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| 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 |
|
|
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: |
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.
