Best Savings Account Rates
Across United States typical savings account rates are in the range of 1.5 to 2.5 percentage. However there are exceptions where certain banks offer best savings account rates up to 5 percentage. This can be attributed to the cash hungry banks after having depleted most of their resources during the recession.
How to choose best savings accounts ?Choosing a high yielding savings account is not an easy job as it is used to be. Experts say that one has to search information on several banks and their interest rates before deciding on a particular bank.
Best Savings Account Rates from US Banks
The details below cover the interest rates for personal accounts and not business accounts.EverBank
EverBank offers high yielding money market accounts with APY of 1.5% for balances below 50,000$. There are two types of money market accounts from EverBank. One is Yield Pledge money market account and the other is World currency access deposit account.
In Yield Pledge money market account the money would be kept liquid. Interest rates are comparable to some of the best all over US. Initial deposit of 1500$ is required. In case the account holder maintains his monthly balance without defaults, monthly fees would be waived off.
World Currency Access Deposit Account could help one to diversify portfolio with major foreign currencies as mentioned in the official website of the bank. Initial deposit of 2500$ would be required. Yields are very high at foreign rates (APY). Like Yield Pledge money market account, there is no monthly fees associated if monthly balance is maintained.
East Boston Savings Bank - ESBSEBSB (East Boston Savings Bank) offers attractive APY rates. These rates depend on monthly balance. For example, a balance of 2500$ can get an APY of .25%, 25,000$ could get an APY of .5% and a balance of 50,000$ can get an APY of 1%.
A monthly maintenance charge of 8$ would be applicable on balances below 2500$. Six check, debit or online transactions are permissible per statement cycle. For transactions beyond this limit 15$ would be charged per transaction.
American Express Personal Savings AccountsAmerican Express Personal Savings accounts yield very high APY of 1.50 %. Interest would be compounded daily and credit during month ends.Initial deposit is not required. Even there is no monthly maintenance fees.
APY for CD accounts (Certificate of Deposit) varies by term of deposit. For example APY for 3 months is 0.6%, for 12 months it is 1.5% and 2.5% for 48 months. There are no monthly fees for this type of account.
AIG Bank Money MarketAIG bank money market accounts have very high APYs. Rates increase as monthly balance increase. For a balance of 2500$ to 9999$ APY is .90 %, for $10,000 - $49,999 it is 1.26% and so on. The accounts are always FDIC insured.
Ally BankAlly bank's money market accounts and online savings accounts have APY of 1.44%. CD accounts are also high yielding with 1.64% APY for 12 month period. All the three accounts do not require initial deposit and monthly fees.
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