Popular Posts

Latest Liquid Bank Account Rates

POSTED ON BY

With the latest Fed 75-bp rate hike and another big Fed rate hike expected on September 20-21, I anticipate online savings and money market account rates to continue to rise over the next two months. They should soon be surpassing 2019 rates when the fed funds rate peaked at today’s rate of 2.25%-2.50%.

The size of the September Fed rate hike should either be 50 or 75 bps. The odds of a 75-bp rate hike increased to over 50% after the July jobs report that came out last Friday, but today, the odds fell below 50% due to the July CPI report that came out this morning (odds based on the CME FedWatch Tool.) CPI and Core CPI numbers were slightly below expectations, and now there’s market speculation that we may be nearing the peak of inflation. Before the September Fed meeting, we’ll get the August jobs report (Sep 2) and the August CPI report (Sep 13). Based on those reports, we’ll probably have a good idea about whether the Fed will hike 50 or 75 bps at its September meeting.

We already are seeing online savings and money market rates reaching levels that we saw in early 2019. Two banks have already increased their yields above 2.50%. The first was North American Savings Bank (NASB) which came out last week with a 2.53% APY on its Premium Rate Savings account. Coincidentally, NASB was the rate leader in January 2019 with a 2.53% APY on its High Rate Savings account. NASB’s rate leader status didn’t last long. Yesterday, CFG Bank did another rate increase of its High-Yield Money Market account which raised the APY to 2.55%. I have more on these accounts in the rate leader section below.

The major online banks continue to lag with their online savings account rates. Nevertheless, their rates are moving up. In the first half of 2019, the average online savings account yield reached 2.23%. I expect the major online banks to be reaching this level in the next two months.

Of the major online banks, E*TRADE’s Premium Savings Account has risen the most, with a recent 60-bp rate hike that increased the APY to 2.00%. However, there have been changes to E*TRADE in the last year. First, E*TRADE Bank was acquired by Morgan Stanley early this year. It’s now E*TRADE from Morgan Stanley. Second, its Premium Savings account is now a sweep account in which funds are held at multiple banks (see account disclosure.)

Other major online savings account yields are approaching 2.00%. These include CIT Bank Savings Connect (1.65% → 1.90%), Live Oak Bank High Yield Online Savings (1.40% → 1.75%), Barclays Online Savings (1.40% → 1.65%), and Ally Bank Online Savings and Money Market (1.40% → 1.60%).

For the small online banks, there were 11 with online savings or money market account rates that surpassed 2.00% in the last two weeks.

You can also see the lagging of rates of the major online banks in the average online savings account yield. In July, the average yield gained 32.0 bps, which is slightly larger than the June yield gain of 31.5 bps. The average online savings account yield as of August 1st is 1.361%. In 2019, the average online savings account yield peaked at 2.227% from March 1st to June 1st. With more Fed rate hikes appearing to be very likely, we should see the average online savings account yield surpass the 2019 peak sometime in the next two months.

Our Online Savings Account Index tracks the average rate of ten well-established online savings accounts.

I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are two lists. The first list includes rate changes from the major online banks. The second includes rate changes from past rate leaders which are generally not well-known names. All percentages are APYs.

Rate changes from the major online banks:

  • E*TRADE from Morgan Stanley Premium Savings - sweeps (1.40% → 2.00%)
  • CIT Bank Savings Connect (1.65% → 1.90%)
  • Live Oak Bank HY Online Savings (1.40% → 1.75%)
  • Barclays Online Savings (1.40% → 1.65%)
  • Ally Bank Online Savings (1.25% → 1.40% → 1.60%)
  • Capital One 360 Performance Savings (1.20% → 1.30% → 1.50%)
  • Marcus by Goldman Sachs Online Savings (1.20% → 1.50%)
  • Sallie Mae Bank MM (1.20% → 1.50%)
  • Discover Bank Online Savings (1.30% → 1.50%)
  • American Express National Bank HY Savings (1.15% → 1.25% → 1.40%)
  • Alliant CU High-Rate Savings (1.20% → 1.40%)
  • TIAA Bank Basic Savings (1.00% → 1.30%)
  • PenFed CU Premium Online Savings (1.00% → 1.20%)

Rate changes from the less well-known CUs & online banks:

  • CFG Bank High Yield MM (2.10% → 2.30% → 2.55%)
  • NASB Premium Savings (New: 2.53%)
  • Merchants Bank of Indiana MM (1.51% → 2.28%)
  • FitnessBank Savings (12.5k+ steps 1.35% → 2.20%)
  • BrioDirect HY Savings (1.80% → 2.15%)
  • Bread Financial HY Savings (1.65% → 2.15%)
  • Ivy Bank HY Savings (1.90% → 2.15%)
  • Valleydirect Online Savings (1.25% → 2.10%)
  • LendingClub Bank HY Savings (1.52% → 2.07%)
  • Prime Alliance Bank Personal Savings & MM (1.55% → 2.05%)
  • Patriot Bank MMDA via SaveBetter (1.65% → 2.05%)
  • First Foundation Bank Online Savings (1.65% → 2.02%)
  • CIBC Bank USA Agility Savings (1.66% → 1.95%)
  • TAB Bank HY Savings (1.68% → 1.92%)
  • Luana Savings Bank MM ($750k+ 1.76% → 1.81% → 1.86%)
  • iGObanking Money Market (1.50% → 1.85%)
  • BankPurely Money Market (1.50% → 1.85%)
  • State Bank of Texas Jumbo MM (1.50% → 1.85%)
  • Vio Bank Cornerstone MM (1.65% → 1.85%)
  • Liberty Savings Bank HY Savings via SaveBetter (1.25% → 1.51% → 1.85%)
  • Langley FCU Platinum MM Savings (1.50% → 1.75%)
  • Northpointe Bank Ultimate Savings/MM (1.25% → 1.75%)
  • My eBanc Super Saver MM (0.95% → 1.71%)
  • M1 Finance M1 Spend Plus (1.30% → 1.70%)
  • Salem Five Direct eOne Savings (1.01% → 1.65%)
  • Paramount Bank Interest Checking (1.25% → 1.55%)
  • SFGI Direct Savings (1.21% → 1.51%)
  • TotalDirectBank MMDA (1.20% → 1.50%)
  • UmbrellaBank.com MM (1.00% → 1.50%)
  • Northern Bank Direct MM (0.45% → 1.50%)
  • Spectrum CU MarketEdge Savings (1.00% → 1.50%)
  • Colorado Federal Savings Bank HY Savings (1.00% → 1.45%)
  • Popular Direct High Rise Savings (1.15% → 1.45%)
  • Seattle Bank Digital Direct Savings (1.11% → 1.41%)
  • DollarSavingsDirect Savings (1.00% → 1.40%)
  • EmigrantDirect Savings (1.00% → 1.40%)
  • First Internet Bank MM Savings (1.16% → 1.31%)
  • SmartyPig Savings (1.10% → 1.40%)
  • MySavingsDirect Savings (0.75% → 1.00%)
  • VirtualBank eMoneyMarket (0.25% → 1.00%)

Current rate leaders

As I mentioned above, two banks have already increased their yields above 2.50%. The first was North American Savings Bank (NASB) which came out last week with a 2.53% APY on its Premium Rate Savings account. A minimum initial deposit of $25k is required, but all balances qualify for the 2.53% APY. For more details, please see this NASB thread where several readers have provided many account details based on their experiences opening the account and their conversations with CSRs. Many thanks to DA reader deplorable_1 for starting the thread, and to midas89, rockies, gpagpa01 and others who provided several useful account details.

The second bank to surpass 2.50% is CFG Bank which increased its High Yield Money Market yield from 2.30% to 2.55% on Tuesday. Last week it increased the yield from 2.10% to 2.30%. The account is now the rate leader. A minimum balance of $1k is required to obtain this APY. Even though it’s called a money market account, it’s essentially a savings account with no check writing privileges. I have more details on this account in my CFG Bank money market review. Readers have reported difficulties in reaching CFG Bank customer service. One reader said that most of his phone calls went to voicemail, but the voicemail mailbox was full and it wasn’t able to take more messages. When he was able to leave a message, he never received a call back. This is one downside with these small online banks. They don’t have the resources of the large online banks. When they do offer top rates, they can quickly become overwhelmed.

Rate guarantees without withdrawal penalties

With rising rates, promotional savings accounts with a rate guarantee period aren't of much value. No-penalty CDs are also of less value during rising rates, but if they have a higher rate than your online savings account, you can use the no-penalty CD to boost your overall yield without losing any significant liquidity. You just have to make sure you monitor rates so that you can close the no-penalty CD and move the funds into a higher-rate savings account or new no-penalty CD.

Some banks like Ally Bank make it easy to open and close the no-penalty CDs. You just lose access to the money in the no-penalty CD for the first six days from account funding. After that, you are free to close the CD without penalty

The rates of no-penalty CDs have been rising. Eight no-penalty CDs in the list below had rate increases in the past two weeks, and one is new to the list. The new one is the 17-month no-penalty CD from Patriot Bank that’s offered from the SaveBetter.com platform. This is also the no-penalty CD rate leader with a 2.55% APY. Second place is also on the SaveBetter.com platform (2.50% APY 14-month no-penalty CD from Sallie Mae Bank). These SaveBetter no-penalty CDs have the same features as the standard no-penalty CD that Ally Bank defined more than ten years ago. Withdrawals can only be made after six days from opening. There’s no loss of interest when an early withdrawal is made, but only one-time full withdrawals of the CD can be done. Partial withdrawals of the CD are not allowed. The main downside with SaveBetter is that it’s a non-bank fintech that’s between you and the bank. Like brokered CDs, they maintain an omnibus account that is divided into smaller accounts for each individual owner. I have more details in my last SaveBetter post.

Remember that when talking about no-penalty CDs (that function like Ally’s No Penalty CD), a longer term is always better. Since you can close these types of no-penalty CDs at any time after the first six days, I can’t think of a reason to choose a shorter-term no-penalty CD if the rate is the same.

Money Market Funds

Another option for your cash instead of savings accounts and money market accounts are money market funds from brokerages. These don’t have FDIC coverage, but they can be reasonable alternatives to deposit accounts. Their rates tend to be close to zero when the Fed sets the target federal funds rate to 0%, and they tend to follow the target federal funds rate during a rate-hiking cycle.

Before March, the four money market funds that I have followed have maintained a 7-day yield of only 0.01%. Now that the Fed has started hiking rates, money market fund yields are rising, and their yields are rising faster than online savings account yields from the major online banks.

The Vanguard Federal Money Market Fund continues to have the highest yield. In the last two weeks, its 7-day yield increased from 1.53% to 2.10%.

The Vanguard Municipal Money Market Fund yield is lagging, but it had a substantial increase in the last two weeks, with the 7-day yield rising from 0.55% to 1.52%.

Fidelity’s money market funds continue to lag Vanguard.

In the last two weeks, the 7-day yield of the Fidelity Money Market Fund increased from 1.36% to 2.04%. The Fidelity Municipal Money Market Fund 7-day yield also had a large yield increase, but it’s also lagging. The yield increased from 0.41% to 1.30%.

Reward Checking Accounts

For the nationally-available reward checking accounts, only two had rate increases. Reward checking accounts have a history of being slow to respond to rising rates, especially when compared to online savings accounts.

The two accounts that had rate increases are from Heritage Bank and First Tech Federal Credit Union. The new rates from both of these institutions are disappointing when compared to the new online savings account rates. The top yield of the Heritage Bank eCentive Account increased to 1.52% for balances up to $25k, and the top yield of the First Tech FCU Rewards Checking increased to 1.00% for balances up to $15k.

To compete with online savings accounts, reward checking accounts will need to have rates higher than the top online savings accounts. With the top online savings account yield now at 2.55%, many reward checking accounts that have been static on rates have lost their appeal for those who are trying to maximize yield on liquid accounts.

Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. There are a couple of nationally-available ones in which you can earn high rates on fairly large balances. However, those high rates are no longer high as compared to many online savings accounts that have responded to rising rates. Below are two of these accounts.

In the list below I added the blended APY for a $100k balance.

  • Quontic Bank High Interest Checking: 1.10% APY on all balances
  • Presidential Bank Advantage Checking: 2.25% APY up to $25K, 1.00% on portion above $25k (1.31% blended APY for $100k balance)

As you can see, many online savings accounts now have higher yields than these two reward checking accounts. In fact, Quontic Bank has a money market and savings account with rates much higher than its High Interest Checking rate.

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, Overview of Reward Checking and Our Reward Checking Table.

Certificate of Deposit Rates

I publish my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts, but I’ll include a few of the best CD deals since rates are rising fast.

CD Deals: For direct CDs that are nationally available (without any membership limitations), a few good deals have recently come up.

Nationally available 4% CDs are here! Great River Federal Credit Union just started offering a Special 37-month CD with a base APY of 4.02%. Minimum deposit is only $500. I’ll have more details soon on this CD.

By tomorrow we may have another 4% CD that’s nationally available. In this DA thread, DA reader, donwein, reported that he was told by a EFCU Financial CSR that the credit union will be increasing the yield of its Jumbo 5-year CD tomorrow from 3.85% to 4.00%. Many thanks to donwein for reporting on this news in the forum. Please see my August 5th post for more details on EFCU Financial and its CDs.

More online banks are offering 3%+ CDs with terms of one year or close to one year. The latest is ConnectOne Bank which just started offering 3.10% APY on a 13-month CD. It also has a 23-month CD with a 3.30% APY.

CFG Bank (3.05% APY 1-year) and Bread Financial (3.00% APY 1-year) are just a little behind ConnectOne Bank.

Both CFG Bank and Bread Financial have other very competitive CD rates. These include 3.20% APY for 18 months at CFG Bank, 3.50% APY for 24 months at Bread Financial and 3.65% APY for 60 months at both CFG Bank and Bread Financial.

It’s always a little worrisome to lock into a CD when rates are rising fast, but there’s one CD that’s a no-brainer. It’s the 33-month CD Special at Navy Federal Credit Union (3.30% APY). What makes this a no-brainer is that it’s an add-on CD with a minimum initial deposit of only $1,000. An unlimited number of add-on deposits can be made during the term, up to a maximum principal balance of $100k. There’s very little downside to opening this CD with a $1k minimum deposit. If rates go up and you have better deals elsewhere, you just don’t add to this CD. On the other hand, if you can’t find a better deal in the next couple of years, you can always add to this CD to earn 3.30% APY. The main downside is that the add-on deposits are not allowed to raise the principal above $100k. I have more details in this Navy Federal CD review.

If you’re looking for short-term CDs, you should also consider Treasury bills. Their yields are higher than the yields of CDs with comparable maturities. Please refer to this Treasury page for the latest Treasury yields.

You can also sometimes get higher rates on certain terms with brokered CDs at brokerage firms. I include the top non-callable, new-issue brokered CDs from Vanguard and Fidelity every other week in my CD rate survey.

Since my Fed review is no longer weekly, I touched on Fed and economic issues at the start of this post. Please keep discussions of the Fed and the economy to a minimum in the comments of this post. The focus of the comments should be deposit accounts and rates. Any comment on the Fed or the economy that’s longer than 700 characters (not words) may be deleted. The more political it is, the more likely it will be removed. For more discussion on the Fed and the economy, please see my Fed/Economy review blog post.

Rates as of August 10, 2022

Checking/Savings/Money Market Accounts:

InstitutionAPYsNotes
CFG Bank2.55% ($1k)High Yield Money Market Account - Account review
NASB2.53% ($25k min opening)Premium Rate Savings (*NTS) Not available in parts of KS, MO, and possibly other areas - Account review
Merchants Bank of Indiana2.28% (up to $1m)Money Market Account
My Banking Direct2.20% ($1 min) High Yield Savings - Account review
FitnessBank2.20% ($250k max) (Requires using step tracker app and averaging 12.5k steps/daily. Extra 10 bps with checking and debit card usage.) Fitness Savings Account - Account review
BrioDirect2.15% ($25 min)High Yield Savings - Account review
Bread Financial (formerly Comenity Direct)2.15% ($100 min)High-Yield Savings - Account review
Ivy Bank2.15% ($2.5k), 0.05% ($10)High-Yield Savings - Account review
LendingClub Bank2.07% High-Yield Savings - Account review
Prime Alliance Bank2.05% ($1+)Personal Savings - Account review
Patriot Bank2.05% ($1 min) Money Market Deposit Account via SaveBetter - Account review
ValleyDirect2.10%Online Savings - Internet bank, deposits held by Valley Bank
Bask Bank2.02% (no min)Bask Interest Savings Account - Account review
First Foundation Bank2.02% Online Savings - Account review
mph.bank2.02% ($1 min) Money Market Deposit Account via SaveBetter - Account review
E*TRADE fron2.00%Premium Savings Account (*NTS) Sweeps account - Account review
The State Exchange Bank2.00% ($1 min)High Yield Savings via SaveBetter - Account review
CIBC Bank USA 1.95%Agility Savings Account - Account review
TAB Bank1.92% ($1 min)High Yield Savings - Account review
CIT Bank1.90% ($100 min)Savings Connect - Linked eChecking required Account review
Luana Savings Bank1.86% ($750k), 1.81% ($250k), 1.76% ($100k), 1.66% ($50k), 1.56% ($2.5k)Money Market
Vio Bank1.85%Cornerstone Money Market
Quontic Bank1.85%Personal Money Market (all balances) - Account review
Quontic Bank1.85%High Yield Savings - Account review
Liberty Savings Bank1.85% ($1 min)High Yield Savings via SaveBetter - Account review
iGObanking.com1.85% ($25k min) iGOmoneymarket, new accounts and new money only - Account review
BankPurely1.85% ($25k min) PurelyMoneyMarket - Account review
State Bank of Texas (SBT)1.85% ($100k min, new money only) Jumbo Money Market
UFB Direct1.81%UFB Money Market Account - Account review
UFB Direct1.81% UFB Savings Account - Account review
SoFi Bank, N.A.1.80% (w/direct deposit), 1.00% (w/o direct deposit)SoFi Checking and Savings
Live Oak Bank1.75% ($5 million max) High Yield Savings - Account review
Ponce Bank via SaveBetter.com1.75% ($1 min) Money Market Deposit Account via SaveBetter - Account review
USALLIANCE Financial1.75% ($500)High Dividend Savings - Account review
Citizens Access1.75% ($5k min)Online Savings Account - Account review
Northpointe Bank1.75% ($25k), 0.35% ($5k), 0.25% ($2.5k min)Ultimate Money Market - Account review
Langley Federal Credit Union1.75% ($1m), 1.35% ($500k), 1.25% ($250k min), 1.00% ($100k), 0.90% ($25k)Platinum Money Market Savings - Account review
My eBanc1.71% ($5k min opening)Super Saver Money Market Account - Account review
SkyOne Credit Union1.70% ($1 min)Money Market Deposit Account via SaveBetter
M1 Finance1.70% (all balances, $125 annual fee) M1 Plus Checking (deposits held by a partner bank)
Salem Five Direct1.65% (up to $1m)eOne Savings, new customers only - Account review
Synchrony Bank1.65%High Yield Savings - Account review
Barclays1.65%Online Savings - Account review
Ally Bank1.60%Online Savings - Account review
Paramount Bank1.55% (up to $100k), 0.10% APY ($100k+) ($100 min deposit) Interest Checking (non-reward checking) - Account review, $100k cap only applies to accounts opened after 3/24/21
SFGI Direct1.51%SGFI Direct Savings Account - Account review
Adelfi (formerly ECCU) 1.51% (up to $100k) High-Yield Money Market (one year rate guarantee, new members only)
Dow Chemical Employees Credit Union1.51% ($500k), 1.45% ($100k), 1.33% ($50k), 1.02% (up to $50k)Simple High Yield Deposit - Account review
Sallie Mae Bank1.50%Money Market Account - Account review
Capital One1.50%360 Performance Savings - Account review
Discover Bank1.50%Online Savings - Account review
Quorum Federal Credit Union1.50%HighQ Savings Account
Spectrum Credit Union1.50% ($2.5k min)Market Edge Savings - Account review
Marcus by Goldman Sachs1.50% ($500 min)High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
ConnectOne Bank1.50% ($2.5k min)OneConnection Savings - Account review
Northern Bank Direct1.50% ($5k min)Money Market - Account review
UmbrellaBank.com1.50% ($25k min), 0.21% ($1k)Money Market
Customers Bank1.50% ($25k min)Ascent Money Market Savings
CFSB (Colorado Federal Savings Bank)1.50% ($50k min) Premier Savings (New customers) - Account review
TotalDirectBank1.50% ($5k min)Direct Money Market Deposit Account (not available in CA or FL) - Account review
T-Mobile Money1.50% (4.00% up to $3k w/checking requirements)Checking Account (deposits held by a partner bank) (1.50% effective July 15, 2022) - Account review
CFSB (Colorado Federal Savings Bank)1.45%High Yield Savings - Account review
Popular Direct1.45% ($5k min opening) High Rise Savings - Account review
American Express National Bank1.40%High Yield Savings - Account review
Sallie Mae Bank1.40%High Yield Savings - Account review
DollarSavingsDirect1.40%Dollar Savings Account - Account review
Smarty Pig1.40% SmartyPig Savings - Account review
Citi1.40%Citi Accelerate Savings Account (Not available in all states, chk relationship required)
Alliant Credit Union1.40% ($100 min)High-Rate Savings - Account review
Banesco USA1.35% ($2.5k-$1m)BanesFlex Money Market Account - Account review
First Internet Bank1.31% (no min) Money Market Savings
TIAA Bank1.30% ($25 min)Basic Savings
CIT Bank1.30% ($100 min)Money Market - Account review
Rising Bank1.30% ($1k min)High Yield Savings - Account review
FACILE1.25%Money Market Account - Internet bank, deposits held by Pacific National Bank
ZYNLO Bank1.25% (up to $250k) 0.10% ($250k+)Money Market - Account review
Affirm1.25%Affirm Savings (deposits held by a partner bank)
Bethpage Federal Credit Union1.25% ($500 min)Money Market
Sun East Federal Credit Union1.25% ($5k min)MAX-Yield Money Market Account Special (15 month introductory rate), free withdrawals can only be done once per quarter - Account review
American Heritage Credit Union1.25% ($10k min)High Yield Savings
Discover Bank1.25% ($100k min), 1.20% ($2.5k) Money Market - Account review
PenFed Credit Union1.20%Premium Online Savings Account review
TIAA Bank1.20%Yield Pledge Money Market - Account review
FNBO Direct1.20%Online Savings
CommunityWide Federal Credit Union1.20% (penalty-free withdrawals first 5 days of each calendar quarter)High Rate Quarterly Funds Account - Account review
Varo1.20% (5.00% up to $5k w/chk requirements)Varo Savings - Account review
MapleMark Bank1.15% ($25k min opening)Platinum Money Market - Account review
Vibrant Credit Union1.15% ($200k), 0.50% ($100k), 0.25% ($25k), 0.10% ($10k), 0.05% (up to $10k) Yellow Money Market (promotional rate)
Connexus Credit Union1.11% ($100k), 1.00% ($20k), 0.25% ($1k)Money Market Account (Active checking requirement has been removed) - Forum post
Banesco USA1.10% ($100 min)BanesGrow Savings Account Account review
Virtual Bank1.00% eMoney Market Special - Account review
MySavingsDirect1.00%MySavings Account - Account review
Chime1.00% (no min/max, active checking required)Chime Savings Account (deposits held by a partner bank) - Account review
Bank Onward1.00% ($250 opening deposit)Bo Savings - Account review
SkyOne Credit Union1.00% ($1k min)Sky-high Savings
Bellco Credit Union1.00% ($50k) 0.45% ($10k) 0.10% (up to $10k)Premier Money Market Account
NASA Federal Credit Union0.95% ($100k), 0.85% ($50k), 0.65% (up to $50k)Premier Advantage Money Market - Account review
Freedom Northwest Credit Union0.80% ($15k+), 0.65% ($10k+), 0.50% ($5k+), 035% (up to $5k) Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review
CIT Bank0.80% ($25k min)Savings Builder - Account review
U.S. Postal Federal Credit Union0.75% (0.85% with relationship rewards) IRA Savings - See review
Western State Bank0.75% (up to $3m)High Yield Money Market - Account review
Vio Bank0.75% Online High Yield Savings - Account review
BrioDirect0.70%Money Market - Account review
Monifi0.70%Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications)
State Department Federal Credit Union0.70% ($100k), 0.65% ($50k), 0.60 ($25k)Premier Money Management Shares - Account review
Security State Bank (KS)0.68% ($110k), 0.45%-0.68% ($100k+), 0.25% (under $100k)Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review
State Bank of India (IL)0.65% ($5k min) Money Market
The Federal Savings Bank0.60% ($100k), 0.40% ($50k), 0.30% ($25k), 0.20% ($10k), 0.15% ($1k)Money Market - Account review
FACILE0.50%Savings Account - Internet bank, deposits held by Pacific National Bank
Continental Bank via SaveBetter.com0.50% ($1 min) High Yield Savings Account - Account review
National Cooperative Bank0.50% ($100 min deposit)Impact Money Market
State Bank of India (IL)0.50% ($500 min) Savings Account
Kinecta Federal Credit Union0.50% ($100k), 0.40% ($50k), 0.25% ($10k), 0.20% ($2.5k), 0.15% (up to $2.5kHigh-Yield Money Market - Account review
MutualOne Bank0.40% ($1m max)Online Statement Savings - Account review
Bank5 Connect0.40% ($100 min)High Interest Savings - Account review
WauBank0.40% ($5k min) High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review
PurePoint Financial0.40 ($10k min)Online Savings - Account review

*New to Summary

No-Penalty CDs

InstitutionAPYsNotes
Patriot Bank2.55% ($1 min)17-month No-Penalty CD via SaveBetter (*NTS) - Account review
Sallie Mae Bank2.50% ($1 min)14-month No Penalty CD via SaveBetter - Account review
Rising Bank2.00% ($1k min)15-month No Penalty CD - (Potential issues, see account review)
CIT Bank2.00% ($1k min)11-month No-Penalty CD - Account review
Sallie Mae Bank2.00% ($1 min)10-month No Penalty CD via SaveBetter - Account review
My eBanc1.92% ($100k), 1.82% ($10k)11-month Online Flex Time Deposit - Account review
USALLIANCE Financial1.75% ($500)11-month No Penalty CD Special - Account review
Bellco Credit Union1.65% ($2.5k min)36-month Smart Move CD - Account review
Ally Bank1.60% (no min)No-Penalty 11-month CD - Account review
Marcus by Goldman Sachs1.55% ($500)13-month No Penalty CD - Account review
Marcus by Goldman Sachs1.55% ($500)8-month No Penalty CD (AARP members only) - Account review
Synchrony Bank1.50% (no min)11-month No Penalty CD - Account review
Citi1.50% ($500 min)12-month No Penalty CD
CFSB (Colorado Federal Savings Bank)1.40% ($5k min)11-month No Penalty CD - Account review
Chartway Federal Credit Union0.70% ($500 min)12-month No Penalty CD (early closure only) - Account review
MainStreet Bank0.70% ($500 min)1-year No Penalty CD (early closure only) - Account review
Marcus by Goldman Sachs0.45% ($500 min)7-month No Penalty CD - Account review
Marcus by Goldman Sachs0.35% ($500 min)11-month No Penalty CD - Account review
Investors eAccess0.15% ($500)6-month No-Penalty CD - Account review
PurePoint Financial0.15% ($10k)11-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)13-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)14-month No-Penalty CD - Account review

*New to Summary

Reverse Tier Savings/Money Market Accounts/Checking:

InstitutionAPYsNotes
La Capitol Federal Credit Union4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+)Choice Checking
NuVision Federal Credit Union4.00% (up to $1k), 2.00% ($1k-5k), 1.00% ($5k-$10k), 0.50% ($10k-$25k), 0.20% ($25k+)Advantage Choice Money Market (*NTS)
Workers Credit Union3.56% (up to $1k), 0.55% ($1k-$2k), 0.60% ($2k-$3k), plus 13 more rate tiers (0.65%-1.26% in 5 bps increments)SaveUp Savings - Account review
Porte3.00% (up to $15k), 0.20% ($15k+)Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review
SafeAmerica Credit Union2.10% (up to $2k), 1.10% ($2k-$5k), 0.60% ($5k-$10k), 0.45% ($10k+)Blended Rate Money Market
All America Bank1.75% (up to $50k), 0.25% ($50k+)Mega Money Market Account - Account review
Redneck Bank1.75% (up to $50k), 0.25% ($50k+)Mega Money Market Account
Affinity Plus Federal Credit Union1.25% (up to $25k), 0.75% ($25k+)Superior Money Market (min $500 direct deposit into any account)
Patelco Credit Union1.00% (up to $2k), 0.50% ($2k-$5k), 0.30% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m)Money Market Select Account - Account review
Axos Bank0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+)High Yield Savings - Account review

*New to Summary

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionAPYsNotes
Consumers Credit Union4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020)
Genisys Credit Union4.07% (up to $7.5k), 0.05% ($7.5k+) Genius Checking Account review
Ideal Credit Union4.00% (up to $20k), 0.05% ($20k+)High Yield Checking (Promo rate guaranteed through 9/30/2022) - Account review
Evansville Teachers Federal Credit Union3.30% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Consumers Credit Union3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020)
First Bank3.04% (up to $25k), 0.10% ($25k+)First Performance Checking (available in CA, IL, MO) - Account review
Market USA Federal Credit Union3.01% (up to $15k), 0.05% ($15k+)VIP Checking Platinum Tier - Account review
EFCU Financial3.01% (up to $10k), 0.05% ($10k+)Rewards Checking - Account review
Keesler Federal Credit Union3.00% (up to $25k), 0.40% ($25k+)Kasasa Cash (easy membership in AL, LA, MS) - Account review
Western Vista Federal Credit Union3.00% (up to $15k), 0.03% ($15k+)Panorama Checking - Account review
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
INOVA Federal Credit Union3.00% (up to $15k), 0.07% ($15k+)Shield Checking - Account review
Orion Federal Credit Union3.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+)Premium Checking - Account review
Sullivan Bank3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#)Kasasa Cash (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review
Great Lakes Credit Union2.50% (up to $10k), 0.05% ($10k+)Free Checking
Presidential Bank2.25% (up to $25k), 1.00% ($25k+)Advantage Checking - Account review
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
All America Bank2.25% (up to $10k), 0.25% ($10k+)Ultimate Rewards Checking
Redneck Bank2.25% (up to $10k), 0.25% ($10k+)Redneck Rewards Checking
Consumers Credit Union2.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020)
Community Bank (TN)2.08% (up to $20k), 0.25% ($20k+)Community Advantage Checking Account review
Union Bank2.07% (blended APY up to $25k), 0.03% ($25k+)1-2-3 Rewards Checking Account review
Wings Financial Credit Union2.02% (up to $25k), 0.01% ($25k+)High Yield Checking - Account review
Hiway Federal Credit Union2.02% ($1k-$25k), 0.01% ($25k+)Hi Yield Checking - Account review
TruStone Financial Credit Union2.02% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
Campus Federal2.01% (up to $10k), 0.05% ($10k+)Lagniappe Checking
Elements Financial2.00% (up to $20k), 0.10% ($20k+)High Interest Checking - Account review
Signature Federal Credit Union2.00% (up to $20k), 0% ($20k+)High-Yield Checking
First State Bank (OH)2.00% (up to $15k), 0.25% ($15k+)Kasasa Cash - Account review
Southwest National Bank2.00% (up to $15k), 0.25% ($15k+)Kasasa Cash - Account review
Garden Savings Federal Credit Union2.00% (up to $15k), 0.15% ($15k+)Platinum Checking
Cap Ed Federal Credit Union2.00% (up to $10k), 0.10% ($10k+)High Yield Checking
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Partner Colorado Credit Union1.75% (up to $10k), 0.50% ($10k-$25k), 0.25% ($25k+)High Interest Checking
Heritage Bank1.52% (up to $25k), 0.14% ($25k+)eCentive Account
Finex1.50% (up to $25k), 0.10% ($25k+)Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union)
Industrial Bank1.47% (up to $15k), 0.20% ($15k+)Kasasa Cash
United Educators Credit Union1.25% (up to $10k), 0.25% ($10k+)High Yield Checking
Axos Bank1.25% (up to $50k), 0.00% ($50k+)Rewards Checking
BankFirst1.25% (up to $15k), 0.15% ($15k+)Interest Checking
Quontic Bank1.10% (all balances)High Interest Checking - Account review
Envision Bank1.01% (up to $25k), 0.05% ($25k+)Envision Max Checking - Account review
FitnessBank1.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) Fitness Checking Account - Account review
Northwest Federal Credit Union1.00% (up to $15k), 0.25% ($25k+)Kasasa Cash - Account review
First Tech Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)First Tech Rewards Checking
Blue Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Extreme Checking (up to 3.00% w/account relationships) - Account review
Hanscom Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Kasasa Cash Checking - Account review
First Security Bank & Trust0.80% (up to $15k), 0.10% ($15k+)Kasasa Cash - Account review
Bay State Savings Bank0.50% (up to $20k), 0.05% ($20k+)Kasasa Cash - Account review

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionAPYsNotes
Aspiration5.00% (up to $10k), 0.10% ($10k+) Plus Save Account Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account
Aspiration3.00% (up to $10k), 0.00% ($10k+) Save Account Aspiration Save when $1k+/mo debit card purchases in Spend Account
GM Financial Right Notes2.50% ($500+)
Ford Interest Advantage2.10% ($50k+), 1.95% ($15k+), 1.90% (less than $15k)Ford Interest Advantage review
Vanguard Federal Money Market Fund2.10% 7-day yield
Fidelity Money Market Fund2.04% 7-day yield
Wealthfront2.00% Cash Account Cash Management Account
Duke Energy PremierNotes1.75% ($50k+), 1.60% ($10k+), 1.55% (less than $10k)Duke Energy PremierNotes review
Vanguard Municipal Money Market Fund1.52% 7-day yield
Fidelity Municipal Money Market Fund1.30% 7-day yield

Related Pages: savings accounts, money market accounts, checking accounts, reward checking accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks
Comments
deplorable_1
  |     |   Comment #1
Hmmm looks like we have 2 4% CD's now. One is a shorter term than 5 years very interesting I'm kind of liking that. Gee I'm glad I didn't lock all my cash up for 7 years at 3%. ; )
milty
  |     |   Comment #3
Congratulations on the shout out by Ken regarding NASB. Btw, have noticed a decline in those easy money bank bonuses, most now require a larger direct deposit for
a relatively smaller bonus.
gregk
  |     |   Comment #4
I see now that Chase Bank has brought back its $600 bonus offer (after a long hiatus).
Yes, (one) DD required to a new Checking Account, but of any amount (gets you $300),
a $15,000 deposit maintained for 90 days to a new Savings Account nets $200, and opening both Accounts together and meeting requirements adds $100 more. I think an attractive offer.

I like the Citibank checking bonus deals also (that I do every year), currently offering $1,000 for maintaining a $75K balance for only 60 days ($500 for 35K), no direct deposit required, and Citi has gotten much easier to work with than formerly in my experience, also paying out its bonuses much more quickly.
milty
  |     |   Comment #13
Thanks, gregk. I already got the Citi bonus for this year (was $400 for $15K deposit), but good to know they do that every year. Looking at the Chase offer, which looks like as long as you maintain certain balances in checking and savings there are no monthly fees, and you only need at least one DD.
Mak
  |     |   Comment #5
dep... I'm curious, would you open a 3.1% 7 year with the minimum of $1,000 if it was an add-on with no limit?
gregk
  |     |   Comment #7
You didn't ask me, but I would with such a low cost. I mean, why not? Unusual to see
"no limits".

Where is that offer?
deplorable_1
  |     |   Comment #8
Well it's a bit low but like gregk says why not just in case rates drop back down to 0% further out. I got the 3% add-on from GTE.
gregk
  |     |   Comment #6
A good bet is they're going higher still IMO, dep, though not ready to suggest 5% is in sight yet, but could be somewhere down the road. Posters here let their anxieties run away with them and make bad decisions, like tying up funds long term now, with inflation still raging and Fed tightening still just getting off the ground.
111
  |     |   Comment #9
D1 - Agreed, two 4% CDs available now, but a very different rate spectrum vs. the 4% CD choices that were “tops” in 2018/early 2019. Then, I locked in several 5-year 4% and 3.5% CDs, which will expire '23 and '24. (And even 1 short-term outlier, 5% for 7 months.)

Now, it's quite different - we've got rate curve inversions out the wazoo, due to the strong possibility of recession following the “inflation fix”. I bought another 6-month Treasury a couple days ago just because I'd never seen one before at a 3%+ APY until this year. At least, for some time. Yet, the best longer-term CDs are no higher than 4% or so? It's a strange world we live in.

I continue to do the “normal diversified portfolio” thing, as I've often recommended, but in this post I'm concentrating on CDs. So far I've been mainly defensive (bought add-on CDs from Rising Bank and AgFed, not many great options available). Rising Bank = decent rates but costly; AgFed = lower rates but cheap. Few buys otherwise.
deplorable_1
  |     |   Comment #15
Yes 111 a different environment right now for sure with the yield curve inversion throwing a wrench in this situation as well. I quickly checked out the CD that Ken mentioned at GRFCU and it looks like a winner to me so far. It's 4% APR 4.07% APY for 37 months and has a one time rate bump option as well. I think a ACC membership should get me in the door and I already have that.
The other CD is at EFCU and the rates just changed to 4% APY Reg. 4.10% APY Jumbo and 4.2% APY IRA jumbo for the 5 yr CD.
Decisions decisions......I'm thinking about going for the GRFCU CD with something under 100k since it has a rate bump option. This looks like a good place to start.
FirstNation
  |     |   Comment #16
And, a very different inflation situation from the last time around. Those 3,4,5% CDs back before 2020 were beating 2% inflation. The same 3,4,5% CDs now are getting eaten alive by inflation. Anybody purchasing CDs these days must believe that inflation is going to get back to around 3%. While that may be the historical average, it's going to take a while to get back to that level if the monthly downward increments are the same as this last month. It will take 10 months to get to around 3% at that rate. My TIPS principal value will go down 0.1% as a result of the inflation downturn. Considering that the ones I bought in June are already up 4%, I'm not too worried about deflation quite yet.
111
  |     |   Comment #21
Can't disagree with anything #15 and #16 state here. D1, the GRFCU offer may have crashed in record time (https://www.depositaccounts.com/banks/great-river-cu/offers/#25), but I'd be very surprised if there weren't other 4% offers soon. Possibly GRFCU offer crashed due to “small CU fills up its coffer”, and/or “overwhelmed by demand” issues. Now, will we get a lot of long-term or even mid-term 5% offers right away? I'm not so sure about that part. We'll have to see.

A couple of other “defensive” (cheap rate insurance) offers that have cropped up are the Navy FCU 33-month 3.3% offer (which most probably know about by now), and just today the Bank5 Connect add-on CDs (https://www.depositaccounts.com/banks/bank5-connect/offers/). I kept my Bank5 account from years ago open with very little funding, just in case and because they're easy to deal with. Figure it doesn't hurt to buy a few 2-year add-on 3.2% CDs ($500 minimum) as insurance.
deplorable_1
  |     |   Comment #23
Yeah 111 I ended up panning that GRFCU deal It would have resulted in a hard pull and I could have never got the cash in there fast enough to get the CD opened in time. I think that had to be a new world record for a CD offer being pulled. Hopefully there will be better offers with higher rates coming along soon. Maybe at a bank vs. a credit union with less hoops. I mean with 3 more FED hikes this year I have no problem holding off a bit longer.
deskandchairs
  |     |   Comment #2
One has to wonder what the thinking is at CFG with another market leading rate increase when it is clear they are not staffed adequately for the consumer demand generated by their previous increases. They seem to be are turning off potential customers faster than ever.
Also, be careful of the stated yield on State Bank of Texas MMA. Unlike any other MMA I have ever heard of, they do not raise the rate on existing accounts. You have to call them and ASK for the higher rate. They now seem to grant that now without a hassle while a few months ago they were seeking new (additional) funds in order to get the higher rate. You can't let this account work on auto pilot (or your yield won't fly).
eneldar
  |     |   Comment #11
After reading a post from Txtan here on Deposit Accounts on August 7 which stated "Keep in mind that if you have a MM and the rates go up they don’t automatically raise your rate….one has to ask for the new rate. State Bank had just raised their MM rate to 1.85% I called them and requested the new rate and got it." Based on his experience, I called SBT on August 8 and mentioned his post and asked if I could get the higher rate on my existing MMA. I was told that you do not receive the higher rate just by requesting it, but that you must deposit new funds equal to 25% of your current balance in order to receive the higher rate. Now I read your post where you also claim you can get the higher rate just by asking. I am quite frustrated with SBT. Their increased rate of 1.85% is not even very attractive now with so many financial institutions paying 2% or better.
midas89
  |     |   Comment #10
CFG Bank Notification: "Due to volume – effective 8/11 we have temporarily suspended online account applications. All applications submitted prior to 8/11 will be processed normally, but may experience some delays. The system will be back up shortly. We apologize for any inconvenience."
milty
  |     |   Comment #14
Ah, the rush to safety as retirees (and others) realize they now have alternatives.
Kerry2
  |     |   Comment #17
milty, there is another alternative, beware "the" silent partner:
https://twitter.com/i/status/1557684553573027845
milty
  |     |   Comment #26
Has Ken's policy changed regarding political comments in this blog?
111
  |     |   Comment #22
#14 - “Ah, the rush to safety as retirees (and others) realize they now have alternatives.”

Ah, but Milty, has it escaped your attention that this “rush to safety” is in reality a “rush to nowhere” in this case, since CFG is pulling up the ladder and closing their escape hatch as of today (sounds like the poor guys left in the below-decks boiler rooms on the Titanic!). Or, were you just being ironic here?

You know, there really is no such thing as complete safety (i.e., the absence of all risks), despite the reassuring utterances and sputtering of some elites. You're “rushing” towards a mirage. For any of us, inflation is a risk, currency fluctuation is a risk, loss of principal is a risk - and there are several more. There is only the individual calculus that each of us and our families must do regarding our view of the universe. Because thankfully (at least in my view, if not yours), our form of government (for now, at least), allows us the individual freedom to assess those risks, and act on them, as we see fit. Let's all try to keep it that way.
milty
  |     |   Comment #24
111: my rush to safety comment was not meant to be ironic, but rather about so many depositors are rushing to these higher interest rates (in the case of CFG the rush was so much it caused them to halt new accounts). To each their own in determining what they're comfortable with when it comes to investment risk. But my observation from 2018 and now is that it appears many want the comfort of insured accounts when given an alternative to the market. Also, I don't think our form of government is the only one that allows this particular freedom.
FrugalGuy
  |     |   Comment #12
Email from Agfed Credit Union 8-10-2022 :
Put your money to work with a 16-Month Certificate at 3.00% APY.*
Open with as little as $250 and up to $100,000
New money only
Limit one special Certificate per member (per Social Security Number)
P_D
  |     |   Comment #18
Biden and the Democrats want to personally thank Vladimir Putin for cutting US inflation and bringing down our gas prices.  The Putin price cut.
milty
  |     |   Comment #25
Hmm, again, has Ken's policy changed regarding political comments in this blog?
w00d00w
  |     |   Comment #19
4 week treasury continues to rise, auctioned today at 2.18%
petem1866
  |     |   Comment #20
I have both Fidelity and Vanguard accounts and was looking at their respective money market funds. I see the same 7 day yields you mention but I see the Vanguard expense ratio as .11% but the Fidelity Money Market Fund has a gross expense ratio of .42% and net expense ratio of .18% (not sure what those differences are). Do you know if the 7 day yield is before or after the expense ratio? If it is before the gap between Fidelity and Vanguard is even larger than it appears and both have actual yields lower after factoring in expenses. Thanks!
RichardW
  |     |   Comment #27
petem1866…the 7-day yields posted for the Vanguard and the Fidelity money market mutual funds are the 7-day net yields. Net yields are yields after expenses are deducted. Gross yields are yields before expenses are deducted.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.