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.
Deal Summary: Ally Bank CD rate increases - Online Savings Account (1.00% APY), 20-month Select CD (2.35% APY), 60-month High Yield CD (2.75% APY), no minimum balance.
Availability: Nationwide (online bank)
On Friday, Ally Bank increased the rate of its Online Savings account for the second time this month. The 10-bp rate hike increased the APY from 0.90% to 1.00%. For June, the APY has increased 25 bps. This follows 25 bps of rate increases in May. Before May 10th, the Ally Online Savings account rate was stuck at its...
Capital One did something that is rare. It increased a CD rate to a market-leading level. The rare event occurred on Thursday when Capital One increased the APY of its 18-month 360 CD from 1.50% to 2.50%. Capital One often has competitive rates on its CDs, but they are rarely top rates for online banks.
In 2021, the Capital One 360 18-month CD rate was stuck at 0.25%. That’s only one tenth...
Deal Summary: Bread Savings CDs – 1-year (2.50% APY), 2-year (3.00% APY), 3-year (3.25% APY), $1.5k min/$1m max deposit per account. High-Yield Savings Account, 1.65% APY on all balances.
Availability: Nationwide (internet bank)
Just four weeks ago, Bread Financial (the former Comenity Direct) had across-the-board rate increases on its entire product line. Bread Financial again upped all its rates yesterday, but this time every CD and the High-Yield Savings had an additional 50 bps added to the APYs. While all the CDs now offer very...
Approximately three months ago, UFB Direct introduced its UFB Money Market account, which now earns 1.51% APY on all balances. Note: while the landing page lists two balance tiers ($0-$24,999.99 and $25,000 or greater), the 1.51% APY currently applies to both tiers.
Although the UFB Money Market account is a new account, it’s certainly not the first MMA offered by UFB Direct. In fact, it’s the fourth UFB Direct...
Deal Summary: Money Market Account, 1.51% APY on all balances up to $1 million, $50 minimum opening deposit.
Availability: Nationwide through online application.
Merchants Bank of Indiana (MBoI) recently boosted the rate on its nationally available Money Market Account (MMA) to 1.51% APY on balances up to $1 million. The 50 bps increase is the second substantial rate hike in the past four weeks. Opening MMA requires a $50 minimum deposit.
Added to MBoI’s product line in early 2019, the MMA’s initial rate was 1.75% APY, which remained...
Deal Summary: 15-month No Penalty CD, 1.75% APY, $1k minimum deposit, early closure only. Rising CDs – 18-month, 2.25% APY, $5k min/$1m max deposit; 36-month, 2.85% APY, $25k min/$1m max deposit, bump-up and add-on options.
Availability: Internet bank
Rising Bank, the internet division of Missouri-based Midwest BankCentre, ended last week with across-the-board rate increases, with the 15-month No Penalty (NP) CD now earning an impressive 1.75% APY. The minimum opening deposit is $1k, with no stated balance cap.
Deal Summary: Online Savings, 1.65% APY, $1k minimum opening deposit, $5 million maximum balance, new money for initial deposit.
Availability: Nationwide through online application.
No need for a long introduction: California-based First Foundation Bank (First Foundation) increased the rate this week on its Online Savings account to 1.65% APY on balances up to $5 million. If the account balance exceeds $5 million, a 0.50% APY will apply to the entire account balance. (FYI – there is no Rates page on First Foundation’s website....
Deal Summary: High-Yield Savings, 1.50% APY on balances of $2.5k and above, $2.5k min/$1m max deposit.
Availability: Internet bank, nationally available except in California.
Just ten days ago, Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) added 30 bps to its High-Yield Savings rate. Another 35 bps were added yesterday, boosting the rate to 1.50% APY on balances from $2.5k to $1 million. Balances of less than $2.5k continue to earn 0.05% APY.
A High-Yield Savings can be opened with a minimum $2.5k deposit...
CIBC Bank USA (CIBC) has unveiled its Agility Online Savings (AOS) account four years ago. Earlier this week, CIBC added 40 bps to increase the AOS APY to 1.27% on all balances up to $1m. The AOS account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k. The minimum balance to earn the stated APY is $0.01.
As stated on the Disclosures page,
The Disclosures page details how the withdrawals process...
It’s a post-pandemic first: 1.50% APY on a nationally available savings account.
Texas-based Bask Bank added 25 bps to its Bask Interest Savings Account yesterday, boosting the rate to 1.50% APY. The Bask Interest Savings Account has no minimum opening deposit or stated balance cap.
For the last couple of years, Bask Bank (internet division of Texas Capital Bank) offered only one savings account, the Bask Mileage Savings Account, which earned a...