Dedicated to Deposits: Deals, Data, and Discussion

6.10% Savings Account Promo at a Maryland Bank (Bank Annapolis)

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Bank Annapolis has a savings account called the Superior Savings with a rate of 6.10% APY until June 10th. After June 10th the rate will fall to 4.50% APY. There are no minimum balance requirements and all balances earn the full yield.

The promotional period is short, but the post-promo rate is still competitive for a brick-and-mortar bank. As this Annapolis news article explains, the bank decided to offer this savings account and promotion in response to the competition from online banks. The bank's CEO realized that the brick and mortar banks had been "sleeping at the wheel, taking their savings account holders for granted, paying them in most cases less than 1 percent interest on their deposits." Hopefully more banks will also realize this and start their own competitive savings accounts.

Branches are located in Annapolis, Edgewater, Stevensville and Severna Park, Maryland. The bank is FDIC insured (FDIC Certificate # 32740).

  Tags: Maryland, savings account

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