High and Mighty Savings through First Trade Union Bank
If you have been a regular BankVibe reader over the last few months then you probably noticed our constant quest for the 3.0% APY savings rate (with maturties under 2 years). I think it is probably safe to say (and disheartening to say) that the 3.0% APY has since become extinct. The only place one can find 3.0% APY is by using alternative forms of savings or high yield checking, rather than traditional FDIC insured investments.
Only a month ago First Trade Union Bank was offering it’s customers a 3.20% APY savings account with deposits of $2,500 and greater, however that rate slipped quite readily to 3.04% APY and then again to it’s current rate of 2.75% APY.
If you, like us, have finally gotten over the quest for short term savings accounts yielding 3.0% APY then this is probably your best bet as far as federally insured savings accounts with lucrative rates go. It’s not 3 percent, but it’s close!
(Thanks to BankVibe reader FarmerFrank for keeping us up to date on this high yield savings account offer).
Like most savings accounts, this comes with a variable interest rate and is subject to change at anytime without notice. In other words if you invested in this account when the rate was 3.20% APY you would still be bumped down to the current rate of 2.75% APY, unlike bank CD’s which have a fixed interest rate throughout their duration.
April 19th, 2009 at 9:35 pm
First Trade keeps lowering their rates without notice, and their online banking provisions are primitive at best.
Is an extra fraction of a percent worth the hassle?