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Submit a Rate - If you know of a savings account or a money market account that belongs on this list, let us know.
| Bank/Savings Account | APY** |
Minimum Balance Required |
Check Writing | Notes | Your Questions and Thoughts |
|
|
4.00% |
$1 |
No |
Rate is guaranteed on all new money for the next six months. | Post/read reviews of this bank |
Washington Mutual
| 4.00% | $1 |
Yes | The site still lists their old rate in some places. As of 9/23/08, the savings rate is 4%. | Post/read reviews of this bank |
Amtrust Direct e-Savings
|
4.00% | $500 |
No | Only good for new money and only to a maximum of $100,000. | 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 |
| Corus Bank
|
3.85% | $10,000 |
No | $100 is the minimum deposit but a $10,000 deposit is required to avoid fees. | Post/read reviews of this bank |
|
|
3.82% | $1,500 |
Yes | This is 1-year APY rate up to $50,000 that includes at 3-month bonus rate of 4.65%. | Post/read reviews of this bank |
| Provident Direct High Yield Online Savings Account
|
3.75% | $1 |
No | Rate applies only to accounts opened by internet. | Post/read reviews of this bank |
| Dollar Savings Direct
|
3.75% | $1 |
No | Owned by Emigrant, and therefore deposits between accounts at this bank and Emigrant fall under a single FDIC insurance policy. | Post/read reviews of this bank |
| Capital One Costco
|
3.75% | $10,000 |
No | Capital One offers a 3.50% rate to non-Costco customers. | Post/read reviews of this bank |
OneUnited Bank
|
3.75% |
$10 |
No |
Post/read reviews of this bank | |
| ELoan Savings Plus
|
3.75% | $50,000 |
No | ELoan offers 3.85% on deposits over $100,000; 3.51% on deposits over $25,000. | Post/read reviews of this bank |
| VirtualBank eMoney Market
|
3.72% | $50,000 |
No | VirtualBank is a subsidiary of Lydian Trust Company. | Post/read reviews of this bank |
|
Run by the FDIC. | 3.70% |
$50,000 | No | IndyMac offers 3.65% for a $25,000 minimum, 3.30% for a $10,000 minimum and 3.10% for a $1,000 minimum. | Post/read reviews of this bank |
| Flagstar Bank Express Money Market
|
3.65% | $1 |
Yes | Rate applies only to accounts opened by internet. | Post/read reviews of this bank |
| Zions Bank Deseret Money Market Account
|
3.56% | $1,000 |
No | Post/read reviews of this bank | |
| GMAC Bank
|
3.55% | $500 |
No | Post/read reviews of this bank | |
Nationwide Bank
|
3.52% | $1,000 |
Yes | Post/read reviews of this bank | |
Citibank Ultimate Savings Account
|
3.50% | $1 |
Yes | Post/read reviews of this bank | |
|
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. ING Direct's Orange Savings account offers 3% with a $1 minimum. | Post/read reviews of this bank |
| UmbrellaBank Pot O' Gold Money Market
|
3.40% | $1,000 |
Yes | Division of New South Federal Savings Bank. | Post/read reviews of this bank |
| CountryWide Bank "SavingsLink Account"
|
3.40% | $10,000 |
No | Rate applies only to accounts opened by internet. Bank is a subsidiary of Bank of America. Seperate FDIC insurance coverage. | Post/read reviews of this bank |
 |
3.31% | $10,000 |
No | Post/read reviews of this bank | |
| 3.30% | $1 |
No | Post/read reviews of this bank | |
| IGoBanking.com
|
3.28% | $1 |
No | iGObanking.com is a division of Flushing Savings Bank, FSB. | Post/read reviews of this bank |
HSBC Direct
|
3.25% | $1 |
No | Post/read reviews of this bank | |
| Amboy Direct
|
3.25% | $3,000 |
No | Post/read reviews of this bank | |
|
Click
or call:
|
3.14% | $2,500 |
Yes | FDIC insured offering competitive rates and convenient access. Discover pays 3.19% on balances over $25,000 and 3.25% on balances over $50,000. | Post/read reviews of this bank |
Bauer Soundness Ratings. BauerFinancial periodically assesses the health
of the nation's banks and credit unions using data reported to the government,
its annual reports, and more. An explanation of their star system can be
read here.
* 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 Forum.
What to Look for in a Savings Account or Money Market
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 or Money Market 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.
Read more about what to look for to find the best online savings account.
