Bank Deals Blog: Savings & MMA Deals

If you’re a long-time reader, you will likely remember HSBC Direct. I first started to write about HSBC Direct and its Online Savings Account in 2005. Before the 2008 financial crisis, HSBC kept the Online Savings Account rates very competitive. Most noteworthy was in 2007 when HSBC Direct offered a promotional 6% APY. The Online Savings Account became less competitive after 2008. In 2010, HSBC Direct became HSBC Advance. Like other...

New Jersey-based Cross River Bank has substantially raised the rates on most of its CDs, adding between 76 and 89 bps. Any of Cross River Bank’s CDs can be opened with a $500 minimum deposit, and there is no stated balance cap.

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.

In 2016, Freedom First offered a Fall Money Market Special, which earned 1.25% APY on balances of $100k+. The APY was guaranteed for twelve months.

Two years later, there’s a new (and definitely improved) Money Market Special at Freedom First, earning 2.13% APY on balances of $10k+, with a...

Bank5 Connect has raised the rate on its High-Interest Savings Account to 2.05% APY. Yesterday’s addition of 115 bps gives the High-Interest Savings Account its highest APY since Bank5 Connect opened its virtual doors in 2013.

While a $100 minimum balance is required to earn the stated APY, the account can be opened with as little as $10. The High-Interest Savings...

Yesterday, Capital One raised the rate on its 360 Money Market by 15 bps to 1.75% 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 1.75% APY. Several other large internet banks have already raised their savings account rates to 1.75% APY. These include Discover, Ally, American...

Citizens Access, a new internet division of Citizens Bank (RI), has debuted its new Online Savings Account and a variety of competitive Online CDs. Let’s talk about the Online Savings Account first.

Online Savings Account

The Online Savings Account earns 2.00% APY on balances of $5k and above; balances between $0.01 and $4,999.99 earn 0.25% APY. Citizens...

Discover Bank is the latest of the large internet banks to raise their savings account rate to 1.75% APY. Discover Bank’s Online Savings Account rate increased 10 bps this morning to 1.75% APY. In addition, it raised the rates by 10 bps of both tiers of its Money Market Account. The top tier now earns 1.65% APY ($100k+) and the lower tier earns 1.60% APY (below...

With this week’s addition of 20 bps, Salem Five Direct eOne Savings account (2.05% APY, up to $1 million) is now a rate leader for nationally available savings account. Balances over $1 million will be transferred to a Statement Savings Account which currently earns 0.05% APY.

Salem Five Direct added the eOne Savings to its product line eight years ago. Since then there have...

Two weeks ago, Indiana-based CommunityWide Federal Credit Union (CW) raised its profile by increasing Share Certificate rates to record levels, becoming the current rate leader for nationally available CDs.

CW is again making news this week by upping the rate on its High Rate - Quarterly funds account to 2.10% APY. A $500 minimum daily balance is required to earn the stated APY and is also the minimum opening deposit.