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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Best Bank Account Interest Rates - Summary for Week Ending November 3, 2013


Best Bank Account Interest Rates - Summary for Week Ending November 3, 2013

As expected, the Fed didn’t announce any new policy changes at its FOMC meeting last week. Many are now thinking we won’t see the start of tapering until well into 2014. The only thing that could change that will be an economy that starts growing much faster than expected. Even if that occurs, the Fed may want to wait to ensure the trend is long-lasting before it starts tapering and taking other steps to begin unwinding its unprecedented stimulus. I just hope inflation doesn’t start rising as several economists have warned.

Even with the Fed deciding to delay tapering, Treasury yields went up last week. There continues to be some signs of an improving economy. The latest was the ISM manufacturing index which showed that U.S. manufacturing expanded at a faster pace than forecast. Last week’s change in Treasury yields and Fed funds futures are shown below. The following numbers are based on Daily Treasury Yield Curve Rates and the CME Group FedWatch.

Treasury Yields:

  • 1-month: 0.03% up from 0.02% last week
  • 6-month: 0.08% same as last week
  • 2--year: 0.33% up from 0.32% last week
  • 5--year: 1.37% up from 1.30% last week
  • 10-year: 2.65% up from 2.53% last week
  • 30-year: 3.69% up from 3.60% last week

Fed funds futures' probability of rate hike by:

  • Jan 2015: 30% down from 34% last week
  • Apr 2015: 49% down from 51% last week
  • Jul 2015: 68%

One bank failed last week which raises total number of bank failures for the year to 23. As a comparison, at this time last year there had been 49 bank failures for the year.

Savings & Checking Account Rates

Like the previous two weeks, there was just one bank that changed its rate, and that change was a rate increase. This time its SFGI Direct. It raised its savings account rate from 0.86% to 0.91%. There are now 11 internet banks with savings or money market accounts with rates of either 0.90% or 0.91%. Hopefully, this competition will encourage more banks to raise their rates closer to 1.00%.

We currently have only four institutions with non-promo rates at or above 1.00%. Three of those four are the new iGObanking.com money market account, the SmartyPig savings account and Palladian Private Bank savings account. All of these now offer a 1.00% APY. The highest rate continues to be at Connexus Y.E.S. Money Market Account which has a top-tier APY of 1.15% for a $100K minimum balance. An important downside of this account is that it requires an active checking account and direct deposit.

Reward Checking Accounts

There was one rate cut and one balance cap cut last week in my list of nationally available reward checking accounts.

ABCO Federal Credit Union reduced its top-tier rate of its Premiere Checking account from 2.02% to 1.76% APY. The balance cap remains at $25K. Security Bank is now the clear leader for a $25K balance cap. Its top-tier rate continues to be 2.05% APY. It appears to still be available nationwide, but remember, small banks often reduce the availability of their reward checking accounts to their state or local market area.

The balance cap cut was at BankFirst Financial Services which reduced its balance cap from $50K to $25K. With a low rate of only 1.25% APY, I’m disappointed to see this cut. The only bank on the list to have a balance cap over $25K is now Bank of Internet USA. It continues to have a top rate of 1.25% APY for balances up to $150K. This is a good deal for those with liquid savings that far exceeds $25K. However, its rate is only 35 basis points over the rate of many internet savings accounts. You’ll have to decide if this spread makes the extra work worthwhile.

To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to these tables, my rate table guide should be useful. If you're new to reward checking, please refer to my blog post, 10 Common Traits of High-Yield Reward Checking.

Rate Hikes:

  • SFGI Direct Savings - 0.91% [was 0.86%]

Rate/Balance Cap Cuts:

  • ABCO Federal Credit Union Reward Checking - 1.76% (up to $25K) [was 2.02% (up to $25K)]
  • BankFirst Financial Services Reward Checking - 1.25% (up to $25K) [was 1.25% (up to $50K)]

Certificate of Deposit Rates

My recap of CD rate changes and the list of CD deals will now be in my survey of the best CD rates. This recap will now focus on banking news of the week and liquid accounts.

Recap for the Week - Links to Last Week's Posts

Banking News/Resources Savings/MMA - National
  • No new posts this week
CD Deals/Resources - National Checking/Savings/CC Bonuses
  • No new posts this week
Reward Checking Accounts
  • No new posts this week
CD and Money Market Deals - Local Posts from Previous Weeks

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. Previous weekly summaries are available at this page.

Rates as of November 4, 2013

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:
Connexus Credit Union1.15% ($100K) 1.00% ($50K) 0.75% ($20K)MMA - active chk required
EverBank1.10% (6mo intro rate) 0.61% ongoing rateMMA/Checking account review
iGObanking.com1.00% ($100K) 0.75% ($75K) 0.50% ($25K)money market account - account review
SmartyPig1.00%savings account - account review
Palladian Private Bank1.00% (min $10K)savings account
SFGI Direct0.91%savings account, account review
Incredible Bank0.91% ($2.5K min)MMA account review
Bank5 Connect0.90% (min $100)online savings account (not available for MA and RI residents)
GE Capital Bank0.90%online savings account
Sallie Mae Bank0.90%MMA account review
Union Federal Savings Bank0.90% (min $2.5K)MMA account review
Barclays0.90%Savings account review
Redneck Bank0.90% (up to $35K) 0.50% (over $35K)MMA
AmericaNet Bank0.90% (up to $35K) 0.50% (over $35K)MMA
Evantage Bank0.90% (up to $35K) 0.50% (over $35K)MMA
CIT Bank0.90% ($25K) 0.85% ($100)savings account, account review
Ally Bank0.86%MMA/savings
American Express Bank0.85%savings account, account review
Colorado Federal Savings Bank0.85% ($2.5K min)savings account, account review
Capital One 3600.85% ($100K) 0.80% ($50K)360 Checking
FNBO Direct0.85%savings account
GE Capital Retail Bank (formerly MetLife)0.85% ($25K) 0.80% ($10K)Savings/MMA
Mutual of Omaha Bank0.85% (min $25)MMA, account review
Sallie Mae Bank0.80%savings account, account review
Salem Five Direct0.80%savings, for new customers only
MyBankingDirect0.80% (min $5K)MMA
Discover Bank0.80% (min $500)savings account, account review
ableBanking0.80% (min $1K)MMA
Bank5 Connect0.76% (min $100)checking account (not available for MA and RI residents)
Nationwide Bank0.76% (min $1K)MMA
Bank of Internet USA0.75%MMA
Capital One 3600.75%360 savings account
Clear Sky Accounts0.70% (max $250K)savings account, account review
Alliant Credit Union0.70% (min $100)savings account, account review
Incredible Bank0.66% ($1K min)checking, account review
Alliant Credit Union0.65%Checking (req's elec. dep & e-stmts) account review

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
Consumers Credit Union3.09% (up to $5K) 0.20% ($5K-$25K) 0.10% ($25K+)Rewards Checking
Money One Federal Credit Union3.01% (up to $10K) 0.51% ($10K+)Kasasa Cash
INOVA Federal Credit Union3.00% (up to $20K) 0.15% ($20K+)Ovation Checking
Lake Michigan Credit Union3.00% (up to $15K) 0.00% ($15K+)Max Checking
Great Lakes Credit Union3.00% (up to $10K) 0.05% ($10K+)Ultimate Checking
Belvoir FCU2.53% (up to $15K) 0.05% ($15K+)CUXcel Checking
Lee Bank2.50% (up to $15K) 0.50% ($15K+)CACHEChecking
Capital Educators Federal Credit Union2.50% (up to $10K) 0.20% ($10K+)High Yield Checking
Security Bank2.05% (up to $25K) 0.30% ($25K+)Security Bonus Checking
XCEL Federal Credit Union2.01% (up to $15K) 0.30% ($15K+)Redneck Rewards Checking
Redneck Bank2.00% (up to $10K) 0.50% (over $10K)Redneck Rewards Checking
AmericaNet Bank2.00% (up to $10K) 0.50% ($10K+)AmericaNet Rewards Checking
Evantage Bank2.00% (up to $10K) 0.50% ($10K+)Evantage Rewards Checking
ABCO Federal Credit Union1.76% (up to $25K) 0.20% ($25K+)Premiere Checking
Provident Credit Union1.76% (up to $25K) 0.11% ($25K+)Super Reward Checking
Connexus Credit Union1.75% (up to $25K) 0.31% ($25K+)Xtraordinary Checking
Community Bank of Raymore1.75% (up to $10K) 0.25% ($10K+)Rewards Checking
Community Bank of Pleasant Hill1.75% (up to $10K) 0.25% ($10K+)Rewards Checking
First Tech Federal Credit Union1.58% (up to $10K) 0.16% ($10K+)Dividend Rewards Checking
Aspire Federal Credit Union1.51% (up to $10K) 0.25% ($10K+)Kasasa Cash
Avidia Bank1.36% (up to $25K) 0.05% ($25K+)eChecking
West Texas National Bank1.26% (up to $25K) 0.25% ($25K+)Ultimate Checking
Heritage Bank1.26% (up to $25K) 0.10% ($25K+)eCentive Account
First New England Federal Credit Union1.25% (up to $15K) 0.10% ($15K+)extra 1% w/relationship
Bank of Blue Valley1.25% (up to $15K) 0.10% ($15K+)$1K/month debit card req (account review)
Bank of Internet USA1.25% (up to $150K) 0.00% ($150K+)Rewards Checking
BankFirst Financial Services1.25% (up to $25K) 0.15% ($25K+)Kasasa Cash
Legence Bank1.05% (up to $25K) 0.25% ($25K+)Kasasa Cash
North Country Savings Bank1.05% (up to $25K) 0.75% ($25K+)Advantage Checking
State Bank of Toledo1.00% (up to $25K) 0.15% ($25K+)Hometown Rewards Checking

Certificates of Deposit:

Various Deposit Account Deals

Bank Account Alternatives - NOT FDIC Insured

Duke Energy PremierNotes1.40% rate for $50K+Duke Energy PremierNotes review
Ally Financial Demand Notes1.35%Ally Demand Notes review
Ford Interest Advantage1.10% rate for $50k+Ford Interest Advantage review
GE Interest Plus1.10% rate for $50k+
Vanguard Prime Money Market Fund0.01% 7-day yield
Vanguard Tax-Exempt Money Market Fund0.01% 7-day yield
Fidelity Money Market Fund0.01% 7-day yieldreviews on Fatwallet
Fidelity Municipal Money Market Fund0.01% 7-day yield
TIAA-CREF Money Market Fund0.00% 7-day yield

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)

Anonymous   |     |   Comment #1
There is a new checking account that pays up to $20 per month: Santander Bank extra20 Checking. http://apply.santanderbank.com/promotions/extra20.asp
Shawn K
Shawn K   |     |   Comment #2
WARNING!  The Palladian Private bank,although having a lucrative interest rate, will not allow ACH debits.  The only way to get your funds out is to request, and have a CHECK mailed to you.    This is rather silly given the internet, but want to warn people of this - had gone to set up an account and noticed this and passed.

marcal   |     |   Comment #3
I also posted on the forum about the  Santander Bank extra20 Checking. http://apply.santanderbank.com/promotions/extra20.asp.   I opened the account at my local branch and asked it is available nationally. The branch manager indicated that it was. You do need a payroll deposit, not just an ACH to qualify.  I calulated the monthly interest on a $20 bonus and a $1500. balance to be around 16% interest.  Of course you pay some bills and then can transfer extra funds to an interest paying account