Bank of America Online Savings Account Rates
March 8, 2010 by · Leave a Comment
Bank of America burst onto the financial scene and seems to have been rising to the top ever since. They hold a little over 12% of all deposits in the United States, which makes it the largest bank by assets in the country.
And not only that but they hold a business relationship with over 95% of the companies on the Fortune 500 list, and just about 85% of the Global Fortune 500. This makes Bank of America quite a powerhouse in the banking world, which makes them a popular choice when choosing online savings account rates.
The current annual percentage yield for their online savings account is currently at 0.10%. This is on par with many other banks regular savings accounts and is becoming a more common rate for the online savings accounts as well. You can open the account with a minimum deposit of $25 and there is no minimum balance to earn interest for the account.
However, it is important to note that if you have less than $300 in the account then you will incur fees until you have $300 in the account. You will still earn interest on that amount but there will be a fee involved.
A great perk with the Bank of America online savings account rates is that you are not charged for making withdrawals to your account. Most other banks do charge for withdrawals, and Bank of America does as well for excessive withdrawals. But you start out each month getting three withdrawals that will not get charged a fee.
However, this is not the case if your balance is over $2,500, then you get any amount of withdrawals for free. You will have access to your account with any number of ATMs across the country as well as getting a monthly statement.
Also, you have the ability to set up monthly deposits to your online savings account in whatever amount you choose. And always keep in mind that will not prevent you from making additional deposits whenever you wish but if you are forgetful they can automatically do it for you.
Zions Bank Online Savings Account Rates
March 1, 2010 by · Leave a Comment
Zions First National Bank is a subsidiary bank of Zions Bancorporation and currently runs over 500 offices and 600 ATMs. If you are looking at this and wondering just who is Zions Bank then you are probably in one of the eastern states where they do not operate. The bank does business out of ten states that are all on the west coast and Zions Bank Online Savings Account rates are very competitive.
The majority of their offices are in Utah where the bank is based, but they also have offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, and Washington. While they are not a large national bank they have recently been offering very competitive rates on their online savings accounts.
As with any interest bearing accounts the rates are subject to change at any time but the market has been pretty stable and keeping the interest rates high. The basic annual percentage yield for their online savings accounts is 1.25%. This is the first tier of interest that you can get with Zions Bank and the levels are based entirely on your balance. To open the account there is a $1,000 minimum deposit, but while this is enough to open the account it will not earn any interest.
The minimum balance for your online savings account to earn any interest is $2,500; at that point your interest rate will probably be closer to around an even 1%. But as you get closer to the limit for the first tier of $20,000 you will be at the 1/25% or a little higher.
After the first tier limit of $20,000 there are two cutoffs after that and for each one you will earn higher interest rates. The second cutoff is $100,000 and then anything over that will receive the highest interest rate currently being offered.
It’s important to remember that this rate is only for online savings accounts although the tier system is similar for their high-yield checking accounts as well. The interest rate is a bit lower for the checking account but the way it is set up is the same. Also don’t get this confused with their online money market account, that is an even higher interest rate but you get limited access to your money and may not be the right financial move for you.
