Are you looking for the best savings accounts for people who don’t have a lot of cash to start saving? Bank of Internet has some of the best savings accounts in terms of annual percentage yields (APY) offered. You need a minimum of $100 to open an account but there is no minimum monthly balance required to to get the best savings rates.
Bank of Internet’s Advantage Savings Account has a savings rate of 2.02% APY. Other features include:
- No monthly fees
- Up to three bill payments each month
- ATM card available
- A five-year archive of online statements
The bank’s High Yield Savings rate is 1.75% APY. It also has:
- Interest compounded on a daily basis
- No minimum daily balance required
- FDIC insured up to $250,000 per depositor
- ATM card available
Savings rates can change at anytime so it’s important to contact the bank before applying to get the most current rates. Interest is calculated using the average daily balance method. The average balance is determined by adding up the amount of the principal for each day of the statement period, then dividing the total by the number of days in the statement period. There also are no fees for ATM withdrawals or balance inquiries at any ATM. However, you may have to pay ATM fees required by other banks.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.92 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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A high yield savings account is such a great vehicle for your savings! With what the brick and mortar banks offer it’s like you’re losing money by giving them your money.
Comment by FFB — August 14, 2009 @ 1:11 pm