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Roger Bank?

StayinAlive
  |     |   31 posts since 2017

Recently, I came across Roger Bank in Edmond, Oklahoma. They're focused on active, retired and veterans of US military, although I believe there is no requirement to be that. 5% APY is their rate as of Dec 27, 2024. It's online-only and "powered by Citizens Bank of Edmond."

Please let me know if you know anything about this bank.

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5


Answers
jbridge
  |     |   42 posts since 2024
The Roger Bank Savings account is listed on the Deposit Quest Substack. I asked the guy who writes Deposit Quest about Roger Bank Savings account and he directed me to the FAQs on the Roger Bank website. (https://roger.bank/resources/faqs)

"Products and services are developed with the needs of service members in mind, however ROGER can serve all consumers. If the features speak to you, open an account today."

He also mentioned that an active checking account is required to get the 5% APY.

https://depositquest.substack.com/
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midas89
  |     |   959 posts since 2017
Deposit Accounts site says Citizens Bank of Edmond has $399,000,000 in assets. There are 2 branches total. At Google, there are both positive and negative reviews. Nothing at the bank's site mentioning ACH limits.
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midas89
  |     |   959 posts since 2017
A potential negative with Rogers Bank: It is not listed with Plaid, so if you happen to have a hub bank, such as at Customers Bank as one random example, linking might not be possible, because using trial deposits is not an option. Citizens Bank of Edmond is listed with Plaid; however, to link you have to type in a user name & password that works with Citizens Bank of Edmond. Roger Bank and Citizens Bank of Edmond have two completely different log-in websites.
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deplorable_1
  |     |   2,154 posts since 2020
I saw this on Doctor of Credit it's the top rate and the FED won't be cutting anytime soon. A checking account is a requirement so I would need to know about minimum balance or any other requirements to get the 5%. A direct deposit would be a deal breaker as would a high min. balance in a 0% checking account. I'm getting 4.85% APY liquid in Huntington MMA.
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darkdreamer4u
  |     |   332 posts since 2010
Checking is 2% with DD. I think I'll just keep the checking active otherwise (the occasional ACH or regular ACH if that counts as DD and billpay) and forgo the 2%, focusing on the savings.
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StayinAlive
  |     |   31 posts since 2017
I asked Roger Customer Service what constitutes "direct deposit," and here is the answer:

"Thank you for reaching out to us! I’d love to help with this.

Unfortunately it would have to be some kind of paycheck direct deposit, ACH/external account transfers would not count. We do apologize for the inconvenience this has caused.

I hope this helps. If you have any additional questions or concerns, please feel free to reach back out to us at any time.

Kind regards,
Roger Bank Support Team "
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midas89
  |     |   959 posts since 2017
Trump this morning told the World Economic Conference interest rates must be lowered. We know if Trump had the power to dump the Fed chairman and/or everyone else on the board who won't vote to substantially lower the Fed Funds rate, he would. The question is, will Trump eventually find a way to get the Fed to lower rates substantially.

Regarding Roger: I'm sure you saw the comment above pointing out that Citizens Bank of Edmond is a small bank, with just 2 branches, and $399 million in assets according to Deposit Accounts (unknown if bank assets are continually being updated here, of course). I would guess that if Roger gets overwhelmed with new money, they would not be able to sustain paying 5% APY. Look at Patriot Bank and what they recently did, as one example, of a bank at 5% that first had to pause new sign-ups, and then came back with a lower rate.

Anyway, time will tell, as we all know.
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midas89
  |     |   959 posts since 2017
Someone elsewhere asked if ROGER is an acronym, or just a name the bank selected because it's a word commonly used in the military.

I playfully replied that it's an acronym that stands for:

Rate
Originally
Great
Ended
Riled

Someone named Shylock bettered my reply with this:
"Rate — Originally Great — Expectedly Reduced”
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bobert456
  |     |   181 posts since 2022
only pays 5% on first 5K. Just a teaser rate
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darkdreamer4u
  |     |   332 posts since 2010
I haven't seen such a limitations on any disclosure form. Can you explain?
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midas89
  |     |   959 posts since 2017
Roger Bank obviously is increasing their level of new money, forcing them to make a change, because being such a tiny bank they eventually most likely can't keep affording to pay that high rate. Effective today, they have implemented a new rule regarding interest payout. It used to be you could have any balance over $250,000 and earn interest on all the money. But now, the amount of your balance over $250,000 does not earn any interest (0% APY).
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RWK
  |     |   89 posts since 2024
Thanks Midas ....If I was interested I wouldn't go above $250k due to the FDIC insurance limit being $250k and the fact that they are a small bank.
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midas89
  |     |   959 posts since 2017
@RWK You're welcome. Just to be technically accurate, and please forgive me if you already knew the following, which of course you do, so the following might be just for newbies who might not be aware: FDIC $250K limit only applies to solo-titled accounts with no beneficiaries registered. If a solo account holder were to officially add 2 beneficiaries to the account, the FDIC insurance increases to $500,000. The maximum FDIC insurance a solo-titled account can get is $1,250,000. Thus, if a bank account were in my name along with 5 beneficiaries I designate who would get the money should I die, the bank account would absolutely be FDIC insured up to $1,250,000.

I know the above is a moot point as far as Roger is concerned, since Roger changed the policy where no interest at all will be earned on balances that exceed $250K.
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RWK
  |     |   89 posts since 2024
Thanks Midas,
Yes all of my cds have pod designations. I was sad to see the limit put in for trust accounts and had to make some changes when it happened.
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RWK
  |     |   89 posts since 2024
Anyone try Roger?
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eneldar
  |     |   39 posts since 2022
The website says an active checking account is required to receive the 5% on the savings account.
I spoke to a CSR who couldn't explain what "active checking account" means. She put me on hold to read through the disclosures and presumably ask someone else that question and could not find an answer. When most financial institutions say they want you to have an active checking account, they usually require so many debit card transactions, direct deposit, etc. I asked about paper checks and I was told they do not offer them. She suggested ordering checks from a reputable company, but mentioned Roger can refuse to honor checks if they are not of high quality! I asked if I could mail a check for deposit and she said they would prefer not as they don't have a physical branch. She suggested depositing at another bank and doing a transfer. I want to bank with confidence and ease. This bank seemed to offer neither.
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midas89
  |     |   959 posts since 2017
@eneldar Thanks for sharing that info. What you experienced is often what many report when dealing with very small banks.

Incidentally, the following is Roger's ultimate ACH transfer limits after 30 days of account ownership when initiating the transfer at Roger (assuming the info from the rep is accurate): ACH Limits: $5K daily; $10K weekly; $25K monthly.
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RWK
  |     |   89 posts since 2024
Ignore my above comment, it was meant for a different posting.
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