is it a loop hole to make you deposit?
or do they really deliver, on no minum accounts?
2006-12-06 08:03:59 · 6 answers · asked by ktlove 4 in Business & Finance ➔ Personal Finance
Depends on the financial institution. Internet savings and CD accounts have been yielding higher rates than those you'd get at a brick-and-mortar bank branch.
You need to look at the annual percentage rate when considering interest earning savings accounts. -Because- some institutions will offer you a high teaser rate to get you to open an account. INGDirect ran a promotion like that during the summer, where for one month you'd get a 4.5% APR, but in reality, if you had really read the fine print, that rate was only for the duration of that promotion and the real annual interest rate was much less than that. This, for example, wasn't a scam and was intended to be a way for ING sign up new customers. They are a reputable company.
There are a few reputable institutions that have no minimum deposit accounts, but you need to read the service agreement because some will charge you a monthly fee if your balance falls below a certain amount; some credit unions will charge you a monthly fee based on your daily balance even if your month-end balance is above their stated minimum balance.
Read first, and be careful! There are a lot of scams on the internet and companies/people posing as banks.
When you do open a savings account (or a CD, money market, etc.) make sure you are opening that account with an FDIC-insured institution. It'll be disclosed in the paperwork if they are or not.
2006-12-06 08:19:36 · answer #1 · answered by mktgurl 4 · 0⤊ 0⤋
extreme yielders have a tendency to be Everbank in Florida and Met existence economic employer interior the hot york/New Jersey section. you do not ought to diminish your self to Arizona when you're prepared to open an account on-line with those banks and mail on your charge.
2016-11-30 05:38:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have a no minimum account with Capital One that gets around 5%.
2006-12-06 08:10:10 · answer #3 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
most have a minimum deposit required. if you're dealing with CDs, interest rates usually get better as term length increases. (the amount of time you decide to lock up your cash)
2006-12-06 08:11:49 · answer #4 · answered by practicalwizard 6 · 0⤊ 0⤋
Not a gimmic. Ive gotten 5.05 on one accout - 4.5 on another. No mim balance.
2006-12-06 08:11:55 · answer #5 · answered by Dan 2 · 0⤊ 0⤋
i have a no min account with emigrantdirect.com that gets 5.15%- no gimmicks
2006-12-06 08:44:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋