Posted by Chuck on January 10, 2020
High-Yield APY Accounts

Published on January 10th, 2020 | by Chuck

53

Patriot Bank 2.00% APY Money Market (Guaranteed Through 6/30/20)

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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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.

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

Potentially Negative News: They disclosed what the regular rate for this account is without the bonus, and it’s only 1%. (Of course, we have no way of knowing if they’ll continue offering a bonus rate once June 30, 2020 hits.)

Also, only 1 beneficiary is allowed, which means there’s only $250K FDIC coverage available for individuals. The application as of today says you can submit more than one beneficiary, but they will call you and say only 1 is allowed.

Steve
Steve

Can anyone share their experience with this institution and or account?

Vy
Vy

Do I need to be a patriot? What if I hate my country?

Mark
Mark

Then blame the downed airliner on someone besides Iran 😀

david
david

This bank is a spin off of the short lived Amazon original show Patriot and has nothing to do with actual patriotism so you should be fine.

barrytuneup
barrytuneup

total moron VY. GO HOME!!

Robert Frank
Robert Frank

Not clever, just juvenile. Let’s please keep to the subject, getting good savings rates.

Ileefull
Ileefull

Didn’t Patriot bank get bought out by CenterState?

Jethro Tuller
Jethro Tuller

I’m not readily finding their regular rates on anything. I wonder if they’re ashamed of them.

Ryan Goldstein

Has anyone found a way to add this bank in Personal Capital? I found it in Mint, but not Personal Capital.

das1996
das1996

Which states?

Ben
Ben

Insured by FDIC?

Looney Tunes
Looney Tunes

Yes FDIC Certificate#:33928

Chris B
Chris B

Thank you for this info. Was looking for something decent to transfer a large sum from the Northern bank. Process was pretty straight forward with asking Copy of ID and Docusign of signature card.

living on the edge
living on the edge

Did you use Northern Bank as the initial funding bank?

Chris B
Chris B

Chase for the initial 100. Then just Wire from NB.

Matt P
Matt P

Ally is at 1.6%. If I were to move over to this roughly $50k, I’d get around $100 over 6 months. Not worth the hassle.

Jason
Jason

Are there fees if you want to do a withdrawal from Patriot Bank to an external account?

living on the edge
living on the edge

Tried to open an account using Northern Bank as the funding account and was told there is a problem with the verification process specific to Northern Bank. I was told I should try to open an account and fund it with $100 using a different funding bank and then establish an ACH link with Northern Bank and transfer over $10k per day until the account is fully funded. Not confidence-inspiring and far too much trouble for what it’s worth. Anyone else encounter this problem?

helixcon
helixcon

Yes. Same issue, also with Northern Bank. Just spoke to someone 20 minutes ago and they said the same thing.

zzcodi
zzcodi

did you define Northern bank as a checking or savings?

living on the edge
living on the edge

Checking.

El_Ryno
El_Ryno

Same issue. Apparently it is a problem with plaid.com not playing nice with Northern Bank. Patriot uses plaid.com for the initial funding transfer. I had no trouble linking my Northern Bank with trial deposits after the account was opened, but the $10K ACH transfer limit Patriot imposes means I won’t be using the account anyhow.

living on the edge
living on the edge

For what it’s worth, this bank is tiny (less than $1B in assets). I can’t imagine their customer service is sufficiently staffed to deal with all the potential problems experienced by online customers across 48 states.

Yu
Yu

Anyone who opened this account last week, would you share your experience of the fund transfer? Assuming ACH is used, did you get your fund deposited into your new account already? How long did it take ? Thanks.

zzcodi
zzcodi

It appears the external transfer system at Patriot is similar to Ally bank, meaning very slow & lose possibly 2 days of interest from date withdrawn from external bank to when deposited into Patriot. If anyone has different experience, pls correct me No fees for standard delivery, tho.

Widjet
Widjet

Push from Ally to Patriot appears to be next day. We will see how it goes.

Widjet
Widjet

Confirmed. My push from Ally deposited next day, No fee on either end. It was for more than the $10k limit discussed above.

midas89
midas89

Over at another website today, someone posted in the forum that he or she called Patriot customer service and was told there are incoming & outgoing ACH limits of $10,000 per transaction initiated from an external bank account. I called to confirm this. The rep said the information is accurate. The rep suggested people can pay the $20 for wire transfers instead.

If anyone else has any differing information, please post that info.

zzcodi
zzcodi

I was told the $10,000 limit was for external xfrs initiated AT Patriot. Can Patriot limit the $ amount of transfers in or out if initiated at the external bank?

Widjet
Widjet

For a transfer in from an external account the information above is not accurate. I just did a push from Ally to Patriot. It was next day. No fees on either end. The amount was above $10k.

MX
MX

They rejected my savings account application through a letter sent in the mail a few days later. The reasons on the letter vaguely referenced something I put in the application. I had to leave a voice message asking for more information. This is the first time I had to leave a voice message for a bank during regular hours.

Chris B
Chris B

Can’t find anywhere…is there a maximum amount for the promo offer?

midas89
midas89

Patriot changed this money market account offering again. As of this writing: 2.21% APY guaranteed until 7/31/2020.

xtjp808
xtjp808

Yes. That is correct. My APY is 2.20%.

Dan
Dan

Opened yesterday and approved.. rate is guaranteed til 7/31

Schmekel
Schmekel

Is there still a guarantee for how long the 2.00% APY is good?
Not seeing that on their website.

Dan
Dan

Yes

Schmekel
Schmekel

~~~~~

Schmekel
Schmekel

~~~~

DS
DS

I don’t know if this is new, but they limit inbound transfers to $2,000 per transfer and $5,000 per month. This will make it very difficult to take advantage of the 2% guaranteed through June.

das1996
das1996

Use another bank do the pushes/pulls. Ally and CITbank both have high limits.

I’m still at customer’s bank with their ascent savings, 2.25% apy through the end of Q2-2020. Not sure where I’ll transfer after that.

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