Deposit Diary Daily #244
Best Nationally Available Savings/Money Market Accounts (24 January 2025)
New Addition
The latest addition to the Deposit Quest Liquid Summary is the High Yield Savings account offered by Evergreen Wealth.
Evergreen Wealth is a financial technology company, not a bank. Banking products are available through our bank partner, Coastal Community Bank, Member FDIC.
Evergreen has partnered with Coastal Community Bank to provide you with the ability to use a debit card, receive direct deposits, transfer funds between banks through the automated clearing house (ACH) network, and other banking services on your Evergreen Wealth account. Your funds are held at Coastal Community Bank while Evergreen Wealth services your account.
Current Top Rates
UPDATE 24 January 2025: Patriot Bank Online Money Market (4.75% APY) has been added to the Current Top Rates section. Thanks to subscriber Mike M. Rockville MD for letting me know about this product.
Listed below are the 20 highest-rate nationally available savings accounts and Money Market accounts as of January 24, 2025. The links go to either the product’s landing page or the financial institution’s rate page.
Roger Bank • Savings • 5.00% (no min or min opening deposit, but an active Roger checking account is required)
Evergreen Wealth • High Yield Savings • 5.00% ($25k min)
Patriot Bank • Online Money Market • 4.75% (no min or min opening deposit)
Pibank • Pibank Savings • 4.75% (no min or min opening deposit) (no rate guarantee)
Peak Bank • Envision High-Yield Savings • 4.75% ($0.01 - $10m) (no min opening deposit)
FitnessBank • Fitness Savings Account • 4.75% ($250k max), ($100 min opening deposit)
Quontic Bank • Personal Money Market • 4.75% (all balances)
SBT (State Bank of Texas) • Jumbo Money Market • 4.75% ($100k min, new money only)
Brilliant Bank • Surge Money Market Account • 4.70% ($1k min opening deposit)
TotalDirectBank • Direct Money Market Deposit Account • 4.67% ($2.5k min), ($25k min opening deposit)
OMB Bank • High Interest Online Savings • 4.56% ($5k min opening deposit)
Newtek Bank • Personal High Yield Savings • 4.55% (↓15 bps) (no min or min opening deposit)
TIMBR • TIMBR High Yield Savings • 4.55% (no min) ($1k min opening deposit)
BrioDirect • High-Yield Savings • 4.55% (↓20 bps) ($5k min opening deposit)
LendingClub • LevelUp Savings • 4.50% (no min or min opening deposit) • requires minimum deposit(s) of $250 each month
Jenius Bank • Jenius Savings Account • 4.50% (no min)
Bask Bank • Bask Interest Savings Account • 4.50% (no min)
Popular Direct • Popular Direct Select Savings • 4.50% (↓10 bps) ($100 min opening)
Bread Financial • High-Yield Savings • 4.50% ($100 min opening deposit)
Poppy Bank • Poppy Premier Online Savings • 4.50% ($1k min)
First Foundation Bank • Online Money Market Account • 4.50% ($1k min opening deposit)
First Foundation Bank • Online Savings • 4.50% ($1k min opening deposit)
RECENT RATE CHANGES
Rate Decreases
Newtek Bank • Personal High Yield Savings • 4.55% (↓15 bps)
BrioDirect • High-Yield Savings • 4.55% (↓20 bps)
PopularDirect • Popular Direct Select Savings • 4.50% (↓10 bps)
Bread Financial • High-Yield Savings • 4.40% (↓10 bps)
EverBank • Performance Savings • 4.30% (↓10 bps)
Prism Bank (Raisin) • Money Market Deposit Account • 4.30% (↓10 bps)
Credit One Bank, N.A. • Jumbo High Yield Savings Account • 4.20% (↓15 bps)
Customers Bank • Max Savings • 4.01% (↓15 bps)
Laurel Road • Laurel Road High Yield Savings • 4.00% (↓15 bps)
Banesco USA • Money Market Promo • 4.00% (↓50 bps)
Removals, No Longer Available
Continental Bank (Raisin) • High Yield Savings Account • 4.41%
Prism Bank (Raisin) • High Yield Savings Account • 4.40%
SPREADSHEET
The attached spreadsheet lists the 100 current best rates offered on nationally available savings accounts and Money Market accounts as of January 24, 2025.
Thank you Kent for all the information you provide. I was interested in Roger Bank's 5% savings account until I spoke to a CSR. The Roger Bank website says an active checking account is required to receive the 5% on the savings account. I spoke to a CSR who couldn't explain what "active checking account" means. She put me on hold to read through the disclosures and presumably ask someone else that question and could not find an answer. When most financial institutions say they want you to have an active checking account, they usually require so many debit card transactions, direct deposit, etc. I asked about paper checks and I was told they do not offer them. She suggested ordering checks from a reputable company, but mentioned Roger can refuse to honor checks if they are not of high quality! I asked if I could mail a check for deposit and she said they would prefer not as they don't have a physical branch. She suggested depositing at another bank and doing a transfer. I want to bank with confidence and ease. This bank seemed to offer neither.
This is an excellent website Kent, one of the best of it's kind. You're missing one of the highest - paying money market accounts, though. Patriot Bank is paying 4.75%. Here's the link:
https://bankpatriot.com/online-money-market
Mike Mobley, Rockville, Md.