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.
I called Roger Bank and got some answers concerning the "active" checking account. All Roger Bank customers are required to have a checking account. There is no minimum balance requirement for the checking account to be considered active. A Roger Bank checking account can have no activity for up to 365 days and still will be considered "active."
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:
Thank you, Mike! I am adding the Patriot Bank Online MMA now.
FYI - during the first week of January, Patriot Bank was offering 5.05% APY on its Online MMA but it was removed from the website. Glad to see it's back.
Another FYI - Patriot Bank is offering a Money Market Deposit Account through Raisin, but only offers 4.40% APY.
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.
I called Roger Bank and got some answers concerning the "active" checking account. All Roger Bank customers are required to have a checking account. There is no minimum balance requirement for the checking account to be considered active. A Roger Bank checking account can have no activity for up to 365 days and still will be considered "active."
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.
Thank you, Mike! I am adding the Patriot Bank Online MMA now.
FYI - during the first week of January, Patriot Bank was offering 5.05% APY on its Online MMA but it was removed from the website. Glad to see it's back.
Another FYI - Patriot Bank is offering a Money Market Deposit Account through Raisin, but only offers 4.40% APY.
Where is my deposit at