Bank Deals Blog: Nationwide Deals

For a while this morning, Live Oak Bank had the distinction of having the top-rated 1-year CD (2.80% APY) offered by an internet bank. By the slimmest of margins (1 basis point), VirtualBank’s 12-month eCD claimed that honor late this morning.

The minimum opening deposit is $2.5k, with a maximum $250k deposit per CD. The maximum aggregate balance (all consumer accounts at Live Oak Bank) is $5...

It’s been a busy morning for short-term internet bank rates. I was in the process of writing about Live Oak Bank’s 1-year CD (2.80% APY) capturing the internet bank top spot, when VirtualBank swooped in and edged out Live Oak Bank by increasing the rate on its 12-month eCD to 2.81% APY. Since January, the 12-month eCD has had six rate increases, adding a total of 112 bps.

American Express National Bank increased the rate of its American Express Personal Savings account (Personal Savings) by 10 bps to 2.00% APY. This rate is effective as of 11/15/2018. The last Personal Savings rate hike was on September 27th, a day after the Fed rate hike.

American Express National Bank joins Ally Bank and Discover Bank in reaching 2% APY. All three now offer 2% APY on their no-minimum online savings...

This morning, MySavingsDirect (MSD) increased the rate of its MySavings Account by 10 bps to 2.35% APY. This is the first increase since MSD became a rate leader in early September, and it’s a sign that Emigrant Bank (the parent of MSD) is intent on keeping this account at or near rate leader status.

Emigrant Bank’s other internet bank, DollarSavingsDirect (DSD), became a rate leader in April 2017. Several rate hikes allowed DSD to continue as a...

Discover Bank is the latest of the large internet banks to raise their savings account rate to at least 2% APY. Discover Bank’s Online Savings Account rate increased 10 bps this morning to 2.00% APY. In addition, it raised the rates by 10 bps of both tiers of its Money Market Account. The top tier now earns 1.90% APY ($100k+) and the lower tier earns 1.85%...

In July, Community Financial Services Bank (CFSB) added three nationally available CD Specials. At the time, the 49-month CD Special was the most competitive of the three, but following recent rate increases, both the 49- and 29-month APYs are each only 1 basis point shy of topping their respective term-length category. Any of the CD Specials can be opened with a $1k minimum deposit, with no stated balance cap.

Over the weekend, ableBanking raised the rates on its 3-year CD (3.30% APY) and 4-year CD (3.40% APY) to competitive levels. This is a rather atypical situation for CDs, given the current trend of competitive short-term rates and mediocre long-term rates. Either CD can be opened with a $1k minimum deposit, with a $240k balance cap.

Prior to this weekend’s rate hike, both the...

On Friday, Capital One raised the rate on its 360 Money Market by 15 bps to 2.00% APY on balances of $10k+. The APY for balances below $10k remains at 0.85%.

Capital One is the latest of the large internet banks to raise their savings or money market rate to at least 2.00% APY. Several other large internet banks...