[Expired] Unitedbank 2.08% APY Money Market Account Review [CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, WA]

UntiedBank is now People’s United Bank

Update 10/30/18: Rate increased to 2.30%. New link.

Update 08/20: Rate increased to 2.08%.

Update 05/10: Rate increased to 1.95% APY. I’m reposting because you actually need to call in to be able to get this rate if you’re an existing customer. Hat tip to reader Mikey. I wouldn’t recommend this account if you don’t already have it as there are better options out there and the rate is very volatile (as seen below). Although you usually keep the rate you signed up for unless you call in.

Update 04/29: Rate decrease to 1.35% APY

Update: 04/24/18: Rate decrease to 1.65% APY

Update 02/24/18: Rate increase to 1.7% APY

Update 01/23/18: Rate increased to 1.61% APY.

Update: Rate increased to 1.35% (from 1.25) on 10/20/17

Update: Rate decreased to 1.25% APY (from 1.35%) on 02/01/2017.

Note: This rate is not guaranteed at all and according to the comments they have a history of lowering rates quickly.

Offer at a glance

  • Interest Rate: 1.95% on balances up to $500,000, balances over $500,000 earn 0.05%
  • Minimum Balance: $500 to open, $1 thereafter
  • Maximum Balance: $500,000 for 1.3% rate
  • Availability: Must live in one of the following states: CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, WA [Maybe: CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, WA?]
  • Hard/soft pull: Unknown 
  • Credit card funding: Up To $500
  • Monthly fees: $15, waivable
  • Insured: FDIC

The Offer

Direct link to offer

  • Earn a 1.95% APY on balances of up to $500,000 on UnitedBank’s Advantage Money Market account.

 

Avoiding Fees

This account has a monthly service fee of $15, this is waived if you have a daily minimum balance of $2,500 or more. They also charge a $2 fee if you use an out of network ATM.

Our Verdict

I don’t like the fact that there is big $15 monthly fee if you don’t maintain that daily minimum balance of $2,500. That being said, this is one of the highest basic savings account (no requirements for APY) currently available. Interested to know how much can be funded with a credit card and also if it’s a soft/hard pull. Let us know those datapoints in the comments below.

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68 Comments
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veeRob
veeRob (@guest_864430)
January 3, 2020 03:53

 William Charles This looks dead. The link says “Page Not Found” and the entire site redirects to People’s United Bank. #confused

Mikey
Mikey (@guest_833938)
November 1, 2019 14:33

My online account shows a drop from 2.18% to current 1.93% as of 11/1/19.

Martin
Martin (@guest_805754)
September 3, 2019 12:35

Is the Advantage Money Market still available online? I didn’t see it in the “Open an Account” page.

Ron
Ron (@guest_806300)
September 4, 2019 21:00

Yeah same here. Where is it? Its advertised on the linked page but when you click Open and it shows the various account types available “Advantange Money Market is not to be found”

Mikey
Mikey (@guest_631422)
August 20, 2018 16:14

Now 2.08% as of 8/20/18.

Norm
Norm (@guest_593869)
May 12, 2018 16:43

I called in this week to change my rate. It displayed as 1.93% two days later. Less than a year ago it was 1.35%, so that’s a healthy raise of over 40%.

sheri
sheri (@guest_594895)
May 15, 2018 13:06

I have called them twice after seeing a rate change on here. Both times they increased my rate. Thanks DOC!

Ram
Ram (@guest_593256)
May 11, 2018 09:59

Does anyone know whether we can fund using an amex card?

Sam
Sam (@guest_593547)
May 11, 2018 16:01

I also need to know this.

Ed
Ed (@guest_593111)
May 10, 2018 23:17

William Charles nailed it when he basically said that this an account you need to keep your eyes on in terms of the rate. I did call in today and was told it would take up to a week to have my rate raised from 1.69% to the new 1.95%. I will definitely report back if that change doesn’t occur.

Harry Nguyen
Harry Nguyen (@guest_593127)
May 10, 2018 23:46
  Ed

Is this the UnitedBank from Chase?

Mikey
Mikey (@guest_592864)
May 10, 2018 15:20

This has been my 2+ years experience with United Bank: once you open your account the rate stays fixed. It doesn’t decrease after 180 days. But it also doesn’t go up EVEN IF THEY ADVERTISE A HIGHER RATE SHOWN FOR THIS ACCOUNT ON THEIR WEB PAGE. If the rate goes up, you can try calling to get it adjusted. But my choice has been to close and reopen since there have been scattered reports of customer service not following through with requests.

Joe
Joe (@guest_587721)
April 29, 2018 04:49

Sorry – forget to mention I was referring to United Bank