Requirements of Aurora Bank–

With a minimum deposit of $500 you can open a savings account at Aurora Bank. Some important facts you will want to know are:  1) you never want to let your balance drop below that initial $500. When it does, they will charge you a $5.00 monthly fee. This shouldn’t be too much of a big deal because 2) Aurora Bank only allows one monthly transaction. If you should happen to forget that once a month deal, they will charge you $10/transaction. 3) If you deposit $7500 in the savings account, you are considered a preferred customer and eligible for up to 5 ATM rebates each month. Gold customers (deposit $25K or more) are eligible for up to 10 rebates each month. As Aurora Bank only has 2 physical branches (one is in New Jersey, the other in Delaware) finding one of their ATMs might be a bit of a problem, especially if you live on the West Coast. This brings the idea of depositing larger amounts, so you can get that gold customer status, clearly into view.

Competitive interest rate? –

What Aurora Bank has in its favor is that they compound the interest daily and pay it monthly. I suppose if you were to compare interest rates with Chase Bank, you could say that Aurora bank, at .10%  APY for deposits up to $75K and .25% APY for $75K and over, had competitive rates. If you were to compare with other banks on our website, (banks like Ally, American Express or Discover) you might whistle a different tune. Presently, the best online interest rates are going for better than 1.24% APY.

Additional Fees on Aurora Savings-

With a few more ways that Aurora Bank creeps into your pocketbook, we will wrap up our assessment of Aurora Bank high yield savings account. Outgoing wire transfers are going to cost you $15/ea. You can make unlimited transfers to Aurora Bank accounts – just don’t wire money to outside accounts. If you would like a copy of your statement, or if you loose your ATM card, you will pay $5.00 and $3.00 respectively unless you happen to get into their preferred or gold customer status.

Summary of Aurora Bank Savings Account

Not too many online banks can be a ‘one-stop-shop’ anymore. Aurora Bank may compete with others as far as Checking or CD accounts go, however, as far as their high yield savings account compares. . . I will just say that with a sub-national average APY, and a few too many other stipulations attached, this account just doesn’t stack up with the best interest rates or services. Don’t take my word for it, you can compare their rates with the best banks. You can view video links and full analysis on our Aurora Bank Review as well. If the Aurora Savings is not what you are looking for, look at our Aurora Money Market Review, that might be what you want to use. It pays to be well informed.

Getting started with American Express Certificates of Deposit

American Express offers standard term cd accounts from 6 months to 5 years. Each is FDIC insured up to the federal limit of $250K (which is also the maximum you can deposit into one of their cd accounts). American Express CDs do not have monthly fees and includes 24/7 access via online banking or by phone. You can fund your account via electronic transfer and they are very careful to protect these funds by making a couple of test deposits to verify the accuracy of your account information. You may also name up to six (6) beneficiaries for your account, just in case something terrible happens to you in the interim. Statements are sent quarterly and readily available on line for easy access.

Rates and Penalties

The interest rate and APY are locked in upon application submittal provided your account is funded within 30 days of approval. The quoted APY rate presumes you do not withdraw any interest or principal before the maturity date. You may withdraw interest before maturity date; however, withdrawing the interest will reduce your high yield cd account’s total interest earnings. You may receive credited interest from CD accounts on a monthly, quarterly or annual basis. You have the option of receiving the interest by check or electronic transfer to your HYSA, linked account or original funding account. Interest is compounded daily and the first interest payment is paid thirty days after account has been funded. American Express accounts high interest cd rates and APY are among the national leaders. The national average for a 1 year CD is currently .61% whereas American Express is 1.30%. Their 36 month CD has the one of the best cd interest rates in the nation.

Withdrawing principal early from American Express CD accounts may incur a penalty. On a cd term of 12 months or less, 3 months interest or cost recovery value (CRV) on the withdrawn amount may be assessed, which ever is higher. On terms longer than 12 months, 6 months interest or CRV on the withdrawn amount may be assessed, again which ever is higher.

CD account will automatically renew at maturity. If you do not want this to happen, you must call or complete and send the ‘authorization for account closure’ form by maturity date. You do have a 10-calendar-day grace period in which you can withdraw the funds without penalty.

Summary of American Express CD Accounts

American Express CD accounts make a strong showing when compared to other online CD accounts. Traditionally, American Express has been well known for its credit card accounts. Quite frankly, finding information about their cd accounts was like searching for a needle in a haystack. The difficulty involved in finding information about these high yield cd rates is a very good reason to take advantage of BankTruth’s best CD rate posts and online bank reviews. If you are interested in learning more about American Express Bank, please visit our American Express Review.

Top Rates

If the bank you are looking at isn’t in our rate chart, chances are they aren’t going to be the best bank. The reason is, the best banks are competitive and willing to do what it takes to stay at the top of the rates.

Updated Information

If you are looking at sites that have outdated information, especially with old bank rates, you’re wasting your time. Some bank reviewing sites don’t update their pages because they want to get traffic from people who might think there are 4% or 5% savings accounts available. Hate to burst your bubble, but rates haven’t been that high for a while. If you want the truth, look no further. We will tell you just who is the best bank even within just the past hour. Our bank charts are completely generated by feeds to the banks themselves. So you can be sure you’re getting the most up-to-date information.

Comparisons of the Best Banks

The only way to know if a bank really is the best is to compare it with other banks. Remember to compare similar banks. For example, a local bank versus a local bank, and an online bank with an online bank. Also, you need to look at the fees (more on that soon), if one bank has a high rate but reoccurring fees it might be better than the bank who has better than average rates and no fees. Also, you need to know what accounts you need. There are commercial accounts, educational accounts, business accounts, personal accounts, etc.

Knowledge of the Fees (or the lack thereof)

Repetitive as it is, “read the fine print” is an inescapable step in finding the best banks. If you don’t swallow that bank jargon very easily, we’ve done the work for you. Read our bank reviews or our account reviews to get the low down on fees. We mention this because especially with CD accounts, you can lose your hard earned interested by the unfair fees that some of the lesser banks would like to impose on you.

FDIC or Bust

If the bank you are looking at isn’t FDIC, then don’t consider them as an option. All the banks on Banktruth.org are FDIC insured. As are all the bank accounts.  In these economic times, you can’t take any risks, such as using a non-fdic bank. But then again, what bank isn’t FDIC insured?

Loyalty Only Helps the Banks

Banks put a lot of money into trying to get your loyalty. Don’t be afraid to betray that loyalty, once you find out that your bank is no longer the “best bank”.

You can find the best of the best banks

Yes! You can find the best of the best banks. There is a huge difference between good banks and great banks. It will pay out big returns if you will do the research. We are certain you can find what you need to know on our site and if there is something about a bank you want to know, contact us. We will try to respond within 24 hours to help you answer your banking question. Good luck finding the best bank.

Overall, Nexity has competitive rates. However, they don’t have a very user-friendly website.
Don’t judge a book by its cover. Read our complete Nexity Bank Review for the low down on this bank. If you want to look at a specific account, see our Nexity CDs review, our Nexity Money Market review, or our Nexity Bank Savings review.

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 .78% 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!

Initial Requirements for Nova Bank Savings

Nova bank only offers one average savings account for personal customers, so there are not very many choices. You must have an initial deposit of $250 in order to open an on line savings account with Nova Bank. You can fill out an application using Nova Bank’s online banking services, once you agree to their privacy and disclosure policies. You need only your basic information handy to fill out the application online and submit it.

Nova Bank Features and Fees

You do get a free ATM card with your online savings accounts, so be sure to change the default response of no ATM card to yes on the initial application. If this is a child’s savings account, there is no minimum balance requirement if they are under 18. For those over 18 there will be a $5 monthly fee, if you fall below the minimum daily collected balance of $250. A nice feature for online customers  is that Nova Bank will refund to you ATM fees up to $5 per statement cycle. You do have limited pre-authorized transactions on this FDIC insured account. The magic number here is 6. Any time you go over the magic number of pre-authorized withdrawals in a statement cycle and you will be charged $8 for every item over six. Do keep track of your ATM card and your pin, since replacing either of these will run you $15.

Rates for Savings Accounts through Nova Bank

Nova bank offers a single rate for savings accounts. This rate is currently .25% APY. The single rate applies to the full balance and does not increase as your deposited amount increases. Interest is compounded daily and credited monthly. Since Nova only offers one option, when it comes to traditional savings accounts, this is the best savings account rate they have. It is kind of like the only son claiming to be the favorite son. When you only have one choice to offer it becomes the best choice by default, as opposed to merit.

Coverdell Education Savings Accounts

Nova Bank also offers a specialized savings account called the Coverdell Education Savings account. These savings accounts must be established for children who are under the age of 18. There are tax advantages to this account in that withdrawals that are made for qualified educational purposes are tax free. Please remember that contributions to this account are not tax free.

Summary of Nova Bank Online Savings Account

Honestly, if you are not already a Nova Bank customer, and even if you are, there are few advantages to Nova’s savings account. When you compare savings account rates, you will quickly find that Nova falls well below the national average and far below the rates earned in accounts with the top savings rates. If you could take your return and multiply it four or five times, wouldn’t you do it? Nova Bank does offer online banking services but many of their policies and fees do not serve an online customer as well as it serves a traditional one. Nova Bank’s savings account does not qualify to be called a high yield savings account. To learn more about Nova bank please consider perusing our full bank review on Nova.

Are you looking for information on top saving accounts? Bank Truth has many posts on various savings accounts to help you find the best savings rates.

Magazine in 2007. With this high interest savings

account you’ll earn an APY in the top 5% of competitive accounts.

The Average Investor

The Yield Pledge Money Market account is one of the best savings accounts for online banking but has a variable rate. A variable rate means the current APY may change without notice. The Annual Percentage Yield for all balances is currently 1.26% . First-time Yield Pledge Money Market account holders get a three month Bonus Interest Rate and New Account First-Year APY offer on their new account. The Bonus Interest Rate, offered at account opening is currently 2.25%, and remains fixed for the first three months. This bonus rate applies to balances up to and including $50,000. The New Account First-Year APY, for deposit amounts up to $50,000, is 1.51% APY.

The High-End Investor

If you have a balance over $50,000: those additional funds will earn the variable, ongoing APY of 1.25%. This rate may change at anytime—even during the first three months. As required by law, EverBank discloses a blended APY that combines the Bonus Interest Rate with the current ongoing rates to provide an estimated annualized figure, the New Account First Year APY, based on your average daily collected balance. However, this blended APY is not the exact APY that you would actually receive. The current ongoing rate will change periodically over the remaining 9 months of the First Year. The New Account First-Year APY for balances from $50,001 to $10,000,000 is best expressed as a range: 1.51%-1.26%; higher balances are accepted.

Bottom-Line details

The minimum deposit to open the high interest money market account is $1,500. In any month that your average monthly balance falls below $5,000, an $8.95 monthly fee applies. You are allowed 6 withdrawals/transfers in a month without any maintenance fee. If you go over the withdrawal limit, you will pay a $10 fee/transaction.

Summary of Ever Bank Money Market accounts

If you are looking to maximize your money in a high interest money market account, then you may have just found the right one. EverBank is FDIC insured. You, as savvy investor, will always want to compare interest rates and choose the best savings account that meets your specific needs. You can see an in depth review of EverBank on our website along with other comparable banks’ money market accounts. If you would like to see visually how Ever Bank’s money market account rates stack up, please see our money market rate chart.

So you want to open an on line savings account and you already have some experience with Bank of America. With as little as $25, you can get started. They offer free online banking and your money is FDIC insured. To avoid any monthly fees, you will need to set up an automatic monthly transfer of at least $25 from your Bank of America checking account and you are all set. Maybe you have had a difficult time in the past, putting money away for that rainy day. Here you will not get the high interest savings rate; however, you are obligated to deposit money regularly.  Over time, your little nest egg will grow. The down side of your online bank account being linked to your savings account is that you can easily transfer money from your savings to checking, thereby defeating the accumulation that could happen with the automatic withdrawal program.

So, in a Nut Shell:

Who is Bank of America for?

• You’re opening your first savings account
• You want to consistently save money for unexpected expenses or a special purchases (vacation, holiday gifts)

Standard Regular Savings account features

• Open a savings account with as little as $25
• Free Online Banking service
• FDIC insured to the maximum amount allowed by law
• Avoid monthly maintenance fee with an automatic monthly transfer of $25 or more from your Bank of America checking account.

Flexible savings account options

• Transfer money from your savings account to your checking account easily, or vice versa
• Monthly statement if you use an ATM or have transfers or a combined statement.
• Easy access at any Bank of America ATM and Banking Center

Bank of America Fees

The fees that can be avoided, if you are savvy, would be the monthly service fee and over the withdrawal limit fee. Once your Bank of America online savings account balance reaches $300, you may discontinue the automatic withdrawal from your checking account. The obligation is that you keep at least $300 in the account, ALWAYS. Discontinuing the automatic monthly withdrawal and dropping below$300 in your online savings account will result in a monthly service fee of $5. If you make more than 3 check or debit card withdrawals within the month, you will be charged $2.50 for each withdrawal over 3. If you use pre-authorize transfers, like bill pay, you may add 3 of these each month without being hit with the withdrawal limit fee.

Summary Bank Of America Savings Account

Overall, a regular Bank of America savings account, at .1% APY, is not offering the highest interest rate available. Bank of America has nearly 6000 banking centers across the nation and 30,000 ATMs across the globe. So, access is very convenient. You, being the savvy investor, should research all your options and find what best suits your needs.If you are a long time customer of Bank of America and you can’t see yourself going else where, maybe review our posts on Bank of America money market accounts and Bank of America CDs.

You can compare savings interest rates on our website. If you decide that a traditional savings account does not fit well with your financial goals, please  see Bank Truth’s pages describing the pros and cons of CD accounts and money market accounts.

If you would like to learn more about other products offered by Bank of America, please follow the link to our detailed review.