Navy federal no fee atm near me -
Navy Federal near me
I would like to find branches and ATMs of Navy Federal near me, what should I do? Start by viewing the map below, it shows all the branches and ATM locations of Navy Federal Bank.
Navy Federal Credit Union bank branch & ATM locations near me
The most efficient way to find branches and ATMs of the company is to visit www.navyfederal.org/branches-atms/index.php and to enter address, city, state or zip in the search box, you will see the nearest branch locations.
About Navy Federal
Navy Federal is considered as the largest natural member credit union in the US, it provides banking services for the army, the navy, the air force, the marine etc… On this page you can view information about the opening hours and the phone number of the company.
Customer service: You can contact the customer support office of the bank at +1 703-255-8837
Hours of operation: View the opening hours of the branches near you at the official branch and ATM locator.
Top 9 Checking Accounts for U.S. Expats Living Abroad
For U.S. citizens living abroad, referred to as expatriates or expats, maintaining checking and other bank accounts in the United States provides several advantages. These include the convenience of paying bills or making payments in the country and the ease of direct deposits for employment or Social Security payments.
However, using these accounts while living in a foreign country can be expensive due to bank fees. For example, ATM transaction fees can be high—anywhere from $1 to $5 per transaction, if you choose the wrong bank. And without a strong mobile platform and 24-hour help centers, it may be difficult to access funds when overseas.
Below are the nine top checking accounts for expats—with proven track records. Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or Capital One, operate, for the most part, as online entities. All the banks listed have been vetted with expats and travelers in mind. All information has been updated as of Jan. 2, 2021.
- U.S. expatriates looking for the best checking account will need to consider whether they prefer a bank with a physical location, an online-only bank, or one that offers the best of both.
- Other things to consider are foreign transaction fees, which can eat away at your balance each time you make an ATM withdrawal or debit card purchase.
- Some banks and credit unions will offer reimbursement of foreign transaction fees.
- In order to receive reimbursement of fees and other benefits on your checking account, you may need to meet a minimum monthly balance or other requirements.
Expats can use the Capital One 360 interest-bearing checking solution offered by Capital One Financial Corp. (COF) without paying maintenance, foreign transaction, or ATM fees. Account owners can set up direct deposits for work or Social Security payments. In addition, for Capital One 360 products, there are no additional fees when you use your debit card abroad.
Be aware that if you plan on making mobile deposits of checks while living abroad, you might face restrictions that prevent you from doing so depending on the financial institution you use. For example, while you can deposit a check from anywhere in the U.S. and U.S. territories using Capital One's mobile deposit app, certain items are not eligible for this service, including checks that are not payable in U.S. currency or are not drawn on a financial institution located in the U.S.
For expats seeking a low-cost checking account for international use, the Schwab Bank High Yield Investor Checking Account offered by the Charles Schwab Corp. (SCHW) pays rebates on all ATM charges, processes transactions in foreign currencies at no charge, and does not charge service fees. The account pays interest and can be linked to Apple Pay. When you open a checking account with Schwab Bank, you will need to open and be linked to a Schwab One brokerage account, as well.
The Citibank ATM Network is available in over 40 countries, so accessing an ATM may not be a problem. A subsidiary of Citigroup Inc. (C), Citibank offers expats the convenience of handling their financial affairs in offices around the world, as well as online. With the Citi International Personal Account Package and the Citigold interest checking account, customers receive wealth management and financial planning services in addition to banking services.
Customers must maintain a minimum combined average monthly balance of $200,000 in eligible linked banking, investment, and retirement accounts. There is no monthly service fee for accounts that meet the minimum average monthly balance. The account offers fee waivers on most bank services and reimbursement of fees charged by other banks for using non-Citi ATM machines. Depending on the type of Citigold account you hold, wire transfer fees are either waived or reduced.
The international footprint of HSBC Holdings PLC (HSBC) provides expats an unparalleled physical presence with operations in 64 countries and territories. HSBC Premier checking offers a variety of features, including no ATM or transaction fees, no annual fees, and emergency cash up to $10,000 should a customer's wallet be lost or stolen.
To qualify for the Premier account, customers must maintain a minimum balance of $75,000 in linked accounts with the bank or have monthly recurring third-party direct deposits of at least $5,000 or an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000.
If you can't afford a Premier account, try an HSBC Choice or Advance checking account, both of which allow you to bypass ATM fees in specific countries.
HSBC Bank is known for its customer service and will help you open an account overseas, even before you move. In addition, you can move your funds via its mobile app between any of your HSBC accounts, which can come in handy if you have multiple accounts across multiple countries.
Alliant Credit Union
The high-interest rate checking account at Alliant Credit Union pays an annual percentage yield (APY) of 0.25% with no minimum balance requirement and no monthly service fees. Unlike many banks, credit unions often pass processing charges on transactions through to customers without markups.
As a result, fees charged to expats on foreign ATM withdrawals and debit card purchases are 1% of the total transaction. However, Alliant does offer an ATM fee rebate of up to $20 per month.
Some financial institutions charge foreign transaction fees to customers who make withdrawals from foreign ATMs or make purchases in a foreign currency using an electronic payment card. These fees are typically 1% to 3% of the transaction's value.
First Republic Bank
The ATM Rebate checking account offered by First Republic Bank (NYSE: FRC) offers free withdrawals at ATMs around the world, refunds on charges for withdrawals from non-network ATMs, and waived transaction fees on debit card use. The account pays interest when a minimum of $3,500 is maintained throughout each monthly statement cycle. There is a $500 minimum to open an ATM Rebate checking account.
While it only offers online banking, Ally Bank has a robust online interface for expats with free bill paying, no maintenance fees, and no monthly maintenance minimums. Ally Bank charges a standard foreign transaction fee of up to 1% of the transaction amount for ATM withdrawals and debit card transactions. There may be an additional charge if you use a non-Allpoint ATM overseas.
For expats holding investment accounts with Fidelity Investments, the debit card included with the Cash Management Account can be used to withdraw cash from over one million ATMs worldwide. For each foreign transaction, there is a 1% foreign transaction fee for non-U.S. dollar transactions, which may apply whether or not there is a currency conversion. The account also offers travel and emergency assistance, accident insurance, and damage waivers for car rentals.
Navy Federal Credit Union
For active and retired members of the military who banked with the Navy Federal Credit Union (NFCU) while living stateside, the credit union also adds value for members living abroad. You won't be charged ATM access fees when using International Navy Federal and CO-OP ATMs.
However, some CO-OP ATMs and non-NFCU ATMs may charge an International Assessment Service Fee (ISA) of 1% of the amount withdrawn. The credit union pays a rebate of up to $10 per statement period to cover ATM charges for direct deposit accounts. The Flagship Checking account pays tiered dividend rates with a maximum APY of 0.45% for balances over $25,000.
State Department Federal Credit Union
If you or an immediate family member is employed by the U.S. Department of State, this federal credit union has a lot to offer its members. You can open a Basic checking account (no minimum required), an Advantage account with a $2,000 balance, or a Privilege account with a $25,000 balance. All accounts give members access to nearly 30,000 free ATMs. Members can utilize the credit union's robust online banking system, plus its 24-hour call center.
The credit union offers Advantage account holders a monthly reimbursement of up to $15 for ATM foreign transaction fees. Privilege account holders receive a monthly reimbursement of up to $25. The Advantage checking account pays dividend rates with an APY of 0.45% and the Privilege checking account pays an APY of 0.50%.
How many times can you withdraw from Navy Federal Savings?
Click to see full answer.
Beside this, how many times can you transfer from savings to checking Navy Federal?
Federal regulations do, however, limit the number of certain types of transfers and/or withdrawals you can make from your savings account or Money Market Savings Account (MMSA) to six each per month.
Also Know, can I increase my ATM withdrawal limit Navy Federal? Most of our accounts have a daily spending limit of $3,000 and a daily cash withdrawal limit of $600. These limits are meant to protect you if your card is lost or stolen. If you need to increase your daily limit, call us at 1-888-842-6328.
Considering this, how many times can I transfer from checking to savings?
Federal law limits the number of withdrawals or transfers you can make from a savings or money market account at a bank or credit union to six a month. If you exceed the limit, your bank may charge you a fee—or it could close your account or turn it into a checking account.
What is the max I can withdraw from Navy Federal ATM?
The maximum daily withdrawal amount for Navy Federal Visa® Check Cards or CUCARDs® has been increased to $600 at participating ATMs.
Bankrate’s guide to choosing a high-yield savings account
It doesn’t matter if you’re working class or very wealthy — everyone needs an emergency fund. And there’s no better place to park the money you’re saving than in a high-interest savings account.
High-yield savings accounts are used for emergency funds and storing savings for future events. They pay a yield that’s higher than average, allowing savers to reach their financial goals faster. CDs are deposit accounts that tend to pay higher yields than traditional savings and money market accounts.
The average savings account pays 0.06 percent annual percentage yield (APY). Many of the country's biggest banks pay less than that.
Some online banks offer better deals than the average bank -- with yields that are up to seven times higher than the national average. Compare rates among today's best widely available, high-interest savings accounts to find the right account for you.
Methodology: How Bankrate picks the best high-yield savings accounts
Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Bankrate’s editorial and research teams analyzed more than 100 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best high-yield savings accounts, our editorial team analyzed APY, minimum balance requirements, monthly fees and requirements to avoid monthly fees. All of the accounts listed below are insured by the FDIC at banks or by the National Credit Union Share Insurance Fund at National Credit Union Administration (NCUA) credit unions.
APYs (interest rates), account minimums and whether you’d have to pay a monthly service fee are some of the most important things to look at before choosing a savings account. A savings account that charges fees likely isn’t the right account for you. But many online banks offer high-yield savings accounts that don’t require you maintain a minimum balance. Savings accounts that offer a competitive yield and don’t require a minimum balance or charge a maintenance fee are a good fit for any type of saver.
Finally, the bank needs to be an FDIC-insured bank or at an NCUA credit union that’s insured by the NCUSIF so your money is safe. Always follow FDIC and NCUA limits and guidelines.
Bankrate’s editorial team chose the criteria and developed a scoring system to determine the best savings accounts. Bankrate’s editorial team used its knowledge of financial services and banking experience to choose the best ways to rate savings accounts.
Bankrate's experience on financial advice and reporting
Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.
Best high-yield online savings accounts for November 2021
Note: The annual percentage yields (APYs) shown are as of Nov. 18, 2021. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and Bankrate's editorial team may occasionally update these APYs after that update. The APYs for some products may vary by region.
1. LendingClub Bank – 0.60% APY, $100 minimum opening deposit/$2,500 minimum for APY
Overview: LendingClub Bank was formed when LendingClub purchased Radius Bank. The deal closed in February 2021 and Radius Bank deposit products became LendingClub Bank products in July 2021.
Perks: LendingClub Bank offers a competitive APY on its High-Yield Savings account, which includes an ATM card. There are no monthly maintenance fees.
What to watch for: Only balances of $100 or more earn interest, and a $5 minimum balance is needed to keep a High-Rate Savings Account open.
2. Alliant Credit Union – 0.55% APY, $5 minimum opening deposit/$100 minimum for APY
Overview: In 1935, what’s now Alliant Credit Union was founded as the United Airlines Employees’ Credit Union. Alliant currently has 500,000 members.
Perks: You won’t pay a monthly maintenance fee as long as you choose online statements.
What to watch for: Only balances of $100 or more earn interest.
3. Comenity Direct – 0.55% APY, $100 minimum opening deposit
Overview: Comenity Direct is an online bank that offers both a high-yield savings account and five terms of CDs. Comenity Direct launched those savings products in 2019.
Perks: The high-yield savings account requires just $100 to open.
What to watch for: Official checks cost $15 each and there’s a $5 fee for each paper statement.
4. Quontic Bank – 0.55% APY, $100 minimum opening deposit
Overview: Quontic Bank was established in 2005 and is based in New York.
A $100 minimum deposit is required to open a Quontic Bank High Savings account. Quontic Bank also offers four terms of CDs that offer terms ranging from six months to three years and require a $500 minimum deposit.
Perks: Quontic Bank High Savings account doesn't have a monthly maintenance fee.
What to watch for: You’ll pay $10 for each withdrawal that surpasses six in a statement cycle.
5. CIBC Bank USA – 0.52% APY, $1,000 minimum opening deposit
Overview: CIBC Bank USA, formerly The PrivateBank and Trust Co., was founded in 1991 and is based in Chicago. Its online banking unit is known as CIBC Agility, which offers the Agility Online Savings Account.
Perks: The Agility Online Savings Account doesn’t have a monthly maintenance fee.
What to watch for: You’ll need $1,000 to open the Agility Savings Account.
6. Vio Bank – 0.51% APY, $100 minimum opening deposit
Overview: Vio Bank, established in 2018, is the national online division of MidFirst Bank. MidFirst Bank has been an FDIC-insured bank since 1934 and was established in 1911.
Vio Bank offers both a High-Yield Online Savings account and CDs. Vio Bank’s High-Yield Online Savings account has one of the top yields around, and all balances receive this APY.
Perks: Vio Bank has consistently offered one of the highest APYs available.
What to watch for: There’s a $5 fee for paper statements and a $10 charge for each withdrawal beyond six in a monthly statement cycle.
7. Ally Bank – 0.50% APY, $0 minimum opening deposit
Overview: Ally Bank started in 2004 and is headquartered in Sandy, Utah. Ally Bank surpassed 1 million customer accounts in 2012 and currently has about 2.3 million customers.
In addition to its no-penalty CD, Ally Bank also offers checking and money market accounts, term CDs and two terms of a Raise Your Rate CD.
Perks: Ally Bank doesn’t have a monthly service fee and it also doesn’t require a minimum opening deposit. Official checks are free for savings account customers at Ally Bank.
What to watch for: An outgoing domestic wire will cost $20.
8. Barclays Bank – 0.50% APY, $0 minimum opening deposit
Overview: Barclays Bank has been around for more than 300 years. Back then it started in London. Barclays Bank has the Barclays Online Savings account and nine terms of CDs.
Perks: Barclays Bank doesn’t require a minimum opening deposit. You also can call Barclays Bank any day of the week. The daily phone hours are 8 a.m. to 8 p.m. Eastern.
What to watch for: Your account may be closed for keeping a balance of less than $1 in your Barclays Online Savings account for more than 179 days.
9. Citibank – 0.50% APY, $0 minimum opening deposit/$1 minimum for APY
Overview: The Citi Accelerate Savings account has a competitive APY in select markets. It’s not available in some larger states, such as California and New York state. The savings account doesn’t require a minimum balance to open the account.
There is a $10 monthly service fee if you have a checking and savings account linked and don’t meet the requirements to have the fee waived.
Perks: Savings accounts not linked to a checking account are subject to a $4.50 monthly fee should the average monthly balance fall below $500.
What to watch for: There is a $4.50 monthly service fee if your savings account isn’t linked to a Citi checking account.
10. Live Oak Bank – 0.50% APY, $0 minimum opening deposit
Overview: Live Oak Bank is an online bank founded in 2008 and based in Wilmington, North Carolina. It offers a competitive yield on its savings account.
In addition to its savings account, Live Oak Bank also offers seven terms of CDs.
Perks: Live Oak Bank’s Online Savings account doesn’t have a monthly service fee and there is no minimum balance requirement.
What to watch for: There’s a $10 dormant account fee for accounts without any activity for 24 straight months. Accounts with a balance of less than $10.01 are assessed a fee that doesn’t overdraw the account and then it is closed.
11. Marcus by Goldman Sachs – 0.50% APY, $0 minimum opening deposit
Overview: Marcus is Goldman Sachs’ consumer-banking unit, which offers a savings account, a variety of CDs and three no-penalty CD terms.
Perks: Its savings account doesn’t require a minimum opening deposit and it doesn’t have a monthly service fee. Marcus by Goldman Sachs has an app on iOS and Google Play.
What to watch for: There isn’t a minimum deposit required and the account doesn’t have a monthly service fee.
12. Synchrony Bank – 0.50% APY, $0 minimum opening deposit
Overview: Synchrony Bank is an online bank that offers a savings account, money market account, regular CDs, IRA CDs and IRA money market accounts.
Perks: Synchrony Bank’s High Yield Savings account offers a competitive yield and doesn’t require a minimum deposit.
What to watch for: There are savings accounts and money market accounts that offer a higher yield than Synchrony Bank’s High Yield Savings account.
13. TAB Bank – 0.50% APY, $0 minimum opening deposit
Overview: TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. TAB (Transportation Alliance Bank) serves businesses and individual customers.
It offers several checking accounts, a couple of savings account options, a money market account and CDs in eight terms, from six months to five years.
Perks: You won’t need to make an initial deposit to open the High-Yield Savings account at TAB Bank.
What to watch for: You need to keep at least $1 in the account. Also, a cashier’s check costs $15.
14. Pentagon Federal Credit Union – 0.50% APY, $5 minimum opening deposit
Overview: Pentagon Federal Credit Union was established in 1935. It has more than 2 million members and is based in McLean, Virginia.
PenFed offers nine terms of CDs, ranging from six months to seven years.
Perks: The Premium Online Savings Account can be opened with just $5 and there is monthly service fee.
What to watch for: You can join Pentagon Federal Credit Union through employment, association membership, military affiliation or through other methods.
15. TIAA Bank – 0.50% APY, $25 minimum opening deposit ($0 for Rhode Island residents)
Overview: TIAA Bank is a division of TIAA FSB and has nine branches, all in Florida.
TIAA also offers a money market account, a checking account and CD terms ranging from three months to five years.
Perks: The Basic Savings account only requires $25 to open the account. Rhode Island residents don’t need an opening deposit.
What to watch for: A $25 minimum monthly balance is required for the Basic Savings account to waive the $5 monthly service fee. (Residents of Rhode Island are exempt.)
16. Popular Direct – 0.45% APY, $5,000 minimum opening deposit
Overview: Popular Direct offers the Select Savings account and term CDs. Both the Popular Direct savings account and its CDs are for established savers, since the Ultimate Savings account requires a $5,000 minimum deposit and its CDs have a $10,000 minimum deposit requirement.
All Popular Direct deposit accounts are opened through Popular Bank.
Perks: Popular Direct has 24/7 customer support.
What to watch for: Closing the account within 180 days will cost you $25. There’s also a $5 dormancy fee that’s charged for not having account activity during a 12-month period.
Statement periods are quarterly with the Select Savings Account.
What is a high-yield savings account?
High-yield savings accounts are a type of deposit account that can be found at both online and brick-and-mortar institutions. These financial tools typically pay a higher interest rate than traditional savings accounts and almost always offer better returns than traditional checking accounts.
But it’s not just higher interest rates that set high-yield savings accounts apart from other savings products.
Here are just a couple of the biggest financial benefits of high-yield savings accounts:
- Higher APYs: High-yield savings accounts generally offer significantly higher interest rates than traditional savings products. That means you can earn more on your money and meet your savings goals faster.
- No or low fees: High-yield savings accounts tend to come with no monthly fees and low fees for things like having non-sufficient funds. That’s especially so with high-yield savings accounts found at online banks.
Are high-yield savings accounts safe?
Like traditional savings products, safety is a mainstay of high-yield savings accounts.
Insured up to $250,000 at banks by the Federal Deposit Insurance Corp., and at credit unions by the National Credit Union Share Insurance Fund (per depositor, per institution, per ownership category), high-yield savings accounts offer a safe place to stash cash while earning interest.
That makes high-yield savings accounts a good place to keep funds for emergencies, large expenses and short-term savings goals.
Keep in mind that online banks typically offer higher rates and better benefits on these types of accounts than national brick-and-mortar banks. Online banks don’t have the costs associated with brick-and-mortar institutions and can pass those savings on to customers in the form of higher yields.
Can you lose money in a high-yield savings account?
Always make sure your high-yield savings account is at a Federal Deposit Insurance Corp. (FDIC) bank or National Credit Union Administration (NCUA) credit union. As long as you stay within FDIC or NCUA limits and guidelines, your money will be safe.
Also, make sure you check your account regularly to make sure it doesn’t have any unauthorized withdrawals or transactions. The faster you notice something may be wrong, the faster you can dispute it at your bank and potentially freeze the funds in the account.
What to consider when choosing a high-yield savings account
Here are a few important things to consider when searching for a high-yield savings account.
Annual percentage yield
One of the most important considerations when choosing a high-yield savings account is the APY.
APY includes the effect of compounding. It’s the interest earned on your initial deposit in addition to the interest earned on top of other interest earnings.
And in the case of APYs, higher is always better. But it’s important to weigh the APY against the requirements to earn the yield.
For example, Bank X pays a slightly higher APY than Bank Y, but Bank X has a higher minimum deposit requirement and minimum balance requirement than Bank Y. If you can meet the requirements of Bank X, it’s worth considering. If not, Bank Y might be the better choice.
You can use Bankrate’s compound interest calculator to calculate your potential earnings on any savings account.
How often rates change
Besides the APY, you’ll also need to consider a bank or credit union’s tendency to adjust interest rates. Unlike CDs, which lock in a rate for a period of time, savings account yields tend to be variable. That means they could change at any time.
A bank may lower or raise an APY for various reasons. Your savings account rate could increase if a bank is trying to attract more deposits by offering a temporary promotional rate. Or broader economic factors — like the three Federal Reserve interest rate cuts in 2019, and the two emergency rate cuts from the Fed due to coronavirus in March 2020 — have caused banks and credit unions to lower their rates. Some savers have seen their yields slide in recent months as the Fed has lowered its benchmark rate.
Beware the bait and switch, since savings APYs are usually variable. Consider how often a bank offers teaser rates that may fluctuate and determine what your potential earnings could look like after a year. For more peace of mind, consider a CD or look for savings accounts with a rate guarantee for six months to one year.
Minimum deposit required
The minimum opening deposit required can be a big factor when deciding on which high-yield savings account to choose.
Minimum deposit amounts vary across banks — some require nothing to open an account, while some require a deposit of $10,000 or more.
Consider your budget and decide how much you can realistically invest when comparing high-yield savings products. If you’re trying to hit a particular goal, ask yourself how much you’re willing to save and over what period of time.
The more you invest and the higher the interest rate, the faster compound interest will help you hit your goal. But if you can’t swing a particular minimum amount, it’s best to go with an account that requires less of an upfront financial commitment.
Often, you’ll find online banks that have no minimum opening deposit requirement or no minimum balance. You can also find online banks that won’t charge monthly maintenance fees. And some of them won’t have any of those requirements and fees.
Accounts requiring a higher minimum deposit might not offer a higher yield. Make sure to check minimum deposit requirements at all institutions you’re considering before opening an account. Many of the best high-yield savings accounts require a minimum opening deposit of $100 or less.
Minimum balance required
Not only do some high-yield savings accounts require a minimum deposit to open an account, they may also require a minimum balance to earn the APY or avoid fees.
One common fee banks charge for not maintaining a minimum balance in the account is called a “monthly maintenance fee.” But often, as long as you maintain the minimum balance, the bank will waive the fee.
Like minimum deposit amounts, minimum balance requirements can range from $0 to well over $10,000.
What’s important to consider when weighing the minimum balance requirements of various high-yield savings accounts is how often you’ll need to access the money, and whether you’ll be able to maintain the balance in order to earn the APY.
Before opening any type of savings account, it’s important to consider how often you’ll need to access the money.
Regulation D, also known as “Reg D,” is the reason savers might be limited to six transactions/withdrawals per month from savings accounts or money market accounts. That includes online transfers to different accounts, transfers over the phone, automatic transfers, overdrafts and check or debit transfers. But withdrawals or transfers made at an ATM or in-person at a bank don’t count toward this limit.
However, an interim final rule introduced in 2020 by the Federal Reserve Board suspended enforcement of the six transfer limit and made this number unlimited. Banks might have a higher monthly limit now. For instance, American Express National Bank now allows up to nine withdrawals or transfers per month. But some banks might still have a six-transaction limit. So, check with your bank to see its policy and limits.
Additionally, banks all have their own options and rules for withdrawing and transferring funds. So, it’s crucial to dive into the details of an account before signing up.
High-yield savings account terminology
- APY: This figure is the real rate of return that you’ll earn on a savings account or other deposit product. It factors in the interest rate as well as compounding interest and is the best way to compare savings yields on an apples-to-apples basis.
- Compound interest: In simple terms, this means you’re earning interest on your interest. Instead of only earning interest on your principal amount, you’ll earn interest on your principal as well as the previous interest earned on your principal, allowing you to grow your total savings faster.
- Monthly service charge/maintenance fee: This is a monthly fee charged by a bank, usually for going below a certain balance in the account.
- Regulation D: This Federal Reserve rule is used to limit the number of withdrawals and transfers you can make from a savings account during a monthly statement cycle. Some banks still have restrictions on withdrawals and transfers, even though the Fed removed these limits in 2020.
How much interest will you earn on $10,000 in a high-yield savings account in 1 year?
The APY will determine how much interest you’ll earn. If your high-yield savings account pays 0.01 percent APY, you would earn $1 in a year. If your account pays 0.5 percent, you would earn $50 in a year.
Savings yields are variable, meaning your APY could increase or decrease over the course of a year. Lately, though, savings rates at top-yielding banks have been stable.
Best uses for a high-yield savings account
High-yield savings accounts can be used for any savings goal. Here are some of the best uses for a high-yield savings account:
Down payment on your primary home or second home
Traditional conforming loans typically require a down payment of at least 5 percent. That moves up to 20 percent to avoid private mortgage insurance.
FHA loans require a down payment of at least 3.5 percent.
Here’s how much you’d need to save for a down payment on a $200,000 home:
- 20 percent down: $40,000.
- 5 percent down: $10,000.
- 3.5 percent down: $7,000.
Saving that amount of money can take some time. But a high-yield savings account can help you hit your goal faster.
Here’s a general estimate of how long it would take to save up a 20 percent, 5 percent and 3.5 percent down payment on a $200,000 home, assuming you have a high-yield savings account paying a 0.6 percent APY.
- 20 percent: Three years. (Initial deposit of $1,000 and then contribute $1,076.36 each month)
- 5 percent: One year. (Initial deposit of $1,000 and then $749.50 every month for a year.)
- 3.5 percent: Six months. (Initial deposit of $1,000 and then about $999 every month).
Saving to buy a car
Assuming you’re going to finance the purchase of a car, you’re still likely going to need to make a down payment. Saving up and paying for a car with cash, check or an official bank check is even better since it will save you interest payments and financing fees.
Plan for that wedding now
Saving now can pay off for those planning to get married in the future. The national average cost of a wedding was $19,000 in 2020, according to The Knot’s Real Wedding Study. And that doesn’t include the honeymoon. A high-yield savings account is one of the best places to save money for your wedding because it’s liquid, safe — if it’s in a FDIC-insured account and within guidelines and limits — and can offer a competitive yield. If you have two years to save, you’d need to save around $1,122 per month in a high-yield savings account paying 0.6 percent APY in order to save around $28,000 for the wedding. That’s with an initial deposit of $1,000.
For some of your college savings
When saving for a child’s education, it’s best to start early and save often. College savings plans like the 529 can be a great solution, mainly because money grows tax-free in a 529. It also isn’t taxed when the money is taken out to pay for college.
But college tuition costs can sneak up fast, and a high-yield savings account can be a solid alternative in last-minute situations when saving is essential.
In order to successfully use a high-yield savings account for college tuition, you’ll need to set a savings goal and calculate the monthly investment needed to hit that goal.
For example, let’s say you need $50,000 for college tuition and your child is in seventh grade. If you open a savings account yielding 0.6 percent APY, you’d need to deposit around $806.43 per month in order to hit your goal by the time he or she heads off to college. That’s with an initial deposit of $1,000.
You can use Bankrate’s savings goal calculator to create a timeline for your savings goals.
Family vacations can be an exciting adventure, but they can also be tough on the wallet. Fortunately, a high-yield savings account can help out.
In order to properly use a high-yield savings account to pack away money for a family getaway, you’ll need to first decide how much you want to spend and when you’d like to go.
Then consider making a budget for travel, lodging, food and miscellaneous items.
How fast could a high-yield savings account help you get to your goal?
If you’re planning to spend $2,000 on a getaway in 12 months, you would need to save around $159 per month in a high-yield savings account paying 0.6 percent APY. That’s with an initial $100 deposit.
Teach your children healthy savings habits and save for their future
It’s never too early to start saving for your child’s future and to teach them the importance of doing so. You might begin by opening a custodial savings account for your child and adding to it over time. You’ll build a nest egg that could pay for upcoming expenses like a first car or high school prom. Here are some guidelines, by age range, on saving money and teaching kids financial responsibility:
Children ages 5 to 8
You may consider starting an allowance and encouraging children to save at least 10 percent of it. One strategy is to give your child $1 a week for each year of age, meaning a 6-year-old would get $6. Foster savings habits in kids by bringing them to the bank to deposit money. Start saving for college now if you haven’t already, as tuition can run $10,000 or more a year.
Adolescents ages 9 to 12
At this age, your child may be ready to learn about budgeting and discretionary spending. Help them set goals by calculating how much to save each week for a toy or video game. Building up your child’s savings account now is also important as the expenses of young adulthood draw nearer. It pays to start saving for that first car, as a used car can easily go for more than $20,000.
Teens ages 13 and up
The teenage years are when many kids get jobs and contribute more actively to their savings. Consider opening a high school checking account and teaching them to use a debit card responsibly. At this time (or soon enough) you can reap the benefits of having saved money, as your child becomes ready to drive, start college or live on their own.
Other savvy uses for a high-yield savings account
High-yield savings accounts aren’t only for major expenses.
In fact, one of the best purposes a high-yield savings account can serve is as a place for your emergency fund. This is a fund that typically covers three to six months of living expenses in case of things like an unexpected layoff or replacing a failing air conditioning unit during a hot summer.
High-yield savings accounts FAQs
Do you pay taxes on interest earned in a high-yield savings account?
The IRS specifically says that interest earned on bank accounts is taxable interest. Interest is usually taxed as ordinary income. All interest income is taxable, even if it’s not reported on a Form 1099-INT. That form is usually generated toward the beginning of the calendar year, after you’ve earned more than $10 in interest during the previous tax year.
What are the risks of a high-yield savings account?
It would be a risk to be above FDIC limits and guidelines in an account or to bank with a non-FDIC institution. A bank failure at one of these institutions would put your money at risk. The way to avoid this is by confirming your bank is FDIC-insured, using the FDIC’s BankFind Suite. Also, confirm that your money is insured by using the FDIC’s Electronic Deposit Insurance Estimator (EDIE) and knowing the limits, guidelines and ownership categories. If you bank with a credit union, make sure the institution is backed by NCUA insurance.
What is the difference between a high-yield savings account and a money market account?
Generally, a high-yield savings account won’t let you write checks against the account. Some money market accounts have check-writing privileges. Otherwise, these deposit accounts are similar.
Money market accounts and high-yield savings accounts are typically available at FDIC-insured banks. Savings accounts are slightly more common than money market accounts, but many banks offer both. The biggest difference between the two is that a money market account may offer the ability to write checks from the account. This will depend on the bank. Savings accounts typically don’t offer this option.
Money market account
- It may provide check-writing privileges.
- FREE business Mastercard debit card
- FREE access at over 55,000 ATMs nationwide
- FREE online and mobile app
- FREE cashback and rewards program
- NO minimum deposit is required when you apply
- NO monthly fee
- NO NSF fees
- NO card replacement fees
- NO ACH transfer fees
Transferring money is easy with Nearside using ACH, bill pay, or paper check. And you can deposit checks using the Nearside app. Need cash? Get it at over 55,000 ATMs. We also like that there are no NSF fees on the account. If you lose your debit card, Nearside will replace it free of charge. Finally, you can link your Nearside debit card to Apple Pay or Google Pay and monitor all your transactions from the Nearside app.
Cashback and rewards programs can save you a ton of money when you use your Nearside debit card. You can save 5% cashback on car rentals, 4% on hotels and dining, 3% on business vendor spending, and 1% on gas. Nearside Perks is a discount program offered when you use such services as Quickbooks, Constant Contact, Yelp, Indeed, Square, and many more.
Nearside targets account approvals within one business day. Information required to open an account includes name, address, and social security number or tax identification number. If applicable, Nearside may ask for a copy of your business license and business formation documents. They do not check your credit or use ChexSystems.
Nearside is one of the most competitive business bank accounts for entrepreneurs and small business owners. Their combination of services and offerings, the fast application process, and customer support create an outsized competitive advantage for both the bank and its customers. Every small business owner understands how critical that is for success.
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You get a debit MasterCard and a very slick smartphone app. You can make deposits, write checks, utilize electronic bill pay, and transfer money. There are no monthly fees or overdraft fees. Plus, you earn interest on all the money in the account! The sign-up process can take less than 60 seconds.
There is no minimum balance requirement and SoFi Money is available in all 50 states.
- No account fees
- Unlimited reimbursed ATM fees
- Access to SoFi member benefits like career coaching and financial advising
- Automated bill pay
- Freeze debit card on-the-go
SoFi Money has been great! The account was easy to open and I got my debit card a few days later. The smartphone app is easy to use and I can check everything from my computer, too. I’ve had some issues with ChexSystems in the past and SoFi Money seems to be the perfect account.
Gena M., SoFi Money Customer
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We recommend Free Checking, which doesn’t charge a monthly fee nor has a minimum balance requirement. It offers free online, mobile, and text banking, as well as free bill pay. The only downside to this account is that it requires a steep $100 opening deposit.
You can find Ameris Bank branches located in Lexington, Columbia, and Irmo. Apply for an account online or in person to start improving your financial standing!
Rebound Checking includes some of the benefits of a traditional checking account like a debit card and access to online banking. Unfortunately, you won’t be able to use their BillPay tool or deposit your checks via your mobile phone, but after a period of good standing you will be able to upgrade to an account that offers these services.
All it takes to open an account is a $25 opening deposit. There is also a moderate monthly service fee of $15. Visit their website or one of their two locations in Columbia to apply for membership at Caro FCU.
This account comes with all the basics like a free Visa debit card, access to online banking with bill pay, and free eStatements. There is a moderate $15 monthly service fee and no minimum balance requirements. It’s also important to note that direct deposit is required with this account.
To get started, you will need to become a member at Carolina Foothills FCU. Membership is extended to anyone who lives, works, worships, or attends school in Spartanburg, Greenville, and Gaffney. You can also join if you’re an employee of one of over 125 local companies. Visit their website or stop by a branch nearest you to see if you’re eligible!
To open an Encore Checking account, you will need to meet with a Member Service Representative at one of their branches. After six months of good standing, you’ll become eligible for a Visa debit card. After twelve months, you will be eligible to upgrade to one of their traditional checking options.
To get started, you can apply for membership to Carolina Trust FCU on their website or at one of their branches in Myrtle Beach, Surfside Beach, Little River, Conway, Johnsonville, and Lake City.
They offer a general checking account that comes with all of the necessities. In addition to a Visa debit card and overdraft protection options, you can earn rewards if you meet a few easy requirements! If you enroll in direct deposit, sign up for eStatements, and use your debit card at least 12 times throughout the statement cycle, you’ll be eligible to earn interest on your account and receive ATM refunds.
To become a member at Carolinas Telco FCU, you or a family member must work in the telecommunications industry in North or South Carolina. Even if you work as an independent contractor or if you’re self-employed in the industry, you’re still eligible to join. Visit their website or one of their branches in Columbia, Greenville, and North Charleston to get started!
The contactless debit MasterCard offered by Fifth Third makes transactions fast and safe. You can also safely track your purchase online or through the mobile app. You also receive:
- Mobile alerts for transactions
- Easy Deposits program
- Access to more than 50,000 fee-free ATMs nationwide
- Online and mobile statements
At this time, Fifth Third has only one branch in South Carolina located in Greenville. Stop by today to open a Momentum Checking account!
If you want to avoid a $5 monthly service fee, all you have to do is enroll in eStatements. The account also comes with a debit card, online banking with bill pay, budgeting tools, and overdraft protection services. All that is needed to open the account is a small $25 opening deposit.
To get started, you can conveniently apply for an account online or visit one of their several locations in Mt. Pleasant, Florence, Lexington, Columbia, Greenville, Taylors, Simpsonville, and Myrtle Beach if you prefer to apply in-person.
They offer one general Checking Account that does not have any minimum balance requirements or monthly service fees if you’re enrolled in eStatements. The account also includes 24/7 account access with a smartphone mobile app as well as direct deposit and payroll deduction services.
Founders FCU extends membership to anyone who has a connection to Union, Laurens, Chesterfield, or Chester Counties. You can also join if you have a connection to Wellford or Duncan, or if you have a close relative who is already a member. They have over 18 locations in South Carolina in cities including Columbia, Spartanburg, Cheraw, and several others.
All you need is $5 to open an account online or at their branch on Parris Island. The Basic Checking account comes with:
- A free Visa CheckCard
- Unlimited check writing
- Surcharge-free ATM withdrawals at FSNB locations
- Access to the Savings Round Up program
- Online, mobile, and text checking options
One significant drawback to many online-only bank accounts is that they have no way to accept cash deposits. But GO2bank accepts cash deposits at over 90,000 Green Dot locations nationwide. However, participating retailers may charge you a fee.
If you direct deposit over $500, your monthly maintenance fee of $5.00 is waived. And, they offer a pretty sweet overdraft protection program, but it has a gotcha charge of $15 if you don’t replace the funds within 24 hours.
Account-holders will appreciate the ability to budget their money with the help of a mobile app, budgeting tools, and a savings vault. In fact, they pay 1% on all money in the saving vault up to $5,000.
GTE Financial is one of the largest credit unions in the US. Membership is open to anyone through easy requirements and an online application process. The Go Further account includes:
- Free EMV-equipped debit card with built-in rewards
- Online and mobile banking tools
- Free bill pay service
- Easy money transfers through the Popmoney service
We like the account because it does not have a monthly maintenance fee. You do need $100 as an opening deposit, but there are no minimum balance requirements after that point. The account also comes with a smartphone app called CardValet that allows you to monitor and control your spending 24/7 from any location!
To get started, you can fill out a form online to notify a member of the HopeSouth FCU team. You can also apply for the account in person at their branch in Abbeville.
It’s important to note that direct deposit is required with this account. There are no minimum balance requirements, no monthly service fees, and a free Visa check card that is included. We like this account because it allows you to upgrade to a traditional checking account after only six months of good standing!
All South Carolina residents are eligible to become a member at Market USA FCU. Once you’re approved, all that is required is a $5 deposit into a savings account to establish membership. To join, you can apply for an account online. They have one branch located in Greenville as well as many co-op shared branches scattered throughout the state.
With Basic Checking, you get a free Visa debit card with unlimited transactions and access to thousands of surcharge-free ATMs. We like this account because there are no monthly maintenance fees or minimum balance requirements to keep the account open.
Mid Carolina Credit Union offers membership to anyone who lives, works, or attends school in Kershaw and Richland counties. You will need to deposit only $5 into a savings account to establish your membership. Their branches can be found in Lugoff, Camden, Elgin, and Blythewood.
It’s important to note that the E-Checking account requires a direct deposit of $400 or more each month and that you enroll in eStatements. You get access to online banking and are able to earn interest on your balance over $1,500.
MTC FCU offers membership to anyone who has some connection to Anderson, Greenville, or Pickens Counties. You can also join if you have a close relative who is already a member or if you work for an eligible employer. Visit their website or one of their branches in Greenville, Spartanburg, Pendleton, and Lexington to see if you qualify!
Both account options come with a free NFCU debit card. There is no monthly service fee with direct deposit. Your account is protected from overdrafts with free savings transfers, a checking line of credit or an optional overdraft protection service. You also receive:
- Free mobile deposits
- Free bill pay
- Free traditional name-only checks
- Dividends credited monthly
Second Chance Checking offers easy direct deposit to save you time and money by eliminating the check cashing process. Your access to your money is simple through a Peoples Cash Solutions debit Mastercard. Other convenient features include:
- Online banking
- Online money transfers
- Online bill pay
- A personal checkbook
- ATM access
You can apply online with a $30 minimum deposit. There is a monthly maintenance fee of $4.95 for Second Chance Checking through Peoples Cash Solutions.
All you need is a $10 minimum opening deposit. After that, you have no minimum balance requirements. There is a monthly service charge of $9, but you can apply for a free checking account after 12 months of positive banking history.
You can easily apply online for all Radius banking services. Essential Checking comes with:
- Free MasterCard® debit card
- Free mobile banking with check deposit
- Free online banking with bill pay
- No minimum balance
We recommend this account because you won’t need to worry about any monthly service fees no matter how much your balance fluctuates. It does require a steep $100 as an opening deposit but includes digital banking tools, online bill pay, and other convenient perks.
Synovus Bank has nine locations in South Carolina in cities including Columbia, Cayce, Lexington, and Irmo.
Free Checking has no hidden fees, no minimum balance requirements, and no monthly service charge. It’s truly a free checking account! All that you’ll need to get it started is a $50 opening deposit. You’ll also gain access to their mobile smartphone app where you can deposit checks and monitor your account.
United Bank has quite a few locations in South Carolina. You’ll find them in cities including Charleston, Saint George, West Columbia, Myrtle Beach and many others. Visit their website to find a branch nearest you!
It’s important to note that Fresh Start Checking only comes with an ATM card. ATM cards are a bit different than debit cards because you can only use them to deposit and withdraw money at an ATM. This account also requires a $100 opening deposit and requires that you keep at least $100 in your account to avoid the $5 monthly service fee.
Upstate FCU extends membership to anyone who lives, works, worships, or attends school in Anderson or Abbeville Counties. You can also join if you are a close relative of someone who is already a member. You can apply online or in person at one of their branches in Anderson, Starr, Honea Path, and Williamston.
When you open an account at Varo you can do so with no initial deposit. Plus, there are never any monthly maintenance fees, foreign transaction fees, transfer fees, or debit card replacement fees.
Finally, if Varo receives a payroll notification before your payday, it can deposit your money more quickly than many banks.
We like Fresh Start Checking because there is no minimum balance requirement. This feature can be especially helpful for those who tend to keep lower balances in their account. It’s important to note that direct deposit is required and there is a monthly service fee of $15.
To become a member at Vital FCU, you must have a connection to Spartanburg County or have a close relative who is already a member. Visit their website or one of their branches located in Spartanburg and Duncan to see if you qualify!
With relaxed CheckSystems requirements, you’ll find it is easy to open an Online Rewards account. All you need is a minimum deposit of $10 and an online application. There is no minimum balance requirement, but there is a $14.95 monthly fee. After a year of good standing, you can convert your account to a free checking plan.
With Online Reward Checking, you have access to:
- A free Mastercard EMV debit card
- Free online banking and bill pay
- Free budgeting tools
- Free mobile banking
- Mobile deposit after 3 months of direct deposits
- Free eStatements
There is a $5 monthly fee, but that is be waived for account holders 24 years old and younger. This account is available to residents in all 50 states.
- The largest number of branches in the U.S.
- Minimum deposit of $25 to open an account
- Online bill pay and smartphone app
- Mobile check deposit
- Includes a Visa debit card
- Send and receive money through Zelle
- Additional features include account alerts, 24/7 fraud monitoring, and zero liability protection for your debit card
You can lower your Second Chance monthly maintenance fee from $11.95 to $9.95 by setting up monthly direct deposit. Woodforest offers:
- Online banking
- A mobile banking app
- Woodforest Debit Card
- Overdraft solutions
- Free platinum debit card
Woodforest National Bank has many branches primarily located inside of Walmart stores around the state. You can find them in cities including Columbia, Tega Cay, Greenwood, Greenville, and several others.
Did we leave your financial institution off this list of The Best Second Chance Banks and Credit Unions in South Carolina? Has there been a change in any of the listings? Please let us know.