Savings Accounts & Money Market Accounts

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Best Rates on Savings and Money Market Accounts* - Updated July 2, 2008
Bank
APY**
Minimum Balance Required
Check Writing
Notes Your Questions and Thoughts
EverBank Money Market Account
4.76%
$1,500
Yes
The rate is guaranteed for 3 months for new depositors. The rate thereafter is 3.51%. Post/read reviews of this bank
SmartyPig
3.90%
$25
No
New social networking site for savings. Money stored at West Bank, an FDIC insured bank. Post/read reviews of this bank


Click or call:
(877) 562-6957

"Premium Money Market"
3.85%
$1,000
Yes
  Post/read reviews of this bank
CountryWide Bank "SavingsLink Account"
3.65%
$10,000
No
Rate applies only to accounts opened by internet. Post/read reviews of this bank
Corus Bank
3.62%
$10,000
No
$100 is the minimum deposit but a $10,000 deposit is required to avoid fees. Post/read reviews of this bank
One United Bank
3.60%
$10
No
  Post/read reviews of this bank
Zions Bank Deseret Money Market Account
3.53%
$2,000
No
  Post/read reviews of this bank
HSBC Direct
3.50%
$1
No
  Post/read reviews of this bank
Flagstar Bank Express Money Market
3.50%
$1
Yes
Rate applies only to accounts opened by internet. Post/read reviews of this bank
Provident Bank of Maryland High Yield Online Savings Account
3.50%
$1
No
Rate applies only to accounts opened by internet. Post/read reviews of this bank
FNBO Direct
3.50%
$1
No
  Post/read reviews of this bank
ING DIRECT Electric Orange Checking
3.40%
$100,000
Yes
Rate is 3.20% on balances between $50,000 and $100,000, and 1.75% on balances under $50,000. Post/read reviews of this bank
UmbrellaBank Pot O' Gold Money Market
3.40%
$1,000
Yes
  Post/read reviews of this bank
Nationwide Bank
3.35%
$1,000
Yes
  Post/read reviews of this bank
E*Trade Complete Savings
3.30%
$1
No
  Post/read reviews of this bank
Washington Mutual
3.30%
$1
Yes
  Post/read reviews of this bank
IGoBanking.com
3.28%
$1
No
  Post/read reviews of this bank
3.26%
$10,000
No
  Post/read reviews of this bank

Click or call:
(800) 347-7000

3.14%
$2,500
Yes
FDIC insured offering competitive rates and convenient access. Post/read reviews of this bank
Emigrant Direct
2.75%
$1
No
  Post/read reviews of this bank

* This chart includes banks that have savings accounts that can be opened and monitored online as well as savings accounts that are managed through mail correspondence. It does not include certain regional or local banks that have offerings that are not available nationally.

** For a complete definition of Annual Percentage Yield (APY), please see the Financial Terminology section.

If you have had a good or bad experience with one of these banks, please let others know through the Bestcashcow Message Boards.

What to Look for in a Savings Account:
FDIC Insurance - In order to secure the viability of the US banking system, the Federal government provides insurance in each qualified bank account for each qualified institutions. Insurance is generally provided to a maximum amount of $100,000 (or $200,000 for joint account holders). While all deposits (CDs, Checking, Savings) held in the same type of ownership are added together and insured to $100,000, funds held in different types of ownership (Individual, Joint, Trust, Retirement) may fall under separate FDIC insurance provisions. Please visit the FDIC's website to determine if your financial institution is insured and use its "ask Edie" program to determine your coverage limits. We recommend that you deposit savings in only FDIC insured institutions and that you do not exceed FDIC coverage limits. Additionally, some large financial institutions claim that deposits over $100,000 are FDIC insured because the financial institution divides your deposits between several separately chartered financial institutions; however, these claims have not been tested in the event of a bank failure.

Liquidity - The ease of moving money in and out of a savings account on short notice.

Money Movement - The ability to easily and freely transfer money to checking accounts and/or savings accounts at other banks.

Avoiding pitfalls when opening a Savings Account:

Stability of Rates - There is virtually no guarantee that a rate will not fall after you open a savings account. While some banks are raising savings rates to become more competitive, you will occasionally notice a decline in the savings rate that a bank is giving (even in a rising interest rate environment), often entirely without notice. Some of the banks listed above had made pledges that they will try to maintain the rates listed. However, if you require greater certainty that your rate will last for a given period of time and believe that short term interest rates are not likely to increase soon, you may be better off investing in short term certificates of deposit.

Introductory rates - Some banks, particularly online banks, will lure you to open a savings account with them for a promotional rate which is only good for first time account holders for a certain period.

Graduated rates - Savings accounts provide higher returns when you fund them with significant amounts of assets only to lower the interest rates if you were to lower you account level.

High transaction fees for transferring money to other accounts and/or for penalties for transferring more than certain amounts within a given time.

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