Best Savings Accounts 2010
At the first of the year the Best Savings Accounts 2010 will be those that are already announced in December by financial institutions that wish to expand this area of their business. Not all banks are taking this area seriously and offer as ridiculous as 0.10% on a savings account are out there.
The best financial intuitions that offer the best rates are online and charge no fees. Make sure any account you open is backed by the FDIC. This is essential since there are over 140 banks this year alone that have failed and been taking over in receivership by the federal government.
The week before Christmas some of the major financial institutions cut the APY rates on their savings accounts. These places are American Express Bank from 1.70% to 1.50%, iGObanking from1.41% to 1.31% and WTDirect from 1.51% to 1.41%. This is enough to disqualify any of these as the best Savings accounts to open.
Redneck online bank still has the best rate at 2.00% but it is a money market account and not a true savings account. Discovery bank has a great rate at 1.75% APY. The minimum deposit is $2500 and they are consistent. They are at the top in CD’s and Savings accounts when it comes to APY paid out to their customers. This can give some customers a level of assurance that they will maintain this rate or close to it for a period of time.
The Colorado Federal Savings Bank has been near the top with their rates for the better part of the year 2009 and should continue into 2010. At present with a minimum deposit of $2500, a saving account holder can expect to receive an interest rate of 1.69% and an APY of 1.70%. This rate was posted on 12/03/09. Their bank rates might change in the New Year, so check back then to confirm.
Other possibilities of Best Savings Accounts 2010 could include Bank of the Internet, Capital One Bank Savings Square, EverBank and Ally Bank which all have an APY over 1.50% at present.
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