Switching High Yield Savings Accounts

Posted October 22, 2007 by Chuck Posted in:

Now that all the heat seems to have died down from the latest Fed interest rate reduction I have decided to switch my high yield savings account. I was very happy with my HSBC Online Savings account, however they lowered their interest rate from 5.05% to 4.5% which is now a lot less competitive than some of the higher yield accounts.

I’ve decided to go with Countrywides 5.50% APY savings account which is up there with the highest rates out there. I do give up a few luxuries I had with HSBC though - there is a 10k minimum deposit with Countrywide (and a $10 fee if your balance falls below this). I also do not get instant transfers to my checking account but rather go back to the standard 3-4 business days that most bank to bank transfers have.

I can close the account with no penalty after 90 days so I suppose its worth rate chasing a bit.

Countrywide 5.50% APY Savings Account

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Comments

Chris November 18, 2008

Chuck,

I was rate shopping but needed flexibility in the account as well. No long term commitments, no minimum balance, and minimal if any fees. Found venturebankdirect.com at 3.8% APY on an online savings account. FDIC insured and able to link to outside accounts. Been very happy so far, a good place to rest my funds.
Marc December 17, 2008

Thanks for the tip Chris, I checked out Venture Bank Direct and have been happy so far. They are launching their online checking account which is a big plus for me. Makes for easy access.