Bank Deals Blog: Savings & MMA Deals

Deal Summary: Online Savings Account, 1.30% APY on all balances of $1 and above.

GS Bank raised its Online Savings Account rate by 10 bps to 1.30% APY. This is the second rate increase this year. In June, GS Bank had its first savings account rate increase since GS Bank was formed in April 2016 from Goldman Sachs Bank’s acquisition of the internet-bank portion of GE Capital Bank.

As I mentioned last week when Barclays increased their rates, the combination of internet bank competition and the...

Barclays has just raised the rate of its Online Savings Account by 10 bps to 1.30% APY. It was just over two months ago when Barclays increased the savings account yield to 1.20%. Since May 16 when the yield increased from 1.00% to 1.05%, Barclays has been steadily increasing the rate.

The combination of internet bank competition and the expectation of future Fed rate hikes are likely important factors for this...

PathFinder Bank is featuring its High Yield Money Market Promo (1.40% APY). This limited-time offer guarantees the 1.40% APY for twelve months from account opening. The minimum initial deposit is $10k of new money, with a maximum eligible balance of $1 million.

The High Yield Money Market account has check writing abilities, which are...

At the beginning of the week, Metro Credit Union (Metro CU) increased the rate on its 36-month CD (2.25% APY) by a whopping 135 bps. The minimum opening deposit is $500, with no stated balance cap.

The CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.

Five months ago, IncredibleBank, the internet division of River Valley Bank (Wisconsin), added 10 bps to its Savings account rate, resulting in a 1.21% APY on balances of $2.5k and above. IncredibleBank has just introduced an additional rate tier (1.41% APY) for balances of $250k+.

Clicking the details arrow on the right side of the above table will show you the Savings account rate history. As you can see, the account has remained competitive since...

In the past year, Liberty Bank has offered a variety of good deals, including checking account bonuses and CDs. The Bank’s latest competitive product is its Max Money Market Promo, earning a guaranteed 1.50% APY on balances up to $100k through December 31, 2018.

The minimum opening deposit is $500 of new money, which is simply defined as “funds not...

American Express Bank, FSB increased the APY of its High Yield Savings Account (HYSA) by 10 bps to 1.25%. This is the third 10-bps rate hike since June. This latest rate hike still doesn’t position American Express as a rate leader, but it does position them on the high end of the big internet banks, and it should help to encourage other big internet banks like Ally and Barclays to raise their rates.

Deal Summary: Savings Account (1.30% APY for all balances); 15-month CD (1.65% APY); 12-month CD (1.50% APY); 24-month CD (1.75% APY)

Yesterday’s Fed meeting may have lacked a rate hike, but that didn’t stop Synchrony Bank from hiking rates. Synchrony increased its High Yield Savings Account rate by 10 bps to 1.30% APY for all balances. The account has no minimum balance requirement or monthly service fee. Synchrony also increased three of its CD rates by 10 bps each. The 15-month CD is the most competitive of...