Heritage Direct Savings Account Now 4.72%

Heritage Bank Online increased the rate on their savings account from 4.60% to 4.72% APY. I first reported on this bank on April 2nd. As I mentioned in that post, this online savings account looks very similar to that of ING Direct or EmigrantDirect except that it has a $1K minimum to avoid a $10 monthly fee. Due to that minimum and fee, I still consider the other online savings accounts a better deal. However, it's nice to see that Heritage Bank intends to remain competitive on interest rates. This means more competition which will help improve rates on all savings accounts.