Bank Deals Blog: Savings & MMA Deals

In October, Maryland-based CFG Bank (CFG) had adopted a “uni-rate” strategy, with the 12-, 18-, 36-, and 60-month CDs all earning the same APY. That approach was short-lived, and now the shorter-term CDs have the highest rates. Following recent rate increases of 15 bps for the two shorter-term CDs and 25...

Soon after I published yesterday’s Liquid Rates Summary, I was informed that California-based UFB Direct would be raising the rates on its UFB High Rate Money Market and UFB High Rate Savings accounts to 3.91% APY, effective December 1, 2022. As this is NOT a new account, all existing High Rate MMA and Savings accounts will automatically begin earning 3.91% today. There is no need to...

About a week ago, Oklahoma-based All America Bank and its online “country cousin” division, Redneck Bank, began offering a higher rate and a larger balance cap on its Mega Money Market (MMM) accounts. Following the addition of 95 bps, the Mega Money Market (MMM) accounts now earn 4.00% APY on balances up to $75k (previously $50k); balances over $75k earn 0.50% APY.

As DA reader, bisenber, noted in a Forum post earlier this month, Bread Financial has again raised the rates on all its CDs and the High-Yield Savings account. Unlike previous rate increases that benefited the shorter-term CDs, the most recent rate increases boosted the 4-year CD (4.65% APY) and 5-year CD (4.75% APY) to...

Thanks to DA reader, midas89, for the Forum post announcing that Republic Bank of Chicago (Republic Bank) “has joined the 4% Club.” The Digital Money Market (DMM) account, which was added to the product line in August, currently earns 4.00% APY, following a 62-bp increase this week. The minimum opening deposit is $2.5k of new money (funds not currently on...

Maryland-based CFG Bank (CFG) has adopted a “uni-rate” strategy: the 12-, 18-, 36-, and 60-month CDs all currently earn 4.10% APY. Of the four, the 12-month...

The Brilliant Bank Money Market Account (MMA) was added to the product line in August...

It’s been about three months since I last wrote about the liquid accounts offered by California-based UFB Direct, which means I’m probably writing about new accounts! DA reader, PugPower, described the situation quite aptly:

The only differences between the new “High Rate” accounts and the newly retired “Elite” accounts are the new name and the higher APYs. Note, when these new accounts were introduced, new balance tiers...

Merchants Bank of Indiana (MBoI) started the month by adding 77 bps to its nationally available Money Market Account (MMA). The new 3.82% APY applies to all balances and according to CSR, “the new rate applies to existing and new accounts.” While there is no minimum balance requirement to earn the stated APY, a minimum $50 deposit is required to open a new MMA.