New promos with rate guarantees. Elements Financial Credit Union has a new rate of 4.25% APY on their High-Yield Savings on balances of $10,000+ (different from their Helium Savings). The promo rate is guaranteed until October 31, 2023. (Technically, it lasts until the 1st of the 12 month after you initial month, so actually between 11 and 12 months.)

There is also a promo rate of 5.00% APY on their High Interest Checking account, only valid on balances up to $20,000. Also for new accountholders only, with the promo APY fixed for 12 months from account opening date. Requires 15 qualifying transactions (such as using your debit card) every statement cycle. No monthly fee with electronic statements.

Note that their definition of qualifying transactions is also less strict than others. The following are qualifying transactions: Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals.

Per DepositAccounts, anyone can join with one-time $5 membership in Tru Direction, a not-for-profit organization dedicated to improving financial literacy. However, I couldn’t find anything about this on their membership page, other than Elements will provide you with $5:

Open an Elements checking or savings account or apply for a loan or credit card. During the application process, we will open you an Elements savings account (that’s the part that makes your membership official). We’ll even put $5 in to get you started — no need to transfer funds from an existing account!

I’m not sure how I feel about this one. 5.00% APY on $20k is a nice number ($1,000 a year in interest), but I don’t like having to remember the hoops for an entire year. They don’t seem to treat their existing customers nearly as well as new ones. Some of you may have signed up back in September 2022 when they offered a guaranteed 3.25% APY for a year on their Helium Savings. Right now, that account would only pay 1.00% APY once the promo ends.

Update May 2023: Rate tiers are now up to 4.50% APY. You may be grandfathered from the activity requirements until 6/30/23 if you were an existing user.

Older review, last updated October 2022:

HM Bradley announced several significant changes to their product (again). I’ve updated the review completely and removed all the historical changes as it was just getting too long.

HM Bradley (HMB) is a fintech software layer on top of a partner bank’s infrastructure. They are terminating their initial relationship with Hatch Bank at the end of October 2022 and changing completely over to New York Community Bank (NYCB). Existing HMB customers will need to open up a new account at NYCB before the end of October. HMB is also changing up their interest rate structure, but is offering a special intro offer to existing HMB customers. Detailed review below.

Rate tiers. Interest is earned on balances up to $250,000 with NYCB (up from $100,000 with Hatch Bank) and the rate you earn is set for the next month based on the current month’s activities. Here are the current rate tier and requirements:

• 1.00% APY. All customers who open an HMBradley Deposit Account with NYCB will be rewarded with 1.00% APY. No other requirements.
• 2.00% APY. Customers who make a direct deposit of at least $500 per month to their HMBradley Deposit Account with NYCB and maintain positive monthly cash flow (meaning that monthly deposits exceed monthly withdrawals, not including HMBradley Credit Card payments) will earn 2.00% APY in the following month.
• 3.00% APY. Customers who fulfill the 2.00% APY requirements AND also spend $500 per month on their HMBradley Credit Card will earn 3.00% APY in the following month.

Limited-time offer to switch for existing customers. HM Bradley is waiving some of the requirements for new customers that signed up to switch by 10/31/22:

Any customer who opens an HMBradley Deposit Account with New York Community Bank (NYCB) before November 1, 2022, will receive Level 2 Annual Percentage Yield (APY) until April 30, 2023.

Any customer who opens an HMBradley Deposit Account with NYCB and has an HMBradley Credit Card in good standing before November 1, 2022 will receive Level 3 APY on the balance of the HMBradley Deposit Account with NYCB until April 30, 2023.

You’ll have to start doing the requirements in April to get the higher rates in May 2023.

Requires a “real” direct deposit every month. You must receive some sort of direct deposit each month, as defined below:

For our accounts, we define direct deposits as those deposits made by the customer’s employer, a federal or state government agency, or retirement benefits administrator. These generally include payments made by corporations and other organizations. We do not consider deposits to an account that are made by an individual using online banking or other payment provider such as PayPal or Venmo as direct deposits. HMBradley shall make the final determination as to whether a deposit qualifies as a direct deposit for purposes of qualifying to earn interest.

Based on my experience, they do have a system for filtering incoming deposits, but it is not 100% accurate and your direct deposit may have to be reviewed manually. Their online account interface should clearly indicate whether you have made the required direct deposit for the current month. I had to contact them in order for them to manually check and mark the transfer as a direct deposit. Having it marked properly is required to get the top rate.

Positive monthly cash flow is based on ALL deposits and withdrawals (except HMB credit card spend). For the calculation of “positive monthly cash flow”, all deposits are considered including incoming transfers from another personal bank account. At the same time, your “spending” will also include any transfer out of your account, even if it’s just to another bank account that you own. They don’t count purchases made on your HMB credit card, which incentivizes you to use it – but conveniently they don’t care about your credit card spending habits as long as you’re using their card…

Basically, money has to keep coming into HMBradley and not go back out on a net basis every month. That’s a very unique requirement, but also hard to keep up forever. Even if you are a diligent saver, you will want to redirect some of those funds into other assets like stocks, ETFs, real estate, etc.

Credit card details. The HMBradley credit card is invite-only and partially based on their estimate of your income (which is in turn based on the size of your deposits, although you can attempt to self-report). Invitations are not guaranteed. You must opt in to their “One Click Credit” service which basically checks your TransUnion credit report so they can market stuff to you (soft inquiries). If your TransUnion credit file is frozen, they will not offer you an invite. But once you officially apply, you will have a hard inquiry.

Starting at the October 2022 monthly billing cycles, the HM Bradley credit card is basically a flat 1.5% cash back credit card with no annual fee. Prior to this, it used to be a more complicated 3/2/1% rewards card with tiered categories and a $60 annual fee (waived for first year). 2% cash back would have been nice, but now it’s just another vanilla mediocre rewards card.

Additional features. It’s still not exactly clear how other basic features will change with the new NYCB accounts. ATM rebate policy? Well, right now, they don’t even give you a debit card! This change seems a bit rushed.

Once you accept the new NYCB deposit account agreement and disclosures, we will ask you to agree to allow us to transfer your funds (including any funds in a Plan and accrued interest) from your deposit account at Hatch Bank to your new deposit account with New York Community Bank (NYCB). We will also provide you with your new account and bank routing numbers. You will want to use this information to change your direct deposit and recurring ACH transfers as soon as you can.

Unfortunately, we are unable to offer debit cards for new deposit accounts at this time. You will still be able to make ACH transfers, and we will let you know when a new debit card is available.

My thoughts. Interest rate changes are happening very quickly these days, and it is unknown how aggressively HM Bradley will keep up. If I didn’t already have an HMB account, I wouldn’t bother opening one up as the positive monthly cashflow requirement can get complicated if you save your money in different ways. I will be looking for them to raise their rates at least a bit more above the competition if I am going to keep jumping through that many hoops.

Alliant Credit Union has a new FastPass promo worth up to $400 total, broken up as follows:

• $100 for Savings Account. Open a savings account by March 31, 2023 plus have a minimum $1000 savings average daily balance on April 30, 2023 to earn a $100 bonus.
• $100 for Checking Account. Open a checking account by March 31, 2023 plus have a minimum $100 checking average daily balance on April 30, 2023 to earn a $100 bonus
• $100 for Certificate Account. Open a certificate by March 31, 2023 plus maintain a minimum $1000 certificate balance on April 30, 2023 to earn a $100 bonus
• $100 for $10,000 in total deposits. Deposit a minimum of $10,000 total across any of these three accounts by March 31, 2023 and maintain this minimum balance until April 30, 2023 to earn a $100 bonus.

Useful fine print from the promo FAQ:

Did I open my account(s) correctly to be eligible for the promotion?
If you opened your Alliant account(s) by clicking on the link within a promotional email you received or the myalliant.com/fastpass webpage, you will be eligible for the promotion.

Are current Alliant members eligible for this promotion?
Yes, current Alliant members can still be eligible by opening a checking account and/or certificate and meeting the balance requirements, and/or by incrementally adding $10,000 to their total balance by April 30, 2023.

When is the payout for the promotion?
Accounts will be reviewed after April 30, 2023 to determine eligibility. If all requirements have been met, the bonus payment you earned will automatically be deposited into your savings account within 4-6 weeks after April 30, 2023.

When do I need to make my deposit(s) to qualify for the balance requirement?
For the savings account, the deposit should be made by March 31, 2023 and maintained through April 30, 2023. For Checking and Certificate products, balance should be met by April 30, 2023. Please ensure you allow enough time to open account and receive approval (accounts may be in pending status for 2-5 business days depending on pending reason or documentation needed).

There is a mention later on that “This promotion is for new and existing members of Alliant Credit Union (“Alliant”) who are current or retired employees from one of the many businesses and organizations Alliant partners with in the U.S.” However, this conflicts somewhat with their FAQ, which suggests that as long as you apply through the correct page and use the FASTPASS promo code, you are eligible.

Alliant CU membership eligibility. Alliant CU is one of the top 10 largest US credit unions by assets and their membership eligibility is very open. If you start the online membership application, it will walk you through their various eligibility options. Here are their membership groups:

Any employee or retiree of a Qualifying Company.
Any member of a Qualifying Organization.
Any immediate family member of an existing Alliant member.
Anyone who lives or works in a Qualifying Chicagoland Community.
Anyone who is a member of the Foster Care to Success charity group.

When I applied previously, I found not only does it only cost $5 to join Foster Care to Success, but Alliant will pay that fee on your behalf.

If you are not eligible through another option you can become a member of Foster Care to Success (FC2S) and become eligible for Alliant membership. FC2S serves thousands of foster teens across the United States, focusing on those who are aging out of the foster care system. FC2S awards grants and scholarships for higher education and provides care packages, mentoring and internships. (Alliant will pay the one-time $5 membership fee to FC2S on the member’s behalf.)

Quick thoughts. This is a solid bonus. $100 for a $1,000 deposit to a certificate is a 10% bonus. Even holding $10,000 there for a couple of months for another $100 is not bad, since it is on top of their interest rates. Their High Yield Savings pays 2.95% APY as of 2/4/23. A 12-month certificate pays 4.60% APY as of 2/4/23.

Capital One 360 has a new special 11-month CD at 5.00% APY. Note that unlike many other 11-month CDs, this one does have an early withdrawal penalty of 3 months of interest, and it looks like they will eat into principal if you withdraw in the first 3 months. There are also no partial withdrawals:

Can I withdraw my money before the CD term is over?

You can always decide to withdraw your money early. However, like with any CD account, there is a penalty for withdrawal prior to the end of your CD term. For 12 month CD accounts (or less), the penalty for withdrawing early is 3 months of interest. For CD accounts longer than 12 months, the penalty for withdrawing early is 6 months of interest. You also cannot make a partial withdrawal during your CD term.

Can I lose money in a CD account?

CD accounts like a 360 CD grow at a fixed rate over a set period of time called a term. This “set it and forget it” approach, and the fact that your money is FDIC-insured up to allowable limits, make CD accounts among the lowest-risk investments and they will not lose value. The only risk of losing money is if you make an early withdrawal from your 360 CD, where you would face a penalty of 3 to 6 months of interest depending on the term of your account.

I don’t know what the future holds for interest rates, up or down, but right now it is a top rate for a CD where you are locked in for about a year. For comparison:

• 1-year Treasury bill rates currently around 4.65% (interest exempt from state/local income taxes).
• NavyFed and Langley FCU have 5.00% APY on a 15-month CD.
• 11-month No Penalty CD from CIT Bank at 4.10% APY.

Thanks to the readers that sent this one in. Rates quoted as of 2/2/23.

Update 2/17/23: Primis announced that new customers will only get 4.35% APY. Existing customers who got in while it was 5.03% APY will be grandfathered in for the time being (duration unknown).

You were one of the first – and you deserve the best.

Thanks for being one of the first customers to take advantage of our Primis Premium Checking. You’re earning the top-notch annual percentage yield (APY) of 5.03% and we’re glad you’re here.

Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible.

Original post:

Primis Bank is relatively unknown, but is sure to gather some new deposits with their 5.03% APY Premium checking and 5.03% APY Primis savings accounts (rate as of 1/31/23).

Premium Checking details:

• 5.03% APY as of 1/30/23.
• No minimum balance requirement.
• Open with just $1.
• Must open online.
• Free cashier’s checks and starter pack of checks.
• Free ATM rebates.

Primis Savings details:

• 5.03% APY as of 1/30/23.
• No minimum balance requirement.
• Open with just $1.

This is notable as it breaks the 5% barrier as a non-“rewards” checking account and there are no minimum debit card usage requirements. Found via DepositAcccounts. I don’t see any maximum deposit limit on the APY either, but keep in mind that there is no rate guarantee on these checking and savings so the rate can change at any time in the future.

Added: Reader Adam says to make sure to download the “Primis Digital Mobile App” and not the other one which applies to their physical branch accounts (their two systems are currently separate). You may have issues syncing your existing bank (or Personal Capital) with Primis because they try to log into the physical branch account interface and not their online-only accounts.

CreditUnion1 is offering a $1,000 bonus on its High Yield Savings Plus account. This promo requires a $100,000 minimum deposit held for 12 months, so it has a limited audience, but it does provide an opportunity to understand why some of these flat deposit bonuses aren’t as great as they might seem. Thanks to the readers that sent it in. Let’s start with the fine print:

2 This is a limited time offer available only from 1.17.23 to 3.15.23 and cannot be combined with any other offers. The $1,000 bonus (Bonus) will be deposited into your CU1 High Yield Savings Plus (HYS+) account at the end of the business day on the day you open the HYS+ account by making a minimum $100,000 deposit balance of new money from a competitor financial institution to earn dividends. The $1,000 bonus will start earning interest immediately but not be eligible for withdrawal until the account has a balance of $100,000 or greater for twelve (12) consecutive calendar months from the date of opening of the HYS+ account. Bonus is considered interest and will be reported on 1099-INT. Offer may be cancelled at any time without notice. Account Closure: If the HYS+ account is closed by the member or Credit Union1 or balance drops below $100,000 within 12 months after opening, Credit Union1 will deduct the Bonus from the HYS+ account at closing.

You must deposit a minimum of $100,000 in new money and keep it there for at least 12 months. If you go below $100,000 at any time during those 12 months, you lose the entire $1,000 bonus. Therefore, this is in effect a 12-month certificate with a early withdrawal penalty.

Separately, the base interest rate of 3.75% APY currently is not guaranteed or fixed, as it is a savings account. The rate can change at any time at their sole discretion. What if the Fed lowers rates or CU1 goes through some financial struggles and they decide to make it non-competitive a few months from now? They could drop it to 0% or 1%, but you’ll still be stuck there for 12 months if you want the $1,000 bonus. Note also that the High Yield Savings Plus account is a special account that has a minimum balance of $100,000. It’s different from their “High Yield Savings” account, so they could drop one rate and not affect the others. Not saying they will, but they could.

If the savings account rate does stay at 3.75% APY and you do get the $1,000 bonus on $100,000 held for 12 months, that is the equivalent of a 1-year CD paying 4.75% APY. That is a good rate, but many other banks and credit unions have similar term CDs at similar APYs that are guaranteed. Technically, if rates rise, you could even get more, but you could also easily get less. Personally, if I’m going to be locked in, I want a guaranteed payoff in return. I would rather have a straight-up 12-month CD paying 4.75% APY.

In the end, this is not a bad offer if the term length and deposit size fits your needs, I would personally put my money elsewhere given current options due to the way the promo is structured. Hopefully it is useful as an example of the different variables that go into comparing these offers. I have been a happy CU1 customer so far and look forward to see what other special offers they come up with.

Investing app Public just announced a Treasury Account which basically lets you buy and hold 6-month US Treasury Bills in a more convenient wrapper (press release). You can invest as little as $100 and they will buy the T-Bills for you (and sell them for you if you choose to withdraw).

This is done via a partnership with Jiko. From their site:

Investments in T-bills are made in $100 increments. […] T-bills are held in custody at The Bank of New York Mellon. Proceeds are automatically reinvested (i.e., T-bills are “rolled”) at maturity. When funds are needed, T-bills are liquidated on-demand.

Right now, T-Bills yield more than most online savings accounts, and their interest is also exempt from state and local income taxes. As of 1/12/23, the rate on a 6-month T-Bill is 4.80%. This number changes every minute when the market is open like a stock, unlike the usually slower pace of weekly to monthly changes for savings accounts.

Fees. I was initially somewhat excited about this account, but what was not mentioned at all in the press release, and also put at the bottom of their fine print is the fact that they charge a fee of 0.05% per month (0.60% annualized) for this service:

In exchange for the management, trading, and custody of Treasury services, Jiko charges a flat management fee of 5 basis points per month based on the average daily balance of your Treasury account. This amount will be deducted from your Treasury account on a monthly basis. Public receives a portion of that management fee as a referral fee.

I like the idea of making T-bill purchases and sales more simple and hassle-free, but 0.60% annually is a pretty significant haircut that brings the net rate much closer to the top online savings accounts. They should really include the net interest on their rate comparison charts. I know there will also be a bid/ask spread paid if you bought the T-Bills yourself on the secondary market, but you can also buy T-Bills as new issues and hold to maturity. You could also buy shorter 4-week T-Bills.

In the end, the fees basically make this comparable to a relatively-expensive short-term Treasury mutual fund or ETF. The iShares 0-3 month T-Bill ETF (ticker SGOV) only has a 0.05% expense ratio, and you can buy that ETF from any brokerage account.

The Treasury Accounts are not live yet, but some of you may already have joined Public last year for their account transfer bonus (tiers have gotten worse since initial offering).

New customer to Public? Their referral program offers “free stock” worth between $3 and $300 if you open with a referral code and deposit $20+ (referrer also gets whatever you get). My referral code is mymoneyblog which you can enter on the second page of the transfer promo link above. Thanks if you use it! Alternatively, the shopping portal Swagbucks is offering $16 worth of Swagbucks points right now.