Salem Five Direct has a couple of bank deals for checking and savings accounts. The savings account offers a a 1.55% annual percentage yield (APY). The eOne Savings Account links to an eOne Checking Account.

Other details of the online savings account offer include:

• No monthly fees
• Minimum opening deposit of $100
• Savings rate applies to balances up to $1 million
• Savings can be used for overdraft protection for checking account

The checking account offers a $25 bonus when you enroll in direct deposit. The account also features:

• Cash back debt rewards
• No monthly fee
• Minimum opening deposit of $100
• Reimburses up to $15 of fees for non-Salem Five ATMs each statement cycle
• Unlimited checking, debit, and ATM transactions
• Online statements
• Earn up to 0.85% interest on checking deposits

Salem Five Direct credits the $25 bonus to the checking account within 60 days of setting up a recurring direct deposit. You have 90 days after opening an account to initiate a recurring direct deposit.

The savings and checking account offers are only available online and cannot be opened at a branch. Money in the accounts is insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per depositor.

Government and private reports indicate that personal income grew in November and is expected to continue gaining next year. The 0.4% rise in personal income occurred even as U.S. workers continued to lose jobs, reported the Los Angeles Times.

Americans also are putting more of their income into savings. The personal savings rate was 4.7% in November, according to the Bureau of Economic Analysis.

That’s a huge shift from earlier in the decade when the U.S. savings rate plunged as many consumers spent like crazy and went deep into debt. Many people also took advantage of strong gains in the stock market and rapidly rising home values.

Now more folks are taking negative financial news seriously and looking to pay off debt. Many people also are beefing up their emergency funds and retirement accounts due to the constant economic uncertainty that has touched the lives of many Americans.

However, the unwillingness to spend is likely to slow down economic recovery. Because many people continue to remain concerned about their job prospects and more the overall direction of the economy, the savings rate may continue to rise as tight-fisted consumers sock away money for the proverbial rainy day.

A Gallup poll earlier this year indicated that 32% of Americans who had cut back their spending said they planned to continue that pattern in the future.

The average savings rate is 1.22%, but North Middlesex Savings Bank has a savings account with a 2.75% annual percentage yield (APY). The Simply Savings account is available as a passbook or statement account. Details of the offer include:

• No minimum opening deposit
• Make at least one deposit of $50 during each interest cycle
• Deposits must be made in person at a branch in Massachusetts
• Savings rate applies to deposits of $10 to $10,000 when account requirement is met each interest cycle
• Savings rate defaults to 0.25% of requirement is not met
• No ATM, Visa CheckCard, Internet banking, or ACH debits are allowed

You can only open one Simply Savings account per person. Three savings accounts are allowed per household.

North Middlesex Savings Bank also has an Easy Does It savings account. It pays a market rate of interest plus an extra 20% on the amount of interest credited to the account during the first nine months of the year. You receive the bonus payment in November.

The Easy Does It account can be set up as a statement or passbook savings account. You can access your account electronically and set up direct deposits. The savings account has a minimum balance requirement of $1,000.

North Middlesex Savings Bank is based in Ayers, Mass.

SFGI Direct is offering a savings account with a 1.85% annual percentage yield (APY). The savings rate is accurate as of Dec. 18, 2009. Details of the offer include:

• $500 minimum deposit to open savings
• No monthly service charge
• Minimum balance of $1 to earn interest
• Open and fund account online

Make deposits and withdrawals online. You can transfer funds can between SFGI accounts or between SFGI Direct and other banking institutions. You can link only one external account to your SFGI high interest savings.

Interest on SFGI savings accrues daily and is compounded or credited to the account monthly. Initial deposits can’t total more than $25,000 and must be made electronically. It normally takes two business days for transfers between accounts to be completed. The bank does not allow wire transfers into the high interest savings account.

The bank only offers savings accounts for individuals, not businesses. It also does not offer individual retirement accounts (IRAs). When you open an individual or joint savings, you are not allowed to name a beneficiary.

SFGI is a division of Summit Community Bank in Moorefield, W.Va. The bank offers customer service online and by phone. Money deposited in SFGI Direct savings accounts is insured by the Federal Deposit Insurance Corp. (FDIC).

If you are looking for long-term savings, EmigrantDirect has a certificate of deposit with a 2.5% annual percentage yield (APY). When you open a MyWay CD you must choose a term of five to 10 years. Shorter terms have rates of 2% APY. Other details of the CD offer include:

• Minimum deposit of $1,000
• Must have an EmigrantDirect American Dream Savings Account
• Penalty for early withdrawal
• Insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor

Interest on CDs can be withdrawn by transferring the money to your linked account. The bank notifies you 14 to 30 days before the date of maturity. At that time you can decide to renew the CD, deposit additional funds, withdraw some money, or close the account.

The American Dream Savings Account has no monthly fees or minimum balance requirements. The savings can be linked to any checking account. The savings account had a 1.2% APY as of Dec. 4, 2009.

You can open a savings account online. You can make the initial deposit to your savings with a check, but future transactions are processed electronically between your savings and checking accounts. You can link up to two checking accounts to the EmigrantDirect savings account.