Savings account with highest interest rate found at Regal Financial Bank

April 6, 2009 3 Comments »

regal financial bank savings accountMuch thanks to BankVibe reader Trevor for tipping us off on one of the best savings account rates we’ve seen so far this month. It comes from Regal Financial Bank of Seattle, Washington and it carries an interest rate of 2.96% or 3.00% APY. Compare this to other noteworthy savings rates in Washington state.

So yes, the 3.0% APY savings rate still exists!

A few weeks back we noted Regal Financial Bank and their sensational 12 month deposit. At that time they were offering this 12 month CD rate featuring a fantastic APY of 4.0%, however, this was only offered for a VERY limited time.

If you decide to open a Regal Bank CD, you’ll want to keep in mind that a couple of strings came attached to earn the advertised CD rate. The most notable of these strings being the fact that you need to open another checking/savings account with them in order to qualify for the 12 month CD special. However, you can simply maintain the minimum balance on that account if you’re not in the market for both forms of accounts.

You may want to double check and contact a bank rep though because their last 12 month CD promo didn’t have the additional requirements, terms and conditions listed on their website.

High Yield Savings Account details:

  • to earn the advertised 3.0% APY you must maintain a balance between $2,500 – $250,000 (easy enough)
  • Rates are subject to change after account is opened (aka this is a variable interest rate)
  • Rates updated March 15, 2009 – typically banks adjust interest rates on a monthly basis to coincide with current economic trends, therefor this rate may be on the verge of an adjustment

Interest Rate Outlook:

Although Regal Bank is featuring this attractive rate on a 12 month term CD, we would actually recommend opening a bank deposit with a longer maturity to hedge against falling interest rates. In the FED’s most recent meeting discussing key rates they made it quite clear they are planning on keeping them historically low until we have fully recovered from our recession.

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  • Patrick

    Well, that might be good for someone that can keep a balance of $2,500 or more, but for the rest of Americans that can’t take a look at with a savings rate of 3.05% and the min of only $1. Yes, thats right one dollar ($1).

  • farmerfrank

    Last I checked, First Trade Union Bank offered 3.04% APY on their High & Mighty Savings account, and Redneck Bank is still at 3.10 for their Mega MMA account. Very few left these days offering over 3:00% until they decide to seek liquidity by enticing investors. Lots of people laddering out there, including my family. When assets mature and become available for reinvestment, only higher short-term rates seem to make sense in today’s climate.

  • BankVibe

    Farmer Frank,

    You’re right, 3.0% APY is tough to find ANYWHERE these days! Especially when looking for maturities under 2 years. The high and mighty savings account from First Trade Bank actually adjusted their rate again to 2.74% APY down from 3.20% a month ago…