If you’ve been in the hunt for a money market account lately, you’ve probably come across the bank Dollar Savings Direct.  As of October 2008, they’re offering the best rate in the nation at a very attractive 4.00%.  Some consumers have had questions about this bank and here’s a little information about them –

• Dollar Savings Direct is a division of Emigrant Bank.  Emigrant Bank was founded in 1850 and is FDIC insured with over 14.7 billion in assets.
• There are no fees with the account.
• $1,000 minimum balance required to open the account.
• Opening an account is easy.  You just need to be 18 years old, have a social security number, and a legal US address.

To get more information on Dollar Savings Direct, visit their landing page.

Some people have e-mailed me asking if this bank is safe or no, etc.  I’m going to use BankRate.com’s bank rating system (the one we use on the site) and I’ll list all the banks that are in the Top Ten as of October 2008 with a rating of 4 or higher.  Here’s the list –

EverBank - http://www.everbank.com 
[3 month CD @ 4.02%, $1,500 min]

Ascencia - http://www.ascenciabank.com
[6 month CD @ 4.07%, $500 min]

Giant Bank - http://www.giantbank.com
[6 month CD @ 3.56%, $2,500 min]

AmTrust Direct - http://www.amtrustdirect.com
[1 year CD @ 4.30%, $1,000 min]

Advanta - http://www.advanta.com
[18 month CD @ 4.50%, $10,000 min]

Discover Bank - http://www.discoverbank.com
[18 month CD @ 4.39%, $2,500 min]

iGObanking - http://www.igobanking.com
[18 month CD @ 4.30%, $1,000 min]

1st Source Bank - http://1stsourcebank.com
[2 year CD @ 4.45%, $5,000 min]

OnBank - http://www.onbank.com
[3 year CD @ 4.70%, $500 min]

M+T Bank - http://www.mandtbank.com
[3 year CD @ 4.50%, $5,000]

Capital One - http://www.capitalone.com
[5 year CD @ 5.05%, $5,000]

There you have it, all of these banks have a star rating of 4 or higher.  Generally, when a bank has a 4 star rating or higher, they tend to have a pretty safe outlook.  This doesn’t mean you should avoid the lower star rated banks.  As long as you keep your accounts under the FDIC limits, your money will be fine.

2008 has been a big year when it has come down to bank failures.  Below is a list of all the bank failures in 2008 according to the FDIC’s website:

January 25, 2008
Douglass National Bank — www.douglassbk.com/
Kansas City, MO

March 7, 2008
Hume Bank — www.humebank.com/
Hume, MO

May 9, 2008
ANB Financial — https://www.anbfinancial.com/
Bentonville, AR

May 30, 2008
First Integrity Bank — www.firstintlbank.com/
Staples, MN

July 11, 2008
IndyMac — www.indymacbank.com/
Pasadena, CA

July 25, 2008
First Heritage Bank — www.firstheritage.net/
Newport Beach, CA

July 25, 2008
FNB of Nevada — www.fnbaonlinehb.com/
Reno, NV

August 1, 2008
First Priority Bank — www.fpbank.com/
Brandenton, FL

August 22, 2008
Columbian Bank of Topeka — www.columbianbank.com/
Topeka, KS

August 29, 2008
Integrity Bank of Georgia — www.myintegritybank.com/
Alpharetta, GA

source:  http://www.fdic.gov/bank/individual/failed/banklist.html

A new bank has popped up on the majority of the Gotalkmoney.com top ten charts and we figured we’d take a look at this bank.  The bank’s name is Quantum National Bank and was established in 1995, located in Georgia and is FDIC insured.

Below are their rates as of May 27, 2008.

3 month – 3.09% APY

6 month – 3.25% APY

1 year – 3.32% APY

18 month – 3.65% APY

2 year – 3.85% APY

3 year – 4.10% APY

5 year – 4.40% APY

All of their CDs require a $1,000 minimum.  I tried looking online to see if I could find any reviews on the bank but couldn’t find anything worth of value.  If you’re interested in checking out the bank, feel free to visit their official banking website.

Whether you’re a casual reader or you tend to read a lot of blogs, you’ve probably came across the name “SmartyPig”.  SmartyPig is an online savings account that allows you to set goals for yourself.  Friends and family can see your goals and even contribute to them.

When signing up for the website, you will have to set up a saving goal for yourself.  This savings goal must be at least $250.  Each month you must make a $25 via an ACH transaction.

Some of the downfalls of the savings account include not being to transfer your funds to a third party bank and when you want to withdrawal your money; you must make a call to request a check.  Besides these two points, there haven’t been any other complaints.

SmartyPig is FDIC insured.

For more information, visit their official website.