In mid-December Federal Savings Bank (FSB) unveiled its new Premier Money Market Account (Premier MMA), which earns 1.75% APY on balances of $75k+. The minimum opening deposit is $75k, and according to the fine print on promotion page,
For existing Federal Savings Bank customers, $25,000 of the total $75,000 minimum balance requirement must consist of new, non-FSB deposits in order to obtain stated APY.
If the Premier MMA balance should fall below $75k, the rate will automatically default to 0.10% APY.
|1.75*%||$75k||-||Federal Savings Bank||Premier Money Market|
|OTHER TIERS: 0.10% → $1k - $75k|
There is a $10 fee for each withdrawal beyond the permitted six per statement cycle, as well as a $10 monthly service charge if the account balance falls below $75k during the statement cycle. If the Premier MMA is closed within six months of opening, a $25 fee will be assessed. Paper and e-statements are offered, with a $2 monthly fee for paper statements.
In June 2015, FSB added its Milestone Money Market Account (1.25% APY) in celebration of its 125th Anniversary. The 1.25% APY lasted for more than two years before it fell to 0.85% APY. While the performance of the Milestone MMA does not guarantee anything, it may be an indication that the Premier MMA’s 1.75% APY will last longer than a few months.
Headquartered in Dover, New Hampshire, Federal Savings Bank is a community mutual bank, with its primary market area covering New Hampshire’s Seacoast Region (Rockingham and Strafford Counties).
Since I last wrote about FSB, an online application has been added, with an expanded market area that includes three Maine counties: Carroll, Merrimack, and York. Unfortunately, the Premier MMA is not one of the products available for opening online.
Opening a Premier Money Market Account requires an in-person visit to any of five New Hampshire branches located in Barrington, Dover, Durham, Portsmouth, and Rochester.
Federal Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.40% (excellent), based on September 30, 2017 data. In the past year, Federal Savings Bank has increased its total non-brokered deposits by $5.48 million, an above average annual growth rate of 2.23%. Please refer to our financial overview of Federal Savings Bank (FDIC Certificate # 29744) for more details.
Federal Savings Bank was originally established in 1890 as the Dover Co-operative Savings Fund and Loan Association. More commonly known as Dover Co-operative Bank, the Bank maintained its original branch location for more than 65 years before constructing its present main office in 1972. The name was changed to Federal Savings Bank in 1983 to better reflect the customer base expansion beyond the Dover area. Today, Federal Savings Bank is New Hampshire’s 13th largest bank with assets in excess of $354 million.
How the Premier MMA Compares
When compared to the 157 Money Market Accounts tracked by DepositAccounts.com available to New Hampshire residents, Federal Savings Bank’s Premier Money Market Account’s APY currently ranks first, regardless of minimum or maximum deposit requirements.
The above rates are accurate as of 12/26/2017.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.