Silvergate Bank Introduces New Premier Online Savings Account

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UPDATE 8/23/2016: No longer available; has been replaced with High Yield Online Savings.

Availability: Nationwide

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.

Availability

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.

Bank Overview

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.

Comments
Silvergate Bank Boosts Rate On 2-Year High Yield Online CD

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Availability: Nationwide

In January 2013, Silvergate Bank begin offering a 2-year High Yield Online CD, which debuted with a competitive (but not spectacular) rate. The APY on the 2-year High Yield Online CD dropped within months of the initial offering, but began a slow but steady climb back to the original rate.

Silvergate Bank raised the rate on the 2-Year High Yield Online CD...

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Silvergate Bank High Yield Online CDs

High Yield Online CDs

In January 2013, Silvergate Bank begin offering online CDs (1-year and 2-year) on its website. These two High Yield Online CDs debuted with competitive rates, albeit not spectacular rates. The rates on both CDs dropped soon after the initial offering, but have continued to climb back to the original rates. Silvergate Bank has recently raised the rate on the 1-Year CD, pushing it beyond its original rate.

The rates, as of today, are:

  • 2-Year High Yield Online CD 1.16% APY
  • 1-Year High Yield Online CD 1.08% APY
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Online Savings Account and CDs at Silvergate Bank

Update 8/6/13: The bank has stopped accepting applications for the High Yield Online Savings account.

Silvergate Bank has recently started offering an online savings account and online CDs on its website. They call them High Yield Online Savings and High Yield Online CDs. The rates are competitive but not great. Nevertheless, I'm always happy to see new internet accounts. The more competition, the more pressure for banks to offer higher deposit rates.

High Yield Online Savings Account

The High Yield Online Savings Account has a 0.90% APY for balances of at least $1,000...

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4.02% 7-Month / 4.28% 15-Month CD at Silvergate Bank in California
Silvergate Bank is offering some attractive rates on its CD specials. These include a 4.02% APY 7-month CD and a 4.28% APY 15-month CD. The minimum deposit is $10,000. There are also competitive standard CDs with a 4.23% APY for 12 months and a 4.49% APY for 24 months. These have a minimum deposit of $2,500. An additional 0.20% is available with a new checking account with a minimum deposit of $500 and direct deposit established within 30 days.

It appears that a branch visit may be required to open...

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