Amegy Bank has started a new online savings account called the Personal Internet Money Market Account. It currently pays 5.20% APY on balances from $1k to $100k. Balances over $100k earn 5.30% APY.
The two main downsides to this account are the $1k minimum balance to avoid a $12/month service charge and the lack of an ACH electronic funds transfer system. But according to the service rep, an ACH system may be added in the near future. If the rate can remain competitive, it'll be something to keep an eye on. Below is a summary of this account's features that I received from the bank's website and from my call with the customer service rep. The features noted with CSR are what I was told by the customer service rep.
- 5.20% APY $1k to $100k as of 10/14/07
- 5.30% APY $100k+ as of 10/14/07
- $1k minimum opening balance and to avoid $12/mo fee
- Rate will likely hold at least through October (CSR)
- No check writing (CSR)
- ATM card is available (CSR)
- Early closure fee of $12 if closed before 90 days (CSR)
- allows beneficiaries (CSR)
- Initial deposit must be mailed (CSR)
- Additional deposits can be made by mail or wire transfer (CSR)
- Wire transfer fees is $10 for incoming and $15 for outgoing (CSR)
- Monthly statements mailed. E-statements available (CSR)
- No ACH transfer system. May be available in future (CSR)
- No hard credit check, Only ChexSystem (CSR)
Amegy is a Texas bank with over 90 branches through out the state. The bank is FDIC insured (Certificate # 24107).
To see a list of the top national online savings accounts, please see my weekly summary.
Thanks to the reader who emailed me info on this new account.