Bank Deals Blog: Savings & MMA Deals

In September, I wrote about the new Direct Money Market Deposit Account (DMMDA) offered by Florida-based TotalDirectBank (TDB). The 2.35% APY on balances between $5k and $500k is still in effect. For more detail about the DMMDA, please refer the September 26 blog post.

In September, TotalDirectBank’s CD rates were fairly competitive, but in the past seven weeks as many other rates dipped, the...

FitnessBank recently cut rates again on its Fitness Savings Account. The top rate fell from 2.75% to 2.60% APY at the start of November. For two months in the summer, the top rate had been 3.00% APY. After three Fed rate cuts that total 75 bps, a 40 bp rate cut seems reasonable. With a top rate of 2.60% APY, the Fitness Savings Account remains the rate leader for nationally...

Earlier this month, Maryland-based CFG Community Bank (CFG) unveiled its new online banking platform, which includes three CDs. All three Online Only CDs require a $500 minimum opening deposit, are capped at $250k, and must be opened with new money.

The 18- and 60-month CDs both...

Fintech developer Varo offers a cash management account that boasts a high interest rate and no fees. For people who want a simple, high-yield mobile bank account, Varo is worth considering — especially if you’re looking to save with some extra tools from an app. However, watch out for third-party fees for depositing cash into your account, plus limited access to checks. Note also that Varo itself isn’t a bank — it partners with The Bancorp Bank to hold deposits and...

Now through November 30, 2019, MECU (pronounced “ME-q”) is offering 2.25% APY on its Money Market Promotion on balances between $10k and $1 million. The minimum opening deposit is $10k of new money, defined as “funds not on deposit at MECU during the past 90 days.” Average daily balances below $10k and above $1 million earn 0.05% APY.

I had hoped there was a rate guarantee, but the fine print on...

SkyOne Federal Credit Union (SkyOne) has unveiled its new High-Yield Savings (HYS) account, which earns 2.25% APY. The minimum opening deposit is only $1, but to earn the stated APY, an on-going minimum $1k monthly deposit is required. This deposit can go into any SkyOne account(s), as long as the aggregate is $1k per month.

There is a lack of complete documentation on SkyOne’s...

TruMark Financial Credit Union (TruMark Financial) is currently offering a Money Market Account Special, which earns 2.00% APY on balances of $2.5k and above. The minimum opening deposit is $2.5k of new money, defined as “funds not on deposit” at TruMark Financial.

The 2.00% APY is guaranteed for six months following account opening. Following the six-month period, the...

California-based First Foundation Bank (First Foundation) is currently offering 2.40% APY on its Online Savings account. The minimum opening deposit is $1k of new money, which is defined as “not funds from existing First Foundation Bank accounts.” End-of-day balances of $1k and above earn 2.40% APY, with balances below $1k earning 1.00% APY.

There is no rate guarantee. As is common for any new online savings account,...

Last December Robinhood tried to launch a cash management account that offered a 3% APY. That attracted a lot of publicity and scrutiny. After a few days, it turned into bad publicity when the SIPC president challenged Robinhood’s claims that the account offered SIPC insurance protection. This forced Robinhood to “start over from scratch” on a cash management account.

Robinhood has finally announced its new Cash Management. Like in December, there’s currently only a waiting list. However, it appears they’ve done their homework to make sure their cash management account will...

This week, Pennsylvania-based Customers Bank announced a new promotion for its Ascent Money Market Savings Account (Ascent MMSA): new Ascent MMSAs will earn 2.25% APY on balances of $25k+, with the rate guaranteed through June 30, 2020. The minimum opening deposit is $25k of new money. A minimum $25k balance must be...