Only the Best Savings Accounts Can Give Up to 2.30% Deposit Earnings

Only the Best Savings Accounts Can Give Up to 2.30% Deposit Earnings

Banks that offer a very low APY (Annual Percentage Yield) can be quite frustrating. What will even more dismay you however is the fact that what is considered to be high yielding savings accounts are giving just a mere 2%. But you will learn to appreciate this when you start finding out that there are a huge number of banks that give their avid customers an even lower APY of 1% their savings accounts. Worst of all, there are many cases where the rates are even lower than 1%.

Many banks are giving unimpressive rates of 0.10% to 0.25% on the savings accounts. Chase Bank is in the bottom of the list with their record breaking, all time low APY of 0.01%. They offer this rate not only on their savings account but also on their money market accounts. Banks like this makes one appreciate the rates given by other high-yield savings account offers of some nationally available banks like Tennessee Commerce Bank, Bank of the Internet USA and Ally Bank.

Tennessee Bank tops the list of the most desirable banks with its 2.30% APY for a minimum deposit of only $250. This bank has a single branch in Franklin, Tennessee but accepts out-of-state deposits and even allows depositors to open their accounts online.

Next on the list is the online bank of Bank of Internet USA. It is based in San Diego and offers its savings account depositors a 2.06% APY for a minimum of $100 deposit.

Third best bank in terms of APY is the Ally Bank. It has no minimum deposit but gives a high 2.05% APY. This is the new name of GMAC Bank.

It would be great news for savings account depositors to know that just recently, a high 2.50% APY is now offered to them. This offer comes from the second in our list, Bank of the Internet USA, who has just took over Tennessee Commerce as being the most desirable and the best savings account. Tennessee Commerce remains to offer 2.30% APY. Also a good offer is from Goldwater Bank which is 2.03% annual percentage yield for a minimum of $1,500.

Should you be a new depositor and is still on the look out for the best bank in terms of interest rates, then you may want to consider the abovementioned banks. You may also find the online banks a convenient way of banking, coupled with the best deal now being offered of a 2.50% APY by Bank if Internet USA. Should you be interested, the steps are quite simple and can be accomplished in a matter of minutes. What you should do is furnish your personal details via the online application form and then submit it. You will then be given your own account number as well as the information you will need to access your account. You can now start your personal online banking and enjoy its convenience and simplicity. You may also want to consider other banks and their rates as listed in our highly extensive bank database.

Popularity: 6% [?]

Up to a Very High 2.50% APY Offered by the Best Savings Accounts

Up to a Very High 2.50% APY Offered by the Best Savings Accounts

If you are familiar with the interest rates given by hundreds of online banks and other regular banks, you will know that the money you will put in any of their best savings accounts will be the most lucrative this month. This is because their APYs are one of the most high-yielding, with an annual percentage yield of up to a very high 2.50%. Below are the top three of the best banks with the best

APYs:
• Bank of the Internet USA – it is currently ranking number one due to its offer in its Advantage Savings of 2.50% annual percentage yield (APY) on a minimum deposit of as low as a mere $100.
• Tennessee Commerce Bank – Previously on the top spot, it was now surpassed by the 2.50% APY offer of Bank of the Internet USA. Its offer is still at 2.30% APY for the minimum deposit of $250.
• Goldwater Bank – It is a close third with a 2.03% annual percentage yield for its savings accounts which has a minimum of $1,500 deposit.

To get a better appreciation of these offers and rates, you may want to compare them with the other deals and rates being offered by the hundreds of banks in our long list of bank resources and database.

It is saddening to note, although the rates they are offering are far reaching and found nationwide, that it has to be these small banks which can offer the best rates to depositors all over the country. This is just a sign that many bank today has place not much importance on the savings account depositors. These customers are not very much appreciated at present. In fact, there are a lot of banks today which offer very low rates to depositors. Ironically, most of these are the big banks. Some of them are offering a very low 0.10% to 0.25% APY. Chase Bank is at the bottom of the desirables with a measly 0.01% APY given to its savings account depositors as well as its money market accounts. Hopefully, no other banks will match, or worse, beat the rate offered by Chase.

For additional information, the Bank of Internet USA operates online and is based in San Diego, USA. The 2.50% APY is earned on the Advantage savings account. Your money with them is FDIC insured. Aside from the high APY, the bank also offers to depositors a no minimum balance, no maintenance fee requirement. Moreover, the interest rate of your account compounds daily. As an additional perk, you may have a free ATM card if you make 3 payments of bills to a 3rd party or to yourself in a period of one month.

On the other hand, Tennessee Commerce only has one branch based on Franklin, Tennessee. However, it can accept out of state deposits and even allows the opening of accounts online. It however requires a minimum deposit of $2,500. We include Tennessee Commerce in our best of the best with no negative comments given about it.

Lastly, Goldwater Bank has also just one branch located in Scottsdale, Arizona.

Popularity: 6% [?]

JPMorgan sees Profits from Investment Banks as Defaults Rise

For the first time since 2007, JP Morgan Chase & Company has seen profits rise from investment-banking fees. The second-quarter earnings of JPMorgan increased to $2.7 billion or approximately 28 cents per share – an increase over the $2 billion a year earned before.

This increase in revenue from investment-banking has been a tremendous help considering the startlingly high amount of defaults occurring in consumer loans such as mortgages or credit cards. It is estimated at this time by Chief Executive Officer Jamie Dimon that the credit card business won’t see a profit between this year or 2010, and loss projections have increased for prime and subprime mortgages.

Investment banking has made $1.47 billion in profit which is 4 times the amount of profit earned in last year’s second-quarter. This profit comes from fees in underwriting stocks and bond deals, and fixed-income trading.

“The credit problems, although they have stabilized, we’re still not out of the woods,” said Gerard Cassidy, banking analyst at RBC Capital Markets. “For JPMorgan Chase, the challenge going forward is going to continue to be deterioration of credit.”

Despite this rise in profits, Chief Executive Officer Jamie Dimon predicted even more losses to occur from consumer loans. JPMorgan has already said that its losses in the credit-card department should be around 10 percent next quarter, dependent upon unemployment rates nation-wide. It’s newly acquired Washington Mutual and the cards issues by it may reach 24 percent loss by the end of the year.

For more information on this issue or further statistics, visit: http://www.bloomberg.com/apps/news?pid=20601103&sid=a6e9ZjnyvX38

Popularity: 6% [?]

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