bank rates

CSBdirect Restricts New Savings Accounts

Man holding his nose and giving a thumbs downFour months after it joined our list of top savings and money market accounts, we’re removing Florida-based CSBdirect.

The online division of Citizens State Bank in Perry, Fla., has posted a notice on its website that its savings and money market accounts are “only offered in branch at this time.” (Thanks to the reader who alerted us to this change.)

The change effectively means most savers will no longer be able to take advantage of the money market account, which pays 1.05% APY, or the savings account, which pays 1.00% APY.

Certificates of deposit, several of which are competitive, remain available for purchase online.

The CSBdirect change means there is just one bank that pays 1.00% APY on savings accounts — CIT Bank — and just a handful of nationally available money market accounts that pay 1.00% APY or more.

Everbank (www.everbank.com) continues to offer its six-month rate guarantee of 1.25% APY. After the guarantee expires, you’ll earn the standard rate, currently 0.76% APY.

You can earn 1.10% APY from three Oklahoma banks owned by the same family.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) are paying that rate on their Mega Money Market accounts.

And AmTrust Direct (www.amtrustdirect.com) pays 1.05% APY.

Compare all of these offers to the best money market rates in our extensive database.

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  1. Mike Cetera said:
    on May 21st at 09:16 am

    UPDATE: CSBdirect has cut its CD rates; none of its terms remain competitive.