Amegy Bank is fairly new to the online banking scene and they offer two options for high yield savings accounts. Stay tuned to find out the details behind these accounts and whether or not they turn out to be some of the best savings accounts currently offered.

What are my options for savings accounts from Amegy Bank?

Amegy Bank offers two different savings accounts for customers interested in cashing in on the benefits of a high rate savings account. If you are not sure what these benefits are, or if another type of deposit account would fit your financial plans better, please see the Bank Truth articles on the pros and cons of savings accounts, CD accounts, and money market accounts.  Both savings accounts offered by Amegy Bank are FDIC insured against bank failure.

Unfortunately, as an online customer you can only apply for one of the two savings accounts online.  Amegy Bank has a personal savings account that has, according to them, a low minimum opening balance with a free ATM card. No other information about this account, other than that transaction limits apply, can be found on the website.

Details on High Yield Internet Savings

An individual can apply for a high yield internet savings account using Amegy Bank’s online banking services. The minimum opening balance required is $1,000. If you would like to avoid the monthly service fee of $12, make sure your minimum daily balance does not fall below that magic threshold of $1,000. With this high interest savings account you can use the ATM to your heart’s content, but limit your pre-authorized transactions to six per monthly statement cycle. If you go over six it will cost you a hefty $20 for each withdrawal over six. Ouch!

Rates

Amegy offers tiered interest rates with their high rate savings accounts. Rather than trying to explain it in sentence form please see the chart below.

It is important to note that interest earned on this online savings account is compounded monthly and credited monthly. Also realize that in the fine print it is made clear that the APY rate on this account is not fixed but variable.

Summary of High Yield Internet Savings by Amegy Bank

When you compare online savings accounts to Amegy Banks best savings account there are two key factors that jump out. First, is that the fee’s associated with this account are pretty substancial. The second key factor is that Amegy’s best savings rate not only requires a deposit amount of 100,000, but it also is not even equal to the national average of 0.678 (0.780% in Aug 2010) APY for savings and money market rates currently. You can get a much better rate with no monthly fees from other online banks such as Ally or Discover. If you want to compare savings account rates please see Bank Truths posts on best savings rates. It really does pay to do a bit of research before deciding where to open your account that way you get the highest savings rate from a bank that you are comfortable working with. The bottom line is that Amegy Savings accounts are not the best but do take note that they are not the worst either. If you would like more indepth information on Amegy Bank, please see the review.

Are you a visual person who would like to compare savings rates for several banks at once? Bank Truth’s rate charts are a perfect fit for your preferences. Maximum information in an organized, visually pleasing format!