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Best Bank Account Interest Rates - Summary For March 5, 2019


Below are the noteworthy savings, money market and checking account rate changes that have occurred in the last two weeks:

  • PurePoint Financial 13-month No-Penalty CD (new, 2.60% APY, $10k min)
  • USALLIANCE Financial High Yields Savings (+8 bps to 2.44% APY)
  • Live Oak Bank Savings Account (+5 bps to 2.30% APY)
  • Sallie Mae Bank Money Market (+10 bps to 2.30% APY)

Rate hikes are slowing down. Four weeks ago, there were ten rate hikes from the rate leaders. Two weeks ago there were eight rate hikes. Now there are only four.

One of the accounts with a rate hike is actually not a savings or money market account. It’s the new no-penalty CD from PurePoint Financial. I include no-penalty CDs in both my liquid and CD summaries since they have characteristics of both a savings account and a CD. The important feature that they share with savings accounts is the ability to withdraw money without a penalty. However, unlike a savings account, you cannot withdraw just part of the principal. For PurePoint’s No-Penalty CD, an early withdrawal closes the CD. The advantage over a savings account is a rate lock. For the case of PurePoint, the rate is guaranteed to last for the length of the 13-month term. Unless there’s a rate guarantee period, savings and money market rates can fall at any time.

With a 2.60% APY, PurePoint’s 13-month No-Penalty CD is now the rate leader among no-penalty CDs. The no-penalty CDs from its competitors are far behind on rates (Marcus by Goldman Sachs, 2.35% APY and Ally Bank, 2.30% APY).

The other three accounts with rate hikes are savings or money market accounts. The one of the three with the highest rate is the High Dividends Savings Account from USALLIANCE Financial Credit Union. The rate increased by 8 bps, from 2.36% to 2.44% APY. The minimum balance is only $500. The primary downside of this account is a $5 withdrawal fee that applies to any withdrawals.

Live Oak Bank Savings Account rate increased by 5 bps in late February to 2.30% APY. Last Friday, Sallie Mae Bank Money Market rate increased by 10 bps to also be 2.30% APY. Both accounts have no monthly maintenance fee.

Susquehanna Community Bank still holds the top spot with its Eagle Premium Savings. It continues to have a 6-month intro rate of 3.00% APY for balances of at least $100k. One important limitation is that the bank allows no more than one debit per 6-month period. The bank charges a $20 excess debit fee when the withdrawals exceed this limit.

Without large minimum balance requirements and without difficult withdrawal limitations, the highest rate on a savings or money market account continues to be 2.50% APY. This is a new offering from Western State Bank. It’s called High Yield Money Market, but it’s really a savings account since it has no checks or debit card. The account earns 2.50% APY on all balances up to $3 million, and there are no monthly fees.

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 been steadily rising as the Fed has been hiking rates.

Vanguard Prime Money Market Fund SEC yield continues to be well over 2%. It had a slight decline in the last two weeks, falling from 2.47% to 2.46%. Fidelity Money Market Fund’s 7-day yield also had a small decline, falling 1 bps to 2.28%.

Allan Roth has a review at AARP of using money market funds to replace savings accounts. He suggests using funds such as Vanguard Federal Money Market and Vanguard Treasury Money Market instead of the Vanguard Prime Money Market Fund. The yields are slightly lower, but they are a little safer due to recent regulation changes. Treasury money market funds have an additional advantage of being exempt from state income taxes.

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. Vanguard Municipal Money Market Fund now has an SEC yield of 1.65%, which is up from 1.52% two weeks ago.

Reward Checking Accounts

In addition to the money market and savings account rate hikes, we had two rate increases on nationally-available reward checking accounts. Most noteworthy is the rate and balance cap increase at Main Street Bank in Michigan. Its Kasasa Cash rate increased 75 bps to 3.00% APY for balances up to $30k. The balance cap increased from $25k to $30k.

The other rate increase was at Northwest Federal Credit Union. Its Kasasa Cash rate remained at 2.00% APY, but the balance cap increased from $15k to $25k. Now the account earns 2% APY on balances up to $25k.

With savings and money market account rates that are over 2.50% APY, it’s hard to get excited about reward checking accounts that earn 3% or less, especially when there are small balance caps. Unfortunately, most reward checking accounts have been slow in responding to the rising interest rate environment. As interest rates rise, their appeal as an online savings account alternative has been waning.

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 will focus on banking news of the week and liquid accounts.

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

You just have one more day to take advantage of the 3.50% APY 19-month CD at Hyperion Bank. There’s also a 13-month CD that earns 3.20% APY. On the bank’s home page, a special pop-up displays the message, “Check out our current CD Special! Expiring March 6, 2019 at 6:00pm EST.” A reader reported receiving an email with the following details: “Applications must be submitted by 6 P.M. EST on March 6, 2019. Accounts must be funded by 6 P.M. EST on March 13, 2019.” Please refer the CD special review for more details.

I was happy to see that Mountain America Credit Union kept its CD rates unchanged in March. Its three most competitive terms are its 2-year (3.25% APY), 3-year (3.35% APY), and 5-year (3.51% APY). Mountain America calls its CDs Term Deposit accounts. Minimum deposit is only $500. The credit union also offer Term Deposit Plus accounts with the same terms and rates. However, they allow add-on deposits up to a maximum balance of $100k.

Andrews Federal Credit Union is no longer offering its special 3.25% APY 6-month CD. However, it continues to offer an 8-month CD special with a 2.86% APY and a 9-month CD special with a 2.75% APY.

Navy Federal Credit Union continues to offer a special 6-month CD that earns 3.00% APY. Unlike Navy Federal’s 17-month CD special, this 6-month CD has no maximum deposit. It also does not have the add-on feature. The 17-month CD Special is still available, and it continues to earn a 3.25% APY with unlimited add-on deposits up to a maximum balance of $50k. Navy Federal continues to offer a 40-month IRA CD special. This has a 3.75% APY, and it allows unlimited additional deposits for a maximum balance of $150k. Unfortunately, it’s not available as a regular CD (only an IRA CD).

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 March 5, 2019

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:
Susquehanna Community Bank3.00% ($100k+) Eagle Premium Savings, 6-month rate guarantee - Account review
PurePoint Financial2.60% ($10k) 13-month No-Penalty CDInternet bank Account review
NASB2.53% ($50k-$5m) High Rate Savings - Account review
Western State Bank2.50% (up to $3m)High Yield Money Market - Account review
All America Bank2.50% (up to $50k), 0.50% ($50k+)Mega Money Market Account - Account review
Redneck Bank2.50% (up to $50k), 0.50% ($50k+)Mega Money Market Account
Rising Bank2.45% ($1k min)High Yield Savings - Account review
UFB Direct2.45% ($25k min)Premium Money Market - Account review
CIT Bank2.45% ($25k min)Savings Builder - Account review
USALLIANCE Financial2.44% ($500)High Dividend Savings - Account review
MidFirst Direct2.41%High Yield Online Savings - Account review
earn.bank2.41%Money Market Account - Account review
Vio Bank2.41% Online High Yield Savings
MySavingsDirect2.40%MySavings Account - Account review
MemoryBank2.40% ($1 million max) Online Money Market - Account review
TAB Bank2.40% ($2.5k)High Yield Savings - Account review
BankPurely2.40% ($25k min) PurelyMoneyMarket - Account review
iGObanking.com2.40% ($25k min) MMA, New accounts and new money only - Account review
Quontic Bank2.40% ($100k), 2.35% ($5k), 2.00% APY (up to $5k)Personal Money Market - Account review
CIBC USA (formerly The Palladin PrivateBank)2.39%Agility Savings Account - Account review
Virtual Bank2.39% eMoney Market Special - Account review
Popular Direct2.36% ($5k min) Popular Direct Plus Savings (60-day freeze on new accounts, see details)Popular Direct Plus Savings - Account review
Marcus by Goldman Sachs2.35%13-month No Penalty CD ($500) - Account review
PNC Bank2.35% Online High Yield Savings (not available in all states) - Account review
Bank 72.35% ($100 min)High Rate Online Savings Account
Bank 72.35% ($5k min)High Rate Online Money Market
Citizens Access2.35% ($5k min)Online Savings Account - Account review
Bay State Savings Bank2.35% ($5k)Smile Worcester County Consumer Money Market - Account review
PurePoint Financial2.35% ($10k min)Online Savings - Account review
Sallie Mae Bank2.30%Money Market Account - Account review
Live Oak Bank2.30% ($5 million max) Savings Account - Account review
Salem Five Direct2.30% eOne Savings (up to $1m), for new customers only - Account review
Northpointe Bank2.30% ($25k-$1m, guaranteed for 2 years) Ultimate Money Market - Account review
United Bank (CT)2.30% (6mo rate guarantee) Advantage Money Market, not available in all states - Account review
Ally Bank2.30% ($25k)No-Penalty 11-month CD - Account review
MutualOne Bank2.27% ($1m max)Online Statement Savings - Account review
SFGI Direct2.27%SGFI Direct Savings Account - Account review
Synchrony Bank2.25%High Yield Savings - Account review
Marcus by Goldman Sachs2.25%High-Yield Online Savings Account - Account review
FNBO Direct2.25%Online Savings
Pacific National Bank2.25% ($5k min) Money Market Deposit Account - Account review
Zions Bank2.25% ($25k min)Online Money Market (not available in all states) - Account review
Customers Bank2.25% ($25k min)Ascent Money Market Savings (rate guarantee through 6/30/2019 - Account review
Northfield Bank2.25% ($100k max) Online Platinum Savings - Account review
CommunityWide Federal Credit Union2.25% (penalty-free withdrawals first 5 days of each calendar quarter)High Rate Quarterly Funds Account - Account review
Presidential Bank2.25% ($100k+), 1.25% ($250k+), 0.25% (less than $100k)Money Market Plus Checking - Account review
HSBC Direct2.22%HSBC Direct Savings
Ally Bank2.20%Online Savings - Account review
Barclays2.20%Online Savings - Account review
Chartway Federal Credit Union2.20% ($500)12-month No Penalty CD - Account review
TIAA Bank2.15% (1yr intro rate), 2.00% ($100k+) 1.75% ($50k+) ongoing ratesYield Pledge Money Market - Account review
Empower2.15% Savings
Franklin Synergy Bank2.15% ($500k), 2.05% ($250k), 1.95% ($100k), 1.85% ($50k) Synergy Money Market
Discover Bank2.10% Online Savings - Account review
American Express National Bank2.10%High Yield Savings - Account review
Sallie Mae Bank2.10%High Yield Savings - Account review
Alliant Credit Union2.10% ($100 min)High-Rate Savings - Account review
Quorum Federal Credit Union2.05%HighQ Savings Account
Bank5 Connect2.05% ($100 min) High Interest Savings - Account review
CIT Bank2.05% ($1k min)11-month No-Penalty CD - Account review
Radius Bank2.05% ($25k+), 1.50% ($2.5k+)Radius High-Yield Savings - Account review
NASB2.02% ($25k+), 1.77% (up to $25k), 0.10% ($1.5m+)MMA Special Online Only - Account review
First Internet Bank2.02% ($250k+) 1.81% (up to $250k)Money Market Savings
M.Y. Safra Bank2.01% ($500k max), 1.75% ($500k+) MYSB Direct Online Money Market - Account review
BankUnitedDirect2.01%Online Money Market - Account review
UmbrellaBank.com2.01% ($25k min), 1.00% ($1k)Money Market
PenFed Credit Union2.00%Premium Online Savings
Aspiration2.00% Aspiration Account
Bethpage Federal Credit Union2.00% ($500 min)Money Market
Capital One2.00% ($10k+), 0.85% (up to $10k)360 Money Market - Account review
American Heritage Credit Union2.00% ($10k min)High Yield Savings (guaranteed through 12/31/2019)
Hanscom Federal Credit Union2.00% ($25k min)Higher Yield Savings - Account review
Discover Bank2.00% ($100k min), 1.95% ($2.5k) MMA - Account review
Northpointe Bank1.95% ($25k+), 1.12% (below $25k and $1m+)Ultimate Savings - Account review
iGObanking.com1.90%iGOsavings - Account review
BankPurely1.90% ($1 min) SavingPurely - Account review
BBVA Compass1.90% ($10k min, 12mo rate guarantee)ClearChoice MMA Promo - Account review
Colorado Federal Savings Bank1.90% ($50k+) Premier Savings (New customers) - Account review
Self-Help Federal Credit Union1.88% ($500) Money Market - Account review
CIT Bank1.85% ($100 min)Money Market - Account review
McGraw-Hill Federal Credit Union1.85% ($100) (guaranteed through 3/31/19)S3 Prime Money Market - Account review
ableBanking1.85% ($250 min)Money Market Savings - Account review
Spectrum Credit Union1.85% ($2.5k+), 0.50% ($1+) MarketEdge Money Market
MyBankingDirect1.85% ($25k+), 1.50% ($5k+), 0.25% (less than $5k) Money Market
DollarSavingsDirect1.80%Dollar Savings Account - Account review
EBSB Direct1.80% ($10k+), 0.80% ($2m+), 0.50% ($10+)Money Market Special 3 - Account review

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
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)
Orion Federal Credit Union4.00% (up to $30k), 0.05% ($30k+)Premium Checking - Account review
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
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
Evansville Teachers Federal Credit Union3.00% (up to $20k), 0.00% ($20k+)Vertical Dividend 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), 0.07% ($15k+)Shield Checking - Account review
Signature Federal Credit Union3.00% (up to $15k), 0.10% ($15k+)Choice Checking
All America Bank3.00% (up to $10k), 0.50% ($10k+)Ultimate Rewards Checking
Redneck Bank3.00% (up to $10k), 0.50% ($10k+)Redneck Rewards Checking
Great Lakes Credit Union3.00% (up to $10k), 0.20% ($10k+)Free Checking
Partner Colorado Credit Union3.00% (up to $10k), 0.10% ($10k+)High Interest Checking
Georgia Banking Company2.95% (up to $25k), 1.00% ($25k+)Kasasa Cash - Account review
Campus Federal2.51% (up to $10k), 0.05% ($10k+)Lagniappe Checking
The State Bank (MI)2.50% (up to $50k), 0.15% ($50k+)Kasasa Cash - Account review
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
New Buffalo Savings Bank2.27% (up to $15k), 0.2497% ($15k+)Kasasa Cash - Account review
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest 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)
XCEL Federal Credit Union2.01% (up to $25k), 0.30% ($25k+)Kasasa Cash Checking
Bay State Savings Bank2.01% (up to $20k), 0.25% ($20k+)Kasasa Cash - 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
Elements Financial2.00% (up to $20k), 0.10% ($20k+)High Interest 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
Superior Choice Credit Union1.75% ($30k-$75k), 1.50% (up to $30k)AMP Checking
Axos Bank1.25% (up to $150k), 0.00% ($150k+)Rewards Checking

Certificates of Deposit:

Bank Account Alternatives - NOT FDIC Insured

GM Financial Right Notes2.75% ($500+)
Duke Energy PremierNotes2.65% ($50k+), 2.50% ($10k+), 2.45% (less than $10k)Duke Energy PremierNotes review
Ford Interest Advantage2.65% ($50k+), 2.50% ($15k+), 2.45% (less than $15k)Ford Interest Advantage review
Vanguard Prime Money Market Fund2.46% 7-day yield
Fidelity Money Market Fund2.28% 7-day yield
Ally Financial Demand Notes2.25% ($50k+), 2.10% ($15k+), 1.90% (less than $15k)
Vanguard Municipal Money Market Fund1.65% 7-day yield
Fidelity Municipal Money Market Fund1.39% 7-day yield

Account Removed, Rate Lowered

Incredible Bank0.50% ($10k+), 0.35% ($1k), 0.20% ($0.01) IncredibleBank Savings - Account review

Post Publication Edits

3/7/2019: TIAA Bank Yield Pledge Money Market ongoing rate raised.

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
deplorable 1
deplorable 1   |     |   Comment #1
Gm right notes is now 2.75% with no tier levels which is a nice change. I just wish they would allow check writing privileges and 3rd party ACH withdrawals for paying bills. Then I could ditch my Ally demand note account and earn a higher rate on bill pay cash.
Ken there is one other noteworthy account that should go in this "bank account alternatives" section and that is Cat Financial PowerInvestment. It has 3 tier levels and the top rate for the $50,000 tier is 2.43%. The minimum investment is a low $250. Here is their web page:
hare brained
hare brained   |     |   Comment #5
what the .....? what's the point mad hatter?
#7 - This comment has been removed for violating our comment policy.
deplorable 1
deplorable 1   |     |   Comment #9
How did I violate comment policy? This guy with the ever changing user names heckles everyone on this site and his comments remain. I'm even polite when I respond.
Newbie1   |     |   Comment #20
Are GM right notes publicly available, or are they available only to current and past GM employees?
deplorable 1
deplorable 1   |     |   Comment #22
The old demand notes program required a relationship with GM but the right notes program is actually available to any U.S. citizen.
I use it for a short term place to park cash between CD deals.
RickZ   |     |   Comment #2
The information on Susquehanna is incorrect: the 3.0% rate is for balances of $100K or more not "for balances up to $100K."
RickZ   |     |   Comment #3
Now that I see the discussion in the next paragraph about large minimum balance requirements, this is obviously just a typo.
Ken Tumin
Ken Tumin   |     |   Comment #11
Yes, it was a typo. It's now corrected. Thanks!
Hidden Gem
Hidden Gem   |     |   Comment #13
Yup. I've got a note in to them about the possibility of adding POD beneficiaries, to raise the FDIC insurance levels. There's no way that I could find to do it online, but they may have a form for that - will post again if I hear back and they can allow us to "raise the limit" on FDIC insurance to $500k+.

Married folks can already do that with a joint account (which they do support), but POD would help.
PickyEater   |     |   Comment #4
Sofi money checking pays 2.25% with debit card. So far so good for me.
DA Fan
DA Fan   |     |   Comment #6
I prefer keeping most money liquid, or in short term accounts. I'm really liking those no penalty cd's. They may end up being the only "savings" account I have, and will eventually replace all my current 6 month varieties.
deplorable 1
deplorable 1   |     |   Comment #8
I like liquid accounts as well but until they are paying 4-5% the CD specials are still a must or you are losing to inflation. The way they calculate the CPI they are going to say inflation is 2% forever but the reality on the ground is more like 4% at least so we are lucky to break even after taxes.
Bill Barr
Bill Barr   |     |   Comment #10
You can only break even if you are making 4% or more, and you can't make that.
RRR   |     |   Comment #12
Even if the inflation rate is 4%, you would have to earn more than 4% to keep up with inflation unless you don't pay any income tax.
deplorable 1
deplorable 1   |     |   Comment #14
Right and that's why I use dividend paying stocks/bank bonuses/5% capped savings accounts along with the CD specials in order to average at least 8-10% ROI overall. Otherwise you are just spinning your wheels particularly on a after tax basis.
DA Fan
DA Fan   |     |   Comment #15
I'm not too overly concerned about inflation, as odd as that may sound. Yes, I know prices go up, and taxes are miserable and eat a lot of my interest. But I have very low expenses and a live a simple frugal lifestyle. I want to keep my financial portfilio basic & easy, mostly just safe CDs and a savings account. Not wanting to stress over it or spend too much time on it. I come here to check interest rates when I have a CD maturing. Very nice website.
Get Real
Get Real   |     |   Comment #16
#15 If it sounds to good to be true, it probably isn't true.
dollarsncents   |     |   Comment #17
I'm with you DA Fan. This site has been a valuable resource for me for quite some time. I follow this site specifically to monitor savings and CD interest rates and have done quite well over the years,

A person can make a financial "killing" in the stock market, but also could get "killed".
deplorable 1
deplorable 1   |     |   Comment #18
@DA Fan: I'm not overly concerned about it either since I'm not a big spender and use cash back credit cards for purchases. I do take it into consideration when picking CD's and stocks though.
Bill Barr
Bill Barr   |     |   Comment #19
I don't understand why the fed doesn't at least keep the funds rate at the rate of inflation.
Brokered   |     |   Comment #23
No insult intended but your post indicates an almost complete lack of understanding about the FED.
Nothing   |     |   Comment #24
Your (non) facts, Brokered, aren't too persuasive. Bill is showing what he would like to know and received a non-starter. Shame on the fountain of knowledge holders. Want to try again?
Bill Barr
Bill Barr   |     |   Comment #25
Thank you, Nothing. Your Comment is spot on.
Luvcd   |     |   Comment #27
Also interesting to note that Bill Barr's IP address has changed 3 times in less than 8 hours.
Luvcd   |     |   Comment #26
Nothing...rather than complain about Brokered's response, why don't you show your knowledge and answer Bill's question.
Brokered   |     |   Comment #28
Simple answer. Because that is not the FED's job.
Bill Barr
Bill Barr   |     |   Comment #32
Its not the FED's job, but it seems strange that the fed funds rate is not at least as high as the inflation rate.
deplorable 1
deplorable 1   |     |   Comment #35
@Bill: Well if you just take their inflation numbers at face value they are slightly above the inflation rate. The problem is in the way they now calculate inflation using consumer "preferences". Here is a example:
Say a box of Kellogg's corn flakes goes up in price from $3.00 a box to $$4.00 that's a 25% price increase. But the consumer switches to Malt-o-meal corn flakes which still costs $3.00 and that represents 0% inflation. The CPI reflects 0% inflation for corn flakes. The problem with this is that we still have the 25% inflation for Kellogg's corn flakes. This is why inflation is in reality much higher than is reflected by the FED's numbers.
kelloggs   |     |   Comment #37
#35...when the price of a product increases from $3 to $4 that is an increase of 33.3% not 25%
deplorable 1
deplorable 1   |     |   Comment #38
Sorry good catch correct 33.3%
Bill Barr
Bill Barr   |     |   Comment #43
Thanks, deplorable 1, this is answering the question I was asking. Thank you.
RRR   |     |   Comment #34
The FEDs primary mission is to optimize macroeconomic performance and maintain economic stability. The open market operations they perform affect interest rates and also affect the performance of the economy. They set a target federal funds rate in order to achieve that mission. If the rate is too high, it tends to curb economic activity since higher interest rates means less borrowing. If they set the rate too low it can cause inflation. Neither, of course, is consistent with their mission. They also have to consider the timing of the increases and decreases since there is a component of economic lag in their effect.

Increasing the federal funds rate to ensure that savers earn a rate of return at least equal to the rate of inflation is not directly part of their mission. Hence they have no reason to give that metric much weight when deciding on the federal funds target rate.
Bill Barr
Bill Barr   |     |   Comment #44
Thank you, too, RRR, this also answers the question I asked. Thanks.
deplorable 1
deplorable 1   |     |   Comment #56
@RRR: True but they sure do give a lot of weight to stock market tantrums and the global economy even though that is not supposed to be part of their dual mandate either. I wish they would give us savers some consideration as well.
RichardW   |     |   Comment #21
Ken, In your post for the Fidelity Money Market Fund you listed 2.28%, which is the compound (or effective) yield. In your post for the Vanguard Prime Money Market Fund you listed 2.46%, which is the 7-day yield. However, 7-day yield is not the same as compound (or effective) yield. It would be best to compare the same yield terminology (e.g. 7-day yield) for each fund. The current values of 7-day yield and compound (or effective) yield for the two money market funds can be found at these two sites:
anonymous   |     |   Comment #31
Agree with RichardW on this one. I would compare them at the compound yield (not 7 day yield) because then it's more of an apples-to-apples comparison with the bank account APYs. So Vanguard Prime Money market should be listed at 2.49%.
RRR   |     |   Comment #36
For money market mutual funds the 7-day SEC Yield is similar to a bank APR. It assumes net dividends remain in the account at the stated rate for a full year with no compounding.

Since accrued dividends on most money market mutual funds begin accruing dividends monthly, that is the equivalent of monthly compounding. Therefore, to equate the 7-day SEC Yield with a bank APY, you could use the following formula:

7-day SEC Yield APY equivalent = (1+y/12)^12-1

Where y is the 7-day SEC Yield

But keep in mind that APR, APY and 7-day SEC Yield are only one size fits all metrics designed to make the return on their respective investments more transparent to consumers. As a true measure of expected return, they are each flawed (or at least incomplete) since they are based on assumptions that may or may not be realized depending on the terms and parameters of the particular investment to which they are applied.
anonymous   |     |   Comment #40
RRR, thank you for your detailed post. I think the point made was simply that we should compare all our deposit alternatives (e.g., savings account, MM mutual fund) the same way. As you mentioned, they are all flawed in some way (e.g., assuming the dividends remain in the account etc) but we should all compare them all using the same assumptions. Since all bank accounts here are listed by APY, my preference would be that money market funds should be listed by their compound yield.
deplorable 1
deplorable 1   |     |   Comment #54
I agree all accounts should be required to list the APY for comparison purposes. The 7 day yield seems to be more like a APR.
Never Trump Republican
Never Trump Republican   |     |   Comment #29
Request to Ken Tumin: For a while there is no blog post related to "Hub Account" . How about making a post for this topic.

Presently I use Alliant as my "Hub Account". In the past I've used USAA.
111   |     |   Comment #30
Just FYI - some FIs that are de facto used as "hub accounts" by folks who are sometimes seen as "rate chasers" (and I'm certainly not excluding myself here) - well, they do not always appreciate being identified in exactly that way. Call it, maybe, the "fight club" effect.
anonymous   |     |   Comment #33
I think this would be a great topic for the "basic banking" series: how to most effectively link various online accounts. This will probably be more useful to online banking newbies than posts about money orders or savings bonds.
deplorable 1
deplorable 1   |     |   Comment #39
I'm in the process of trying to join Mountain America CU with a ACC membership for the add-on CD's. I couldn't seem to get all the way through the online application. They gave me a application ID and said they would contact me. Should I be calling them? I have a feeling there is going to be a lot of hoops to join this one.
123654   |     |   Comment #41
I've been waiting a week for them to call me back. I read somewhere on an earlier thread that it takes a while for them to get it completed on there end so I am not rushing them. My app starting out like yours, but they did contact me 2 days later. They wanted IDs emailed over. I emailed IDs and I am now waiting...……...
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RJM   |     |   Comment #48
Donald #42. You are clearly trolling.
deplorable 1
deplorable 1   |     |   Comment #45
I ended up just calling them. They just changed their policies and no longer do a hard credit pull just a soft pull. The ACC membership does qualify you for membership and they approved me. They said they are emailing me some forms I need to send back through the email.
larry   |     |   Comment #46
123654 (Comment #41), d1(Comment #39) hope you fill us in on what the process is like and how long from actually getting an account and ready to rock.
Milty   |     |   Comment #47
@D1: Interested in knowing total number of days it takes you, start to finish, to open your account at MACU. Thanks.
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Donald   |     |   Comment #51
And yes, I took my own advice. Everything is set up, and now I can just forget it. No longer need to be addicted to cd chasing. :) It's a good feeling. Just relax and watch that monthly interest roll in. I spend most of it and enjoy it (before the little woman gets it).
deplorable 1
deplorable 1   |     |   Comment #52
@Donald: I need this for long term rate insurance so I can relax. I spend money and enjoy it all the time. I think I'm just a little more selective than most on what I spend it on. I have to need it or want it really bad. I'm not a impulse buyer that's for sure I research first and then buy with a discount.
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deplorable 1
deplorable 1   |     |   Comment #50
Only one day so far and I have everything done. I'm just waiting for my account number. First they said I needed to upload DL and SS card back and front but the CSR said I don't have to since I called in and verified my identity over the phone. Then I got a email telling me to upload the docs so I asked them where to send them. They emailed me back and said since I was just opening CD's They don't need them!?! I'm so confused. I'm calling tomorrow to see if they have everything they need. The CSR said they are trying to make the application process easier.
Bowman   |     |   Comment #58
It's definitely a drawn out process, I think it took me three days. But once you have access to their web portal, you can do everything very quickly and easily online. It's actually one of the better banking software systems I've used. I think it took me all of 30 seconds to open a second term deposit.
deplorable 1
deplorable 1   |     |   Comment #61
Second day and I'm playing email tag with them. I wanted to opt out of their regular soft credit pulls to market me products. They sent me the same signature forms I already signed yesterday to sign again. Maybe they deleted the other package so this may have been my fault for agreeing to those soft pulls on the phone. My advice would be to opt out of those. I mistakenly thought agreeing to those terms was mandatory for membership but it is not. I may get my account number today.
Milty   |     |   Comment #62
Good luck, D1. Let us know how it goes. I may be going through the same thing next week and would like to avoid the confusion.
Bill Barr
Bill Barr   |     |   Comment #64
MACU is nearly impossible to deal with unless you go into a branch.
deplorable 1
deplorable 1   |     |   Comment #65
I just got my account number today by secure email(you have to set up a new password to get it) and was able to setup online access. So only 2 days total but I called in and avoided having to upload D.L. and SS card.
deplorable 1
deplorable 1   |     |   Comment #66
Question for those who did the term deposit plus CD. Did you have to ACH pull in the $10 monthly ACH deposits from MACU's website when applying for the CD? Or do you set up a $10 ACH push from a external bank/CU to the CD? I was just wondering if I can open the CD now or if I need to wait for the trial deposits to post over at Redneck first and have that account linked.
deeMatrix   |     |   Comment #67
They told me you can't do an external ACH directly into the CD and if initiating from outside it would require an ACH push into the member savings and then they can automatically have an internal MACU transfer from there into the CD. Of course one could also just have enough money in the savings account and do monthly transfer from there into the plus CD without requiring the monthly push from the external bank.
For now I decided rather than 2 steps I'll try just having MACU pull the required $10 from my external bank directly into the CD to see how this works.
deeMatrix   |     |   Comment #68
Also regarding "I was just wondering if I can open the CD now or if I need to wait for the trial deposits to post over at Redneck first and have that account linked". They didn't need to have my external account linked requiring trial deposits, etc. and only needed the routing and account number for the monthly ACH pull in.
Bowman   |     |   Comment #69
For the additional monthly deposits once the term deposit is set up, you can ACH pull from MACU directly into the CD.
Newbie1   |     |   Comment #70
I opened my first term deposit plus account by calling, if you are worried about rates decreasing you might want to call. The CSR was able to fund the CD from an external checking account. The monthly internal transfer from savings to cd was also set up at this time. I then set up a transfer from my hub to MACU to funds to my share savings. Once set up, you can open new CDs and set up the required transfers easily online. Rates increased so I replaced the original term deposit plus.
Newbie1   |     |   Comment #71
Should have said once online banking is set up it is easy to open new term deposit plus, etc accounts.....
deplorable 1
deplorable 1   |     |   Comment #72
Thanks for the responses. It looks like I can just set up the CD online now and have them pull funds from my Ally demand note account for the $10 monthly deposit. This way I won't need to take up one of my 6 transfers per month over at Redneck. Seems like a hassle going through the savings if I don't need to. Is it possible to do it this way? I'm always a bit nervous setting things up without calling at a new CU because they all seem to have their own quirky rules about everything. Then you get different answers depending on which CSR you talk to.
Newbie1   |     |   Comment #73
My transfers take place on the first of the month, so assuming this is true for everyone, you have time to set up the transfers. My understanding when I set mine up is that the transfer has to be from another MACU account, but looking at the Scheduled Transfers page in online banking, I can see the option to add an account at another Financial Institution. When opening a new term deposit plus from within online banking there is a step where the recurring monthly deposit is set up and the only option offered is primary savings. This may be because I have no external accounts linked to this account. Hope this helps
deeMatrix   |     |   Comment #74
Mine are setup with automatic monthly MACU ACH pull from our Ally checking directly into the term deposit plus CDs. All I needed was to give the MACU rep the routing and account number, along with day of month I wanted the $10 per CD plus account pulled.
newbie1   |     |   Comment #75
Good to know. Maybe a change in policy or maybe CSR I worked with. I have been a member for some time. Question is there a monthly fee for having less than $100 in your share savings?
deplorable 1
deplorable 1   |     |   Comment #77
Nice catch newbie 1! I just noticed that there is a $5 monthly fee in the share savings if you don't have $100 in there. Actually it's probably $105 since it is a share account. I better transfer $105 in there pronto. I don't see this fee listed in the fee schedule either although i see a "single service fee" of $5 so maybe that's it. They also have a $30 annual inactivity fee which I thought was pretty high.
DAJunkie   |     |   Comment #80
From MACU savings account disclosure:

"If your balance is at least $5 on every day in the month, but falls below $100
on any day during the month, your account will be subject to a single service fee
of $5 once during the statement cycle."

But the sentence following reads:

"This fee will be waived if the account holder has other savings, checking
or active (within 12 months) loan products with the same account number."

So once you have other savings (A CD, for example) established you shouldn't
need to maintain the $100 primary savings minimum. I suppose it's possible
you could hit a snag during the first statement cycle before the CD is 'fully
established', however. Never had that happen, though.

Of course,if you remove all CD funds after maturity, you'll probably then be
subject to the $100 savings requirement if you want to keep membership open!
deplorable 1
deplorable 1   |     |   Comment #82
Thanks DA I wasn't sure if CD's counted to waive the fee or not.
ddbrege   |     |   Comment #79
I have never been charged a fee for a minimum balance. I think from what I remember reading that there is none other than if it goes below the $5.00 that seems to be something all credit unions require and usually may not even show up as being available. I think then it was $2.00 or something unusually low. I set up my automatic monthly deposit into my Term Deposit Plus accounts and they handle it internally. As far as DP1's post #77...I can't keep up with what financial institution he is even rambling about half the time, but I don't think MACU has a minimum balance or an annual inactivity fee unless it happens to be something new since they re-did their website.
deplorable 1
deplorable 1   |     |   Comment #81
Copied directly from the truth in savings disclosure:
"If your balance is at least $5 on every day in the month, but falls below $100 on any day during the month, your account will be subject to a single service fee of $5 once during the statement cycle".
and from the fee schedule:
Dormant Account Annually $30.00
Certain accounts or activity waives these fees but I'm not sure if CD's do.
deeMatrix   |     |   Comment #84
Mountain America Credit Union’s Traditional Savings account acts both as a membership account and as the credit union’s sole straight savings account. Minimum opening requirements are low, and there are no monthly fees. At least $5 must be kept in the account at all times to maintain membership in the credit union.
Interest is earned on balances of $100 or more, with the same rate paid on all qualifying balances.
DAJunkie   |     |   Comment #85
"there are no monthly fees" is somewhat misleading. The conditions under which
there ARE fees are elaborated upon in the "Truth in Savings" disclosure document
found under the "Minimum Balance Requirements" subsection of "Savings
Accounts". The definitive document is located at:
deeMatrix   |     |   Comment #87
DAJunkie, my post should have been in quotes as this was from MACU documentation I came across but as you indicate the "Truth in Savings" disclosure document does indeed outline some fees. Curious if this is a recent change versus outdated documentation but as you noted it won't affect anyone who opened the account along with a CD as any fees will be waived at this point BUT it very well could be a concern if one has less than $100 in the savings account if all CD funds are removed after maturity and one wishes to maintain CU membership. I plan to call the loan officer I was working with on Monday for further clarification.
NYCDoug   |     |   Comment #91
Beware of those monthly withdrawal dates you establish with MACU for your add-on CDs; they're not as fixed as you might like, so keep your funding account prepared for an earlier pull.

My withdrawals are scheduled for the 5th of each month, but in January -- when the 5th fell on a Saturday -- $10 was pulled on Friday, the 4th. Luckily there was sufficient cash that day in my checking account (which I usually keep at a $1 balance, and fund only when debts are due).

Moral of the story: "Checks" & "Balances" . . .
deplorable 1
deplorable 1   |     |   Comment #76
I just set up the trial deposits to link my Ally demand note account to MACU. I'm going to wait for the trial deposits to show up and link my external accounts before setting up the CD's. I still have to deposit the $5 into the share savings as well. I'll probably call on Monday just to make sure I get this set up correctly. It appears that they change CD rates on the 1st of the month so I'm not going to rush it. I'm going to do this for the wife as well so $200,000 of rate insurance plus another $100,000 for the youth term deposit account @ 2.75% APY(It seems you could initially deposit $50,000 if you wanted to max it out and add $10,000/yr.). According to the CSR I spoke with the youth account is separate and does not count towards the $100,000 cap for the term deposit plus accounts. I would suggest anyone who is interested in 5 yr. rate insurance to get this done before next month as it seems like long term CD rates are dropping.
deplorable 1
deplorable 1   |     |   Comment #78
Typo 3.75% APY for the youth account.
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DAJunkie   |     |   Comment #83
Sending trial deposits from MACU to ALLY should be fine.
But the reverse, ALLY to MACU, (which it appears you're doing?) could lead to issues. In this case, if you have a zero initial balance in MACU primary share, the
trial deposits may trigger multiple NSF insufficient funds fees!

Should this happen, you'll need to contact a CSR, request 'courtesy' refunds, and
ask to fund the $5 initially some other way (via CC should work) to avoid further
deplorable 1
deplorable 1   |     |   Comment #86
Thanks DA. I'm going from MACU to Ally and Redneck for the trial deposits. I may go the other way later after I have money in the accounts. This should allow them to pull in funds for the monthly deposit and funding of the CD's.
123654   |     |   Comment #88
Deplorable 1 (#76),
So you got an account opened, that is great! I have been waiting since I emailed my Identity Docs to them. First, I filled out the online application. Then they called 2 days later, and requested I email Identity documents. I have been waiting since then to hear back, it has been about 2 weeks maybe.

Can you give a brief summary of how the process went, and if there's any way to speed it up?
deplorable 1
deplorable 1   |     |   Comment #89
Yes Calling in and verifying your identity over the phone speeds things along. I also emailed [email protected] and he responds to emails and gets everything done. Next you should get a secure email with your new account number. Then you will have to set up a user name and password for the secure email in order to access it. Once you have your member number you can register for online access and start linking accounts.
deplorable 1
deplorable 1   |     |   Comment #90
I forgot they will email you some signature forms through the email and once you digitally sign those then you get your account number. I can't believe they haven't sent you the signature forms yet. I guess the squeaky wheel gets the grease.
123654   |     |   Comment #93
Thanks, I guess I need to give them a call and see if I can't speed this up.
deplorable 1
deplorable 1   |     |   Comment #97
I just called and you have to have money in the share savings to open the CD then they are able to pull in the $10 per month from a external bank directly into the CD without having to go through the savings. So basically you need to set up your external accounts first in order to push or pull money into the share savings just to get the CD opened.
123654   |     |   Comment #98
I called this morning to see where we are at in the process. They said "someone is assigned to your account, we need you to speak with the person who is working on opening the account. She is not in now, just leave her a voicemail message." So, they transferred me to her extension and I left a voicemail. Haven't heard from her today, so I guess I just have to wait for this lady to call us back or email us. It is a really slow/long process for us. Good you got yours opened so fast. Thanks for the updates.
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deeMatrix   |     |   Comment #103
Actually can speed things up with no need to add external links with trial deposits, etc. as one can just call and have the MACU loan officer open fund the term deposit plus CD with an echeck (or whatever they call it) that they initiate from your external bank account by just giving the the bank routing and account number of choice.

You also can provide them the bank routing and account info for the monthly $10 pull into the term deposit plus CD, along with the day of the month that you want the transfer to occur (give or take a day or two if fall on a weekend).
Newbie1   |     |   Comment #104
#103, dee. I suggested calling MACU to open and fund the term deposit plus way back in comment #70. Like you reported it was opened and funded instantly. I have since opened another cd via online banking and can report the process was simple and faster than calling.

The issue they are having is opening up their member account. I wonder if MACU is currently gaining many new members and is a little behind in their application processing.
Newbie1   |     |   Comment #105
One thought.... when you receive the new member call, you might ask to fund you share savings account at that time. Have the routing and account number ready. Unless the MACU process has changed that is what I was able to do, it was a while ago now.
123654   |     |   Comment #107
Good idea, I will have that ready once I get the call. I think since I left voice message already that I may try emailing again for good measure.
Robb   |     |   Comment #108
@123654 Seems like things vary widely by CSR. I applied yesterday morning and account is fully funded and set 30 hours later. I would reiterate what D1 said yesterday that squeaky wheel gets the grease here. I would consider calling back in today to see if you can either get the ball rolling with your original CSR or ask to speak to a manager about your situation. Good luck!!
deeMatrix   |     |   Comment #109
Newbie1 - I tried opening a second CD from online banking and it would not allow funding from the external account I linked. How did you fund the second CD unless you already had funding transferred into your savings account?

As for establishing the member account, think calling them and answering the identity questions and let them establish the account right there after they have you docusign, etc. and then fund the savings and term deposit plus CD via the eCheck funding method. The online identity check as indicated earlier in one of the posts alleviated need to transfer them a copy of SS card and drivers license.
Newbie1   |     |   Comment #120
deeMatrix #109. Yes I already had funds in my share savings. I don’t have any external accounts linked, I have been pushing funds from my hub and keeping more than the minimum in my share savings. The required monthly plus cd deposit transfers from my share savings.
I established the member account exactly as you described. I applied, received the call from the CSR the next day, passed the identity check and funded the share savings via eCheck funding, during that call. I opened my first plus cd a couple months later.
deeMatrix   |     |   Comment #123
Newbie1 - Yeah so looks like you can only open a new CD if additional money is available in the share savings account or a phone call to the CSR and use an eCheck method. We just have the $5 per account in the share savings as required for CU membership (as many others surely as well) so the call and eCheck method would alleviate the time delay of the trial deposits and ACH transfer time of funding to the savings account to at least get it open in case one was worried about rates dropping before the new term deposit plus CD or other account was established.
deplorable 1
deplorable 1   |     |   Comment #110
@deeMatrix: I asked if I could do that when I called and the CSR said no and that I needed to have at least $5 in the share account first. I linked my 2 external accounts today and my $10 deposit is being pulled in by ACH now. Looks like we have another issue with different answers from different CSR's. I'm going to call in again to ask about the $100 referral bonus x 2 to see if this deal is still available.
deeMatrix   |     |   Comment #111
DP1, they let me fund both the savings account and term deposit plus account at the same time via one eCheck withdrawal from my Ally account.

I answered the identity questions then they proceeded to send the documents that needed to be electronically signed to my email address via Docusign.

I signed the docs then got my member number and then they took my bank routing and account information and opened both the savings account and term deposit plus account with $5 each.

I then told them to use the same routing bank info for the $10 monthly transfer from Ally into the term deposit plus account on the 15th of the month.

I subsequently proceeded to setup online access and logged in and both accounts were established with $5 in each.

Did this exact process for both my and my wifes separate accounts.
deplorable 1
deplorable 1   |     |   Comment #112
Wow! deeMatrix you must have got the best CSR out of the bunch. I thought 2 days was doing pretty good to join but I'm still waiting to open the CD. Just look at all the trouble 123654 is going through and he hasn't even gotten the esign docs yet. I think the last guy I got was new as he had to keep asking someone else questions.
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Brokered   |     |   Comment #94
Monday 3/11
Brokered CD's

10-yr 3.2%
5-yr 2.95%

Goldman Sachs, which usually sets the highest price, is missing from current offerings.
Trend is slowly....down. Where it ends is anyone's guess.
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Newbie1   |     |   Comment #106
Where it might end and when it might end. Anyone else feeling nervous?
deplorable 1
deplorable 1   |     |   Comment #113
Yes I think that's why I'm locking in these add-on CD's. I'm not going through another 0% decade without at least a few options.
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Newbie1   |     |   Comment #121
@deplorable 1. I am finally pulling ahead, but feel like I am still recovering from the 0% beating. I just wish there were a few more add-on offerings.

I have never been a savings/checking bonus person, but am about to embark upon my first. Were there a reasonable number of bonus options during the last decade or did those dry up too?
deplorable 1
deplorable 1   |     |   Comment #122
They have always been around but most of them required too many hoops like actual direct deposit and bill pay requirements. Citibank gave me a free ipod nano with a bank bonus once. Those were like $250 back then. Here are my favorite links to find good deals:
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