Bank Deals Blog

As DA reader, thowellIII, noted in a Forum post yesterday, Maryland-based CFG Bank (CFG) added 35 bps to both the High Yield Money Market and 13-month Penalty Free CD.

High Yield Money Market

The nationally available High Yield Money Market (HYMM) currently earns 1.65% APY on balances of $1k and above. The minimum opening deposit is $1k...

For a limited time, AgFed Credit Union (AgFed) is offering an 18-month Special Certificate earning a very competitive 2.60% APY. This rate just recently increased from 2.30% to 2.60% APY (As of early July 1st, AgFed's website hasn't been completely updated with the new rate.) The...

In 2019, DA reader, redwilli1, asked “Has anyone heard of BrioDirect HYS?”

As of yesterday, I think anyone who read DA’s Liquid Rates Summary knows exactly what the BrioDirect High-Yield Savings (HYS) account is: the new leader of the nationally available savings/money market account rate peloton. Following a rate increase of 65 bps, the HYS currently earns 1.80% APY on all balances. Since mid-May, the HYS has gained 140 bps in three rate increases.

High-Yield Savings

• 1.80%...

Online banks continue to respond to the June 15th 75-bp Fed rate hike by increasing their online savings account rates. A few online banks have been aggressive with their rate hikes, but in most cases, the rate hikes have been relatively small.

As you can see below, several of the well-known online savings accounts have finally had their rates increased to 1%+ APY. We should see many more of these rate increases in July, especially since the Fed is widely expected to hike by at least 50 bps at its...

Future interest rates will depend heavily on how inflation and the economy evolves this year. The Fed will want to see a series of declining inflation readings before it transitions to 25-bp rate hikes and then to no rate hikes. That won’t happen before its July 26-27 meeting. Another 75-bp rate hike is likely, and a rate hike of at least 50 bps is very likely.

If the economy is slowing, that could bring down inflation, and that may allow the Fed to transition to no rate hikes and eventually rate...

Dallas-based CD Bank hasn’t produced any really good CD rates for more than three years. The last blog post was in April 2019 when CD Bank was offering a 24-month CD earning 3.20% APY. A series of eight rate decreases began in May 2019, with all CD rates bottoming out in 2020. Those mediocre APYs remained in effect until yesterday, when CD Bank significantly raised all CD...

Citadel has extended its $300 bonus for new checking customers who open a new Cashback Rewards Checking account or a Free Checking account through December 31, 2022.

As stated in the New Account Cash Bonus disclosure,

The $300 bonus is only available to new checking customers, defined as those who have not “closed a Citadel...

On Friday, Ally Bank increased the rate of its Online Savings account for the second time this month. The 10-bp rate hike increased the APY from 0.90% to 1.00%. For June, the APY has increased 25 bps. This follows 25 bps of rate increases in May. Before May 10th, the Ally Online Savings account rate was stuck at its...

Last week’s CD Rates Summary includes a competitive 1-year CD offered by United Texas Bank (UTB), a bank that hasn’t had any great rates for some time. With across-the-board CD rate increases of between 55 and 165 bps, the UTB 12-month CD (2.25% APY) offers the most competitive rate in the product line. Any UTB CD can be opened with a $1k minimum deposit and with no stated balance cap.

As stated on the Certificates of Deposit page, the...

State Bank of Texas (SBT) brought back its nationally available 12-month CD in December 2021 earning 0.85% APY which, at the time, was a competitive rate. In the past seven months, there have been six rates increases, adding a total of 140 bps. Currently earning 2.25% APY, the 12-month CD can be opened with a $25k minimum deposit and is capped at $250k.

According to CSR, the Early Withdrawal Penalty for the 12-month...

Capital One did something that is rare. It increased a CD rate to a market-leading level. The rare event occurred on Thursday when Capital One increased the APY of its 18-month 360 CD from 1.50% to 2.50%. Capital One often has competitive rates on its CDs, but they are rarely top rates for online banks.

In 2021, the Capital One 360 18-month CD rate was stuck at 0.25%. That’s only one tenth...