New Dominion Direct Online Savings Account Rates
March 25, 2010 by · Leave a Comment
New Dominion Bank has been providing all financial services with great customer service to the area of Charlotte, North Carolina since 2005. While still a relative newcomer to the banking scene, they have managed to expand their business a great deal and be awarded an A rating with the Better Business Bureau.
In that time they have also founded their online banking branch of New Dominion Direct, which specialized in personal and business online savings, checking, CD, and Money Market accounts. The New Dominion Direct online savings account rates are definitely competitive for the online market and look to remain that way for quite awhile.
The current annual interest percentage earned for New Dominion Direct online savings accounts is at a 1.50%. The minimum deposit amount in order to open the account is $1,500, and a $1,000 daily balance must be maintained.
If the balance falls below $1,000 the account will still continue to earn interest however a $10 maintenance charge will be applied to the account, which negates the interest you have earned anyway. The interest for this online savings account is compounded daily, which will earn you the most interest possible for your money.
However, don’t get concerned if you don’t see daily interest payments. While the interest is calculated daily it will only be paid to the account once a month.
Direct deposit is available with the New Dominion Direct online savings account, so if you want to set aside a portion of your paycheck every month to that account then you have the ability to do so. Online and ATM access to your access are free and give you unlimited, 24/7 access to your funds.
With this account you do get three free withdrawals per month. Any withdrawals over three will each be charged a $5 fee. This account does have several fees that can limit the amount of interest you actually make, and this should be taken into account before you open an account.
However, if you plan to have a savings account that you add funds to and otherwise leave completely alone then this account could be very advantageous for you. The rates are very good and can be significantly higher than other accounts that have no fees.
AmTrust Direct Online Savings Account Rates
March 24, 2010 by · Leave a Comment
AmTrust Direct began its life as the online division of AmTrust Bank. However, in December of 2009 AmTrust Bank was acquired by New York Community Bank. This means that AmTrust Direct is still in existence and offering competitive rates and is now a division of New York Community Bank.
While the customer service expectations and stability of the company is not a problem, it is important to note that some policies and rates may have changed since the bank changed hands. So while you may have thought that AmTrust Direct was not your best bet, those new AmTrust Direct online savings account rates may just be the best offer for you now.
While there is no minimum balance to earn interest on an AmTrust Direct online savings account rates, there is a minimum balance to open the account. In order to open the account you must deposit at least $500. However you don’t have to maintain that balance since there is no fee for falling below a certain threshold and you can earn interest on anything over $1.00.
You can transfer money into the account from any external source; it does not have to be another AmTrust Direct account. Your account can be linked to up to six external accounts, so you will have plenty of sources to fund your savings. You will be allowed six of these external transfers per billing cycle for free. After you have reached six there will be an additional fee for every transfer after that.
However, you can still make transfers by check as well. Any deposits made to the account usually show up within four business days. You don’t have ATM access with this account, but with 24/7 online access you should have no problem keeping track of your money.
Currently there are two different interest rates for the AmTrust Direct online savings account, and this rate is based on the size of the balance. For any amount from $1.00 to $99,999.00 will earn a 1.00% annual percentage yield. Anything over $100,000 will earn a 0.50% interest rate. Keep in mind that these rates are usually offered for new account only, so if you are transferring your AmTrust Direct account to an online savings account then this rate may be different.
