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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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.
Member FDIC.
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 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.
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 1.71%.
Up to 1.71%
Rate info
Balance of $0 to $2,499.99 earns 1.01%, balance of $2,500-$49,999.99 earns 1.21%, balance of $50,000-$99,999.99 earns 1.26%, balance of $100,000-$499,999.99 earns 1.36%, balance of $500,000-$999,999.99 earns 1.50%, balance of $1,000,000-$2,499,999.99 earns 1.56%, balances greater than $2,500,000 earn 1.71%
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.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.00/5
Our ratings are based on a 5 star scale.
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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
3.80%
Rate info
3.80% annual percentage yield as of January 31, 2025. Terms apply.
4.50/5
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 3.80%²
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!¹
4.50/5
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
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
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 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 directly through Generations Bank require a $1,000 deposit to open.
Rates as of Jan. 30, 2025
APY = Annual Percentage Yield
Generations Bank CD
Bottom Line
Generations Bank offers just three CD terms online, but what they advertise is very competitive. Contact Generations Bank or visit a branch for more information on available rates and terms.
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.
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.
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.
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.
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.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
5.00/5
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')
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
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
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.
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.
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