Bank Deals Blog: Savings & MMA Deals

This morning, CIT Bank raised the rate of its Money Market Account by 10 bps to 1.85% APY on all balances. CIT Bank introduced the Money Market Account about two months ago on March 13th. Minimum opening deposit is $100, and there is no monthly maintenance fee. There was no rate change on the Premier High Yield Savings Account. Its rate has remained at 1.55% APY since early January.

American Express National Bank raised its American Express Personal Savings account (Personal Savings) by 5 bps to 1.60% APY. Much larger rate increases were made to five CDs with yield gains that ranged from 35 bps to 160 bps. All five of the new CD APYs plus the new Personal Savings account APY are shown below in bold and are effective as of 5/24/2018. The previous APYs are noted inside parentheses.

This morning Barclays raised its Online Savings Account rate by 15 bps. The new rate is now 1.65% APY. It has been exactly four months since Barclays’ last savings account rate hike. The old 1.50% APY was pretty competitive back in January, but this rate had fallen behind the competition as several other internet banks have raised their savings account rates in the last few months. It was just over a year ago when Barclays...

Radius Bank (Radius) has recently restructured its Radius High-Yield Savings account, with increased APYs and new rate tiers: 1.86% APY ($25k+), 1.50% APY ($2.5k+), and 0.05% APY ($10+).

In the past ten months, Radius has added a total of 86 bps to the High-Yield Savings top APY in five rate increases. While most of those increases were modest, keeping the account outside the upper echelons of savings accounts,...

Salem Five has raised the rate on its Gold Star Money Market (GSMM) to 1.75% APY on all balances. This week’s 25 bps increase is the first rate change for the GSMM since it was introduced in January of this year.

The GSMM can be opened with a minimum deposit of $10 in-branch, or $100 online. The maximum allowed opening deposit is $1m. According...

A year ago, Popular Direct 5-year Popular Direct CD was earning 2.35% APY; as of yesterday, the rate is 3.05% APY. In a series of five rate increases, the APY has added 75 bps since early May 2017. The minimum deposit for the CD is $10k, with no stated balance cap.

A significant issue with Popular Direct CDs is the harsh Early Withdrawal Penalty (EWP). As stated on the CD Disclosure...

UPDATE 5/16/18: Existing Ultimate Savings account may qualify for new rate. See below for more details.

In September 2016, Michigan-based Northpointe Bank introduced its Ultimate Savings, which at the time earned 1.12% APY on balances of $10k+, with a rate guarantee for “at least 12 months.” Since being added to the product line, the Ultimate Savings has had no rate changes, until now.

Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rate of its Online Savings Account by 10 bps to 1.70% APY. GS Bank was renamed to Marcus by Goldman Sachs in December.

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

This morning, Ally Bank increased the rates of its Online Savings Account, both Raise Your Rate CDs and five of its High Yield CDs. The Online Savings Account rate went up 10 bps to 1.60% APY. For CDs, the 12-month and 36-month CDs had the most impressive rate gains. The 12-month CD rate for a $25k minimum deposit...

United Bank is now offering an Advantage Money Market Special (1.95% APY), with a 180-day rate guarantee. A minimum $500 opening deposit of new money is required and there is no...