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Best Savings Rates - June 26th, 2008 | Jun 26th 2008
Current savings rates for the most widely held financial institutions:
|
BANK |
APY |
|
3.50% |
|
|
3.40% |
|
|
3.30% |
|
|
3.25% |
|
|
3.15% |
|
|
3.00% |
|
|
2.65% |
|
|
2.25% |
|
|
2.00% |
|
|
0.20% |
3.20% APY for amounts: $50,000-$99,999.99
3.40% APY for any amount over $100,000 ** Requires use of other bank services, such as Bill Pay.
Action Item: Move that $5000 that you have sitting your checking account earning 0% to an HSBC Direct Online Savings account.
Ease of Action: 1 hour to setup the account online. It may take a few additional days to verify the electronic ACH before the funds can be transferred to your new account.
Amount Saved:
- Monthly - $14.58
- Annually - $175.00
Summary:
Good Deal
Easy to do, but being that savings rates throughout the country are relatively low, the $175 earned on a $5000 deposit annually may not really motivate most folks to act. However, if you have $100,000 sitting in a 0% checking account, this balloons up to $3500 annually, so it really does matter on your on personal situation.
Tags: /, bank of america, citibank, etrade, hsbc, ing direct, interest, savings accounts, washington mutual
1 Comment »
BFD uses both HSBC and Citibank. At 3.50%, the returns are better than most CDs that are currently available!
Comment by bestfinancialdeals — June 26, 2008 @ 4:54 pm