Bank Deals, Money Market Rates

Do you have a large sum of money that needs to be parked in a savings account for a while, such as a down payment on a home? VirtualBank has an eMoney market account that is earning 1.06 percent annual percentage yield (APY) on deposits of $100,000 and up. The money market rate is current as of June 20, 2011. Interest rates are subject to change at any time. Tiered interest rates are available for lower balances. Details of the money market offer include:

• Minimum opening deposit of $100
• No monthly fees
• Free online statements
• Free transfers from your existing personal checking account
• Free electronic deposits and withdrawals
• Maximum of six withdrawals and preauthorized transfers per statement cycle

Interest on money market accounts is compounded daily and credited monthly. Fees on the account may reduce your earnings. The money market account does not allow wire transfers, mail in deposits or issuance of bank checks. During the first 30 days that the money market is open there will be a hold on funds deposited into the account for 10 business days.

VirtualBank is the Internet banking division of Lydian Private Bank, based in Palm Beach County, Fla. Accounts held at the bank are insured by the Federal Deposit Insurance Corp. (FDIC).

You could earn 1.21 percent annual percentage yield (APY) with a SFGI Direct high-yield savings account. The APY is current as of Junel 16, 2011, and could change at any time. Details of the savings offer include:

• Minimum opening deposit of $500
• $1 minimum balance to earn interest
• No monthly service charge
• Online application
• 24-hour account access

You can fund a savings account by transferring money from another bank. The initial deposit is limited to a maximum of $25,000. One-time or scheduled transfers to one external bank account can be set up. Transfers into the savings may take several days to process. Interest on the high yield savings account accrues daily and is compounded or credited to the account each month on the last day of the statement period. SFGI Direct does not offer business accounts or IRA accounts.

SFGI Direct is an online division of Summit Community Bank, which is owned by Summit Financial Group., Inc. The financial holding company provides community banking and insurance services and has 15 banking offices located in West Virginia and Virginia. Accounts held at SFGI Direct are insured by the Federal Deposit Insurance Corporation (FDIC).

Open a high interest Kasasa Checking Account at Atlantic Coast Bank and you could earn 3.01 percent annual percentage yield (APY). The interest rate is current as of May 16, 2011, and can change at any time. The free checking account earns the interest rate on balances up to $15,000. Balances over $15,000 earn 0.5 percent APY. If requirements of the account are not met, the interest rate is 0.05 percent APY for all funds in the account.

Other details of the checking account offer include:

• Minimum opening deposit of $100
• No minimum balance
• No monthly fees
• Refunds up to $25 of nationwide ATM fees
• eStatements
• Direct deposit

Atlantic Coast Bank has other free checking accounts available. Coast Checking is an account “with no strings attached. There are no minimum balance requirements, per-item fees or direct deposit requirement. The account offers a free debit card, Internet banking and bill pay. The Fresh Start Checking requires $100 to open but has no minimum balance requirement. It also has unlimited check writing and free online banking.

Atlantic Coast Bank has branches throughout northeast Florida and southeast Georgia. Free ATMs are available at over 900 Publix Presto! locations.

E-loan has a CD rate of 1.26 percent annual percentage yield (APY) for a 1-year term. The interest rate is current as of June 3, 2011, and can change at any time. Other online CD rates and terms include:

• 1.05 percent APY for 9 months
• 0.75 percent APY for 18 months
• 1 percent APY for 2 years
• 1.15 percent APY for 3 years
• 1.35 percent APY for 4 years
• 1.9 percent APY for 5 years
• 2 percent APY for 6 years

Shorter certificate of deposit terms than those listed are also available. You’ll need a minimum of $10,000 to open a certificate of deposit at E-loan. The CD rates assume that the principal and interest will remain on deposit for the full term. Early withdrawal of funds results in a penalty fee.

E-loan also has an online savings account with tiered savings rates. The rates include:

• 0.2 percent APY for balances of $5,000 to $9,999
• 0.5 percent APY for $10,000 to $24,999
• 0.55 percent APY for $25,000 to $49,999
• 0.6 percent APY for $50,000 to $99,999
• 0.65 percent APY for $100,000 and up

E-loan offers banking services nationwide. It is a wholly-owned subsidiary of Banco Popular North America. Accounts are insured by the Federal Deposit Insurance Corp.

Salem Five Direct is offering an eOne saving accounts that can help you earn higher rates on deposits.

Details of the savings account offer include:

• 1 percent annual percentage yield (APY) for balances up to $1 million
• Balances over $1million may be transferred to a standard statement savings account
• $100 minimum to open
• Can be used as overdraft protection for checking account

Customers who do not currently have a savings account or checking account can apply online and current eOne checking account customers are eligible to open an eOne savings account. However accounts must be opened with funds that are not currently on deposit with Salem Five Direct.

For checking accounts Salem Five Direct will reimburse up to $15 in ATM fees per statement cycle. Also, non-PIN based purchases are eligible for Cash Back Debit Rewards. The interest rate on the checking account is 0.55 percent APY for balances up to $1 million. The bank reserves the right to transfer balances over $1 million to an eOne funding account, which has a 0.25 percent APY.

All interest rates shown are accurate as of June 1, 2011.