I don’t know about you, but I like my cash in a high interest savings account. Interest rate is going down the drain lately. Chasing rate is no fun, but making an extra $100 or more is worth it. Especially those with more than $10K in cash, you better be thinking about high interest savings account.
The best one right now is Chesapeake Bank Clear Sky Accounts. The 3.75% APY is the highest with only $1 minimum to open for their Savings account. They also have a tiered checking account with 2.50% APY as the lowest rate. There is no monthly fees and the rate is guaranteed until 3/31/09.
Some features from this bank:
- Links to 3 different bank
- Limit to $50K deposit and $10K withdrawn per day
- No hard pull and FDIC insured
If you want a higher rate, consider Evantage or AmericaNet Bank 5.25% rewards checking account. These are available nationwide, but it takes a little work. You must do 10 check card purchases and receive electronic statements. Easy way to meet the 10 check card purchases is to pay your any utitlity bills 10 times at $1.01 each time. Of course, buying 10 candy bars at a supermarket, go to self pay, and swipe each separately. Make sure you pick credit each time when paying. The 5.25% APY rate is only up to $25K.
However, if you have up to $50K in cash, consider West Bank of Iowa’s rewards checking account. The 5% APY rate is up to $50K when you complete 12 signature based debit card transactions, 1 direct deposit put in or 1 direct payment taken out of your account, and receive electronic statement. This account is available nationwide