About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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H&R Block Bank

Competitive Money Market and CD Rates at H&R Block Bank - Available Nationwide


H&R Block Bank is offering some competitive rates on its money market account and on some of its CDs. The money market account is currently the most competitive with a 1.50% APY for balances of at least $50K. It's a tiered rate account with lower rates for smaller balances. It probably won't be worth it for those with balances under $50K. Another thing to keep in mind with H&R Block Bank is that they tend to keep rates steady for quite a while, BUT when rates fall, they go way down. This happened last year when the top money market yield was 3.25%. Less than 2 weeks after I posted on this 3.25% APY, the yield fell to 1.75%.

The money market tiered rates as listed at H&R Block Bank rates page as of 10/06/2010 are as follows:

  • 1.50% APY $50,001+
  • 1.25% APY $25,001 - $50,000.99
  • 1.05% APY $10,001 - $25,000.99
  • 0.90% APY $5,001 - $10,000.99
  • 0.75% APY $1,001 - $5,000.99
  • 0.60% APY $0 - $1,000.99

Some important features of the account include:

  • $1,000 minimum daily balance to avoid $10/month fee
  • monthly refund up to $6 on non-H&R Block ATM transactions
  • ACH for initial funding (application via Andera.com)
  • No apparent ACH service after account is opened

CD and IRA CD Rates

Currently, the most competitive CD and IRA CD rate is the 1-year CD which has a 1.50% APY. Some of the others that are fairly competitive include the 1.75% APY 2-year CD and the 2.00% APY 3-year CD. Minimum deposit is $250. These rates are listed in H&R Block Bank's rates page as of 10/06/2010.

Details of the CDs are listed in the bank's FAQ page. Some important details mentioned in this FAQ include:

  • Early withdrawal penalty is 90 days of interest (in the past I've been told it's more for terms of over 24 months)
  • 10 day grace period at maturity
  • For applications mailed in, as long as the postmark is not after the rate was in effect, they will honor the rate/APY.
  • Interest earned on a CD can be paid monthly, quarterly or upon maturity at the customer's option.

The bank's overall health score is 4 out of 5 with a Texas Ratio of 31.22% (above average) based on 6/30/2010 data. Please refer to our financial overview of H&R Block Bank for more details. The bank has been a FDIC member since 2006 (Certificate # 58124).

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Related Pages: CD rates, IRA rates, money market accounts

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O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #1
Be careful here, as their 1% Savings Account pays interest quarterly. (I don't know if their money market account does the same.) If you close the account before the interest posts, you lose any accrued interest.
Anonymous   |     |   Comment #2
I have a Money Market accont with them.  They do not have ACH transfer abilities.  You have to "push" money from other banks or mail a form to their Omaha office.
Anonymous   |     |   Comment #3
There are better places for your money than H&R Block Bank. I still have one CD there but when it matures next February it's sayonara H&R Block.
Anonymous   |     |   Comment #4
Money Market rate is now down to 1.15& for a minimum $50K balance.
Anonymous   |     |   Comment #5
H & R Block bank did an overhaul of their online banking website.  They now allow external transfers to outside banks (a maximum of $10,000) and added bill payment.
Anonymous   |     |   Comment #6
Major reduction to Money Market account rates which are now down to 0.3% for all balances above $50K.
Anonymous   |     |   Comment #7
Money market savings rate dropped to 0.05%.  All accounts will be closed on Oct. 22, 2013 as the company no longer wants to be in the banking business.