Online Deposit Bank Rate Tracker: Which Online Bank Cranked Their Savings Account Rate up to 5%?
Online Savings Account League Table—Exhibit 1 is a league table of online savings accounts for the seven online banks we have been tracking since March 2022, plus Bread & Citizens. Bread has the highest savings account rate at 5.00%, followed by Sallie Mae at 4.75%.
![Online Deposit Bank Rate Tracker: Which Online Bank Cranked Their Savings Account Rate up to 5%?](https://ussnsimg.moomoo.com/70929766/editor_image/eb801b2e77ff38e7bfda35ba7a646016.png/bigmoo)
Deposit Beta Update—Based on 525bps of cumulative Fed rate hikes, the +386bps average increase in online savings account rates would equate to a deposit beta of 73.6%
![Online Deposit Bank Rate Tracker: Which Online Bank Cranked Their Savings Account Rate up to 5%?](https://ussnsimg.moomoo.com/70929766/editor_image/814ab8bf86493834ab08eeae7b07ba21.png/bigmoo)
Online Savings Accounts—Marcus (+15bps to 430bps) & Bread (+10bps to 500bps) raised their online savings account rate. Looking at online savings accounts, the banks that we have tracked since March 2022 (ex Bread & Citizens) have int. rates that avg. 436bps, +2bps week/week, & +386bps since the Fed first raised rates. We note that Ally's money mkt. rate of 4.40% is above their savings acct rate at 4.25%.
![Online Deposit Bank Rate Tracker: Which Online Bank Cranked Their Savings Account Rate up to 5%?](https://ussnsimg.moomoo.com/70929766/editor_image/debe135aeb0c3498bc63189f506c94a7.png/bigmoo)
Online 1yr CDs—In terms of 1-year CDs, we saw no rate changes. For the online banks we have been tracking since March 2022 (ex Bread & Citizens), the avg. 1-year CD rate was flat week/week at 499bps, and up +434bps since the Fed first raised rates in March. The highest 1-year CD rate is Sallie Mae at 550bps. (Exhibit 4)
![Online Deposit Bank Rate Tracker: Which Online Bank Cranked Their Savings Account Rate up to 5%?](https://ussnsimg.moomoo.com/70929766/editor_image/8b662c6bdb523bb3b0e8235e6d22fa44.png/bigmoo)
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment