High-Yield Money Market Savings Experiences

[Aim_High]

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@BigBS wrote:

Brilliant Bank is up to 2.61% according to DoC this morning.

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Yes, I saw that on DoC's updated list a few days ago, @BigBS.  It's interesting to see how the list changes over time.  It's also possible to look back at the rate history for each lender on that depositaccounts.com website.  (Look up the lender, then scroll to bottom; look for the High Yield Money Market Savings account; click the down arrow to open up the charts.)  

In the case of Brilliant Bank, they (may) be one to keep an eye on.  They were tied for 4th place in my last list on posting one of this thread and now are the leader.  However, the >rate history< shows they only began this account a few months ago.  That makes me a little skeptical whether they are building business and whether they will continue to lead the segment.  Compare that to the chart for an example of the Capital One 360 Money Market savings which shows three-year historical data since September 2019. 

[Aim_High]

To keep this thread fresh and to compare notes, I've included an updated list below for September 2022.  It's interesting to note which lenders moved their rates and how they jockeyed for different positions.  And as I mentioned above, the stability (relative to the market) of the rates over the long term is more important than who is leading the pack at the moment.  I'd rather park money with a reputable lender who tends to pay excellent rates than a lender new-to-segment who is a "one month wonder" in offering the best rate.    Since the market rates are on the uptrend as the prime rate rises, I've raised the "floor" of my listing from 1.40% to 1.50% APR. 

As of 09/15/2022, here are the best options available, rated highest to lowest:

• Brilliant Bank – 2.61%
• UFB – 2.61% *for NEW accounts
  
• TotalDirectBank – 2.60% ($2.5K+)
• CFG Bank – 2.55% ($1K+)
  
• Bask Bank – 2.53%
  
• Usalliance – 2.50%
• CIBC – 2.32% ($1K+)
• Ivy Bank – 2.30% ($2.5K+; not available in CA)
  
• Merchants Bank – 2.28%
• Prime Alliance – 2.26% ($10K+)
• Republic Bank – 2.26% APY ($2.5K+; not available in IL, IN, WI, MI)
• First Foundation – 2.25%
  
• Redneck Bank also known as All America Bank– 2.25% (maximum $50K)
• Vio Bank – 2.22%
  
• MyBankingDirect – 2.20%
• Valley Direct – 2.20%
• Enzo – 2.18%
• TAB Bank – 2.16%
• BrioDirect – 2.15%
• Comenity ‘Bread’ – 2.15%
• Northpointe – 2.15% ($25K+)
  
• BankPurely – 2.15% ($25K+)
• Lending Club Banking – 2.15%
• Citizens Access – 2.10% ($5K+)
• CIT Bank – 2.10%
  
• Synchrony – 2.05%
  
• Paypal/Synchrony – 2.05%
• Sallie Mae – 2.05%
• Personal Capital  – 2.02%
• Connexus CU – 2.01% ($100K+)
• SFGI – 2.01%
• Discover – 2.00% (2.05% available thru affiliate links - AAA or AAII - fees/membership required)
• Colorado Federal – 2.00% (2.05% = new customers)
• Western State Bank – 2.00%
• Ally Bank – 2.00%
  
• Quontic – 2.00%
• E*Trade – 2.00%
• Citibank – 2.00% (not available in all states; banking required)
  
• Live Oak Bank – 2.00%
  
• Wealthfront – 2.00%
  
• Betterment – 2.00%
  
• Varo – 2.00%
• Paramount Bank – 2.00% (may require $100K)
• Emigrant Bank – 2.00%
• Dollar Savings Direct – 2.00%
  
• Barclays – 2.00%
• Credit Karma Savings – 1.98%
• Sallie Mae – 1.90% (2.05% up to $10K; 1.95% up to $50K; 1.90% over $50K)
  
• Popular Direct – 1.90% ($5K+)
  
• Marcus by Goldman Sachs – 1.90%
• Capital One 360 – 1.90%
• American Express – 1.90%
• Alliant Credit Union– 1.80%
• Bank7 – 1.80%
• Zynlo – 1.75% (new customers only; not in CA)
• Salem Five Direct – 1.65%
• FNBO Direct – 1.65%
• Laurel Road – 1.60%
• T-Mobile Money – 1.50% (4% $3K or less for T-Mobile customers)
• Customers Bank – 1.50% ($25K+)
  
• Chime – 1.50%
• MySavingsDirect – 1.50%
• Affirm – 1.50%
• PenFed – 1.50%

[Aim_High]

Just for grins and to compare, here are both lists with rank ordering based on the (45) highest posted rates for both months.  It's a good example of the hazards of using rates as a sole determination of which account is superior, as they may fade or at least ebb-and-flow over time.  Note the bolded positions of the previous "top ten" as well as a couple of new market players. 

August 2022:

1. Ivy Bank
2. Merchants Bank
3. Republic Bank
4. Brilliant Bank
5. Redneck Bank aka All America Bank
6. UFB
7. MyBankingDirect
8. Bask Bank
9. Enzo
10. BrioDirect
11. Comenity ‘Bread’
12. Northpointe
13. Valley Direct
14. Vio Bank
15. Citizens Access
16. CIBC
17. Lending Club Banking
18. Prime Alliance
19. Personal Capital
20. First Foundation
21. Quontic
22. E*Trade
23. Wealthfront
24. TotalDirectBank
25. Credit Karma Savings
26. TAB Bank
27. CIT Bank
28. BankPurely
29. Synchrony
30. Bank7
31. Barclays
32. Ally Bank
33. Sallie Mae
34. Usalliance
35. Live Oak Bank
36. Marcus by Goldman Sachs
37. Capital One 360
38. Discover
39. Paypal/Synchrony
40. Salem Five Direct
41. Sallie Mae
42. Citibank
43. American Express
44. Laurel Road
45. Alliant Credit Union

September 2022:

1. Brilliant Bank (was 4)
2. UFB (was 6)
3. TotalDirectBank (was 24)
4. CFG Bank (NEW)
5. Bask Bank (was 8)
6. Usalliance (was 34)
7. CIBC (was 16)
8. Ivy Bank (was 1)
9. Merchants Bank (was 2)
10. Prime Alliance (was 18)
11. Republic Bank (was 3)
12. First Foundation (was 20)
13. Redneck Bank aka All America Bank (was 5)
14. Vio Bank (was 14)
15. MyBankingDirect (was 7)
16. Valley Direct (was 13)
17. Enzo (was 9)
18. TAB Bank (was 26)
19. BrioDirect (was 10)
20. Comenity ‘Bread’ (was 11)
21. Northpointe (was 12)
22. BankPurely (was 28)
23. Lending Club Banking (was 17)
24. Citizens Access (was 15)
25. CIT Bank (was 27)
26. Synchrony (was 29)
27. Paypal/Synchrony (was 39)
28. Sallie Mae (was 41)
29. Personal Capital (was 19)
30. Connexus CU (was lower than 50)
31. SFGI (was 51)
32. Discover (was 38)
33. Colorado Federal (was 52)
34. Western State Bank (--)
35. Ally Bank (was 32)
36. Quontic (was 21)
37. E*Trade (was 22)
38. Citibank (was 42)
39. Live Oak Bank (was 35)
40. Wealthfront (was 23)
41. Betterment (was 46)
42. Varo (NEW)
43. Paramount Bank (was 47)
44. Emigrant Bank (was 54)
45. Dollar Savings Direct (was 55)

[Anonymalous]

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@Aim_High wrote:

As of 09/15/2022, here are the best options available, rated highest to lowest:

• Brilliant Bank – 2.61%
• UFB – 2.61% *for NEW accounts
  
• TotalDirectBank – 2.60% ($2.5K+)
• CFG Bank – 2.55% ($1K+)
  
• Bask Bank – 2.53%
  
• Usalliance – 2.50%

Just a week makes a big difference (as of 9/22):

• 3.00% Dollar Savings Direct
• 2.87% Enzo
• 2.76% Republic Bank (money market account)
• 2.75% Axiom Bank (via SaveBetter)
• 2.61% Brio Direct
• 2.61% Brilliant Bank (money market account)
• 2.61% UFB (new accounts only)

[BigBS]

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@ToxikPH wrote:

Citi is up to 2% and Marcus is sitting at 1.9%; thought I'd see Marcus up to 2% when I got the email earlier this week but oh well, I'm sure we'll see it soon.

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And now they are at 2.15%.

[Anonymous]

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@Aim_High wrote:

Just for grins and to compare, here are both lists with rank ordering based on the (45) highest posted rates for both months.  It's a good example of the hazards of using rates as a sole determination of which account is superior, as they may fade or at least ebb-and-flow over time.  Note the bolded positions of the previous "top ten" as well as a couple of new market players. 

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Thanks. Since it's too much work for me, may I suggest your next assignment!    Choose a delta, say 0.2% or a little more.   Then the question is,  from month to month, do those with delta of the highest rate stay there or not.   In other words, we wouldn't be focussing on the absolute highest rate, just need to know if I choose Bank X (perhaps with the highest rate today) is it likely to be within delta of the top next time?   When we were talking about 0.5% rates, obviously 0.3% would be too low.   But I can live with say 2.5% even if someone else, this month at least, is getting 2.7%

I know from past experience that sometimes the answer is "No!" even for big deltas, as, as @Aim_High says, some banks go for customer growth at unsustainable savings rates. They  later end up with very middle-of-the-pack (or lower) rates as promo funds run out, or, less likely, their customer acquisition target is met.

[OmarGB9]

Barclays US is paying 2.00% APY for me. No complaints. Transfers to/from usually don't take more than a few days. Haven't had to call customer service, so can't comment on that.

There's always DCU! I know their 6.17% is only for the first $1k, but still, that's a free ~$60 a year.

[Duke_Nukem]

Got an email last week that TMobile checking is increasing from 1.5% to 2.25% on 10/1/22.  Not bad for a CHECKING account that has no hoops to jump through to earn that rate!

[M_Smart007]

A few that I hold ...

Digital CU  Up to and including the first $1,000.00 6.00% 6.17%
Andrews CU  $.01 - 1,000.00 4.906% 5.00%
Service CU  Primary Saving $0.00 - $500.00 4.889% 5.00%
Service CU  Holiday Club Savings $0.01 - $3,000.00 Tier 1 2.960% 3.00%
Affinity CU  3.50% APY* on the first $5,000—that’s $175 in dividends per year
USALLIANCE CU High Dividend Savings 2.50%APY* / $500 minimum balance (to earn dividends)

Charles Schwab Schwab Value Advantage Money Fund® Investor Shares (SWVXX) 7 Day Yield 2.6198%

[LawStudentCivilis]

Capital One 360 Performance Savings is now 2.15% APY - there's no cap as far as I'm aware. Please correct me if I'm wrong.

I'll reserve my usual praises for Affinity, I know it has to be sickening at a certain point.