It can pay to check out savings and checking account deals with local credit unions. The Saginaw Medical Federal Credit Union has competitive savings rates for people who are employed by, retired from, or volunteer for any health care business in the Saginaw, MI area.

If you have an account at the credit union but move out of the area, you can still remain a member as long as you keep at least $5 in the account.

The credit union has a Rewards checking account with a 5% annual percentage yield (APY) on balances up to $25,000. Details of the checking account include:

• $50 minimum opening deposit
• No minimum balance
• No monthly fees
• Balances over $25,000 earn a 0.5% APY
• Refunds of ATM surcharge fees

To earn the highest interest rate on the checking account, you must make at least 12 debit card signature-based transactions each month, sign up for online banking and e-statements, and set up direct deposit.

MoneyPlus money market accounts require a minimum balance of $2,500. The money market account includes:

• Six withdrawals per month
• Free checks
• Minimum withdrawal of $500
• Dividends paid monthly on the average balance

Saginaw Medical Federal Credit Union has offered financial services to its members since 1971.

If you have large savings, money market rates at Flagstar Direct are 1.1% annual percentage yield (APY) for balances of $100,000 and up. The money market rate for balances below $100,000 is 0.6%. Money market rates are current as of April 2, 2010, and can change at any time.

Other details of the money market account include:

• Free online banking, including bill payment
• Unlimited access to account from phone, laptop, or PDA
• Visa debit card available
• Free access to a network of over 40,000 ATMs in all 50 states;  other ATM networks may charge a fee
• Free incoming wire transfers to money market

You can open an express money market account with a minimum of $1 and no minimum balance requirement. You must open the account online.

Flagstar Direct also offers an online 12-month CD rate of 1.2% APY and a 36-month CD rate of 1.95%. Certificates of deposit (CDs) require a minimum opening deposit of $500 and include:

• Penalty for early withdrawal
• Interest can be withdrawn at any time after it is posted to your account
• CD automatically renews upon maturity unless you notify the bank in writing

Flagstar Bank direct is part of Flagstar Bank, which has about 160 banking centers in Michigan, Indiana, and Georgia.

Georgia residents can take advantage of competitive money market rates at Georgia Primary Bank. There is no minimum required to open a money market, but there is a $10 monthly maintenance fee if the balance is under $2,500.

The following money market rates (valid as of Feb. 5, 2010) apply to personal accounts:

• 1.45% APY on balances below $10,000
• 1.45% APY on balances of $10,000 to $24,999
• 1.65% APY on balances of $25,000 to $49,999
• 1.95% APY on balances of $50,000 to $99,999
• 2.3% APY on balances of $100,000 and up

Commercial money markets have the following rates:

• 1.25% APY on balances below $10,000
• 1.25% APY on balances of $10,000 to $24,999
• 1.5% APY on balances of $25,000 to $49,999
• 1.75% APY on balances of $50,000 to $99,999
• 2% APY on balances of $100,000 and up

A Visa card comes with the money market. You get free online banking and six withdrawals each month with a money market account. You also pay $3 for each additional withdrawal. Georgia Primary Bank money markets also waive up to six ATM surcharges each month.

If you close a money market within 90 days of opening it, you pay a $10 fee. Other fees on money market accounts include $5 for accounts that are dormant after 12 months, $35 for overdrafts, $10 for returned deposits, and $5 for interim or duplicate statements.

Georgia Primary Bank is based in Atlanta.

Residents of certain states can take advantage of a checking account deal at Sovereign Bank that offers a cash bonus. The bank deal requires you to open a Premier Checking Account and Premier Money Market account to qualify for a $150 cash bonus.

Details of the checking account offer include:

• $100 minimum deposit
• Must enroll in free online banking when opening account
• Set up and receive one direct deposit within 60 days of opening account
• Use a Sovereign Debit Card for five purchases within 60 days of opening checking account
• $150 bonus deposited to your account within 75 days once requirements are met

Sovereign Bank doesn’t charge a fee to use ATMs at other banks. However, a fee may be imposed by non-Sovereign Bank ATMs.

The money market account offers a 1.5% annual percentage yield (APY) for three months for balances between $10,000 and $499,999. The money market also has no monthly fee or minimum balance requirement as long as you have a Premier Checking Account.

You must be a resident of Maine, Vermont, New Hampshire, Connecticut, Rhode Island, Massachusetts, New York, New Jersey, Pennsylvania, West Virginia, Maryland, Delaware, or the District of Columbia. New money market and checking accounts must be opened by March 13 to qualify for the $150 bonus and 1.5% APY.

EverBank has a high yield money market account with a 1.51% annual percentage yield (APY) for the first year. The Yield Pledge Money Market has a bonus rate of 2.25% for three months for first-time account holders.

The bonus money market rate applies to balances up to $50,000. Balances above that amount earn the variable ongoing money market rate, which was 1.25% as of Feb. 4, 2010. The bank is required by law to disclose the blended APY, which combines the bonus and ongoing interest rates for an estimated new account first-year APY. The new account first-year APY for balances from $50,001 to $10,000,000 is basically a range between 1.26% and 1.51%.

Other details of the money market account include:

• Minimum opening deposit of $1,500
• $8.95 monthly fee if average monthly balance falls below $5,000
• Only six transfers or withdrawals each month to avoid a fee
• Free online and mobile banking
• Free at-home check deposits

You can also combine the high yield money market with a high interest checking account. The FreeNet Checking Account requires a minimum opening deposit of $1,500 but there is no minimum balance to earn interest. The checking account has a first-year APY of 1.46% for balances between $50,000 and $100,000, and a three-month bonus rate of 2.25%.

Maintain a checking balance of at least $5,000 to avoid a monthly fee of $8.95. You also can write an unlimited number of checks.