Massachusetts-based HarborOne Bank (HarborOne) has a new savings account – the Remarkable Savings Account. Minimum daily balances between $5k and $249,999.99 earn 2.50% APY, with the 2.50% APY guaranteed through December 31, 2019. This limited-time offer requires a minimum $5k opening deposit of new money.
|0.15*%||$100k||$100m||HarborOne Bank||Remarkable Savings - New Money (opened after 3-17-2020)|
|OTHER TIERS: 0.02% → Up to $5k | 0.05% → $5k - $25k | 0.10% → $25k - $100k|
While the rate guarantee gives the Remarkable Savings Account a competitive edge, there are a few details to be aware of:
- A daily balance of less than $5k will earn 1.70% APY.
- A daily balance of $250k and above will earn 0.00% APY (zero) on the entire balance. Customers with balances nearing $250k should closely monitor their account to avoid a tragic 0% APY.
- ”Offer available only for ALL new money to HarborOne Bank.” CSR confirmed that any deposit must be new money to keep the account open and earn 2.50% APY.
- ”After 12/31/19 rates may change on your account without notice.” FYI – the current highest rate on a HarborOne non-promotional savings account (i-Savings) is only 0.50% APY with a $25k minimum balance.
While a Terms and Conditions of Your Account disclosure is available on HarborOne’s website, I still needed to do a Live Chat to learn the following:
- Funding the account can be done by ACH, wire ($15 fee incoming/$25 fee outgoing) or by check.
- ACH transfers generally take three days.
- There is no limit on the number of linked external bank accounts, but “there is a external transfer limit of $2,500.00 per day and $10,000.00 per month.”
- An ATM card is available upon request, although there is a $1.25 transaction fee for using a non-HarborOne ATM.
- There is a $10 Excessive Transaction Fee for each withdrawal beyond the six allowed per month.
- One beneficiary is allowed per account and a Social Security number is required. Beneficiaries must be persons – no charity or non-profits allowed.
- Trust and custodial accounts are allowed, but the only types of accounts that can be opened online or over the phone are individual and joint accounts.
Headquartered in Brockton, Massachusetts, HarborOne Bank offers its product line to individuals who have a valid mailing address in New England, including Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Opening a Remarkable Savings Account can be done online, or at any of 15 Massachusetts branches located in Abington, Attleboro, Bridgewater, Brockton (4), Canton, Mansfield, Middleboro, North Easton, Plymouth, Randolph, Raynham, and Stoughton. Following the 2018 acquisition of Coastway Community Bank, HarborOne now has nine Rhode Island branches, which are located in Cranston (2), East Greenwich, Lincoln, Providence (2), Riverside, and Warwick (2).
HarborOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.45% (excellent) based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $824.02 million, an excellent annual growth rate of 45.63%. Please refer to our financial overview of HarborOne Bank (FDIC Certificate #59070) for more details.
HarborOne Bank is currently the twelfth largest bank headquartered in Massachusetts, with assets in excess of $3.6 billion. Established in 1918 as Brockton Credit Union, the name was changed to HarborOne Credit Union in 2004 to reflect an expanded field of membership, which included four east Massachusetts counties. In 2013, HarborOne converted to a bank to “provide more opportunities for growth and better meet the needs of those who wanted to do business” with HarborOne.
In late 2018, HarborOne acquired Rhode Island-based Coastway Community Bank. This accounts for HarborOne’s rather impressive 45.63% deposit growth rate (see above). Coincidentially, Coastway Community Bank, like HarborOne, was formerly a credit union, with Coastway becoming a publicly traded company in 2014. HarborOne President and CEO James Blake described the deal as "a strategic acquisition for HarborOne, and a great fit with our growth plan."
How the Remarkable Savings Account Compares
When compared to the Savings Accounts tracked by DepositAccounts.com that are available nationwide and do not require a large minimum balance, HarborOne Bank’s Remarkable Savings Account APY currently shares the top spot with USALLIANCE Financial’s High Dividend Savings APY.
The above rates are accurate as of 5/11/2019.
To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.