Introducing: Deal of the Day
Posted on 25. Jan, 2006 by Jason Guthrie in Saving & Investing
While browsing every day I inevitably come across at least one great deal each day. And since this blog is dedicated to helping you make, and save, your money – I thought that sharing with you my “Deal of the Day” would help that cause.
Today’s Deal of the Day: Super-Duper Savings Accounts
Why is everyone looking for CDs and Money-Market Funds? Because interest rates have been so low that keeping money in the bank has been a joke. Well, if you’re looking for a decent yield on a savings account take a look at Internet banks.
Several banks are offering annual percentage yields (APYs) of 4% or more – which is significantly better than most traditional banks who are offering around 1% according to Bankrate.com. The average one-year CDs which are much less flexible than savings accounts, are earning around 4.2%.
The following is a list of Internet Banks and their appropriate interest rates. The accounts are easy to set up and easy to transfer money to and from your normal checking account.
Bank | APR | Minimum Deposit | Other Details |
---|---|---|---|
HSBCdirect.com | 4.25% | $1 | No fees or service charges.
You can opt to get an HSBC ATM card linked to your account. |
First Fed Direct | 4.25% | $1 | No fees or service charges. |
Emigrant Direct | 4.00% | $1 | No fees or service charges. |
ING Direct | 3.80% | $1 | No fees or service charges.
You’ll get $10 for each friend you refer who opens an account with an initial deposit of $250 or more. |
* Rankings provided by Bankrate.com’s Money Market/Savings Account 100 Highest Yields
Trackbacks/Pingbacks
[…] I wrote about Super Duper Savings Accounts a few weeks ago and included ING Direct’s savings account on the list – but they have improved their savings account even more. Through April 15th, new deposits will benefit from a 4.75% interest rate. If you have been thinking about investing in an internet savings account (which I highly recommend) then now’s the time to do it. Check out the details here. Bookmark on del.icio.us […]