A Look At Some High Interest Savings Account Rates
Posted June 20, 2008 by Chuck
Posted in: 
Personal Finance
Personal Finance
It seems recently there has been a bit of a surge in online interest rates from the bottom where they were. Currently I am with Countrywide Savings which is still offering one of the higher rates. There are some other popular banks out there like HSBC who have recently increased their rates. The average rate is about 3.50%.
I thought I would take some time to look at the interest rates of some of the top as well as the more popular savings solutions.
| APY | Name | Min Bal | Notes |
| 4.00% | Alliant CU Savings | $5 | If < $100, 0% APY; *via linked acct |
| 3.85% | IndyMac Bank | $10k | 0%,$7/mo < $1K; 1.35% < $10K |
| 3.65% | Countrywide Savings | $10k | 3.0% < $10K |
| 3.50% | Cap One Online Savings | $10k | 2.5% < $10K, no fees |
| 3.50% | HSBC Direct | $1 | |
| 3.50% | FNBO Direct | $1 | |
| 3.30% | WAMU | $1 | link to free checking accnt |
| 3.00% | ING Direct | $1 |
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You should definitely check with your local credit union. Mine is paying 6% on my checking account.
Wow thats pretty good. I’ve seen a couple checking accounts up there near 6% but usually you have a bunch of requirements to follow (use billpay x times per month, make x debit card transactions, etc) that becomes cumbersome.
There are requirement. Online statement and using your debit 14 a month. I don’t use checks so I fulfill the requirements easily. While this would not work for some people, i still believe that checking with a local Credit Union is a good idea. Most have lower fees, better rates , etc.
First of all, thank you for visiting and commenting on my blog, PFStock. I recently published a similar post comparing money market interest rates. In that post, I asked if anybody knew of any rates higher than Countrywide Bank’s. At first glance, it seemed that you found a couple of institutions that do pay more than Countrywide.
Unfortunately, there are certain eligibility requirements to join Alliant CU, which I don’t qualify for. Your post was also written before the FDIC takeover of IndyMac, and it looks like their rates have since dropped below Countrywide’s. So, I’m still looking…
Incidentally, I had heard of a CU with a similar 6% offer. But, I thought that fulfilling the monthly requirements were way too much hassle to be worthwhile.