Atlas Bank has a special on its Statement Savings Account with a competitive rate. Atlas is advertising a 1.01% APY with a minimum balance of $100. This savings account special is listed in the bank’s promotions page as of 7/3/2013. There’s no end date listed, but the rate is subject to change at anytime.
Based on this account’s history, I would be surprised if this high rate lasts past this year. Last May the rate increased from 0.10% to 1.01%. For two years before this rate increase, the savings account rate was between 0.20% and 0.10%.
Atlas Bank used to offer some very competitive CD and IRA CD rates, but those rates are now low (even by today’s standards).
A branch visit is required to open an account. Atlas Bank branches are located in Brooklyn and Staten Island.
Atlas Bank continues to be financially healthy. It has an overall health score of 4 stars (out of 5) with a Texas Ratio of 8.64% (above average) based on March 2013 data. Please refer to our financial overview of Atlas Bank for more details. The bank has been a FDIC member since 1955 (FDIC Certificate # 30783).
Even though the financial numbers appear strong, Atlas Bank is still operating under an OCC formal agreement which states:
The Comptroller has found unsafe and unsound banking practices relating to asset quality and earnings at the Bank
This formal agreement took effect in March 2012. This formal agreement can be viewed here.
How This Savings Account Rate Compares
For nationally available savings or money market accounts, there are only two with rates of at least 1.00% that don’t have balance caps, that don’t have checking requirements and that are not promotions. One is at MyBankingDirect which has a 1.05% APY money market account, and the other is at SmartyPig which has a 1.00% APY savings account. These rates are accurate as of 7/3/2013.
Searching for the Best Money Market and Savings Account Rates
Our money market account table can be used to find the best money market rates in the nation or in your state. If you don’t need checks, you should also consider savings accounts. You can find the best savings account rates in the nation or in your state by using our savings account rate table.