Bank Deals Blog: Savings & MMA Deals

Since the beginning of June, I have written twelve blog posts about rate increases on nationally available liquid accounts (savings, MMA, checking). With this week’s rate increase on BankDirect’s Money Market Account (1.16% APY), this becomes the thirteenth.

BankDirect’s Money Market Account can be opened with a $500 minimum deposit, but the minimum balance to earn the stated APY is $10k. As stated in the Disclosure Booklet,

The new 1.16% APY is not “wow-worthy” in itself, but this...

All America Bank (and its online “country cousin” division, Redneck Bank) raised the rate on its Mega Money Market (1.50% APY) by 25 bps yesterday. While the Mega Money Market has no minimum balance requirement, the 1.50% APY is capped at $35k; balances of $35k+ earn 0.50% APY.

All America Bank has been offering the Mega Money Market since 2009, with an initial rate of 2.00% APY that lasted for more than...

After several internet banks have raised their rates to 1.15% and above, the recent rate hike of the High Yield Savings Account (HYSA) at American Express Bank, FSB (1.05% APY) may not sound like an exceptional deal. Nevertheless, I thought it was worth a blog post since the internet bank has several features that give them an advantage over others. In fact, I seem to receive more positive opinions from readers about this bank...

I last wrote about SFGI Direct more than three years ago when the rate on its Savings Account was raised to 1.01% APY. At that time, 1.00% was considered to be competitive, and I even began using the phrase, “the 1% club.” As of today, SGFI Direct’s Savings Account now earns 1.16% APY.

My January 2014 blog post about the SFGI Direct Savings Account details the account’s rate history from its introduction in 2009...

Barclays has just raised the rate on its Online Savings Account (1.15% APY). It was just over a month ago when Barclays increased the savings account APY to 1.05%. Before that change, the previous APY had been 1.00% which had held since December 2014.

Barclays’ Online Savings Account is still not a rate leader, but it’s nice to see yet another savings account rate increase from a major internet bank. The Fed rate...

SallieMae Bank has just raised the rate on its Money Market Account (1.15% APY). In the past six months, the MMA has experienced two rate increases, which have added a total of 25 bps.

SallieMae Bank's MMA is still not a rate leader, but it’s nice to see a money market rate increase from a major internet bank. With the last Fed rate hike just two days old, we will hopefully...

UPDATE 6/19/2017: BTH Bank has redefined its market area and will no longer accept state-wide applications. The market area now extends from the Dallas metro area eastward to the Louisiana border.

It’s been more than a year since I first wrote about BTH Bank’s Worry-Free Money Market account, which is indexed to the 1-Year Treasury rate....

In early February, I wrote about My e-BAnC by BAC Florida Bank’s (My e-BAnC) Super Saver account, its new money market account which earned 1.11% APY at the time. That rate was raised slightly to 1.15% APY yesterday.

While any deposit account rate increase - large or small - is always welcomed, my enthusiasm for this week’s 4 bps increase is definitely tempered by new restrictions on the Super Saver. To quote my February...

Live Oak Bank has added a new Savings Account to its product line that earns 1.25% APY on all balances. There is no minimum balance or deposit required to open the Savings Account. Up until this point, the only other deposit accounts offered by Live Oak Bank were a series of CDs.

Live Oak Bank’s Savings Account is fairly straightforward, with no unusual requirements or limitations. According to the Terms and Conditions document (page 18),

• There is a...