Hot Money Market Special at Noah Bank in NY, NJ & PA - Local Only

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Update 7/18/2012: This promotion has ended.

Noah Bank is offering a very competitive special for its Super Noah Money Market Account. The promotion is guaranteeing a 1.25% APY until March 31, 2013. Minimum balance to qualify for this yield is $50,000. This minimum balance is also required to avoid a $10 monthly service charge. This offer is listed on this bank's promotion page as of 7/16/2012. According to the small print it "may be discontinued without notice. Hat tip to DA member Rita who reported on this promo in this forum thread.

There's also a special 1-year CD with a 1.15% APY. Minimum deposit is $1,000. This is listed this promo page as of 7/16/2012.

At the top of the promotions page, it states to "Call your local Branch for more information." This is also a link that points to the bank's location page which also lists the phone numbers for each branch. Based on this, I'm considering this a local deal. It's sometimes possible at a small bank for a branch manager to agree to open an account for someone who isn't local. However, this is typically a "your miles may vary" (YMMV) situation, and even if the manager agrees, it may not last if the bank receives too many calls.

Noah Bank branches are located in the cities of Elkins Park, PA; Palisades Park, NJ; Fort Lee, NJ; and Flushing, NY.

There's an overview of the bank at its CEO page:

Headquartered in Philadelphia, Noah Bank (formerly Royal Asian Bank) is a Pennsylvania-chartered bank that was launched in 2004. We provide financial products and services to businesses and consumers primarily in the Korean-American communities of Southeastern Pennsylvania, Northern New Jersey and Flushing, New York.

Noah Bank was created when Royal Bancshares of Pennsylvania sold Royal Asian Bank (its subsidiary) to a group led by today's Noah Bank president. Details of this transaction were described in this 2009 Philadelphia Business Journal article.

Noah Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 21.04% (average) based on March 2012 data. Please refer to our financial overview of Noah Bank for more details. The bank has been a FDIC member since 2006 (FDIC Certificate # 58196).

How This Money Market Rates Compare

As of 7/16/2012, there are 3 banks with nationally available money market accounts with yields of 1.25%.

In the last week of June UFB Direct (a division of BofI Federal Bank) raised its money market account yield from 1.15% to 1.25%. Based on UFB Direct's history, it's unlikely that this will last past 2012.

EverBank has been offering its 6-month intro rate of 1.25% since early June. This was originally a 1.05% guarantee when EverBank first launched this in March. The downside of this promo is that it's only for new EverBank customers, and the balance that qualifies for this yield is capped at $50K for the money market account and $100K for the checking.

The third nationwide bank offering a 1.25% APY is TIAA Direct. This isn't a promo rate, and there's no guarantee about how long this will last. It has lasted since TIAA Direct was first available to the public in February.

Comments
Kaight
Kaight   |     |   Comment #1
This is a very interesting and attractive offering.  The question left unanswered is the amount of the early closure fee, if any.  Should one need cash early on and be unable to leave $50K on deposit, the early closure fee, if it exists, might come into play.
Rita
Rita   |     |   Comment #2
This promotion ended on July 18, 2012.
KenBDG
KenBDG   |     |   Comment #3
Thanks for the update. Sorry to see it end so early.
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