Seattle-based HomeStreet Bank (HomeStreet) added a new Promotional Money Market Account (1.00% APY) earlier this week, with the promotional APY guaranteed through December 31, 2016. On January 2, 2017, the APY will convert to the current rate. (The current non-promotional rate is 0.45% APY, which has been in effect since September 2013.)
The minimum opening deposit is $1k of new money. As stated on HomeStreet Bank’s Rate Sheet,
Funds to open the account must be new money (not on deposit
in any HomeStreet Bank account within the past ninety days).
Headquartered in Seattle, HomeStreet Bank’s market area covers Washington, Idaho, Oregon, California, and Hawaii, with any resident of those states able to open an account.
Opening a Promotional Money Market Account (or any other HomeStreet account) can be done online or in person at any of 45 branches located in southern California (8), Hawaii (3), Oregon (2), and Washington (32).
Note: The new San Diego (CA) branch just opened within the past week, but is not yet included in the DA Locations map.
HomeStreet Bank, (FDIC Charter # 32489) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.44% (excellent), based on December 31, 2015 data. In the past year, HomeStreet Bank has increased its total deposits by $788.3 Million, an excellent annual growth rate of 32.08%. Please refer to our financial overview of HomeStreet Bank for more details.
Founded in 1921 as Continental Mortgage and Loan Company, today’s HomeStreet Bank is one of the largest community banks headquartered in Washington State. Originally offering financing for commercial real estate and home mortgages, HomeStreet changed to a full-service bank in 1986. In the past three years, HomeStreet has acquired four banks (Fortune Bank and Yakima National Bank in Washington, and Simplicity Bank and Orange County Business Bank in California) to solidify its position as a major player on the West Coast with assets in excess of $4.8 Billion.
How the Promotional Money Market Compares
Given the wide market area covering the Pacific Northwest and California, a comparison with nationally available products is appropriate. When compared to the 120 nationally available Money Market Accounts tracked by DepositAccounts.com, HomeStreet Bank’s Promotional Money Market Account currently ranks in the top seven. The following is a sample of those seven accounts.
The above rates are accurate as of 4/7/2016.