It’s tough to find a 12-month certificate of deposit that pays more than 2.25% APY. But if you want financial flexibility and a higher rate than you can get even with a 24-month CD, check out the savings account from the Bank of Internet USA.
It’s strictly an online operation based in San Diego, but you earn a 2.50% APY on your Advantage savings account with $100 minimum deposit. And it’s FDIC insured.
The account doesn’t come with many perks, but there’s no maintenance fee, no minimum balance is required and your interest is compounded daily. You can make up to three bill payments a month to yourself or third parties, and you can get a free ATM card.
The real plus of an Advantage savings account is the 2.5% APY. The only downside is that yields on savings accounts are variable – they can go down. But that means they also can go up.
Click here to compare this rate with the best rates available from dozens of other banks in our extensive database.
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