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High Yield Online Money Market Account at Rainier Pacific Bank

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Update 5/26/09: The rate has fallen from 0.75% to 0.50% APY.

Rainier Pacific is offering an online money market account that currently pays 3.60% APY on all balances. A reader just asked about this earlier today. At that time the yield was 3.75% APY. When I called the bank, the CSR said they've been offering this account for about 2 to 3 months. When it started it had a yield of 5% APY. So like all the other online savings accounts, this one is also being hit by the new rate environment. But the rate continues to be competitive.

The website doesn't provide many account details so I called the bank today. Below are the responses I received from the CSR. Please take the ACH details with a grain of salt. The CSR didn't sound to knowledgeable about this.
  • Available to people in any state
  • No minimum balances to avoid a monthly fee
  • Free checks are provided
  • Able to fund it with an ACH transfer
  • After account is opened, you can do ACH transfers but you have re-enter your other bank's routing and account numbers for each transfer
  • ACH transfers are free
  • No dollar amount limitations for ACH transfers
  • Wire transfers cost $10 for incoming and $35 for outgoing

Rainier Pacific Bank has 14 branches in Washington State. It has been FDIC insured since 2001 (Certificate # 38129).

Thanks to the reader who emailed me info on this money market account.

Rate History:
05/26/09: 0.50% APY
??/??/09: 0.75% APY
01/17/09: 2.75% APY
??/??/08: 2.50% APY
03/03/08: 3.60% APY
??/??/08: 3.75% APY
??/??/07: 5.00% APY

  Tags: money market accounts, savings account

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
Does anyone have any personal experience with Rainier Bank? How fast do they process an ACH transfer? Do they have a limit on how many banks you can link to them? How is their customer service? With GMAC Bank dropping their rates, I may switch over to Rainier. Any information anyone can give to me would be greatly appreciated.

1
Comment #2 by Fitz (anonymous) posted on
Fitz
7 months ago I was able to get 5.46% on a CD at World Savings (which is now Wachovia Bank).

Today, Wachovia's special 6 month CD is 3.4% APY.

Wow!

1
Comment #3 by larkin (anonymous) posted on
larkin
Re: GMAC
I have also become frustrated with GMAC's rate drops. I had opened an account with E*Trade more for the $25 bonus than anything else but have found it to be very easy to deal with. Their ach is faster than GMAC's and their rate is currently over a point higher. The down side--no checks or atm card.

1