bank rates

Darby Direct 3.00% APY Savings Account

The online branch of Darby Bank & Trust in Vidalia, Ga., is paying more than twice the national average on its savings accounts.

The 3.00% APY is available nationwide, the online application is easy and the requirements are few.

You can open an account with anywhere from $1 to $10,000. Once the account is processed (usually two or three days), you can make additional deposits in any amount.

We have to wonder how long this lucrative rate will last. (We were dismayed when Heartland Community Bank dropped the rate on its high-interest checking account from 5.06% to 4.02% the day after we wrote about it.)

Although Darby Direct has been paying 3.0% since November, all savings accounts pay variable rates that can be changed without notice.

But even if the Georgia bank drops the rate a quarter-point, you would still be earning more than you would with any other savings or money market account, or even the best-paying 24-month CDs.

Of course Darby Bank & Trust Direct is FDIC insured and it earns two of five stars from the Bankrate Safe & Sound rating system.

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Comments (12)
1 Star2 Stars3 Stars4 Stars5 Stars (10 votes, average: 3.30 out of 5)
12 Existing Comments
  1. getherdone said:
    on April 15th at 06:27 pm

    Banks are getting real good at luring you in then with a good rate, then magically it disappears. If we want to be treated like that we just have to go to our local bank down the street!

  2. Jesse said:
    on April 17th at 08:48 pm

    HSBC did this. They had the 2.6% savings account that has dropped a full % point since I’ve opened up an account. I still have the 3K in there but refuse to drop anymore in there unless they raise those rates again.

  3. Wayne said:
    on April 22nd at 01:00 pm

    I guess you pay for what you get. It’s hard to get customer sevice on the phone. Left a message but haven’t gotten a call back.

  4. surferdude said:
    on April 22nd at 06:25 pm

    The local Integra Bank is paying 2.75% APY on 25k+ Savings accounts. Darby is still the winner at 3.0% but it doesn’t hurt to have a plan B.

    Integra Bank
    Mt. Vernon, IL

  5. buysta said:
    on April 23rd at 09:47 am

    I opened an account and am not too impressed with the service. Didn’t get an account number, no one returned my phone calls and it looks like an intern made their website….I would expect this 3% to drop in the near future.

  6. surferdude said:
    on April 23rd at 03:23 pm

    Darby Bank is small and the customer service may not be super but the rate is the best around. Be aware that any ACH transfers initiated with them are capped at 10k daily and 25k monthly. You must use 3rd party ACH to pull larger amounts from them or else fed-wire ($20 outgoing fee).

  7. pat said:
    on April 29th at 07:04 am

    I opened an account and I transfered a fund from my checking acccount.
    electronically, it was withdrawn April 24 and still dont see the transaction. They said it will take 3-5 days plus 1-2 days (total 7 days) before they post it to your account. I’m still waiting.

  8. Shelley said:
    on April 29th at 07:44 am

    I wouldn’t recommend using Darby Bank to initiate transfers as it can take up to week before the money is deposited and avail. However, I am going to try to use Etrade to initiate a transfer into Darby because I suspect it will only take a day.

  9. Ellen Kay Schlieckau said:
    on April 30th at 05:13 pm

    Started an account in April…… called twice, got right thru to a rep.
    If you transfer funds from your external checking account to this savings account how much can you transfer a Day? per month? Is there a limit?

  10. Christine said:
    on May 2nd at 03:01 pm

    Their website now says the account is available to GA residents only after May 1.

  11. Ron J. said:
    on May 4th at 08:46 am

    Opened an account and did an ACH transfer.. There were some delays in getting the transactions done. Opened the account on 4/16, and money did not tranfer in until 4/28. Called and left a message, never got a call back. Called again, got an answer on the toll-free line and the rep took care of the ACH hangup on the spot. I would imagine that they are overwhelmed with volume after bankaholic listed them.

  12. Phil said:
    on May 4th at 11:46 am

    Darby Direct just sent out an e-mail to new account openers thanking them for business and offering a guarantee that their savings account will stay at least at 3.00% until 30 Sept 2009. New accounts drop down to 2.25% and are restricted to GA residents. Applause, Darby Direct.