Patriot Bank .75% APY Money Market

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%.

The Offer

Direct Link to offer

  • 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.

Our Verdict

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.

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Steve

Their “Deposit Account Agreement, Disclosure and Fees” pdf mentions a few fees (which are avoidable, but good to be aware of them):

$15 Early Account Closing fee if close account within 90 days.
Inactive or Dormant Account fee $7.50/month if no deposits/withdrawals for 12 months.
$5 Online External Transfer fee (but I’m assuming you can initiate ACH at other bank)

Actually the External Transfer fee could be a problem if your other banks have a low limit on ACH transfers.

das1996
das1996

Speaking with a CSR, there’s a $10K ach limit for transfers initiated through patriot (wasn’t clear if the limit is on pushes out, or pulls too). $60K monthly limit (10K * 6). So best to do xfers for larger amounts from another institution.

The $5 external transfer fee is annoying. Seems quite a few banks charge that (pnc, bbva, and some others come to mind). Still, not having a minimum balance could be useful.

I got customer’s bank 2.25% apy through 6/20 locked in, so no point in opening this account for a mere .01% – $5 for $50K over the course of a year. FWIW, customer’s bank has $25K ach push limits with a $150K monthly total.

El_Ryno
El_Ryno

This is correct. Unfortunately I discovered any ACH transfer initiated from the Patriot online banking site is limited to $10K. Good tip regarding the Customer’s Bank limits das1996 🙂

Brach
Brach

I’ve been a customer of PNC BANK for a year. They do not charge a fee for ACH external transfers other than next-day delivery transfers. The standard 3-business day delivery is free.

zzcodi
zzcodi

I’m having trouble finding these fees in Their “Deposit Account Agreement, Disclosure and Fees” pdf, sorry for being stupid but what page are they on?

Steve

Just search for those words like “Early Account Closing” in the pdf. They’re in a section called “Ancillary Fees” around page 82.

zzcodi
zzcodi

There are alot of fees in that pdf considering https://bankpatriot.com/mm/money-market.html#moneymarket says “no fees”

Tom
Tom

CSR told me the $5 fee doesn’t apply to the money market. She also told me online transfers have no dollar limitation which is almost certainly wrong. It looks like others will open the account and report back on what they find. I will probably just open a Customers Bank account this weekend since they are a known quantity and the 25k minimum is fine for now.

zzcodi
zzcodi

Thx! anyone have any real life experience timing of transfers , meaning in & out same day or do u lose a day or more of interest?

El_Ryno
El_Ryno

Unfortunately I discovered any ACH transfer initiated from the Patriot online banking site is limited to $10K

midas89
midas89

No hard pull with the 3 credit reporting agencies. They do run you through ChexSystems. It’s a new MM account, so they cannot tell you what the rate will be starting July 2020. Beneficiaries can be designated during the application. You’ll need to provide the SS numbers of your beneficiaries. You have to upload a copy of your ID during the application process. No credit card funding for the initial opening deposit, minimum $100 as mentioned by Chuck.

Chris B
Chris B

85% APY as of Sept

Mark
Mark

Update: My 1.75% promo ended 31 July. On 1 Aug it said I was getting a ~1.4% APY. Logged in today and it says 0.755% APY. Bye Patriot Bank, back to Amex PS. Chuck

Dan
Dan

Dropped to .75 .. will be pulling out

Mark
Mark

Chuck DP: I opened an account in mid-June for the 1.75% through 31 July 2020. I logged in today (1 Aug) and it says my APY is 1.403%.

If it stays at that rate, I’ll keep my savings there, but I will be watching to ensure it doesn’t drop further.

Max
Max

Rate below 1% now. Thanks for the memories Patriot Bank.

Mark
Mark

Ouch. Just hit me too lol. I shouldn’t have gotten 1.7 this past month so i consider myself lucky

TheEastwoodMan
TheEastwoodMan

Patriot Bank just shut down the application for new accounts as of this AM, 7/17/20, so unfortunately it’s no longer available.

midas89
midas89

There will be no new accounts allowed until they decide to allow new accounts.

On their site: “We are no longer taking in additional customers for this product at this time; please check back soon”

midas89
midas89

Patriot Bank has suspended the Money Market account for new applicants for now.

“We are no longer taking in additional customers for this product at this time; please check back soon”

Ryan Goldstein

I joined in January 2020 and locked in the 2.26% rate through June 30. It now on July 1 shows a 1.754% APY (1.710% interest rate). That’s still an exceptionally high rate these days!

Chuck This conflicts with the pinned comment ( https://www.doctorofcredit.com/patriot-bank-2-26-apy-money-market-guaranteed-through-6-30-20/#comment-871510 ) saying the rate goes to 1% after the promo period.

Max
Max

My new APY was 1.754% this morning but now 1.403%. Still the best on DoC’s list anyways.

Ryan Goldstein

Yup, same here. It now shows 1.403% APY (1.370% interest rate) for me, matching the current offer at https://bankpatriot.com/mm/money-market.html – so at least for now, it looks like the current advertised rate there is the rate moving forward, not 1% as in the pinned post above.

Mark
Mark

Mine still says 1.754 APY lol. Let’s see what I get in a few days.

Mark
Mark

Still have the 1.754 rate. on August 1st. Just going to ride the wave.

Dan
Dan

Mine said 1.75 yesterday but it dropped to 0.75 today.

Carly M
Carly M

Rate is 1.40% now :/