UPDATE 8/23/2016: No longer available; has been replaced with High Yield Online Savings.
Earlier this week, California-based Silvergate Bank introduced its new Premier Online Savings account. The Premier Online Savings account earns 1.11% APY on balances between $10K-$3M, with balances over $3M earning 0.25% APY and balances between $1K-$10K earning 0.10% APY.
The Premier Online Savings account can be opened with a minimum deposit of $1K, and the initial funding,
may be made by internal transfer from an existing account at Silvergate Bank,
a wire or cashier's check, or an ACH debit to an account you own at another bank.
There is a substantial monthly maintenance fee of $50 that can be waived if an average daily balance of $50K is maintained and the account holder is enrolled in eStatements.
Silvergate Bank’s primary market area is Southern California, but also offers a small number of products nationally, including the new Premier Online Savings account and a few High Yield Online CDs.
To open a Premier Online Savings account (or any other Silvergate Bank online account), you must be a US citizen or full-time resident, with a valid Social Security number. A link to the online application can be found on Premier Online Savings account page.
Silvergate Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 5.89% (excellent), as of September 30, 2015 data. In the past year, Silvergate Bank has increased its total deposits by $146.17 Million, an excellent annual growth rate of 29.64%. Please refer to our financial overview of Silvergate Bank for more details.
Headquartered in San Diego, Silvergate Bank (FDIC Certificate #27330) opened in 1988, specializing in meeting the needs of small businesses. A subsidiary of Silvergate Capital Corporation, Silvergate Bank’s charter was changed from an industrial bank to a commercial bank in 2009, allowing the Bank to offer demand deposit accounts. Today, Silvergate Bank offers a full line of services and products in Southern California, with limited online Savings accounts and CDs available nationally.
How the Premier Online Savings Compares
When compared to the 142 similar Savings accounts tracked by DepositAccounts.com that are available nationally, Silvergate Bank’s Premier Online Savings APY currently ranks third, regardless of minimum deposit requirements.
The above rates are accurate as of 1/21/2016.
To search for nationwide Savings Account rates and Savings Account rates in your state, please refer to the Savings Account rates section of DepositAccounts.com.