Online Savings Account Rates
The online savings account rates are where the best rates on this type of deposit account are being found. By financial institutions having a lower overhead with their online banking, the savings is being passed on to their customers.
These savings bank rates are introductory offers for some and perment for others. Know the exact terms of the rate before investing.
The best savings rate overall being offered in America is from Choice Financial Group. Their current rate of 20.6% is only good for the first 30 days the account is open. Then, the interest rate automatically reverts to the standard rate. This set of rates is tiered. For $5,000 to $24,999, the rate will be 1.26% APY. For $25,000 to $99,999, the rate will be 1.41% APY. For deposits above $100,000, the rate will be 1.51% APY. These rates were posted on April 21, 2010 and were still current as of October 7, 2010.
For a perfect example of how an online bank can give better rates is the SmartPig online bank. They presently are offering a 1.75% APY for their savings rate that is not an introductory offer but is their standard rate. This rate is for all balances between $0.00 and $50,000.
With a majority of brick and mortar banks only offering their customers between 0.10% and 0.50% APY on their savings, the online bank and the offers found online is the best way to locate the best savings rates.
There is a new hybrid type of account just starting out. The rates are still relatively low but it combines savings and CDs. The limit is one withdrawal a quarter and, like at Peoples National Bank, the rate is at 1.15% APY. At this time, this is only available to residents in the NYC area.
With online savings account rates, the American consumer has a better chance of earning more from their deposit than with the traditional banks. Just make sure you understand the rules and terms.
For additional resources involving financial help, please view Thomaston Savings Bank and Middlesex Savings on this website.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.
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Kaiser Federal Bank Online | Online Banks on
Tue, 12th Oct 2010 4:20 am
[...] additional resources involving financial help, please view Online Savings Account Rates and Webster Bank Online on this [...]
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