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Best Bank Account Interest Rates - Summary for November 4, 2014

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Best Bank Account Interest Rates - Summary for November 4, 2014

Last week’s Fed meeting had no surprises. The Fed announced the end of its asset purchase program (QE3), but it kept its forward guidance on interest rates unchanged. The Fed still says that the near-zero rates will continue for a "considerable time" after the end of QE3. Mid 2015 still appears to be the most likely time for the first rate hike. However, if the weak global economy slows US growth and inflation remains low in the eyes of the Fed, the first rate hike could easily be pushed out into late 2015. On the other hand, if the US economy continues to pick up, the chance of a mid-2015 rate hike will grow. We have been seeing signs of the US economy picking up. The latest was an upbeat US manufacturing report on Monday. Falling gas prices should help keep the economy strengthening.

The bright signs in the US economy have pushed up Treasury yields and increased the Fed funds futures’ probabilities. Below is a summary of the changes over the last week. The following numbers are based on Daily Treasury Yield Curve Rates and the CME Group FedWatch.

Treasury Yields:

  • 1-month: 0.04% up from 0.02% last week
  • 6-month: 0.06% up from 0.05% last week
  • 2--year: 0.52% up from 0.42% last week
  • 5--year: 1.63% up from 1.53% last week
  • 10-year: 2.35% up from 2.30% last week
  • 30-year: 3.05% down from 3.06% last week

Fed funds futures' probability of rate hike by:

  • Jul 2015: 36% up from 26% last week
  • Sep 2015: 55% up from 43% last week
  • Dec 2015: 85%

Savings & Checking Account Rates

This was a quiet week for the savings and money market accounts that I track below. There were no rate changes.

UFB Direct’s 1.25% savings account remains on top as the highest rate for a nationally available savings or money market account. EverBank’s 1.40% rate is higher, but this is only an intro rate that’s capped at $50K for the money market account and $100K for the checking.

The number of institutions offering a non-promo 1% savings or money market account remains at 10. Out of these 10, the accounts at Connexus Credit Union and SmartyPig have the longest history of top rates. Note, I exclude EverBank, Citizens State Bank and Salem Five Direct since their high rates are promotional.

Reward Checking Accounts

It was looking like another slow week for the reward checking accounts until news broke on the deal at Consumers Credit Union (Thanks to DA member adamws85 for reporting on this in the DA forum). Its rewards checking account’s balance cap has been increased from $10K to $20K. So it’s now possible to earn 5.09% APY on balances up to $20K. However, this requires a minimum of $1,000 of credit card purchases each month. It’s much easier to earn the second tier rate of 4.09% APY. The main requirements include 12 credit card purchases and 12 debit card purchases with no minimum purchases. In addition to the increase in the balance cap, the credit union is guaranteeing these rates until August 31, 2015. Hope we’ll see similar promotions at other banks and credit unions.

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 reward checking, please refer to my blog post, 10 Common Traits of High-Yield Reward Checking.

Certificate of Deposit Rates

I’ve gone back to publishing my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap will focus on banking news of the week and liquid accounts.

Rates as of November 4, 2014

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:
Money Market Savings
InstitutionRatesNotes
EverBank1.40% (6mo intro rate) 0.61% ongoing rateMMA/Checking - account review
UFB Direct1.25% ($25K)UFB Savings - account review
Connexus Credit Union1.15% ($100K) 1.00% ($50K) 0.75% ($20K)MMA - active chk required
Citizens State Bank (FL)1.06% ($10K+) 0.75% ($2.5K)Internet Savings
MySavingsDirect1.05%Savings account - account review
Citizens State Bank (FL)1.05%MMA
Quorum Federal Credit Union1.05%HighQ Savings Account
ableBanking1.02%
SFGI Direct1.01%Savings account - account review
iGObanking.com1.00%Savings account - account review
SmartyPig1.00%Savings account - account review
Salem Five Direct1.00%Savings, for new customers only
Eli Lilly Credit Union1.00% ($25K min) Helium Savings - account review
CIT Bank1.00% ($25K) 0.95% ($100) Savings account - account review
Synchrony Bank (formerly GE Capital Retail Bk) 0.95%Savings
Incredible Bank0.95% ($2.5K min) MMA - account review
GE Capital Bank0.95%Online savings account
Bank5 Connect0.90% (min $100) Online savings account (not available for MA and RI residents)
Sallie Mae Bank0.90%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
iGObanking.com0.90% ($25K min) MMA, New accounts and new money only, account review
Ally Bank0.90%Savings
Radius Bank0.85% ($2.5K)Radius High-Yield Savings - account review
Ally Bank0.85%MMA
Discover Bank0.85% (min $500) Savings account - account review
Colorado Federal Savings Bank0.85% ($2.5K min)Savings account - account review
Synchrony Bank (formerly GE Capital Retail Bk)0.85%MMA
Mutual of Omaha Bank0.85% (min $25) MMA - account review
TIAA Direct0.80%High yield savings account
Capital One 3600.80% ($100K) 0.75% ($50K)360 Checking
American Express Bank0.80%Savings account - account review
Sallie Mae Bank0.80%Savings account - account review
Digital Credit Union0.80% ($100K) 0.65% ($50K)MMA
MyBankingDirect0.80% (min $5K) MMA
Discover Bank0.80% (min $100K) 0.70% ($2.5K) MMA - account review
Alliant Credit Union0.80% (min $100) Savings account - account review
Bank5 Connect0.76% (min $100) Checking account (not available for MA and RI residents)
Union Federal Savings Bank0.75% (min $2.5K)MMA - account review
FNBO Direct0.75%Savings account
Bank of Internet USA0.75%MMA
Capital One 3600.75%360 Savings account
Clear Sky Accounts0.70% (max $250K) Savings account - account review
Nationwide Bank0.68% (min $1K) MMA
FNBO Direct0.65%Checking account
Alliant Credit Union0.65%Checking (req's elec. dep & e-stmts) account review
Incredible Bank0.59% ($1K min) Checking - account review

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionRatesNotes
Consumers Credit Union5.09% (up to $20K) Rewards Checking, rate guaranteed to August 2015 - debit card and $1K credit card requirements
Consumers Credit Union4.09% (up to $20K)Rewards Checking, rate guaranteed to August 2015 - debit card and credit card requirements
Consumers Credit Union3.09% (up to $10K)Rewards Checking, rate guaranteed to August 2015 - debit card with NO credit card requirements
INOVA Federal Credit Union3.00% (up to $20K) 0.15% ($20K+)Ovation Checking (not available to PA residents)
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
American Bank & Trust2.51% (up to $10K) 0.26% ($10K+)Kasasa Cash
Capital Educators Federal Credit Union2.50% (up to $10K) 0.20% ($10K+)High Yield Checking
Flanagan State Bank2.25% (up to $10K) 0.25% ($10K+)Kasasa Cash
Security Bank2.05% (up to $15K) 1.00% ($15K-$25K) 0.30% ($25K+)Security Bonus Checking
XCEL Federal Credit Union2.01% (up to $15K) 0.30% ($15K+)Kasasa Cash Checking
ABCO Federal Credit Union1.76% (up to $25K) 0.20% ($25K+)Premiere Checking
Connexus Credit Union1.75% (up to $25K) 0.25% ($25K+)Xtraordinary Checking
First Tech Federal Credit Union1.58% (up to $10K) 0.16% ($10K+)Dividend Rewards Checking
Provident Credit Union1.56% (up to $25K) 0.08% ($25K+)Super Reward Checking
Aspire Federal Credit Union1.51% (up to $10K) 0.25% ($10K+)Kasasa Cash
First American Bank1.50% (up to $15K) 0.15% ($15K+)Everyday Rewards Checking
Community Bank of Raymore1.50% (up to $10K) 0.10% ($10K+)Rewards Checking
Community Bank of Pleasant Hill1.50% (up to $10K) 0.10% ($10K+)Rewards Checking
Redneck Bank1.50% (up to $10K) 0.50% (over $10K+)Redneck Rewards Checking
AmericaNet Bank1.50% (up to $10K) 0.50% ($10K+)AmericaNet Rewards Checking
Evantage Bank1.50% (up to $10K) 0.50% ($10K+)Evantage Rewards Checking
West Texas National Bank1.26% (up to $25K) 0.25% ($25K+)Ultimate Checking
Heritage Bank1.26% (up to $25K) 0.10% ($25K+)eCentive Account
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) 0.37% ($25K+)Kasasa Cash
Avidia Bank1.06% (up to $25K) 0.05% ($25K+)eChecking
Legence Bank1.05% (up to $25K) 0.25% ($25K+)Kasasa Cash
North Country Savings Bank1.05% (up to $25K) 0.75% ($25K+)Advantage Checking
First New England Federal Credit Union1.01% (up to $15K) 0.10% ($15K+)extra 1.01% w/relationship

Certificates of Deposit:

Bank Account Alternatives - NOT FDIC Insured

InstitutionRatesNotes
Ally Financial Demand Notes1.25% rate for $50k+Ally Demand Notes review
Duke Energy PremierNotes1.25% rate for $50K+Duke Energy PremierNotes review
Ford Interest Advantage1.05% rate for $50k+Ford Interest Advantage review
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
Comments
cumulus
cumulus   |     |   Comment #1
> First Trade Union Bank  0.85% ($2.5K)     FT High-Yield Savings
>
FTUB changed its' name this past Friday, 10/31, to Radius Bank.
As indicated in their update blurb, this FT High-Yield Savings
account has been renamed Radius High-Yield Savings; APY remains
at 0.85%.
Ken Tumin
Ken Tumin   |     |   Comment #2
Thanks for catching this. The names are now changed.
Anonymous
Anonymous   |     |   Comment #3
Since Sunday, when I have Googled SFGI Direct, the search listings have said "This site may be hacked." I have called and emailed the bank to notify them of this, but have not received a response. I am afraid to log in to my account with them. Have you seen this with other banks?