An online savings account with an above-average rate from SFGI Direct

By Elaine Griffin

The free online savings account from SFGI Direct offers a competitive annual percentage yield (APY) of 1.21 percent. This APY is valid as of April 1, 2011. Although there is a $500 minimum deposit required to open this account, there is only a one-dollar minimum to earn interest. This account may be accessed online at any time.

The online savings account from SFGI Direct is a product of Summit Community Bank, Inc. Summit Community Bank was established and has been a member of the FDIC since December 1995. They are headquartered in West Virginia.

Type of account: Savings Account

Bank requirements:

• This account must be opened online
• Open account with a minimum of $500
• For full details please contact SFGI Direct

Account benefits:

• Free online savings account with a 1.21 percent annual percentage yield
• Account may be accessed online at any time

By Elaine Griffin

The internet-only money market account from Zions Bank now carries an annual percentage yield (APY) of 1.00. There is a $1,000 minimum to open, and in order to earn the rate customers must carry an average daily balance of at least $2,500. Customers may make up to six free transfers per month as well as an unlimited number of monthly withdrawals.

Zions First National Bank has been a member of the FDIC since January 1934. They are headquartered in Utah and were established in 1873.They offer online accounts in addition to their personal, business, and investment accounts in Utah and Idaho.

Type of account: Money Market Account

Bank requirements:

• All internet money market accounts must be opened with a minimum of $1,000
• Must carry a minimum average daily balance of $2,500 to earn rate
• For full details and disclosures, please contact Zions First National Bank

Account benefits:

• This account carries an annual percentage yield of 1.00 percent on balances over $2,500
• Six free transfers per month
• Unlimited number of monthly withdrawals

Zions First National Bank - internet-only money market account

By Elaine Griffin

U.S. Bank offers competitive rates on three CD specials. The annual percentage yield (APY) for the 19-month CD is 1.15 percent. The APY for the 37-month CD is 1.75 percent, while the APY for the 59-month CD is 2.50 percent. Rates are effective as of June 13, 2011, and are guaranteed for the life of the term. Rates posted online may differ from individual branch rates. These CDs require a minimum $1,000 deposit to open. Penalties will be imposed for early withdrawal.

U.S. Bank, NA, has been a member of the FDIC since January 1934, and were established in 1863. They are headquartered in Ohio. They offer a variety of banking products both at local branches and online.

Type of account: CD (Certificate of Deposit)

Bank requirements:

• These CDs should be opened with a minimum $1,000 deposit
• Online rates may differ from individual branch rates
• Penalties are imposed for early withdrawal
• For more details, please contact U.S. Bank, NA

Account benefits:

• Special rates on their 19, 37, and 59-month CDs
• Guaranteed rate for the entire CD term

By Elaine Griffin

Sallie Mae Bank continues to offer competitive rates on their 12, 34, and 60-month online CDs. Annual percentage yields (APY) are as follows: 12-month CDs carry a 1.20 percent APY, 36-month CDs carry a 1.55 percent APY, and 60-month CDs carry a 2.15 percent APY. These rates are accurate as of March 4, 2011. There is no minimum deposit requirement, and no minimum required to earn interest. This account is free when customers choose not to receive paper statements, otherwise there is a five dollar monthly fee. There is a penalty for early withdrawal.

Sallie Mae Bank, was established in and been a member of the FDIC since November 2005. They are headquartered in Utah. Sallie Mae urges customers to use their products to save for education expenses. Accounts are offered online only and are available to customers nationwide.

Bank requirements:

• This CD must be opened online
• There is no minimum to open or earn interest
• There is a penalty for early withdrawal
• For more details contact Sallie Mae Bank

Account benefits:

• 12-month CDs carry a 1.20 percent APY
• 36-month CDs carry a 1.55 percent APY
• 60-month CDs carry a 2.15 percent APY

By Elaine Griffin

By Elaine Griffin

Capital One Bank offers a variety of checking accounts to meet customer needs. They are now offering the Capital One Rewards Checking account, which earns ten miles when the customer uses their debit card for a non-PIN purchase, five miles for PIN purchases and check writing a check, and ten miles when they use online bill pay. Bonuses associated with this account include 1,000 bonus miles earned after the first transaction is made, 4,000 miles earned when the first direct deposit is posted to the account, and 1,000 miles are earned as a first anniversary bonus.

This account is free for the first year, and may be subject to an $8.95 per month fee after the first year, if average daily balance falls below $1,500. Other qualifications to earn bonuses apply, which are detailed on their website.

Capital One Bank, (USA), National Association was established in and has been a member of the FDIC since November 1994. A lead financial institution, they are headquartered in Virginia, but offer services for businesses and individuals worldwide.

Type of account: Checking account

Bank requirements:

• Open to new and existing Capital One Bank customers
• Minimum $25 to open
• Maintain $1,500 average daily balance after first year to avoid account fee
• Qualifications to earn bonuses apply

Account benefits:

• Reward miles are earned for every debit transaction, check written, and online bill-pay made
• Bonus miles are earned for online bill pay, direct deposit, and on the first anniversary date
• This account is free for the first year

Contact Capital One Bank (USA), National Association for full offer details.