Among national and Internet banks, American Express FSB leads BankShout’s weekly list of top annual percentage yields. American Express FSB’s 1.50 APY savings account has no minimum deposit as well as no monthly maintenance fee, as of February 12, 2010. BankShout regular Colorado Savings Bank is also still offering 1.50% APY on a savings account, but requires a minimum deposit of $2500.
Other top savings rates this week include Capital One Direct Banking, with 1.45% APY on its InterestPlus Online Savings. That account also provides a 10% interest bonus, when you meet certain criteria. InterestPlus Online requires a $2500 minimum balance.
Ally Bank has two accounts that will earn you an annual percentage yield of 1.44%, one a money market account and the other a savings account. Ally has no minimum balances or monthly maintenance fees. Rounding out this week’s best rates is giantbank.com, which has a 1.41% APY on balances of at least $1000.
We have discussed at length here on BankShout how savings rates have stagnated among federal public policy strategy. What I am curious to see this coming year is how many new Internet banks enter the deposit arena. Ally Bank in particular is thought to be gaining market share with its aggressive ad campaigns and no-nonsense (read: no fees) products and higher-than-average yields. If other banks follow Ally’s lead, deposit rates could creep up as national banks try to keep pace with their Internet-only counterparts.
Kevin Fleming founded the CreditShout Network in 2008 to help people manage their credit and finances. Kevin wants to make it easy for anyone, regardless of their level of financial knowledge to understand banking and what may seem like the complex world of personal finance.
