Amegy Bank recently launched a new online savings account. has started a new online savings account called the Personal Internet Money Market Account. It currently pays 5.20% APY on balances from $1k to $100k. Balances over $100,000 will earn a yield of 5.30% APY.

The two main downsides to this account are the $1k minimum balance to avoid a $12/month service charge and the lack of an ACH electronic funds transfer system. If the rate can remain competitive, it’ll be something to keep an eye on. Here is a few of this savings account’s features:

• 5.20% APY $1k to $100k as of 10/14/07
• 5.30% APY $100k+ as of 10/14/07
• $1k minimum opening balance and to avoid $12/mo fee
• Initial deposit must be mailed
• Additional deposits can be made by mail or wire transfer
• Wire transfer fees is $10 for incoming and $15 for outgoing
• Monthly statements mailed, but E-statements are also available
• No ACH transfer system; may be available in future

Amegy is a Texas bank with over 90 branches through out the state. The bank is FDIC insured.