Peoples Bank located in North Carolina is offering a national online savings account call the e.Savings Account for 2.02% APY. This rate only applies for savings account balances of $10,000 and above, and balances below $10,000 will earn 0.50% APY. To open the account the required minimum initial deposit is $500.
The features of the e.Savings Account are as follows:
- You must have at least $500 in your savings account at all times – otherwise there is a quarterly charge of $15
- The interest credit is paid quarterly
- You are only allow 6 withdrawals per quarter – if you make excess withdrawals you will be charged $2.50
- This is an online savings account, so you must receive statements electronically
As you can see the downside of this account is that it pays quarterly interest, while most banks pay monthly interest as well as allow up to 6 withdrawals per month. However, this account pays a higher savings account rate for higher balances.
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