Update 5/14/24: There is a new money market account that offers 6.04% APY.
The Offer
- First Service Bank offers a savings account with 2.19% APY when you carry a minimum $20,000 balance.
Account appears to be available to be opened online at the link above, but only to residents of Arkansas.
The Fine Print
- Annual Percentage Yield (APY) accurate as of 10/10/18.
- Minimum to open account is $5.
- Rate is as follows: 2.19% APY applies as long as balance is above $20,000.00.on each qualification cycle. 1.01% APY applies to all balances through $20,000.00.
- An excess withdrawal/debit item service charge fee of $1.00 will be charged for each debit transaction in excess of 6 per cycle.
- If the account is closed before the end of the cycle, interest accrued will be paid.
Our Verdict
2.19% tops the best nationally available savings rates at the time of this writing. We don’t know how long this rate will last, but it looks like it’s been this way since 2018 so it could make sense for someone who lives in Arkansas.
Hat tip to reader David
Rate is down to 5.04% anyway. Still decent but there’s others in the same range without a cap
Anyone try opening an account from OOS now? Someone said in the comments they would reopen to OOS in 6 weeks?
This bank have very questionable customer service. I’m still waiting on my adverse action notice that I was told will be emailed to me. And from what I can tell, they like to ignore and ghost people. Not good.
I’ve tried to link three different banks to this one, yet the trial deposits never show up here. They also haven’t responded to emails. Lame.
Spoke with CSR, confirmed they are shutting down out of state accounts. Overwhelmed by applications.
They are working on getting proper verification tools in place for online sign up and are aiming to be ready to re-open out of state applications in 6 weeks.
Good luck 🍀
After opening and funding my account successfully from out of state with $20k, I received an email from the VP of Retail Operations saying that my newly opened account was under a compliance review and that I had to provide a statement that proved the source of my funds. I mentioned that a statement will not be generated until the end of the month and asked if it was okay to wait. After 2 days with no response, I followed up with a letter signed by my bank showing the authorized transfer. Again, I waited for 2 more days and they finally sent me an email stating that:
“As a result of our regular review of all accounts, we have made a business decision to close your account.
You will be receiving a closure letter and cashiers check to the address provided by you in the next 5 to 7 business days.”
Unfortunately, it seems like the bank was overwhelmed with demand in the last few weeks and they just decided to reverse course in accepting OOS applicants. I tried calling the VP but I was told he wasn’t available and left a voicemail. I don’t have any hopes as my account has already been closed, but does anyone have any ideas for recourse on a situation like this? Or a way to complain?
Again, too bad that the bank had to take this action but it’s really not a great experience to have gone through all the process and have a legitimately opened account just to have it closed and my funds be transferred via a cashier’s check.
OOS datapoint:
Called end of last week to open Savings, send in docs via email while being on the phone with CSR. Was told at end of the call that I would receive DocuSign later that day.
Never happened and instead I got ghosted to my follow up email/calls for several days, until some ‘assistant to the branch manager’ picked up my call (instead of the person I requested to be forwarded to who had taken my application) and rudely told me I couldn’t open any kind of account and also not speak to anyone else.
So yeah, wasted effort 🙁
You got further than I did. My CSR had me email docs, then she responded a few day later that the docs could not be accepted in a rude tone. Asked her why they could not be accepted since they were exactly what she asked for, and then she ghosted me.
curious, which CS rep did you deal with. it seemed like every time I called their main number I got a different one
According to the chat, they no longer allow out-of-state or phone applications.
AR resident. They don’t want me. This is why I don’t like messing with small banks.
is anyone aware of a recent change they claim that they are not taking out of state? is that true or is that just bs