bank of america platinum money market savings interest rate

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If you’re looking for ways to save that will grow your money more quickly than a traditional savings account, it may be worth comparing a couple of common options: money market vs. CD.

It’s important to build a financial strategy that incorporates savings goals. And while traditional savings accounts are an option, they aren’t the only way to build up your funds. Money market accounts and certificates of deposit, or CDs, are other options that may help you earn more money through higher interest rates.

When you compare money markets and CDs, one option may stand out as a better fit for you. Your choice will likely depend on your specific needs, like access to your money or check-writing capabilities. And like any financial decision you make, it’s important to understand the positives and negatives of each type of deposit account.

Let’s look at some of the pros and cons of money market accounts vs. CDs.

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What are money market accounts and how do they work?

Many banks and credit unions offer money market accounts, which are similar to both savings and checking accounts. These accounts earn interest, like savings accounts, while also providing some of the access you get with a checking account, though with some limitations. For example, withdrawals and payments via check, debit card, draft or electronic transfer are limited to six per month total for money market accounts. But withdrawals or payments done via ATM or in person, by mail, by messenger or via telephone check don’t count against that limit.

Keep reading: What is a money market account?

Pros of money market accounts

The deposits you put in a money market account earn interest. But rates can vary, so it’s wise to do some research to see which financial institutions offer the highest money market rates. At the end of July 2019, the national average interest rate for money market accounts was 0.18% for deposits less than $100,000 and 0.29% for deposits of $100,000 or more, according to the Federal Deposit Insurance Corporation.

A money market account is generally considered a low-risk savings option and can be insured by the FDIC if it’s at a bank. The National Credit Union Administration insures money market accounts at credit unions. When insured, the FDIC and NCUA cover money market accounts up to $250,000.

Let’s recap the pros of money market accounts.

  • Higher earning: Interest rates typically higher than a traditional savings account
  • Low risk: Insured by FDIC or NCUA
  • Flexibility: Some features of a checking account

Cons of money market accounts

While money market accounts offer similar features to a checking account, those features are limited. For example, you can only withdraw money or make payments up to six times a month via check, debit card, draft or electronic transfer. But if you have more than six monthly transactions to make, know that making withdrawals at an ATM or payments on the phone doesn’t count against that limit.

Unpredictability can be another drawback. The interest rate on a money market account can fluctuate, while a regular savings account typically has a fixed rate you can depend on. Though with money market accounts that are tiered, you could earn more interest as your balance gets higher.

Money market accounts may also require you to maintain a minimum balance that may seem high. If your balance falls below the minimum, you could face account fees or other consequences on top of potentially earning less due to a lower balance if the account is tiered.

Let’s recap the cons of money market accounts.

  • Minimums: Potential minimum deposit requirements
  • Unpredictability: Typically have variable interest rate
  • Limitations: Six total transactions allowed using a check, debit card, draft or electronic transfer

Common question: Are money market accounts related to money market mutual funds?

While the name is similar, money market accounts are different from money market mutual funds, which are investment options offered by investment companies. Because money market mutual funds are not insured by the FDIC or NCUA, there’s a greater risk you could lose money.

What are CDs and how do they work?

Offered by many banks and credit unions, a certificate of deposit is a unique type of savings account that requires you to keep the funds in the account for a set period of time.

CD terms are often anywhere from six months (short-term CDs) to five years or more (long-term CDs). At the end of the term, the CD “matures,” and you’ll receive the initial amount you put into the CD, plus the interest that accrued on that amount over the CD term. The rate of return you receive on a CD (and other types of deposit accounts) is the annual percentage yield, or APY.

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Pros of CDs

Because the financial institution holds your money for a specific length of time, CDs typically offer higher interest rates compared to traditional savings accounts and some may offer higher interest than money market accounts. And the longer your CD term, the higher your interest rate is likely to be. For example, CDs for less than $100,000 earn on average 0.39% for a six-month term, 0.56% for a 12-month term, 0.86% for a 36-month term and 1.10% for a 60-month term, according to the most recent national data available from the FDIC.

Certificates of deposit also typically have fixed interest rates, so you know at the outset how much interest your investment will earn by the maturity date. There are exceptions, though. If you get a variable-rate CD, the interest rate can change according to rules the issuing bank or credit union will set and explain.

And like both a money market account and a savings account, a CD is generally considered a low-risk savings option because it’s insured by the FDIC or the NCUA for up to $250,000.

Let’s recap the pros of CDs.

  • Predictability: Fixed interest rates (with exceptions)
  • High earning: Higher rates than traditional savings accounts
  • Low risk: FDIC or NCUA insured
  • Flexibility: Different term lengths
  • Less temptation: Funds locked for a set period of time, unavailable to spend

FAST FACTS

What is a CD rollover?

When a CD with a rollover feature matures, the money you put in the CD (and possibly the interest earned) will automatically be reinvested in a new CD — unless you opt out. Some CDs offer automatic rollovers and others don’t offer rollovers at all. If they’re available, your financial institution is required to send you a written notice prior to CD maturity notifying you of the end date and any automatic-renewal features.

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Cons of CDs

CDs typically have a minimum amount that you’re required to deposit. The amount can vary widely, but it’s common to see minimums in the thousands, and they can venture into tens of thousands. And the higher-interest-rate CDs may require a higher minimum deposit amount.

Once you put your money into a CD, you probably won’t be able to withdraw it without penalty before the maturity date. That penalty may vary depending on the financial organization’s rules, including how long the money was held in the account. Make sure to learn the details of the early-withdrawal penalty in the terms and account agreement, keeping future needs in mind.

And take note: Some institutions offering high-yield CDs may not be completely honest. FINRA — the Financial Industry Regulatory Authority — has warned investors to be wary due to reports of organizations advertising high-yield CDs as bait to get people in the door.

These promos might get you to show up in person and then a representative might try to get you to invest a sizable amount of money ($25,000 or more) into an annuity that’s not insured and which is much riskier, according to a FINRA alert.

If you’re unsure about any financial opportunity, you can use BrokerCheck to help verify if the person and firm are registered with FINRA.

Let’s recap the cons of CDs.

  • Minimums: Minimum deposit requirements
  • Limitations: No access to your money while it’s in the CD
  • Penalties: Costs for early withdrawals

Money markets vs. CDs

Money market accounts and CDs are both savings vehicles that can put your money to work for you, earning more interest than a traditional savings or checking account. Though a CD will likely have a higher interest rate than a money market account. To check and compare the most-recent interest rate data published by the FDIC for savings accounts, money market accounts, CDs and more, visit the FDIC online.

When looking at data, keep in mind that while CDs may earn more, you’ll be sacrificing flexibility, because the money will be required to stay in the account for a specific term or else you can face penalties for early withdrawal. With money market accounts, you can expect a lower interest rate, but you’ll gain regular access to your money and the ability to do things like write a few checks each month.


Bottom line

So when it comes to money market accounts vs. CDs, which is better? That’s all up to how you want your money to work for you.

It’s important to understand the pros and cons of money market accounts and CDs so that you can choose the savings vehicle that best meets your savings goals. For some people, the flexibility of a money market account wins hands-down. For others, the higher interest rates of CDs are a top priority.

There’s no one right or wrong answer for which type of savings vehicle is better. And your overall savings plan can include both a money market account and CDs. The important thing is to take as much advantage of savings opportunities as you can so that your money can grow and work harder for you.

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About the author: Laura Malm is a writer and editor with a bachelor’s degree in journalism and strategic communication from the University of Minnesota. She is passionate about financial literacy and helping others feel confident in th… Read more.

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Источник: https://www.creditkarma.com/savings/i/money-market-vs-cd-comparison

Everything you should know about Bank of America’s Preferred Rewards program

Editor’s note: This is a recurring post, regularly updated with new information.


It’s wonderful to redeem points and miles for travel arrangements such as lodging and flights. But there can be many other types of expenses involved in planning a trip, too, such as car rentals, train tickets, gas and campsite fees, among others. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation.

With that in mind, today we’ll be taking a closer look at the often passed-over Bank of America Preferred Rewards program. On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings on some of the best Bank of America credit cards.

That’s because Bank of America designed its Preferred Rewards program to incentivize consumers to move all of their checking, savings, investment and retirement accounts to Bank of America and Merrill. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. So depending on your holdings and the type of rewards you’re looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards.

Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter.

In This Post

Preferred Rewards program basics

To qualify for the Bank of America Preferred Rewards program, you must have both of the following:

  • An active, eligible Bank of America checking account
  • A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts

There are three tiers of Preferred Rewards, which you qualify for based on your combined average daily balance. They are organized like this:

  • Gold: $20,000 or more in total assets
  • Platinum: $50,000 or more in total assets
  • Platinum Honors: $100,000 or more in total assets.

How to reach the required balance

Checking investments on a laptop

While not exorbitant, those are still some pretty high figures to hit. You might have more opportunities to do so than you think, though.

If you have an emergency fund, a holiday account, a savings account and checking account, combining all those balances could easily qualify you for the first tier of Preferred Rewards. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach.

Balances don’t have to be started with Merrill or Bank of America to count. Specifically, you can roll existing IRAs and investment accounts over to Merrill or Bank of America and immediately use those balances to begin establishing a three-month average to boost your tier. Of course, you’ll have to consider other things like account management fees and available investment options to decide whether doing so is a good option.

Related: Some Bank of America cardholders now get new perks — and you can use them at home

How to move among Preferred Rewards tiers

You can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier. Once you reach a specific status level, though, you might not need to keep all your cash in the Bank of America basket. Instead,  you’ll maintain your Preferred Rewards tier status for 12 months. If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for 15 months before being downgraded.

Related: Full guide to Bank of America’s BankAmeriDeals cash-back deals

Preferred Rewards program benefits

Here’s a chart of the three Bank of America Preferred Rewards tiers and the benefits associated with each tier:

 BenefitGoldPlatinumPlatinum Honors
Savings interest rate booster5%10%20%
Credit card rewards bonus25%50%75%
Mortgage origination fee reduction$200$400$600
Auto loan interest rate discount0.25%0.35%0.50%
Home equity interest rate discount0.125%0.25%0.375%
No-fee banking servicesIncludedIncludedIncluded
Free non-Bank of America ATM transactions in the U.S.012/yearUnlimited
Merrill Guided Investing fee discount0.05%0.10%0.15%

Now, let’s take a closer look at each of these benefits.

Savings interest rate booster

You need to have a Bank of America Advantage Savings account and be an enrolled Preferred Rewards member to enjoy this benefit. If you have an existing savings account, it will not automatically convert to a Bank of America Advantage Savings account when you enroll in Preferred Rewards. So, be sure to request the conversion when joining Preferred Rewards.

At Gold, the interest rate boost is 5%, but don’t get too excited. For example, if your interest rate is 1.00%, a 5% rate booster would increase the interest rate to 1.05%. Here’s the current annual percentage yield on a Bank of America Advantage Savings account for a sample Florida resident to give you some perspective:

Bank of America Advantage Savings sample APY for Preferred Rewards members

You can check how this boost would affect the current annual percentage yield on a Bank of America Advantage Savings account in your region here.

Related: 6 questions to ask before choosing a savings account

Credit card rewards bonus

Preferred Rewards members earn a 25%, 50% or 75% rewards bonus on select Bank of America cards. For credit cards that earn points or cash rewards, you will receive a rewards bonus on every purchase. Your earning rate is based on your Preferred Rewards tier when the purchase posts to your account. We’ll get into how this plays out with specific cards below.

You can earn the Preferred Rewards bonus on most Bank of America consumer-branded credit cards, including the Bank of America® Premium Rewards® credit card, the Bank of America® Travel Rewards credit card, the Bank of America® Unlimited Cash Rewards credit card  and the Bank of America® Customized Cash Rewards credit card, among others.

However, the following cards are not eligible for the rewards bonus:

  • Non-rewards credit cards
  • Business purpose credit cards
  • BankAmericard Better Balance Rewards®
  • Merrill branded (including MERRILL+®, Merrill Octave® American Express® and Private Banking and Investment Group Octave® American Express®)
  • Bank of America® Private Bank Octave®
  • AAA® Gas Rebate
  • Air France KLM World Elite Mastercard®
  • Alaska Airlines®, including the Alaska Airlines Visa Signature® credit card
  • Allegiant World Mastercard®
  • Amtrak Guest Rewards®
  • Amway™
  • Asiana Airlines®
  • Celebrity Cruises®
  • Royal Caribbean International®
  • Sonesta World Mastercard®
  • Spirit Airlines®, including the Free Spirit® Travel More World Elite Mastercard® and the Free Spirit® Travel Mastercard®
  • Virgin Atlantic Airways®, including the

The information for the Bank Americard Better Balance Rewards, Bank of America Private Bank Octave, AAA Gas Rebate, Air France KLM World Elite Mastercard, Allegiant World Mastercard, Amtrak Guest Rewards, the Free Spirit Travel More World Elite Mastercard and Free Spirit Travel Mastercard and the Virgin Atlantic World Elite Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Chase Sapphire Preferred vs. Bank of America Travel Rewards — Which should beginner travelers get?

Mortgage origination fee reduction

Woman working on computer on couch

Any time you can cut down on fees for buying or refinancing a home, you should. Preferred Rewards members are eligible to receive this particular discount beginning three business days after the end of the calendar month in which you satisfy the Preferred Rewards tier qualification requirements.

The origination fee reduction can’t exceed the amount of the lender origination fee. The Preferred Rewards fee reduction isn’t transferrable. And, you may not be able to combine this fee reduction with other discounts.

Related: 5 things to consider before buying your first house

Auto loan interest rate discount

You must complete an auto purchase finance or refinancing loan through Bank of America to qualify for this rate discount. This benefit is not transferrable, so only the Preferred Rewards member can take advantage of this perk.

Of course, you’ll need to make sure that Bank of America offers the most competitive rate after the discount, otherwise it might not be worth pursuing. Even the small difference of just a quarter of a percent could save or cost you thousands of dollars over the life of the loan, though.

Related: How refinancing your car loan could put some quick cash in your pocket

Home equity interest rate discount

You can get a home equity line of credit interest rate discount beginning three business days after the end of the calendar month in which you satisfy the Preferred Rewards tier qualification requirements. This benefit is non-transferable. But, you may be able to combine this perk with other home equity interest rate discounts. And even co-borrowers are eligible.

Your discount will be based on the tier of Preferred Rewards that you have at the time of application, and is not subject to adjustment. So if you are Gold when you apply, but achieve Platinum later on, you won’t enjoy any further discount, unfortunately.

Related: 7 ways to improve your finances in 1 week

No-fee banking services

Woman at computer drinking coffee

Preferred Rewards Gold, Platinum and Platinum Honors members receive the following banking services:

  • Monthly maintenance fees waived on up to four eligible checking and four savings accounts from Bank of America
  • No fees for ATM or debit card replacement, including rush replacement, standard check orders, cashier’s checks, check image service, check copies, stop payments and incoming domestic wire transfers
  • Overdraft protection transfer fees waived from your linked savings accounts, secondary checking accounts or from a Home Equity Line of Credit

Additionally, Platinum and Platinum Honors members have no fees for incoming international wire transfers and can open a small safe deposit box for free at a Bank of America branch.

Free non-Bank of America ATM transactions

In the U.S. and U.S. territories, Platinum and Platinum Honors members:

  • Won’t be charged non-Bank of America ATM fees
  • Will receive a refund of the ATM operator or network fee for withdrawals, balance inquiries and balance transfers

Platinum members receive one free transaction per statement cycle (so up to 12 annually) and Platinum Honors members have no cap.

Related: 7 ways to save on overseas ATM withdrawals

Merrill Guided Investing fee discount

Preferred Rewards members enjoy a fee discount when utilizing Merrill Guided Investing services. You can get started with as little as $1,000 for Merrill Guided Investing or $20,000 for Merrill Guided Investing with an advisor.

Merrill Guided Investing typically charges a fee of 0.45% of assets under management, and Merrill Guided Investing with an advisor typically charges a fee of 0.85% of assets under management. While those fees might seem small, they add up over time. As such, these charges can turn into a compound drain on your investments as they increase. So, it’s best to look for a financial advisor that charges a fixed fee instead of a percent of your assets.

Related: Tips on how to become financially independent

How to maximize cash-back earning with Bank of America credit cards and Preferred Rewards

To maximize the Bank of America Preferred Rewards program, you’ll want to qualify for Platinum Honors and be eligible for the 75% credit card rewards bonus. Of course, it’s not a great idea to make big investment and banking decisions based entirely on added credit card rewards. However, it may be worthwhile if you already plan to invest in Merrill and bank with Bank of America. If you do, here are some of the bank’s rewards cards to consider, and how you can maximize your cash-back earning with them.

Bank of America Premium Rewards credit card

The Bank of America Premium Rewards credit card is an excellent fixed-value card in its own right. But it gets even more competitive when you add in the bonuses from the Preferred Rewards program.

The card charges a $95 annual fee and offers a modest selection of benefits. For example, cardholders get an up to $100 annual airline incidental fee statement credit, a Global Entry or TSA PreCheck application fee credit every four years (up to $100) and some decent travel protections.

However, this card shines with its earning rates on everyday spending, as well as travel and dining purchases. Here’s how the earning rates stack up once you consider the Preferred Rewards credit card rewards bonus:

Spend categoriesRegular cardholderPreferred Rewards Gold (25% bonus)Preferred Rewards Platinum tier (50% bonus)Preferred Rewards Platinum Honors tier (75% bonus)
Travel and dining2x points2.5x points3x points3.5x points
Everything else1.5x points1.875x points2.25x points2.625x points

You can redeem points from the Bank of America Premium Rewards card at a rate of 1 cent apiece for gift cards and purchases through the Bank of America Travel Center, as a statement credit to your credit card, and as cash deposits into Bank of America checking and savings accounts, or eligible Merrill Edge and Merrill Lynch accounts. So you can get a return of at least 2.625% on all purchases with this card if you hold Preferred Rewards Platinum Honors status. This great return makes the Bank of America Premium Rewards credit card one of the best credit cards for everyday spending.

Related: Not to be underestimated: Bank of America Premium Rewards credit card review

Bank of America Travel Rewards credit card

If you want to avoid paying an annual fee, you could opt for the Bank of America Travel Rewards credit card instead. The Travel Rewards card earns 1.5 points per dollar on all purchases. Points can be redeemed to cover travel purchases at a rate of 1 cent per point. You can also redeem points for gift cards or cash, but you’ll get a lower value for these options.

By earning 1.5x points per dollar on everything plus a 75% Preferred Rewards bonus as a Platinum Honors Preferred Rewards member, you effectively earn 2.625% cash back toward travel purchases made with the card. That’s a fantastic cash-back rate to earn on all spending.

Related: Bank of America Travel Rewards card: Simplicity for points beginners

Bank of America Unlimited Cash Rewards credit card

The Bank of America Unlimited Cash Rewards credit card is great for folks who don’t want to keep track of multiple bonus categories, but who still want to earn at a strong fixed rate on all their purchases. Cardholders earn unlimited 1.5% cash-back rewards on all purchases with no limit.

As a Preferred Rewards Platinum Honors member, that means you would actually get back 2.625% on all your purchases — one of the best rewards rates any card offers for non-bonus everyday purchases.

Related: The best Bank of America cards of 2021

Bank of America Customized Cash Rewards credit card

Another no-annual-fee card to look at is the Bank of America Customized Cash Rewards credit card. It earns 3% in one of the following categories of your choice each calendar month:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drug stores
  • Home improvement/furnishings

It also earns 2% back at grocery stores and wholesale clubs and 1% back on everything else. Just note, you can only earn 3% and 2% on up to $2,500 in combined purchases each quarter.

So, as a Preferred Rewards Platinum Honors member, you’ll earn 5.25% cash back on your 3% category, 3.5% cash back at grocery stores and wholesale clubs and 1.75% cash back on all other purchases. That’s pretty phenomena for a no-annual-fee cash-back rewards card.

Related: Customize your rewards structure: Bank of America Customized Cash Rewards credit card review

Bottom line

The Bank of America Preferred Rewards program is probably not worth pursuing unless you qualify for Platinum Honors and maximize the 75% bonus on credit card earnings. But, the program’s perks mean that if you already do business with Bank of America or Merrill, you should consider consolidating your banking and investing to boost your rewards and benefits.

It might even be worth switching to Bank of America if doing so won’t cost you anything extra. After all, the Preferred Rewards program can tip the scale on some of Bank of America’s top card offerings and reward you with significant discounts on other banking services like mortgage and auto loans.

Additional reporting by Stella Shon.

Featured photo by David McNew for Getty Images.

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Bank of America savings account rates

Bank of America offers a number of savings accounts for parking your money. However, the yields offered by B of A will do very little to help you grow your savings. They are lower than the national average and you can find many other options from other banks that will get you a bigger payout.

Bank of America earned 3.2 out of 5 stars in Bankrate’s overall review of its deposit accounts. For its savings accounts, the bank scored 2.7 out of 5 stars.

Bank of America savings account rates

Let’s take a closer look at the rates offered by B of A’s savings accounts. The rates are for those living in the New York tri-state area and could vary by state.

Account name Interest rateAPYMinimum deposit
Minor Savings Account0.01%0.01%$25
Custodial (UTMA) Savings Account0.01%0.01%$100
Advantage Savings0.01%0.01%$100
Advantage Savings, Gold0.02%0.02%$100
Advantage Savings, Platinum0.03%0.03%$100
Advantage Savings, Platinum Honors0.05%0.05%$100

Note: The APYs (Annual Percentage Yields) shown are as of Aug. 23, 2021. The APYs for some products may vary by region.

How Bank of America savings accounts compare to top-yielding banks

The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: The bigger your balance, the more interest you can earn. But with 0.05 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. Some banks are currently paying 0.50 percent APY and higher for your savings.

A few savings accounts that will give you a much bigger payout include those offered by Vio Bank, Ally Bank and Marcus by Goldman Sachs. Check out even more accounts that can help grow your savings with Bankrate’s list of institutions that offer high yields.

Other savings options at Bank of America

You have other savings options from B of A. The bank offers certificates of deposit with terms ranging from one month to 10  years. However, the yields are low compared with other banks.

Источник: https://www.bankrate.com/banking/savings/bank-of-america-savings-rates/

US Bank is an acceptable choice for customers who can meet its relatively high fee waiver requirements, but most people should probably start their search at a different bank if they have the opportunity. Although it offers some strong options for students and seniors, US Bank's fees for overdrafts and wire transfers run on the high side, while its interest rates don't offer anything higher than savings account rates at less expensive banks.

Review: Should You Open a US Bank Account?

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The majority of customers may have a harder time getting monthly fees waived at US Bank compared to other local banks for standard banking accounts. While larger banks typically require just $500 in direct deposits to waive the monthly fee for standard checking, US Bank requires twice that amount each month. However, this bank does do a good job of providing free checking for seniors and students. Seniors, in particular, receive more features than free senior checking products you'd find elsewhere.

  • Free student checking accounts
  • Free premium checking for seniors 65 and up
  • Free money market accounts for premium checking customers
  • Below-average interest rates
  • Costly overdraft and wire transfer fees
  • Higher direct deposit requirements for free checking
map of US Bank branches, by county

Combined with the complete lack of US Bank branches on the East Coast, the expensive fee waiver will probably disqualify US Bank Easy Checking for anyone who has banking needs in those states. For those that do live close to a branch, US Bank has a full list of bank products other than deposit accounts. You can apply for business and personal loans, mortgages, credit cards and prepaid debit cards. However, anyone who has another nearby banking option should compare US Bank's fees on these accounts closely before they commit to opening any account.

US Bank Account Features

Even though US Bank offers as many as seven different checking accounts, few of them represent the best deal for consumers. Aside from seniors and college students, who don't need to pay monthly fees, most US Bank customers hoping for no-fee checking will need substantially larger direct deposits than at other banks. Customers who keep at least $1,000 in their regular checking balance won't be affected by the difference, but anyone whose account tends to stay below that level will face a harder time avoiding US Bank's fees.

US Bank Easy Checking$25$8.95$1,000 average daily balance OR $1,000 in direct deposits
US Bank Safe Debit Account$25$6.95-
US Bank Silver Checking$25$8.95Package Money Market Account AND either $1,500 average daily balance OR $1,000 in direct deposits
US Bank Gold Checking$25$12.95$5,000 average daily balance OR $1,000 in direct deposits
US Bank Premium Checking$25$10.95age 65 and up
US Bank Platinum Checking$25$19.95$5,000 average daily balance OR $1,000 in direct deposits
US Bank Student Checking$25$0-

Another downside of US Bank's fee policies has to do with overdrafts. While the average bank imposes a limit of 4 daily overdrafts on each account, US Bank will charge you up to 8 separate times if you happen to overspend on your checking balance. Since each overdraft or nonsufficient funds (NSF) charge is $36, that means you could be charged up to $288 in a single day if your account is more than $5 negative. This makes it important to keep track of your US Bank checking balance.

The many tiers of premium checking accounts are good deals for customers who need a savings option or loan, depending on the specific tier you select. These packages waive the monthly fee on savings accounts, but you're still responsible for the checking maintenance fee. Unfortunately, you won't receive many fee discounts or other extra benefits for opening a premium checking account with US Bank, so unless you're interested in another bank product, these premium accounts aren't the best deal available.

US Bank Savings Account Features

US Bank's interest rates on savings and money market accounts go from 0.01% at the low end up to 0.10% APY, which means they don't offer much advantage to consumers with other bank options. Even earning the maximum rate requires a relatively large minimum balance, from $5,000 in a US Bank Retirement Money Market Savings Account to $50,000 in US Bank Platinum Select Money Market Savings.

US Bank Package Money Market Savings0.01%$0$0
US Bank Standard Savings0.01%$0$4
US Bank Goal Savings0.01%$0$0
US Bank Standard Money Market0.04%-0.05%$0-$10K$10
US Bank Elite Money Market0.01%$0$10
US Bank Platinum Select Money Market Savings0.01%$0$5
US Bank Retirement Money Market Savings0.01%$0 OR $5K$0
US Bank Star Savers Club0.01%$0$0

If you're hoping to earn an optimal interest rate, US Bank isn't going to perform any better than most other brick-and-mortar banks, despite the many options it provides. People who are interested in better rates on savings should start with online savings accounts. For the most part, US Bank's savings and money market accounts are only acceptable as part of the US Bank account packages, which let you waive the savings account fees in exchange for opening a checking account in addition.

How Does US Bank Compare to Other Banks?

US Bank's largest direct competitors include large national banks as well as regional institutions like PNC. If you're trying to decide between US Bank and one of its nearby rivals, check our head-to-head comparisons below.

US Bank vs. Wells Fargo

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Wells Fargo is one of the few banks that's actually larger than US Bank, but there isn't a significant difference in the fees and rates you'll find at either bank. Of the two, only US Bank carries free student checking accounts, as well as options for people whose banking history prevents them from getting approved at other banks. For everyone else, the biggest factor to consider is the difference in fee waivers: Wells Fargo waives monthly fees for customers who make $500 or $1,000 in monthly direct deposits, while most US Bank checking accounts omit that option.

map of Wells Fargo branches in the US, by county

Wells Fargo has just three different savings accounts as opposed to US Bank's eight separate options, but the maximum rate at each bank is almost the same. Neither bank is the best place to earn interest on a savings account, so unless you prefer putting all your accounts in one bank, you can maximize your interest by looking elsewhere.

US Bank vs. Chase

Chase has a leaner selection of checking and savings accounts compared to US Bank, but most people will find better value at Chase thanks to its strength in other areas. For instance, Chase's credit card offerings and rewards program are much stronger than anything offered by US Bank, and become much easier to manage online when you also get a Chase checking account. Chase's current sign-up bonuses for new checking and savings customers are much higher than any bonuses offered at US Bank, making Chase the clear choice if you live in its service areas.

map of Chase branches in the US, by county

US Bank vs. Bank of America

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This matchup is another close tie. Neither bank offers checking account features you can't find at the other. However, if you want to avoid paying any fees, Bank of America Core Checking requires just $250 in direct deposits to remain a free account, even lower than US Bank's $500 requirement on US Bank Easy Checking. Still, we believe there's little difference: most people receiving direct deposits will be receiving at least $500 in any case, making the standard checking free for both banks.

map of Bank of America branches in the US, by county

US Bank vs. PNC

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Compared to US Bank, PNC Bank may provide a better deal more often than not. Of the four banks we've compared here, PNC is the only one with fewer branches and deposits than US Bank. However, getting free checking at PNC requires $500 in your balance or direct deposits, which is just half the $1,000 requirement at US Bank. Otherwise, you'll have a total monthly cost of $9 at PNC, practically equal to the $8.95 for US Bank Easy Checking.

map of PNC branches in the US, by county

PNC is also the only bank reviewed here that offers better rates than US Bank on savings accounts, with a top rate of 0.80% APY for PNC Premiere Money Market with a $50,000 balance and a PNC Performance Select Checking Account. However, linking a checking account to your PNC savings won't waive your monthly fees for those interest-earning accounts, meaning that US Bank may actually provide a higher yield if you can't meet PNC's balance-based fee waivers.

Источник: https://www.valuepenguin.com/banking/us-bank-review

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Banks with free savings accounts near me

Banks with free savings accounts near me


banks with free savings accounts near me By 2006, 80 percent of U. Fees may reduce earnings. You can get the best discount of up to 78% off. It pays 0. Capital One 360: Capital One 360 is a well-established bank and the successor of ING Direct (a pioneer in the world of free online savings accounts). Find an ATM or branch near you, please enter ZIP code, or address, city and state. 8. As of October 2021, a Chase savings account offered 0. If approved, fund your account and start growing your savings. No matter where you go, these traditional banks likely offer very low growth rates for accounts and high interest rates on loans. You want a savings account and have a Wealth Checking Account Monthly Maintenance Fee $0. *Interest rates and annual percentage yields (APYs) listed are for accounts opened online and are accurate as of July 30, 2021. Bank rules and regulations apply. Best CD Rates for Short- and Long-Term Savings of November 2021. For account information details and terms and conditions governing our personal deposit accounts, see our Bank Freely savings Product Guide, Personal Accounts & Services Disclosure and Agreement, and Personal Accounts Fee Schedule. Oct 25, 2021 · Many traditional banks don’t offer truly free savings accounts. ). 710. Cmomerce Bank will give you a $200 bonus if you open a Free Checking account with $25 by 4/30/2021. LendingClub Bank offers the Rewards Checking Account. Personal saving accounts are way better than keeping your money in a piggy bank or under the mattress. 9 cents on an average transaction. resident and apply for the offer online. For example, Bank of America has several requirements, including … Depositing at least $100 to open an account; Maintaining a $500 minimum daily balance or linking your savings account to a Bank of America Advantage Relationship Banking account or being a Preferred Rewards Nov 11, 2021 · 10. Seacoast Bank Branch & ATM Locations. Bank from almost anywhere by phone, tablet or computer and 16,000 ATMs and more than 4,700 branches. Ally Bank was named one of the Best Banks of 2011 by Money Magazine, and offers checking, savings, retirement, and auto financing services. You can use one of Accel's 400,000+ surcharge-free ATMs, and Oct 31, 2021 · The Sallie Mae SmartyPig Account earns a spot on our list for several reasons. 1 No monthly maintenance fee while you’re under 25 or over 65. If you're under 24, link your savings account to a TD Convenience Checking SM account 3. 50% APY on all balances, and savers who meet specific requirements each qualifying period can earn up to 3. 70% APY on all funds up to $10,000. Not only is PNC one of the banks with free checking and savings accounts, they allow you to link the two for overdraft protection. Synchrony Bank Review. Checking account: APY is 0. 99 fee. Features and benefits of Platinum Select Money Market Savings are. Access to 16,000 ATMs and more than 4,700 branches. 99; Tier 6 – $250,000 or more. 01% APY and charged a $5 monthly fee if you carry less than A high-yield savings account is a type of savings account that earns higher than average interest on the balance amount. The UFB Premium Money Market Account offers up to 0. 00 when you make one deposit of any amount during each monthly maintenance fee period, otherwise $4. Or view all Seacoast Bank locations by County to find the branch closest to you. Savings Accounts & CDs Free access to Online Banking and Mobile Banking, with Bill Pay. Minimum opening deposit is only $50. Free ATM transactions 1. Feb 24, 2021 · According to Ally Bank’s website, the 0. 12. There is no minimum to use these accounts, there are no monthly maintenance fees, and you can open an account entirely online. The latest ones are on Nov 18, 2021 We offer a variety of flexible Checking Account Options, from Totally Free Checking to New Opportunity Checking and more. 01 earn a lower Oct 25, 2021 · Many traditional banks don’t offer truly free savings accounts. WaFd Bank now features free checking accounts at all of our Arizona locations. Accounts opened online are considered California accounts regardless of state of residence. All owners of your savings account must also be listed together as owners on your Fifth Third checking account. You can apply for an account online (it takes about five minutes, according to their website) and manage your account via the bank’s website or mobile app. *Annual Percentage Yields (APY) are accurate as of 11/20/2021 @ 06:01:12 AM and are subject to change without notice. Rate may change after account opening. Transfer money to and from your BankFive accounts, and bank accounts at other financial institutions 2. Virtual Wallet starts with checking (we call it Spend) and digital tools to help you manage your money and stay on track. Banks & Credit Unions. Account Alerts. Apply online. Nov 19, 2021 · Recap: Bankrate's best online savings accounts and rates for November 2021. Send money to anyone with person-to-person payments 2. Webster Value Savings³. When you open an account, you’ll watch your savings grow and keep it handy at the same time. Oct 31, 2021 · The Sallie Mae SmartyPig Account earns a spot on our list for several reasons. The latest ones are on Nov 18, 2021 Nov 03, 2021 · The free savings account offers a paltry interest rate, but the money market accounts charge fees or have eligibility requirements. Only new clients can qualify – those who have former Discover bank accounts can’t receive the bonus cash. 15% APY on balances over $100,000. 99; Tier 5 – $100,000 to $249,999. Waived automatically if you're 18 or under/62 or older. Whether you select Spend only or add planning, saving and protection with Reserve & Growth, Virtual Wallet works as a powerful solution for today's banking needs. $0 Minimum balance. To recap, here are top online banks offering the best online savings accounts for November 2021: High Rate: Comenity A low hassle savings account good for starting out. Our most-popular savings account. $25 minimum opening deposit. It currently pays 0. Details Open online Request a call. 446% on October 1, 2021. Apply online for a new TD Bank Beyond Checking account, and you’ll get a $300 cash bonus once you receive direct deposits of more than $2,500 within 60 days. 10% on accounts Oct 30, 2021 · 4. Accounts are available only to customers with a primary residence in Dollar Bank's Pennsylvania markets. For example, Bank of America has several requirements, including … Depositing at least $100 to open an account; Maintaining a $500 minimum daily balance or linking your savings account to a Bank of America Advantage Relationship Banking account or being a Preferred Rewards Mar 09, 2021 · Ally Bank. First, it offers a very competitive 0. $4 monthly maintenance fee. Link it with Webster Value checking. For reference, if you were to deposit $10,000 in your account and let it sit for four years, the aforementioned APY would earn you nearly $202 in interest. 99; Tier 3 – $10,000 to $49,999. 01% APY and charged a $5 monthly fee if you carry less than Banking is no stranger to the digital frontier. All funds beyond $10,000. 10% APY on balances between $2,500 and $99,999, and 0. You maintain an average monthly balance of $500 or more. To qualify for this offer, you must be a U. 20% APY with interest compounded daily. Keep a $20,000 minimum daily balance. At LGE Community Credit Union, we do things a bit differently. Plus, you can boost your savings account with a higher-interest option. Open a Personal Savings Account Near You. Here are six benefits of using electronic bill pay to help manage your money each month: Offer good on personal accounts only; business and corporate accounts do not qualify for these plans. 5778. 00% APY on all balances, which is double the checking account's APY. Then, make 10 debit card purchases within 60 days and have at least $25 in your account at the end of daily processing 60 days after you open the account. Link your savings account to a TD Beyond Checking account. The new discount codes are constantly updated on Couponxoo. 2 Eligible checking accounts are limited to Priority Checking, Connect Checking, and Private Banking checking accounts that have a minimum of 5 client- initiated debit or credit transactions in the statement cycle. Banks With Free Savings Accounts Near Me Overview. . $5 monthly fee waived with $300 minimum daily balance requirement. 99; Tier 4 – $50,000 to $99,999. Sep 06, 2020 · Try the accounts below. Interest rates and APYs may vary by region and may be changed at any time solely at the discretion of the Bank. 20%. Free Checking Account in . It is specifically designed for maximizing large balances of $25,000 and above. Arizona. Read More Savings Rates. Compare institutions to find the options that best fit your banking needs. 50% APY affiliated with its Online Savings Account is around 10x the national average. Banks With Free Savings Accounts Near Me can offer you many choices to save money thanks to 14 active results. This continues the 2021 trend of little to no monthly reductions in the average. Open with just $5. Best Online Banks. Axis Bank provides its customers with the option of choosing from a wide range of Savings Accounts with different features and benefits. You can get help with how to choose among accounts in the Find the best Banks near you on Yelp - see all Banks open now. Best No monthly service charge for Fifth Third savings accounts if one of the following is met: You have a Fifth Third Checking Account (Does not include Fifth Third Express Banking. We partner with more than 55,000 fee-free Allpoint locations worldwide in stores like Target, CVS, and Walgreens, so you can easily access your money nearby. Our database contains information, ratings and reviews for 100 banking institutions, ranging from big banks with national branch networks to local community banks and credit unions near you. The average was 0. Online and mobile banking. With 360 Performance Savings, a high-yield savings account, you’ll earn one of the nation's top savings rates on all balances, so you earn more with every dollar you save. 99 or less; Tier 2 – $1,000 to $9,999. Check lobby and drive-thru hours, get directions and find contact information below. If you do not have one of the eligible checking account types or if your linked checking account does not meet the minimum number From simple savings to money market accounts to CDs and IRAs, find the way to save that fits how you do you. A free Visa® Debit Card will be available upon request. See interest rates. These Are the Best Rates Available on High-Interest Checking Accounts of November 2021. Automatic Savings Program. Free for customers 21 and under and 65+. Oct 26, 2021 · The Ally Online Savings Account, which is on Select's list of the best high-yield savings accounts, currently offers a 1. Earns interest. Waivable with $300 minimum daily ledger balance 6 or $1,000 average monthly collected balance 7 or account holder (s) under age 18. Chase locator. At Bank of Oklahoma, you get all the benefits you expect from a checking account, like an easy-to-use app, the ability to turn your debit card off and on, and free access to more than 450 ATMs Statewide, including all Tulsa-area QuikTrip ATMs and all Oklahoma City-area 7-Eleven ATMs. The OSA Index had a dramatic decline for most of 2020. From Mesa to Phoenix to Tuscon and everywhere in-between, visit a branch near you today to learn about the advantages of WaFd Bank’s free checking accounts and how we can help you get a head start on your financial future. Sep 24, 2021 · With Synchrony Bank's savings account, you can opt to get a free ATM card so you have easy, instant access to your funds at all time. LendingClub Rewards Checking. Current account APY. We offer highly competitive rates, affordable insurance and other products that many banks simply can’t match. banks offered online banking, in turn enabling digital banking to evolve and secure itself as a simple, safe and convenient avenue for customers to complete their financial tasks and reach their monetary goals. Oct 29, 2021 · At some major banks, the interest rate for a savings account will be next to zero. To recap, here are top online banks offering the best online savings accounts for November 2021: High Rate: Comenity With a Varo Bank Account, you can easily find an ATM near you. TD Bank Beyond Checking℠ – $300 Cash Bonus. Huntington Bank ($150) Jan 02, 2019 · Bank of America ($5 monthly debit card fee) and CitiBank ($15 or $20 monthly checking account fee) started adding new fees to help replace billions of lost revenue that resulted from an amendment to the Wall Street Reform & Consumer Protection Act that cuts debit card swipe fees by the banks 44 cents to 23. We like PNC as their savings account is also a high-yield account. Savings Accounts

Best Money Market Accounts Of November 2021

For savers who prefer to do their banking at a credit union, Connexus Credit Union’s High Yield Money Market Account is a tiered-rate account paying higher rates for larger deposits. Granted, this account from Connexus has a more complicated earning structure than other accounts on our list. But for those willing to jump through some hoops, the rewards may be worth the effort.

Savers earn 0.25% APY for balances between $1,000 and $19,999.99, and 0.60% APY for balances between $20,000 and $99,999.99. The highest tier pays 0.85% APY and also requires a hefty balance of $100,000 or more. Notably, you must have an active checking account with Connexus in order to earn those rates. Without an active checking account, the rates on this account fall significantly.

While you must deposit at least $1,000 to open an account, there’s no penalty if your balance falls below $1,000. But balances below $1,000 do not earn interest.

This account includes the ability to write checks. And Connexus offers 24/7 online and mobile banking options for access to your money.

In addition to the regular group and geographic categories of membership, you can become a member of Connexus by making a one-time $5 donation to the Connexus Association.

Read our full Connexus Credit Union review.

Details

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and paid monthly. All Connexus Credit Union members must have a regular savings account before adding other types of accounts.

Pros & Cons

  • Competitive to very competitive tiered interest rate structure
  • Offers check-writing privileges
  • Relatively low minimum deposit requirement
  • Requires an active Connexus checking account
  • Membership is required
  • Dividends compounded monthly
  • Minimum balance requirement to earn interest
Источник: https://www.forbes.com/advisor/banking/best-money-market-accounts/

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that montecito bank and trust ventura affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

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We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.

If you’re looking for ways to save that will grow your money more quickly than a traditional savings account, it may be worth comparing a couple of common options: money market vs. CD.

It’s important to build a financial strategy that incorporates savings goals. And while traditional savings accounts are an option, they aren’t the only way to build up your funds. Money market accounts and certificates of deposit, or CDs, are other options that may help you earn more money through higher interest rates.

When you compare money markets and CDs, one option may stand out as a better fit for you. Your choice will likely depend on your specific needs, like access to your money or check-writing capabilities. And like any financial decision you make, it’s important to understand the positives and negatives of each type of deposit account.

Let’s look at some of the pros and cons of money market accounts vs. CDs.

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What are money market accounts and how do they work?

Many banks and credit unions offer money market accounts, which are similar to both savings and checking accounts. These accounts earn interest, like savings accounts, while also providing some of the access you get with a checking account, though with some limitations. Bank of america platinum money market savings interest rate example, withdrawals and payments via check, debit card, draft or electronic transfer are limited to six per month total for money market accounts. But withdrawals or payments done via ATM or in person, by mail, by messenger or via telephone check don’t count against that limit.

Keep reading: What is a money market account?

Pros of money market accounts

The deposits you put in a money market account earn interest. But rates can vary, so it’s wise to do some research to see which financial institutions offer the highest money market rates. At the end of July 2019, the national average interest rate for money market accounts was 0.18% for deposits less than $100,000 and 0.29% for deposits of $100,000 or more, according to the Federal Deposit Insurance Corporation.

A money market account is generally considered a low-risk savings option and can be insured by the FDIC if it’s at a bank. The National Credit Union Administration https 53 biller direct express com ebpp hhwmwpremium money market accounts at credit unions. When insured, the FDIC and NCUA cover money market accounts up to $250,000.

Let’s recap the pros of money market accounts.

  • Higher earning: Interest rates typically higher than a traditional savings account
  • Low risk: Insured by FDIC or NCUA
  • Flexibility: Some features of a checking account

Cons of money market accounts

While money market accounts offer similar features to a checking account, those features are limited. For example, you can only withdraw money or make payments up to six times a month via check, debit card, draft or electronic transfer. But if you have more than six monthly transactions to make, know that making withdrawals at an ATM or payments on the phone doesn’t count against that limit.

Unpredictability can be another drawback. The interest rate on a money market account can fluctuate, while a regular savings account typically has a fixed rate you can depend on. Though with money market accounts that are tiered, you could earn more interest as your balance gets higher.

Money market accounts may also require you to maintain a minimum balance that may seem high. If your balance falls below the minimum, you could face account fees or other consequences on top of potentially earning less due to a lower balance if the account is tiered.

Let’s recap the cons of money market accounts.

  • Minimums: Potential minimum deposit requirements
  • Unpredictability: Typically have variable interest rate
  • Limitations: Six total transactions allowed using a check, debit card, draft or electronic transfer

Common question: Are money market accounts related to money market mutual funds?

While the name is similar, money market accounts are different from money market mutual funds, which are investment options offered by investment companies. Because money market mutual funds are not insured by the FDIC or NCUA, there’s a greater risk you could lose money.

What are CDs and how do they work?

Offered by many banks and credit unions, a certificate of deposit is a unique type of savings account that requires you to keep the funds in the account for a set period of time.

CD terms are often anywhere from six months (short-term CDs) to five years or more (long-term CDs). At the end of the term, the CD “matures,” and you’ll receive the initial amount you put into the CD, plus the interest that accrued on that amount over the CD term. The rate of return you receive on a CD (and other types of deposit accounts) is the annual percentage yield, or APY.

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Pros of CDs

Because the financial institution holds your money for a specific length of time, CDs typically offer higher interest rates compared to traditional savings accounts and some may offer higher interest than money market accounts. And the longer your CD term, the higher your interest rate is likely to be. For example, CDs for less than $100,000 earn on average 0.39% for a six-month term, 0.56% for a 12-month term, 0.86% for a 36-month term and 1.10% for a 60-month term, according to the most recent national data available from the FDIC.

Certificates of deposit also typically have fixed interest rates, so you know at the outset how much interest your investment will earn by the maturity date. There are exceptions, though. If you get a variable-rate CD, the interest rate can change according to rules the issuing bank or credit union will set and explain.

And like both a money market account and a savings account, a CD is generally considered a low-risk savings option because it’s insured by the FDIC or the NCUA for up to $250,000.

Let’s recap the pros of CDs.

  • Predictability: Fixed interest rates (with exceptions)
  • High earning: Higher rates than traditional savings accounts
  • Low risk: FDIC or Bank of america platinum money market savings interest rate insured
  • Flexibility: Different term lengths
  • Less temptation: Funds locked for a set period of time, unavailable to spend

FAST FACTS

What is a CD rollover?

When a CD with a rollover feature matures, the money you put in the CD (and possibly the interest earned) will automatically be reinvested in a new CD — unless you opt out. Some CDs offer automatic rollovers and others don’t offer rollovers at all. If they’re available, your financial institution is required to send you a written notice prior to CD maturity notifying you of the end date and any automatic-renewal features.

ShowHide

Cons of CDs

CDs typically have a minimum amount that you’re required to deposit. The amount can vary widely, but it’s common to see minimums in the thousands, and they can venture into tens of thousands. And the higher-interest-rate CDs may require a higher minimum deposit amount.

Once you put your money into a CD, you probably won’t be able to withdraw it without penalty before the maturity date. That penalty may vary depending on the financial organization’s rules, including how long the money was held in the account. Make sure to learn the details of bank of america platinum money market savings interest rate early-withdrawal penalty in the terms and account agreement, keeping future needs in mind.

And take note: Some institutions offering high-yield CDs may not be completely honest. FINRA — the Financial Industry Regulatory Authority — has warned investors to be wary due to reports of organizations advertising high-yield CDs as bait to get people in the door.

These promos might get you to show up in person and then a representative might try to get you to invest a sizable amount of money ($25,000 or more) into an annuity that’s not insured and which is much riskier, according to a FINRA alert.

If you’re unsure about any www tdbank com giftcard opportunity, you can use BrokerCheck to help verify if the person and firm are registered with FINRA.

Let’s recap the cons of CDs.

  • Minimums: Minimum deposit requirements
  • Limitations: No access to your money while it’s in the CD
  • Penalties: Costs for early withdrawals

Money markets vs. CDs

Money market accounts and CDs are both savings vehicles that can put your money to work for you, earning more interest than a traditional savings or checking account. Though a CD will likely have a higher interest rate than a money market account. To check and compare the most-recent interest rate data published by the FDIC for savings accounts, money market accounts, CDs and more, visit the FDIC online.

When looking at data, keep in mind that while CDs may earn more, you’ll be sacrificing flexibility, because the money will be required to stay in the account for a specific term or else you can face penalties for early withdrawal. With money market accounts, you can expect a lower interest rate, but you’ll gain regular access to your money and the ability to do things like write a few checks each month.


Bottom line

So when it comes to money market accounts vs. CDs, which is better? That’s all up to how you want your money to work for you.

It’s important to understand the pros and cons of money market accounts and CDs so that you can choose the savings vehicle that best meets your savings goals. For some people, the flexibility of a money market account wins hands-down. For others, the higher interest rates of CDs are a top priority.

There’s no one right or wrong answer for which type of savings vehicle is better. And your overall savings plan can include both a money market account and CDs. The important thing is to take as much advantage of savings opportunities as you can so that your money can grow and work harder for you.

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About the author: Laura Malm is a writer and editor with a bachelor’s degree in journalism and strategic communication from the University of Minnesota. She is passionate about financial literacy and helping others feel confident in th… Read more.

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Источник: https://www.creditkarma.com/savings/i/money-market-vs-cd-comparison

US Bank is an acceptable choice for customers who can meet its relatively high fee waiver requirements, but most people should probably start their search at a different bank if they have the opportunity. Although it offers some strong options for students and seniors, US Bank's fees for overdrafts and wire transfers run on the high side, while its citibank govcc travel card login rates tarrant county college logo offer anything higher than savings account rates at less expensive banks.

Review: Should You Open a US Bank Account?

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The majority of customers may have a harder time getting monthly fees waived at US Bank compared to other local banks for standard banking accounts. While larger banks typically require just $500 in direct deposits to waive the monthly fee for standard checking, US Bank requires twice that amount each month. However, this bank does do a good job of providing free checking for seniors and students. Seniors, in particular, receive more features than free senior checking products you'd find elsewhere.

  • Free student checking accounts
  • Free premium checking for seniors 65 and up
  • Free money market accounts for premium checking customers
  • Below-average interest rates
  • Costly overdraft and wire transfer fees
  • Higher direct deposit requirements for free checking
map of US Bank branches, by county

Combined with the complete lack of US Bank branches on the East Coast, the expensive fee waiver will probably disqualify US Bank Easy Checking for anyone who has banking needs in those states. For those that do live close to a branch, US Bank has a full list of bank products other than deposit accounts. You can apply for business and personal loans, mortgages, credit cards and prepaid debit cards. However, anyone who has another nearby banking option should compare US Bank's fees on these accounts closely before they commit to opening any account.

US Bank Account Features

Even though US Bank offers as many as seven different checking accounts, few of them represent the best deal for consumers. Aside from seniors and college students, who don't need to pay monthly fees, most US Bank customers hoping for no-fee checking will need substantially larger direct deposits than at other banks. Customers who keep at least $1,000 in their regular checking balance bank of america platinum money market savings interest rate be affected by the difference, but united states of america country code whose account tends to stay below that level will face a harder time avoiding US Bank's fees.

US Bank Easy Checking$25$8.95$1,000 average daily balance OR $1,000 in direct deposits
US Bank Safe Debit Account$25$6.95-
US Bank Silver Checking$25chase bank hours near me colspan="1" rowspan="1">Package Money Market Account AND either $1,500 average daily balance OR $1,000 in direct deposits
US Bank Gold Checking$25$12.95$5,000 average daily balance OR $1,000 in direct deposits
US Bank Premium Checking$25$10.95age 65 and up
US Bank Platinum Checking$25$19.95$5,000 average daily balance OR $1,000 in direct deposits
US Bank Student Checking$25$0-

Another downside of US Bank's fee policies has to do with overdrafts. While the average bank imposes a limit of 4 daily overdrafts on each account, US Bank will charge you up to 8 separate times if you happen to overspend on your checking balance. Since each overdraft or nonsufficient funds (NSF) charge is $36, that means you could be charged up to $288 in a single day if your account is more than $5 negative. This makes it important to keep track of your US Bank checking balance.

The many tiers of premium checking accounts are good deals for customers who need a savings option or loan, depending on the specific tier you select. These packages waive the monthly fee on savings accounts, but you're still responsible for the checking maintenance fee. Unfortunately, you won't receive many fee discounts or other extra benefits for opening a premium checking account with US Bank, so unless you're interested in another bank product, these premium accounts aren't the best deal available.

US Bank Savings Account Features

US Bank's interest rates on savings and money market accounts go from 0.01% at the low end up to 0.10% APY, which means they don't offer much advantage to consumers with other bank options. Even earning the maximum rate requires a relatively large minimum balance, from $5,000 in a US Bank Retirement Money Market Savings Account to $50,000 in US Bank Platinum Select Money Market Savings.

US Bank Package Money Market Savings0.01%$0$0
US Bank Standard Savings0.01%$0$4
US Bank Goal Savings0.01%$0$0
US Bank Standard Money Market0.04%-0.05%$0-$10K$10
US Bank Elite Money Market0.01%$0$10
US Bank Platinum Select Money Market Savings0.01%$0$5
US Bank Retirement Money Market Savings0.01%$0 OR $5K$0
US Bank Star Savers Club0.01%$0$0

If you're hoping to earn an optimal interest rate, US Bank isn't going to perform any better than most other brick-and-mortar banks, despite the many options it provides. People who are interested in better rates on savings should start with online savings accounts. For the most part, US Bank's savings and money market accounts are only acceptable as part of the US Bank account packages, which let you waive the savings account fees in exchange for opening a checking account in addition.

How Does US Bank Compare to Other Banks?

US Bank's largest direct competitors include large national banks as well as regional institutions like PNC. If you're trying to decide between US Bank and one of its nearby rivals, check our head-to-head comparisons below.

US Bank vs. Wells Fargo

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Wells Fargo is one of the few banks that's actually larger than US Bank, but there isn't a significant difference in the fees and rates you'll find at either bank. Of the two, only US Bank carries free student checking accounts, as well as options for people whose banking history prevents them from getting approved at other banks. For everyone else, the biggest factor to consider is the difference in fee waivers: Wells Fargo waives monthly fees for customers who make $500 or $1,000 american banking association aba routing number monthly direct deposits, while most US Bank checking accounts omit that option.

map of Wells Fargo branches in the US, <a href=is walmart stock a buy county" src="http://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_1600/v1/banking/WellsFargo">

Wells Fargo has just three different savings accounts as opposed to US Bank's eight separate options, but the maximum rate at each us bank jobs bloomington mn is almost the same. Neither bank is the best place to earn interest on a savings account, so unless you prefer putting all your accounts in one bank, you can maximize your interest by looking elsewhere.

US Bank vs. Chase

Chase has a leaner selection of checking and savings accounts compared to US Bank, but most people will find better value at Chase thanks to its strength in other areas. For instance, Chase's credit card offerings and rewards program are much stronger than anything offered by US Bank, and become much easier to manage online when you also get a Chase checking account. Chase's current sign-up bonuses for new checking and savings customers are much higher than any bonuses offered at US Bank, making Cells at work black manga the clear choice if you live in its service areas.

map of Chase branches in the US, by county

US Bank vs. Bank of America

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This matchup is another close tie. Neither bank offers checking account features you can't find at the other. However, if you want to avoid paying any fees, Bank of America Core Checking requires just $250 in direct deposits to remain a free account, even lower than US Bank's $500 requirement on US Bank Easy Checking. Still, we believe there's little difference: most people receiving direct deposits will be receiving at least $500 in any case, making the standard checking free for both banks.

map of Bank of America branches in the US, by county

US Bank vs. PNC

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Compared to US Bank, PNC Bank may provide a better deal more often than not. Of the four banks we've compared here, PNC is the only legion m stock with fewer branches and deposits than US Bank. However, getting free checking at PNC requires $500 in your balance or direct deposits, which is just half the $1,000 requirement at US Bank. Otherwise, you'll have a total monthly cost of $9 at PNC, practically equal to the $8.95 for US Bank Easy Checking.

map of PNC branches in the US, by county

PNC is also the only bank reviewed here that offers better rates than US Bank on savings accounts, with a top rate of 0.80% APY for PNC Premiere Money Market with a $50,000 balance and a PNC Performance Select Checking Account. However, linking a checking account to your PNC savings won't waive your monthly fees for those interest-earning accounts, meaning that US Bank may actually provide a higher yield if you can't meet PNC's balance-based fee waivers.

Источник: https://www.valuepenguin.com/banking/us-bank-review
First Federal Bank of Kansas City Due to county mask mandates, the following banking centers will be drive-through and appointment only : North 78th Street and Minnesota Avenue. If you do not have one of the eligible checking account types or if your linked checking account does not meet the minimum number 1 The Truist Money Market Accounts requires a $100 minimum deposit at account opening. banks with free savings accounts near me

Источник: http://bvdonghung.com/bxneoei/banks-with-free-savings-accounts-near-me.html

Everything you should know about Bank of America’s Preferred Rewards program

Editor’s note: This is a recurring post, regularly updated with new information.


It’s wonderful to redeem points and miles for travel arrangements such as lodging and flights. But there can be many other types of expenses involved in planning a trip, too, such www 1fbusa com car rentals, train tickets, gas and campsite fees, among others. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation.

With that in mind, today we’ll be taking a closer look at the often passed-over Bank of America Preferred Rewards program. On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings on some of the best Bank of America credit cards.

That’s because Bank of America designed its Preferred Rewards program to incentivize consumers to move all of their checking, savings, investment and retirement accounts to Bank of America and Merrill. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. So depending on your holdings and the type of rewards you’re looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards.

Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter.

In This Post

Preferred Rewards program basics

To qualify for the Bank of America Preferred Rewards program, you must have both of the following:

  • An active, eligible Bank of America checking account
  • A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts

There are three tiers of Preferred Rewards, which you qualify for based on your combined average daily balance. They are organized like this:

  • Gold: $20,000 or more in total assets
  • Platinum: $50,000 or more in total assets
  • Platinum Honors: $100,000 or more in total assets.

How to reach the required balance

Checking investments on a laptop

While not exorbitant, those are still some pretty high figures to hit. You might have more opportunities to do so than bank of america platinum money market savings interest rate think, though.

If you have an emergency fund, a holiday account, a savings account and checking account, combining all those balances could easily qualify you for the first tier of Preferred Rewards. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach.

Balances don’t have to be started with Merrill or Bank of America to count. Specifically, you can roll existing IRAs and investment accounts over to Merrill or Bank of America and immediately use those balances to begin establishing a three-month average to boost your tier. Of course, you’ll have to consider other things like account management fees and available investment options to decide whether doing so is a good option.

Related: Some Bank of America cardholders now get new perks — and you can use them at home

How to move among Preferred Rewards tiers

You can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier. Once you reach a specific status level, though, you might not need to keep all your cash in the Bank of America basket. Instead,  you’ll maintain your Bank of america platinum money market savings interest rate Rewards tier status for 12 months. If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for 15 months before being downgraded.

Related: Full guide to Bank of America’s BankAmeriDeals cash-back deals

Preferred Rewards program benefits

Here’s a chart of the three Bank of America Preferred Rewards tiers and the benefits associated with each tier:

 BenefitGoldPlatinumPlatinum Honors
Savings interest rate booster5%10%20%
Credit card rewards bonus25%50%75%
Mortgage origination fee reduction$200$400$600
Auto loan interest rate discount0.25%0.35%0.50%
Home equity interest rate discount0.125%0.25%0.375%
No-fee banking servicesIncludedIncludedIncluded
Free non-Bank of America ATM transactions in the U.S.012/yearUnlimited
Merrill Guided Investing fee discount0.05%0.10%0.15%

Now, let’s take a closer look at each of these benefits.

Savings interest rate booster

You need to have a Bank of America Advantage Savings account and be an enrolled Preferred Rewards member to enjoy this benefit. If you have an existing savings account, it will not automatically convert to a Bank of America Advantage Savings account when you enroll in Preferred Rewards. So, be sure to request the conversion when joining Preferred Rewards.

At Gold, the interest rate boost is 5%, but don’t get too excited. For example, if your interest rate is 1.00%, a 5% rate booster would increase the interest rate to 1.05%. Here’s the current annual percentage yield on a Bank of America Advantage Savings account for a sample Florida resident to give you some perspective:

Bank of America Advantage Savings sample APY for Preferred Rewards members

You can check how this boost would affect the current annual percentage yield on a Bank of America Advantage Savings account in your region bank of the west us locations questions to ask before choosing a savings account

Credit card rewards bonus

Preferred Rewards members earn a 25%, 50% or 75% rewards bonus on select Bank of America cards. For credit cards that earn points or cash rewards, you will receive a rewards bonus on every purchase. Your earning rate is based on your Preferred Rewards tier when the purchase posts to your account. We’ll get into how this plays out with specific cards below.

You can earn the Preferred Rewards bonus on most Bank of America consumer-branded credit cards, including the Bank of America® Premium Rewards® credit card, the Bank of America® Travel Rewards credit card, the Bank of America® Unlimited Cash Rewards credit card  and the Bank of America® Customized Cash Rewards credit card, among others.

However, the following cards are not eligible for the rewards bonus:

  • Non-rewards credit cards
  • Business purpose credit cards
  • BankAmericard Better Balance Rewards®
  • Merrill branded (including MERRILL+®, Merrill Octave® American Express® and Private Banking and Investment Group Octave® American Express®)
  • Bank of America® Private Bank Octave®
  • AAA® Gas Rebate
  • Air France KLM World Elite Mastercard®
  • Alaska Airlines®, including the Alaska Airlines Visa Signature® credit card
  • Allegiant World Mastercard®
  • Amtrak Guest Rewards®
  • Amway™
  • Asiana Airlines®
  • Celebrity Cruises®
  • Royal Caribbean International®
  • Sonesta World Mastercard®
  • Spirit Airlines®, including the Free Spirit® Travel More World Elite Mastercard® and the Free Spirit® Travel Mastercard®
  • Virgin Atlantic Airways®, including the

The information for the Bank Americard Better Balance Rewards, Bank of America Private Bank Octave, AAA Gas Rebate, Air France KLM World Elite Mastercard, Allegiant World Mastercard, Amtrak Guest Rewards, the Free Spirit Travel More World Elite Mastercard and Free Spirit Travel Mastercard and the Virgin Atlantic World Elite Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Chase Sapphire Preferred vs. Bank of America Travel Rewards — Which should beginner travelers get?

Mortgage origination fee reduction

Woman working on computer on couch

Any time you can cut down on fees for buying or refinancing a home, you should. Preferred Rewards members are eligible to receive this particular discount beginning three business days after the end of the calendar month in which you satisfy the Preferred Rewards tier qualification requirements.

The origination fee reduction can’t exceed the amount of the lender origination fee. The Preferred Rewards fee reduction isn’t transferrable. And, you may not be able to combine this fee reduction with other discounts.

Related: 5 things to consider before buying your first house

Auto loan interest rate discount

You must complete an auto purchase finance or refinancing loan through Bank of America to qualify for this rate discount. This benefit is not transferrable, so only the Preferred Rewards member can take advantage of this perk.

Of course, you’ll need to make sure that Bank of America offers the most competitive rate after the discount, otherwise it might not be worth pursuing. Even the small difference of just a quarter of a percent could save or cost you thousands of dollars over the life of the loan, though.

Related: How refinancing your car loan could put some quick cash in your pocket

Home equity interest rate discount

You can get a home equity does walmart sell baseball cards in store of credit interest rate discount beginning three business days after the end of the calendar month in which you satisfy the Preferred Rewards tier qualification requirements. This benefit is non-transferable. But, you may be able to combine this perk with other home tiny home sheds for sale interest rate discounts. And even co-borrowers are eligible.

Your discount will be based on the tier of Preferred Rewards that you have at the time of application, and is not subject to adjustment. So if you are Gold when you apply, but achieve Platinum later on, you won’t enjoy any further discount, unfortunately.

Related: 7 ways to improve your finances in 1 week

No-fee banking services

Woman at computer drinking coffee

Preferred Rewards Gold, Platinum and Geld overmaken naar creditcard ics Honors members receive the following banking services:

  • Monthly maintenance fees waived on up to four eligible checking and four savings accounts from Bank of America
  • No fees for ATM or debit card replacement, including rush replacement, standard check orders, cashier’s checks, check image service, check copies, stop payments and incoming domestic wire transfers
  • Overdraft protection transfer fees waived from your linked savings accounts, secondary checking accounts or from a Home Equity Line of Credit

Additionally, Platinum and Platinum Honors members have no fees for incoming international wire transfers and can open a small safe deposit box for free at a Bank of America branch.

Free non-Bank of America ATM transactions

In the U.S. and U.S. territories, Platinum and Platinum Honors members:

  • Won’t be charged non-Bank of America ATM fees
  • Will receive a refund of the ATM operator or network fee for withdrawals, balance inquiries and balance transfers

Platinum members receive one free transaction per statement cycle (so up to 12 annually) and Platinum Honors members have no cap.

Related: 7 ways to save on overseas ATM withdrawals

Merrill Guided Investing fee discount

Preferred Rewards members enjoy a fee discount when utilizing Merrill Guided Investing services. You can get started with as little as $1,000 for Merrill Guided Investing or $20,000 for Merrill Guided Investing with an advisor.

Merrill Guided Investing typically charges a fee of 0.45% of assets under management, and Merrill Guided Investing with an advisor typically charges a fee of 0.85% of assets under management. While those fees might seem small, they add up over time. As such, these charges can turn into a compound drain on your investments as they increase. So, it’s best to look for a financial advisor that charges a fixed fee instead of a percent of your assets.

Related: Tips on how to become financially independent

How to maximize cash-back earning with Bank of America credit cards and Preferred Rewards

To maximize the Bank of America Preferred Rewards program, you’ll want to qualify for Platinum Honors and be eligible for the 75% credit card rewards bonus. Of course, it’s not a great idea to make big investment and banking decisions based entirely on added credit card rewards. However, it may be worthwhile if you already plan to invest in Merrill and bank with Bank of America. If you do, here are some of the bank’s rewards cards to consider, and how you can maximize your cash-back earning with them.

Bank of America Premium Rewards credit card

The Bank of America Premium Rewards credit card is an excellent fixed-value card in its own right. But it gets even more competitive when you add in the bonuses from the Preferred Rewards program.

The card charges a $95 annual fee and offers a modest selection of benefits. For example, cardholders get an up to $100 annual airline incidental fee statement credit, a Global Entry or TSA PreCheck application fee credit every four years (up to $100) and some decent travel protections.

However, this card shines with its earning rates on everyday spending, as well as travel and dining purchases. Here’s how the earning rates stack up once you consider the Preferred Rewards credit card rewards bonus:

Spend categoriesRegular cardholderPreferred Rewards Gold (25% bonus)Preferred Rewards Platinum tier (50% bonus)Preferred Rewards Platinum Honors tier (75% bonus)
Travel and dining2x points2.5x points3x points3.5x points
Everything else1.5x points1.875x points2.25x points2.625x points

You can redeem points from the Bank of America Premium Rewards card at a rate of 1 cent apiece for gift cards and purchases through the Bank of America Travel Center, as a statement credit to your credit card, and as cash deposits into Bank of America checking and savings accounts, or eligible Merrill Edge and Merrill Lynch accounts. So you can bank of america platinum money market savings interest rate a return of at least 2.625% on all purchases with this card if you hold Preferred Rewards Platinum Honors status. This great return makes the Bank of America Premium Rewards credit card one of the best credit cards for everyday spending.

Related: Not to be underestimated: Bank of America Premium Rewards credit card review

Bank of America Travel Rewards credit card

If you want to avoid paying an annual fee, you could opt for the Bank of America Travel Rewards credit card instead. The Travel Rewards card earns 1.5 points per dollar on all purchases. Points can be redeemed to cover travel purchases at a rate of 1 cent per point. You can also redeem points for gift cards or cash, but you’ll get a lower value for these options.

By earning 1.5x points per dollar on everything plus a 75% Preferred Rewards bonus as a Platinum Honors Preferred Rewards member, you effectively earn 2.625% cash back toward travel purchases made with the card. That’s a fantastic cash-back rate to earn on all spending.

Related: Bank of America Travel Rewards card: Simplicity for points beginners

Bank of America Unlimited Cash Rewards credit card

The Bank of America Unlimited Cash Rewards credit card is great for folks who don’t want to keep track of multiple bonus categories, but who still want to earn at a strong fixed rate on all their purchases. Cardholders earn unlimited 1.5% cash-back rewards on all purchases with no limit.

As a Preferred Rewards Platinum Honors member, that means you would actually get back 2.625% on all your purchases — one of the best rewards rates any card offers for non-bonus everyday purchases.

Related: The best Bank of America cards of 2021

Bank of America Customized Cash Rewards credit card

Another no-annual-fee card to look at is the Bank bank of america platinum money market savings interest rate America Customized Cash Rewards credit card. Bank of america platinum money market savings interest rate earns 3% in one of the following categories of your choice each calendar month:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drug stores
  • Home improvement/furnishings

It also earns 2% back at grocery stores and wholesale clubs and 1% back on everything else. Just note, you can only earn 3% and 2% on up to $2,500 in combined purchases each quarter.

So, as a Preferred Rewards Platinum Honors member, you’ll earn 5.25% cash back on your 3% category, 3.5% cash back at grocery stores and wholesale clubs and 1.75% cash back on all other purchases. That’s pretty phenomena for a no-annual-fee cash-back rewards card.

Related: Customize your rewards structure: Bank of America Customized Cash Rewards credit card review

Bottom line

The Bank of America Preferred Rewards program is probably not worth pursuing unless you qualify for Platinum Honors and maximize the 75% bonus on credit card earnings. But, the program’s perks mean that if you already do business with Bank of America or Merrill, you should consider consolidating your banking and investing to boost your rewards and benefits.

It might even be worth switching to Bank of America if doing so won’t cost you anything extra. After all, the Preferred Rewards program can tip the scale on some of Bank of America’s top card offerings and reward you with significant discounts on other banking services like mortgage and auto loans.

Additional reporting by Stella Shon.

Featured photo by David McNew for Getty Images.

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Richard Kerr is the Loyalty and Engagement Editor for The Points Guy focused on creating content that educates and empowers TPG readers.
Источник: https://thepointsguy.com/guide/bank-of-america-preferred-rewards-program/

Best Money Market Accounts Of November 2021

For savers who prefer to do bank of america platinum money market savings interest rate banking at a credit union, Connexus Credit Union’s High Yield Money Market Account is a tiered-rate account paying higher rates for larger deposits. Granted, this account from Connexus has a more complicated earning structure than other accounts on our list. But for those willing to jump through some hoops, the rewards may be worth the effort.

Savers earn 0.25% APY for balances between $1,000 and $19,999.99, and 0.60% APY for balances between $20,000 and $99,999.99. The highest tier pays 0.85% APY and also requires a hefty balance of $100,000 or more. Notably, you must have an active checking account with Connexus in order to earn those rates. Without an active checking account, the rates on this account fall significantly.

While you must deposit at least $1,000 to open an account, there’s no penalty if your balance falls below $1,000. But balances below $1,000 do not earn interest.

This account includes the ability to write checks. And Connexus offers 24/7 online and mobile banking options for access to your money.

In addition to the regular group and geographic categories of membership, you can become a member of Connexus by making a one-time $5 donation to the Connexus Association.

Read our full Connexus Credit Union review.

Details

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and paid monthly. All Connexus Credit Union members must have a regular savings account before adding other types of accounts.

Pros & Cons

  • Competitive to very competitive tiered interest rate structure
  • Offers check-writing privileges
  • Relatively low minimum deposit requirement
  • Requires an active Connexus checking account
  • Membership is required
  • Dividends compounded monthly
  • Minimum balance requirement to earn interest
Источник: https://www.forbes.com/advisor/banking/best-money-market-accounts/

: Bank of america platinum money market savings interest rate

Bank of america platinum money market savings interest rate
Bank of america platinum money market savings interest rate
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