RateEdge just increased the rate on its online savings account from 5.35% to 5.50% APY. This account only requires $5 to open and has no minimum requirement to earn interest. The only problem with RateEdge is that it’s a division of Sunmark Federal Credit Union which has a limited field of membership. This is one of the highest savings rates available.

Field of membership is primarily limited to those who live in parts of New York State. To open an account at RateEdge.com, you have to live, work, worship, own a business, volunteer or attend school in one of the following New York counties: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie.

RateEdge is a division of Sunmark FCU which is federally insured by the NCUA. It has $441.4 million in assets and 47,379 members.