Bank Deals Blog

It has been just over two months since I last wrote about the Certificates offered by Barksdale Federal Credit Union (Barksdale Federal). Rates have fallen, but their rates remain well above what other credit unions and banks currently offer. Barksdale Federal and its products may not technically be considered nationally available, but its field of membership is actually...

At the completion of its two-day FOMC meeting, the Fed announced a policy that’s inline with its new inflation strategy. In summary, the policy suggests that we won’t see a Fed rate hike for a long time, a period that's even longer than what was suggested at previous Fed meetings. The Fed also released updates to its Summary of Economic Projections (SEP) which includes federal funds rate forecasts that now extend out through 2023. Based on the FOMC statement and the SEP, it looks very unlikely that the Fed will...

Major online banks continue to cut their savings account rates further below 1.00%. The latest of these include Discover Bank Online Savings (0.80% → 0.70%), Marcus by Goldman Sachs Online Savings (0.80% → 0.60%), and Live Oak Bank Online Savings (0.85% → 0.70%). All of these new rates are all-time lows for these accounts.

The number of online savings and money market accounts with rates of at least 1% has been falling. In the last two weeks 3 accounts had rate cuts that took them below 1%.

On a slightly positive note,...

The two-day FOMC meeting began today. The meeting statement is scheduled for release at 2:00pm EDT Wednesday. In addition, the update to the Summary of Economic Projections (SEP) should also be released. At 2:30, Fed Chair Powell’s press conference should begin.

We will likely see some minor modifications to the meeting statement to reflect the Fed’s new inflation strategy in which they plan to maintain policy to keep the inflation average at its 2% target. Unlike in the past, this will likely result in the Fed keeping rates near zero for...

Iowa-based Westside State Bank (Westside) has been offering Kasasa brand products for more than three years. The Kasasa Cash account currently earns 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification cycle requirements are straightforward and do not...

While New York-based Quontic Bank lowered the rate on its High Interest Checking to 1.25% APY a few days ago, the $1 million qualifying balance cap is still in effect. Qualifying balances above $1 million do not earn any interest, with non-qualifying balances earning 0.01% APY.

Added to the product line in September 2019, Quontic’s rewards checking account (RCA) was originally called Amplify Interest Checking and earned 2.00% APY on qualifying balances up...

Maryland-based Severn Bank began offering Kasasa brand products about 14 months ago. The Free Kasasa Cash Checking account has maintained its initial 3.00% APY on qualifying balances up to $15k. Qualifying balances greater than $15k earn 0.20% APY, while non-qualifying balances earning 0.05% APY.

Qualification Requirements

• At least 12 monthly debit card purchases.
• One ACH, or Direct Deposit, or Bill Pay transaction per monthly qualification cycle.
• Enrollment in eStatements.

North Carolina-based Select Bank & Trust (Select Bank) is currently offering a Money Market Special, which earns a 0.95% APY that is guaranteed for the first 12 months following account opening. (After the first 12 months, the APY will convert to the standard Money Market variable rate, which is currently 0.40% APY.) The minimum opening deposit...

Thanks to DA reader, alan1, who noted the absence of two USALLIANCE Financial (USALLIANCE) Certificate Specials in this week’s CD Rates Summary.* As alan1 pointed out, the 9-month (0.80% APY) and 11-month No Penalty (0.75% APY) are currently offering rates that merit inclusion in the Summary. While not having rates as competitive as...

While Sandia Laboratory Federal Credit Union (SLFCU) has been offering a 24-month CD for several years, SLFCU added a $500k deposit tier in May, which currently earns 1.45% APY. The other four APYs are 1.35% ($200k), 1.25% ($100k+), 1.15% ($50k+), and 1.05% ($1k+).

The 24-month CD is also offered as an IRA CD...

It’s been almost two years since I had occasion to write about CDs offered by Illinois-based Consumers Credit Union (CCU). Last week, CCU raised the rates on all three 20-month CDs by a uniform 25 bps. The new rates may seem low, but in today’s environment, they’re very competitive. Any rate hike these days is a ray of hope for...

A surge of CD rate cuts occurred again with the start of a new month.

The latest major online bank to slash its CD rates to new all-time lows is American Express. Its 5-year CD rate was slashed from 0.85% to 0.55%. The pre-2020 all-time low was 0.60% in 2013 and early 2014. One interesting thing to note regarding American Express’s CD rate history was that its CD rate increased in 2014 and 2015 even as the Fed held the federal funds rate to near zero. In late January 2014, the...