Bank Deals Blog

This is another reminder that this is my new version of the weekly summary with the Fed review split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. This change was done to separate the economic and political discussion from the deal discussion. Often economic discussion leads to political discussion, and that can create lots of comments which drown out comments on deals and rates. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review...

This is my new weekly review of the Fed, the economy and what we can expect of future deposit rates. This used to be part of my weekly summary, but it will now be a separate post. My weekly summaries will now be focused entirely on deposit rates and deals, and they will be published on Tuesday evenings. This change was done to separate the economic and political discussion from the deal discussion. Often economic discussion leads to political discussion, and that can create lots of comments which drown out...

Nowadays, saving money in an account at many big banks is just about as useful as stashing it under your mattress if you’re looking to earn returns. Not only have rates on deposit accounts at traditional banks barely budged in the last few years — despite a wave of rate hikes from the Fed — but they often penalize customers with fees for everything from carrying a balance under a certain amount or daring to use an out-of-network ATM.

Over the weekend, First Community Credit Union (First Community CU) raised the rates on two of its long-term CDs: 72-month (3.75% APY) and 60-month (3.50% APY). The minimum deposit for either CD is $500, with no stated balance cap.

Looking to learn more about Patriot Bonds? Let’s start with a quick explainer of what savings bonds are. They’re low-risk investments that are backed by the U.S. government. After you purchase the bond, they pay you back the principal plus interest.

Savings bonds come in a number of shapes and sizes, with some earning interest differently than others. Series EE savings bonds, which have a fixed rate of return, are available online from the U.S. Department of the Treasury via TreasuryDirect.gov.

Citizens Bank (RI) unveiled its new internet division, Citizens Access, in July 2018. The new bank's Online Savings Account offered an initial 2.00% APY on balances of $5k and above; balances below $5k earned 0.25% APY. Two rate increases in September and October added a total of 25 bps, although the lower rate tier remained static.

Since October’s increase, the Online Savings Account rate hasn’t changed until this morning: the new rate...

Massachusetts-based UniBank for Savings (UniBank) is currently offering a 14-month CD Special, which earn 3.00% APY. The minimum opening deposit is only $500, and the maximum is capped at $1 million. There is also a limit of “one 14-month CD account per customer holding the position of primary account holder.”

In December, I wrote about two CD Specials at...

New Jersey-based Liberty Bell Bank is currently offering a 15-month CD Special (3.00% APY). The minimum deposit is $2.5k, with no stated balance cap.

The CD Special is also available as an IRA (Traditional), earning the same APY with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is three months interest on the...

Earlier this week, Gesa Credit Union (Gesa CU) raised the rate on its 36-month Bump Certificate to 3.50% APY. The bump option allows for a one-time rate increase (any time during the term) that must be initiated by the certificate’s owner. This limited-time offer requires a $500 minimum opening deposit and has no balance cap.

The Bump Certificate is also available as an IRA (Traditional...

The latest institution to increase the rate on a savings account is Live Oak Bank, which added 15 bps to its Savings Account (2.25% APY) yesterday. With no minimum opening deposit requirement or minimum balance requirement, the 2.25% APY applies to all balances up to $5 million.

Throughout 2017 and for first part of 2018, the Savings Account APY was within reach of the rate leaders, but that scenario has changed....

Now through the end of January, The Harbor Bank of Maryland (Harbor Bank) is offering a series of four CD Specials, including a competitive 60-month (3.56% APY). The minimum deposit is $1k of new money, with no stated balance cap.

The 60-month CD is also offered...

Oklahoma’s Credit Union (OKCU) started the week by unveiling a 37-month CD Special, earning 3.66% APY. This limited-time special can be opened with a minimum $5k deposit, with no stated balance cap.

The CD Special is offered as an IRA (Traditional, Roth, CESA, SEP, SIMPLE), earning the same APY with the same funding requirements.

As stated in the Rate and Fee Schedule, the Early Withdrawal Penalty reads as follows: