Review
Updated
Fact Checked
Nathan Alderman
Generations Bank has served customers in Arkansas and Missouri for more than 100 years. However, Generations offers excellent online banking products to customers throughout the United States, and you might want to put them on your radar. In this expert review, we'll take a look at the products and services Generations Bank offers so you can determine if it might be a good fit for you.
Generations Bank
Bottom Line
Generations Bank is a solid institution for those who live near one of its branches, but for online customers, its biggest draw is its high-yield CDs offered in partnership with the Raisin platform as well as its own competitive CDs offered direct through the bank.
Pros
- Great CD interest rates
- Several checking account options
- Low minimum deposits
Cons
- Few products beyond deposit accounts
- Branches only in two states
- Low APYs on checking and savings accounts
Generations Bank savings accounts review
Generations Bank offers two types of savings accounts that can be opened online. Here are the details.
Generations Bank Personal Savings
Generations Bank's Personal Savings account isn't terribly competitive with most online savings accounts. It has a $100 minimum opening balance, which account holders must maintain to avoid fees and earn interest. However, with a 0.25% APY at a time when many online bank accounts are paying close to 20 times that rate, it isn't a great option for people looking for yield.
Ratings Methodology
Rates as
of May 02, 2024
Generations Bank Personal Savings
Member FDIC.
APY
0.25%
Min. To Earn APY
$100
- Low opening deposit
- Easy to avoid fees
- APY isn't competitive
- $5 monthly fee if minimum balance isn't met
The Generations Bank Personal Savings account has a low minimum balance requirement to earn interest and avoid fees. But its low APY isn't very attractive compared with other savings accounts you can open online.
Generations Bank Money Market Savings Account
Generations Bank Money Market Savings Account is the more competitive of the bank's savings accounts. It has a $1,000 minimum balance to open and a $2,500 minimum daily balance to avoid a $10 monthly service charge, but if you have enough cash to meet these requirements, it pays competitive interest rates, especially considering money market accounts typically have check writing and ATM access privileges. Depending on the account balance, the Money Market Savings Account has a tiered APY structure depending on your balance, with APY of Up to 2.74%.
Ratings Methodology
Rates as
of May 02, 2024
Generations Bank Money Market Savings Account
Member FDIC.
Monthly Fee
$10, if $2,5000 min. daily balance not met
Min. Balance
$2,500 to avoid $10 monthly service charge
APY
Up to 2.74%
Rate info
Balance of $0 to $2,499.99 earns 2.03%, balance of $2,500-$49,999.99 earns 2.23%, balance of $50,000-$99,999.99 earns 2.28%, balance of $100,000-$499,999.99 earns 2.39%, balance of $500,000-$999,999.99 earns 2.53%, balance of $1,000,000-$2,499,999.99 earns 2.59%, balances greater than $2,500,000 earn 2.74%
Min. To Earn APY
N/A
- Competitive APYs
- Some conveniences of checking accounts
- APYs lower than some online-only competitors
The Generations Bank Money Market Savings Account combines some of the most desirable features of checking and savings accounts. While its APY isn't likely to rival some of the top online banks, it is rather competitive in the context of more traditional financial institutions.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
|
Generations Bank CD accounts
Certificate of deposit, or CD accounts, is the biggest area where Generations Bank shines. It offers a few different CD terms with highly competitive yields.
Generations Bank CDs
Generations Bank offers some highly competitive CDs. It offers CDs with six- and 10-month terms through the Raisin online financial platform, with APYs of 5.21% and 5.31%, respectively. Through its own platform, it offers high-yield CDs with terms of six, 12, and 24 months. Its offerings aren't the highest rates on the market, but they are competitive with even the top online banks.
CDs opened through the Raisin platform have a tiny $1 minimum opening deposit requirement. On the other hand, CDs opened directly through Generations Bank require a $1,000 deposit to open.
Rates as of May 1, 2024
APY = Annual Percentage Yield
Generations Bank High-Yield CD from Raisin
MINIMUM DEPOSIT $1
| 6 Mo. APY | 10 Mo. APY |
|---|---|
| 5.21% | 5.31% |
Rates as of May 1, 2024
APY = Annual Percentage Yield
Generations Bank CD
MINIMUM DEPOSIT $1,000
| 6 Mo. APY | 1 Yr. APY | 2 Yr. APY |
|---|---|---|
| 5.00% | 5.20% | 4.24% |
Compare CD rates
Before you choose a CD, it's important to shop around. You're not just looking for the absolute best yield, but a bank whose policies, fees, deposit requirements, and other features are a good fit for you.
Rates as of May 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Generations Bank checking accounts review
Generations Bank offers three different types of checking accounts: Club Checking, G Checking, and Opportunity Checking.
Generations Bank Club Checking
Club Checking is Generations Bank's interest-bearing checking account product, and has a $100 minimum balance to open but is designed for customers who keep significantly more money than that in their checking accounts. The Club Checking product has a $10 monthly fee, which can only be avoided by maintaining a $1,000 minimum daily balance. And while this is an interest-bearing checking account, you'll need to keep $1,000 in it if you want to earn interest.
Ratings Methodology
Rates as
of May 02, 2024
Generations Bank Club Checking
Member FDIC.
APY
0.25%
Min. To Earn APY
$1,000
- Earns interest
- Monthly fee can be avoided
- $100 opening deposit
- Need $1,000 to earn interest and avoid fee
- APY is lower than some peers
The Generations Bank Club Checking account is a solid online checking account for customers who typically keep more than $1,000 in their checking accounts. It pays interest, but its APY isn't the highest among online checking accounts.
Generations Bank G Checking
The G Checking account is Generations Bank's free checking product. It has a $100 minimum deposit to open and has no monthly service fee or minimum ongoing balance requirement, assuming you want e-statements. There is a $6 monthly charge if you want paper statements, but if not, this is a solid free checking account product.
Ratings Methodology
Rates as
of May 02, 2024
Generations Bank G Checking
Member FDIC.
APY
N/A
Min. To Earn APY
$100 to open
- No minimum balance requirement
- No monthly fee
- Doesn't pay interest
- Paper statements aren't free
The Generations Bank G Checking account doesn't pay interest, but it has no minimum balance requirement. And if you're ok with receiving statements electronically, there are no monthly fees to worry about.
Generations Bank Opportunity Checking
The Generations Bank Opportunity Checking account is a "checkless" checking account, meaning it has all of the typical checking account features, such as debit card access and online banking, but without a physical checkbook. It has a $20 minimum opening deposit and no ongoing minimum balance requirement, but also has a $5 monthly fee.
Ratings Methodology
Rates as
of May 02, 2024
Generations Bank Opportunity Checking
Member FDIC.
APY
N/A
Min. To Earn APY
$20 to open
- Low opening deposit
- No minimum balance
- No overdraft fees
- No checks
- $5 monthly fee
The Generations Bank Opportunity Checking account has a low minimum deposit and is designed to prevent overdrafts. But it has a $5 monthly fee that can't be waived and doesn't offer physical checks.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
|
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
Generations Bank customer service and experience
Generations Bank customer service is available by phone Monday through Friday, 8 a.m. until 5:30 p.m. CST. It offers an online and mobile banking platform, but these are generally for people who live near a Generations Bank branch.
Generations Bank relationship benefits
Generations Bank doesn't offer relationship discounts for customers who have multiple accounts with the institution. However, some of its interest rates, especially on CDs, are already highly competitive.
Alternatives to Generations Bank
Generations Bank has solid CD products, but if you're looking for more of a well-rounded banking experience, you may want to consider one of these alternatives.
SoFi
Short for Social Finance, SoFi offers a variety of banking products, many of which are highly competitive. It has a high-yield savings account and interest-bearing checking account combination that is among our top-rated products, and it also offers brokerage accounts, personal loans, and more. SoFi does not offer CDs, so if that's what you're looking for, you may want to look elsewhere.
Discover® Bank
Discover® Bank has highly competitive savings accounts, checking accounts, and CDs, all of which can be opened online. Its CDs are highly competitive with the top online banks, but the major downside is that they have $2,500 minimum deposit requirements.
Is Generations Bank right for you?
Generations Bank is best for people who are looking to maximize their CD yields or who live near one of the bank's branches. Its savings and checking account products aren't particularly competitive with those available from our top online banks.
Other products by Generations Bank
Generations Bank has a few other products you may find useful. Here's a quick list of what else it offers.
- Health Savings Accounts
- Savings accounts for minors
- Business checking and savings accounts
- Personal loans
- Auto loans
- Boat loans
- RV loans
Generations Bank mortgages
Generations Mortgage (formerly Simply Home Lending) is a relatively large mortgage lender. The bank offers a variety of loans for buying and refinancing, including:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
Generations Bank is an FDIC-insured financial institution with a small branch network in Arkansas and Missouri, as well as an online presence throughout the U.S.
-
Yes, Generations Bank has a dozen physical branch locations in Arkansas and Missouri.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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