Please see the rules before posting.

The only posts that should be in this thread are notices of changes in interest rates, new accounts and/or threads that should be included. *The compiled list is for liquid, high-interest, business only accounts (usually business money market). Please do not add personal accounts to the list. Forty prominent national and regional banks were selected for the list, but you are welcome to add smaller banks; if you do I suggest that you put the location in parenthesis, ex., Community bank = 3.40% APY (Los Angeles, CA). Lastly, please use the highest APY (you can put the breakpoint details in a comment). Thanks.

This is a list compiled by bankpig to help you get started in your research. You should spend some time to know what you are signing up for by reading all disclosures and searching this forum (and others) about bank feedback as well as signup bonuses.

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Rules:
1) This thread is NOT for debating the pros and cons of the banks listed. There are lots of discussion threads for that already.
2) It is for FDIC-insured accounts only. This means non-United States federal government insurance is out even though it can be fairly safe.
3) No CD rates, only money market and high-yeild savings accounts.

Please note that most banks have APY breakpoints that vary according to the deposited balance; the higher the balance, the higher the rate. For this comparison, only the highest rates are displayed which usually require a balance upward $100,000. Rates may also vary slightly, state-to-state. The best business money market rates are generally reserved for “new money”, not balances already deposited. Many institutions have two APYs: one for customers and one for prospective customers. The Rate Roundup is based on information collected online and by phone. Information is not guaranteed accurate.

-Bryan
bankpig

Etrade 3.45%, Countrywide 3.50%, UFB Direct 3.75%, Amboy 4.0%. (You always seem to miss alot of top-10 rates)

bankpig said:Always? I've only posted twice and the list is fairly comprehensive...Here. Missed the same accounts that were already pointed out to you before; missing 4 that would rank in the top ten isnt that comprehensive for a list of "Best Biz Rates". And that's 2 for 2, or 'always' .

But it is nice to have a list like this compiled in one place, although I get the feeling most around here are not interested in legit Biz-only accounts. Move the list to the quicksummary so it can be updated as rates change. And any known minimum balances required to earn the stated rate would be handy info as well (Etrade - no minimum, Countrywide - $10k min, UFB - $15k min).

bankpig said:What/where's a quick summary?Right below your initial post. It can be edited by anyone, so rates can be continually updated/accounts added. Just state any specific rules for adding to/modifying the list (ie, only liquid accounts that can be opened in a biz name), and people will mostly follow them.

Etrade's is the Complete Savings Account, the same one as for individuals. But it is available for Businesses/Corporations as well.

WAMU Business Money Market Rate:

< $5,000 = 0.15% APY
$5,000 - $10,000 = 0.50% APY
$10,000 - $24,999 = 2.27% APY
$25,000 - $49,999 = 2.77% APY
$50,000 - $99,999 = 3.30% APY
$100,000 - $249,999 = 3.84% APY
$250,000 - $499,999 = 3.84% APY
$500,000 - $999,999 = 3.94% APY
$1,000,000+ = 4.04% APY

*As of April 1, 2008. WAMU's APY includes a 1.25% bonus rate added to a base rate for balances over $10,000. The bonus is locked for 6 months regardless of fluctuations in the base rate. Bonus rates are for new and existing small business customers with a business checking account who deposit new money.

Great post OP. But I would love to see links to their website showing those interest rates. It will avoid lot of questions from other FWers.

Thanks

btw- the majority of business banks do not publish their business deposit rates online. BofA, CalNational, ING Direct are a few exceptions.

rather than spend hours comparing tiers, interest rates, and worse of all regulation D limits on the # of withdrawals/checks per month, Fatwalleters might want to hear about my switch to Fidelity last year.

My current operation is that we make deposits at our local credit union into a free account (zero hold time). By 4pm daily we do a pull into Fidelity, AND enter a buy order for FSLXX in a matching amount. Checks are free. Returned check images are free. Very low minimums, initial $2500 purchase & $250 minimum repurchase. We earn a rate consistently higher than bank money market rates on every penny in our account. The local credit union gets a float on the $$ we deposit only from mid afternoon until midnight when the funds are ACH'd out. The alternative is we spend 41 cents a day and mail in our deposits to Fidelity, which would cost us 1-2 business days for mailing time... still better than with the bank sweep money market account.

Dealwinners, here you go...

Mountain West Bank Flex Money Market Rates:

$0 - $4,999 = 1.01% APY
$5,000 - $9,999 = 1.01% APY
$10,000 - $24,999 = 4.07% APY
$25,000 - $49,999 = 4.07% APY
$50,000 - $99,999 = 4.07% APY
$100,000 - $249,999 = 4.07% APY
$250,000 - $499,999 = 4.07% APY
$500,000 - $999,999 = 4.07% APY
$1,000,000 - $2,499,999 = 4.07% APY
$2,500,000+ = 4.07% APY

*as of March 28, 2008

Bryan
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