UnivestDirect Online Savings Account Yield Increased to 5.05%

Update 4/19/08: The rates have fallen. Please check the bank's website for the latest rates.

UnivestDirect raised the rate on its no-minimum Anytime Online Savings Account this week from 4.75% to 5.05% APY. Last month I first reported on UnivestDirect's 4% no-minimum checking account (see post). Although their rates are not the best, they're competitive, and for those looking for a combination of a high yield savings account and checking account without any minimum balance requirements or other requirements, this is a solid deal. The 5.05% APY matches the yield at both Emigrant Direct and HSBC Direct. UnivestDirect's funds transfer service allows up to 3 links to external accounts, and everything can be done online. The 4% APY matches ING Direct's checking account yield for balances under $50K. An advantage over ING is that it offers paper checks. Some disadvantages include no national ATM network and $35 overdraft fees.

UnivestDirect is part of Univest National Bank and Trust Co. which is FDIC insured (FDIC Certificate # 7759).

Thanks to the reader who mentioned this rate update in the finding deals post.

Update 4/19/08: The domain UnivestDirect.com was no longer pointing to the bank. The online savings and checking are now accessible under Univest National Bank and Trust's website at univest.net. Changed all links to this.

Tags: savings account