Ken’s NBD blog entry appears not to have drawn too much attention. Sure hope increased funds inflow there does not cause loss of that high interest rate.
1 Like
Today’s drops:
ConnectOne Online Savings was 1.75% now 1.50%
CIT Money Market was 1.75% now 1.65%
CIT Savings Builder was 1.70% now 1.55%
Discover AAII SAvings was 1.55% now 1.45%
CIT Premier Yield Savings was 1.55% now 1.25%
Discover Savings was 1.5% now 1.4%
Sallie Mae Money Market was 1.35% now 1.25%
State Farm Money Market was 1.01% now 0.75%
6 Likes
I’m too lazy to update the wiki, but I took the updates from the last ~2 months (mostly from @zzz, but also a few others), then sorted by APY. Hopefully I didn’t bungle up anything. I DID NOT VERIFY WHETHER THE RATES ARE CURRENT. I only consolidated the work of others.
| Account | Rate |
|---|---|
| Patriot Bank | 1.75% (guaranteed through 4/30/20) |
| First Foundation | 1.75% |
| NBD | 1.75% |
| CFG Bank MMA | 1.73% |
| SFGI | 1.71% |
| Popular | 1.70% |
| Vio Bank HYS | 1.70% |
| Comenity Direct | 1.70% |
| HSBC | 1.70% |
| WebBank | 1.66% |
| CIT Money Market | 1.65% |
| Varo | 1.61% |
| Western Bank | 1.60% |
| CIT Savings Builder | 1.55% |
| Brio Direct Savings | 1.55% |
| Marcus(Goldman Sachs) Online Savings | 1.55% |
| Simple Bank | 1.55% |
| Ally Online Savings | 1.50% |
| Amex Savings | 1.50% |
| Barclays | 1.50% |
| Citizen’s Access Savings | 1.50% |
| Communitywide FCU Quarterly | 1.50% |
| ConnectOne Online Savings | 1.50% |
| DollarSavingsDirect | 1.50% |
| Investor’s | 1.50% |
| Purepoint | 1.50% |
| Synchrony | 1.50% |
| Tab Bank Savings | 1.50% |
| Discover AAII Savings | 1.45% |
| Discover Savings | 1.40% |
| Smarty Pig | 1.40% |
| Envision Bank | 1.40% |
| Able | 1.40% |
| PenFed | 1.40% |
| Alliant | 1.35% |
| CIT Premier Yield Savings | 1.25% |
| Sallie Mae Money Market | 1.25% |
| Northfield | 1.25% |
| Virtual Bank | 1.25% |
| Bank5Connect | 1.20% |
| Communitywide FCU Monthly | 1.10% |
| Sofi Money | 1.10% |
| Northpointe Savings and MMA | 1.05% |
| Rising Bank | 1.02% |
| MutualOne | 1.01% |
| FNBO Direct Online Savings | 1.00% |
| MySavingsDirect | 1.00% |
| SalemFive | 1.00% |
| State Farm Money Market | 0.75% |
| NASB | 0.75% |
| iGoBanking | 0.75% |
| Self Help | 0.74% |
| Mutual One Savings | 0.70% |
| EBSB | 0.62% |
| Credit Karma | 0.56% |
| Memory Bank | 0.50% |
| Zion Bank | 0.50% |
| Betterment | 0.30% |
| Wealthfront | 0.26% |
| Customer’s Bank | 0.25% |
| Radius Bank | 0.25% |
| My Banking Direct | 0.25% |
| Personal Capital | 0.05% |
9 Likes
Excellent work, scripta. Thank you!
And lest we forget, NBD (Northern Bank Direct) places among scripta’s first group at 1.75% APY for balances south of a quarter million. Just checked and I can verify that rate remains good this morning.
2 Likes
Got an email from American Express savings that their rate is dropping from 1.60% to 1.50% as of today. Their website is already updated to reflect the rate drop.
2 Likes
Added NBD and updated Amex in my previous post.
1 Like
Another drop today:
Live Oak Bank Savings was 1.75% now 1.55%
Here’s a piece of good news for those using online savings account:
Federal Reserve Scraps Transfer Limits on Bank Savings Accounts
The Feds are removing Reg D which requires banks to limit withdrawals to six a month for savings account. But it is still up to the bank to revise its policy and remove any fees.
7 Likes
It’s not necessarily good news. It means there’s no reason to pay a higher interest rate on savings than checking.
The Fed also eliminated reserve requirements for banks, which seems like another mistake. The reserve limits were increased after the last recession to make banks safer. Making them less safe doesn’t seem like the best idea.
5 Likes
Oh yes, what you wrote could happen.
I read someplace that Alliant CU would not honor this news. Wonder if they have a choice?
But, probably savings & checking may turn in to nearly same rates. Can’t win!
It is not mandatory for a financial institution to remove the restriction.
It will be interesting to see which of the online banks will move first to remove the restriction.
3 Likes
The good news this morning is that interest rates at both NBD and PurePoint are holding. 
The bad news this morning is that this coming Friday is May Day.
1 Like
Today’s drops:
Investor’s Bank Money Market was 1.50% now 1.35%
Envision Bank Savings was 1.40% now 1.20%
ETrade Savings was 0.20% now 0.05%
Today’s increases:
My eBanc Money Market was 1.00% now 1.30%
Weathfront Cash was 0.26% now 0.35%
3 Likes
Not sure if this is news or just news to me but Marcus is now offering same day transfers:
When you schedule a transfer of $100,000 or less by 12 pm ET on a business day, Marcus will complete the transfer by 5 pm ET that day.
If you’re transferring money out, be sure to ask your external bank about when they’ll make the funds available.
If you’re transferring money in, you start earning interest even before the funds are added to your available balance.
Plus, there’s no fee from Marcus – it’s like every other transfer
2 Likes
Alliant down to 1.20%. Checking remains unchanged.
1 Like
For anyone who hasn’t opened a Patriot Money Market account yet, the 1.75% rate guarantee has been extended for new account openings through 6/30/20. As liquid interest rates continue to fall(Alliant to 1.20% today - gasp!), this rate with the rate guarantee continues to be a market leader.
Sadly lots of drops today for the 1st of the month:
Northern Bank Direct Money Market was 1.75% now 1.50%
SFGI Direct Savings was 1.71% now 1.56%
Prime Alliance Savings was 1.71% now 1.55%
Vio High Yield Savings was 1.70% now 1.60%
Web Bank Savings was 1.66% now 1.51%
CIT Money Market was 1.65% now 1.55%
CIT Savings Builder was 1.55% now 1.45%
Alliant High Rate Savings was 1.35% now 1.20%
Sallie Mae Money Market was 1.25% now 1.15%
Self Help Money Market was 0.74% now 0.28%
5 Likes
I just checked my Patriot MM & my rate is 2.26%. Hope it stays…
Also my Northern MM still shows 1.75%.
Thanks zzz, for keeping us all up to date… 
1 Like
Yes, for those of us who opened at the higher 2.2 rate, I think it’s guaranteed through the end of June or July, I can’t remember which.