While a low interest rate environment is a benefit to borrowers, the same low rates present a challenge to savers. If you are looking for the best interest rate on a savings account, consider an online savings account that is linked to a rewards checking account to achieve the maximum interest earnings.
Washington Savings, an FDIC-insured bank, offers several options for a savings account. The Saver Rewards account, which can be opened with $10, requires customers to maintain an interest rewards checking account. The checking account must include either a direct deposit or twelve debit transactions per month and receive eStatements.
The tiered interest rates on the Saver Rewards account are as follows as of 2/2/11:
Balance of $0 to $15,000: 1.51 percent APY
Balance greater than $15,000: 0.65 percent APY
Funds in the linked Interest Rewards Checking account earn the following interest rates as of 2/2/11:
Balance of $0 to $10,000: 3.01 percent APY
Balance greater than $10,000: 0.65 percent APY
Compare savings accounts online to find the terms and conditions that best meet your financial needs.
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