Best Savings Accounts

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?

Washington Mutual currently has one of the best bank deals available: a combination of their free checking and their new 4.75% APY savings account allows you to combine the convenience of local branches and ATMs with the high interest rate yield and online transfers of online banking.

WaMu Free Checking offers:

• No minimum balance or direct deposit requirements, open with $1
• Free basic checks for life
• No ATM fees on their end
• One free overdraft per year
• Free outgoing wire transfers.

The Statement Savings Account offers:

• A competitive 4.75% APY on all balances (rate only available online)
• No minimum balance requirements, open with $1
• Instant transfer to/from the Free Checking

If you already have a checking account with Washington Mutual, you will have to open a new checking account to take advantage of this bank deal. You can just go ahead and close your old one.

Overall, while this isn’t necessarily the highest interest rate available, the account’s lack of fees and relative convenience if you already bank with WaMu helps make this a great bank deal. You can deposit checks directly into the 4.75% APY savings account at an ATM, maximizing interest. From there you can move money into the checking account instantly online as you need it, with a limit of 6 transfers a month. In addition, you can access your account at any of Washington Mutual’s large network of ATMs.

In addition, Washington Mutual offers free online fund transfers that allows you to link your account to external accounts using a routing number and account number. A soft credit pull is done when you sign up for the account, allowing you to avoid the ding from a hard credit pull. For more information, visit Washington Mutual’s savings account signup page.

UmbrellaBank just lowered the introductory yield on its Green Day Savings Account from 6.00% APY (5.83% rate) to 5.50% APY (5.35% rate). I was told that all approved accounts opened under the previous rate will be given a 14 day grace period beginning from the date of the rate change to fund their accounts. If you don’t fund it by then, the new rate will take effect.

The rate information on UmbrellaBank’s website is a little confusing since they’re reporting a blended APY that combines the promo rate with the ongoing rate. Consequently, the top APY is only 4.93%. This is the average of 5.50% APY for the first 3 months and an APY of about 4.75% for the last 9 months.