Level One Bank (MI) Flash Savings Ends Soon

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Deal Summary: Flash Savings Account, 3.10% APY, $50k minimum opening deposit, new money, 6 month rate guarantee, offer expires 12/15/2018.

Availability: Market area includes greater metropolitan Detroit and Grand Rapids area.

Act fast!

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.

Availability

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.

Bank Overview

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.

Related Pages: Detroit savings accounts, Grand Rapids savings accounts, savings accounts

Comments
gregk
gregk   |     |   Comment #1
Wow, great offer, - and the only reason I can think of to be happy one lives in Detroit.
1Grabek
1Grabek   |     |   Comment #2
I was told that for this promotion ya have to go there in person and it can't be done online ... Why doesn't it say that here ? It would sure save both the branch and I some time uselessly spent !
Carpline
Carpline   |     |   Comment #3
It does ... "The Flash Savings Account can only be opened in-branch at any of 12 Michigan branches,"
larry
larry   |     |   Comment #7
1Grabek (Comment #2) or if you feel adventurous, Robinhood has a 3% apy with their checking and savings account.
gregk
gregk   |     |   Comment #8
Robinhood? A 3% liquid account? Is this a joke?
larry
larry   |     |   Comment #10
No joke, it came across the wires early yesterday. Robinhood Brokerage which btw has free stock trades. Good luck to anyone who ventures in for a try and let us know how things are going.
deplorable 1
deplorable 1   |     |   Comment #9
This looks interesting but it isn't out yet just a waiting list reminds me of beam. Might just be a way for them to get your personal info. Also not FDIC insured which isn't always a deal breaker for me.
payul sion
payul sion   |     |   Comment #11
Yes, a whole 3% for unsecured loan to an unregistered hedge fund.

No deal breaker!
Test3
Test3   |     |   Comment #4
Quick question. To get new customers, banks have to raise interest rates to lure in new customers. If they need the money, why not open to more customers nationally than just a few locals?
DCGuy
DCGuy   |     |   Comment #5
Some banks may target local customers for new money because they don't want to attract "rate chasers" from other parts of the country. Local customers tend to be more loyal to the bank. Also, they may feel that enough local customers can provide the amount of capital that they wish to raise.
AnnO
AnnO   |     |   Comment #6
Either they haven't bothered to do the additional paperwork I presume would be needed for them to be allowed to do so, or they are devoted to the idea of only serving the local community.
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