Posts Tagged ‘2.0% APY’
Best savings account rates in California: Top 2
If you’re in the market for a traditional savings accounts - one with a variable interest rate and limited withdrawal allowances, don’t expect much in the way of great interest rates. The average yield for online savings accounts (money market accounts) are providing yeilds of less than 1.00% APY and the average yield for 12 month CDs (fixed interest rate for 1 year with penalties for early withdrawal) are garnering a rather pathetic 1.50% APY.
However, if you reside in the state of California and are willing to consider a couple of credit unions as potential options for your business, then you may be able to snag some higher rates. Below are summaries of two accounts that have better than average savings rates as well as a unique approach.
First is Alliant Credit Union, based out of San Francisco, California. Their savings accounts are currently yielding 2.0% APY (almost twice the national average for these particular accounts). The only problem with Alliant is that their doors are not open to everyone. If you do not fit within their membership eligibility guidelines then you’re most likely out of luck.
The second option, however, opens their doors to potential customers nationwide so long as you’re willing to open a membership savings account and maintain a balance of $5.00. Provident Credit Union, out of Redwood Shores has many locations throughout California. They have branch locations in Belmont, Dale City, Eureka, Folsom, Hayward, Los Gatos, Oakland, Millbrae, Palo Alto, Redwood City, Redwood Shores, San Francisco, San Jose, San Mateo, San Ramon, Sunnyvale, and Walnut Creek. Their savings account is called the “Accumulator Account” and promises a 1 year savings plan with a much higher rate than their 1 year CD (certificate of deposit). What’s unique about this account is that they guarantee the interest rate through 12 months (even if the market falls drastically). The “floor yield” is determined by the credit union and adjusted in January of each year. For 2008, the interest rate has been set at a now seemingly high 2.00% APY, however this rate will be readjusted next month.
FlagStar’s Interest Checking Account: 2.0% APY for 1 year
FlagStar Bank brought back it’s infamous S.M.A.R.T. checking account this holiday season which is offering an interest rate of 2.0% APY on all balances up to $100,000. PLUS, they guarantee that the interest rate (2.0% APY) will remain for the next 12 months. That is quite unusual considering money market accounts and interest checking accounts are almost always accompanied with variable interest rates which typically fluctuate as varying economic factors change.
If you visit their promotional page highlighting this deal, you will notice that you need to enter your zip code before opening the account. After digging into it a little further it appears that it’s only available to residents in Michigan, Georgia and Indiana. If you live outside of one of those states and were able to take advantage of this offer, please let us know by leaving a comment.
Features of Interest Checking through Flagstar Bank:
- New personal checking account customers only
- Minimum opening deposit of $50
- Direct deposit of income of at least $250 per month
- Direct deposit must be established within first 60 days of account opening
- $100 deposit or 2% interest rate available for new personal checking account customers only (no existing Flagstar checking account).
- To qualify, open a new personal checking account with a minimum deposit of $50 and set up an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits.
- Direct deposit must be established within the first 60 days of account opening. $100 bonus will be deposited into your account within 30 days after the first recurring direct deposit takes place.
- All accounts must remain open and active for a minimum of six months.
- If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit and interest bonus.
- 2% interest rate is accurate as of 10/01/2009 and is guaranteed for 12 months after account opening.
- Maximum deposit is $100,000.
- Funds may not currently be on deposit with Flagstar Bank.
- Offer good only when opening a Flagstar interest-bearing checking account. Account fees could reduce earnings.
- Direct deposit must be established within the first 60 days of account opening or the rate is reduced to current rate. See your Flagstar representative for more details.
- Flagstar will issue a 1099 for the $100 and the offer is not good in conjunction with any other coupons or checking account offers.
- Limit one $100 deposit or 2% interest rate offer per customer per account.
- Offer subject to change or cancellation at any time without notice.
- Flagstar reserves the right to reduce the 2% interest rate prior to the 12 month expiration date if checking balances exceed the $100,000 maximum.
Smarty Pig’s Online Savings Account: 2.01% APY!
Smarty Pig’s online savings account is currently yielding an interest rate which absolutely demolishes the national average for these particular accounts, plus they have some innovative features/tools to help you save!
Smarty Pig’s online savings account rate: 2.01% APY national average: 1.25% APY
SmartyPig, based out of Des Moines, Iowa was launched in April of 2008 and is a banking partner of West Bank and a subsidiary of West Banc Corp. Because West Banc Corp is member FDIC your funds held in Smarty Pig’s savings accounts will be federally insured (by the FDIC) up to $250,000.
Smarty Pig’s Unique Approach to Savings…
Open a goal-based savings account that can be attached to social networking features (Facebook, MySpace, Blogger, Google, etc.) allowing your friends and family to view and even contribute to your savings goals.
You then set a time in which you would like your goal to be completed, along with an initial deposit (the minimum deposit required is only $25.00). You can allow anyone to contribute and view your goal (or nobody) it’s up to you.
Some customers have set up goals to either help pay for Christmas shopping, pay off a credit card, pay off a student loan or save for a vacation.
…And to help you reach your goal they claim to consistently provide a savings rate which beats the national average. The current rate is 2.01% APY.
Best 6 month CD rates paying 1.76% APY
The highest interest rates for 6 month CDs (certificates of deposit) which are nationally available currently sits at 1.76% APY, down roughly 0.05% APY from last week. The current national average for 6 month CD’s sits at 1.16% APY.
Ascencia Bank of Louisville Kentucky currently holds the number 1 spot with its 1.76% yield. They are a national bank and can accept deposits from any state. They require a minimum deposit of at least $500 and your interest is compounded monthly.
Sometimes banks and/or credit unions offer promotional rates for deposits which carry odd maturities such as 7 month CDs, 13 month CDs or 15 month CDs. America’s Credit Union currently has two noteworthy promotions going on. The first is a 7 month CD paying 2.0% APY with a minimum deposit of at least $500. The second promotion is a 13 month CD yielding 2.15% APY with a minimum deposit of $500 as well. If you know of a better 6 month CD rate (or similar promotional offer) through your local bank or credit union, please share by leaving a comment.
BankOn money market account: 2.05% plus $50
Here is a pretty sweet money market account offer through BankOn. Thanks to BankVibe reader Paul for submitting this one!
BankOn is owned by Pinnacle Bank and offers online checking accounts and money market accounts. Currently, with each new money market account opened they will give you $50 as a sign up bonus along with a very respectable interest rate of 2.05% APY. Keep in mind, this is a variable rate and may change without notice.
Features, terms and conditions:
• $50.00 bonus for opening account
• Online only account
• No required minimum balance after opening
• No paper statements
• No checks
• Free PinnBank - 24-hour online banking
• FreeTelebank
• Free Electronic Statements
• Messenger
• Mobile Banking
Even though they are an online division of Pinnacle Bank, they only accept online applications from Nebraska, Colorado, Kansas, Missouri and Wyoming residents only. If you are not a resident of one of these states, they invite you to contact one of their branches directly for personalized service in opening an account.
H&R Block’s 6 month CD promotion: 2.0% APY!
Here is a very noteworthy CD rate promotion coming out of H&R Block. You’re probably more familiar with H&R Block as a tax service company, helping individuals with their personal taxes through their proprietary software and industry knowledge, however H&R Block offers a fairly wide range of deposit products as well. The rates associated with their standard CD’s aren’t that competitive at this time, but this promotional 6 month CD stomps on the national average by nearly 50% (national average sits at roughly 1.24% APY).
Use the promo code: CD180DAY and follow this link.
Thanks to BankVibe reader Will, for submitting this one to our inbox!
Terms and Conditions:
- minimum deposit amount of $10,000 required
- any early withdrawal could reduce earnings
- FDIC insured up to $250,000
- available from September 1 - September 30, 2009
Metro United Bank’s money market rate promotion: 2.0% APY
Metro United Bank out of California is offering a nice interest rate on their promotional “metro money market account.” Currently, with balances of at least $2,500 you can earn an APY of 2.0%.
Thanks to BankVibe reader Tereasa for submitting this money market promo!
Like all MMA’s this rate is a variable one and is subject to change without notice. When the promotion ends the interest rate will revert to it’s normal APY (which is not listed on their website).
The promotional period began on the 6th of July and is set to end on the 8th of September.
Metro United Bank has locations throughout northern and southern California. They have branches in San Francisco, San Mateo, Los Angeles, City of Industry, Irvine and San Diego.
They are headquartered in the City of Industry and their parent company, MetroCorp, (Nasdaq: MCBI) is a holding company based out of Texas.
Both their CD (certificate of deposit) products as well as this advertised money market account are federally insured by the FDIC.
Bank of Internet’s high yield savings account: 2.06% APY
Bank of Internet has a pretty solid deal on their high yield online savings account which is available to customers nationwide. Currently their online savings account is yielding an APY of 2.06% with absolutely no fees or balance requirements.
This rate offered by Bank of Internet currently tops the rates offered by the once high yielding online savings accounts of etrade, IngDirect and HSBC. The Bank of Internet is located in Southern California and is a registered member of the FDIC (which means your deposits are federally insured up to $250,000).
Bank of Internet account features:
(as seen on their promo page)
- No fees or balance requirements
- Easy transfers between Bank of Internet accounts
- Free online statements
- ATM card available
- FDIC insured
Annual Percentage Yield (APY) is effective 07/08/2009. This account requires a $100 minimum deposit to open. This is a variable rate account and your interest rate and annual percentage yield (APY) may change daily.
Ameriprise Financial’s 3 month CD: 2.00% APY
We just got tipped off on a fairly decent deal coming out of Ameriprise Financial over the weekend. Currently they have a 3 month online CD (certificate of deposit) yielding a very respectable 2.00% APY.
This 3 month CD is, unfortunately, only available through tomorrow (June 1, 2009).
If you are unfamiliar with Ameriprise Financial, they are one of the largest financial planning institutions in the United States. They have been in business for 110 years and represent over 2 million individual, business and institutional clients (as of December 31, 2008) and reported $372 billion in assets owned, managed and administered.
The 3 month CD is not a common duration for CD’s, however, if you are looking for a short term investment, this may be your best bet.
I have contacted Ameriprise to see if this CD is FDIC insured. I didn’t seen the standard FDIC logo on their site, so this is still TBD. If you have experience in certificate of deposit investments with Ameriprise Financial please share your experience by leaving a comment.
