Sunday, 20 October 2019

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

Opus Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
02 Jan
2:09

Opus Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Opus Bank Personal Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.70%

CD Rates

Opus 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

1.60%

CD Rates

Opus Bank 36 Month CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.80%

CD Rates

Opus Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Opus Bank’s checking account options

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How Opus Bank’s checking accounts compare

Maybe the previously-mentioned poor reviews were onto something. Only one of Opus Bank’s checking accounts offers any interest payments, and it’s a pretty poor rate at that. Instead, you can earn interest rates that are several times greater than the ones Opus Bank offers if you opt for one of these top online checking accounts instead.

Furthermore, we recommend skipping out on these accounts because they come with high fees. Yes, you can avoid the fees by keeping a certain balance in your account, but that’s just one more hassle you have to remember each month. Why bother when you can opt for an account that doesn’t charge these fees?

Opus Bank’s savings account option

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How Opus Bank’s savings account compares

We’ll save you some time: choose a savings account at a different bank. Not only does this account come with a fee if your balance drops below a certain level, but it offers a terrible interest rate.

In today’s rising interest rate environment, you shouldn’t have to settle for an interest rate this low. Instead, choose one of these online savings accounts — they charge few or no fees, and you’ll actually start to see a bit of a return before you’re old and in a rocking chair.

Opus Bank’s CD rates

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How Opus Bank’s CD rates compare

We like that Opus Bank offers two different types of CDs to choose from. That’s helpful for folks who aren’t quite sure if a regular CD is right for them. Still, it would be nice if the bank offered more than one term length for its Step Up CDs. We also appreciate that the early withdrawal penalty is fairly low, especially if you choose a longer term length. Many banks charge 365 days’ worth of interest or more for an early withdrawal from a 60 month CD, but Opus Bank only charges 180 days’ of interest.

That’s about where the niceties end, though. When it comes to CDs, what most people really care about is earning a high interest rate, and that’s where Opus Bank’s CDs are subpar. The bank does offer higher interest rates for its mid-length CDs (so why even open a longer-term CD here?), but even then, it’s nothing compared to its top competitors. We suggest you look toward one of these CDs instead to earn higher interest rates.

Opus Bank’s money market account option

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How Opus Bank’s money market account compares

Again, Opus Bank falls short in the interest rate department. Even though this is the highest-yielding liquid account that Opus Bank offers, these rates still aren’t really all that great.

Even at this highest interest rate tier, you still won’t earn as much interest as with money market accounts at other banks. Specifically, these money market accounts are our top recommendations right now. Many of them require no minimum deposit at all, and still pay multiples above what Opus Bank is offering.

Opus Bank’s IRA options

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How Opus Bank’s IRA CDs compare

It’s really important to try and find the highest interest rates possible for your retirement savings, especially if you’re still a long ways away from retirement. This will help to ensure you have as much money as possible, because even seemingly-tiny differences in interest rates can mean big dollars when compounded over many years.

For that reason, we can’t really recommend these IRA CDs. They simply don’t offer a high enough interest rate, especially when you can boost it much further by opening an IRA CD with one of its competitors.

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/opus-bank/

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