Grand Yield Direct Online Savings Account Rates
March 23, 2010 by · Leave a Comment
Grand Yield Direct is the online consumer products service provided by Apple Bank for Savings. They are a New York centered charter savings bank that was founded in 1863. In that time they have provided continuous and great service for their customers,even being given a superior rating by Bauer Financial for 10 consecutive years. Apple Bank for Savings is currently the third largest savings bank in the country, so you know that your money will be safe with their online branch.
When online banking hit a major boom recently they expanded their service with Grand Yield Direct to handle their online bank accounts. When considering interest rates the Grand Yield Direct online savings account rates are definitely high on the list.
The current interest rate for online savings is a 1.25% annual percentage yield. This is among the highest interest rates available and with a secure company as well. In order to earn this interest rate you must maintain a balance of at least $1.00.
When you initially open the account there is a $2,500 balance requirement, but there is no minimum balance once the account is open. You also need not worry about finding any hidden costs like maintenance charges or penalties that will prevent you from earning the most interest you can.
Like any online savings account your money is very flexible and liquid, so that you have access to it any time you wish. You can make transfers from other Grand Yield Direct account or external accounts as well. There are limits for the amount in transfers you can make.
You can make $25,000 in transfers in a single day and $75,000 within a 30-day period without incurring fees. Another huge benefit you get with this savings account is that the interest is compounded daily. Unlike most account where the interest is based on your average balance for the month, this account calculates the interest for each day.
This will earn you more in interest and maximize your savings account potential. However, you should note that in order to have online access to your account, you will need to sign up for online banking at no cost to you.
Presidential Online Bank Online Savings Account Rates
March 19, 2010 by · Leave a Comment
Presidential Online Bank has been in operation since 1995 and boast that they are the first online bank to exist. But that is just the online portion of the bank since the main branch of Presidential Bank was started in 1985.
The main branch of the bank operates out of Maryland however the online branch expands beyond the state with customers all over the country. Because online banks have lower operating costs they can offer much more competitive interest rates.
Currently the Presidential Online Bank online savings account rates are at a 1.25%. This rate places the bank right in the midst of the pack for online savings accounts and should definitely be considered. The account does require a minimum deposit of $5,000 to open the account, but there is no minimum balance once it’s open.
There are also no fees associated with the account, which will save you money in the long run. Keep in mind that the 1.25% APY is only for balances up to $35,000. Anything over that amount will earn a 0.75% APY, which is still a very competitive rate.
Another tool that you have with a Presidential Online Bank savings account is 24/7 access to your account. Not only can you get online access to your account at any time but also you can call the bank’s customer service number anytime as well. No matter what you need to do, you can do it any time that is convenient for you.
You do get statements for the account in the mail, but Presidential Online Bank will also keep an archive of these statements online as well. These online archives also include images of checks and deposit items. Anytime you make a deposit you can get confirmation by email, which is especially useful if you have an automatic deposit set up on the account.
That way you don’t have to check to see if it went through alright, you will get an email confirming that everything is fine. All of these benefits and the competitive rates make Presidential Online Bank a worthy consideration.
ING Direct Online Savings Account Rates
February 28, 2010 by · Leave a Comment
Certainly not one of the most established banks for online savings accounts, ING has only been around since 2000, but in that time they have been able to establish a very good reputation with their customers. Most consumers who have an ING Direct online savings account report that they have never had a problem with the bank and have nothing but good things to say about it. So while they may not have won awards that other banks offering online savings accounts have, they are definitely worth considering.
ING Direct offers two different rates for their two separate online savings accounts. The first account, Orange Savings Account, is typically offered to consumers that don’t have many thousands of dollars to put into savings and has an annual percentage yield of 1.20%. The second account, the Electric Orange Savings Account, is best suited for those consumers who do have a large savings balance to deposit and will return a 1.45%. With most banks lowering the rates offered for their online savings accounts these rates are very good even if they may lower slightly they will still be good.
There are no minimum deposit amounts for opening up either of these accounts, which makes them easily accessible to anyone who is interested. Another great advantage you have is that there are no fees for transferring money between your online savings account and any other accounts you have, even if they are with other banks. That is not to say that those other banks won’t charge you a fee, but ING Direct certainly will not. Transferring money is very easy and can be done online, over the phone, or with a customer representative in person. Usually transfers are completed in 2 to 3 business days, which makes it very easy to get access to your money.
You can also easily link your ING Direct online savings account to any checking account that you wish. Of course all ING Direct accounts are automatically linked for you, but you can choose any 3 checking accounts with other institutions that you wish. And you can bank safely with ING Direct since they are FDIC insured, making it a very safe place to keep your money
HSBC Direct Online Savings Account Rates
February 25, 2010 by · Leave a Comment
Investors flock to liquid accounts like online savings accounts for a number of reasons, but one of them is stability and security for their money. HSBC Direct is the online arm of HSBC, which is the fourth largest bank in the world and is consistently one of the most profitable.
For this reason HSBC Direct is able to offer among the best interest rates for their online savings accounts. Their current interest rate is at 1.35%. While this may seem low considering the much high rates of the past few years, it is nearly impossible to find many rates that approach 2% in the past year or so. And if you do, there are likely to be a lot of restrictions on the account or a lot of fees involved. Given the current economic climate 1.35% is a very good rate for an online savings account and the other benefits you get are unbeatable.
One of the greatest benefits of an HSBC Direct online savings account is that there is no minimum balance requirement. This is rare for any savings account that accrues interest and even rarer for an online savings account. Add to this that there are absolutely no fees for this account and you have a true gem of an online savings account. You can transfer as much money as you like and not incur any fees or any fees no matter how often you use the ATM.
You can also link your HSBC Direct online savings account to any other accounts you have with HSBC Direct or the main branch of the bank. All of them will be available to you with Easy View. This allows you to have one login name and a single password to have access to your account. With this view you can view you accounts and manage them all online. This way your online savings account, loan, mortgage, and credit card will never get forgotten because they are all right there. These are just a few things that set the HSBC Direct online savings account rates apart from others in the industry.
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.
Shopping For Online Savings Account Rates
November 30, 2009 by · Leave a Comment
No matter where you are with your financial goals, it’s vitally important for you to save money for future expenses and one of the best ways to do that is with an online bank savings account. Savings accounts in general are meant to hold money and give you a monetary return (interest earnings) for setting aside a portion of your liquid assets.
Banks, credit unions, savings, and loan companies offer online savings account rates. There are many different types. Some require a minimum deposit to earn the rate advertised. Others require you to have a checking account that is linked to the account. The money in a savings is not supposed to be used as immediate money and many banks don’t let you write checks or withdraw cash from them at ATM’s. There are options available that let you do automatic monthly or weekly transfers from your checking to the savings account which is a great benefit. Consider all the options and find the best online savings account rates that best suits your needs.
Before opening your account, read the small print for the account. There are things to watch for. For example, is there a time limit for the rate advertised? Many times a high rate is only good for 90 days and then it falls significantly below where you started. Be sure that the interest rate lasts long enough that it’s worth the effort to move your money. Next, are there monthly fees for the account? Paying fees cuts directly into your return on your deposit and they need to be figured into the total benefit. Find an account where you can leave your funds for a significant amount of time and then check it often to make sure the specifics are the same.
The most important thing to consider before putting your money into any account is the stability of the bank you chose. Check them out. Carefully. Have you heard of the company? If not, find out who they are. Ask friends and family or your favorite banker if they know anything about them and be sure the bank is FDIC insured. Use the search tool at the FDIC to find out.
Use good common sense while searching for your account. I found an online bank savings account that offered 9.65% APY with no minimum balance requirement and no fees. Sound too good to be true? It probably was and they were not FDIC insured. Most online accounts are paying between 1.25 and 1.70% APY right now. When an advertised return is that far from the rest of the pack, you might as well play the lottery with your money. You want to save money and enjoy healthy returns, not lose it.
In branch savings accounts are not the place to accomplish your savings goals. Your goal as a short-term or long-term investor should be to maximize the money you earn. Putting some of your assets into an online bank savings account will help you make your goals a reality.
