Savings « Best Financial Deals.com

Best Savings Rates - June 26th, 2008

Current savings rates for the most widely held financial institutions:

BANK	APY
HSBC Direct	3.50%
ING Direct Electric Orange*	3.40%
Washington Mutual Online Savings*	3.30%
ETrade Max-Rate Checking	3.25%
E*Trade Complete Savings	3.15%
ING Direct Orange Savings Account	3.00%
Citibank Ultimate Money Account**	2.65%
Citibank Ultimate Savings Account	2.25%
E*Trade Money Market	2.00%
Bank of America Regular Savings	0.20%

* APY is tiered, meaning that the APY only applies to the highest tier of assets in the account. For instance, ING Direct’s Electric Orange is tiered as follows:

1.75% APY for amounts: $0-$49,999.99
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.

Posted in 3 stars, Banking, Savings
Tags: /, bank of america, citibank, etrade, hsbc, ing direct, interest, savings accounts, washington mutual