Neighbors Bank

Even if Neighbors started accepting new account sign-ups, the bank might prove undesirable because they require a minimum of $25,000 to get the higher rate, and one can get a higher rate elsewhere, of course. I am only posting this info for anyone who, like me, kept their Neighbors Bank Savings Account open, which proved to be one of the highest paying accounts during the zero Fed rate period. Neighbors never dropped below 0.70% APY and remained a rate leader for a long time. Today, Neighbors raised the rate for existing accounts to 4.01% APY. "If your daily balance is $25,000.00 or more, the interest rate paid on the entire balance in your account will be 3.94% with an annual percentage yield of 4.01%." If your balance is under $25K, you get a measly 0.50% APY.

This is for information-only just to anyone who kept their Neighbors Bank Savings Account, as I have. Neighbors Bank was a rate leader when their Online Savings account was first created, and they maintained one of the highest rates during the zero-rate Pandemic period, never falling below 0.70% APY. ($25K balance minimum required to get the higher rate.) They were inundated with new accounts, which is why they stopped accepting newbies. They still have a "submit your email address to be notified when newbies will be accepted again" box on their site, although with their $25K minimum and the fact they still have not crossed 3% yet, I doubt anyone will submit their email address, of course. Neighbors Bank raised the rate today to 2.91% APY, still requiring $25K minimum to get that rate.

For anyone like myself who held onto their Neighbors Bank savings account (which was one of the highest paying during the pandemic, where they never went lower than 0.70% APY when the Fed rate was 0), their rate increased today from 2.30% to 2.61% APY (for balances $25,000+). This notice is not for anyone wanting a new Neighbors account, as they are not accepting new accounts at this time (not that anyone would want a new account, since we can get higher than that at other places, with no $25K minimum). This notice is just for information purposes only.