance Spending package, you also will have fees waived for more obscure services, such as Stop Payment and ATM statements. You’ll also be eligible for savings on home equity lines of credit and personal lines of credit, and up to $10,000 in identity theft protection reimbursement.

Overall, though, we’re left feeling underwhelmed by the bonus perks that this account offers for all of the requirements.

Bonus: New checking account offer

PNC Bank is currently offering sign-up bonuses with the Virtual Wallet® account package. If you open a new account and meet the requirements, you could be eligible for a lucrative sign-up bonus.

The bonus amount and the requirements depend on which account tier you open.

For a basic-level Virtual Wallet account, you’ll need to set up at least $500 of direct deposits into the account and make at least 10 purchases with your debit card. If you do those things, you’ll earn a $50 sign-up bonus.

The next level up is the Performance Spend account. To get the $200 sign-up bonus for this account, you’ll need to set up $2,000 of direct deposits and also make 10 purchases with your debit card.

Finally, you can earn a $300 sign-up bonus by opening a Virtual Wallet package with the Performance Select level. To earn this hefty bonus, you’ll need to schedule a $5,000 direct deposit into your account and make 10 debit card purchases.

PNC checking accounts without Virtual Wallet®

Performance Select Checking

A basic interest-earning checking account for high-income earners who don’t need all the fancy Virtual Wallet® features.

The Virtual Wallet® account package is nice for people who want an all-inclusive money management experience. But what if you’re a high-income earner who just wants a simple, no-frills checking account?

That’s where the base Performance Select Checking account comes in. It has the same fees, reward program, requirements and interest-earning structure as the Virtual Wallet®’s Performance Select, just without the extra two Reserve and Growth savings accounts.

Signing up for the Performance Select checking account is easy and takes just a few minutes. You can go to a local branch if you’re near one, call or sign up online. You’ll need that photo ID, a way to fund your new account, and all the basic info, like Social Security number.


Performance checking

A basic interest-earning checking account for medium-income earners who don’t want Virtual Wallet® features.

PNC Bank’s Performance checking account is its lowest-requirement interest-earning checking account. But with an interest rate of 0.01% APY that only applies to balances over $2,000, the amount of money you’ll earn with this account will be peanuts.

Furthermore, if you don’t meet all the same requirements (keeping at least $2,000 in your account, having $2,000 of direct deposits, or having $15,000 in another PNC Bank account or loan) as the Virtual Wallet with Performance Spend, you’ll have to pay a $15 monthly account fee.

This account does come with the same reward structure and banking discounts as the Virtual Wallet® with Performance Spend account, however. If this sounds like the right account for you, you can easily sign up online, via phone or by visiting a local branch.


Standard checking

A basic-reward checking account for lower-income or retired consumers.

If you’re not interested in taking advantage of PNC Bank’s Virtual Wallet® money management features but still want a reward checking account without all the red tape, the Standard account might be for you.

This non-interest-earning account, which carries the same fee, reward, and requirement structure as the basic Virtual Wallet® account package, is easy to sign up for. All you need is a photo ID, basic personal information and a way to fund your account. You can sign up in just a few minutes online, over the phone or at a local branch.


PNC Savings Accounts

While you can save money with PNC Bank’s savings accounts, they’re not an effective way to earn interest. Their rates are well below the national average of around 0.20% APY and there are many hidden fees that can trip you up if you aren’t a model customer.

The “S” is for Savings account for children is an exception if you’re looking to teach your youngsters about money, however. With its neat interactive interface and “Sesame Street” characters, it can get any child excited about savings.

That doesn’t mean it’s the best tool for the job, though. There are many other savings accounts that offer better rates for both you and your children.

Read on to learn more about PNC’s savings account offerings.

Standard savings

Low interest rates for a fee-heavy savings account.

PNC Bank’s basic savings account does technically earn interest — but that’s about all we can say about it. Though national savings account rates average around 0.19% APY, the best you can hope for with this account is 0.10% APY—-and only if you have more than $2,500 in your account and qualify for relationship rates.

To do this, you can set up a direct deposit into another account in one of the following amounts:

  1. $500 to a Standard checking account
  2. $2,000 to a Performance checking account
  3. $5,000 to a Performance Select checking account

Alternatively, you can also qualify for the higher rates by making at least five purchases with your PNC Bank credit or debit card.

If you’re not able to meet these requirements for the higher relationship interest rates, you’ll only earn a measly 0.01% APY on your savings. That’s as low as you can go while still technically saying it does earn interest.

Furthermore, there are many hidden-fee traps with this account. For example, if you don’t meet another set of requirements to waive the monthly account fee, you’ll pay a $5 monthly account fee.

  • Minimum opening deposit : $25
  • Interest rate : 0.01% APY on balances over $1.00
  • Relationship interest rate : 0.05% APY on balances between $1.00 and $2,499.99. 0.10% APY on balances over $2,500.
  • Monthly account maintenance fee : $5
  • How to waive the account maintenance fee :
    1. Keep $300 in your savings account
    2. Be under age 18
    3. Transfer at least $25 from this account to an Auto Savings account
  • ATM fees : No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds : None
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.
  • Early closure fee : $25 if closed within 180 days of opening
  • Regulation D violation fee : You get six free transactions per month, as per Federal Regulation D. After that, you’ll pay $15 per transaction.

At least the bank does make it easy to open an account if you decide you want to go this route. You can do it online, over the phone, or at a local branch. You’ll need just a few minutes of your time along with a photo ID, basic personal information and a way to fund your new account.

“S” is for Savings

Fun savings tools for children, but don’t expect to teach them about earning interest.

It can be tough to teach young ones about money, but this savings account can help in a few ways. Children can set savings goals for things like a new bike or a toy.

When money is deposited into the account, children are presented with a visual of three buckets that they can choose to put the money in:

  1. Saving (for later)
  2. Sharing (to be given to charity or other people)
  3. Spending (to be spent right away)

Even cooler is an interactive learning center where young savers can learn about basic money management from “Sesame Street” characters.

These features are great for teaching basic financial concepts, except for one thing: how compound interest works. This account earns a rock-bottom interest rate of 0.01% APY. Since your child probably isn’t going to be saving hundreds of thousands of dollars in this account, he or she won’t really be able to see compound interest in action.

  • Minimum opening deposit : $25
  • Interest rate : 0.01% APY on balances over $1
  • Monthly account maintenance fee : $5
  • How to waive the account maintenance fee :
    1. Be under age 18
    2. Keep at least $300 in this account
    3. Transfer at least $25 from this account to an Auto Savings account each month
  • ATM fees : No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds : None
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.
  • Early closure fee : $25 if you close the account within 180 days of opening.

Luckily, this account is pretty easy to open. All you need is a photo ID for yourself (not your child), a way to fund the account, and your child’s personal information. It only takes a few minutes to complete an application, which you can do online, in person at a local branch or over the phone.

PNC CD Rates

PNC Bank offers a diverse set of CDs, which is great because it provides you with the most flexibility for your personal situation. Not everyone is able or willing to use a one-size-fits-all CD.

The rates offered for these CDs fall well short of national averages, however. If you’re looking to maximize the amount of return for your money, there are many better options.

Read on for more on PNC’s CD offerings:

Fixed-rate CDs

Large amounts of cash needed for below-average returns.

To get started with a PNC Bank Fixed Rate CD, you’ll need a deposit of at least $1,000. The bank will notify you and give you a 10-day grace period when your CD term is due to allow you to decide what to do with it (withdraw, or renew?). If you do nothing, the CD will automatically renew with the same term.

Although PNC Bank does allow CDs with a deposit of as little as $1, there’s a hidden catch: deposit amounts between $1 and $999.99 are only available for CDs that are being renewed — which means you can’t start out at this level with your first deposit amount.

Furthermore, the rates offered for their CDs are again very low.

For example, the average national rates for a 1-year and 5-year CD are 0.63% APY and 1.56% APY with a $1,000 deposit, respectively. But PNC Bank? They’re just 0.13% APY and 0.60% APY, respectively—less than half the national average.

Standard CD rates

 

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k +

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Promotional rates

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

9 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.15%

Rates as of Dec. 05, 2017

  • Minimum deposit amount : $1,000
  • Interest compounded : Monthly
  • How interest is paid : Deposited into your CD account monthly
  • Grace period : 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties : For CDs with terms between 3 months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

If you do decide to open a Fixed Rate CD, you’ll need a bit more information than with a standard checking or savings account. You’ll need current personal and employment information, and a photo ID. You can apply online, at a local branch, or over the phone.

Ready Access CDs

A better option to earn higher interest rates and skirt around the rules of PNC Bank’s savings account.

CDs can be tough to invest with. On one hand, they offer higher rates than a savings account. But, if something comes up and you need the cash, you generally can’t withdraw it without paying an early withdrawal fee that could wipe out your earnings.

You can withdraw the money from this CD at any time penalty-free after the account has been open for at least seven days. These CDs will also automatically renew, meaning they’re a great option to store your emergency savings to earn a higher interest rate. In a worst-case scenario, you won’t be able to pull the money out within a brief seven-day period each year without incurring an early withdrawal fee.

Otherwise, it’s a great way to skirt around the rules and fees of their savings account while still earning a higher rate.

Term

APY

Minimum Balance Amount

3 months

0.05%

$1,000

12 months

0.15%

$1,000

Rates as of Dec. 05, 2017

  • Minimum deposit amount : $1,000
  • Interest compounded : Monthly
  • How interest is paid : Deposited into your CD account monthly
  • Grace period : 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties : You will forfeit any interest earned.

You can open a Ready Access CD online, over the phone or in-person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new account.

Callable CDs

Higher rates that still underperform national averages with added fine print.

If the rates of PNC Bank’s Fixed Rate CDs left you feeling a bit underwhelmed, you do have an opportunity to earn a slightly higher rate with Callable CDs. Still these rates are around half of what national averages are for these CD term lengths.

The way it works is a little confusing. PNC Bank has the right to call back its CD if it decides the interest rate isn’t working in its favor. This just means that it’ll pay out what you’ve already earned instead of paying a higher interest rate for the full term length of the CD. It can only call back the CD after you’ve had it open for 12 months (for a 36-month Callable CD), or 24 months (for a 60-month Callable).

If this happens, you’ll get an advance notice of the actual “call date” of the CD. After this date, you’ll have 10 full days to decide whether you want to withdraw the cash or renew it into another CD. If you do nothing, the bank will automatically roll the funds over into a 12-month fixed-rate CD.

Term

APY

Minimum Balance Amount

36 months

0.50%

$10,000

60 months

1.10%

$10,000

Rates as of Dec. 05, 2017

  • Minimum deposit amount : $10,000
  • Interest compounded : Monthly
  • How interest is paid : Deposited into your CD account monthly
  • Grace period : 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties : Six months’ worth of interest.

Getting a Callable CD is relatively straightforward, but you’ll need a few pieces of information. You can open an account over the phone, in person at a local branch or online. You’ll need a photo ID, employment and personal information, and a way to fund your new CD.

Variable-rate CDs

Earn fair rates through a changing interest rate environment.

You’ve probably heard all the kerfuffle surrounding the Federal Reserve changing interest rates. That can cause banks to change their own CD rates, and if you’re locked into a long-term CD, that change might not be in your favor.

Instead, PNC Bank offers an option for these scenarios. You can choose from just one term length — 18 months — and the interest rate you earn will be tied to the current price of a three-month Treasury Bill. Right now, as of December 2017, that’s running at 1.28% APY.

After the 18-month period is up, your variable-rate CD will renew into another CD of the same type.

  • Minimum deposit amount:$1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly
  • Grace period:10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties:You’ll lose six months’ worth of interest.

To open a Variable Rate CD, you’ll need a few things. You’ll need to provide personal information and employment history, as well as a photo ID. You can apply in person at a local branch, over the phone or online.

Step-rate CDs

Frequent access to your cash with an unknown earning potential.

If you want more frequent access to your money but don’t want to commit to a Ready Access CD, then a step-rate CD might be right for you. This CD is available in 36-month term lengths, which are further subdivided into six six-month terms.

Every six months you’re given a 10-day period where you can withdraw your cash penalty-free if you wish. If you choose to leave it in the account, the interest rate will be bumped up a notch each time.

The downside of this CD is that the bank won’t tell you what the interest rates for each step are until you sign up for an account. So, it’ll be a surprise!

  • Minimum deposit amount : $2,500
  • Interest compounded : Monthly
  • How interest is paid : Deposited into your CD account monthly
  • Grace period : 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties : You’ll lose six months’ worth of interest.

To open a Step Rate CD, simply go online, call PNC Bank, or visit them in person if you live near a local branch. You’ll need to provide them with basic personal and employment information, and a photo ID.

PNC Bank Money Market Accounts

For most products, PNC Bank offers below-average rates. Its money market account is one exception — if you can meet the added requirements. Otherwise, you’ll earn measly rates and might actually lose money if you have to pay the monthly account fee.

The higher rates offered for customers who qualify are actually right on par with national averages. But, as with the rest of their products, you can still find better account rates and terms with other banks.

PNC Bank’s basic money market account isn’t anything to write home about on its own. But, if you can take advantage of the higher rates offered if you have a Performance Checking or Performance Select Checking account, you can actually earn decent returns on your savings.

To qualify for these higher interest rates, you’ll need to meet at least one of these other requirements in addition to having the extra checking account:

  1. Set up a monthly direct deposit amount ($2,000 to a Performance Checking account, or $5,000 to a Performance Select Checking account)
  2. Make at least five purchases a month with your PNC credit or debit card

Just be sure to watch out for the hidden fees, especially the monthly account maintenance fee. If you’re not able to keep $5,000 in your account, it’ll be a $12 fee each month.

  • Minimum opening deposit : $100
  • Maximum opening deposit : $10,000
  • Monthly account maintenance fee : $12
  • How to waive the account maintenance fee : Keep at least $5,000 in your account.
  • ATM fees : No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds : None
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5.
  • Early closure fee : $25 if closed within 180 days of opening
  • Regulation D violation fee : You get six free transactions per month, as per Federal Regulation D. After that, you’ll pay $15 per transaction.

Balance to earn interest

Standard APY

APY when linked to Performance Checking

APY when linked to Performance Select Checking

$1.00 - $9,999.99

0.03%

0.25%

0.60%

$10k - $24,999.99

0.09%

0.27%

0.60%

$25k - $49,999.99

0.11%

0.30%

0.70%

$50k - $99,999.99

0.13%

0.32%

0.80%

$100k - $249,999.99

0.15%

0.35%

0.85%

$250k - $499,999.99

0.15%

0.35%

0.85%

$500k - $999,999.99

0.17%

0.35%

1.00%

$1M and above

0.17%

0.35%

1.00%

Rates as of Dec. 05, 2017

To sign up for a PNC Bank Money Market account, you’ll need to apply either online, in person at a local branch, or over the phone. You’ll need a photo ID, and be able to provide bank account or credit card numbers to provide an opening deposit. Finally, you’ll also need to provide PNC Bank with basic personal information.

PNC IRA CDs

Unfortunately, PNC Bank falls short of the mark for Fixed Rate IRA CDs as well. The rates offered are measly compared with those of competitors, even when you look at the longest-running CDs with the highest deposit amounts. If you’re looking to grow your money, you can find better rates and terms for IRA CDs elsewhere.

Furthermore, there are fees to watch out for with this account. Unless you come to the table with a $2,000 minimum deposit, you’ll have to pay an annual account fee. If you ever want to transfer your money out of the bank, you’ll need to pay another fee. These fees could really eat into your already-tiny earnings.

Fixed-rate IRA CD account

Low rates for high-fee retirement savings.

This is one of the safest options around for growing your savings. PNC Bank offers multiple term lengths and rate tiers depending on how much money you want to invest and for how long.

Although it does offer IRA CDs in amounts from $1.00-$999.99, you actually can’t start your account with these. You can only renew existing IRA CDs in this amount, meaning that you’ll need to bring at least $1,000 to the table if you want to open an account.

  • Minimum opening deposit : $1,000
  • Annual custodian fee : $25
  • How to waive the annual custodian fee : Keep at least $2,000 in your account.
  • Interest compounded : Monthly
  • How interest is paid : Deposited into your CD account monthly
  • Transfer fee : $25 if transferring money to another PNC savings or checking account, or to another bank.
  • Grace period : 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalties : For Fixed Rate IRAs with terms between three months and one year, you’ll lose the amount of interest you would have earned. For CDs with terms over one year, you’ll lose six months’ worth of interest.

Standard rates

 

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k +

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.04%

0.13%

0.15%

0.18%

0.20%

0.22%

18 months

0.04%

0.18%

0.25%

0.28%

0.30%

0.35%

24 months

0.04%

0.25%

0.30%

0.35%

0.38%

0.43%

36 months

0.04%

0.30%

0.35%

0.38%

0.40%

0.45%

48 months

0.04%

0.50%

0.55%

0.65%

0.70%

0.75%

60 months

0.04%

0.60%

0.70%

0.90%

0.95%

1.00%

84 months

0.04%

0.90%

0.95%

1.05%

1.15%

1.25%

120 months

0.04%

1.10%

1.20%

1.30%

1.40%

1.50%

Rates as of Dec. 05, 2017


Promotional rates

9-month fixed term

Fixed rate only

Fixed rate with Choice/Premium plan

Fixed Rate with Performance/Performance Select/VW Performance

$1.00 - $999.99

0.04%

0.24%

0.29%

$1k - $9,999.99

0.06%

0.26%

0.31%

$10k - $24,999.99

0.08%

0.28%

0.33%

$25k - $99,999.99

0.10%

0.30%

0.35%

$25k - $99,999.99

0.12%

0.32%

0.37%

$500k+

0.15%

0.35%

0.40%

Rates as of Dec. 05, 2017

If you’d like to open a fixed-rate IRA CD account with PNC Bank, you’ll need to block out about 15 minutes of time from your day. You can apply over the phone, online or in person at a local branch.

New IRA account offer

PNC Bank is offering a nice promotion when you sign up for a new IRA Account until Dec. 31, 2017. First, you’ll need to sign up to receive the sign-up bonus coupon. After that, you’ll need to call up PNC Bank or visit a local branch in-person to open your account. You cannot take advantage of this sign-up bonus by signing up for an account online.

You’ll also need a hefty deposit amount to be able to take advantage of this offer. You’ll earn the following sign-up bonus based on your deposit amount:

  • $50 sign-up bonus for a $20,000 deposit
  • $100 sign-up bonus for a $50,000 deposit
  • $200 sign-up bonus for a $100,000 deposit
  • $600 sign-up bonus for a $250,000 deposit
  • $1500 sign-up bonus for a $500,000 deposit

PNC Bank’s Student Virtual Wallet® Review

Great account package for young adults to learn money management skills.

PNC Bank offers all the functionality and perks of its regular Virtual Wallet® package (Spend, Reserve, and Growth accounts) with added bonuses for students. One of these great features is parental alerts, so parents can also see, along with students, when the account balance is low.

This account package also comes with helpful financial education. It provides in-person financial education seminars if you’re lucky enough to have a local branch on your campus.

  • Minimum opening deposit : $25
  • Interest rate : The Spend account does not earn interest. The Reserve and Growth accounts earn 0.01% APY. If you meet qualifications (such as making at least five debit transactions per month from your Spend account), you can earn up to 0.10% APY with your Grow account.
  • Monthly account maintenance fee : None if you provide proof that you’re actively enrolled in an educational institution. Status expires 6 years from when you open the account.
  • ATM fees : No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction, and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds : Two per month. ATM surcharges (i.e., the extra fee the ATM’s owner tacks on) are not refunded.
  • Overdraft fees : $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrafted amount is less than $5. They will not charge you if you set up Overdraft Protection Transfer from your Reserve or Grow accounts.
  • Overdraft fee courtesy pay : Your first overdraft fee within 12 months of account opening will be refunded.
  • Early closure fee : $25 if you close the account within 180 days of opening.
    Opening an account is the same as for the regular Virtual Wallet® accounts. In addition, you’ll need some way to prove that you actually are a student for this particular account.

Overall review of PNC Bank

We’ll be honest. PNC Bank really does offer some neat money management tools, especially with its Virtual Wallet® and “S” is for Savings® accounts. These accounts come with seamless tools that help you to simplify your hectic financial life.

But that doesn’t mean these are the only places you can get these tools. Other financial products such as Mint or FamZoo can also do just about everything that the Virtual Wallet® does. You’ll have to do research and piecemeal these tools together to create a custom package for you, but it is possible to replace all the functionality of the PNC offerings with other products.

Furthermore, PNC Bank offers rock-bottom rates and super-high fees for most of its banking products. Unless you’re a model customer, these fees have the potential to wipe out your meager earnings.

Instead, you can search for higher-earning, more transparent checking and savings accounts elsewhere and finding your own budgeting and savings tools to help you manage your money. That way, you’ll have the best of both worlds: custom ways to simplify your finances and, with luck and due diligence, the highest-earning accounts possible.

The post PNC Bank Reviews: Checking, Savings, CD, Money Market, and IRA Rates appeared first on MagnifyMoney.