Bank Deals Blog

A few months ago, Eclipse Bank (Eclipse) added the 2% Ultimate Checking account to its product line. At first glance, I thought it was a rewards checking account (RCA), but it’s more like “RCA light.” To qualify for the 2.02% APY (up to $250k), the only requirement is a Direct Deposit, which must start within 60 days of account opening; there is no debit card...

When Texas Bank Financial introduced its new Kasasa Cash Checking account nine months ago, its initial 4.00% APY on qualifying balances up $50k was definitely “wow-worthy.” While the current 2.02% APY isn’t an outstanding rate, the large balance cap (qualifying balances up to $50k) makes this Kasasa Cash Checking account quite competitive. Qualifying balances above $50k earn 0.25%...

In April I reviewed the new Kasasa Cash and Saver accounts at California-based ECCU (formerly known as Evangelical Christian Credit Union). This reward checking account had three nice attributes. First, it was available nationwide, albeit with religious affiliation. Second, the top yield was 3.00%. Lastly, the top yield applied to balances up to $35k (the balance cap). ECCU recently announced an unfortunate change that will be effective in September. The balance cap is falling from $35k to $10k. Starting in September, only balances up to $10k will qualify for the...

Ohio-based Cortland Bank recently unveiled two new rewards checking accounts – Choice Premier Checking and Choice Interest Checking. While structured similarly, the Choice Premier Checking has the higher rate: 2.50% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning...

While the tiered rates on Nusenda Credit Union’s (Nusenda CU) 18-month CD have lost 30 bps between March and June, they are still the highest 18-month CD rates available in New Mexico. With seven deposit levels between...

Millbury National Bank (MNB) began offering Kasasa brand products three years ago. The Kasasa Cash account currently earns 2.02% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.40% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualifying requirements include,

• At least 12 debit card purchases.
• At...

CDs with an APY of 2.00% or greater are now a rare find, but they do exist! Education First Federal Credit Union’s (Education First) 5-year CD currently earns 2.38% APY, making it the highest 5-year CD rate available in Texas. The 3-year (1.92% APY), 2-year (1.46% APY), and 1-year (1.26% APY)...

Louisiana-based Carter Credit Union (Carter CU) is currently offering competitive rates on all of its Share Certificates, with the 12-month Share Certificate having the best APY. Terms of 36 months or more receive an additional 10 bps for three or more additional account relationships. The minimum deposit for any of these Share Certificates...

A new month has brought a new round of rate cuts. Unfortunately, we’ve had some large rate cuts at the well-established online banks. Online savings account rates have been slashed by 20 to 30 bps at Capital One, Barclays, Synchrony and Marcus by Goldman Sachs. Synchrony’s new rate is 0.75%, and the new rate of the other three is 0.80%. These rates are all-time lows at Barclays, Synchrony and Marcus by Goldman Sachs.

New online banks will often have rates higher than the well-established banks for at least the first year...

Last week’s FOMC meeting and press conference by Fed Chair Powell further reinforced the long road ahead of near-zero rates. Fed Chair Powell explained that even after the pandemic is over, it could take years for the unemployment rate to fall back to the pre-pandemic rate. Even when that does occur, the Fed will be in no rush to hike rates. More reports have come out that point to the Fed being willing to accept inflation running above its target for a while before deciding to hike rates. According to...

The 1- and 2-year CDs offered by Coastal Community and Teachers Credit Union (CCATCU) currently have two of the highest CD APYs in Texas. The 24-month CD (1.66% APY) and 12-month CD (1.41% APY) can be opened with a minimum $1k deposit.

In my January blog post about CCATCU’s 12-month CD Special (no longer available), I made mention of the seemingly incomprehensible...

For the past few years, CoVantage Credit Union (CoVantage) consistently offered regional rate leading CDs. Although the rate on the 24-month Certificate has dropped significantly in the last year, the current 1.25% APY equals the top rate offered by a nationally available 2-year CD. The minimum opening deposit is $1k, with no stated balance cap.

The 24-month Certificate is also available as an IRA (Traditional, Roth, and...