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Savings Account Rates, Uncategorized

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4 ways to jump start your savings

Category: Savings Account Rates, Uncategorized- fhuff- 8:35 am/ August 23, 2011

Do you find it difficult to build a savings. You are not alone. Many people have trouble finding money in their budget to put away for a rainy day. Here are four things you may not have considered to find the cash to jump start your savings.

  1. Raise your deductible on home, auto and other insurance policies. Raising the deductible means you’ll pay more out of pocket if you ever file a claim, but you’ll lower your monthly premium. Use the money saved to start a savings account.
  2. Sale sports equipment and musical instruments you no longer use. If you have kids, it’s likely you’ve spent money on activities they no longer participate in. Place an ad online or in the newspaper, or check with local consignment shops and thrift stores to see which items you can unload.
  3. Do manual labor. If you’ve got an arsenal of lawn equipment and other tools, post flyers around town and let your neighbors know you are available for hire. Put most of your earnings into your savings account.
  4. Recycle. Don’t limit yourself to cans and bottles. Recycling or selling old electronics, cell phones or ink cartridges could pay. Wisebread has an overview of some sites that accept these type of recyclables.

Think of other solutions you may have overlooked to find the cash you need to build a savings.

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Customers Bank has a money market account that earns 1.2 percent annual percentage yield (APY). The account requires a minimum opening deposit of $10,000 to obtain the promotional money market rate. The maximum deposit on the account is $500,000. Money market accounts are limited to six transfers to other bank accounts per statement cycle. A $5 fee may be imposed for excess transfers during each statement cycle and the account may be converted to a checking account for repeated excess transfers.

The bank also has other savings accounts with competitive interest rates. The Reserve Savings Account has a 1 percent APY and requires a minimum of $10 to open. Interest on the savings account is compounded and credited on a quarterly basis. The bank uses the daily balance method to calculate interest on the account.

A 13-month certificate of deposit is also available to help grow your money. The CD rate for the period is 1.15 percent APY and you need a minimum opening deposit of $10,000. After the guarantee period the CD rate may fluctuate.

Customers Bank has 11 offices in Pennsylvania, New Jersey and New York. Deposits with the bank are insured by the Federal Deposit Insurance Corp.

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Urban Partnership Bank has a savings rate of 1.05 percent annual percentage yield (APY) for balances of $100,000 and up. Balances below $100,000 earn a savings rate of 1 percent APY for the online savings account. Details of the bank deal include:

  • $1 minimum monthly deposit
  • No monthly fees
  • No fees for transfers to and from other banks
  • 24-hour online banking
  • Limit of six bank-to-bank funds transfers each month
  • Direct deposit is available
  • Electronic statements
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

The bank also has competitive CD rates for various terms. Currently, the bank has CD rates for deposits under $100,000 of 1.16 percent APY for 18 months, 1.46 percent APY for 30 months and 2.42 percent APY for 60 months. Deposits over $100,000 can earn CD rates of 1.31 percent APY for 2 years, 1.71 percent APY for 3 years and 2.52 percent APY for 5 years. Other rates and terms are available, including jumbo CD rates. To open a certificate of deposit you need a minimum of $1,000.

Urban Partnership Bank is a full-service, certified community development financial institution that was established in August 2010. It serves individuals and organizations in distressed communities in Chicago, Cleveland and Detroit.

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Metcalf Bank is offering a $100 cash bonus for opening up a checking account. The bank is offering the promotion through Aug. 31, 2011. Open a MyChoice checking account and get $50. Open a SaveUp savings account at the same time and get another $50. And when you set up a monthly automatic transfer between the two accounts the bank will double the interest.

The checking account offers free mobile banking and refunds of other banks’ ATM fees. It also offers six months of free identity protection and a free CheckPlus Debit MasterCard. You’ll also receive free estatements, email and text alerts. The $3 monthly fee on the account is waived for meeting certain requirements during each monthly statement cycle.

Other details of the bank’s offer include:

  • Minimum balance of $250 to receive the incentive for the SaveUp Savings
  • SaveUp Savings has a 0.5 percent annual percentage yield (APY)
  • Savings rate falls to 0.25 percent if automatic transfer requirement is not met
  • Savings rate is subject to change after opening account
  • Fees may reduce earnings
  • Fee may be imposed for closing account within first 120 days

Metcalf Bank is based in Lee’s Summit, Mo., and is a leading financial service provider in the state.

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First Trade Union Bank has a High & Mighty Savings earning 1.05 percent annual percentage yield (APY). The savings rate can only go higher but never lower through September 30, 2011. Existing customers can open the high-yield savings account online. Details of the savings offer include:

  • Minimum opening deposit of $250
  • 1.05 percent APY is for balances of $2,500 and up
  • 0.25 percent APY on balances between $10 and $2,500
  • No monthly service fees
  • Free online banking
  • Get statements online
  • ATM card available
  • Set up direct deposit

Interest on the savings accounts accrues daily and is compounded and credited monthly. The savings rate is current as of June 29, 2011. Funds can be transferred between First Trade Union Bank and external accounts for no fee. The savings account also can be used with the banks overdraft protection program. The bank also reimburses some ATM fees for transactions at machines displaying the Cirrus, SUM Program or NYCE Payment Network logos.

First Trade Union Bank has been in business since 1987 and is based in Boston. Deposits at the bank are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor.

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