Best Bank Rates

Ally bank (formerly GMAC) is still offering one of the highest cd rates at 2.80% APY for 12 months with no minimum deposit. Even though they’ve changed their name, their philosophy as a company hasn’t, including their rates. They are still promising leading bank rates, 24 hour service, total transparency and to do what’s right for the customer. Building off of GMAC’s 90 years of service, Ally’s new approach to better banking includes no penalty cds, sleeping money alerts, no minimums, no sneaky disclaimers and no teaser rates. They are FDIC insured up to 250K until December 31, 2009.

Nowadays, it’s all about saving your money because of the rocky economy and job uncertainty. Put it in the bank, invest it, hide it under the mattress, whatever you do, don’t spend it! But how will the economy ever bounce back if no one spends any money? If you’ve been saving responsibly, you’ve probably built up a nice cushion by now. ING Direct is offering a $50 bonus on everyday purchases like gas and groceries.
If you don’t have an ING Electric Orange checking account, you’ll need to open one by May 31, 2009 and enter Reference Code EM258 to be eligible for the $50. Then, use your Debit MasterCard® to make 3 signature-based transactions within the first 45 days. On day 50, they’ll deposit $50 in your account. Your Electric Orange checking account will include a Debit MasterCard® for purchases, access to 35,000 free ATMs and online bill pay. Visit ingdirect.com/electric50 for more information.

EverBank.com has high interest rates for their money market business accounts. This is a great way to accumulate interest on business funds. Here is some important information about Everbank business money mkt accts.

First there is a minimum of $1500 required to open a new business money market account with EverBank.
Second there can be a monthy fee of $14.95 assed if the average balance during the month is less than $5000. This could potentially negate any interest gained. For example the current money market rates for balances less than $10,000 is only 1.01% APR, 1.02% APY so the monthly interest earned on 5000 dollars at this rate would only be about $4.25 netting a $10.70 loss per month.
Third there is a limit of 6 transfers and/or withdrawals per month, and only 3 can be checks.

Here are a couple of their business money market account rates:

• $100,000 – $249,999 account balance: 1.40% APR, 1.41% APY
• $50,000 – $99,999 account balance: 1.15% APR, 1.16% APY