Another 5% APY Fintech

ichaelm
  |     |   462 posts since 2010

It's called Roger Bank. Its target customers are military members and veterans, but unlike USAA, anyone can open an acct. It also offers a 2% checking acct with no DD or debit card usage requirements.

https://roger.bank/

HurryUp
  |     |   16 posts since 2023
I'm not certain that Roger is a fintech that employs a bank for its holdings. The site says, "ROGER is the digital military banking division of 123-year old Citizens Bank of Edmond. Citizens owns and operates ROGER and deposits are FDIC insured through Citizens Bank of Edmond. Veteran-owned and led Citizens Bank of Edmond specifically made ROGER to serve the military community. ROGER has the modern technology of a FinTech with the stability and safety of a 5-star Bauer rated community bank."
midas89
  |     |   970 posts since 2017
It's important to know that Roger Bank is not listed with Plaid. This means that any external bank that only uses Plaid direct linking without the alternate option of the two trial deposits cannot be linked to it for pushes from the external bank account or pulls into it.

Citizens Bank of Edmond is listed with Plaid, but you wouldn't be able to select this as an option since Roger accounts are completely separate, with it's own credentials.

The ACH limits if you were to push and pull directly with Roger are low.

This bank only has 2 branches, and is small, and could be overwhelmed if a lot of people were to sign up at once. And I might guess that the 4.89% APR equaling 5% APY wouldn't be able to be sustained. The last assets total listed here at Deposit Accounts was $399.5 million.
ichaelm
  |     |   462 posts since 2010
As with Evergreen, I don't expect the 5% rate to last even a full week.
@Midas89, I've noticed that you post comments at doc pretty frequently. Which website do you like better, doc or this one?
midas89
  |     |   970 posts since 2017
@ichaelm As you might already know, I have been a regular at both Deposit Accounts and DoC for years and years. And it pains me to report that DA can no longer be thought of as the favorite. One random frustrating example: Look at the main blog page. The top article is How to Deposit Cash at an ATM. (I saw that and thought, are they serious posting that nonsense? Seriously?!?)

The only thing keeping this site possibly helpful for someone is the comments section, as you know.

I think DoC is the better one. Not only can people search through the comments sections, there are still helpful articles posted regularly, on various subjects like credit card rewards and bank & credit card bonuses, and there's an updated very helpful page with a list of a lot of banks and their current rates. And they even have a page dedicated to Hub Accounts, which lists a lot of banks and their ACH limits (not all are accurate, but searching the comments can help to see if anyone posted possible changes). In my opinion, DoC is the better place.

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