Bank Deals, Checking Accounts, Savings Account Rates

Open a Clear Sky Checking Account at Chesapeake Bank and you could earn an interest rate of up to 1.2 percent annual percentage yield (APY). The checking account has tiered interest rates, which are:

• 1 percent APY for balances up to $9,999
• 1.1 percent APY for $10,000 to $24,999
• 1.2 percent APY for $25,000 to $249,999
• 0.25 percent APY for balances above $250,000

The paperless checking account has no monthly fees. Other features of the account include free bill pay, mobile banking, e-statements and touch-tone automated teller access. The account also includes a Visa CheckCard, free identity theft protection and free ATM access. Accounts can be opened online and are insured by the Federal Deposit Insurance Corp.

Chesapeake Bank also offers a Clear Sky Savings, which has a 1.25 percent APY for deposits up to $249,999 and 0.25 percent APY for $25,000 and up. The savings account has no monthly fees and free online banking and other e-tools.

Chesapeake Bank, Williamsburg, Va., has been in business since 1900. Clear Sky Accounts can be opened online in just a few minutes. Initial deposits can be made by transferring money from an existing Chesapeake Bank of Clear Sky account, a transfer from another bank account, mailing a checking or making a deposit at a Chesapeake Bank branch.

FNBO Direct has an online savings account that earns 1.1 percent annual percentage yield (APY), which is above the average savings rate of 0.38 percent. The savings rate is accurate as of Feb. 7, 2011, and can change after an account is opened. Details of the savings deal include:

• No minimum balance
• No monthly fees
• $1 minimum deposit to open account
• $1 million maximum principal deposit balance
• Deposits insured by Federal Deposit Insurance Corp.

The savings account gives you access to deposits anytime you need them. The Popmoney feature allows you to send mobile and email payments directly from the savings account, deposit any money received directly into the account and avoid having to write checks. Transfers and withdrawals are limited to six per statement cycle.

FNBO Direct is a division of First National Bank of Omaha. You can open more than one savings account at the bank if you need to set up different goals, such as saving for a down payment, vacation or holiday shopping. When you log into their website you can track all accounts held at the bank and your various goals.

Ultima Bank Minnesota has a Smart Savings Account that earns 2.02 percent annual percentage yield (APY). Smart, which means School Money At Right Time, is a savings account for customers who are 18 years old or younger. The savings account is designed to complement the Student Checking Account and encourage good financial habits at a young age. Details of the Smart Savings include:

• Free electronic statements
• No minimum balance requirement
• Transactions limited to six per month after 18th birthday
• Direct deposit
• Two free withdrawals, $1 fee for each additional withdrawal
• Free online access
• Interest is calculated daily and compounded and credited monthly
• Converts to a Regular Savings Account on 19th birthday

The Student Checking Account has free electronic statements and check images. There are no minimum balance requirements, check writing limitations or per check fees. The checking account also includes a debit card and printed statements can be mailed for free if they do not include check images. If you receive check images there is a $3 fee. Online access includes free transfers of funds among accounts, free retrieval of transaction details (up to 61 days) and free electronic bill payment. Ultima Bank Minnesota is based in Fosston, Minn.

Open a FirstBank eSave savings and checking account package and you could get a free Flip UltraHD. Only residents of California, Colorado, and Arizona can open accounts online with the bank. Details of the offer include:

• You are limited to writing three checks per statement cycle and pay a $1 fee for each additional paper check
• Unlimited bill pays on account
• Visa check card
• Free Internet banking with estatements
• Free mobile banking and alerts

The Flip UltraHD offer is only for new eSave accounts. You must make a minimum opening deposit of $50 to receive the bonus. New account holders receive a promotional code within one week of opening an account and can redeem the gift online.

If you transfer $500 from an eSave checking account to eSave savings after 12 months of opening the accounts, a $25 bonus is deposited into the checking account. Each household is limited to one bonus in a 12-month period.

The eSave package requires that customers maintain the following components to receive all benefits of the package–eSave checking, eSave savings, Internet banking, estatements, and Visa check card.

Saving money is one of the smartest financial moves you can make whatever the state of the economy. Many Americans have changed their spending ways and are adding to savings accounts. The personal savings rate was 5.3 percent of disposable income in November, compared with 5.4 percent in October, according to a recent report from the Bureau of Economic Analysis.

Although savings rates are not very high–savings accounts are paying an average of 0.39 percent interest and money market accounts are averaging 0.32 percent–it still makes sense to build a nest egg. Getting started on a savings program now can help you become disciplined about building up an emergency fund. If you stick with a savings plan, the money will add up sooner than you think, especially if you put it away and don’t touch it until it’s really needed.

Shop around to find the right savings account for your money. If you know that you won’t need the funds for a year or two, consider opening up a certificate of deposit to earn a higher interest rate. CD rates for a 1-year term are averaging 0.77 percent, but if you shop around to compare bank deals you should be able to find an account with higher promotional rate.