In early May 2018, Ally raised the rate on the $5,000-to-$24,999.99-deposit tier of their 11-month, no-penalty CD from 1.25% to 1.5%. This change makes that middle-tier rate the same as the $25K+ tier rate, effectively forming a new, larger $5K+ tier that earns 1.5%. Unfortunately, this change doesn’t do enough to make that tier compelling. […]
In early April, 2018, Popular Direct raised the rate on its Exclusive Savings Account from 1.65% to 2.00%, thereby becoming the new rate leader across all liquid account types (i.e. checking accounts, savings accounts, money market accounts, and no-penalty CDs). To get the new 2% rate, one need only open a new savings account with […]
Last week CIT Bank introduced a new product to their lineup: The CIT Money Market Account with a 1.75% APY. With this move, CIT has leapt to the top of the leaderboard to tie the previous money market leaders: Redneck Bank and All America Bank. CIT has left the APY on their Premier High Yield […]
Salem Five Direct raised the rate on its eOne Savings Account to from 1.5% to 1.85% APY for newly-opened accounts. Previously-existing eOne Savings Accounts will retain the previous rate of 1.5% APY. With this move Salem Five Direct has matched the 1.85% APY earned by CIT Bank’s 11-Month, No-Penalty CD. The main advantage of the eOne Savings […]
On March 7, 2018, Live Oak Bank raised rates on all of their CDs except their 1-Year CD, which they left at 2.1%. The most noteworthy increase was on the short end where they had a 30 basis point increase in their 6-month CD from 1.65% to 1.95%. Other CDs were raised by only 5 […]
On the morning of March 2, 2018, CIT Bank raised the APY on their 11-Month, No-Penalty CD to 1.85% from 1.55%, further cementing their rate leadership. The next-best competing product is Ally Bank’s no-penalty, 11-month CD that currently yields 1.5% for deposit amounts of $25K or higher. This new 1.85% rate leapfrogged the previously-best, nationally-available […]
Update on March 2nd, 2018: CIT Bank has leapfrogged the Dollar Savings Account by increasing the rate on their 11-Month, No-Penalty CD to 1.85%. As a no-penalty CD, it can be thought of as a liquid savings vehicle that just requires more effort to withdraw funds. You can read more about CIT’s No-Penalty CD and […]
Update on March 2nd, 2018: CIT Bank has leapfrogged All America Bank’s Mega Money Market account by increasing the rate on their 11-Month, No-Penalty CD to 1.85%. As a no-penalty CD, it can be thought of as a liquid savings vehicle that requires more effort to withdraw funds. You can read more about CIT’s No-Penalty […]
Ally Bank previously had a 1.75% APY promotion for the top tier of its no-penalty CD which ended on January 2nd, at which time the rate returned to 1.6%, which was still better than CIT’s no-penalty CD rate of 1.55%, so long as you were investing at least $25K. Unfortunately, Ally has again lowered the […]
Update: Since this was posted, the rate on CIT’s 11-Month, No-Penalty CD has been raised to 1.85% and the rate on the top tier of Ally’s 11-Month, No-Penalty CD has been lowered to 1.5%. So, as of March 22nd, 2018, CIT has a commanding lead in this product space. I recently wrote about how Ally […]