Bank Deals Blog

Since the beginning of June, I have written twelve blog posts about rate increases on nationally available liquid accounts (savings, MMA, checking). With this week’s rate increase on BankDirect’s Money Market Account (1.16% APY), this becomes the thirteenth.

BankDirect’s Money Market Account can be opened with a $500 minimum deposit, but the minimum balance to earn the stated APY is $10k. As stated in the Disclosure Booklet,

The new 1.16% APY is not “wow-worthy” in itself, but this...

Earlier this week, a long-time DA reader told me about two nationally available CDs at Tennessee-based INSBANK, which he saw advertised in the Tennessean. INSBANK is currently offering a 23-month CD (1.85% APY) and a 16-month CD (1.50% APY) nationwide. Of the two, the 23-month CD is the more competitive.

The minimum opening deposit for either CD is $25k, with a balance cap of $249k per CD. This is a limited-time offer,...

Ion Bank recently added a 19-month CD Special (1.75% APY) that requires a new or existing checking account relationship. The minimum opening deposit is $500, with a maximum deposit of $250k per customer.

Ion Bank has four checking accounts (Free Checking, Preferred Checking, Classic 50 Checking, Preferred 50 Checking), all of which qualify for the checking relationship.

In a Live Chat, CSR stated that the Early Withdrawal...

Last week, Wright-Patt Credit Union (WPCU) raised the rates on its 6-11 month Share Certificate, which now earns 1.33% APY ($100k) and 1.23% APY ($500).

The 6-11 month Share Certificate is also offered as an IRA (Traditional), earning the same APYs with the same funding requirements.

All America Bank (and its online “country cousin” division, Redneck Bank) raised the rate on its Mega Money Market (1.50% APY) by 25 bps yesterday. While the Mega Money Market has no minimum balance requirement, the 1.50% APY is capped at $35k; balances of $35k+ earn 0.50% APY.

All America Bank has been offering the Mega Money Market since 2009, with an initial rate of 2.00% APY that lasted for more than...

A week ago, I wrote about BTH Bank’s Worry-Free Money Market account (1.78% APY, $500k+), which is indexed to the 1-Year Treasury rate. BTH Bank also offers two Worry-Free CDs that are also indexed to the Treasury rate: 30-month (2.04% APY) and 60-month (2.24% APY); of the...

Now through December 31, 2017, Camden National Bank (CNB) is offering up to $300 in checking bonuses when opening any of three checking accounts with Direct Deposits of at least $500 during the second statement cycle. The amount of the bonus is dependent on which checking account is opened.

• $100 bonus when opening a new Simple Promise checking account.
• $200 bonus when...

The Fed moved as expected last week by raising the federal funds rate by 25 basis points. This is the second Fed rate hike of 2017 and the third Fed rate hike in the last six months.

Now the important question is whether we’ll see more Fed rate hikes in 2017. The main issue that could prevent the Fed from hiking again in 2017 is low inflation. The Fed’s new economic projections issued after last week’s meeting lowered the expected inflation for 2017 from a range of 1.8%-2.0% to a...

Deal Summary: 11-month No Penalty CD: 1.50% APY, $25k minimum (increase of 15 bps).

For the second time in the last week, Ally Bank raised the rates of its 11-month No Penalty CD. This is an especially pleasant surprise since last week’s rate hike was such a good deal. You’ll need a minimum deposit of at least $5k to benefit from this rate increase. The top-tiered rate increased 15 basis points to 1.50% APY while the mid-tiered rate increased 20 basis points to 1.25% APY....

After several internet banks have raised their rates to 1.15% and above, the recent rate hike of the High Yield Savings Account (HYSA) at American Express Bank, FSB (1.05% APY) may not sound like an exceptional deal. Nevertheless, I thought it was worth a blog post since the internet bank has several features that give them an advantage over others. In fact, I seem to receive more positive opinions from readers about this bank...

Last month, Denmark State Bank (DSB) unveiled a new 39-month CD (2.05% APY). The minimum opening deposit is $5k, with a “limit of $250,000 per ownership type.”

According to CSR, the Early Withdrawal Penalty is a very substantial “all interest earned.”

Active Performance Checking

DSB’s Active Performance Checking has been earning 2.00% APY on qualifying balances up to $10k since October 2014. Qualifying balances of $10k+ earn 0.25% APY,...

I last wrote about SFGI Direct more than three years ago when the rate on its Savings Account was raised to 1.01% APY. At that time, 1.00% was considered to be competitive, and I even began using the phrase, “the 1% club.” As of today, SGFI Direct’s Savings Account now earns 1.16% APY.

My January 2014 blog post about the SFGI Direct Savings Account details the account’s rate history from its introduction in 2009...