Level One Bank’s aptly named Flash Savings Account (3.10% APY) is only available through December 15, 2018. While a minimum $50k of new money is required to open, all balances between $.01 and $250k earn 3.10% APY; that rate is guaranteed for six months. Balances greater than $250k will earn 0.25% APY. More details are available at this Level One Bank promotions page.
If the average monthly balance in the Flash Savings Account is less than $250, there is a $6 monthly service fee. There is a $5 excessive transaction fee for each withdrawal beyond the six allowed per month.
Thanks to DA reader, deplorable 1, for his comment mentioning this soon-to-be gone hot deal.
Headquartered in Farmington Hills, Level One Bank’s primary market area covers the Detroit metro area, with locations in Oakland and Macomb Counties. Since I last wrote about the Bank, a branch has been established in the western part of the state.
The Flash Savings Account can only be opened in-branch at any of 12 Michigan branches, located in Birmingham, Bloomfield Hills, Bloomfield Township, Detroit, Farmington Hills (3), Ferndale, Grand Rapids, Northville, Novi, and Sterling Heights.
For future reference, Level One Bank has added an online application that offers a portion of its product line to residents of Genesee, Kent, Lenawee, Livingston, Macomb, Monroe, Oakland, Washtenaw, and Wayne Counties.
Level One Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.08% (excellent) based on September 30, 2018 data. In the past year, Level One Bank has increased its total non-brokered deposits by $25.81 million, an above average annual growth rate of 2.56%. Please refer to our financial overview of Level One Bank (FDIC Certificate # 58604) for more details.
Level One Bank is currently the 10th largest bank headquartered in Michigan, with assets in excess of $1.4 billion. Established in October 2007 (in the middle of the financial crisis of 2006-2008), the Bank was created by a team of local business leaders and bankers looking for a better way to bank. In the past eight years, Level One Bank has acquired four Detroit Metro area banks, including Bank of Michigan in 2016, “propelling us over the threshold of $1.0 billion in assets.”
How the Flash Savings Account Compares
When compared to 302 personal savings accounts tracked by DepositAccounts.com that are available within the Bank’s market area, Level One Bank’s Flash Savings Account APY currently ranks first, regardless of minimum opening deposit requirements.
The above rates are accurate as of 12/12/2018.
To search for the best savings accounts rates, either nationwide or in your state, please refer to the Savings Rates section of DepositAccounts.com.