Salem Five Direct Savings

Salem Five Direct is offering an eOne saving accounts that can help you earn higher rates on deposits.

The savings account offers:

  • 1 percent annual percentage yield (APY) for balances up to $1 million
  • Balances over $1million may be transferred to a standard statement savings account
  • $100 minimum to open
  • Can be used as overdraft protection for checking account
  • Customers who do not currently have a savings account or checking account can apply online and current eOne checking account customers are eligible to open an eOne savings account. However accounts must be opened with funds that are not currently on deposit with Salem Five Direct.

For checking accounts Salem Five Direct will reimburse up to $15 in ATM fees per statement cycle. Also, non-PIN based purchases are eligible for Cash Back Debit Rewards. The interest rate on the checking account is 0.55 percent APY for balances up to $1 million. The bank reserves the right to transfer balances over $1 million to an eOne funding account, which has a 0.25 percent APY.

This savings account rate is accurate as of 6/10/2011.

Flagstar Direct Free Interest Checking Account

Flagstar Direct continues to offer a nice promotion on its free interest Checking Account. First, it’s offering an intro rate of 1.50% APY for the first 4 months. Second, it’s offering an additional $100 bonus for establishing direct deposit within the first four months. Only one promotional account is allowed per household. This promo is listed at Flagstar Direct’s Express Checking Account page.

The Express Checking Account features::

  • No monthly maintenance fees
  • $1 minimum opening deposit
  • Free checks
  • Fee-free access to ATMs in the Allpoint and Presto! networks in all 50 states

The standard interest rate isn’t the best, but it’s competitive for regular checking accounts (non-reward). As of 12/21/2010, the rate is 0.85% APY on all balances.

Flagstar Direct used to offer some good deals on its CDs, but its CD rates are now under 1.00%.

Its Express Money Market account has a yield of 1.06% APY (1.20% APY for $100K+) as of 12/21/2010. Like the checking account, the money market account is free with no minimum balance requirement and checks are free. A reader mentioned that they have an ACH bank-to-bank transfer service via Cashedge. It allows up to 5 links to external banks, and transfers take 3 business days.

Nationwide Bank Money Market

Nationwide Bank has money market accounts with a rate of 1.8% annual percentage yield (APY). Money market accounts at the bank require a minimum opening deposit of $1,000. Other features of money markets at Nationwide  Bank include:

  • No monthly maintenance fee with $1,000 minimum daily balance
  • Free money transfers between Nationwide Bank and other banks
  • Free accees to over 37,000 Allpoint ATMs and 400,000 Visa/PLUS ATMs around the U.S.
  • Two free ATM transactions a month at non-Nationwide banks
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

Money markets include free online banking, as well as online statements. However, transactions can also be completed by phone, at ATMs, and by mail. You are allowed up to six pre-authorized withdrawals during each monthly statement cycle.

Up to 6 pre-authorized withdrawals per monthly statement cycle allowed including telephone or electronic transfers, check or point-of-sale transactions. This limit does not apply to the number of withdrawals you can make at an ATM, by mail or at a Nationwide branch.

You also can request that money markets can be linked to checking accounts for overdraft protection. A fee will be assessed to the checking account on any day that overdraft protection is used.

GiantBank.com Money Market Rate

Giant Bank is currently offering 1.66% APY on their money market account. This is one of the top money market rates available.

Here are some of the details on this account:

  • Minimum balance required to obtain the specified APY rate is $1,000
  • Free standard checks are available
  • Interest is compounded daily
  • No monthly service fees
  • Direct deposit, telephone banking, and wire transfers are available
  • Maximum of 6 transfers per calendar month

GiantBank.com is FDIC insured.

Top Savings & Money Market Accounts

Here are the top 25 best savings and money market accounts currently available.

  1. Heartland Bank Direct Savings Account: 2.30% APY
  2. Nexity Bank Money Market Account: 2.26% APY
  3. GMAC Bank Savings Account: 2.25% APY
  4. Umbrella Bank Money Market Account: 2.25% APY
  5. Corus Bank Money Market Account: 2.20% APY
  6. Flagstar Bank Money Market Account: 2.20% APY
  7. iGO Banking Savings Account: 2.12% APY
  8. AIG Bank Money Market Account: 2.11% APY
  9. Bank of Internet USA Savings Account: 2.06% APY
  10. State Farm Bank Money Market Account: 2.05% APY
  11. Goldwater Bank Savings Account: 2.03% APY
  12. Zions Bank Money Market Account: 2.02% APY
  13. Virtual Bank Money Market Account: 2.02% APY
  14. Capital One Direct Banking Money Market Account: 2.01% APY
  15. Umbrella Bank Savings Account: 2.00% APY
  16. Ultima Bank Minnesota Savings Account: 2.00% APY
  17. Dollar Savings Direct Savings Account: 2.00% APY
  18. Beverly National Bank Savings Account: 2.00% APY
  19. Discover Bank Money Market Account: 2.00% APY
  20. Amegy Bank of Texas Money Market Account: 2.00% APY
  21. Excel National Bank Money Market Account: 2.00% APY
  22. NOVA Bank Money Market Account: 2.00% APY
  23. FNBO Direct Savings Account: 1.90% APY
  24. California First National Bank Money Market Account: 1.90% APY
  25. Intervest National Bank Money Market Account: 1.90% APY

WaMu Bumps Up Savings Rate

Washington Mutual (WAMU) recently raised the rate on their online savings account to 4.00%, which is one of the highest savings rates currently available.

WaMu

Here are some of the details on this great deal:

  • No minimums or fees
  • Only a $1 deposit required
  • ATM cards are available
  • Free checks for life
  • Cash back on debit card purchases
  • No hard credit pulls

It’s true that WaMu has had some problems recently–this is part of the reason they are offering such great rates. However, WaMu is FDIC insured for the standard $100,000, and if you keep your deposits below 100k you shouldn’t have anything to worry about. I recently opened this account a 3.75% and was pleasantly surprised when they announced an increase to 4.00%.

By opening a savings account instead of a CD, you keep your assets liquid and have them ready if and when you need to make a withdrawal.

Imperial Capital Bank Internet CDs

Imperial Capital Bank increased the yields on its internet CDs. The short-term CDs have the most competitive rates: 4.10% APY for a 6-month term and 4.15% APY for a 9-month term. The 12-month CD has a decent yield of 4.25% APY. The minimum deposit is $2,000.

Accounts can be opened online or by mail. According to the online application, you can fund accounts by mailing a check, wire transfer or a transfer from another ICB account. The wire transfer fees are $12 for incoming and $25 for outgoing.

There’s also has been a slight bump to the top yield of the iMoney Market Checking. The top yield increased from 3.65% to 3.75% APY. This requires a minimum balance of $100K. The yield for the lowest tier remains at 3.00% APY for balances between $2.5K and $25K.

Like many of the banks in California, Imperial Capital has been hurt by the mortgage crisis. The San Diego’s Union Tribune reported last week that “Imperial Capital Bank has entered into a written agreement with federal and state banking regulators to fix several potential trouble spots found in a recent examination, including reducing its exposure to some types of loans.” Imperial Capital has been FDIC insured since 1985.

Discover Bank CD Rates

Discover Bank has some high CD rates on their long term CDs, with a 4.57% APY 4 year CD and a 4.81% 5 year CD. Minimum balance on CDs is $2,500. Short term CDs have lower yields.

Discover Bank also has a money market account with a fairly competitive yield, at 3.04% APY.  Deposits over $50,000 yield 3.14%.

Banking with discover could be useful if you already have other accounts with them.

HSBC Direct Online Savings

HSBC Direct recently raised the rate on their online savings account to 3.50%, which is higher than both E*Trade (3.15%) and Wamu (3.30%). This new rate applies to both new and returning customers.

HSBC Direct

Here are some of the details:

  • No minimums or fees
  • Only a $1 deposit required
  • The rate is guaranteed through 8/15/2008
  • ATM cards are available
  • Unlimited links to external accounts
  • No hard credit pulls

HSBC is one of the world’s largest and most reputable banks, so losing your money is probably a non-issue. Of course, it’s FDIC insured for the standard $100,000.

Bank of America’s Keep the Change Savings

Bank of America’s Keep the Change Promotion has been around since 2005, but is worth taking another look at especially after Bank of America has announced that over 8 million customers are enrolled in the program. The promotion allows customer enrolled to have every purchase made with a Bank of America Check Card to be rounded up with the difference transferred to a Bank of America savings account.

While a forced program of savings is always a good idea, the best part of the promotion is that Bank of America will match 100% of the contributions to the savings account for the first three months and continue matching 5% a year thereafter up to a maximum total match of $250 per year. Let’s take a look at how a typical consumers with a check card might benefit:

Bank of America Keep the Change Math

Average Check Card Transactions per Month = 20

Average Automatic Rounded-Off Savings Amount = $0.50

Total Amount Transferred to Savings in a Year = $120.00

Bank of America’s Match for the First Three Months = $30

Bank of America’s Match for the Last Nine Months = $4.50

Total Bank of America Match = $34.50

Effective Savings Rate = 28.8%

The effective savings rate does not take into account the token rate of interest paid on the savings account. In addition, because Bank of America will match up to $250 the effective savings rate could be much higher than the example where only $120 was transferred to the savings account over the course of the year. Another footnote to the Bank of America deal is that the bank will allow up to five checking account per household to participate, which would mean that the total match could be up to $1,250 for a household with multiple check cards used actively.