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Best Bank Account Interest Rates - Summary For October 15, 2019

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More banks lowered rates on their savings and money market accounts. The sizes of the rate cuts have generally been less than 25 bps, the size of the September Fed rate cut. As we saw after the July Fed rate cut, online banks will typically spread out their rate cuts over a period of a month or two.

Below are the noteworthy savings and money market account rate reductions that have occurred in the last two weeks (All percentages are APYs):

  • CFG Community Bank High Yield Money Market (-5 bps to 2.45%)
  • BrioDirect High-Yield Savings (-16 bps to 2.30%)
  • Popular Direct Ultimate Savings (-10 bps to 2.30%)
  • Vio Bank Online High Yield Savings (-15 bps to 2.27%)
  • Quontic Bank Personal Money Market (-10 bps to 2.20%)
  • Comenity Direct High-Yield Savings (-10 bps to 2.15%)
  • Western State Bank High Yield Money Market (-15 bps to 2.10%)
  • MySavingsDirect Savings (-15 bps to 2.10%)
  • WebBank Savings (-10 bps to 2.10%)
  • CIBC Agility Savings (-15 bps to 2.05%)
  • HSBC Direct Savings (-15 bps to 2.05%)
  • Envision Bank Savvy Savings (-14 bps to 2.01%)
  • PNC Bank Online High Yield Savings (-15 bps to 2.00%)
  • BankUnitedDirect Online Money Market (+25 bps to 2.00%)
  • Rising Bank High Yield Savings (-10 bps to 2.00%)
  • Bay State Savings Bank Money Market (-10 bps to 2.00%)
  • Synchrony Bank High Yield Savings (-10 bps to 1.90%)
  • Barclays Online Savings (-10 bps to 1.90%)
  • Marcus by Goldman Sachs Online Savings (-10 bps to 1.90%)
  • Colorado Federal Savings Bank Premier Savings (-12 bps to 1.90%)
  • Ally Bank Online Savings (-10 bps to 1.80%)
  • Colorado Federal Savings Bank High Yield Savings (-12 bps to 1.75%)
  • Quorum FCU HighQ Savings (-5 bps to 1.75%)
  • MidFirst Direct High Yield Online Savings (-50 bps to 1.50%)

Only one bank increased rates. That was BankUnitedDirect which increased the yield of its Online Money Market by 25 bps to 2.00% APY. This yield had been 1.95% for most of August and September, but on September 23rd, the yield dropped to 1.75%. Then on October 1st, the yield went up to 2.00%. This account is just over a year old, so it’s hard to know if BankUnited is really committed to remaining competitive or is just trying to attract customers into this fairly new product.

Two banks and one credit union introduced new savings products with rates above 2%.

CFG Community Bank introduced an Online High Yield Money Market that currently earns 2.45% APY on balances of at least $25k. Balances between $1k and $25k earn 2.36% APY. This is now the highest rate for a savings or money market account without activity requirements. The top-tier yield just recently fell from 2.50% to 2.45%, which isn’t a good sign for a rate leader.

Close behind CFG is First Foundation’s new online savings account which earns 2.40% APY on balances of $1k and above.

The credit union to add a new online savings account is SkyOne Credit Union. Its High Yield Savings Account earns 2.25% APY on balances of $1k and above. There’s also the requirement of a $1k monthly deposit. I’ll have more details on this account and credit union soon.

The rate leader continues to be FitnessBank’s Savings Account, but the top rate has fallen 25 bps to 2.75% APY. This requires that the customer average 12,500 steps per day for the month as measured by a step tracker and app. The rate falls to 2.50% APY when the step average is between 10,000 and 12,500. The rate falls significantly for lower step averages. Since only some of the customers receive these high rates, the average interest yield that FitnessBank pays out is much less than 2.75%. That may increase the odds of FitnessBank maintaining the rate lead status.

Due to a rate cut, BrioDirect dropped out of the top spot for savings accounts without activity requirements. As mentioned above, that spot now goes to CFG Community Bank and its High Yield Money Market Account. The account earns 2.45% APY on balances of at least $25k.

The top spot for a savings account without activity requirements and without a large balance requirement goes to five banks. All offer 2.40% APY. These five banks are First Foundation, BBVA Compass, TAB Bank, All America Bank, and Redneck Bank. Note, All America Bank and Redneck Bank are scheduled to lower their Mega Money Market APYs to 2.25% on 10/22/2019.

Rate guarantees without withdrawal penalties

When rates are falling, the best savings and money market deals are specials that guarantee a rate for a period of time. There are currently four accounts with rate guarantees that are worth mentioning.

First, there’s a new rate guarantee. Customers Bank is offering another promotion on its Ascent Money Market Savings Account with a 2.25% APY guaranteed until 6/30/2020. A minimum balance of $25k is required.

The other new rate guarantee is being offered by Elements Financial Credit Union. It’s a new promotion of its Helium Savings Account. For new account holders, the account earns 2.10% APY on balances of $2.5k and above. That rate is guaranteed for one year. After that one year, there will likely be a large rate drop. The current rate on its standard Helium Savings Account is only 1.30% APY.

Last month I reported on the MAX-Yield Money Market Account promotion at Sun East Federal Credit Union. This is still available. The account offers 2.20% APY on balances from $5k to $250k, and the rate is guaranteed for 13 months from account opening. Withdrawals are much more limited than the average money market account. Fee-free withdrawals are restricted to only one per calendar quarter.

The fourth rate guarantee is the Yield Pledge Money Market Account at TIAA Bank. This account offers new customers 2.00% APY on balances up to $250k that’s guaranteed for the first year of account opening. A version of this offer has long been available at TIAA Bank/EverBank. After the 1-year intro period, a tiered-rate structure takes effect. The current ongoing APYs range from 1.00% for under $10k to 1.80% for over $100k.

No-penalty CDs have some of the liquidity of savings and money market accounts, but like CDs, they offer a rate lock which can be useful when rates are falling. No-penalty CDs have become more common at online banks in the last year, and they are something to consider, especially if you already have a savings account at the bank. The main issue now is that their rates have been falling. If their rates are higher than the savings account, these can be good deals in this falling rate environment.

Some banks like Ally 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. Ally makes it very quick and easy to move the CD funds into your savings or checking account.

Below is a list of noteworthy no-penalty CDs. Recent rate cuts have occurred at Ally Bank and Goldman Sachs Bank USA.

  • 2.10% APY 7-month No-Penalty CD ($500 min) - Goldman Sachs Bank USA
  • 2.05% APY 11-month No-Penalty CD ($1k min) - CIT Bank
  • 2.00% APY 13-month No-Penalty CD ($10k min) - PurePoint Financial
  • 2.00% APY 11-month No Penalty CD ($25k min) - Ally Bank
  • 1.90% APY 11-month No-Penalty CD ($500 min) - Goldman Sachs Bank USA
  • 1.85% APY 13-month No-Penalty CD ($500 min) - Goldman Sachs Bank USA
  • 1.80% APY 6-month No-Penalty CD ($500 min) - Investors eAccess

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 anytime 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.

Competition from 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. Back when the Fed was holding rates near zero, money market funds had yields of around 0.01%. Keeping your cash at internet banks made a lot more sense back then. Now, it’s not so clear. Money market fund yields have risen substantially as the Fed hiked rates. However, their yields have been falling in this current environment. Now with the Fed starting to cut rates, we will likely see larger yield cuts on money market funds.

Vanguard Prime Money Market Fund 7-day yield fell 4 bps in the last two weeks, falling from 2.00% to 1.96%. Fidelity Money Market Fund 7-day yield fell 6 bps, falling from 1.75% to 1.69%.

Municipal money market funds have the advantage of being exempt from federal income tax, but their yields continue to be quite a bit lower than the other money market funds. Also, in the last year, their yields have been volatile. That’s the case this week. The Vanguard Municipal Money Market Fund 7-day yield fell 17 bps to 1.30%. Fidelity’s 7-day yield fell 10 bps to 1.09%.

Reward Checking Accounts

In the last two weeks, there have been no changes to the list of nationally-available reward checking accounts.

Overall, reward checking accounts continue to buck the trend of falling rates. If rates keep falling, I expect we’ll see more rate and balance cap cuts on reward checking accounts. However, history has shown that reward checking accounts can sustain rates significantly higher than online savings account rates, even during a zero interest rate environment.

TAB Bank’s Kasasa Cash account remains the best deal with a 4.00% APY for balances up to $50k.

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’m now publishing my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts.

CD Deals: I just wanted to include this reminder of a couple of noteworthy CD deals that are available.

Navy Federal Credit Union continues to offer three very competitive Certificate Specials. All three have rates lower than when these specials began. Nevertheless, the current rates are very competitive. The 5-year Certificate earns 3.00% APY: it’s one of the rare 3% CDs. The 18-month Certificate earns 2.60% APY and the 9-month earns 2.25% APY. Minimum deposit is $1k for all three. Technically, these Certificates are not nationally available since a military connection is required to join Navy Federal. However, there’s a good chance you are eligible. You only need to have a family member who served in the military at some time in the past. I have more details in my Navy Federal Certificate review.

Another good 5-year CD deal is from Justice Federal Credit Union. It’s offering 5-year rates up to 3.21% APY. This requires a $100k minimum deposit and a checking relationship. The rates are about 10 bps lower without a checking relationship, and 10 bps lower for a $500 minimum deposit.

Lastly, there’s a hot local CD deal in Southern California. Credit Union of Southern California is offering a 5-month CD Special that earns 5.00% APY. Maximum deposit is $50k. Unfortunately, this is a local deal that’s primarily limited to residents of four Southern California counties.

This is my new weekly summary with the Fed review split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review blog post.

Rates as of October 15, 2019

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionRatesNotes
FitnessBank2.75% (requires using step tracker app and averaging 12.5k steps/daily) Fitness Savings Account - Account review
CFG Community Bank2.45% ($25k min), 2.36% ($1k)High Yield Money Market Account (NTS*) - Account review
First Foundation Bank2.40% ($1k min)Online Savings (NTS*) - Account review
BBVA Compass2.40%ClearChoice MMA Promo - Account review
TAB Bank2.40% ($1 min)High Yield Savings - Account review
All America Bank2.40% (up to $50k), 0.49% ($50k+)Mega Money Market Account - Account review (will fall to 2.25% on 10/22)
Redneck Bank2.40% (up to $50k), 0.49% ($50k+)Mega Money Market Account (will fall to 2.25% on 10/22)
TotalDirectBank2.35% ($5k min)Direct Money Market Deposit Account (not available in CA or FL) (NTS)* - Account review
BMO Harris Bank2.35% ($5k)Platinum Money Market (excludes AZ, FL, IL, IN, KS, MN, MO and WI - Account review
BrioDirect2.30% ($25 min)High-Yield Savings - Account review
Popular Direct2.30% ($5k min deposit) Ultimate Savings - Account review
SFGI Direct2.27%SGFI Direct Savings Account - Account review
Vio Bank2.27% Online High Yield Savings - Account review
earn.bank2.25%Money Market Account - Account review
MemoryBank2.25% ($1 million max) Online Money Market - Account review
State Bank of India (IL)2.25% ($500) Savings
SkyOne Federal Credit Union2.25% ($1k) High Yield Savings ($1k monthly deposit required) (NTS*)
State Bank of India (IL)2.25% ($5k) Money Market
Customers Bank2.25% ($25k min)Ascent Money Market Savings (rate guarantee through 6/30/2020 - Account review
Presidential Bank2.25% ($100k+), 1.25% ($250k+), 0.25% (less than $100k)Money Market Plus Checking - Account review
Customers Bank2.20% ($25k min)High-Yield Savings Account - Account review
CommunityWide Federal Credit Union2.20% (penalty-free withdrawals first 5 days of each calendar quarter)High Rate Quarterly Funds Account - Account review
Sun East Federal Credit Union2.20% ($5k, 13-month rate guarantee)MAX-Yield Money Market Account - Account review
Quontic Bank2.20% ($100k), 2.10% ($5k), 1.85% APY (up to $5k)Personal Money Market - Account review
Virtual Bank2.15% eMoney Market Special - Account review
My eBanc2.15%Super Saver Money Market - Account review
Comenity Direct2.15% ($100 min)High-Yield Savings - Account review
UFB Direct2.15% ($25k min)Premium Money Market - Account review
Western State Bank2.10% (up to $3m)High Yield Money Market - Account review
MySavingsDirect2.10%MySavings Account - Account review
WebBank2.10% ($1k min)High Yield Savings - Account review
Marcus by Goldman Sachs2.10%7-month No Penalty CD ($500) - Account review
Elements Financial2.10% ($2.5k min) Helium Savings Promo (rate guaranteed for one year) (NTS*) - Account review
CIT Bank2.10% ($25k min)Savings Builder - Account review
BankPurely2.10% ($25k min) PurelyMoneyMarket - Account review
iGObanking.com2.10 ($25k min) MMA, New accounts and new money only - Account review
CIBC USA (formerly The Palladin PrivateBank)2.05%Agility Savings Account - Account review
HSBC Direct2.05%HSBC Direct Savings
CIT Bank2.05% ($1k min)11-month No-Penalty CD - Account review
Pacific National Bank2.05% ($5k min) Money Market Deposit Account - Account review
Northpointe Bank2.05% ($25k+), 1.12% (below $25k and $1m+)Ultimate Savings - Account review
CNB Bank Direct2.05% ($25k+)Premium Money Market
First Internet Bank2.02% (no min) Money Market Savings
Salem Five Direct2.01% eOne Savings (up to $1m), for new customers only - Account review
M.Y. Safra Bank2.01% ($500k max), 1.75% ($500k+) MYSB Direct Online Money Market - Account review
Envision Bank2.01% ($10 min)Savvy Savings - Account review
Bank 72.01% ($100 min)High Rate Online Savings Account
Bank 72.01% ($5k min)High Rate Online Money Market
TIAA Bank2.00% (1yr intro rate), 1.80% ($250k+) 1.65% ($50k+) ongoing ratesYield Pledge Money Market - Account review
Live Oak Bank2.00% ($5 million max) Savings Account - Account review
Sallie Mae Bank2.00%Money Market Account - Account review
FNBO Direct2.00%Online Savings
PNC Bank2.00% Online High Yield Savings (not available in all states) - Account review
Northfield Bank2.00% ($225k max) Online Platinum Savings - Account review
BankUnitedDirect2.00%Online Money Market - Account review
USALLIANCE Financial2.00% ($500 min)High Dividend Savings - Account review
Rising Bank2.00% ($1k min)High Yield Savings - Account review
Bay State Savings Bank2.00% ($5k min)Smile Worcester County Consumer Money Market - Account review
Citizens Access2.00% ($5k min)Online Savings Account - Account review
PurePoint Financial2.00% ($10k) 13-month No-Penalty CDInternet bank Account review
PurePoint Financial2.00($10k min)Online Savings - Account review
Ally Bank2.00% ($25k)No-Penalty 11-month CD - Account review
Radius Bank2.00% ($25k+), 1.25% ($2.5k+)Radius High-Yield Savings - Account review
Banesco USA1.97% ($100 min)BanesGrow Savings - Account review
NASB1.97% ($50k-$5m) High Rate Savings - Account review
Capital One1.90% 360 Performance Savings - Account review
Synchrony Bank1.90%High Yield Savings - Account review
Sallie Mae Bank1.90%High Yield Savings - Account review
Discover Bank1.90% Online Savings - Account review
iGObanking.com1.90%iGOsavings - Account review
BankPurely1.90% ($1 min) SavingPurely - Account review
American Express National Bank1.90%High Yield Savings - Account review
Barclays1.90%Online Savings - Account review
Investors eAccess1.90% (up to $2m)eAccess Money Market - Account review
Bank5 Connect1.90% ($100 min)High Interest Savings - Account review
Marcus by Goldman Sachs1.90% ($500)High-Yield Online Savings Account - Account review
Marcus by Goldman Sachs1.90%11-month No Penalty CD ($500) - Account review
CFSB (Colorado Federal Savings Bank)1.90% ($50k+) Premier Savings (New customers) - Account review
CIT Bank1.85% ($100 min)Money Market - Account review
ableBanking1.85% ($250 min)Money Market Savings - Account review
Mutual of Omaha Bank1.85% ($1k min/$1m max)Online Money Market
Marcus by Goldman Sachs1.85%13-month No Penalty CD ($500) - Account review
MutualOne Bank1.81% ($1m max)Online Statement Savings - Account review
PenFed Credit Union1.80% (up to $250k)Premium Online Savings
DollarSavingsDirect1.80%Dollar Savings Account - Account review
Ally Bank1.80%Online Savings - Account review
Alliant Credit Union1.80% ($100 min)High-Rate Savings - Account review
Investors eAccess1.80% ($500)6-month No Penalty CD - Account review
American Heritage Credit Union1.80% ($10k min)High Yield Savings (guaranteed through 12/31/2019)
EBSB Direct1.80% ($10k+), 0.80% ($2m+), 0.50% ($10+)Money Market Special 3 - Account review
Discover Bank1.80% ($100k min), 1.75% ($2.5k) MMA - Account review
UmbrellaBank.com1.76% ($25k min), 1.00% ($1k)Money Market
CFSB (Colorado Federal Savings Bank)1.75% High Yield Savings - Account review
Quorum Federal Credit Union1.75%HighQ Savings Account
Bethpage Federal Credit Union1.75% ($500 min)Money Market
MyBankingDirect1.65% ($25k+), 1.50% ($5k+), 0.25% (less than $5k) Money Market
MidFirst Direct1.50%High Yield Online Savings - Account review

*New to Summary

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionRatesNotes
Consumers Credit Union5.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective 10/1/18)
La Capitol Federal Credit Union4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+)Choice Checking
Consumers Credit Union4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective 10/1/18)
TAB Bank4.00% (up to $50k), 0.25% ($50k+)Kasasa Cash - Account review
Orion Federal Credit Union4.00% (up to $30k), 0.05% ($30k+)Premium Checking - Account review
Partner Colorado Credit Union3.50% (up to $10k), 0.50% ($10k-$25k), 0.10% ($25k+)High Interest Checking
One American Bank3.50% (up to $10k), 0.25% ($10k+)Kasasa Cash - Account review
Heritage Bank3.33% (up to $25k), 0.15% ($25k+)eCentive Account
Evansville Teachers Federal Credit Union3.30% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Dover Federal Credit Union3.25% (up to $30k), 0.25% ($30k+)Kasasa Cash - Account review
Consumers Credit Union3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective 10/1/18)
Legence Bank3.05% (up to $10k), 0.25% ($10k+)Kasasa Cash
Market USA Federal Credit Union3.01% (up to $15k), 0.05% ($15k+)VIP Checking Platinum Tier - Account review
Main Street Bank3.00% (up to $30k), 0.25% ($25k+)Kasasa Cash - Account review
Elements Financial3.00% (up to $20k), 0.10% ($20k+)High Interest Checking - Account review
MainStreet Bank3.00% (up to $15k), 0.25% ($15k+)Kasasa Cash - Account review
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
INOVA Federal Credit Union3.00% (up to $15k), 0.70% ($15k+)Shield Checking - Account review
Signature Federal Credit Union3.00% (up to $20k), 0.10% ($20k+)Choice Checking
All America Bank3.00% (up to $10k), 0.50% ($10k+)Ultimate Rewards Checking - will fall to 2.75% on 10/22
Redneck Bank3.00% (up to $10k), 0.50% ($10k+)Redneck Rewards Checking - will fall to 2.75% on 10/22
Great Lakes Credit Union3.00% (up to $10k), 0.20% ($10k+)Free Checking
First Security2.51% (up to $50k), 0.20% ($25k+)Kasasa Cash - Account review
XCEL Federal Credit Union2.50% (up to $25k), 0.25% ($25k+)Kasasa Cash Checking
Hanscom Federal Credit Union2.50% ($15k min), 0.40% ($15k+)Kasasa Cash Checking - Account review
Industrial Bank2.50% (up to $15k), 0.25% ($25k+)Kasasa Cash
Envision Bank2.47% (up to $25k min), 0.15% ($25k+)Envision Max - Account review
Campus Federal2.31% (up to $10k), 0.05% ($10k+)Lagniappe Checking
New Buffalo Savings Bank2.27% (up to $15k), 0.2497% ($15k+)Kasasa Cash - Account review
Georgia Banking Company2.25% (up to $25k), 1.00% ($25k+)Kasasa Cash - Account review
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Garden Savings Federal Credit Union2.25% (up to $15k), 0.20% ($15k+)Platinum Checking
Wings Financial Credit Union2.02% (up to $25k), 0.05% ($25k+)High Yield Checking - Account review
TruStone Financial Credit Union2.02% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
BankFirst2.02% (up to $10k), 0.15% ($10k+)Kasasa Cash
Finex2.018% (up to $25k), 0.20% ($25k+)Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union)
Bay State Savings Bank2.01% (up to $20k), 0.25% ($20k+)Kasasa Cash - Account review
Quontic Bank2.00% (up to $1m)Amplify Interest Checking - Account review
Hawaii Pacific Federal Credit Union2.00% (up to $25k), 0.25% ($25k+)Kasasa Cash Checking
Northwest Federal Credit Union2.00% (up to $25k), 0.25% ($25k+)Kasasa Cash - Account review
5Star Bank2.00% (up to $25k), 0.15% ($25k+)Kasasa Cash Checking Account review
Country Bank2.00% (up to $20k), 0.25% ($20k+)Kasasa Cash Checking Account review
First Tech Federal Credit Union2.00% (up to $15k), 0.20% ($15k+)Dividend Rewards Checking
Blue Federal Credit Union2.00% (up to $15k), 0.10% ($15k+)Extreme Checking (up to 4% w/account relationships) - Account review
United Educators Credit Union2.00% (up to $10k), 0.25% ($10k+)Kasasa Cash
KS StateBank1.90% (up to $25k), 0.50% ($25k+)Check PLUS - Account review
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Axos Bank1.25% (up to $150k), 0.00% ($150k+)Rewards Checking
Superior Choice Credit Union1.25% ($30k-$75k), 1.00% (up to $30k)AMP Checking

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionRatesNotes
GM Financial Right Notes2.50% ($500+)
Duke Energy PremierNotes2.40% ($50k+), 2.25% ($10k+), 2.20% (less than $10k)Duke Energy PremierNotes review
Ford Interest Advantage2.40% ($50k+), 2.25% ($15k+), 2.20% (less than $15k)Ford Interest Advantage review
Wealthfront2.07% Cash Account Cash Management Account
Betterment2.04% Everyday Savings (promo rate) Cash Management Account
Ally Financial Demand Notes2.00% ($50k+), 1.85% ($15k+), 1.65% (less than $15k)
Vanguard Prime Money Market Fund1.96% 7-day yield
Haven1.85% Haven Money Savings Program Cash Management Account
SoFi1.80% SoFi Money Cash Management Account
Fidelity Money Market Fund1.69% 7-day yield
Vanguard Municipal Money Market Fund1.30% 7-day yield
Fidelity Municipal Money Market Fund1.09% 7-day yield
Aspiration1.00% Spend and Save Account Cash Management Account

Post Publication Edits

10/16/2019: Customers Bank corrections: Ascent MMSA corrected to 2.25%. HYSA corrected to 2.20%
10/16/2019: TAB Bank correction: HYSA min corrected from $2.5k to $1
10/16/2019: Added notes on All America Bank and Redneck Bank regarding upcoming rate cuts.

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
Comments
Shelby
Shelby   |     |   Comment #1
Ken in his summary referenced CU Southern Calif. as a local hot deal with its 5 month 5% CD.
My online application was denied - reason, more then three accounts at other FI's opened up this year as reported by the chex system. I called customer service and was informed because I had five accounts opened this year I was flagged. Rep. said he would have someone contact me by email to clarify decision. 24 hours later no email, called customer service again today and spoke to a supervisor. Discussed my displeasure being denied membership, explained I heard about CU SoCal on the website Deposit Accounts and my experience with the CU will be posted on the Deposit Accounts website. Supervisor told me she would research my membership problem and get back to me by end of day via phone. Thirty minutes later I received a call by the Accounts Supervisor and she stated on further review of Application I do indeed qualify for membership and the application will be processed immediately.
deplorable 1
deplorable 1   |     |   Comment #6
Nice job Shelby using a review on DA as leverage to garner membership. I must admit I have also done this in order to get correct answers from FI's over the phone the first time. I tell them that I will be posting the terms for others here on DA so make sure the answers are correct. Works like a charm most of the time. Sometimes it gets you moved up the chain to a supervisor.
Shelby
Shelby   |     |   Comment #9
No doubt Deplorable it pays to let FI's know you have a voice. If you talk to customer service in a calm and professional manner, then let them know what they communicate will be read by many others in a nationwide forum - it can makes a difference.
DCGuy
DCGuy   |     |   Comment #2
Marcus by Goldman Sachs has a singling dad commercial that I saw on TV last night. The older men are doing household chores like raking and cooking outdoor BBQ while they sing about how much more they are earning on their savings (compared to other banks). I guess the target audience is the retired people who have lots of money tucked away at banks and brokerage firms.
Y??
Y??   |     |   Comment #11
Like the people commenting on here asking how to inure millions and constantly shuffling money from FI to FI?
NewAccountApp
NewAccountApp   |     |   Comment #3
This summary lists Customers Bank with two “Ascent Money Market Savings Account (rate guaranteed through 6/30/2020)” one at 2.40% and another at 2.25%. Is this a mistake as the bank website only shows a rate of 2.25%? Thanks.
deplorable 1
deplorable 1   |     |   Comment #7
Yes that looks like a typo as the rate is only 2.25% for the "Ascent Money Market Savings" not 2.4%. I was thinking about opening it for rate insurance but 2.25% and a $25,000 min. just doesn't seem like a good enough deal at the moment.
The Real MAGA
The Real MAGA   |     |   Comment #8
deplorable 1 yes, I ran into the same problem by having three max CD's come due and trying to find a home for those funds. I watched Ally np CD in a free fall from 2.2% to now 2.0% in what about a week. I'm going to sit for now and just see what pops up. I just wish I had opened up two more Northern accounts.Best to you!
GreenDream
GreenDream   |     |   Comment #10
The Ascent Money Market Savings Account (with Rate guaranteed) is 2.25% with a 25k Minimum balance. I think Ken is confusing that with another product Customers bank has: the High yield Savings account which is 2.4% with a $25k minimum balance. you can see the details of the two accounts at the following pages on their website:
https://www.customersbank.com/ascent/
https://www.customersbank.com/cbsavings/
NewAccountApp
NewAccountApp   |     |   Comment #14
The High Yield savings account on the link mentioned above shows a rate of 2.20% on the website. The 2.4% rate is not correct.
GreenDream
GreenDream   |     |   Comment #19
NewAccountApp, They must have updated the website after I made the post (or else my ISP's and/or browser must have been caching the old version) as I literally copied and pasted the links as I was checking the site's rates.
Ken Tumin
Ken Tumin   |     |   Comment #15
Sorry about the Customers Bank mistakes. And thanks GreenDream for clarifying the two accounts. I had the Ascent MMSA and the HYSA mixed up. That should now be corrected. Also, one recent change is that the HYSA rate fell in the last day from 2.40% to 2.20% APY. Between promo accounts and rate cuts, it can be difficult to keep track of everything.
NewAccountApp
NewAccountApp   |     |   Comment #18
Thanks, Ken!
8832
8832   |     |   Comment #4
The "Noteworthy Accounts Available Nationwide:" list shown above shows TAB Bank 2.40% ($2.5k min) for the High Yield Savings. The website shows that this account only needs $1.00 to qualify for the 2.40% APY and you can open the account with zero ($0) dollars. https://www.tabbank.com/high-yield-savings/
2218
2218   |     |   Comment #5
Tab Banks shows on its website that you only need $1 to earn the 2.40% APY and you can open the account with zero ($0) dollars. The noteworthy table above is incorrect with the $2.5K requirement.
https://www.tabbank.com/high-yield-savings/
Ken Tumin
Ken Tumin   |     |   Comment #16
Thanks for noting the mistake. The table has been updated with the correct minimum for TAB Bank.
GreenDream
GreenDream   |     |   Comment #12
One thing to note regarding the 5 banks "without activity requirements and without a large balance requirement": two of them will soon be dropping (within a week from now) from 2.4% to 2.25%: both All America Bank and Redneck Bank rates will drop on 10-22-19 according to their respective websites.
deplorable 1
deplorable 1   |     |   Comment #13
Yeah I'm a bit disappointed in Redneck/All America following the crowd when their accounts are capped at $50,000 a piece. This cap should allow them to keep their rates higher for longer. They are consistently at or near the top of the rate charts though so can't complain too much. To me having a consistently high rate 24/7 without having to change accounts beats jumping around. Look at what Ally is now paying for their HUB account 1.8% consistently low rates.
Ken Tumin
Ken Tumin   |     |   Comment #17
Thanks for noting these upcoming rate cuts. I've added notes about these upcoming rate cuts.
Predatory Depositor
Predatory Depositor   |     |   Comment #20
"The rate leader continues to be FitnessBank’s Savings Account, but the top rate has fallen 25 bps to 2.75% APY. This requires that the customer average 12,500 steps per day for the month as measured by a step tracker and app. The rate falls to 2.50% APY when the step average is between 10,000 and 12,500. The rate falls significantly for lower step averages."

Not a bad strategy! Kill off your highest rate depositors to increase profits!
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Martin
Martin   |     |   Comment #24
Predatory Depositor, nobody cares about their requirements anymore, only 3-5 persons per month qualify for it anyway, to much work for lousy 1/4% point more in interest.
calwatch
calwatch   |     |   Comment #21
PNC is still paying 2.20% on its "Growth" account through its Virtual Wallet (available in states without a brick and mortar branch).
deplorable 1
deplorable 1   |     |   Comment #23
Enduser posted a great bonus deal at Fifth third bank. All you need is $500 for 60 days and you get a $250 bonus! No direct deposit or any other activities required. You actually need $1,500 for 60 days to avoid the $11 monthly fee for the essential checking account though. The ROI would then work out to around 100% for 60 days. Not a bad deal at all.
https://accounts.53.com/banking/offer/checking
Martin
Martin   |     |   Comment #25
deplorable 1, I went to open the account from your shortcut, but it asked me for a code, it said:
"UNIQUE OFFER CODE MUST BE PRESENTED AT ACCOUNT OPENING TO RECEIVE THE BONUS."
What is the code?
deplorable 1
deplorable 1   |     |   Comment #27
Yeah you have to get the code by email and then go to a branch. Sorry I forgot to mention this isn't available in all states or online. They are all over where I live. They have branches in FL, GA, IL, IN, KY, MI, NC, OH, TN, WV
Ben
Ben   |     |   Comment #26
deplorable 1, they just e-mail me the code, but it says to be redeem at a branch only, yeah, I will have to drive 80 miles for it one way, forget it.
Marge
Marge   |     |   Comment #28
Deplorable / Citibank is giving away a non stick skillet for anyone that opens a new cd until oct 31.
Ruby
Ruby   |     |   Comment #29
Marge, I am interested in this offer. Do you have a link? Thanks.
deplorable 1
deplorable 1   |     |   Comment #32
No Marge Citibank gave me $400 x 2 a while back. I could buy a whole set of Calphalon cookware with cash to spare from that one. You best stick to B&M banks that pay you .10% on your 10 million that way you might break even with what poor folks like me earn annually working the deals on 1/10th of what you have.
clint
clint   |     |   Comment #33
That Citi deal you earned $400 x 2 forced you to lock up $30k for two months in their checking accounts earning you 0 interest, while those funds could have been earning you interest elsewhere. Deplorable you are good at exaggeration and love to pump up your financial abilities. We are wise to your shtick Deplorable !
deplorable 1
deplorable 1   |     |   Comment #34
Back then interest rates were under 1% and you could drop it to $10,000 after 60 days until the bonus posts which took about 15 days. Oh but there I go exaggerating again.
8832
8832   |     |   Comment #52
@clint On the surface the Citi deal appears to be a poor deal but when you run the numbers the facts speak for themselves. Never mind that they pay 0% interest.

$30,000 locked up for 60 days to get $400.00 is equivalent to 7.97351% interest or 8.27146% APY.

Please let me know where else you can get a 60-day CD that pays 8% interest.
clint
clint   |     |   Comment #56
8832 ...what deplorable did is equivalent to short term trading in the stock market...and all data proves that time and time again most short term traders lose money. All Deplorable had to do was invest that $30 k in the stock market using a s/p index fund and he would have made huge gains as the market is at/close to all time highs. Its a fools game what deplorable does with his short term cd trading and his credit card rewards card schemes...but hey he is amusing to read.
deplorable 1
deplorable 1   |     |   Comment #58
Why do you think I don't have funds in the stock market? I invest in high yield monthly dividend paying stocks all of which beat index funds by a large margin. If you are risk adverse and only want the protection of FDIC/NCUA you can easily match of beat any index fund using several strategies that I have outlined. I'm only comfortable with 50% in the market but I still want to earn a decent rate of return on risk free cash as well.
Using bank bonuses, 0% no fee balance transfers, credit card funding of bank accounts/CD's and capped high yield savings accounts is in so way similar to short term stock market trading. All of your money remains 100% insured and at no risk.
Yanker
Yanker   |     |   Comment #59
Dr Deplorable has indeed earned in excess of 45% per annum, with a large majority in insured deposits. It is extraordinary.

Thank You, Thought Leader!
deplorable 1
deplorable 1   |     |   Comment #60
#59: It's just basic math to figure out the ROI on a bank bonus. Do several of them a year and you can easily beat 5 year CD yields on average. This is exactly why I prefer not to lock up cash long term at under 5%. You are obviously too lazy to do the math or don't want to manage several accounts so be happy with your 1-2% and stop criticizing anyone who tries to do better. I'm too lazy to do rewards checking accounts but I say more power to those who can make it work for them and are willing to put in the effort.
Yanker
Yanker   |     |   Comment #61
Preach Dr D!

Of course, you are hiding the real good ROIs (TM)! Picking up street change!!!

God Bless!
Deplorable Fan
Deplorable Fan   |     |   Comment #62
Dr Deplorable ignores that FIs (Financial Institutions (TM)) can "bail in" certificates for any reason, so when the money from a credit card is deposited into a certificate, the certificate may not be able to be redeemed in time to pay off the credit card.

And, it has been proven FIs (TM) can change the terms of any certificate by sending a postal card or an email. So, this can extend the maturity date years into the future, or impose a redemption fee of up to 100%. Again, the proceeds from a certificate may not be available to pay off the credit card cash advance.

So, investing a credit card cash advance into a certificate is not a zero risk strategy.
deplorable 1
deplorable 1   |     |   Comment #63
#62: There are several ways to make this strategy 100% risk free:
1. If you take the 0% no fee balance transfer money(12-18 mo.) and put it in several short term bank bonuses and/or short term CD's or add-on's near the end of the term you will get your money back long before it's time to pay off the card.
2. You can also pay off the card at the end of the 0% term with liquid cash or CD's that will be maturing during the term.
Don't confuse a 0% no fee "balance transfer" with a "cash advance" which involves fees and interest charges. I have never seen any FI extend the maturity date of a CD or impose a fee if held until maturity. They can't just arbitrarily change any terms they wish without giving you the opportunity to pull your cash out for free. Now if you are talking about the "bail-in" laws that may be implemented during a financial crisis that results in cascading bank failures then this is a separate topic. Nobody knows for sure what would happen in that scenario because the laws have never been tested.
Deplorable Fan
Deplorable Fan   |     |   Comment #64
WRONG Dr D.

You have warned people that FIs (Financial Institutions (TM)) can convert certificates to shareholder equity. It is the law!

And everyone knows any FI (TM) can change any term of any certificate by sending appropriate hitherto complex notice visa visa 30 days, us postal mail or email.

Balance transfers ARE cash advances. Write a check!!!
deplorable 1
deplorable 1   |     |   Comment #67
Are you trying to scare folks for Halloween? The bail-in laws are still there yes but in order for them to be implemented it must first be determined that 1. Bankruptcy is not an option and 2. There is a systematic risk of cascading bank failures. In other words a "worst case scenario".
Balance transfers are NOT cash advances. Although on the surface they may seem similar in nature balance transfers may or may not charge a fee and never charge you interest from the date of the transaction. The only way you will be charged interest on a balance transfer is if 1. You fail to make the minimum required monthly payment on time(ranges from 1-2.5%) or 2. You fail to pay off the balance by the 0% expiration date. Cash advances charge high fees plus interest from the date of the transaction and I would never recommend anyone do a cash advance.
The Real MAGA
The Real MAGA   |     |   Comment #66
deplorable 1 right and as you said where can you find a 5% CD these days. DF doesn't seem to get that. If the Fed drops rates again which it looks like they will then we could see some favorable cc offers. I was doing some research over at doc and on one bank offer in which some people were saying they lowered their ca limit to zero, but the ca still went through and were charged $25 fee.
deplorable 1
deplorable 1   |     |   Comment #68
@Real MAGA: Yeah unfortunately there are no guarantees with cc funding. I decided not to mess with my cash advance limit by setting it to $0. This is because some cards will deny the transaction completely because it codes as a cash advance initially and while pending. Later it changes to a purchase when finalized. NFCU ended up coding in this manner. All we really have to go by is various data points on this topic as it seems that credit cards are allowed to make their own rules with coding.
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midas89
midas89   |     |   Comment #30
PurePoint Savings Account down to 1.80% APY today.
Phoenix
Phoenix   |     |   Comment #35
And the Purepoint 13 month NPCD is now 1.90% (down from 2.00%). So Purepoint is now on the same slippery slope as everyone else. My Savings Direct is still at 2.10%, but for how long?
The Real MAGA
The Real MAGA   |     |   Comment #31
Did I miss something with Northern's 2.50% guarantee to end of year? Check August statement the rate was 2.50% then checked September statement the rate was 2.42%?
deplorable 1
deplorable 1   |     |   Comment #36
Mine is showing 2.47% APY but I think this is actually the APR. Their website no longer even shows a savings account option and their CD rates are awful. I don't think we will be getting another extension but if they keep the rate at 2.25% or better no sense in moving on.
Predatory Depositor
Predatory Depositor   |     |   Comment #38
Yes the 2.47% is an APR. Last time I looked I think they just refer to it as "Rate" not APY. We'll see what happens, but I'm still counting on the 24 month guarantee at 2.30% APY savings account, capped $1m, I signed up for at at Northpointe which for me doesn't expire until mid November of 2020 as my go to savings account when Northern expires. Hoping I won't have to keep much in savings as it would be better to get some good CD deals. But at this point I don't know if CDs are going to be much better than that by the time I'll need to fund them. Still looking at the possibility of dollar cost averaging some of my maturing CDs into the stock market instead of keeping them in cash. It's the best inflation hedge and I think inflation is greater than government figures make it appear.
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Predatory Depositor
Predatory Depositor   |     |   Comment #45
30 years ago the Dow was at 2,500. Now it's a 26,000, more than 10 times what it was then.

So it's been at an "all time high" over and over and over again. If you always take the view that just because it's reaching a new high that means it's going to crash, you miss out on the opportunity that stocks are all about.

One way to avoid putting all your money in at a peak is to dollar cost average so you putting a little money in at a time until it's fully invested.

But if you don't have some assets that have capital appreciation, you're missing an important part of your portfolio.
Chicken Little
Chicken Little   |     |   Comment #47
Back in 2000, the DOW was around 12,000.
So, in about the last 20 years it's, only roughly doubled.
That's around 4% a year. BFD!

Has everybody already forgotten what happened 10 years ago?
Very few people saw that one coming.

This time around even the IMF is saying the the US and Japanese equity markets are in bubble territory due to actions by the central banks.

When the consumer debt to GDP ratio is at nearly 80%, one has to take pause.
Back in 1960, it was half of that. Does anybody think this is sustainable?
deplorable 1
deplorable 1   |     |   Comment #65
#47: I think that's why we are all here. Nobody wants to keep 100% of their money in the market particularly at or near a peak. I reduced my exposure from 80% before the 2008 crash all the way down to 50% currently. Everyone's risk tolerance is different I thought mine was much higher until the market crashed and I was forced to re-evaluate it.
Raul24
Raul24   |     |   Comment #37
My Northern statement and website both state 2.5% APY.
Deen
Deen   |     |   Comment #39
I heard rumors it will drop to 2% Jan -1- 2020.
Predatory Depositor
Predatory Depositor   |     |   Comment #40
If so, buh bye... been good to know ya!
Att
Att   |     |   Comment #41
#39 2% will probably be one of the highest savings rates on 1/2020.
Predatory Depositor
Predatory Depositor   |     |   Comment #43
Could be unless you have a guaranteed rate deal somewhere else.
Don Jaut
Don Jaut   |     |   Comment #44
There are no rate guarantees.

Thought Leaders (TM) have already proven any FI (Financial Institution (TM)) can make any change to an agreement by sending a post card or an email. They can force you to spend a maturing CD on hook ers and blow.

Financial regulations are complex, hitherto discombobulated, but check NCUA Regulations DD and EE!
Att
Att   |     |   Comment #46
#43 I put $2500 in Element Financial that pays 2.1% for 1 year. If Northern goes down I'll sweep my money to Element.

With many on line banks below 2% already and another 1/4% rate drop almost for sure I don't think banks will be offering year or longer rate guarantees and even at or above 2%.
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Saver
Saver   |     |   Comment #54
Purepoint Financial. 13-month NPCD @2.00%.
Saver
Saver   |     |   Comment #55
Correction. They dropped it to 1.90%. Sorry.
Spender
Spender   |     |   Comment #57
I still like MySavingsDirect.com. Savings account is currently 2.10%. Only one dollar to open an account. Great for young people to get started. Super fast ACH transfers. Very simple to use account page. Questions answered in one business day or less via personal messaging. However, I doubt 2.10% will last much longer. Under 2 seems to be the new norm thats coming.
deplorable 1
deplorable 1   |     |   Comment #69
What's wrong with AllAmerica/Redneck? They are back at the top of the chart once again and even after they cut the rate to 2.25% most others will be lower still. At least they give you a heads up before cutting the rate and are constantly competitive without needing to change accounts all the time.
Spender
Spender   |     |   Comment #70
Redneck was good. Then I saw the 50K limit.
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Spender
Spender   |     |   Comment #73
Ok thanks.
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Thankful
Thankful   |     |   Comment #80
Gee, I'm happy just having 50k in a 2% account at Purepount. LOL!

And $1550 every month from Social Security.

Keeping life simple.
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The Real MAGA
The Real MAGA   |     |   Comment #85
#31 "Did I miss something with Northern's 2.50% guarantee to end of year? Check August statement the rate was 2.50% then checked September statement the rate was 2.42%?"
I previously wrote this comment about my Northern mm rate. I just called cs and they said it has to do with the average monthly balance if it was higher one month and then lower. I had $250k and then it dropped to ~$10. The csr could not explain why this was so they are having the manager run a report and they will get back to me. On the surface it seems like the rate guarantee is tied to tiers. I think they are going to come back and say don't worry you are getting 2.50% even though the statement said 2.42%. I'll report back once I find out more. It's really not that big of a deal based on my current balance, but would like to know why the dependency.
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