Monday, 26 October 2020

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

Beneficial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Feb
11:28
Beneficial Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Beneficial Bank Statement Savings

2.10%

American Express National Bank High Yield Savings Account

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on American Express National Bank’s secure website

Member FDIC

2.02%

CD Rates

Beneficial Bank 12 – 23 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

2.79%

CD Rates

Beneficial Bank 36 – 47 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

Beneficial Bank’s checking account options

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How Beneficial Bank’s checking accounts compare

Checking accounts traditionally don’t pay a ton of interest, but things have changed a bit with the advent of online-only financial institutions. Because these banks don’t have as many overhead costs, they pass the savings along to consumers via higher interest rates on deposit accounts.

Because of this, Beneficial Bank’s APY offerings are not the best on the market. You can find better checking account offerings elsewhere. However, if you are taking out a HELOC or mortgage with Beneficial Bank, or if you are an international student who would benefit from free inbound wire transfers, the APY may not be the most relevant metric.

Beneficial Bank’s savings account options

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How Beneficial Bank’s savings accounts compare

Beneficial Bank’s savings account APY offerings are extremely low. Even its highest rate, offered on the Tiered Statement Savings account, is less than half the APY offered by the best savings accounts on the market. If you want to watch your savings grow at a decent clip, you may want to look elsewhere.

If you do want an account at Beneficial Bank, you’ll probably want to either bundle your savings with a checking account or qualify for one of their special accounts for students or older customers.

Beneficial Bank’s CD rates

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How Beneficial Bank’s CD rates compare

For terms that are not extremely short or long, Beneficial Bank’s Time Deposit interest rates fall nearly an entire percentage point below the best offers on the market. However, rates are much more competitive when you look at offerings on the 60 month term.

Not all financial institutions offer terms as short as 3 months, but Beneficial Bank does. In fact, it doesn’t just offer them — it offers one of the highest APYs on the market for this term by leaps and bounds.

For all those terms in between, though, you’re going to want to shop around for better CD rates.

Beneficial Bank’s money market account option

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How Beneficial Bank’s money market account compares

Much of the competition offers more than double the rates Beneficial Bank offers on its money market accounts. In one case, you can even find quadruple the rates when you shop around. If you need to keep your money in the Personal Money Market account in order to meet cumulative account minimum balances for your Start Rewarding, Start Earning or Start Benefiting package, it’s worth considering keeping your money here. Otherwise, find another money market account to stash your cash.

Beneficial Bank’s IRA options

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How Beneficial Bank’s IRA CD rates compare

While these aren’t the worst APY offerings around, you can do better. When you have a conservative portfolio, you want to make sure you’re maximizing your profit wherever possible. Since it is possible to get better rates elsewhere, shop around for better IRA CDs.

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Brynne Conroy

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

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