Franklin Synergy Bank Online Savings Account Rates
March 18, 2010 by · Leave a Comment
Franklin Synergy Bank, operating out of Tennessee, is new in the financial services world. They have only been in business since the beginning of 2007 but have seemed to flourish in that time. They recently added an online savings account to their repertoire, which will likely serve to only expand their customer base and customer support.
Also, there is no need to worry about what kind of business you’re working with, they are Better Business Bureau accredited and have an A- rating. There have been no complaints against them and most customer report satisfaction with the bank.
The Franklin Synergy Bank online savings account rates are currently at a competitive 1.35% annual percentage yield. But like with any account it is important for you to know the details of the account for you to use it to your best advantage.
The bank information mentions nothing of a minimum balance or minimum deposit however it should be noted that there is a maximum of a $500 deposit from an external account. In other words you can deposit as much as you wish from another Franklin Synergy account, but only $500 at a time from an account with a different bank. You do receive email statements on the account for free, or you can choose to get paper statement for $3 each.
This online savings account is designed for people that do not want to move their money around a lot. The interest on the account is only paid quarterly, so if you withdraw funds from your account more often than that you will not get as much interest as you could have.
You do get 3 withdrawals a month for free, and $5 for withdrawals over three in a month. Also keep in mind that there may be excessive activity fees for more than 6 withdrawals in a month. If you intend to put your money into a savings account and not touch it, simply letting it earn interest for a long period of time, then this is the online savings account for you.
Franklin Synergy Bank rates are good and the bank had a good reputation. But if you move your money a lot then it may be best to look around a little more.
E-Loan Online Savings Account Rates
February 24, 2010 by · Leave a Comment
E-Loan is a subsidiary bank of Banco Popular North America, which is a New York chartered bank that has FDIC insurance. It is a very large national bank that holds over $12 billion in assets. E-Loan is the branch of the larger bank that handles most of their online savings accounts and their associated rates. Because of the online nature of their business they have less paperwork for you to fill out and the strictest privacy policy in the banking industry.
When you are looking for the rates on an E-Loan online savings account, you will typically run across two different rates. The first is the rate for the basic online savings account. This account requires a $10,000 minimum balance and had an annual interest yield of 1.1%, as of February 12th 2010.
This rate does fluctuate with the market so the current rate that is being offered could be higher or lower. If the balance falls below the minimum then you may not be eligible to earn interest or there may be fees associated with the account until it is brought back to the minimum balance. There are typically very few fees with E-Loan online savings account, but all of the fees will be disclosed to you before you open the account.
E-Loan also recently began offering an online savings CD account that has a significantly higher interest rate of 5.5%. While this is a very lofty interest rate, you should note that this is typically only offered as an introductory rate that usually drops to around 2.6% annual percentage yield. This is higher than the traditional online savings account and has the same $10,000 minimum balance.
There are also no fees associated with the online CD savings account, even inactivity or low balance fees. However, there are a few drawbacks to the CD account over the savings account. First is that if the balance falls below $500 for more than 90 days the banks reserves the right to close the account.
Also, you typically have less access to your money with this kind of account and may lose the high interest rate for debiting the account too often. Weigh both of these options carefully before deciding which E-Loan online savings account rates is right for you.
