Heritage Direct Savings Account Now 5.06%

Heritage Bank Online increased the rate on its savings account from 4.88% to 5.06% APY today. I first reported on this bank on April 2nd. During that time, it has kept its rates very competitive. As I mentioned in that post, this online savings account looks very similar to that of EmigrantDirect or HSBC except that it has a $1K minimum to avoid a $10 monthly fee. Due to that minimum and fee, it's not worth an extra few basis points. 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.