Let’s face it, there’s not a lot of good money market or savings account rates out there right now.  I just wanted to point out Wachovia’s Way2Save program.  It’s not really a savings account per se but it can give you a nice rate of 5% APY for the first year.

Here’s how it works –

• Sign up for a Way2Save account. 
• Every time you use your Wachovia check card to make purchases or pay a bill online, Wachovia will transfer $1 into your account.

For the first year, you’re going to get a 5% APY on your Way2Save account.  This rate, of course is the best in the industry but the only downfall is that you’re going to do the above to get a $1 placed in your account.  Another downfall is that there’s a $300 cap as well.  This is a great account for those looking to save a little bit on the side.

After year one, the rate will drop to 2% APY in years 2 and 3.

For more information on this account, visit Wachovia.com for more details.

Open up a Heartland Bank Direct savings account and keep it open for at least 6 months and you’ll get a bonus of up to $50.

• You must have $5.00 per $1,000 average monthly balance of the previous six months.
• Minimum average monthly balance must be $1,000.
• One bonus per account per calendar year.

As of 12/28/2008, Heartland Direct’s savings account is at 3.05% APY.  It has no fees, no direct deposit is required and it’s FDIC insured.

For more information on this deal, visit HeartLandBankDirect.com.

Thanks goes out to Ibankdesign for finding this one!

NOTE:  This is a local deal available to MI residents.

Open up a checking account with Flagstar Bank and get $100 deposited right into your new account.

Here’s how you do it –

• You must open up the account at a local bank in person.
• Must be a new checking account.
• Need to have automatic recurring direct deposit of at least $250 a month.  Within the first 30 days of the recurring deposit, Flagstar will deposit the $100 into your account.  Accounts must remain active for a minimum of six months.

If this deal sounds good to you, get more information at Flagstar.com.

I never really talk about high interest checking accounts online but I thought I’d point out this fantastic deal being offered by Salem Five Direct.

As of 12/20/2008, you can earn up to 3.00% APY.  Here’s the balance structure –

• $0-$49,999:  2.75% APY
• $50,000-$99,999:  2.90% APY
• $100,000 - $999,999:  3.00% APY
• $1,000,000+:  0.50% APY

Salem Five is offering one of the top rates when it comes to their checking accounts.  If you’re unfamiliar with their banking or their services, here’s what their checking account offers:

• No monthly fees
• No minimum balance
• Free use of ANY ATM.
• Free online bill payment.
• Unlimited checking and debit card transactions.
• FDIC insured

Be sure to enroll with direct deposit today because you can get a $25 bonus on top of that.

To get more information on this checking account, visit SalemFiveDirect.com.

I just wanted to point out a great savings account from GMAC Bank.  As of right now (12/19/08), GMAC is offering a top 3 industry leading savings account rate at 3.75% APY.  The great thing about this account is that it doesn’t require a minimum balance, so you can start today.

Here’s what you get –

• Access to your money 24/7.
• No minimum balance required.
• Free online transfers that allow you to move funds to existing bank accounts.
• No monthly service fees.
• FDIC insured.

Seeing that the national average savings rate right now is 0.42% APY, you can’t go wrong with checking this deal out.  GMAC Bank has a solid 4 / 5 bankrate.com star rating. 

For more information on this great savings rate deal and more, visit GMACBank.com.