Reward Checking Accounts:
Most Reward Checking accounts have a cap on the balance that earns their high yield. Any balance above that cap will earn a much lower yield, typically 1.01% APY. They also have stringent requirements that must be met during each statement cycle, such as 10 debit card transactions, 1 direct deposit or other ACH transaction, receiving e-statements, and logging into on-line banking at least once. Not meeting the requirements for a statement cycle usually nullifies other features that might apply, such as ATM rebates, and drops the yield drastically, typically to 0.25% APY. Click on a link below or on Reward Checking Accounts (High Yield and Available to All) for details regarding a specific account.
APY Eff Bank/CU/Other Min HInq HY Cap Debits ACH FW link Notes
3.00% 02/02/13 First Financial Bank $0 ? 15K 12 T fw link 15K , 0.61% APY
2.55% 06/03/11 Coulee Bank $0 N 15K 10 T fw link 15K , 0.30% APY (only for applicants residing in Wisconsin, Minnosota and Iowa)
2.00% 01/15/13 AmericaNet Bank $0 N 10K 10 0 fw link 10K , 0.75% APY (says sold out on the website)
2.00% 01/15/13 Evantage Bank $0 N 10K 10 0 fw link 10K , 0.75% APY (says sold out on the website)
1.75% 06/03/11 Connexus CU $0 ? 25K 10 T fw link 25K , 0.50% APY
1.746% 1/01/13 Provident CU $0 ? 25K 10 T fw link 25K , 0.31% APY
1.520% 1/15/13 First New England FCU $0 Y 15K 12 T fw link 15K , 0.25% APY (2.539% rate with auto loan or mortgage)
1.51% 06/03/11 State Bank of Toledo $0 ? 25K 10 T fw link 25K , 0.50% APY
1.26% 06/03/11 West Texas National Bank $0 ? 25K 10 T fw link 25K , 0.25% APY
Accounts not insured by the FDIC or NCUA:
Hard Debit ACH
APY Eff. Product Min Inq. Checks Card Orig./Target FW link Notes
1.11% 8/13/12 Duke Energy PremierNotes $1000 N Y N Y/Y BBB+ /Baa2 ratings, <$10K 1.11%, $10K - $50K 1.31% >$50K 1.51%
1.06% 11/21/11 Ford Interest Adv Note $1000 N Y N Y/Y CCC /B3 ratings, <$15K 1.06%, $15K - $50K 1.16% >$50K 1.26%
1.00% 11/21/11 GE Interest Plus Note $500 N Y N Y/Y AA /Aa2 ratings, $25 bonus, <$15K 1.0, $15K - $50K 1.11, >$50K 1.21
0.90% 07/24/10 Cat Fin Power Investment $250 N Y N N/N A/A2 ratings, 1.00%/1.15% avaliable for larger balances
0.14% 01/23/10 Fidelity Select MMF $2.5K N N N NA/NA FSLXX; Min. at Fidelity
You can invest in a Money Market Fund (designated with MMF on this list) through various brokers, including on-line discount brokers. Use this APY calculator to convert the MMF's 7-day Yield to an APY based on daily compounding for comparison with other products in this Quick Summary. The MMF APY is converted from the 7-day Yield in the ticker link in the notes column. A Tax-exempt fund is one for which proceeds are not considered taxable income by the IRS. To convert a tax-exempt yield to it's comparative taxable yield, use this calculator.
[Mod Note: This newer thread is replacing this previous one. This is the only link to the old thread that should be in the QS. Please do not add a duplicate link. Thank you.]
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I added Fidelity's new bank product. The interesting aspect it offers is the ability to buy Fidelity's money market mutual funds in the account. It will automatically sells shares to cover a withdrawal.
To whomever added the WAMU savings account, this thread is for liquid accounts, not accounts with a maximum number of monthly transactions and no check writing capabilities. There is another topic with savings accounts with high APYs. edit: looking at these, many of the links are for online savings accounts. Is this a thread for high yield checking accounts or savings accounts? to me, a 'liquid account' is one that allows more than 6 monthly transactions.
theman2 said: To whomever added the WAMU savings account, this thread is for liquid accounts, not accounts with a maximum number of monthly transactions and no check writing capabilities. There is another topic with savings accounts with high APYs.
All "savings" accounts are limited to 6 withdrawals/months (as in WAMU, FNBO Direct, Emgrant Direct, ING direct, and Apple Grand Yield all listed above). They are still considered "liquid" unlike say CD's which don't allow any withdrawals unless you break the CD and pay a penality or the term ends.
Ive always thought of a liquid account as ANY MM, checking, savings, liquid CD etc that allows deposits and WDs. They can cap the max # of transactions and still be liquid
SUCKISSTAPLES said: Ive always thought of a liquid account as ANY MM, checking, savings, liquid CD etc that allows deposits and WDs. They can cap the max # of transactions and still be liquidFair enough. I'm still enamored with the fidelity mycash account since I don't have to worry about exceeding my 6 monthly transactions or maintaining the balance in my checking account. If you have the time and energy to deal with a higher yield savings account and a linked checking account, more power to you.
scott1961 said: Patelco Treasury Income Account $25,000.00 5.19% 5.09% Could be included and noted as no FDIC/NCUA
That doesn't look very liquid. semi-liquid? FW disscution of Treasury Income Account here.
You must notify us six months in advance if you want to withdraw funds from this account or to close it, or the withdrawal or closure will be subject to penalty. You have ten days after the date you schedule for a withdrawal to make the withdrawal without penalty. If you do not withdraw your funds within 10 days of the scheduled withdrawal date, you must give us a new six-months’ notice. Only one notice can be in effect at a time. Withdrawals without notice will result in the following penalties: (a) if funds are withdrawn within six days after you open the account or add to it or make a withdrawal from it, the penalty will be seven days’ dividends on the entire balance; (b) if funds are withdrawn after more than six days but prior to any noticed withdrawal date, the penalty will equal the dividends earned, up to six months dividends, on the amount withdrawn. The stated APY assumes dividends will remain in the account for at least six months. Earlier withdrawal will reduce earnings. Early withdrawal penalties are waived in certain circumstances (see Early Withdrawal Penalties; 8 Waiver of Penalties above).
You can schedule authorized monthly payments out of this account to you, either in the form of a check payable to you and mailed to you or a transfer to your Tiered Savings Account. The monthly payment cannot equal more than 1/6 of the balance in the account. You can change the amount of the monthly payment only twice a year.
mhesidence said: theman2 said: To whomever added the WAMU savings account, this thread is for liquid accounts, not accounts with a maximum number of monthly transactions and no check writing capabilities. There is another topic with savings accounts with high APYs.
All "savings" accounts are limited to 6 withdrawals/months (as in WAMU, FNBO Direct, Emgrant Direct, ING direct, and Apple Grand Yield all listed above). They are still considered "liquid" unlike say CD's which don't allow any withdrawals unless you break the CD and pay a penality or the term ends.
There's a limited number of withdrawals per month with WAMU? I just checked their website and I couldn't find anything limiting the number of transactions.
Jobowoo said: mhesidence said: theman2 said: To whomever added the WAMU savings account, this thread is for liquid accounts, not accounts with a maximum number of monthly transactions and no check writing capabilities. There is another topic with savings accounts with high APYs.
All "savings" accounts are limited to 6 withdrawals/months (as in WAMU, FNBO Direct, Emgrant Direct, ING direct, and Apple Grand Yield all listed above). They are still considered "liquid" unlike say CD's which don't allow any withdrawals unless you break the CD and pay a penality or the term ends.
There's a limited number of withdrawals per month with WAMU? I just checked their website and I couldn't find anything limiting the number of transactions.
craig10x said: you can get around the 6 rule, by doing transfers at a WAMU atm, or using a teller, because those are exempt from the "6 rule"...Are you sure? What's the difference if I use the ATM, teller, or the website?
scripta said: craig10x said: you can get around the 6 rule, by doing transfers at a WAMU atm, or using a teller, because those are exempt from the "6 rule"...Are you sure? What's the difference if I use the ATM, teller, or the website?
because those (atm transfers or teller transfers) are exempt from the federal rule..if you do the transfer online or on the phone, it is subject to the 6 rule...i'm sure they mention it in the fine print somewhere...probably the electronic funds disclosure section...
That applies to ALL SAVINGS and MONEY MARKET ACCOUNTS with ANY BANK or CU....the federal rule does not apply to Money Market Funds (which are not fdic insured).....
Of course, some banks will impose their own additional set of rules on an account...i think BOA is very tight on how many savings accounts transfers/withdrawals you can do each month (no matter how they are done)but that's BOA.. BOA does allow the normal "fed" rule for their money market accounts, though...i know WAMU doesn't do that (add extra restrictions) because i use to bank with them...
Hmm, you mean your accounts actually LIMIT how and how often you can get at your money? And they don't pay the highest rate in the land to hold on to your money? That's very strange.
Of course, to earn the highest rate in the land, my bank forces me to make 10 debit card transactions every month, so I suppose yours can limit how often you get at your money in exchange for paying you less. Why do they make banking so complicated?
lhendricks92 said: Decided to add SECU Advantage MM as one line with a note. 100K+ has an APY of 5.1%. You can request one free box of checks per year for Advantage Money Market Accounts.
Also, it is very important to note that for this account, balances under 25K earn NO interest.
mhesidence said: Added e-trade.Did you notice the $2.5 billion capital infusion from Citadel Investment Group here? Would you still say they have liquidity problems?
ThursdaysChild said: mhesidence said: Added e-trade.Did you notice the $2.5 billion capital infusion from Citadel Investment Group here? Would you still say they have liquidity problems?
Removed the link to the liquidity problem topic and added note of $25 account opening bonus.
DavidScubadiver said: mhesidence said: Added UFB Direct. New rate leader after SBoT lowers it rates? UFB hasn't lower its rate since the Fed started dropping rates.
Debit ACH
APY Bank Min Checks Card Orig./Target FW link Notes
5.31% UFB Direct $1 no yes no/yes fw link
The rate lowering at SBoT is still in its rumour stages ... but even the rumoured rate change is higher than this for the first $70,000, right?
I saw 5.25% APR and 5.38% APY. That APY looks odd I'd thinking it'll be 5.25% APY. We'll see. UFB will problaby drop its rate since it hasn't yet.
DavidScubadiver said: mhesidence said: Added UFB Direct. New rate leader after SBoT lowers it rates? UFB hasn't lower its rate since the Fed started dropping rates.
Debit ACH
APY Bank Min Checks Card Orig./Target FW link Notes
5.31% UFB Direct $1 no yes no/yes fw link
The rate lowering at SBoT is still in its rumour stages ... but even the rumoured rate change is higher than this for the first $70,000, right?
Well if we allow SBoT to stay with the $70K limit, shouldn't we add all the banks that are still 6% but with lower limits?
Where do we draw the line on what is too low? I mean I (and I bet many others) rarely keep more than $25K in checking anyway.
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