The Offer
- Golden State Bank will double the rate you were getting on a Money Market account for a full year
Bring in your most recent statement from your current bank, and get the rate doubled for a year. For example, if your current Money Market account is getting 1% interest, they’ll double it and you’ll get 2%.
The “Most Recent” statement must be dated within 3 months of opening the new account.
The Fine Print
- Must make a minimum deposit of $10,000 to a maximum of $500,000 with funds new to Golden State Bank
- The account balance may not exceed $500,000 during the first year the account is open
- The promotional Interest rate will be fixed for a minimum of one year beginning from the day the account is opened
- After the promotional interest rate expires, your rate will be subject to change at any time and at our discretion
- This offer applies to personal and business money market accounts only
- Limited time offer: New eligible account must be opened July 1 to August 31, 2016
- Please contact one of our offices for complete terms and conditions.
Our Verdict
This is a solid offer for someone with lots of cash float. The biggest restriction here is that they’ll only double Money Market accounts, apparently, not ordinary Savings accounts. If you have a Money Market with a solid interest rate, this can be an opportunity to double your earnings.
Suppose you have $500,000 earning 1% APY, you can transfer the money to Golden State and earn 2% APY for a year. Instead of earning $5,000 over the course of the year, you’ll earn $10,000.
Remember that only $250,000 will be FDIC insured, so you probably don’t want to deposit the full $500,000.
Account needs to be opened in-branch. Hopefully, there isn’t any hard pull done when opening an account.
Hat tip to Fatwallet
