Introducing: Deal of the Day

Posted on 25. Jan, 2006 by 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

  1. BeancounterBlog.com » Deal of the Day: ING Direct 4.75% Savings Account - February 18, 2006

    […] 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 […]

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