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A New Top-Ten Bank: FVC Bank, 4.55% Savings Acct

ichaelm
  |     |   461 posts since 2010

$500 is required to open the acct and receive interest; there's no minimum balance requirement. You can name 1 beneficiary. The biggest drawback to me is that you can only link a single FI to your acct.

Credit for this find goes to Kent Jamison who has his own excellent website called Deposit Quest. Every Friday he posts his own list of the top 20 highest yielding savings and MM accounts. I beat him to Climate First Bank's 5% business MM account though! You won't find that one posted at DoC or anywhere else on the internet. If you're interested, I've also included a link to Deposit Quest. 

https://advantage.fvcbank.com/

https://depositquest.substack.com/p/deposit-diary-daily-288

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midas89
  |     |   970 posts since 2017
Terrible account, subjectively speaking, of course. No mobile app you can install on your smartphone. You cannot easily change that one linked account yourself, and the fact you can only have just one linked account, of course, is a negative, as ichaelm mentioned. You have to send in a secure message if you want to change your one linked account. No joint account allowed. Only 1 beneficiary allowed, instead of the 2 minimum to increase your FDIC coverage above $250K. ACH transactions may take up to 5 days to complete. (I'm not so sure this bank really wants our money, if you add up all the negatives, in addition to the fact that they're not as competitive with the rate not being a minimum of 4.75%. APY.)
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ichaelm
  |     |   461 posts since 2010
@Midas89 It sounds to me that you would prefer to stick with Neighbors! (which I listed 2 weeks ago on 2/24 but Kent just added last Fri)
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Saver63
  |     |   19 posts since 2024
This account is very similar to the TIMBR HYS account. So, I don't know what is really so terrible about it. It's a restricted account because the bank wants to avoid the risk of fraud. The one restriction I do have a problem with is the 5 day time period on withdrawals.
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