Online Savings Accounts & Current Rates

[Joan.of.the.Arch]

Please, folks, remember to look for local credit unions. I have yet to drop below 2.51% at my credit union. And at a small, local (state chartered) bank I am currently getting 4.01%. Don't just look at the big banks or the famous internet banks.

[SA Saver]

You have to live there to get this right? Its not an online bank?
Is this advertised on bankrate or ratebrain?

4.01 on checking with restrictions?

Originally Posted by Joan.of.the.Arch

Please, folks, remember to look for local credit unions. I have yet to drop below 2.51% at my credit union. And at a small, local (state chartered) bank I am currently getting 4.01%. Don't just look at the big banks or the famous internet banks.

[Joan.of.the.Arch]

They are in the Safe & Sound ratings section of bankrate.com. But I found them by means of their roadside sign advertising the rate. There are requirements: 10-12 debit card uses, internet receipt of the monthly statement, one ACH transaction, a max of $10,000 can earn that rate, but no minimum.

I think I saw someone in their SA blog today say that they were getting 6+%. It can pay to look locally at smaller institutions. Do read the bank rating services. And maybe google the news for the bank or credit union. Two of my banks are offering good rates because they are new to this metro area, having been established in other regions of the state. They just need to attract the new customers. My understanding is that sometimes banks will offer a comparatively phenomenal interest rate when they just need to raise assets very quickly, then the rates get lowered.

[SA Saver]

Originally Posted by Joan.of.the.Arch

They are in the Safe & Sound ratings section of bankrate.com. But I found them by means of their roadside sign advertising the rate. There are requirements: 10-12 debit card uses, internet receipt of the monthly statement, one ACH transaction, a max of $10,000 can earn that rate, but no minimum.

I think I saw someone in their SA blog today say that they were getting 6+%. It can pay to look locally at smaller institutions. Do read the bank rating services. And maybe google the news for the bank or credit union. Two of my banks are offering good rates because they are new to this metro area, having been established in other regions of the state. They just need to attract the new customers. My understanding is that sometimes banks will offer a comparatively phenomenal interest rate when they just need to raise assets very quickly, then the rates get lowered.

Right, there is always a catch to get those rates. Its not that easy.

[aditi]

@ poundwise,

you have provided a list which is excellent for those who really want to choose bank in available options who is better.

Thanks for precious advice

[gogirlanime]

Hello I am new to this would someone please help me?

I am looking to build as much interest on a savings account as I possibly can. What bank offers a high interest rate with a very low (like $300 or less) required beginning deposit amount? I am going to aim to save $3K by January 1st 2013. Also, how does interest work? So lets say I put $1,000 in a savings account on March 1st 2012 and I have an interest rate of 1% the $1,000 has to stay in there till March 1st 2013 to receive $10 on it? How does interest work?

Please and thank you

[thesmartnickel]

Originally Posted by gogirlanime

Hello I am new to this would someone please help me?

I am looking to build as much interest on a savings account as I possibly can. What bank offers a high interest rate with a very low (like $300 or less) required beginning deposit amount? I am going to aim to save $3K by January 1st 2013. Also, how does interest work? So lets say I put $1,000 in a savings account on March 1st 2012 and I have an interest rate of 1% the $1,000 has to stay in there till March 1st 2013 to receive $10 on it? How does interest work?

Please and thank you

Interest is usually paid out monthly and compounded daily meaning you will get interest payments at the end of each month and you should have slightly more than $10 in a years time. After the first month, you should get roughly $10 years interest / 12 months = $0.83. I didn't bother to calculate the daily compounding since it is a small balance you are looking at but you will earn 1% interest on your $0.83 each month as well.

[J.Apple902]

1.25% APY

can that be beaten right now? I am about to set-up my stage 2 emergency fund

anyone know any issue with TIAA? I am going to try and find their rates history for high-yield savings.

Thanks!