This is the point where long-time account holders of Bask's AAdvantage program may want to start to seriously thinking about switching over the cash interest.
By tomorrow anything less than 1% in an online savings or money market account will be insulting.
This represents a 10 basis point increase of its previous rate. It has also increased its CD rates and its 1-year is now at 1.00% APY.
Marcus became more competitive overnight, raising their savings rate by 10 bps. It also raised its no penalty CD to 0.75 APY. The CDs are especially attractive versus its major competitors with its 5-year online CD at 2.15% APY and its 2 and 3 year CDs at 1.60 APY. We however urge caution around the CDs, except the No Penalty ones that can be broken without penalty after 2 weeks. Online rates are heading much higher soon and you can already purchase US Treasury of the same duration with higher yields.
The bank also modestly increased its CD offerings.
First Foundation Bank is raising its online savings rate to 0.65% from 0.50% today.
Bask raised its interest savings account rate from 0.70% to 0.80% APY.
CIT has raised its online money market rate from 0.45% to 0.55% APY.
Citizens Access has finally done what the other major online banks have done - to recognize that interest rates are moving up - and begun to move its online savings rate higher.
The rate had previously been 0.55%.