Best Savings Rates at RatesTracker™

Countrywide Bank has added a new type of savings account called SavingsLink. Like the typical online savings account it can link to your accounts at other financial institutions (not just checking). You can link up to 3 external accounts, and all links can be done online. Also like the typical online savings accounts, there are no minimum balance requirements to avoid a monthly fee. However, you need a balance of $1K to open the account and to obtain the 4.25% APY.

The SavingsLink interest rate is not the best, the current APY for deposits between $1K and $50K is 4.25%. However, this account can be convenient to use for their certificates of deposit.

Most people keep their savings stored in their Bank of America Savings Account either for convenience, or because they don’t know any better. This is the worst thing you could do! Bank of America savings offers a measly 0.20% APY on their Savings Account!

Not only does their savings account yield such a low rate, but they also charge a monthly fee of $3.00 if your balance falls below $300!

Aside from convenience and the ability to link with your Bank of America Checking account, I would recommend staying far far away from this low savings rate offered by BofA.

Peoples State Bank of Illinois (IL) has recently launched a reward checking account that pays 6.10% APY for balances under $20K (3% APY over) and refunds ATM fees when you have at least 10 debit card transactions, one direct deposit or ACH auto debit, and have signed up to receive electronic statements. Otherwise, the rate falls to 0.25%. A minimum deposit of $50 is required to open the account, but there are no minimum balance requirements or monthly fees regardless of meeting the requirements.

It would appear that you have to visit a branch to open this account. Branches are located in the Illinois cities of Sumner, Newton and St. Francisville. The bank is FDIC insured. 

UFB Direct made a change yesterday to their new Absolute Savings Account making it look like the old High Yield Money Market Savings Account. All brackets of the Absolute Savings Account now have a high savings yield of 5.31% APY. Previously, the yield was 5.11% APY for balances up to $5K, 5.21% APY for balances between $5K and $10K, and 5.31% APY for balances over $10K.

Interest is accrued daily and compounded monthly based on the ending daily collected principal balance. A high yield savings account is an excellent way to maintain some degree of liquidity while still earning a high return on your money.

UFB Direct is part of Skybank, which is FDIC insured.

AmTrust Bank is currently offering 6.00% APY for 118 days on its Gold Savings Account. Unfortunately, this is only available to Arizona residents. To access this rate, you need to first click on the Gold Savings Account banner on the front page, and then enter an Arizona zip code. You should be redirected to this page.

The minimum deposit to open and earn the 6% is $500, and the maximum deposit is $100K. After the 118 days, the rate falls to 3.50% APY. This offer is available through July 31, 2007.

Amtrust Direct is FDIC insured for the standard $100,000. High yield savings accounts such as this one are a great way to maintain liquidity, allowing you to withdraw your money as needed while still earning a high return.

Fifth Street Bank of Las Vegas, Nevada is offering a savings account called the FSB Exclusive Savings which offers 5.32% APY on all balances over $100. There are no monthly fees, so long as the balance is over $100. If the balance drops below $100, a $10 monthly fee is charged. The bank also has some decent rates on their money market accounts and CDs, yielding 4.72% APY and 5.25% APY 3-18 months, respectively.

Fifth Street Bank was just established in May 2007, so this could be a possible explanation for the relatively high rate provided by brick-and-mortar bank. It’s a small bank with one branch in Las Vegas. Fifth Street Bank is FDIC insured.

Countrywide Bank’s Savingslink high yield savings account has a fairly high 5.40% APY.  Minimum opening deposit is $1,000. Here are some of the details:

• Interest rates among the best in the nation
• Safe and secure anytime access
• Free bank to bank transfers
• Schedule next business day or recurring transfers between your SavingsLink account and linked external account
• Unlimited deposits
• Conduct up to six withdrawals each month
• Transfer money between your SavingsLink account and other Countrywide Bank account

Countrywide Bank is FDIC insured. For more information visit their website or call 1-800-283-8875.

FNBO Direct is currently offering a top 6.00% APY Savings Rate on all balances until September 28, 2007. This is one of the highest rates available for either CD, savings, or money market accounts. If you’re seeking a high return on your deposits with the ability to maintain some degree of liquidity, check out FNBODirect.com’s new deal. Here are the details for the savings account:

• $1 minimum deposit
• No monthly fees
• No minimum balances
• Allows 3 external account links
• Limited to six withdrawals per month
• Deposits start accruing interest when transfer is completed
• Interest is calculated daily and is compounded and credited monthly
• If the account is closed no interest is forfeited
• No checks, ATM can be requested but there is a $2.50 fee
• Routing Number: 104000016
• After 9/28/2007, the rate is based on market conditions

Some people have questioned FNBO’s legitimacy, wondering if the promotion is a scam. However, after doing a bit of digging, FNBO seems to be completely legitimate. FNBO Direct is a subsidiary of First National Bank, which is headquartered in Nebraska. First Natinonal is FDIC insured.

ING Direct has recently started offering online savings accounts and CDs for businesses. The business savings account yields 5.00% APY, which is 0.50% higher than the 4.50% APY of the Orange Savings Account available to regular consumers.

The CD rates are the same as the consumer CDs with a top yield of 5.25% APY for 9, 12 and 18 month terms.

Just like the consumer version, the business version has no fees or service charges. Businesses eligible for these accounts include sole proprietorships, partnerships, LLCs, corporations and nonprofits. You can find the required documents for opening the accounts here. ING Direct is FDIC insured.

SavingsSquare.com is currently offering an online savings account with 5.10% annual percentage yield. This is a pretty high savings rate, and allows you to maintain some liquidity while still earning a high return on your deposits. Their online savings account’s features:

• Minimum initial deposit of $1
• Maximum initial deposit of $100,000
• No monthly fees
• No minimum balances
• No ATMs or checks
• Soft credit pull

SavingsSquare.com is a subsidiary of Kirkpatrick Bank, which has branches in Oklahoma (OK) and Colorado (CO). It was established fairly recently. Kirkpatrick Bank is FDIC insured up to $100,000, the industry standard.

For more information, call 1-888-524-7277 or contact customer service at the following email address: CustomerService@SavingsSquare.com.