First Priority Bank Offering 1.5% APY Savings Account Guaranteed Through September

First Priority Bank Offering 1.5% APY Savings Account Guaranteed Through September

Rate information contained on this page may have changed. Please find latest savings rates.

First Priority Bank if offering a 1.50% APY savings account rate that is guaranteed through September 30, 2011.

First Priority Bank if offering a 1.50% APY electronic savings account rate that is guaranteed through September 30, 2011. That's one of the best savings account rates according to the BestCashCow rate tables. The downside? Only residents of NY, NJ, and PA are eligible to recieve the rate according to the CSR I spoke with. In addition, First Priority is dedicated to concierge service.  That usually means they service higher net worth individuals like a private bank. It's unusual to have such a competitive rate that is also guaranteed for a period of time. After September 30, First Priority can adjust the rate downward.

To get this rate, the account must be opened online and you must also opt-in to receive e-statements. According to the CSR, the account can be funded via an ACH. The minimum balance for this rate is $7,500. You'll earn .50% APY for balances from $50 - $7,499.

The bank holds $280 million in assets and operates five branches in Eastern PA, new the New Jersey border. It's Texas Ratio of 24.7% (see what Texas Ratio means) is slightly higher than the national average and it has a Return on Equity of -3.81 % versus the national average of 7.75%. The bank is FDIC insured.

 

Image: Image courtesy of kibsri at FreeDigitalPhotos.net

Banks Paying Above Average Savings Account Rates

Banks Paying Above Average Savings Account Rates

Rate information contained on this page may have changed. Please find latest savings rates.

We all know that savings account rates have been on a path to nowhere over the last three years since the start of the global financial crisis. Back in 2007, savings rates were as high as 6% but now the average is closer to .50% APY. But with a little bit of research, you can still find savings accounts at 1% APY and above - some even higher than 1.50% APY.

Savings PiggybankWe all know that savings account rates have been on a path to nowhere over the last three years since the start of the global financial crisis. Back in 2007, savings rates were as high as 6% but now the average is closer to .50% APY. But with a little bit of research, you can still find savings accounts at 1% APY and above - some even higher than 1.50% APY. While that doesn't sound like much, it's still a full percentage higher than the national average. So, looking at our rate database, here are a few ideas:

National Online Banks

  • CNB Bank Direct - CNB pays 1.15% APY on an online savings account, the highest rate in the country according to the BestCashCow rate tables. It requires $1 to open and and start earning interest. The online bank is a division of The Citizens National Bank of Bluffton.
  • American Express Savings - Personal Savings from American Express is offering a 1.00% APY online savings account. The bank has consistently received positive reviews from users and generally keeps its rate in the top 10. It's easy to open an account and there are no minimum balance requirements.
  • Aurora Bank - Aurora bank pays 1.06% APY but it requires a minimum balance of $100,000.

Local Banks and Credit Unions

You can also find some above 1% savings account rates by taking a trip to your local bank. Here are some of the offers we found:

While I realize most of you do not live near these banks or aren't eligible to join the Aflac credit union, almost every state and zip code in the country has a bank that is paying significantly above the national average. Click the "Savings" tab above to view savings account rates in your local area.

There no reason to stick with a low rate when FDIC insured banks are offering to pay more. Help yourself and your pocketbook by looking to get more for your savings.


American Express: Not Just for Credit Cards Anymore

American Express: Not Just for Credit Cards Anymore

Rate information contained on this page may have changed. Please find latest savings rates.

The credit card giant now offers a 1.00% online savings account, with no fees and no minimum deposit. They also offer no-minimum deposit CDs.

When you say the name American Express, most people think of a credit card. That’s not surprising, considering there’s over $620 billion worth of purchases made on American Express cards each year, according to their website. Now, they’re also offering a High-Yield Savings account and CDs at very competitive rates.

The American Express High-Yield Savings account boasts a 1.00% APY, with absolutely no fees and no minimum balance requirements. The nice thing about this account is that you can easily link it up to three of your accounts from external banks, so there's no need to switch banks. If this 1.15% APY beats the savings APY at your regular bank, you can simply transfer money back and forth between this American Express savings account and your other bank accounts.

If you’re looking for something longer-term with a higher APY, American Express is offering a 3-year CD at 1.45%, a 4-year CD at 1.60%, and a 5-year CD at 2.15%. Before you open one of these CDs, you should be sure that you can invest it for the full-term of the CD. If you open an American Express CD with a term of more than 12 months, you can be charged a penalty of up to 6 months interest if you withdraw your principal or close the CD. However, since there is no minimum balance requirement to open one of these CDS, so you can invest as little or as much as you feel comfortable with.

These rates are some of the most competitive on the market today. While it's possible to find a slightly higher APY, the brand-recognition of America Express, the no minimum deposit, and the no maintenance fees make these accounts enticing. Just be sure to read all of the terms and conditions before opening the account, like you would for any financial product.