A Review On Bank Interest Rate
Since banks are institutions that are very much a part of an individual’s life, bank rates are things that are equally important to an individual as banks themselves. Different banks have different rates; some are ridiculously high, while some are suspiciously low. Because there isn’t one standard rate that goes with all types of accounts, it would be best to focus a bank interest review on one specific interest. Moreover, since savings account is the most common account there is, this bank review on interest rate will be focusing on it.
Many bank interest rate review and comparison are available online; they can be a great source of well-researched information that can shed light onto to the most commonly asked question in the subject of bank interest rates. According to moneyrates.com for example, certain banks only offer an APY (annual percentage yield) to a savings account with a specific amount of deposit. For a better view of bank interest rates and the terms and conditions that apply to it, below are some of the important details attached to each bank’s interest rates:
Ally Bank has no minimum deposit to open and neither holds a minimum amount to earn an APY (annual percentage yield); they offer 0.84% APY. Ally Bank is also a member of the FDIC (Federal Deposit Insurance Corporation), an independent US agency that offers insurance on the banking system. American Express Bank, FSB, on the other hand, while also having no minimum required amount to open and earn an APY has a lower APY rate percentage at 0.75%. It is also a member of the FDIC. In FNBO Direct, the minimum to earn the APY is $1, however, it is named by money magazine as the best place to park an emergency fund and aside from that is an FDIC-member as well. EverBank, another FDIC-member bank offers the highest rate; they offer it at 0.91% and has no minimum amount to earn the APY. In ING-Direct, while also being a member of the FDIC, requires no minimum to earn the APY and to open and maintain an account. The APY percentage is at 0.80% and most importantly require no fees or charges whatsoever.