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.
Chase Online Savings Account Rates
February 26, 2010 by · Leave a Comment
JP Morgan Chase bank is a leader in global financial services and is currently located in more then fifty countries. They added more branches and services when they recently bought and merged with Washington Mutual bank. They offer many rewards for their loyal customers including higher interest rates, dedicated customer services numbers and exclusive access to online tools and advice.
Their online savings account is a case of less is definitely not more. There is a minimum deposit requirement and you could be subject to some fees on the account. There are not a lot of fees but there will be the standard overdraft fees and perhaps transfer fees depending on what account type you chose. Currently if you keep merely the minimum amount of money in your account then the annual percentage yield is at a 0.25%.
However, if you go for an online savings account type with a higher balance then you can get that up to around 1% APY. These rates do fluctuate depending on the stability of the stock market and the current condition of the bank itself. But regardless it definitely pays to have more money in your Chase online savings accounts than less.
While these rates may not seem to be the highest, they are still competitive in the current financial market. And you have the added benefit of being with a stable bank that has been in business for over a hundred years. If you have a high enough balance to get a premium or platinum account then you can expect to be rewarded for it. Not only will your online savings account rates be higher at that point, but also you get extra rewards on top of that.
You can get an assigned banker that handles anything and everything with your account so that you don’t have to deal with a bunch of different people. You can also get special interest rates for a short period of time or other discounts that are only offered to highly valued customers. So if you have a lot of money to move around then Chase is definitely the place you want to be.
