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.
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...
Deal Summary: Mega Money Market, 1.50% APY (up to $35k), minimum $50 opening deposit.
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...
Deal Summary: High Yield Savings Account (1.05% APY); no minimum balance.
Availability: Nationwide (internet bank)
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...
Deal Summary: Online Savings Account (1.15% APY); no minimum balance to open.
Availability: Nationwide (internet bank)
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...
Deal Summary: Super Saver (1.15% APY), $5k minimum opening deposit.
Availability: Internet bank
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),
Deal Summary: Premier Checking $150 bonus; Money Market Savings $50 bonus, now through August 31, 2017.
Availability: Market area includes Alabama, Arkansas, Georgia, Kentucky, Mississippi, North Carolina, Tennessee, and Virginia.
Now through August 31, 2017, First Tennessee is offering a $150 bonus when opening a new Premier Checking account and a $50 bonus when opening a Money Market Savings account. Full details are described at this First Tennessee promotions page.
$150 Premier Checking Bonus
Opening deposit of at least $300. Funds cannot be transferred from existing First Tennessee accounts.