Are there any savings accounts that pay at least 4% interest that allow you to transfer funds the same day?

Question

Are there any money market/savings accounts that pay at least 4% interest that will allow you to transfer funds back to a checking account within one business day? It seems like the accounts I have researched all take 2-3 days.

Answer 1

The quickest I've come across is
www.emigrantdirect.com

their current rate is 5.05% and most transfers i've done have been under 24hrs. Only on Friday or near holiday transfers have taken longer. I've moved money on a Tuesday around 2pm PT and had it Wednesday 10 AM PT. Every other time I haven't paid close enough attention to the times but it was still the next day.

Answer 2

Citibank and Washington Mutual both offer a high-yield savings and checking package. You have to open both the savings and checking account at the same time. The benefit of having both accounts at the same bank is that the transfer between accounts should be instantaneous.

The Citibank e-Savings account is currently earning 5.00% apy and the Washington Mutual account is also earning 5.00%.

Zions bank also has a high-yield internet account package that earns 5.30% apy for balances up to $49,999 and 5.34% for amounts above. It's called the Deseret Money Market Account. Getting the checking account is optional, but the money market account does have limited check writing.

You can take a look at http://www.emoneycentral.com if you want to see more details on all these accounts.

Answer 3

I doubt it because, there is still a certain amount of float time in the system that has to allow for the (2) banks to "reconcile" their books (ex. if Bank A owes Bank B $20 but Bank B owes A money,etc.) If you have the account at the same bank, most banks will be instant funds availability, espically if you transfer funds electronically (ie: use internet banking). A good place to compare banks and the services they offer is bank rate:

www.bankrate.com

Answer 4

ING direct offers 4.5% interest but yeah it does take 2-3 days to transfer the funds back to checking. Just plan your money right so that you'll be ok for those few days during the transfer.