Thursday, 19 September 2019

earn.bank Review: Money Market and CD Rates

earn.bank Review: Money Market and CD Rates
20 Dec
2:46

earn.bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.31%

Savings

earn.bank Money Market Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

earn.bank’s CD rates

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How earn.bank’s CD rates compare

The CD rates at earn.bank are quite good. They are miles ahead of what you’d receive at a large national bank. However, considering that you need to make a deposit of at least $25,000, we’d expect even higher rates, and earn.bank is not at the top level nationally.

Further, earn.bank does not have much variety. They only had two terms as of this writing. It’s fine to focus on only two offers if that lets a lender deliver the best rates, but earn.bank does not.

If you’re going to make the type of big money deposit they’re asking for, you should be receiving an extremely competitive return. While earn.bank’s CD rates aren’t bad, you can earn much more from something on this list of the best CDs in the country.

earn.bank money market account options

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How earn.bank’s money market accounts compare

The earn.bank money market account made it to our list of the best money market accounts in the country and with good reason. It pays one of the highest rates you can find for a money market account, better even than most CDs. But unlike a CD, you can take money out without owing an early withdrawal penalty.

There are a couple small downsides you should be aware of. First, you should switch to e-statements as soon as you open to avoid the $25 paper statement fee. earn.bank really doesn’t want customers to use paper statements. In addition, you should maintain an average balance of at least $10,000 to avoid the $10 monthly fee.

But these are just minor issues. The only time this money market account wouldn’t be a great fit is if you don’t plan on keeping at least $10,000 in your account. Then, you should use our list of highest-earning money market accounts to find one with a smaller balance requirement. But if you can make the balance limit, earn.bank is a fantastic choice for growing your savings.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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

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