The latest economic news is so harrowing that just about everyone is looking for safe, smart places to park their cash and ride out the storm. One place that fits the bill is the new high-yield savings account from the Bank of Internet USA. With an interest rate of 3.45%, their savings account in general the plain Jane of investment strategies is turning heads.
Opening a high-interest savings account with Bank of Internet USA is pretty straightforward. Simply go online to the Bank of Internet website, and walk yourself through the process. Youll learn that:
There are no fees or balance requirements
Interest is compounded daily
Transfers between your various BOI accounts are easy and instantaneous
An ATM card comes with it
Your money is insured by the FDIC
Hard to argue with all this on top of the 3.45% interest rate, isnt it? Of course, youll have the usual restrictions associated with a savings account no checks written on the account, and the number of free transactions you can perform every month is limited. There are some other minor limitations as well, but overall, this high-yield savings account is giving other investment vehicles a run for their money, to coin a phrase. In fact, that rate is more competitive than BOIs money market account rates (3.21%) and beats their 6-, 36-, and 48-month term CDs, and is almost as strong as their highest CD interest rates of 3.55%, 3.65% and 3.50%.
The new Bank of Internet high-yield savings account is worth a look, and a reminder that theres always a way to make money, even in times when people are just trying to hold on to what theyve already got.