Sunday, 25 October 2020

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

Bank of China Review: Checking, Savings, CD, Money Market and IRA Accounts
01 May
6:18
Bank of China’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Bank of China Savings Account

2.20%

Barclays Online Savings Account

LEARN MORE Secured

on Barclays’s secure website

Member FDIC

Bank of China’s checking account options

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How Bank of China’s checking accounts compare

Because the biggest difference between Regular Personal Checking and Personal Checking NOW is the fact that the latter offers interest, we will look only at that account in this comparison. There’s not much incentive to open Regular Personal Checking.

Personal Checking NOW offers a very low APY, which isn’t all that uncommon for brick-and-mortar financial institutions. At online-only institutions like the ones on our list of best checking accounts, you can find far higher rates with smaller fees and lower minimum balance requirements.

Bank of China’s savings account options

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How Bank of China’s savings accounts compare

If Bank of China is lagging behind in interest rates for checking accounts, they’re getting lapped by the competition for rates on savings accounts. You can find significantly higher rates on our list of the best savings accounts, and most of these alternatives will allow you to apply for your account online, eliminating the waiting period and giving you access to your new account right away.

Bank of China’s CD rates

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How Bank of China’s CD rates compare

When you’re locking away your money for a set period of time, you want to make sure you’re getting the highest return possible. Bank of China does not allow you to do that. Instead, you’ll want to turn to our list of the best CD rates, which repeatedly beats Bank of China’s rates by entire percentage points, helping you grow your money at a faster clip.

Bank of China’s money market account options

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How Bank of China’s money market accounts compare

Bank of China’s Money Market Account does shine in some respects: its minimum balance and deposit requirement. There are only a handful of competitive accounts which have such low requirements.

However, among those handful of accounts on our list of best money market accounts, you will find significantly higher APY offerings. With an interest rate identical to its bank’s checking account, this money market account simply doesn’t hold up to the competition.

Bank of China’s IRA account options

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How Bank of China’s IRA CD rates compare

Bank of China’s APY offerings on IRA CDs don’t come close to the best offers on the market. In fact, its highest rate, which is offered on a 48 month term, is almost an entire percentage point lower than the competitions’ best offering on an IRA CD with a 3 month term. Shop around on our list of the best IRA CD rates. You’re sure to find better rates elsewhere.

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Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/bank-of-china/

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