Only the Best Savings Accounts Can Give Up to 2.30% Deposit Earnings
August 25, 2009 by Banker
Filed under Account Interests, Featured Articles, Online Bank Rates
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.
Only the Best Savings Accounts Can Give Up to 2.30% Deposit Earnings
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.
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