With the recent Fed 75 basis point rate cut, banks have been reducing their rate as well. However, OneUnited Bank’s rate of 5.30% APY is still among the top with its UNITY Gold E-Savings Account. Time will tell how much longer the rate will stay, but you can also receive $50 bonus with their Cash In/Cash Out promotion. They will deposit $50 to your account within 15 days after 3 consecutive months of direct deposit.
From the website:
Must be a new direct deposit of a payroll, social security check, or other recurring deposit that occurs at least monthly to a consumer account. $50 will be deposited into your account in good standing automatically within 15 days after a new recurring direct deposit occurs over three consecutive months OR 20 OneUnited Bank Visa Debit card transactions per month occurs over three consecutive months. Offer expires June 30, 2008.
There are a few drawbacks with this account:
- Slow customer services
- $1,000 minimum to open and earn interest
- Interest is credited and compounded quarterly
- ACH outbound transfers are slow. Up to a week and at least 3 days in which the money is earning no interest
- At least 9 day hold before your initial deposited funds are available
Again, 5.30% APY is probably the top in the country. With another Fed rate cut coming up, I’m positively sure they won’t hold the rate this high. Make sure to get the $50 bonus by meeting their requirements if you plan to open this account.
CitiBusiness® PremierPassSM Card gives you 15000 points = $150 gift card
- 0% APR on Balance Transfers for 12 months*
- Access to business-sized credit lines, unlimited cards for employees.
- 1 point for every $1 spent on purchases and 1 point for every mile flown on any airline*, 3 points for every $1 spent on certain business purchases*
- Free, unlimited companion travel, no black out dates.
- 24/7 live customer service and online access.
- Personal Business Assistant – Make requests 24/7 online or by phone for business information, travel reservations.
- No balance transfer fee with this offer