Bank Deals Blog: Internet Banks

The rates on Live Oak Bank’s shorter-term CDs were increased today, with 6-month (2.20% APY), 1-year (2.65% APY), and 18-month (2.70% APY) adding between 15 and 20 bps. Of these three CDs, the 1-year is the most competitive.

Any Live Oak CDs can be opened with a minimum $2.5k deposit, with a maximum $250k deposit per account. The maximum aggregate balance, which includes all consumer accounts...

The September jobs report was released Friday. The unemployment rate declined to 3.7% in September, the lowest rate since 1969. However, the number of jobs created in September of 134,000 was below the consensus estimate of 185,000. The report was generally considered strong enough to keep the Fed on track with gradual rate hikes. Economist Tim Duy had this to say about the jobs report in his Fed Watch blog post:

Important inflation data is scheduled for release this week. The Producer Price Index is scheduled for release on Wednesday, and...

When a bank changes its name, there’s typically just one old name and one new name. The name change of BofI Federal Bank to Axos Bank isn’t that simple. BofI Federal Bank had several different brand names and websites which targeted different groups. Most of these brand names have also been changed to Axos Bank, and their websites now forward visitors to Axos Bank’s new website at axosbank.com. Below is a list of all of the BofI Federal Bank brands and websites that have been consolidated to Axos Bank at...

In addition to Columbus Day, today is National Online Bank Day. Ally Bank established National Online Bank Day in 2015 to “emphasize the value, ease and convenience of banking with online-only institutions on Columbus Day, a day when most traditional banks are closed.” Ally Bank’s press release that it issued today places extra emphasis on the higher interest rates at online-only banks and how a large percentage of Americans are losing out by keeping their savings in traditional banks. At DA we’ve been regularly reporting on these large differences in...

On Friday, CIT Bank introduced a new savings account called the Savings Builder Account that earns 2.15% APY. This isn’t a typical savings account. To qualify for the 2.15% APY, customers must either maintain a balance of $25k+ or maintain a monthly deposit of at least $100. If these conditions are not met, the base rate is earned, which is currently 1.14%...

As I’ve stated in earlier blog posts, SallieMae Bank has continued to increase the rates on its Money Market account, High-Yield Savings account, and several CDs since beginning of the year. While the individual rate increases haven’t been exceptional, the cumulative effect has kept SallieMae Bank within striking distance of the rate leaders.

Money Market Account

The Money Market Account (MMA) continues to be SallieMae Bank’s most competitive deposit account,...

MutualOne Bank has upped the rate on its 19-month CD to 3.04% APY. The minimum opening deposit is $500, with no stated balance cap. The 19-month CD has had six rate increases in the last year, adding a total of 158 bps.

The 19-month CD is also offered as an IRA (Traditional and Roth), earning the same APY with the same...