Banking - Savings Account Round Up - Jan 2007

This month the highest savings APY being offered is 5.45% by Geauga Savings Bank. In our analysis, the top five banks offering highest APY through savings or money market accounts are:

• Geauga Savings Bank, Newbury, OH
• APY: 5.45%
  
• Bankrate Ranking: 3 star
  
• Min Balance To Open: $25000
  
• Min Balance To Avoid Fees: $25000
• Monthly Service Fees: $0
  
• Comments: New bank, FDIC Insured

• BankUnited, Miami Lakes, FL
• APY: 5.35%
  
• Bankrate Ranking: 3 star
  
• Min Balance To Open: $5000
  
• Min Balance To Avoid Fees: $300
• Monthly Service Fees: $5
  
• Comments: FDIC Insured

• Amboy Direct, Old Bridge, NJ
• APY: 5.35%
  
• Bankrate Ranking: 3 star
  
• Min Balance To Open: $20000
  
• Min Balance To Avoid Fees: $0
• Monthly Service Fees: $0
  
• Comments: FDIC Insured, 5.25% on balances less than $20k

• UFBDirect, Irvine, CA
• APY: 5.31%
  
• Bankrate Ranking: 3 star
  
• Min Balance To Open: $1
  
• Min Balance To Avoid Fees: $0
• Monthly Service Fees: $0
  
• Comments: FDIC Insured, Money Market Account

• iGOBanking.com, Lake Success, NY
• APY: 5.30%
  
• Bankrate Ranking: 3 star
  
• Min Balance To Open: $0
  
• Min Balance To Avoid Fees: $0
• Monthly Service Fees: $0
  
• Comments: FDIC Insured, Open your a/c online or by email!

• Zions Bank, Salt Lake, UT
  
• APY: 5.30%
  
• Bankrate Ranking: 4 star
  
• Min Balance To Open: $1000
  
• Min Balance To Avoid Fees: $0
• Monthly Service Fees: $0
  
• Comments: FDIC Insured, Money Market Account

We have a savings account with Amtrust Direct and so far they have not given us any reason to complain. In the past we had accounts with Amboy Direct and their customer service is great. Moreover, they have a simple yet effective online banking interface.

Please make sure that you read the fine print before you go ahead to open a savings or money market account with any of the above banks. If some of you already have accounts with any of the above banks it would help the personal finance blogosphere if you could kindly go ahead and leave your comments about your experiences with them.

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