Bank Deals Blog: Savings & MMA Deals

On Friday, Ally Bank increased the rate of its Online Savings account for the second time this month. The 10-bp rate hike increased the APY from 0.90% to 1.00%. For June, the APY has increased 25 bps. This follows 25 bps of rate increases in May. Before May 10th, the Ally Online Savings account rate was stuck at its...

Capital One did something that is rare. It increased a CD rate to a market-leading level. The rare event occurred on Thursday when Capital One increased the APY of its 18-month 360 CD from 1.50% to 2.50%. Capital One often has competitive rates on its CDs, but they are rarely top rates for online banks.

In 2021, the Capital One 360 18-month CD rate was stuck at 0.25%. That’s only one tenth...

Just four weeks ago, Bread Financial (the former Comenity Direct) had across-the-board rate increases on its entire product line. Bread Financial again upped all its rates yesterday, but this time every CD and the High-Yield Savings had an additional 50 bps added to the APYs. While all the CDs now offer very...

Approximately three months ago, UFB Direct introduced its UFB Money Market account, which now earns 1.51% APY on all balances. Note: while the landing page lists two balance tiers ($0-$24,999.99 and $25,000 or greater), the 1.51% APY currently applies to both tiers.

Although the UFB Money Market account is a new account, it’s certainly not the first MMA offered by UFB Direct. In fact, it’s the fourth UFB Direct...

Merchants Bank of Indiana (MBoI) recently boosted the rate on its nationally available Money Market Account (MMA) to 1.51% APY on balances up to $1 million. The 50 bps increase is the second substantial rate hike in the past four weeks. Opening MMA requires a $50 minimum deposit.

Added to MBoI’s product line in early 2019, the MMA’s initial rate was 1.75% APY, which remained...

Rising Bank, the internet division of Missouri-based Midwest BankCentre, ended last week with across-the-board rate increases, with the 15-month No Penalty (NP) CD now earning an impressive 1.75% APY. The minimum opening deposit is $1k, with no stated balance cap.

No need for a long introduction: California-based First Foundation Bank (First Foundation) increased the rate this week on its Online Savings account to 1.65% APY on balances up to $5 million. If the account balance exceeds $5 million, a 0.50% APY will apply to the entire account balance. (FYI – there is no Rates page on First Foundation’s website....

Just ten days ago, Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) added 30 bps to its High-Yield Savings rate. Another 35 bps were added yesterday, boosting the rate to 1.50% APY on balances from $2.5k to $1 million. Balances of less than $2.5k continue to earn 0.05% APY.

A High-Yield Savings can be opened with a minimum $2.5k deposit...

CIBC Bank USA (CIBC) has unveiled its Agility Online Savings (AOS) account four years ago. Earlier this week, CIBC added 40 bps to increase the AOS APY to 1.27% on all balances up to $1m. The AOS account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k. The minimum balance to earn the stated APY is $0.01.

Deposits

As stated on the Disclosures page,

Withdrawals

The Disclosures page details how the withdrawals process...

It’s a post-pandemic first: 1.50% APY on a nationally available savings account.

Texas-based Bask Bank added 25 bps to its Bask Interest Savings Account yesterday, boosting the rate to 1.50% APY. The Bask Interest Savings Account has no minimum opening deposit or stated balance cap.

For the last couple of years, Bask Bank (internet division of Texas Capital Bank) offered only one savings account, the Bask Mileage Savings Account, which earned a...