Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.
Spencer Savings Bank (Spencer) has been offering its E-Money Market Promotion since November, which is a bit longer than the typical “promotion” lasts. Even though the rate has fallen over the past few months, it’s remained higher than most nationally available MMAs. To qualify for the 1.40% APY (balances of $5k+), a Platinum Checking account is required; without a Platinum Checking account,...
Deal Summary: Savings Account, 1.30% APY on all balances
Availability: Nationwide (via mobile app)
Last year I would have never had thought that I would be reviewing a new savings account with a yield of only 1.30%. In today’s new zero rate environment, that is unfortunately a top rate for a savings account. The new savings account is from the financial technology (fintech) company, Affirm, which has partnered with Cross River Bank to offer the savings account through Affirm’s mobile app. Opening the savings account and managing the account...
Deal Summary: Free Kasasa Cash, 3.00% APY on qualifying balances up to $25k.
Availability: Residents of Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin.
Iowa-based Farmer Trust & Savings Bank’s (Farmers Bank) Free Kasasa Cash checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Farmers Bank began offering Kasasa-brand products in October 2019 as part of its market area expansion.
In mid-May, Indiana-based CommunityWide Federal Credit Union (CW) dropped the rates on all its Share Certificates to 1.25% APY. While not a good rate for the majority of the Share Certificates, it’s actually a competitive rate for the 6-month Share Certificate. Since I last wrote about CW Share Certificates, the minimum deposit has been lowered to $1k.
The 6-month Share Certificate is also available as an IRA (Traditional and Roth), earning the same...
Deal Summary: 5-year CD, 1.65% APY; High Interest Checking, 1.50% APY up to $1 million; Money Market, 1.46% APY, $150k+, 1.36% APY, $5k-$150k
Availability: Nationwide through online application.
When I added New York-based Quontic Bank’s 5-year CD (1.65% APY) to yesterday’s CD Rates Summary, I decided an overview blog post would be appropriate. The three most competitive products currently offered by Quontic Bank are its High Interest Checking account, Personal Money Market account, and 5-year CD.
High Interest Checking
Added to the product line in September 2019, Quontic’s rewards checking account...
UPDATE 5/27/2020: Neighbors Bank is no longer accepting applications for the High Yield Online Savings account.
Deal Summary: High Yield Online Savings, 1.70% APY on balances of $25k+, $25 minimum/$250k maximum deposit.
Availability: Nationwide (except in Delaware).
Missouri-based Neighbors Bank has added a nationally available High Yield Online Savings (HYOS) account to its product line. Balances of $25k+ currently earn 1.70% APY, with balances of less than $25k earning 1.00% APY. I was hoping to see some type of rate guarantee to make this new product...
Deal Summary: Fitness Savings Account, 1.75% APY on balances over $100 when step requirements are met.
Availability: Nationwide (internet bank)
FitnessBank recently cut rates again on its Fitness Savings Account. The top tier rate fell from 1.90% to 1.75% APY at the start of May. FitnessBank typically only makes rate changes at the start of the month, so hopefully, the new rates will hold through May. FitnessBank is almost a year old, and since it has launched, its top tier rate has remained close to the rate leaders for nationally...
Green Dot Bank has been heavily advertising on TV its checking account which it calls the Unlimited Cash Back Bank Account. The commercials also mention Green Dot Bank’s High-Yield Savings Account. The checking account currently offers an unlimited 3% cash back on certain debit card purchases, and the savings account offers a 3.00% APY. These sound like great deals until you become aware of the details. As the saying goes, the devil is in the details. Savers who open these accounts with hopes of earning 3% may end up...
UPDATE 5/1/2020: The High Yield Online Savings rate fell from 1.70% to 1.60% APY.
Deal Summary: High Yield Online Savings, 1.70% APY on all balances, $100 min opening deposit.
Availability: Nationwide (internet bank)
I first wrote about Vio Bank in August 2018, about two weeks after this new internet division of MidFirst Bank made its debut. At that time, the High Yield Online Savings (HYOS) account earned 2.10% APY. By June 2019, the HYOS was earning 2.52% APY and securely near the top of DA’s bi-weekly...
Availability: Online market area includes Arizona, Connecticut, Florida, Massachusetts, Rhode Island, Tennessee, and Virginia.
I wrote about WauBank, the online division of Pennsylvania-based First National Bank, in September 2019, when WauBank opened its virtual doors for the first time. The initial product line included the High-Yield Savings Account and six CD Specials. Their rates have fallen, but they have remained fairly competitive.
High-Yield Savings Account Overview
The High-Yield Savings account currently earns 1.50% APY on balances of $5k...