Monday, 30 November 2020

The Federal Savings Bank Reviews: Checking, Savings, CD, and Money Market Accounts

The Federal Savings Bank Reviews: Checking, Savings, CD, and Money Market Accounts
24 Sep
7:59

The Federal Savings Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

The Federal Savings Bank Statement Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.75%

CD Rates

The Federal Savings Bank 18 Month CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.90%

CD Rates

The Federal Savings Bank 3 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

1.35%

CD Rates

The Federal Savings Bank 5 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

The Federal Savings Bank’s checking account options

magnifying glass

How The Federal Savings Bank’s checking accounts compare

We do like the fact that you can earn interest with The Federal Savings Bank’s Interest Checking account. Oftentimes people let their money sit in a checking account while earning zero interest, which isn’t ideal.

However, the interest rate that The Federal Savings Bank offers is pretty poor. It is possible to find high-yielding checking accounts — such as these online checking accounts — that are also free. We recommend looking for a higher-earning account instead.

The Federal Savings Bank’s savings account

magnifying glass

How The Federal Savings Bank’s savings account compares

You’d expect The Federal Savings Bank to have a decent savings account available. Unfortunately, that’s not the case. The interest rate offered on this account is very, very low. There are many better options out there for earning a much higher interest rate, starting with these top online savings accounts. We would recommend these accounts any day of the week over The Federal Savings Bank’s own savings account.

The Federal Savings Bank’s CD rates

magnifying glass

How The Federal Savings Bank’s CD rates compare

The only CDs worth a sniff at The Federal Savings Bank are its Promotional CDs. Even then, we’d hesitate to open a CD account here, because you can still earn much better CD rates elsewhere.

We also don’t like the fact that there aren’t many different term lengths offered unless you commit to a Jumbo CD. If you have a deposit that large, you’d really want to max out the interest rate you earn, and these CDs just aren’t the way to do it.

The Federal Savings Bank’s money market account

magnifying glass

How The Federal Savings Bank’s money market account compares

Unfortunately, The Federal Savings Bank misses the mark again with its money market account. While it’s nice that you can earn a higher interest rate for a larger deposit amount, even the highest tier doesn’t come close to the current highest-yielding money market accounts. We suggest skipping this account as well in favor of one that earns a better interest rate.

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.

Holly Hammersmith

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/the-federal-savings-bank/

« »

Szemere

Related Articles