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Salem Five Direct offers 5% interest with no minimum balance, and as high as 6.1% on a balance over $100,000. They also offer free bill pay, and reimbursement of fees charged by other banks for using their ATM up to $15/bill cycle. I'm surprised I didn't see Salem Five mentioned anywhere here, is there a reason for that?

 

Submitted: Jul 9, 2007    Views: 571    Comments: 3    Likes: 12   


View Article: http://www.salemfivedirect.com/eOne/high_interest_checking/?refr=sa...


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Comments Received:

Thomas Bivens

That't not a bad rate. But it still seems to be below the market leaders listed on the rate chart. In order to get the highest rate I'd have to deposit over 100,000 which is the FDIC limit. FNBO is offering 6% with a $1 minimum deposit. Still, it might be worth taking a look.

I do like the free bill pay and reimbursement. For someone who isn't just parking their money, it might be the way to go.

Posted: Jul 9, 2007

alexWoj
alexWoj

The 6.1% rate looks to me like a promotional rate that may last for as much as 2 months but isn't even necessarily guaranteed.

Posted: Jul 9, 2007

Thomas Bivens

Are any of the rates that these banks offer guaranteed. It looks Everbank offers a three month guarantee and FNBO guarantees until Sept, but that's it. So what exactly is the difference between a regular rate that can change any time and a promo rate?

Posted: Jul 9, 2007



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