Bank Deals Blog: Savings & MMA Deals

This is the latest good news, bad news, and hopeful news about Salem Five Direct's eOne Savings account.

Good news – the rate has been increased to 1.35% APY and the balance cap has been raised to $1 million.

Bad news – the fine print on the promotion page reads,

And in a Live Chat today, CSR stated,

Hopeful news, maybe – in May, a few DA readers reported that their requests...

Today, Live Oak Bank increased its Savings Account rate to 1.40% APY. This is currently the highest rate on a nationally available savings account. Live Oak Bank now shares this top spot with DollarSavingsDirect, which had been alone as the rate leader since July 13. This might not last long. DollarSavingsDirect advertises itself as “America’s highest rate,” and it has already increased its rate twice this year when a challenger matched its rate. Live Oak...

Five months ago, I had occasion to write about Union Bank’s online division, PurePoint Financial. At that time, PurePoint Financial had unveiled its initial offerings – an Online Savings Account and four online CDs. The Online Savings Account rate was raised today to 1.30% APY on balances of $10k or more; balances less than $10k earn 0.25% APY. The minimum opening deposit is $10k.

This rate increase of 5 bps is small, but it puts PurePoint Financial’s...

All the money market account blog posts I've written in the past two months have been about nationally available accounts. It’s time to talk about a regional money market account. New York-based M&T Bank (M&T) is offering an introductory 1.26% APY on its MyChoice Money Market that is guaranteed...

Just a few months ago, I wrote about a new internet bank, Northern Bank Direct, (NBD) which is the internet division of Massachusetts-based Northern Bank. The initial offerings by NBD included a competitive Money Market Account (MMA) and several equally competitive CDs. Since the beginning of June, internet banks are where the action is, as far as liquid accounts (MMA, savings, etc.) are concerned. These internet bank rate increases have been so frequent,...

SFGI Direct has just raised the rate on its Savings Account (1.21% APY). It was just over a month ago when SFGI Direct increased the savings account APY to 1.16%. Before that rate hike, the APY was 1.06% and had been at 1.06% since June 2015. The account has a long history of remaining competitive. This can be seen by clicking the savings account row in the table below. This will expand the row to show...

Barclays has just raised the rate on its Online Savings Account (1.20% APY). It was just over a month ago when Barclays increased the savings account APY to 1.15%, and two months ago when it increased the APY to 1.05%. Before the May rate increase, the previous APY had been 1.00% which had held since December 2014.

Competition is having an effect. It was just last week when Synchrony increased its...

UPDATE: 8/3/17 - The eSavings CD rate has gone back down to 1.51% APY. I've updated the July 15th post with this new rate.

UPDATE: 7/20/17 - The eSavings CD rate has increased from 1.51% to 1.65% APY! I've updated the July 15th post with this new rate.

If you’ve been following the saga of Amboy Direct’s 12-month eSavings CD over the past few months, you’ve seen several...

Deal Summary: Rate Increase on High Yield Savings Account to 1.20% APY for all balances.

Synchrony Bank increased the rate again on its High Yield Savings account less than two months since the last rate hike. The APY increased 5 bps to 1.20%. This increase doesn’t move Synchrony to a rate-leader status, but it does put pressure on other large internet banks like Ally, Discover and American Express.

Even though the Synchrony High Yield Savings account doesn’t have the top rate, it does have...

UPDATE: 8/10/17 - Rate raised to 1.20% APY.

Last week, Radius Bank (Radius) became the latest bank to raise the rate on a nationally available liquid account. Radius’ High Yield Savings now earns 1.15% 1.20% APY on balances of $2.5k, with balances below $2.5k earning 0.05% APY.

In September 2015, Radius raised the High Yield Savings rate to 1.10% APY, and in doing so, became the rate leader for savings accounts. That...