4.50% Money Market Account / 5.15% 12-Month CD at Transportation Alliance Bank

Transportation Alliance Bank has some impressive rates on many of its accounts. The yield on both the savings and the money market account is 4.50% APY with a low $25 initial deposit and balance requirement. The Money Market Deposit Account offers check writing with the standard 3-check per month limit.

In addition to top savings account rates, the bank has some top CD rates with a low minimum of $1K. The best is a 1-year certificate of deposit with an APY of 5.15%.

Term      APY
60 Month  5.21%
48 Month  5.18%
36 Month  5.15%
24 Month  5.13%
12 Month  5.15%

Early withdrawal penalties on the CD equal 90 days of interest for terms of one-year and less. The penalty for terms over 1-year is 180 days. IRA CDs are available. More info available at the CD FAQ.

The bank has an ACH transfer system but it's not the most convenient. Here are excerpts from the bank's FAQ:

You can request money from an external bank account by ACH transfer, which you must set up before hand. You will have access to funds transferred by ACH within two business days. 90 days after opening your account you can apply for ACH Express, which gives you access to transferred funds within one business day.

You can send money to an external bank account by ACH, which you must set up before hand and costs just $2. You will have access to funds within two business days.

Transportation Alliance Bank is designed as a virtual bank in which all transactions can be done via the bank's webiste or by phone. The bank doesn't have bank branches but has several financial service centers under its parent's name Flying J Inc. These centers are staffed with sales associates who market bank products. The centers are located in Ogden, Utah; Lake Point, Utah; Walton, Kentucky; and Resaca, Georiga.