Best Savings Accounts

WT Direct is offering a highly competitive 4.90% APY on their high yield savings account. The minimum balance required for this rate is $10,000 after 60 days, or else the rate will fall to a low 0.60% APY. This account is a great way to maintain some liquidity with your money while earning a high savings rate at the same time.

WTDirect has FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to $100,000 per depositor. Bankrate.com has given WT Direct a review of 4/5, which is a safe and sound rating. For more information, call their customer service hotline at 1-800-WTDIRECT or visit their savings account website here.

Bank of America has always been a secure place to put your savings. But if you look at their savings rates, they are significantly lower than your average online savings account. Bank of America’s current standard savings account offers:

Standard features

• Open an account with as little as $25
• Free Online Banking service
• FDIC insured to the maximum amount allowed by law
• Avoid service charge of $3 with automatic monthly transfer of $25 or more from checking or with minimum balance of $300

Flexible account options

• Transfer money to or from checking
• Monthly statement if you use an ATM or have transfers or a combined statement. Other statements issued quarterly
• Easy access to your funds at any Bank of America ATM or Banking Center

However, their savings account has a lot of rates and fees. In addition, the rate on this account is a paltry .20%.  APY! You’d get a much better return with WT Direct’s 4.90% APY savings rate and or WaMu’s 4.75% savings account.

OneUnited has one of the top savings rates available online with a 5.30% APY. Minimum deposit on this account is $1,000. Here’s some of the information about this account:

• $1,000 minimum to open and earn interest
• No monthly maintenance fees
• Must be a US citizen
• Can be funded by ACH transfer or by mailing in a check
• 9 day hold before your initial deposited funds are available
• Online application with nothing to mail in for most cases
• After the application, an email will be sent with instructions allowing you to register for Online Banking
• No hard credit inquiry
• ACH capability for electronically transfering funds to and from your other banks
• Interest is credited and compounded quarterly
• Accrued interest will not be paid if you close an account before the accrued interest has been credited

This online savings account account was originally called the UNITY Internet Savings Account and only required a minimum balance of $10 to open and earn interest. Late in 2006, they created the UNITY Gold E-Savings Account with the $1,000 minimum. According to some readers who had the old account, they were able to keep that account with the old minimums. But new customers can only open the UNITY Gold with the $1,000 minimum.

BankRate.com’s review gives OneUnited a 3/5 star rating.

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.

Shorebank recently announced a new high yield savings account with a rate of 5% APY. The minimum deposit on this account is $1. With all of the recent rate cuts, 5% is a fairly attractive rate. Here’s some of the account’s features:

• $1 minimum to open account and earn the top yield
• No ATM cards or checks
• Allows up to 3 linked accounts
• Interest is accrued daily and compounded monthly
• If you close your account before interest is credited, you will lose the accrued interest
• Paper statements require a fee

Bankrate.com’s bank review gives shorebank a 2/5 rating. Shorebank is based in Chicago, Illinois, and is FDIC insured.

SavingsSquare is an online product of Kirkpatrick Bank with no overhead and minimal paperwork. This account features great savings rate of 5.10% APY. Here are some of the highlights of the account:

• 4 star rating by Bankrate.
• No monthly fees, no minimum balance, FDIC insured.
• Easy Deposits: Each Savings Square Account can be connected to any checking account. Any time you want to bulk up your Square, just transfer money from your checking, sit back, and watch your money grow.
• Easy Withdrawals: Need to trim a little off your Square? Log on and use the Savings Square Online Banking service to transfer money back to your checking account.

Zions Bank is one of oldest banks of the west. It is offering cool APYs varying from 5.19% to 5.40% APY for their Desert Money Market Account. The highlights are:

• 4 star rating by Bankrate.
• No monthly fees, FDIC Insured.
• Zion’s APY Chart is as follows:
  • $0 – $999: 0% APY
  • $1,000 – $49,999.99: 5.16%APY
  • $50,000+ : 5.40%APY

Zions Savings account comes with a check writing facility and online access 24X7.

iGoBanking.com is offering 5.17% APY on their online savings account. The account has no fees and no minimums. To open a high interest savings account, visit their signup page. iGoBanking.com is a division of Flushing Savings Bank, FSB. This bank is FDIC insured.

For more information visit iGoBanking’s FAQ page.

Capital One Direct Banking is currently offering a rate of 4.75% APY* on their Capital One Direct Banking High Yield Money Market accounts. Capital One Direct Banking High Yield Money Market Account rates are historically among the best in the nation. The account offers hassle-free access to your money and the security of FDIC insurance.

This account has no minimum balances, and no extra fees or requirements. Make the smart choice – open a Capital One Direct Banking High Yield Money Market Account. Opening a new account is fairly straightforward and simple. There are four ways to make your initial deposit: check, wire, ACH, and internal transfer from an existing capital one account. This money market account is a great way for you to maintain some liquidity while earning a great rate on your money.

A few readers have written about some negative experiences with FNBO Direct:I had a very negative experience with FNBO. I think that they are going to go the way of NetBank.

Lee Says:

I had a very negative experience with FNBO. I think that they are going to go the way of NetBank.

I called up customer service to ask a question about a fee that I incurred on the account and was met by a disturbing amount of resistance. I could not believe how rude they were. To top it all off, I asked to close my account, and the rep said, “Sure, I will get that taken care of for you,” and hung up! I was shocked.

I think we will see this portion of First National Bank of Omaha go away VERY soon. Poor interface, poor customer service….not much going for FNBO Direct after their teaser rate goes away.
Todd Says:

Indeed FNBO should be more like FNBOdirectRUNAROUND… . Just like It has been mentioned above, I have also been going thru their awful system and still waiting. What the heck with this needless re-verifying business? The whole process is begining to look like a joke—either they simply don’t have the man power or have chewed more than they can handle. I have never had this much trouble with anyone else. Very disappointed and sorry to have chosen them.—will be cancelling.

Anyone have any other experiences to share?