Bank Deals Blog: Savings & MMA Deals

This morning, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rate of its Online Savings Account by 5 bps to 1.90% APY.

Like past rate hikes, this new rate doesn’t make the savings account a rate leader, but it does keep the savings account on the high end for the large internet banks, and it should put pressure on the other large internet banks.

CD rates remained the same...

California-based Hanmi Bank is promoting a new Premium Savings account with tiered rates: 2.10% APY ($50k+), 1.85% APY ($10k+), and 0.15% APY (less than $10k). The minimum opening deposit is $10k of new money.

If the minimum daily balance should fall below $5k during the statement cycle, a $10 monthly maintenance fee will be assessed....

As BankPurely and iGObanking are both internet divisions of Flushing Bank, it makes sense to write one blog post about the money market accounts (MMA) both banks are offering. The rates on both MMAs (PurelyMoneyMarket and iGOmoneymarket) were raised earlier this week to 2.25% APY on balances of $25k and above. The minimum...

Pacific National Bank has raised the rate on its Money Market Deposit Account (MMDA) to 1.90% APY. The MMDA requires a minimum $5k opening deposit of new money and is capped at $240k.

A $5k daily balance is required to earn the stated APY and waive the $25 monthly maintenance fee. Online banking and eStatements are also required to avoid the $25 monthly fee. Any debit transactions in excess...

HSBC Direct appears intent on keeping its online savings account competitive. The Bank just increased the rate of its savings account by 21 bps to 2.01% APY. This applies to all balances up to the maximum allowed account balance of $2 million. HSBC Direct does list balance tiers for the savings account, but currently, all tiers earn the same APY.

In July, I first reported on the “rebirth” of HSBC Direct...

Last Friday SFGI Direct increased the rate on its Savings Account by 10 bps to 1.91% APY. While the 1.91% 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 June 1st. 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...

Now through September 22, 2018, UMB (formally known as UMB Bank, National Association) is offering a Money Market Account Special (MMAS), earning 2.32% APY. The APY will be in effect for 12 months following account...

In somewhat of a surprising move, it appears Emigrant Bank has decided to make MySavingsDirect (MSD) their flagship savings account, having raised the rate on the MySavings Account to 2.25% APY. Meanwhile, DollarSavingsDirect’s (DSD) Dollar Savings Account remains unchanged at 1.80% APY.

With this latest rate increase, DSD and MSD have switched roles: DSD had been offering competitive rates on the Dollar Savings Account since April 2017 (1.25% APY), with the latest increase to 1.80%...

IncredibleBank, the internet division of Wisconsin-based River Valley Bank, has raised the rate by 14 bps on its High Yield Savings account to 2.02% APY on balances of $25k+; the rate for balances of less than $25k did not change, remaining at 1.21% APY. The High Yield Savings account can be opened with a $2.5k minimum deposit.

In the past six months, the High Yield Savings APY...

Poppy Bank (formerly First Community Bank) is currently offering a Poppy Savings/Poppy Checking combo special only at its Menlo Park and Milpitas branch locations. Both accounts must be opened at the same time. (Note: since this offer is limited to only two branch locations, the Poppy Savings account is not listed in any of DA's rate tables.)

Poppy Savings