Credit Union and Bank Rates

A lot of things have changed since the last liquid summary two weeks ago. At that time, the odds seemed high that there would be a 50-bp Fed rate hike today. Then Silicon Valley Bank (SVB) and Signature Bank failed, and a banking crisis began. The odds of a 50-bp rate hike went to zero and the odds of a Fed pause grew. As of this morning, a 25-bp Fed rate hike appears to be the most likely outcome for this afternoon.

Another Fed rate hike of 25 bps should keep...

As DA reader, vlad, noted in a Forum post yesterday, Florida-based TotalDirectBank (TDB) has taken a “good step in [the] right direction” with the recent Direct Money Market Deposit Account (DMMDA) rate increase. Subsequent to a recent 60 bps rate hike, the DMMDA currently earns 5.05% APY on balances of $2.5k and above; balances of less than...

Thanks to DA reader, RichReg, for his enthusiastic Forum post about the new Magnetic Money Market Account offered by Kansas-based Brilliant Bank (internet division of Equity Bank). Currently earning 4.65% APY, a Magnetic Money Market Account requires a $1k minimum opening deposit, with a $500k maximum deposit and/or balance. While the 4.65% APY applies to all balances, there is a $10 monthly service...

Nashville-based INSBANK Online has re-branded as Finworth. In addition to the new name and logo, the online division of INSBANK has a new and improved website. As part of this new launch, Finworth is offering two very competitive CDs: 12-month (5.25% APY) and 18-month (5.27% APY). The minimum opening deposit is $50k, with a balance cap of $240k per CD. There is no limit...

Market worries about the banking sector returned on Wednesday as Switzerland’s second largest bank experienced new troubles. In the U.S., shares of First Republic Bank fell 21% on Wednesday after Moody’s Investors Service placed it along with five other U.S. banks on review for potential downgrades.

As I mentioned in my Fed meeting preview, this banking sector turmoil and its risk to financial stability may convince the Fed to keep rates unchanged at its meeting next week. Odds of a 25-bp Fed rate hike fell on Wednesday and are now close...

Less than a month ago, California-based internet bank UFB Direct introduced two new accounts: UFB Preferred Money Market and UFB Preferred Savings, both of which offered 4.55% APY. As of yesterday, UFB Direct has upped the rate on both accounts to 5.02% APY.

As stated by a UFB Direct official,

If you have either a UFB Preferred Money Market and/or a UFB Preferred Savings account, feel free...