Update 8/4/20: It’s down to .75% now.
Update 7/19/20: No longer available to new applicants.
Update 6/18/20: Rate now 1.4%
Rate now 1.75% for new users
Update 5/6/20: Rate is now guaranteed through 6/30/20.
Update 4/24: Rate is now only guaranteed until 5/31/20.
Update 1/15/20: Rate decreased to 2.00%.
- Patriot Bank online money market account offers 2.26% APY.
- Rate is guaranteed through June 30, 2020.
Account is available nationwide with the exception of New York and Connecticut.
The Fine Print
- Annual Percentage Yield (APY) accurate as of 12/30/2019.
- Fees could reduce the earnings on the account.
- $100 minimum opening deposit required.
- Please refer to the Deposit Account Agreement, Disclosure and Fees for additional details.
- Additional terms and miscellaneous fees may apply.
- Products, features and benefits offered with accounts are subject to change at any time.
- Account is available to Personal customers only.
- Customers must deposit new money (not currently on deposit with Patriot Bank, N.A.) and not have had a Patriot Bank money market account in the last 30 days to be eligible.
- Offer only available in certain states.
- The advertised rates are available exclusively online only.
- Promotional rate offers cannot be combined with other rate offers.
- Promotional Rate is guaranteed until 06/30/2020.
- After the promotional period expires, the prevailing rate applies.
There is one other bank, Customers Bank, who also offers a similar rate of 2.25% with a guarantee through June 20; though that bank requires a minimum of $25k while Patriot Bank only requires $100. We’ve added this to our Best Savings Rate post.
With rates fluctuating all the time, a lot of people find these guarantees worthwhile. Others prefer just going with a bank who has a track record of offering competitive rates, even if it means losing a bit in the short term.