Deposit Diary Daily #376
Best Nationally Available Reverse Tier Savings/MMA (2 June 2025)
What is a Reverse Tier Savings Account/MMA?
A Reverse Tier Savings Account or Money Market Account is a financial product designed to offer higher interest rates on the initial portion of your balance. Unlike traditional savings accounts where larger balances yield better rates, the reverse tier structure incentivizes small savers by providing a higher annual percentage yield (APY) on the first segment of their deposits, tapering off as the balance grows.
What‘s Happening?
The Elevault Vault savings account have been removed from the Reverse Tier spreadsheet and will now be included in the Deposit Quest Liquid Summary published on Fridays. Originally a fintech, Elevault is now described as “a product of Southern Bancorp Bank” and the Vault savings has been restructured and the APY raised by 52 bps.
The current fine print from the landing page reads as follows:
Elevault’s 4.6% Annual Percentage Yield (APY) and 4.5% interest rate is accurate as of 05/21/25. Balances above $250,000 do not earn interest. Interest is paid daily.
Elevault’s interest rate is calculated as Prime minus 3.00%. Rate is variable & subject to change at any time. Daily deposit limit is $2500.
In January, Elevault lowered the Vault’s APY to 4.08% APY (▼26 bps) with a balance cap of $50k. The daily deposit limit remains at $2.5k, but reports from some Vault customers suggest doing ACH pushes from an external account allows you to bypass the $2.5k limit.
Recent Changes
Decreases
All America Bank • Mega Money Market Account • 4.15% (▼10 bps) (up to $100k), 0.50% ($100k+)
Redneck Bank • Mega Money Market Account • 4.15% (▼10 bps) (up to $100k), 0.50% ($100k+)
Highest-Rate Nationally Available Reverse Tier Accounts
The five highest-rate nationally available Reverse Tier Accounts from banks and credit unions as of June 2, 2025 are listed below.
Andrews Federal Credit Union • Online Savings Account • 5.75% (up to $1k), 0.05% ($1k+)
Michigan State University Credit Union • Savings Builder • 5.25% (up to $1k), 3.75% ($1k-$2k), 1.20% ($2k+)
Blue Federal Credit Union • Accelerated Savings • 5.00% ($25-$1k), 1.00% ($1k-$5k), 0.50% ($5k-10k), 0.25% ($10k-$50k), 0.15% ($50k+)
All American Bank • Mega Money Market Account • 4.15% (▼10 bps) (up to $100k), 0.50% ($100k+)
Redneck Bank • Mega Money Market Account • 4.15% (▼10 bps) (up to $100k), 0.50% ($100k+)
Spreadsheet
The attached spreadsheet includes 15 nationally available Reverse Tier Savings and Money Market Accounts. The links go directly to each financial institution’s rate page or product landing page.
Hi Kent. Regarding Elevault 4.60% APY Savings Account:
Of course, you have already mentioned most of the info below. I am just writing it again here as a full confirmation.
Important notes: The only way to manage this account is via phone or tablet apps. As Kent already stated at the top of his posting, this is an FDIC-insured account with Southern Bancorp. The account is not a FinTech that transfers your money to an FDIC Bank; however, since Southern Bancorp decided to create FinTech accounts within itself, which just means it uses Financial Technology only for account management, similar to what Roger Bank is, you might see the term FinTech.
They will allow you to create two externals at Elevault, and you are limited to just pulling in $2,500 daily if initiated at Elevault. However, you can push and pull whatever amount you want initiated at your external bank, limited only by whatever your external bank limits. (I called Elevault this morning, spoke to a rep, and confirmed this important detail. When I mentioned that this important fact should be made clear that their website, she agreed and said she will discuss this with the team, and that the site might be updated in the future with this info.) You can withdrawal from Elevault as many times as you want each month.
In summary, for me personally, I think the biggest negative of Elevault is the fact that you cannot manage your account via traditional online banking from your computer. However, there are the positives, such as that you'd always know what your rate will either fall or rise to, assuming they continue to keep the policy of Rate = Prime - 3%, and that interest is paid daily versus monthly, and the fact the rate is competitive.
The rep was unable to answer whether they run ChexSystems when someone opens an account.