I like to look at the APR instead of the APY. The APR is what I'm going to get daily compounded. The APY is for you having the money in the account for one year.
See how long the float time is. How many days will it take you to have the money transferred to an external account. Some accounts take 3 days. Your money will show a withdrawal date of one particular date i.e. July 7th , but it doesn't reach your account until July 10th. Meanwhile, you have lost 3 days interest. Some people like the ING Direct account because of the availability of the money going into your bank at a faster rate.
I would also look to see if they have POD )Pay-on-death) add-ons that will pay your designated people in case something happened to you. I just recently switched from one bank because they didn't have that option.
Also, check out how many withdrawals you can have in a given time and how often your interest will be paid.
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