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. You’ll 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, isn’t it? Of course, you’ll 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 BOI’s money market account rates (3.21%) and beats their 6-, 36-, and 48-month term CD’s, 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 there’s always a way to make money, even in times when people are just trying to hold on to what they’ve already got.
3.45% is pretty good for a bank now a days. better than those big banks