Bank Deals, Savings Account Rates

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).

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.

ING Direct has a savings account that earns 1 percent annual percentage yield (APY). The savings rate is effective as of Feb. 23, 2011, and is variable. Details of the Orange Savings Account offer include:

• No monthly maintenance fees
• No minimum balance requirement
• Links to existing checking account at any bank
• Easy online application
• Deposits insured by the Federal Deposit Insurance Corp. (FDIC)
• Maximum of six withdrawals per month

Interest on the savings account accrues daily and is compounded monthly. All deposits are subject to being held for five business days before they can be withdrawn. The initial deposit used to open the savings account will be held for 10 days for security reasons.

The Orange Savings allows you to set up automatic savings plan that allows you to save as frequently as you want. There is no minimum number of deposits required so you can set up deposits on a weekly, monthly, bi-weekly or some other basis. You can also set up more than one automatic savings plan if you want.

ING Direct is based in Wilmington, Del. Banking is done by phone, online or via mail 24 hours a day.

Choice Financial has a savings account that earns up to 1.31 percent annual percentage yield (APY). The RateBuilder savings account can be opened online and is for individuals only. Details of the savings account include:

• Minimum opening deposit of $5,000
• Total deposits must not exceed $250,000
• 1.31 percent APY is introductory rate for 30 days
• $50 closing fee if savings account is closed within 12 months
• Free online banking
• Free estatements
• Free mobile banking
• Six withdrawals or transfers per month
• Insured by the Federal Deposit Insurance Corp. (FDIC)

After the 30-day introductory period the account earns tiered savings rates: 0.51 percent APY for $5,000 to $24,999, 0.61 percent APY for $25,000 to $99,999 and 0.71 percent APY for $100,000 or more. Interest is compounded and credited quarterly. The savings rates are current as of March 10, 2011, and could change at any time.

Choice Financial also has a RateBuilder Health Savings Account that earns up to 1.4 percent APY. The savings requires a minimum deposit of $100. The account has tiered interest rates, and interest is compounded and credited quarterly. There is a $25 fee if the account is closed within the first 12 months.