BankDirect is a fast growing bank that operates only on the Internet and has been in operation for a little over ten years. They have increased significantly in popularity every year and have always provided convenient and competitive service to their customers. They offer account to anyone residing with the 50 states of the US.
Of course anyone applying for an account would have to provide the same identification as opening an account in a physical branch, however the location is not an issue since your branch is online. Because there is no cost to keep a physical location up and running the BankDirect online savings account rates are able to remain competitive and attractive to all prospective customers.
The current annual percentage rate for a BankDirect online savings account is a 0.10% APY. There is a minimum opening deposit of $100.00 in order to get the account open and running. One way that BankDirect helps you to earn as much interest as possible is by compounding your interest daily.
This means that your balance is judged every day and credit for the interest, then the following day your new balance is determining the interest. This can allow you much more in gains and is not offered by many banks.
Further helping you to earn money and not spend even more is the fact that there are no monthly maintenance fees for this account. You also get two free withdrawals every month. Any withdrawals between three and the maximum of six in a month are charged a $2.00 fee.
You can get an ATM free of charge, but these are only issued at your request. While you will be charged fees for using an ATM, you can get four of these fees reversed every month, helping you to have access to your account at no cost.
This is a great account for those that want to keep a high balance, and only access that amount for emergencies or unexpected payments. You can have access to your money when you need it, but BankDirect Online Savings Account Rates will benefit you more to leave it alone and let it earn interest for you.
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It is only natural that consumers would think of online savings accounts when they think about VirtualBank. And they do have several online savings accounts for you to choose from, but they are also leading the way for online finances in other ways too. You can apply for mortgages and other financial services in addition to just getting savings or checking accounts. The company prides themselves on being the leader in online banks and providing banking solutions that are perfect for your lifestyle.
The first of the two VirtualBank online savings account rates you can get, for their regular virtual savings account. The annual interest percentage that you will earn for this account is a 0.50%. There is a minimum balance of $1,000 to open the account.
However, your balance foes not affect the amount of interest you earn. Anything from zero to a million dollars will earn the same 0.50%. In addition you have access to your money at the ATM with no fee being charged by VirtualBank. The owner of the ATM may still charge a fee but at least there will not be two fees just to get access to your money.
The other kind of online savings account offered by VirtualBank is their online money market account. While the interest rates are higher for money market accounts it is important to note that you usually have less access to your money. There is a minimum opening deposit of $5,000. From $5,000 and above the interest rate will be tiered based on your balance, starting at 0.50% and ending at 1.00%.
Your interest rate will stay at 0.50% until you reach $25,000. From $25,000 to $50,000 your interest rate will be 0.65%. Between $50,000 and $95,000 you will earn a 0.85%, with anything about that earning the 1.00% APY. However, should your balance fall below $5,000 your APY will drop to 0.35% until it gets back above that opening minimum.
The accounts always have free online statements and unlimited free deposit envelopes. The interest on both kinds of accounts have interest that is compounded daily although it will only be credited to your account once a month, but you will earn more interest with the daily compounded method.
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