Sunday, 20 October 2019

Goldwater Bank Review: Checking, Savings, CD and Money Market Accounts

Goldwater Bank Review: Checking, Savings, CD and Money Market Accounts
15 Dec
8:49

Goldwater Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Goldwater Bank Goldwater Personal Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.55%

CD Rates

Goldwater Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.90%

CD Rates

Goldwater Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Goldwater Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Goldwater Bank’s checking account options

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How Goldwater Bank’s checking accounts compare

Unfortunately, this account is restrictive in that you have to be an Arizona resident to open an account. On top of that, the rates are much lower than what you’d find elsewhere, especially these top national online checking accounts. We also don’t like that the online application process isn’t as convenient as other places — but we do like that unlimited ATM fee refund.

Goldwater Bank’s savings account options

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How Goldwater Bank’s savings accounts compare

The Savings Plus account offers a rate that’s only slightly lower than the top rates being offered out there. However, you need to have a lot of money to open the account — $25,000 to be exact. Otherwise, Goldwater Bank’s other savings accounts are lackluster in that you get low rates and you need to pay a monthly maintenance fee if you can’t meet their requirements.

You’re better off skipping these accounts and choosing an alternative like the savings accounts we’ve compiled on our list of the best rates.

Goldwater Bank’s CD rates

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How Goldwater Bank’s CD rates compare

We like that the Goldwater Access CD allows you to make penalty-free withdrawals once a quarter, and the rate is on par with what’s being offered out there. Their regular CDs also offer some decent rates — though the longer the term, the less competitive they are.

If you’re after short-term CDs, these accounts are a great choice if you live in Arizona. Otherwise, you’ll want to check out other CD options to maximize your savings.

Goldwater Bank’s money market account options

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How Goldwater Bank’s money market accounts compare

The Money Market Plus account offers a fairly competitive rate — it’s on par with our list of the best money market accounts. However, you need a high opening deposit amount whereas other competitors offer lower minimums and some with higher rates. They’re also not as restrictive as Goldwater Bank, which only allows Arizona residents to open an account. Our advice is to shop around for money market accounts for more favorable terms.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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

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