Deposit Diary Daily #331
Best Nationally Available Savings/Money Market Accounts (18 April 2025)
What’s Happening
Good News - OnPath Federal Credit Union recently introduced its Elite Money Market that earns 5.00% APY on balances of $25k+.
New money is required to qualify for the 5.00% APY.
Up to three penalty-free withdrawals per month.
OnPath FCU offers insurance of $250k from the NCUA and an additional $750k through the Excess Share Insurance Corporation.
Membership in OnPath FCU is available to all U.S. citizens/resident aliens through a $5 donation to the OnPath Foundation.
In the not-so-good news category, Patriot Bank has once again removed the Online Money Market (4.40% all balances) from its website. CSR had no information about if or when new applications for a Online Money Market account would be accepted.
Current Top Rates
Listed below are the 20 highest-rate nationally available savings accounts and Money Market accounts as of April 18, 2025. The links go to either the product’s landing page or the financial institution’s rate page.
OnPath Federal Credit Union • Elite Money Market • ($25k min/min opening deposit)
Evergreen Wealth • High Yield Savings • 5.00% ($25k min)
AlumniFi Credit Union • AlumniFi Savings • 4.75% ($100k+), 4.50% ($25k), 4.25% (no min)
Roger Bank • Savings • 4.65% (up to $250k) (no min or min opening deposit, but an active Roger checking account is required)
SBT (State Bank of Texas) • Jumbo Money Market • 4.65% ($100k min, new money only)
Neighbors Bank • Neighbors Savings Account • 4.60% (up to $250k) (no min opening deposit)
Pibank • Pibank Savings • 4.60% (no min or min opening deposit)
OMB Bank • High Interest Online Savings • 4.56% ($5k min opening deposit)
FitnessBank • Fitness Savings Account • 4.55% ($250k max), ($100 min opening deposit)
FVCbank • Advantage Direct Savings Account • 4.55% ($250k max), ($100 min opening deposit) • New accounts only
Peak Bank • Envision High-Yield Savings • 4.54% (up to $10m), 2.02% ($10m+) (no min opening deposit)
Poppy Bank • Poppy Premier Online Savings • 4.50% ($1k min)
Presidential Bank • Advantage Savings • 4.50% ($5k min opening deposit) (Advantage Checking required)
Climate First Bank • Impact Personal Money Market • 4.46% (all balances), ($50k min opening deposit)
BrioDirect • High-Yield Savings • 4.45% (▼5 bps) ($5k min opening deposit)
First Internet Bank • Money Market Savings • 4.42% ($1m+), 3.61% (up to $1m), ($100 min opening deposit)
Vio Bank • Cornerstone Money Market • 4.41% ($100 min opening deposit)
TotalDirectBank • Direct Money Market Deposit Account • 4.41% ($2.5k min), ($25k min opening deposit)
LendingClub • LevelUp Savings • 4.40% (no min or min opening deposit) • requires minimum deposit(s) of $250 each month
TIMBR • TIMBR High Yield Savings • 4.40% (▼15 bps) (no min) ($1k min opening deposit)
RECENT CHANGES
Newly Added
OnPath Federal Credit Union • Elite Money Market • 5.00% ($25k min/min opening deposit)
Live Oak Bank (Raisin) • High Yield Savings Account • 4.35% ($1 min)
Rate Increase
Hanover Bank (Raisin) • Money Market Deposit Account • 4.20% (▲5 bps)
Rate Decrease
BrioDirect • High-Yield Savings • 4.45% (▼5 bps)
TIMBR • TIMBR High Yield Savings • 4.40% (▼15 bps)
Newtek Bank • Personal High Yield Savings • 4.35% (▼10 bps)
Barclays • Barclays Tiered Savings • 4.30% (▼10 bps) ($250k+), 4.10% (▼5 bps) (<$250k)
Prism Bank (Raisin) • Money Market Deposit Account • 4.29% (▼10 bps)
Paprika Capital Bank (Raisin) • High Yield Savings Account • 4.22% (▼2 bps)
Bask Bank • Bask Interest Savings Account • 4.20% (▼15 bps)
Dayspring Bank (Raisin) • High Yield Savings Account • 4.17% (▼5 bps)
Dayspring Bank (Raisin) • Money Market Deposit Account • 4.17% (▼5 bps)
First Financial Northwest Bank (Raisin) • Money Market Deposit Account • 4.10% (▼20 bps)
SFGI Direct • SFGI Direct Savings Account • 4.08% (▼18 bps)
Bank 5 Connect • Jumbo Savings • 4.05% (▼10 bps)
Removal, Not Currently Available
Patriot Bank • Online Money Market • 4.40%
Removal, Rate Drop
Barclays • Online Savings • 3.80% (▼10 bps)
SPREADSHEET
The attached spreadsheet lists the current 100 best rates offered on nationally available savings accounts and Money Market accounts as of April 18, 2025.
Some possibly important things to consider regarding OnPath. After those 3 free withdrawals from the Elite Money Market account, the charge is $10 per. (Just in case anyone wants to know in advance how much the fee is.)
OnPath will run your ChexSystems report.
If you open up the Elite Money Market account, there is no direct account number assigned to that account. So, you cannot directly ACH into or out of that account, initiated at your external banks. You are required to open up their regular savings account as well when you are granted membership. You can ACH to and from this regular savings account via your external banks, thus you'd have to do internal transfers each time utilizing the regular savings account. But, you need to read the following if you have an external bank that does not offer the microdeposits option for linking.
You cannot do direct Plaid linking to either the regular savings account or, of course, to the Elite MM account. So, if you have an external account that does not utilize the microdeposits option for linking, you cannot link to Onpath regular savings or Elite MM via Plaid. There is a way to get around this by also opening up an Onpath checking account, which would mean you now have 3 total OnPath accounts. Direct Plaid linking can see the checking account, and once linked, you would be able to ACH in and out to/from Checking, and then do the internal OnPath transfers to/from the Elite MM account.
And finally, now that the Onpath Elite MM account has been listed here and elsewhere, it is unlikely the rate will remain 5% for long should they be inundated with new money, just like the Roger 5% rate dropped to 4.65% after they were inundated with new money once news of that account spread online. By the way, Onpath recently had a rate drop from 5.25% down to 5%. Oh, and Neighbors Bank was 4.75% until news about them hit many sites not long ago. They dropped down to 4.60% after being inundated with new money.
The ACH Transfer Limits if initiating at OnPath.
Per transaction Internal/External Limit (Outbound): $1,000
Per transaction External/Internal Limit (Inbound): $1,000
Daily Internal/External Limit (Outbound): $2,500
Daily External/Internal Limit (Inbound): $2,500
28 Day Internal/External Limit (Outbound): $5,000
28 Day External/Internal Limit (Inbound): $5,000
You might want to delete Pibank in the future.
People need to know: Pibank is completely getting rid of ACH as an option for their online savings account. The ONLY way to access your funds is with wire transfers now. Pibank doesn't charge for wire transfers, but almost every OTHER institution does, and since wires are for sending money not pulling, Pibank customers will constantly be paying wire fees every single time they want to bring money into Pibank. You may want to consider removing Pibank in the future, as being able to make deposits without having to pay a fee every single time should be a minimum for considering a savings account.
https://www.pibank.com/faq/how-can-i-access-my-money/