We have another internet savings account with a 1.00% APY. First Trade Union Bank has just increased the rate on its FT High-Yield Savings account from 0.70% to 1.00% APY. This applies to balances of $2,500 or greater. The rate is only 0.05% for balances under $2,500. On the plus side, there are no monthly service fees. There is no rate guarantee, so this rate is subject to change at anytime. Please refer to the bank’s FT High-Yield Savings page for the full details.
This savings account used to be called the High and Mighty Savings. It had been competitive in 2011 when the top yield was 1.05%. The rate fell to 0.70% in May 2012 where it has stayed until this rate change.
The bank has a free external transfer system that allows you to transfer money between your First Trade accounts and your accounts at other financial institutions. However, there is one major downside. I was told using the bank’s online chat system that the outgoing limit is only $5,000. There are no limits for incoming transfers. When I asked if limits apply for transfers initiated from another bank, I did not receive a clear answer. I don’t know why the bank thinks a $5,000 outgoing limit is adequate. Unfortunately, this is a common problem with many small internet banks.
Internet Checking and $100 in Cash Bonuses
First Trade Union Bank has an internet checking account called FT Checking. It has no minimum balance requirement and no maintenance fees. Also, it offers ATM surcharge rebates. The first order of basic checks is free.
The bank offers mobile banking with features like check deposit. It has been highlighting its mobile payment app FT Pay. It’s still offering a bonus for using FT Pay. A total bonus of $100 is available with direct deposit. Please refer to the bank’s promo page for the full details.
Online Application - Available Nationwide
These FT Checking and Savings accounts can be opened online with the bank's online application, and they're available to people in any state. Account funding can be done with an ACH transfer from your existing checking or savings account.
First Trade Union Bank branches are located in Boston, MA and in New Hyde Park, NY.
The bank has an overall health grade at DepositAccounts.com of a B with a Texas Ratio of 14.66% (above average) based on September 2013 data. Please refer to our financial overview of First Trade Union Bank for more details. The bank has been a FDIC member since 1987 (FDIC Certificate # 32551).