Tuesday, 24 November 2020

Harvest Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Harvest Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts
06 Oct
8:58

Harvest Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.75%

Savings

Harvest Bank Kasasa Saver

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.90%

CD Rates

Harvest Bank 12 Month CD

2.50%

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

1.65%

CD Rates

Harvest Bank 36 Month CD

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Harvest Bank’s checking account options

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How Harvest Bank’s checking accounts compare

At Harvest Bank, the two best checking options by far are the Kasasa accounts. Kasasa Cash earns one of the best interest rates you will find for a checking account, better even than most CDs and money market accounts. Kasasa Cash Back earns a fantastic rate on debit card purchases, better than most cash-back credit cards.

The right fit depends whether you prefer earning interest or cash back. The only downside is you must make at least 12 debit purchases per month and certain daily balances to qualify for the high rates, which can be annoying if you don’t regularly spend on your card.

We would stay away from the two other Harvest Bank checking accounts. There’s no real need for the Free Checking account since the higher-quality Kasasa accounts are also free. The Investors NOW account has a high balance requirement, earns a low rate and could charge a monthly fee. Not a great combo.

If you go with Harvest Bank, stick with the Kasasa accounts. Or if you want an excellent checking account that won’t force you to spend on the debit card, these are the other top checking account options on the market today.

Harvest Bank’s saving account options

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How Harvest Bank’s savings accounts compare

Harvest Banks two savings accounts have some quality features. They both earn above-average interest rates and will be free for most account holders. Kasasa Saver is always free, while the Investors Savings account monthly fee can be avoided with a balance of $50.

They are roughly equal. Kasasa Saver earns a bit more interest, but requires you to make 12 debit card purchases a month through one of the Kasasa Checking accounts. The Investors Savings account is easier to manage because you don’t need to make debit card purchases, but the rates are slightly lower.

If we had to decide, we’d actually recommend looking elsewhere for a savings account. These savings accounts earn even higher rates while also keeping their fees low. They are a better choice than the two Harvest Bank savings accounts.

Harvest Bank’s CD rates

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How Harvest Bank’s CD rates compare

The Harvest Bank CD rates are not as generous as they could be. You can earn a significantly higher CD rate at other financial institutions. You could even earn more interest with Harvest Bank’s Kasasa Cash Checking account than you would on any of its CDs.

The bank’s CD early withdrawal penalty also caught our eye. Harvest Bank charges the same early withdrawal penalty on all CDs with maturities of more than a year, from 24 months up to 60 months. Lenders typically adjust the penalty based on a CD’s length, but Harvest Bank does not. Keep this penalty in mind as you compare the rates because losing 12 months of interest hurts your return a lot more on a 24 month CD than on a 60 month certificate.

To be fair, Harvest Bank CDs are an improvement over the dismal options at large national banks. But if you’re trying to earn the highest rate on your savings, there are much better alternatives. We’ve covered the very best CD options here.

Harvest Bank’s money market account option

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How Harvest Bank’s money market account compares

We are not that impressed by the Harvest Bank Money Market account. It requires a massive opening deposit of $5,000 and if your balance falls below that, you stop earning interest. The interest rates are also low for a money market account. You actually earn more with some of the Harvest Bank checking and savings accounts.

While it’s nice that this money market account is completely free, it’s not enough to make up for the lackluster interest rates. Stick with the other Harvest Bank deposit accounts, or consider this list of top contenders for quality money market accounts.

Harvest Bank’s IRA CD rates

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How Harvest Bank’s IRA CD rates compare

Harvest Bank’s IRA CDs are just okay. We do like that you can set up Harvest Bank IRAs for small amounts. It only takes $1,000 to open an IRA CD and $250 to open a Variable IRA.

The Variable Rate IRA is also an interesting alternative that you don’t see everywhere. If you’re worried about rates jumping up in the future, this account lets you start saving now and you will earn more if rates do go up.

But despite these benefits, Harvest Bank IRAs overall just don’t earn enough interest. If you want the highest return for your retirement savings, we recommend using something from our list of the best IRA CDs rather than the options at Harvest Bank.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers 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/harvest-bank/

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