Choice Financial has a RateBuilder Savings account with a 2.06% annual percentage yield (APY) for an introductory period. The bank is based in North Dakota, but you can open an online savings account and fund it by check, ACH, or wire transfer. If you aren’t sure you want to open an online savings account, the bank has a demo that allows you to preview the features.
Details of the savings account offer include:
- Minimum of $5,000 to open
- Deposits may not top $250,000
- Maximum of six withdrawals or transfers each month
- Interest is compounded daily and credited quarterly
- Deposits are insured by the Federal Deposit Insurance Corp. (FDIC)
The 2.06% savings rate (good as of April 22, 2010) is valid for 30 days. After the introductory period, savings rates are tiered. Deposits of $5,000 to $24,999 have a savings rate of 1.26% APY, $25,000 to $99,999 earns 1.41% APY, and $100,000 and up earns 1.51% APY.
Choice Financial also has a RateBuilder certificate of deposit (CD) with 1.55% APY for a term of 13 months. The CD requires a minimum opening deposit of $5,000, and you can make additional deposits. Total deposits can’t top $250,000. There also is a penalty for withdrawing funds early.
Managing a Choice Financial savings account online allows you to view detailed account information, print statements, and transfer money. You can also download account information into Quicken and other financial programs.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.62 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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