Bank Deals Blog: Savings & MMA Deals

Utah-based TAB Bank has added 28 bps to its High Yield Savings account rate, with balances of $2.5k and above now earning 2.30% APY. Balances less than $2.5k earn only 0.25% APY. The High Yield Savings account requires a minimum opening deposit of $2.5k.

Interest is compounded daily and credited on a monthly basis. If the High Yield Savings account is closed before the interest is credited, the accrued interest will...

On Friday SFGI Direct increased the rate on its Savings Account by 20 bps to 2.27% APY. While the 2.27% APY applies to all balances of $1+, the account must be opened with a minimum deposit of $500.

SFGI Direct’s last rate increase was on November 5th. In the last year, SFGI Direct’s rate hikes have been gradual with increases between 5 and 20 bps. The rate hikes began in June 2017 when the rate...

Less than three months ago, earn.bank made its debut in the internet banking world, offering a Money Market Account (MMA) and two CDs. The MMA offered an initial (and respectable) 2.02% APY on all balances. Within one month, the rate jumped to 2.31% APY, securing a place as the top-rated nationally available money market account. As of today, the MMA now earns 2.41% APY on all balances and is...

Citizens Bank (RI) unveiled its new internet division, Citizens Access, in July 2018. The new bank's Online Savings Account offered an initial 2.00% APY on balances of $5k and above; balances below $5k earned 0.25% APY. Two rate increases in September and October added a total of 25 bps, although the lower rate tier remained static.

Since October’s increase, the Online Savings Account rate hasn’t changed until this morning: the new rate...

The latest institution to increase the rate on a savings account is Live Oak Bank, which added 15 bps to its Savings Account (2.25% APY) yesterday. With no minimum opening deposit requirement or minimum balance requirement, the 2.25% APY applies to all balances up to $5 million.

Throughout 2017 and for first part of 2018, the Savings Account APY was within reach of the rate leaders, but that scenario has changed....

It’s been six months since Salem Five Direct last raised the rate on its eOne Savings account. At that time, the eOne Savings' 2.05% APY was a rate leader for nationally available savings account. As of today, the eOne Savings account earns 2.30% APY on all balances up to $1 million, but the 2.30% APY falls short of be a rate leader. FYI...

As I was checking the rate on North American Savings Bank’s (NASB) Online Money Market Special, I noticed a new product: a High Rate Savings account, which earns 2.53% APY on balances between $50k and $5 million. Balances less than $50k and greater than $5 million earn 0.10% APY. In addition to offering a top rate, the High Rate Savings APY is guaranteed for six...

Seven months ago, MemoryBank (an internet division of Republic Bank) unveiled its Online Money Market Account (OMMA), which initially earned 1.85% APY. By the end of the year, the APY had risen to 2.30% following two rate increases. An additional 10 bps were added this morning, with the OMMA now earning 2.40% APY on balances up to $1 million; balances over $1 million continue to...

When PurePoint Financial (PurePoint) raised the rate on its Online Savings account in September, I suggested that “we may not see another savings rate hike this year.” That statement was based on the correlation between the recent Fed rate hikes and the three previous Online Savings rate increases*. PurePoint proved me correct this morning by adding 20 bps to the Online Savings account – the first rate increase since September.

Balances of $10k and above...