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Credit One Bank Review 2022

Published September 2022 by Matthew Goldberg

AT A GLANCE
2.4

Bankrate Score

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High APYs

Credit One Bank is best for people who want a competitive yield on a CD and have at least $100,000 to open a CD.

  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.25 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Overall

    2.4

    Bankrate Score

    Credit One Bank offers jumbo CDs and credit cards. Those looking for savings and checking accounts will need to bank somewhere else.

    What we like

    • Credit One Bank offers a competitive yield on its CDs.

    • Credit One Bank offers all of the standard CD terms.

    • It has a 10-day rate guarantee on its CDs.

    What we don't

    • Credit One Bank only offers CDs and doesn’t have a savings account or any other deposit products.

    • Credit One Bank requires $100,000 to open a CD. There are many online and other banks that have lower minimum opening deposit requirements.

    CD rates

    3.9

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    3.00 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Credit One Bank offers seven terms of jumbo CDs. The CD terms range from six months to five years. But you’ll need $100,000 to open a CD at this bank. The bank gives you a higher APY if its yield increases within 10 calendar days of opening your CD.

    Credit One Bank CDs have the following early withdrawal penalties:


    • Its six month and one year CD have a 90 days of simple interest penalty for early withdrawals.

    • All CDs with terms 18 months through five years, would have an early withdrawal penalty of 180 days of simple interest.

    • The bank currently isn’t offering CDs longer than five years. But if it was, the penalty for early withdrawals would be 365 days of simple interest.

    What we like

    • Credit One Bank gives you 0.05 percent above the current APY upon your CD renewal.

    • Credit One Bank gives you the higher APY if its yield increases within 10 days of opening your new CD.

    What we don't

    • You’ll need at least $100,000 to open a CD at Credit One Bank.

    • Customer service hours are limited.

    Bank experience

    You can see your CD on Credit One Bank’s app. Customer service representatives for CDs are available during the week from 7 a.m. until 5 p.m. Pacific time. Credit One Bank has two apps: one for its CDs and another for its credit cards.

    About Credit One Bank

    Credit One Bank is a bank based in Las Vegas that offers CDs. The bank’s history goes back to 1984 when it was established as the First National Bank of Marin. It changed its name to Credit One Bank in 2006.

    In addition to offering jumbo CDs, which require at least $100,000, the bank also is known for its credit cards. Credit One Bank offers a NASCAR American Express card. In June 2021 it began offering a WWE Visa credit card and a Six Flags Rewards Visa credit card.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth