April 6th, 2009

A Roundup of the Top Bank Rates for the Week: Plus Other Banking Services Worth Checking Out

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With investment rates seemingly headed for rock-bottom, it’s always good to know that there are still banks out there that offer rates much higher than the going national average.

Here’s the latest recap of the best account alternatives this week based primarily on interest rates and minimum balances that should be deposited or maintained.

Savings Account Rate

Top pick: Wachiova

Why: APY of 5.00% (as of April 6th 2009) for $1 minimum deposit with free online transfers and no monthly fees

Checking Account Rate

Top pick: Presidential Online Bank

Why: APY of 2.00% (as of April 6th 2009) for a minimum balance of $1,500. FREE online billpayer, first 25 checks, and nationwide ATM access

CD Rate

Top pick: Umbrella Bank

Why: APY of 2.67% (as of April 6th 2009) for a 12-month CD minimum of $1,000

Money Market Rate

Top pick: ADB Bank (Direct Wealth Money Market)

Why: APY of 2.50% (as of April 6th 2009) for $0 minimum balance. Free online banking, online billpay, and first order of checkbooks.

Aside from the current bank rates, we have also gathered other top-rated banks in different categories based on bank reviews, customer surveys, and industry experts.

Bank in Mobile Banking Service

Top pick: Wells Fargo (CEO Mobile SM)

Why: Aside from the usual services offered by most mobile banking apps such as balance inquiry, account history, bills payment, and funds transfer, Wells Fargo is the first and only bank to have created a unique mobile banking service for businessmen who need to make decisions while on the go.
Runners-up: Bank of America Mobile Banking, Citi Mobile, Chase Mobile

About the banks

Wachovia

Fourth largest bank holding company in the United States based on assets. Third largest U.S. full-service brokerage firm based on financial advisors.

ADB Bank

Allegiance Direct commenced business in June of 2001 as a finance company to provide commercial customers of insurance agencies the opportunity to finance their insurance premiums.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.