Continental Bank High Yield Savings account review
A free savings account that earns 0.45% APY — but there’s only one way to access funds.
finder.com’s rating: 4.3 / 5.0
★★★★★Continental Bank High Yield Savings has all the features of a great savings account: no fees, a $1 opening deposit and a competitive 0.45% APY. It’s offered through SaveBetter — a platform that lets you open savings products from multiple banks in one centralized location. But SaveBetter doesn’t support joint accounts and you must link a bank account to access funds.
Minimum deposit to open
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The Continental Bank High Yield Savings account is ideal for individuals who want an accessible savings account with no fees, a low $1 opening deposit and a competitive 0.45% APY. It doesn’t have any other standout features, but you can store your savings without having to worry about fees eating into your nest egg.
Although the account is offered through Continental Bank, you sign up and manage your account through SaveBetter, an online platform where you can shop for savings products across multiple FDIC-insured banks.
The biggest downsides are there’s only one way to access funds in your Continental Bank High Yield Savings account and you can’t open it jointly with a partner or family member.
How do I open a Continental Bank High Yield Savings account?
Open your High Yield Savings account in seven simple steps:
- Go to the provider’s site and follow the steps to apply.
- Click Save now.
- Enter your email address, password and full name.
- Read and agree to the terms and conditions and select Continue.
- Confirm your email address.
- Fill out your application with your date of birth, Social Security number and contact details. Select Continue.
- Review and submit your application.
- Connect your bank or financial institution to fund your account.
You must meet these eligibility requirements to open a Continental Bank High Yield Savings account:
- At least 18 years old
- Valid Social Security number
- US residential address
- Government-issued photo ID
- An existing bank account
- $1 opening deposit
SaveBetter will ask for this information when you apply online:
- Full name
- Home address
- Date of birth
- Social Security number
- Login credentials for your existing bank account
Compare Continental Bank High Yield Savings to similar accounts
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Aspiration Spend & Save Account
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Minimum deposit to open
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What are the benefits of a Continental Bank High Yield Savings account?
The Continental Bank High Yield Savings account is FDIC insured and features these perks:
- Competitive interest. Watch your savings grow with a competitive 0.45% APY on your total balance.
- Low opening deposit. The Continental Bank High Yield Savings account has a low $1 opening deposit, making it accessible to almost everyone.
- No fees. This account has no fees, so you get to keep every penny you save.
- No limit on withdrawals. The six monthly withdrawal limit you’ll find with most savings accounts was indefinitely suspended with this account due to the coronavirus pandemic.
How much interest can I earn with a Continental Bank High Yield Savings account?
This table shows how much interest you’d earn in five years if you open a Continental Bank High Yield Savings account with an initial $1,000 deposit. Then, deposited $100 a month after that.
|APY||1 year||2 years||3 years||4 years||5 years|
What should I look out for?
Watch out for these potential downsides with your Continental Bank High Yield Savings account:
- Must apply through SaveBetter. Even though this account is offered through Continental Bank, you use SaveBetter’s platform to apply and manage your account.
- No joint accounts. You can’t add anyone to your Continental Bank High Yield Savings account as SaveBetter’s platform doesn’t support joint accounts.
- One way to access funds. This account doesn’t support direct deposits, remote check deposits, cash deposits or wire transfers. The only way to access money is through a linked account.
- Limited customer service. Unlike other online banks that offer 24/7 support, SaveBetter is only available weekdays from 9 a.m. to 4 p.m. ET.
If you’re looking for an account with more deposit options, explore these savings accounts to find the right one for you.
How do I deposit or withdraw my money?
Access money in your Continental Bank High Yield Savings account using these methods:
- Transfer to an external bank account
- Transfer to a linked bank account
What other savings options does Continental Bank offer?
Continental Bank doesn’t have any other personal savings accounts, but there are a few business savings options:
- Basic Business Savings. Requires a $500 balance to avoid the $3 monthly fee, but there’s no requirements to earn 0.25% interest and you can get started with as little as $0.
- Preferred Business Savings. Open this account with as little as $0, but you’ll need to maintain a $20,000 balance to avoid the $10 and earn the 0.35% interest rate.
- Business Money Market. Comes with a debit card, a checkbook, ATM access and $15 in monthly ATM reimbursements. But you must maintain a $5,000 balance to avoid the $20 monthly fee.
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