Posted by William Charles on March 21, 2018
Savings Accounts

Published on March 21st, 2018 | by William Charles

7

Bank 7 – 1.8% APY Savings & Money Market Accounts

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

The Offer

Direct link to offer

  • 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

Avoiding Fees

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+.

Our Verdict

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%.

 



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Ken
Ken

Can’t wait till 2% with no hoops comes out. Should also mean more 4-5% rewards accounts as well.

Jason
Jason

I just don’t like their name Bank 7 that reminds me Note 7

Charles Mann
Charles Mann

All the other numbers were already taken…….

Jason
Jason

Bank 7-11 not taken at least

gt2982a
gt2982a

Just signed up. No hard pull but no way to add an external account — have to push to add funds. Verified with phone support.

SC
SC

I have had an account there for a few months. I agree that the lack of external transfer is a hassle. I have to mail a check to deposit more than $5000. The 2.1% APY makes it worth it right now but it’s not as easy as the other internet MMAs I have had.

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