Darby Direct is offering another noteworthy savings product this month. A few months ago Darby Direct stepped on the scene with a lucrative high yield savings account providing a 3.0% interest rate. Unfortunately that account carried a variable interest rate and has since declined. However, this product comes with fixed rates and of course, is FDIC insured.

Here is how the account works:

Upon opening your account you will receive a 3.0% APY. This account will then be “stepped up” on August 15 of 2010 to a whopping 4.0% APY, then again on August 15 of 2011 to an even more impressive 5.0% APY.

To put this unique offer in perspective the average 12 month CD is yielding only 1.60% APY and the average 36 month CD yields 2.20% APY.

Terms and Conditions:

(as seen on their promo page)

• $500 minimum deposit requirement
• Annual percentage rates will change ONLY on the dates specified
• Substantial penalty will be imposed for early withdrawal
• Fees will reduce earnings
• Offer effective as of August 1, 2009
• FDIC insured

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