Bank Deals Blog

For the first time in about three years, Massachusetts-based Salem Five Direct has increased the rate on its eOne Savings account. The eOne Savings account now earns 1.01% APY on all balances up to $1 million (balances over $1 million will be transferred to a Statement Savings Account that earns 0.01% APY). The addition of 61 bps has put the eOne Savings account near...

Spring is here and Scient Federal Credit Union (Scient) wants to “help your wealth bloom with our Share Certificate Specials” (SCS). There is a limit of one SCS per Social Security number. Although no end-date is specified...

In the last six weeks, I’ve been reviewing the latest competitive money market and CD deals from the deposit platform, SaveBetter (SaveBetter.com). Last week, one of SaveBetter’s partner banks, Liberty Savings Bank, FSB, increased the rate of its High Yield Savings Account (HYSA) by 50 bps to 1.06% APY. This is now the highest liquid account rate at SaveBetter, and it’s one of the highest online savings account rates in the nation.

As DA reader, midas89, noted in a Forum post last week, CFG Bank’s (CFG) nationally available High Yield Money Market (HYMM) had a rate increase of 20 bps. It currently earns 1.02% APY on balances of $1k and above. The minimum opening deposit is $1k and new money is required.

A Little History

More than three years ago, New York-based USALLIANCE Financial (USALLIANCE) introduced the High Dividend Savings (HDS) account with an initial 2.30% APY. The HDS offered a competitive rate for about seven months before the APY began dropping. Between March 2020 and February 2022, the APY was anything but competitive. A recent increase of 35 bps boosted the rate to 1.00% APY, once again putting the HDS in good company....

This has been a busy week at Ally Bank. On Wednesday, Ally Bank finally increased the rate of its Online Savings Account. It was just a 10-bp rate hike that increased the rate to 0.60%, but it finally moved the rate above the rate bottom that the account had been stuck at since December 2020. Ally Bank’s Money Market also...

Five months ago, State Bank of Texas (SBT) brought back its nationally available, limited-time 12-month CD earning 0.85% APY. The 12-month CD is again available with a highly improved 1.85% APY. The minimum opening deposit is $25k, and there is a cap of $250k.

According to CSR, the Early Withdrawal Penalty for the 12-month CD is a very mild 30 days of interest....

This is the fourth blog post about the KS StateBank CDs since mid-February. While all of the KS StateBank nationally available CDs have experienced significant rate increases in the past three months, the longer-term CDs have had dramatic increases of between 110-125 bps during the same...

Nebraska-based Cobalt Credit Union (the former SAC Federal Credit Union) is currently offering a competitive 2.00% APY ($100k minimum) and 1.90% APY ($1k minimum) on its 18-Month Term Share Certificate (TSC). Since mid-February, the 18-month TSC has had four rates increases, adding a total of 145 bps.

The 18-month TSC is also available as an IRA...

Last month, CoVantage Credit Union (CoVantage) offered a 34-month Certificate Special earning a competitive 2.00% APY. CoVantage is again offering a CD Special with a 2.00% APY, but this time the term is 11 months. The minimum opening deposit is $1k, with no stated balance cap.

The 11-month Certificate Special is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with...

It’s been four years since I last wrote about Crescent Bank. At that time, the product line (including CDs) was offered exclusively to Louisiana residents. As I was doing preliminary work for this week’s...

As today’s April CPI numbers show, inflation continues to run hot. The numbers today exceeded forecasts, and adds to the concerns that the Fed won’t be able to pull inflation back to normal levels. The Fed’s rate hikes have been impacting CD rates, but CD rates are still well below the inflation rate. Also, with many more Fed rate hikes likely, it’s hard to find CDs attractive. For balances under $10k, the Series I Savings Bond is clearly superior since it’s indexed with inflation. The May I bond interest rate...