Bank Deals Blog: Checking & Reward Checking Deals

About a week ago, Oklahoma-based All America Bank and its online “country cousin” division, Redneck Bank, began offering a higher rate and a larger balance cap on its Mega Money Market (MMM) accounts. Following the addition of 95 bps, the Mega Money Market (MMM) accounts now earn 4.00% APY on balances up to $75k (previously $50k); balances over $75k earn 0.50% APY.

If you live in Michigan and are looking for long-term CD with a high rate, the 5-year CD offered by Michigan Schools and Government Credit Union (MSGCU) might be a good fit. In addition to having a competitive 4.75% APY, the 5-year also has a mild 180 day Early Withdrawal Penalty (EWP), a one-time rate bump option, and a low $500 minimum opening deposit. A long-time DA reader described the MSGCU...

Many reward checking accounts (RCAs) haven't been keeping up with the rising rates. Consequently, their rate advantage over online savings accounts have waned. The RCA from Maryland-based Presidential Bank, called Advantage Checking, is one that has been keeping up with the rising rates.

In mid-2020, Presidential Bank replaced its RCA, Checkless Checking, with the Advantage Checking account. While keeping much of the Checkless Checking structure,...

As DA reader, SYC, announced in a recent Forum post, the USALLIANCE Financial (USALLIANCE) 24-month Certificate Special, which currently earns 4.25% APY, offers the highest yield in its CD product line. Following an 85 bps increase over the weekend, the 18-month Certificate Special has also become the rate-leader for nationally available 2-year CDs. The minimum opening deposit is $500, with no stated balance cap.

The 24-month Certificate Special is also available...

FitnessBank has become the rate leader for online savings accounts. The top-tier rate of its Fitness Savings Account increased 100 bps to 3.50% APY. This is an all-time high for FitnessBank that exceeds the 3.00% APY that FitnessBank offered in 2019.

The Fitness Savings Account requires that the customer average at least 12,500 steps per day in the previous month to earn the top APY (the Senior Savings Account...

Three years ago, Elements Financial offered a promotional 2.10% APY on the Helium Savings that was guaranteed for a year. Elements Financial has revived the Helium Savings promotion (Promo Helium), with a very competitive 3.25% APY that is guaranteed for 12 months following account opening.

The minimum opening deposit is $2.5k...

Rising Bank, the internet division of Missouri-based Midwest BankCentre, has increased its CD rate several times in the past four months. The most recent increases occurred this week, with the 1-year Term CD (3.30% APY) and 2-year Term CD (3.45% APY) each gaining 20 bps. The 1-year Term CD currently offers the highest rate for nationally available 1-year CDs. The minimum opening deposit for a Term...

Reward checking accounts (RCAs) have been slow in responding to today’s rising interest rate environment, so I was pleasantly surprised to see the substantial rate increase of Signature Federal Credit Union (Signature FCU) High Yield Checking. The rate increased from 2.00% APY to 3.50% APY on qualifying balances up to $20k. Qualifying balances above $20k and non-qualifying balances do not earn any interest.

Qualifying Requirements

• At least 15 debit card purchases (up from...

While it seems that many credit unions and banks have been incrementally increasing their CD rates on an almost weekly basis, Maryland-based Lafayette Federal Credit Union (Lafayette FCU) has had three substantial across-the-board CD rate increases in the past five months. The latest Lafayette FCU CD rate hikes occurred yesterday.

The most competitive rates in the Fixed...

Virginia-based Langley Federal Credit Union (Langley FCU) has been offering competitive limited-time Promo Certificates for about the last 18 months. Last month’s 33-month Promo Certificate (3.25% APY) has been withdrawn, but the new offering is a 19-month Promo Certificate earning 3.20% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. Unlike all the previous Promo Certificates, the 19-month Promo Certificate does NOT require new money.