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.

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 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.

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.

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.

Account Features:

The savings account and money market account share the following features:

• AARP membership is required
• Initial funding can be done by check or wire transfer
• Wire transfers: free incoming, $20 outgoing
• ACH transfers cost $2 via MoneyHQ service for incoming and outgoing
• MoneyHQ ACH in/out transfers limited to $5K/day and $35K/mo
• ATM card with $4.50/mo in reimbursements
• Only a soft credit pull

Savings Account features:

• $1 minimum opening deposit
• No monthly service charges

Money Market Account features:

• $200 minimum opening deposit
• $10/mo fee if balance falls under $200
• Check writing

Interest Checking Account features:

• $50 minimum initial deposit
• No monthly service fees for balances over $25
• First 25 online bill payments per month are free
• ATM card with $6/mo in reimbursements

• 91 days of interest early withdrawal penalty for terms under 12 months
• 180 days of interest early withdrawal penalty for terms of 12 to 60 months
• Grace period at maturity when you can close without penalty is 10 calendar days
• No hard credit inquiries for opening CDs or savings accounts
• CD funding options: mail a check, wire transfer, or drop off check at a CW financial center

Countrywide has had its share of subprime mortgage problems recently, and it’s slated to be bought out by Bank of America. However, with continually deteriorating credit conditions, it would be wise to keep your deposits less than the FDIC insured amount.

Their savings account features:

• $1 minimum deposit to open account
• No minimums or account fees
• No hard credit inquiry
• Free online ACH transfer system
• 6 withdrawal limits per month
• $100K per day limit on outgoing and incoming ACH transfers
• ACH transfers complete in one business day
• 9 day hold time for initial deposit (ACH or check)
• No hold for wire transfers

You can also sign up for a checking account that features:

• 3.25% APY on balances over $5,000
• Unlimited ATM fee refunds
• Free online bill pay
• Unlimited check writing
• Online check and deposit images

E*Trade has seen some financial problems recently, but as long as you keep your deposits under the FDIC insured limits there should be nothing to worry about. If you already have an account with E*Trade, you can link this new savings account to it. Visit their website for more information.

• No minimum balance fees or online transfer fees
• No hard credit pull when opening your account
• 6 free transfers are available per month
• Allowed an unlimited amount of linked external accounts
• Transfers typically take 3-5 business days
• Interest continues to accrue until the funds actually leave your account
• Interest is compounded daily and will be credited to your savings account monthly
• The daily balance method is used to calculate interest on your account

WTDirect has FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to $100,000 per depositor. Bankrate.com has given WT Direct a review of 4/5, which is a safe and sound rating. For more information, call their customer service hotline at 1-800-WTDIRECT or visit their savings account website here.

This account has no minimum balances, and no extra fees or requirements. Make the smart choice – open a Capital One Direct Banking High Yield Money Market Account. Opening a new account is fairly straightforward and simple. There are four ways to make your initial deposit: check, wire, ACH, and internal transfer from an existing capital one account. This money market account is a great way for you to maintain some liquidity while earning a great rate on your money.