Sunday, 20 October 2019

Home Savings Review: Checking, Savings, CD, Money Market and IRA Accounts

Home Savings Review: Checking, Savings, CD, Money Market and IRA Accounts
19 Dec
1:13

Home Savings’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Home Savings Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.40%

CD Rates

Home Savings 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.65%

CD Rates

Home Savings 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Home Savings 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Home Savings’ checking account options

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How Home Savings’ checking accounts compare

Home Savings’ checking accounts are a bit lackluster. It’s great that none of them charge a monthly fee, unless you want paper statements. Even its interest-bearing checking account is free, which is unusual and a welcome outlier.

However, none of these accounts stand out in offerings. You can write checks from them, you may be able to earn a tiny smattering of interest, and maybe, if you’re older, you can get a free box of checks.

Instead, if you’d like to find a checking account that offers a much better interest rate along with other, worthwhile perks, consider one of these online checking accounts instead.

Home Savings’ savings account options

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How Home Savings’ savings accounts compare

For a bank named “Home Savings,” you’d expect that it would offer at least decent interest rates on its savings accounts. That’s just not the case here. In fact, it’s hard to go much lower than what Home Savings offers.

This is why we try to steer people to one of these online high-yield savings accounts instead. These accounts offer fewer fees and actually offer good interest rates, so you won’t be old and in your rocker before you actually start to see measurable money pile up in your savings account.

Home Savings’ CD rates

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How Home Savings’ CD rates compare

Home Savings is currently offering a semi-decent rate for its 60-month CD, but that’s about it. Even so, you can still find higher rates out there — maybe with one of these CDs.

As for the rest of its CDs, don’t bother. The rates are simply too low to be worth your time. In fact, it might be a good idea to skip this bank entirely for one that offers better rates on all of its CDs, in case you decide to open a different term length. That way you don’t need to fuss around with moving your money between banks.

Home Savings’ money market account option

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How Home Savings’ money market account compares

This is hardly a comparison at all. When you look at other accounts, Home Savings is left behind in the dust in terms of interest rates. These rates are so low that this account isn’t worth the trouble at all.

If you’d rather see real earnings on your money market account, consider one of these high-yielding money market accounts instead. You (and your wallet) will be glad you did.

Home Savings’ IRA account options

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How Home Savings’ IRA CD rates compare

Home Bank only offers one IRA CD rate that we’d say is any good: its 12-month IRA CD. It’s pretty close to the top 12-month IRA CDs available today. Still, the bank can change the rate at any time, and judging by its other IRA CDs (which offer very low rates), it might not be a very good rate. The bank appears to be using its 12-month IRA CDs as a loss leader right now in an attempt to lure clients, but because its other accounts offer poor rates, we’d suggest not taking the bait.

If IRA CDs are a part of your retirement savings plan, consider one of these IRA CDs in their place. These IRA CDs are offering much higher rates, so hopefully you’ll be able to earn more than a few peanut’s worth of interest in retirement.

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.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/home-savings/

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