Published on March 21st, 2018 | by William Charles7
Bank 7 – 1.76% APY Savings & Money Market Accounts
Update 1/5/2020: Rate has been reduced to 1.76% APY.
Offer at a glance
- Interest Rate: 1.8%
- Minimum Balance: $100-$5,000 for 1.8% rate
- Maximum Balance: $999,999.99
- Availability: Nationwide
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $15, avoidable
- Insured: FDIC
- Bank 7 is offering a 1.8% APY on their high rate online money market and high rate online savings accounts. There are some slight differences between the accounts:
- Savings account earns 1.8% when your balance is $100.00 – $999,999.99
- Money market account earns 1.8% when your balance is $5,000.00 – $999,999.99
- It’s also easier to keep the savings account fee free
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Money Market Account $15 Monthly Fee
This account has a $15 monthly fee. As long as you have a balance of $5,000+ this fee is waived.
Savings Account $15 Monthly Fee
This account has a $15 monthly fee, this is waived with a balance of $100+.
Savings account is clearly superior to the money market account. That being said I’d be worried the money market account will be made better in the future. One thing I dislike about both accounts is that there is a monthly fee involved if you don’t meet the balance requirement. If Bank 7 starts offering a non competitive rate I don’t want to have to worry about keeping it fee free.
Salem Five Direct is offering a 1.85% APY rate currently and Dollar Savings Direct has 1.8% as well without the monthly fees. For most people with a healthy emergency savings account I’d recommend focusing on a rewards checking account instead of a basic savings account like this anwyay as the returns are 5% instead of under 2%.