bank rates

MySavingsDirect Boosts Its Savings Rate

For the whole of 2014 MySavingsDirect has offered a competitive 1% APY savings account.

That yield just got a bit better after this online division of Emigrant Bank raised its rate to 1.05% APY.

This new rate puts MySavingsDirect (www.mysavingsdirect.com) in a near dead heat for the best nationally available savings account with CSBdirect (www.csbdirect.com), which pays 1.06% APY.

But MySavingsDirect has better terms for earning its rate. There is no minimum to open, no minimum monthly balance and no monthly service fees.

With CSBdirect, you earn the top rate of 1.06% APY on balances of $10,000 or more. While it only takes a minimum deposit of $100 to open an account, balances between $100 and $2,499 earn 0.50% APY. Balances from $2,500 to $9,999 earn 0.75% APY. You pay a $2 monthly service fee if your balance falls below $100.

CSBdirect is the online division of Citizens State Bank in Perry, Florida, which has three locations in North Florida.

MySavingsDirect the online division of Emigrant Bank in New York City. Emigrant has two branches in New York.

Three other banks pay 1.00% APY on savings accounts:

SFGI Direct (www.sfgidirect.com), which requires a $500 minimum opening deposit, but has no monthly minimum to earn interest and pays its top rate on all balances. SFGI Direct is the online division of Summit Community Bank of Moorefield, West Virginia

Salem Five Direct (www.salemfivedirect.com), which requires a $100 minimum opening deposit. Interest is paid on the entire balance. This bank is a division of Salem Five Cent Saving Bank in Salem, Massachusetts.

iGObanking (www.igobanking.com), which has no minimum balance requirement. Interest is paid on the entire balance. iGObanking is the online division of Flushing Bank in Lake Success, New York.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 5.00 out of 5)
Loading...
No Existing Comments

Comments are closed.