Banking- who has the best savings rates locally?

[TheRX7Project]

I'm looking to open a savings account so I can let my money work for me. However I cannot seem to find a good local bank for savings. I checked Chase, Landmark and my current bank Tri City, but they all offer less than 1% intrest... is that the norm nowadays?

I always thought savings was 2% interest. Where is a good place to open a savings account for high yield?

[PureSound15]

You're not goign to find a savings account with more than 1% interest. A credit union is going to offer higher rates, but not by much at all.

Look into a Money Market - but even the lowest level will probably be paying less than 1% interest rate.

Your best bet for having liquid assets is to find a financial that has a reward checking account. It will have requirements that you'll have to meet in order to get that rate (and avoid a penalty). There is a competitor of ours that offers 3% on a checking account but you must have something like

1) 2 or more bills paid through bill pay a month
2) 10 or more debit transactions a month
3) direct deposit
4) minimum balance


Remember too - other than trying to remain competitive, a financial thats offering a really high savings rate is seeking funds that they don't currently have (which will be a bank).


Consumers are saving more than they ever have - so savings rates are WAY down. The ideology is - "Why would we pay you 3% for your money when we know that we can pay you 2% and you'll still give it to us and we have so much cash on hand we cannot even find people to lend it to."

[TheRX7Project]

Hmm. Guess I've been smoking crack! I saw that Landmark has a 7% interest checking account, I may have to look into that. I've finally got all my interest-bearing bills (loans and CC's) paid off, and would like to start saving something for a rainy day (or a down payment on a house).

[PureSound15]

If landmark has a rewards checking - go for it. Just make sure you keep on top of it to meet the requirements.

[PureSound15]

Nice option-


Prestige Checking (55+)
Student Checking
Switch Kit and Forms
Overdraft Protection
Check Re-orders
Checking and Identity Theft
Coaches
Checking Rates
Account Balancing Form
Deposit Slip

Which account is right for you?
Premium Checking
Enjoy our Premium Checking Account , featuring a "premium" each month. The account pays 7.5% APY on balances up to $500, .20% APY on balances over $500. It also includes FREE E-Statements and Direct Deposit.

Landmark Checking with Rewards!

Take advantage of all the great benefits of our VIP Checking, but earn Rewards instead of dividends. Open your new Landmark Checking with Rewards and earn 1 point for every $2 in non-pin Check Card purchases! Rewards add up fast and can be redeemed for great merchandise, travel miles, discounts and gift cards! Check out the Rewards at www.Points2U.com.

VIP Checking - No fees . . . never had any!

No Minimum Balance Required.
No Monthly Service Fees or Per Check Charges.
Dividends on balances of $2,500 or more
Carbonless Check Copies
Convenient ATM Card
Free VISA® VIP Check Card
Free Online Banking
Use with Landmark's online bill payment service.
Free online Check Imaging
Free 24 Hour Teller.
Move your account today using our handy Switch Kit.
Easy online check re-orders
Handy Account Balancing Form

[wrath]

I have the above Landmark checking account. I earn more interest on the $500 checking account than I do on the money market account I have with them with $10k in it.

You have to go national with online-only to get a decent rate these days. At this point you're better off borrowing money than saving it... especially once inflation comes to kick our butts.

[LIL EVO]

What's wrong with ingdirect.com? 1.3% interest. A couple years ago it was 4-5% interest.

[Al]

Interest rates were even higher during the 90s.

I have never found a decent explanation of why this is true.

What really surprises me is the level of liquidity that some banks are managing. With the current leverage totals, I would expect my dollar to be worth a hell of alot more than the interest return.

[TheRX7Project]

I have the above Landmark checking account. I earn more interest on the $500 checking account than I do on the money market account I have with them with $10k in it.

You have to go national with online-only to get a decent rate these days. At this point you're better off borrowing money than saving it... especially once inflation comes to kick our butts.

What are the requirements for it? Are there fees, minimum transactions, etc. etc?

[wrath]

I think the only requirements are that you have a pulse, a valid ID, and have direct deposit dumping some dinero within 60 days.

[TheRX7Project]

Sweet. I'll be sure to check that out ASAP. I have direct deposit through my work, and this sounds like a decent way to earn some interest.

[Reverend Cooper]

kinda off track rx but I know chase has a checking account that if opened with direct deposit gives you a free $125.00
that in its self is great interest it can be closed after you get the cash to.

[TheRX7Project]

They turned me down for a checking account at Chase, when I was trying to get in for that deal. Why? I don't know... I had money to put in it, direct deposits every week, my credit wasn't GREAT at the time but it was OK, didn't have any overdrafts or anything... they just didn't want my money apparently.

[Smokey1226]

First Banking Center in wind lake,

They started at 6.01%, now at 4.01% on checking account.
No minimum balance.
Must have online statements
Must have 1 autopayment or auto deposit
Must use Debit card 10times a month, which is piece of cake
Up to 25k, and can have mulitple accounts
But soooo worth it!

[PureSound15]

They turned me down for a checking account at Chase, when I was trying to get in for that deal. Why? I don't know... I had money to put in it, direct deposits every week, my credit wasn't GREAT at the time but it was OK, didn't have any overdrafts or anything... they just didn't want my money apparently.

If you have ever had a bad relationship with a financial - they'll know when they try to qualify for you.

[TheRX7Project]

I've never had anything with Chase, ever.