Credit Union and Bank Rates

Oklahoma-based Vio Bank introduced the Cornerstone Money Market Account (Cornerstone MMA) in April 2021. At that time, there was only a few bps difference between the Cornerstone MMA APY and the Vio Bank High Yield Online Savings (HYOS) APY. While the HYOS APY plateaued at 1.10% APY about a year ago, the Cornerstone MMA rate has steadily risen in the past 18 months, gaining...

As DA reader, RichardW, observed in a Forum post last week, Sallie Mae Bank (SMB) recently increased the rates on the majority of its CDs. The most noteworthy rates belong to the 12-month CD (5.50% APY), 15-month CD (5.55% APY), and 24-month CD (5.25% APY). The minimum opening deposit is $2.5k, with no stated balance cap. (Note: These are CDs that are offered...

In the wake of events unfolding here and around the world, this Thanksgiving holiday has special meaning to me this year. Thanksgiving is a good reminder to take some time to reflect on all we have to be thankful for; an opportunity to hold loved ones - both family and friends - close; and a chance to focus on the peace this holiday season represents. As always, I am thankful for your continued support and trust, and I wish you a Happy Thanksgiving.

Regarding CD rates, savers can be thankful that...

The odds of additional Fed rate hikes plummeted this week after the release of October CPI and PPI inflation reports. The numbers from both were below consensus, and the market has viewed this news to be sufficient to end any additional Fed rate hikes. The odds of future Fed rate hikes have fallen to near zero, and the odds of at least one rate cut by the Fed’s May 1st meeting have risen to 58.3% (Odds are based on Fed Funds futures via the CME FedWatch Tool.)

In a Forum post earlier this month, DA reader, redfarm, noted that My Banking Direct had increased the High Yield Savings (HYS) account rate. Following a 35-bps increase, the HYS currently earns 5.35% APY on balances of $1+. Opening an HYS requires a $500 minimum deposit.

While the 5.00% APY currently applies to all balances, the...

Nashville-based INSBANK rebranded its online division as Finworth in March and by late summer, the Finworth product line included several competitive CDs. Finworth has been restructuring the CD product line, with the most recent changes being the removal of the 8-, 16-, and 21-month CDs and the re-addition of the 14-month CD (5.70% APY) and 22-month CD (5.50% APY). Of the two, the 22-month CD has the more competitive rate. All...