Bank Deals Blog: Savings & MMA Deals

Bank of Utica’s Statement Savings Account currently earns a competitive 0.60% APY on balances between $250 and $2 million. According to the Personal Rates page, if the available average balance is greater than $2 million, a 0.25% APY applies to the portion above $2 million. The minimum opening deposit is $100, but balances less than $250 do not earn any interest.

There was only one “New to Summary” savings/money market account added to this week’s Liquid Summary: Vio Bank’s Cornerstone Money Market account (Cornerstone MMA), which currently earns 0.55% APY on all balances.

DA began tracking the Cornerstone MMA in late April when the APY was 0.61%. The rate is now 0.55%, following rate cuts in early August (5 bps) and September (1 bps). The current rate is a...

Chicago-based Byline Bank recently introduced its Advantage Money Market, which is available only online.

Earning 0.65% APY on balances up to $500k, the Advantage Money Market requires a $25k minimum opening deposit. As stated in the fine print on Rates page,

While all balances less than $500k earn the stated APY, if the daily balance falls below $25k, a $25 monthly service will be...

Many thanks to DA reader, Cdbob, for his recent Forum post about Dort Financial Credit Union’s (Dort Financial) IRA Shares account.

The IRA Shares account currently offers the following tiered rates:

• 1.51% APY ($25k minimum)
• 1.00% APY ($10k minimum)
• 0.75% APY ($1k minimum)
• 0.50% APY (up to $1k)

There’s not much information on Dort Financial’s website about the IRA Shares account. The following is from the Truth-in-Savings disclosure that...

First Heritage Federal Credit Union’s (First Heritage) Kasasa Cash checking account currently earns 2.50% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.20% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification requirements are fairly standard and include,

• At least 12 debit card purchases
• At least one direct deposit,...

About four years ago, Canvas Credit Union’s (Canvas CU) introduced its Reverse Tier Savings Account (RTSA) that earns higher APYs on lower balances. While there is no minimum balance requirement or minimum opening deposit requirement, the first $5k deposited must be new money, which is defined as “funds not on deposit at Canvas Credit Union at...

Illinois-based Consumers Credit Union debuted its Smart Saver account about two years ago. The initial 2.00% APY lasted about eight months before it was lowered to 1.50% APY in May 2020. As you might expect from such a competitive rate, there's an important limitation, a maximum monthly deposit of $1k. On the plus side, there's no...

You may have noticed a “New to Summary” nationally available 5-year CD offered by Ivy Bank in this week’s CD Rates Summary. Ivy Bank is not a well-known bank and for good reason: it’s the brand-new digital division of Cambridge Savings Bank. (I discuss Ivy Bank’s debut in the Availability and Bank Overview sections below.)

Ivy Bank is currently offering a limited product line, which...

DA has been tracking the Kasasa brand products offered by Firefighters & Company Federal Credit Union (FFCOCU) for more than four years. FFCOCU’s Kasasa Cash Checking account is one of the very few rewards checking accounts to experience a rate increase in the recent past. In early 2020, the Kasasa Cash Checking APY...

Thanks to a comment made by DA reader, keke2die4, the Jumbo Money Market offered by State Bank of Texas’ (SBT) was added to this week’s Liquid Summary. The Jumbo Money Market currently earns 0.75% APY on balances of at least $100k.

The Jumbo Money Market has seen a variety of changes between 2016 and 2017. In early 2016, the Jumbo Money Market (known then as Jumbo MMDA) was only available in Chicago. A few...