High Yield Savings Rates and Deals

Is Your Money Safe?

admin — Tue, 15 Jul 2008 06:58:40 +0000

The recent failure of five FDIC insured banks, the largest and most recent being IndyMac Bank, and the concern that other banks may soon fail amid the banking crisis that we’re experiencing brings into question again the safety of your savings.

Here are some top facts regarding FDIC insured deposits, in the case that your bank fails:

1. If you deposited your funds via a broker to a bank which is in trouble, you must work with your broker to answer any questions. Once the FDIC receives a balanced investor file and required documents from your broker, your insured funds will be wired to your broker.

2. If you have deposited funds in excess of the FDIC insured maximum of $100,000 the FDIC will send out a Receiver Certificate to you, which entitles you to proportionately share in funds recovered through the liquidation of bank assets. In addition the FDIC will pay you an advance of 50% of your uninsured deposit. In these times, saving funds in excess of $100,000 in a bank may bring with it some risk. It may be a prudent strategy to break your savings up into units which do not exceed $100,000 and place them with several institutions who are FDIC insured.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

HSBC Direct Offering 3.5% Savings until 8/08

admin — Mon, 07 Jul 2008 03:44:44 +0000

HSBC Direct is offering a promotion on its savings accounts of 3.5% APY, guaranteed until 8/15/08, making it one of the most competitive online savings accounts offers currently available.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

Weak Bank, Good Rates?

admin — Mon, 26 May 2008 18:29:18 +0000

One of the ironic and concerning things about the banking crisis that we’re enduring this year is the fact that it is typically the most troubled banks which offer the most competitive deposit rates. That is because banks which are struggling, such as Indymac Bank, are very keen on gaining new deposits to add to their balance sheets and offset the large lending losses they may have taken on their books.

This works, because deposits, even in troubled banks, are insured by the FDIC. Established in the late 1930s, the Federal Deposit Insurance Corporation was established to guarantee deposits in the event of a bank failure. Deposits are insured up to $100,000 per person or $200,000 per couple.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

Citibank Ultimate Savings Accounts

admin — Sat, 01 Mar 2008 19:56:29 +0000

Citibank’s Ultimate Savings Account is now offering 2 round trip airline tickets (up to a $400 value each), with 40,000 ThankYou points redeemable through ThankYou Network, the Citi no-fee rewards program. The 40,000 points will be issued to qualified account holders 120 days after the terms of the program are satisified.

To enroll and qualify you need to

1.Open a Citibank checking account and link it to a Citibank Ultimate Savings Account.

2. Make a deposit of at least $25,000 into a Citibank® Ultimate Savings Account and open a new regular checking account with minimum $1,000 deposit in a Citibank Account, Citibank. Everything Counts or Citigold account relationship package.

3. Accounts must be opened by 3/31/08.

4. Within 60 days of opening accounts, customer must a) enroll their new checking account in ThankYou® Network and b) complete at least one direct deposit to, or at least two electronic bill payments from, the checking account each month for three consecutive months. You must make the electronic bill payments by using Citibank® Online, Citi MobileSM or CitiPhone Banking®. This does not include bill payments made to Citibank credit cards and transfer payments made to accounts with Citibank or its affiliates.

5. The Citibank Ultimate Savings Account featurs an Annual Percentage Yield (APY) of 3.25% as of 02/12/08.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

Way2Save From Wachovia

admin — Fri, 08 Feb 2008 02:32:43 +0000

Wachovia has launched an agressive new savings product bosting a 5% APY plus a 5% bonus, a total of 10% APY based on the promise. However there are of course catches:

1. Requires a Wachovia checking account

2. Only one Way2Save account can be assigned to each checking account

3. You are only allowed to fund the Way2Save account via automated monthly transfers from your Wachovia checking account.

4. The most you can ever transfer every month is $100, and the most you can add each year is $1200.

5. The APY is variable and could change.

6. In subsequent years the bonus drops to 2%.

7. They’ll run your credit before you get it.

8. There is a monthly fee of $5 after the first year if you stop making automatic deposits.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

Reward Checking Accounts

admin — Mon, 14 Jan 2008 06:57:51 +0000

One of the more popular savings account trends over the past few months has been the concept of “Reward Checking” accounts. Banks across the country are offering them, most likely your bank is already. They tout high interest rates, but come with some requirements. Here’s the typical list:

- Multiple (<10) debit card transactions monthly

- No Paper Statements, Use of Online banking required.

Search Bank Deposit Rates here.

However, if you’ll forego paper, and use your debit card at stores, there is a worthwhile reward: the accounts typically pay greater than 5% interest on balances over $25,000 with no monthly fees.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog

High Yield Savings Rates and Deals

admin — Thu, 29 Nov 2007 21:29:27 +0000

We’re always on the lookout for the best high yield and Money Market savings account deals, across the country. As they come, we’ll highlight them here. Just another way to keep you always in front of the best rates.

A Post from RateZip.com's: High Yield Savings Rates and Deals Blog