Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.
Deal Summary: Online Money Market Account, 1.85% APY on balances up to $1 million
Availability: Nationwide (internet bank)
It’s been about 18 months since Republic Bank introduced its new internet division, MemoryBank. The EarnMore Checking Account was MemoryBank's first and only product. MemoryBank doubled the size of its product line this week, when it unveiled its Online Money Market Account (OMMA). The OMMA earns 1.85% APY on balances between $0.01 and $1 million; balances over $1 million earn 0.01% APY.
Availability: Market area is southeast Pennsylvania.
Meridian Bank began the week by raising the rates on most of its CDs, with the 24-month (2.80% APY), 36-month (3.00% APY), and 48-month (3.05% APY) being the most competitive. The minimum opening deposit is $500, with no stated balance cap.
This week’s rate increases (between 115-120 bps) are the first rate changes in nearly a year for all the CDs....
Deal Summary: Mega Money Market, 2.00% APY on balances up to $50k, balances over $50k earn 0.50% APY, minimum $500 opening deposit.
Yesterday, All America Bank and its online “country cousin” division, Redneck Bank, raised the rates on their Mega Money Market (MMM) accounts to 2.00% APY on balances up to $50k; balances over $50k continue to earn 0.50% APY.
All America Bank and Redneck Bank first launched the MMM, along with the Rewards Checking Account, in 2008. Redneck Bank stopped accepting new customers in 2009,...
Deal Summary: eChecking, 3.00% APY up to $19,999.99
Availability: Rhode Island and New London County, Connecticut
Two days before the Fed announced yesterday's rate hike, Westerly Community Credit Union (WCCU) added 175 bps to its eChecking rate, giving the rewards checking account a 3.00% APY on qualifying balances up to $19,999.99. Qualifying balances of $20k and above earn 0.50% APY, with non-qualify balances earning 0.10% APY.
DA has been tracking the eChecking account since early 2010. The new 3.00% APY matches its initial rate,...
Deal Summary: 29-month Flexible CD (3.00% APY), $500 min opening deposit, $500k max deposit, new money, deposits in $5k increments allowed in the first twelve months, checking relationship required to earn stated APY.
Availability: Eastern Massachusetts
Six months ago, Blue Hills Bank (Blue Hills) added a 22-month Flexible CD (2.25% APY). This week, Blue Hills unveiled its 29-month Flexible CD (3.00% APY), which allows the same additional deposits in $5k increments in the first twelve months as the 22-month does, but the resemblance ends there.
Deal Summary: Kasasa Cash, 2.30% APY up to $25k. Kasasa Saver, 1.05% APY up to $100k.
Evergreen Bank Group (EBG) has been busy this month: in addition to adding four CD Specials to its product line, the Bank raised the rate on its Kasasa Cash account by 5 bps to 2.30% APY and extended the qualifying balance by $10k to $25k. The combination of the new APY and balance cap translates to an additional $238 per year. Qualifying balances over $25k earn 0.50%...
Deal Summary: EarnMore Account (standard checking), 1.60% APY on balances up to $250k.
Availability: Nationwide (internet bank)
In late 2016, Republic Bank unveiled its new internet division, MemoryBank, which offered a single product, the EarnMore Account, a high-yield rewards checking account. The EarnMore Account offered a promotional first-year 1.50% APY on qualifying balances up to $250k. The promotional rate became the ongoing rate in November 2017 and in February, the rate was raised to 1.60% APY. While not an outstanding rate, the large $250k balance cap...
Deal Summary: Priority Checking, 4.00% APY on qualifying balances up to $15k. Priority Savings, 2.00% APY on qualifying balances up to $15k.
Availability: Priority Checking and Priority Savings accounts are available to all Louisiana residents.
For the past four years, Bank of Ruston (BoR) offered the Kasasa brand of checking and savings accounts. This week, BoR replaced its Kasasa Cash Checking with the new Priority Checking, which earns 4.00% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.75% APY, with...
Deal Summary: 2-Year CD (2.50% APY), 3-Year CD (2.70% APY), 4-Year CD (2.75% APY), $500 minimum deposit
As DA reader, ChasR, stated in a Forum post, MainStreet Bank is again offering competitive CD rates. Following substantial rate increases (95-105 bps) at the end of last week, the 2-Year CD (2.50% APY), 3-Year CD (2.70% APY), and 4-Year CD (2.75% APY) now rank near the top of their respective term categories. The minimum opening deposit is only $500, with no stated balance cap.