Latest Liquid Bank Account Rates
Federal Reserve, the Economy and CD Rate Forecast - Aug 2, 2022
Fed Meeting: Second Straight 75-bp Rate Hike - Strategies for SaversLatest Liquid Bank Account Rates
With the latest Fed 75-bp rate hike and another big Fed rate hike expected on September 20-21, I anticipate online savings and money market account rates to continue to rise over the next two months. They should soon be surpassing 2019 rates when the fed funds rate peaked at today’s rate of 2.25%-2.50%.
The size of the September Fed rate hike should either be 50 or 75 bps. The odds of a 75-bp rate hike increased to over 50% after the July jobs report that came out last Friday, but today, the odds fell below 50% due to the July CPI report that came out this morning (odds based on the CME FedWatch Tool.) CPI and Core CPI numbers were slightly below expectations, and now there’s market speculation that we may be nearing the peak of inflation. Before the September Fed meeting, we’ll get the August jobs report (Sep 2) and the August CPI report (Sep 13). Based on those reports, we’ll probably have a good idea about whether the Fed will hike 50 or 75 bps at its September meeting.
We already are seeing online savings and money market rates reaching levels that we saw in early 2019. Two banks have already increased their yields above 2.50%. The first was North American Savings Bank (NASB) which came out last week with a 2.53% APY on its Premium Rate Savings account. Coincidentally, NASB was the rate leader in January 2019 with a 2.53% APY on its High Rate Savings account. NASB’s rate leader status didn’t last long. Yesterday, CFG Bank did another rate increase of its High-Yield Money Market account which raised the APY to 2.55%. I have more on these accounts in the rate leader section below.
The major online banks continue to lag with their online savings account rates. Nevertheless, their rates are moving up. In the first half of 2019, the average online savings account yield reached 2.23%. I expect the major online banks to be reaching this level in the next two months.
Of the major online banks, E*TRADE’s Premium Savings Account has risen the most, with a recent 60-bp rate hike that increased the APY to 2.00%. However, there have been changes to E*TRADE in the last year. First, E*TRADE Bank was acquired by Morgan Stanley early this year. It’s now E*TRADE from Morgan Stanley. Second, its Premium Savings account is now a sweep account in which funds are held at multiple banks (see account disclosure.)
Other major online savings account yields are approaching 2.00%. These include CIT Bank Savings Connect (1.65% → 1.90%), Live Oak Bank High Yield Online Savings (1.40% → 1.75%), Barclays Online Savings (1.40% → 1.65%), and Ally Bank Online Savings and Money Market (1.40% → 1.60%).
For the small online banks, there were 11 with online savings or money market account rates that surpassed 2.00% in the last two weeks.
You can also see the lagging of rates of the major online banks in the average online savings account yield. In July, the average yield gained 32.0 bps, which is slightly larger than the June yield gain of 31.5 bps. The average online savings account yield as of August 1st is 1.361%. In 2019, the average online savings account yield peaked at 2.227% from March 1st to June 1st. With more Fed rate hikes appearing to be very likely, we should see the average online savings account yield surpass the 2019 peak sometime in the next two months.
Our Online Savings Account Index tracks the average rate of ten well-established online savings accounts.
I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are two lists. The first list includes rate changes from the major online banks. The second includes rate changes from past rate leaders which are generally not well-known names. All percentages are APYs.
Rate changes from the major online banks:
- E*TRADE from Morgan Stanley Premium Savings - sweeps (1.40% → 2.00%)
- CIT Bank Savings Connect (1.65% → 1.90%)
- Live Oak Bank HY Online Savings (1.40% → 1.75%)
- Barclays Online Savings (1.40% → 1.65%)
- Ally Bank Online Savings (1.25% → 1.40% → 1.60%)
- Capital One 360 Performance Savings (1.20% → 1.30% → 1.50%)
- Marcus by Goldman Sachs Online Savings (1.20% → 1.50%)
- Sallie Mae Bank MM (1.20% → 1.50%)
- Discover Bank Online Savings (1.30% → 1.50%)
- American Express National Bank HY Savings (1.15% → 1.25% → 1.40%)
- Alliant CU High-Rate Savings (1.20% → 1.40%)
- TIAA Bank Basic Savings (1.00% → 1.30%)
- PenFed CU Premium Online Savings (1.00% → 1.20%)
Rate changes from the less well-known CUs & online banks:
- CFG Bank High Yield MM (2.10% → 2.30% → 2.55%)
- NASB Premium Savings (New: 2.53%)
- Merchants Bank of Indiana MM (1.51% → 2.28%)
- FitnessBank Savings (12.5k+ steps 1.35% → 2.20%)
- BrioDirect HY Savings (1.80% → 2.15%)
- Bread Financial HY Savings (1.65% → 2.15%)
- Ivy Bank HY Savings (1.90% → 2.15%)
- Valleydirect Online Savings (1.25% → 2.10%)
- LendingClub Bank HY Savings (1.52% → 2.07%)
- Prime Alliance Bank Personal Savings & MM (1.55% → 2.05%)
- Patriot Bank MMDA via SaveBetter (1.65% → 2.05%)
- First Foundation Bank Online Savings (1.65% → 2.02%)
- CIBC Bank USA Agility Savings (1.66% → 1.95%)
- TAB Bank HY Savings (1.68% → 1.92%)
- Luana Savings Bank MM ($750k+ 1.76% → 1.81% → 1.86%)
- iGObanking Money Market (1.50% → 1.85%)
- BankPurely Money Market (1.50% → 1.85%)
- State Bank of Texas Jumbo MM (1.50% → 1.85%)
- Vio Bank Cornerstone MM (1.65% → 1.85%)
- Liberty Savings Bank HY Savings via SaveBetter (1.25% → 1.51% → 1.85%)
- Langley FCU Platinum MM Savings (1.50% → 1.75%)
- Northpointe Bank Ultimate Savings/MM (1.25% → 1.75%)
- My eBanc Super Saver MM (0.95% → 1.71%)
- M1 Finance M1 Spend Plus (1.30% → 1.70%)
- Salem Five Direct eOne Savings (1.01% → 1.65%)
- Paramount Bank Interest Checking (1.25% → 1.55%)
- SFGI Direct Savings (1.21% → 1.51%)
- TotalDirectBank MMDA (1.20% → 1.50%)
- UmbrellaBank.com MM (1.00% → 1.50%)
- Northern Bank Direct MM (0.45% → 1.50%)
- Spectrum CU MarketEdge Savings (1.00% → 1.50%)
- Colorado Federal Savings Bank HY Savings (1.00% → 1.45%)
- Popular Direct High Rise Savings (1.15% → 1.45%)
- Seattle Bank Digital Direct Savings (1.11% → 1.41%)
- DollarSavingsDirect Savings (1.00% → 1.40%)
- EmigrantDirect Savings (1.00% → 1.40%)
- First Internet Bank MM Savings (1.16% → 1.31%)
- SmartyPig Savings (1.10% → 1.40%)
- MySavingsDirect Savings (0.75% → 1.00%)
- VirtualBank eMoneyMarket (0.25% → 1.00%)
Current rate leaders
As I mentioned above, two banks have already increased their yields above 2.50%. The first was North American Savings Bank (NASB) which came out last week with a 2.53% APY on its Premium Rate Savings account. A minimum initial deposit of $25k is required, but all balances qualify for the 2.53% APY. For more details, please see this NASB thread where several readers have provided many account details based on their experiences opening the account and their conversations with CSRs. Many thanks to DA reader deplorable_1 for starting the thread, and to midas89, rockies, gpagpa01 and others who provided several useful account details.
The second bank to surpass 2.50% is CFG Bank which increased its High Yield Money Market yield from 2.30% to 2.55% on Tuesday. Last week it increased the yield from 2.10% to 2.30%. The account is now the rate leader. A minimum balance of $1k is required to obtain this APY. Even though it’s called a money market account, it’s essentially a savings account with no check writing privileges. I have more details on this account in my CFG Bank money market review. Readers have reported difficulties in reaching CFG Bank customer service. One reader said that most of his phone calls went to voicemail, but the voicemail mailbox was full and it wasn’t able to take more messages. When he was able to leave a message, he never received a call back. This is one downside with these small online banks. They don’t have the resources of the large online banks. When they do offer top rates, they can quickly become overwhelmed.
Rate guarantees without withdrawal penalties
With rising rates, promotional savings accounts with a rate guarantee period aren't of much value. No-penalty CDs are also of less value during rising rates, but if they have a higher rate than your online savings account, you can use the no-penalty CD to boost your overall yield without losing any significant liquidity. You just have to make sure you monitor rates so that you can close the no-penalty CD and move the funds into a higher-rate savings account or new no-penalty CD.
Some banks like Ally Bank make it easy to open and close the no-penalty CDs. You just lose access to the money in the no-penalty CD for the first six days from account funding. After that, you are free to close the CD without penalty
The rates of no-penalty CDs have been rising. Eight no-penalty CDs in the list below had rate increases in the past two weeks, and one is new to the list. The new one is the 17-month no-penalty CD from Patriot Bank that’s offered from the SaveBetter.com platform. This is also the no-penalty CD rate leader with a 2.55% APY. Second place is also on the SaveBetter.com platform (2.50% APY 14-month no-penalty CD from Sallie Mae Bank). These SaveBetter no-penalty CDs have the same features as the standard no-penalty CD that Ally Bank defined more than ten years ago. Withdrawals can only be made after six days from opening. There’s no loss of interest when an early withdrawal is made, but only one-time full withdrawals of the CD can be done. Partial withdrawals of the CD are not allowed. The main downside with SaveBetter is that it’s a non-bank fintech that’s between you and the bank. Like brokered CDs, they maintain an omnibus account that is divided into smaller accounts for each individual owner. I have more details in my last SaveBetter post.
Remember that when talking about no-penalty CDs (that function like Ally’s No Penalty CD), a longer term is always better. Since you can close these types of no-penalty CDs at any time after the first six days, I can’t think of a reason to choose a shorter-term no-penalty CD if the rate is the same.
Money Market Funds
Another option for your cash instead of savings accounts and money market accounts are money market funds from brokerages. These don’t have FDIC coverage, but they can be reasonable alternatives to deposit accounts. Their rates tend to be close to zero when the Fed sets the target federal funds rate to 0%, and they tend to follow the target federal funds rate during a rate-hiking cycle.
Before March, the four money market funds that I have followed have maintained a 7-day yield of only 0.01%. Now that the Fed has started hiking rates, money market fund yields are rising, and their yields are rising faster than online savings account yields from the major online banks.
The Vanguard Federal Money Market Fund continues to have the highest yield. In the last two weeks, its 7-day yield increased from 1.53% to 2.10%.
The Vanguard Municipal Money Market Fund yield is lagging, but it had a substantial increase in the last two weeks, with the 7-day yield rising from 0.55% to 1.52%.
Fidelity’s money market funds continue to lag Vanguard.
In the last two weeks, the 7-day yield of the Fidelity Money Market Fund increased from 1.36% to 2.04%. The Fidelity Municipal Money Market Fund 7-day yield also had a large yield increase, but it’s also lagging. The yield increased from 0.41% to 1.30%.
Reward Checking Accounts
For the nationally-available reward checking accounts, only two had rate increases. Reward checking accounts have a history of being slow to respond to rising rates, especially when compared to online savings accounts.
The two accounts that had rate increases are from Heritage Bank and First Tech Federal Credit Union. The new rates from both of these institutions are disappointing when compared to the new online savings account rates. The top yield of the Heritage Bank eCentive Account increased to 1.52% for balances up to $25k, and the top yield of the First Tech FCU Rewards Checking increased to 1.00% for balances up to $15k.
To compete with online savings accounts, reward checking accounts will need to have rates higher than the top online savings accounts. With the top online savings account yield now at 2.55%, many reward checking accounts that have been static on rates have lost their appeal for those who are trying to maximize yield on liquid accounts.
Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. There are a couple of nationally-available ones in which you can earn high rates on fairly large balances. However, those high rates are no longer high as compared to many online savings accounts that have responded to rising rates. Below are two of these accounts.
In the list below I added the blended APY for a $100k balance.
- Quontic Bank High Interest Checking: 1.10% APY on all balances
- Presidential Bank Advantage Checking: 2.25% APY up to $25K, 1.00% on portion above $25k (1.31% blended APY for $100k balance)
As you can see, many online savings accounts now have higher yields than these two reward checking accounts. In fact, Quontic Bank has a money market and savings account with rates much higher than its High Interest Checking rate.
To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to reward checking, please refer to my blog post, Overview of Reward Checking and Our Reward Checking Table.
Certificate of Deposit Rates
I publish my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts, but I’ll include a few of the best CD deals since rates are rising fast.
CD Deals: For direct CDs that are nationally available (without any membership limitations), a few good deals have recently come up.
Nationally available 4% CDs are here! Great River Federal Credit Union just started offering a Special 37-month CD with a base APY of 4.02%. Minimum deposit is only $500. I’ll have more details soon on this CD.
By tomorrow we may have another 4% CD that’s nationally available. In this DA thread, DA reader, donwein, reported that he was told by a EFCU Financial CSR that the credit union will be increasing the yield of its Jumbo 5-year CD tomorrow from 3.85% to 4.00%. Many thanks to donwein for reporting on this news in the forum. Please see my August 5th post for more details on EFCU Financial and its CDs.
More online banks are offering 3%+ CDs with terms of one year or close to one year. The latest is ConnectOne Bank which just started offering 3.10% APY on a 13-month CD. It also has a 23-month CD with a 3.30% APY.
CFG Bank (3.05% APY 1-year) and Bread Financial (3.00% APY 1-year) are just a little behind ConnectOne Bank.
Both CFG Bank and Bread Financial have other very competitive CD rates. These include 3.20% APY for 18 months at CFG Bank, 3.50% APY for 24 months at Bread Financial and 3.65% APY for 60 months at both CFG Bank and Bread Financial.
It’s always a little worrisome to lock into a CD when rates are rising fast, but there’s one CD that’s a no-brainer. It’s the 33-month CD Special at Navy Federal Credit Union (3.30% APY). What makes this a no-brainer is that it’s an add-on CD with a minimum initial deposit of only $1,000. An unlimited number of add-on deposits can be made during the term, up to a maximum principal balance of $100k. There’s very little downside to opening this CD with a $1k minimum deposit. If rates go up and you have better deals elsewhere, you just don’t add to this CD. On the other hand, if you can’t find a better deal in the next couple of years, you can always add to this CD to earn 3.30% APY. The main downside is that the add-on deposits are not allowed to raise the principal above $100k. I have more details in this Navy Federal CD review.
If you’re looking for short-term CDs, you should also consider Treasury bills. Their yields are higher than the yields of CDs with comparable maturities. Please refer to this Treasury page for the latest Treasury yields.
You can also sometimes get higher rates on certain terms with brokered CDs at brokerage firms. I include the top non-callable, new-issue brokered CDs from Vanguard and Fidelity every other week in my CD rate survey.
Since my Fed review is no longer weekly, I touched on Fed and economic issues at the start of this post. Please keep discussions of the Fed and the economy to a minimum in the comments of this post. The focus of the comments should be deposit accounts and rates. Any comment on the Fed or the economy that’s longer than 700 characters (not words) may be deleted. The more political it is, the more likely it will be removed. For more discussion on the Fed and the economy, please see my Fed/Economy review blog post.
Checking/Savings/Money Market Accounts:
- Best Savings Account Rates (Nationwide and by State)
- Best Money Market Rates (Nationwide and by State)
- Best Checking Account Rates (Nationwide and by State)
| Institution | APYs | Notes | |
|---|---|---|---|
| CFG Bank | 2.55% ($1k) | High Yield Money Market Account - Account review | |
| NASB | 2.53% ($25k min opening) | Premium Rate Savings (*NTS) Not available in parts of KS, MO, and possibly other areas - Account review | |
| Merchants Bank of Indiana | 2.28% (up to $1m) | Money Market Account | |
| My Banking Direct | 2.20% ($1 min) | High Yield Savings - Account review | |
| FitnessBank | 2.20% ($250k max) (Requires using step tracker app and averaging 12.5k steps/daily. Extra 10 bps with checking and debit card usage.) | Fitness Savings Account - Account review | |
| BrioDirect | 2.15% ($25 min) | High Yield Savings - Account review | |
| Bread Financial (formerly Comenity Direct) | 2.15% ($100 min) | High-Yield Savings - Account review | |
| Ivy Bank | 2.15% ($2.5k), 0.05% ($10) | High-Yield Savings - Account review | |
| LendingClub Bank | 2.07% | High-Yield Savings - Account review | |
| Prime Alliance Bank | 2.05% ($1+) | Personal Savings - Account review | |
| Patriot Bank | 2.05% ($1 min) | Money Market Deposit Account via SaveBetter - Account review | |
| ValleyDirect | 2.10% | Online Savings - Internet bank, deposits held by Valley Bank | |
| Bask Bank | 2.02% (no min) | Bask Interest Savings Account - Account review | |
| First Foundation Bank | 2.02% | Online Savings - Account review | |
| mph.bank | 2.02% ($1 min) | Money Market Deposit Account via SaveBetter - Account review | |
| E*TRADE fron | 2.00% | Premium Savings Account (*NTS) Sweeps account - Account review | |
| The State Exchange Bank | 2.00% ($1 min) | High Yield Savings via SaveBetter - Account review | |
| CIBC Bank USA | 1.95% | Agility Savings Account - Account review | |
| TAB Bank | 1.92% ($1 min) | High Yield Savings - Account review | |
| CIT Bank | 1.90% ($100 min) | Savings Connect - Linked eChecking required Account review | |
| Luana Savings Bank | 1.86% ($750k), 1.81% ($250k), 1.76% ($100k), 1.66% ($50k), 1.56% ($2.5k) | Money Market | |
| Vio Bank | 1.85% | Cornerstone Money Market | |
| Quontic Bank | 1.85% | Personal Money Market (all balances) - Account review | |
| Quontic Bank | 1.85% | High Yield Savings - Account review | |
| Liberty Savings Bank | 1.85% ($1 min) | High Yield Savings via SaveBetter - Account review | |
| iGObanking.com | 1.85% ($25k min) | iGOmoneymarket, new accounts and new money only - Account review | |
| BankPurely | 1.85% ($25k min) | PurelyMoneyMarket - Account review | |
| State Bank of Texas (SBT) | 1.85% ($100k min, new money only) | Jumbo Money Market | |
| UFB Direct | 1.81% | UFB Money Market Account - Account review | |
| UFB Direct | 1.81% | UFB Savings Account - Account review | |
| SoFi Bank, N.A. | 1.80% (w/direct deposit), 1.00% (w/o direct deposit) | SoFi Checking and Savings | |
| Live Oak Bank | 1.75% ($5 million max) | High Yield Savings - Account review | |
| Ponce Bank via SaveBetter.com | 1.75% ($1 min) | Money Market Deposit Account via SaveBetter - Account review | |
| USALLIANCE Financial | 1.75% ($500) | High Dividend Savings - Account review | |
| Citizens Access | 1.75% ($5k min) | Online Savings Account - Account review | |
| Northpointe Bank | 1.75% ($25k), 0.35% ($5k), 0.25% ($2.5k min) | Ultimate Money Market - Account review | |
| Langley Federal Credit Union | 1.75% ($1m), 1.35% ($500k), 1.25% ($250k min), 1.00% ($100k), 0.90% ($25k) | Platinum Money Market Savings - Account review | |
| My eBanc | 1.71% ($5k min opening) | Super Saver Money Market Account - Account review | |
| SkyOne Credit Union | 1.70% ($1 min) | Money Market Deposit Account via SaveBetter | |
| M1 Finance | 1.70% (all balances, $125 annual fee) | M1 Plus Checking (deposits held by a partner bank) | |
| Salem Five Direct | 1.65% (up to $1m) | eOne Savings, new customers only - Account review | |
| Synchrony Bank | 1.65% | High Yield Savings - Account review | |
| Barclays | 1.65% | Online Savings - Account review | |
| Ally Bank | 1.60% | Online Savings - Account review | |
| Paramount Bank | 1.55% (up to $100k), 0.10% APY ($100k+) ($100 min deposit) | Interest Checking (non-reward checking) - Account review, $100k cap only applies to accounts opened after 3/24/21 | |
| SFGI Direct | 1.51% | SGFI Direct Savings Account - Account review | |
| Adelfi (formerly ECCU) | 1.51% (up to $100k) | High-Yield Money Market (one year rate guarantee, new members only) | |
| Dow Chemical Employees Credit Union | 1.51% ($500k), 1.45% ($100k), 1.33% ($50k), 1.02% (up to $50k) | Simple High Yield Deposit - Account review | |
| Sallie Mae Bank | 1.50% | Money Market Account - Account review | |
| Capital One | 1.50% | 360 Performance Savings - Account review | |
| Discover Bank | 1.50% | Online Savings - Account review | |
| Quorum Federal Credit Union | 1.50% | HighQ Savings Account | |
| Spectrum Credit Union | 1.50% ($2.5k min) | Market Edge Savings - Account review | |
| Marcus by Goldman Sachs | 1.50% ($500 min) | High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review | |
| ConnectOne Bank | 1.50% ($2.5k min) | OneConnection Savings - Account review | |
| Northern Bank Direct | 1.50% ($5k min) | Money Market - Account review | |
| UmbrellaBank.com | 1.50% ($25k min), 0.21% ($1k) | Money Market | |
| Customers Bank | 1.50% ($25k min) | Ascent Money Market Savings | |
| CFSB (Colorado Federal Savings Bank) | 1.50% ($50k min) | Premier Savings (New customers) - Account review | |
| TotalDirectBank | 1.50% ($5k min) | Direct Money Market Deposit Account (not available in CA or FL) - Account review | |
| T-Mobile Money | 1.50% (4.00% up to $3k w/checking requirements) | Checking Account (deposits held by a partner bank) (1.50% effective July 15, 2022) - Account review | |
| CFSB (Colorado Federal Savings Bank) | 1.45% | High Yield Savings - Account review | |
| Popular Direct | 1.45% ($5k min opening) | High Rise Savings - Account review | |
| American Express National Bank | 1.40% | High Yield Savings - Account review | |
| Sallie Mae Bank | 1.40% | High Yield Savings - Account review | |
| DollarSavingsDirect | 1.40% | Dollar Savings Account - Account review | |
| Smarty Pig | 1.40% | SmartyPig Savings - Account review | |
| Citi | 1.40% | Citi Accelerate Savings Account (Not available in all states, chk relationship required) | |
| Alliant Credit Union | 1.40% ($100 min) | High-Rate Savings - Account review | |
| Banesco USA | 1.35% ($2.5k-$1m) | BanesFlex Money Market Account - Account review | |
| First Internet Bank | 1.31% (no min) | Money Market Savings | |
| TIAA Bank | 1.30% ($25 min) | Basic Savings | |
| CIT Bank | 1.30% ($100 min) | Money Market - Account review | |
| Rising Bank | 1.30% ($1k min) | High Yield Savings - Account review | |
| FACILE | 1.25% | Money Market Account - Internet bank, deposits held by Pacific National Bank | |
| ZYNLO Bank | 1.25% (up to $250k) 0.10% ($250k+) | Money Market - Account review | |
| Affirm | 1.25% | Affirm Savings (deposits held by a partner bank) | |
| Bethpage Federal Credit Union | 1.25% ($500 min) | Money Market | |
| Sun East Federal Credit Union | 1.25% ($5k min) | MAX-Yield Money Market Account Special (15 month introductory rate), free withdrawals can only be done once per quarter - Account review | |
| American Heritage Credit Union | 1.25% ($10k min) | High Yield Savings | |
| Discover Bank | 1.25% ($100k min), 1.20% ($2.5k) | Money Market - Account review | |
| PenFed Credit Union | 1.20% | Premium Online Savings Account review | |
| TIAA Bank | 1.20% | Yield Pledge Money Market - Account review | |
| FNBO Direct | 1.20% | Online Savings | |
| CommunityWide Federal Credit Union | 1.20% (penalty-free withdrawals first 5 days of each calendar quarter) | High Rate Quarterly Funds Account - Account review | |
| Varo | 1.20% (5.00% up to $5k w/chk requirements) | Varo Savings - Account review | |
| MapleMark Bank | 1.15% ($25k min opening) | Platinum Money Market - Account review | |
| Vibrant Credit Union | 1.15% ($200k), 0.50% ($100k), 0.25% ($25k), 0.10% ($10k), 0.05% (up to $10k) | Yellow Money Market (promotional rate) | |
| Connexus Credit Union | 1.11% ($100k), 1.00% ($20k), 0.25% ($1k) | Money Market Account (Active checking requirement has been removed) - Forum post | |
| Banesco USA | 1.10% ($100 min) | BanesGrow Savings Account Account review | |
| Virtual Bank | 1.00% | eMoney Market Special - Account review | |
| MySavingsDirect | 1.00% | MySavings Account - Account review | |
| Chime | 1.00% (no min/max, active checking required) | Chime Savings Account (deposits held by a partner bank) - Account review | |
| Bank Onward | 1.00% ($250 opening deposit) | Bo Savings - Account review | |
| SkyOne Credit Union | 1.00% ($1k min) | Sky-high Savings | |
| Bellco Credit Union | 1.00% ($50k) 0.45% ($10k) 0.10% (up to $10k) | Premier Money Market Account | |
| NASA Federal Credit Union | 0.95% ($100k), 0.85% ($50k), 0.65% (up to $50k) | Premier Advantage Money Market - Account review | |
| Freedom Northwest Credit Union | 0.80% ($15k+), 0.65% ($10k+), 0.50% ($5k+), 035% (up to $5k) | Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review | |
| CIT Bank | 0.80% ($25k min) | Savings Builder - Account review | |
| U.S. Postal Federal Credit Union | 0.75% (0.85% with relationship rewards) | IRA Savings - See review | |
| Western State Bank | 0.75% (up to $3m) | High Yield Money Market - Account review | |
| Vio Bank | 0.75% | Online High Yield Savings - Account review | |
| BrioDirect | 0.70% | Money Market - Account review | |
| Monifi | 0.70% | Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications) | |
| State Department Federal Credit Union | 0.70% ($100k), 0.65% ($50k), 0.60 ($25k) | Premier Money Management Shares - Account review | |
| Security State Bank (KS) | 0.68% ($110k), 0.45%-0.68% ($100k+), 0.25% (under $100k) | Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review | |
| State Bank of India (IL) | 0.65% ($5k min) | Money Market | |
| The Federal Savings Bank | 0.60% ($100k), 0.40% ($50k), 0.30% ($25k), 0.20% ($10k), 0.15% ($1k) | Money Market - Account review | |
| FACILE | 0.50% | Savings Account - Internet bank, deposits held by Pacific National Bank | |
| Continental Bank via SaveBetter.com | 0.50% ($1 min) | High Yield Savings Account - Account review | |
| National Cooperative Bank | 0.50% ($100 min deposit) | Impact Money Market | |
| State Bank of India (IL) | 0.50% ($500 min) | Savings Account | |
| Kinecta Federal Credit Union | 0.50% ($100k), 0.40% ($50k), 0.25% ($10k), 0.20% ($2.5k), 0.15% (up to $2.5k | High-Yield Money Market - Account review | |
| MutualOne Bank | 0.40% ($1m max) | Online Statement Savings - Account review | |
| Bank5 Connect | 0.40% ($100 min) | High Interest Savings - Account review | |
| WauBank | 0.40% ($5k min) | High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review | |
| PurePoint Financial | 0.40 ($10k min) | Online Savings - Account review |
*New to Summary
No-Penalty CDs
| Institution | APYs | Notes |
|---|---|---|
| Patriot Bank | 2.55% ($1 min) | 17-month No-Penalty CD via SaveBetter (*NTS) - Account review |
| Sallie Mae Bank | 2.50% ($1 min) | 14-month No Penalty CD via SaveBetter - Account review |
| Rising Bank | 2.00% ($1k min) | 15-month No Penalty CD - (Potential issues, see account review) |
| CIT Bank | 2.00% ($1k min) | 11-month No-Penalty CD - Account review |
| Sallie Mae Bank | 2.00% ($1 min) | 10-month No Penalty CD via SaveBetter - Account review |
| My eBanc | 1.92% ($100k), 1.82% ($10k) | 11-month Online Flex Time Deposit - Account review |
| USALLIANCE Financial | 1.75% ($500) | 11-month No Penalty CD Special - Account review |
| Bellco Credit Union | 1.65% ($2.5k min) | 36-month Smart Move CD - Account review |
| Ally Bank | 1.60% (no min) | No-Penalty 11-month CD - Account review |
| Marcus by Goldman Sachs | 1.55% ($500) | 13-month No Penalty CD - Account review |
| Marcus by Goldman Sachs | 1.55% ($500) | 8-month No Penalty CD (AARP members only) - Account review |
| Synchrony Bank | 1.50% (no min) | 11-month No Penalty CD - Account review |
| Citi | 1.50% ($500 min) | 12-month No Penalty CD |
| CFSB (Colorado Federal Savings Bank) | 1.40% ($5k min) | 11-month No Penalty CD - Account review |
| Chartway Federal Credit Union | 0.70% ($500 min) | 12-month No Penalty CD (early closure only) - Account review |
| MainStreet Bank | 0.70% ($500 min) | 1-year No Penalty CD (early closure only) - Account review |
| Marcus by Goldman Sachs | 0.45% ($500 min) | 7-month No Penalty CD - Account review |
| Marcus by Goldman Sachs | 0.35% ($500 min) | 11-month No Penalty CD - Account review |
| Investors eAccess | 0.15% ($500) | 6-month No-Penalty CD - Account review |
| PurePoint Financial | 0.15% ($10k) | 11-month No-Penalty CD - Account review |
| PurePoint Financial | 0.10% ($10k) | 13-month No-Penalty CD - Account review |
| PurePoint Financial | 0.10% ($10k) | 14-month No-Penalty CD - Account review |
*New to Summary
Reverse Tier Savings/Money Market Accounts/Checking:
| Institution | APYs | Notes |
|---|---|---|
| La Capitol Federal Credit Union | 4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+) | Choice Checking |
| NuVision Federal Credit Union | 4.00% (up to $1k), 2.00% ($1k-5k), 1.00% ($5k-$10k), 0.50% ($10k-$25k), 0.20% ($25k+) | Advantage Choice Money Market (*NTS) |
| Workers Credit Union | 3.56% (up to $1k), 0.55% ($1k-$2k), 0.60% ($2k-$3k), plus 13 more rate tiers (0.65%-1.26% in 5 bps increments) | SaveUp Savings - Account review |
| Porte | 3.00% (up to $15k), 0.20% ($15k+) | Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review |
| SafeAmerica Credit Union | 2.10% (up to $2k), 1.10% ($2k-$5k), 0.60% ($5k-$10k), 0.45% ($10k+) | Blended Rate Money Market |
| All America Bank | 1.75% (up to $50k), 0.25% ($50k+) | Mega Money Market Account - Account review |
| Redneck Bank | 1.75% (up to $50k), 0.25% ($50k+) | Mega Money Market Account |
| Affinity Plus Federal Credit Union | 1.25% (up to $25k), 0.75% ($25k+) | Superior Money Market (min $500 direct deposit into any account) |
| Patelco Credit Union | 1.00% (up to $2k), 0.50% ($2k-$5k), 0.30% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m) | Money Market Select Account - Account review |
| Axos Bank | 0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+) | High Yield Savings - Account review |
*New to Summary
Reward Checking Accounts:
- Noteworthy Accounts Available Nationwide:
| Institution | APYs | Notes |
|---|---|---|
| Consumers Credit Union | 4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020) |
| Genisys Credit Union | 4.07% (up to $7.5k), 0.05% ($7.5k+) | Genius Checking Account review |
| Ideal Credit Union | 4.00% (up to $20k), 0.05% ($20k+) | High Yield Checking (Promo rate guaranteed through 9/30/2022) - Account review |
| Evansville Teachers Federal Credit Union | 3.30% (up to $20k), 0.00% ($20k+) | Vertical Checking - Account review |
| Consumers Credit Union | 3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020) |
| First Bank | 3.04% (up to $25k), 0.10% ($25k+) | First Performance Checking (available in CA, IL, MO) - Account review |
| Market USA Federal Credit Union | 3.01% (up to $15k), 0.05% ($15k+) | VIP Checking Platinum Tier - Account review |
| EFCU Financial | 3.01% (up to $10k), 0.05% ($10k+) | Rewards Checking - Account review |
| Keesler Federal Credit Union | 3.00% (up to $25k), 0.40% ($25k+) | Kasasa Cash (easy membership in AL, LA, MS) - Account review |
| Western Vista Federal Credit Union | 3.00% (up to $15k), 0.03% ($15k+) | Panorama Checking - Account review |
| Lake Michigan Credit Union | 3.00% (up to $15k), 0.00% ($15k+) | Max Checking |
| INOVA Federal Credit Union | 3.00% (up to $15k), 0.07% ($15k+) | Shield Checking - Account review |
| Orion Federal Credit Union | 3.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+) | Premium Checking - Account review |
| Sullivan Bank | 3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#) | Kasasa Cash (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review |
| Great Lakes Credit Union | 2.50% (up to $10k), 0.05% ($10k+) | Free Checking |
| Presidential Bank | 2.25% (up to $25k), 1.00% ($25k+) | Advantage Checking - Account review |
| Bellco Credit Union | 2.25% (up to $25k), 0.25% ($25k+) | Boost Interest Checking - Account review |
| All America Bank | 2.25% (up to $10k), 0.25% ($10k+) | Ultimate Rewards Checking |
| Redneck Bank | 2.25% (up to $10k), 0.25% ($10k+) | Redneck Rewards Checking |
| Consumers Credit Union | 2.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020) |
| Community Bank (TN) | 2.08% (up to $20k), 0.25% ($20k+) | Community Advantage Checking Account review |
| Union Bank | 2.07% (blended APY up to $25k), 0.03% ($25k+) | 1-2-3 Rewards Checking Account review |
| Wings Financial Credit Union | 2.02% (up to $25k), 0.01% ($25k+) | High Yield Checking - Account review |
| Hiway Federal Credit Union | 2.02% ($1k-$25k), 0.01% ($25k+) | Hi Yield Checking - Account review |
| TruStone Financial Credit Union | 2.02% (up to $20k), 0.10% ($20k+) | TruRate Checking - Account review |
| Campus Federal | 2.01% (up to $10k), 0.05% ($10k+) | Lagniappe Checking |
| Elements Financial | 2.00% (up to $20k), 0.10% ($20k+) | High Interest Checking - Account review |
| Signature Federal Credit Union | 2.00% (up to $20k), 0% ($20k+) | High-Yield Checking |
| First State Bank (OH) | 2.00% (up to $15k), 0.25% ($15k+) | Kasasa Cash - Account review |
| Southwest National Bank | 2.00% (up to $15k), 0.25% ($15k+) | Kasasa Cash - Account review |
| Garden Savings Federal Credit Union | 2.00% (up to $15k), 0.15% ($15k+) | Platinum Checking |
| Cap Ed Federal Credit Union | 2.00% (up to $10k), 0.10% ($10k+) | High Yield Checking |
| Connexus Credit Union | 1.75% (up to $25k), 0.25% ($25k+) | Xtraordinary Checking |
| Partner Colorado Credit Union | 1.75% (up to $10k), 0.50% ($10k-$25k), 0.25% ($25k+) | High Interest Checking |
| Heritage Bank | 1.52% (up to $25k), 0.14% ($25k+) | eCentive Account |
| Finex | 1.50% (up to $25k), 0.10% ($25k+) | Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union) |
| Industrial Bank | 1.47% (up to $15k), 0.20% ($15k+) | Kasasa Cash |
| United Educators Credit Union | 1.25% (up to $10k), 0.25% ($10k+) | High Yield Checking |
| Axos Bank | 1.25% (up to $50k), 0.00% ($50k+) | Rewards Checking |
| BankFirst | 1.25% (up to $15k), 0.15% ($15k+) | Interest Checking |
| Quontic Bank | 1.10% (all balances) | High Interest Checking - Account review |
| Envision Bank | 1.01% (up to $25k), 0.05% ($25k+) | Envision Max Checking - Account review |
| FitnessBank | 1.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) | Fitness Checking Account - Account review |
| Northwest Federal Credit Union | 1.00% (up to $15k), 0.25% ($25k+) | Kasasa Cash - Account review |
| First Tech Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | First Tech Rewards Checking |
| Blue Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Extreme Checking (up to 3.00% w/account relationships) - Account review |
| Hanscom Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Kasasa Cash Checking - Account review |
| First Security Bank & Trust | 0.80% (up to $15k), 0.10% ($15k+) | Kasasa Cash - Account review |
| Bay State Savings Bank | 0.50% (up to $20k), 0.05% ($20k+) | Kasasa Cash - Account review |
Certificates of Deposit:
- Best CD Rates (Nationwide and by State)
- Best IRA CD Rates (Nationwide and by State)
- Survey of the Best CD Rates (Nationwide and Local)
Bank Account Alternatives - May Not Be FDIC Insured
| Institution | APYs | Notes |
|---|---|---|
| Aspiration | 5.00% (up to $10k), 0.10% ($10k+) Plus Save Account | Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account |
| Aspiration | 3.00% (up to $10k), 0.00% ($10k+) Save Account | Aspiration Save when $1k+/mo debit card purchases in Spend Account |
| GM Financial Right Notes | 2.50% ($500+) | |
| Ford Interest Advantage | 2.10% ($50k+), 1.95% ($15k+), 1.90% (less than $15k) | Ford Interest Advantage review |
| Vanguard Federal Money Market Fund | 2.10% 7-day yield | |
| Fidelity Money Market Fund | 2.04% 7-day yield | |
| Wealthfront | 2.00% Cash Account | Cash Management Account |
| Duke Energy PremierNotes | 1.75% ($50k+), 1.60% ($10k+), 1.55% (less than $10k) | Duke Energy PremierNotes review |
| Vanguard Municipal Money Market Fund | 1.52% 7-day yield | |
| Fidelity Municipal Money Market Fund | 1.30% 7-day yield |
a relatively smaller bonus.
Yes, (one) DD required to a new Checking Account, but of any amount (gets you $300),
a $15,000 deposit maintained for 90 days to a new Savings Account nets $200, and opening both Accounts together and meeting requirements adds $100 more. I think an attractive offer.
I like the Citibank checking bonus deals also (that I do every year), currently offering $1,000 for maintaining a $75K balance for only 60 days ($500 for 35K), no direct deposit required, and Citi has gotten much easier to work with than formerly in my experience, also paying out its bonuses much more quickly.
"no limits".
Where is that offer?
Now, it's quite different - we've got rate curve inversions out the wazoo, due to the strong possibility of recession following the “inflation fix”. I bought another 6-month Treasury a couple days ago just because I'd never seen one before at a 3%+ APY until this year. At least, for some time. Yet, the best longer-term CDs are no higher than 4% or so? It's a strange world we live in.
I continue to do the “normal diversified portfolio” thing, as I've often recommended, but in this post I'm concentrating on CDs. So far I've been mainly defensive (bought add-on CDs from Rising Bank and AgFed, not many great options available). Rising Bank = decent rates but costly; AgFed = lower rates but cheap. Few buys otherwise.
The other CD is at EFCU and the rates just changed to 4% APY Reg. 4.10% APY Jumbo and 4.2% APY IRA jumbo for the 5 yr CD.
Decisions decisions......I'm thinking about going for the GRFCU CD with something under 100k since it has a rate bump option. This looks like a good place to start.
A couple of other “defensive” (cheap rate insurance) offers that have cropped up are the Navy FCU 33-month 3.3% offer (which most probably know about by now), and just today the Bank5 Connect add-on CDs (https://www.depositaccounts.com/banks/bank5-connect/offers/). I kept my Bank5 account from years ago open with very little funding, just in case and because they're easy to deal with. Figure it doesn't hurt to buy a few 2-year add-on 3.2% CDs ($500 minimum) as insurance.
Also, be careful of the stated yield on State Bank of Texas MMA. Unlike any other MMA I have ever heard of, they do not raise the rate on existing accounts. You have to call them and ASK for the higher rate. They now seem to grant that now without a hassle while a few months ago they were seeking new (additional) funds in order to get the higher rate. You can't let this account work on auto pilot (or your yield won't fly).
https://twitter.com/i/status/1557684553573027845
Ah, but Milty, has it escaped your attention that this “rush to safety” is in reality a “rush to nowhere” in this case, since CFG is pulling up the ladder and closing their escape hatch as of today (sounds like the poor guys left in the below-decks boiler rooms on the Titanic!). Or, were you just being ironic here?
You know, there really is no such thing as complete safety (i.e., the absence of all risks), despite the reassuring utterances and sputtering of some elites. You're “rushing” towards a mirage. For any of us, inflation is a risk, currency fluctuation is a risk, loss of principal is a risk - and there are several more. There is only the individual calculus that each of us and our families must do regarding our view of the universe. Because thankfully (at least in my view, if not yours), our form of government (for now, at least), allows us the individual freedom to assess those risks, and act on them, as we see fit. Let's all try to keep it that way.
Put your money to work with a 16-Month Certificate at 3.00% APY.*
Open with as little as $250 and up to $100,000
New money only
Limit one special Certificate per member (per Social Security Number)