Dedicated to Deposits: Deals, Data, and Discussion

3.65% Internet Savings Account at Amegy Bank

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Amegy Bank
Update 11/28/09: Rates have fallen. Rates now vary by tier: 0.55% APY to 0.75% APY.
Update 11/07/09: Rates have fallen. Rates now vary by tier: 0.90% APY to 1.10% APY.

Amegy Bank continues to have competitive rates on its Internet Money Market Account. The top yield is 3.65% APY for balances of $10K and over. The yield for balances between $1K and $10K is 3.35% APY.

I first reported on this account in October 2007 when it was offering a yield of 5.20% APY for balances between $1K and $100K. For some reason I haven't included it in my weekly summaries.

There's an online application, but it's a bit more intrusive than normal with questions about your sources of income, net worth and several employment details.

When I called Amegy Bank in October, the CSR said they did not have an ACH transfer system, but they were working on such a system. I called back today, and they're still working on it. From today's conversation, it appears to have the same features that I reported in October. Below is a summary of these:
  • Available to people in any state
  • $1k minimum opening balance and to avoid $12/mo fee
  • 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)
  • No bonuses currently available (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 mentioned this promotion in the finding-the-best-deals post.

Rate History:
11/28/09: 0.55% APY $1K-$10K, 0.60% APY $10K-$20K, 0.65% APY $25K-$50K, 0.70% APY $50K-$100K, 0.75% APY $100K+
11/07/09: 0.90% APY $1K-$10K, 0.95% APY $10K-$25K, 1.00% APY $25K-$50K, 1.05% APY $50K-$100K, 1.10% APY $100K+
10/10/09: 1.00% APY $1K-$10K, 1.05% APY $10K-$25K, 1.10% APY $25K-$50K, 1.15% APY $50K-$100K, 1.20% APY $100K+
09/12/09: 1.20% APY for all tiers
07/18/09: 1.35% APY for all tiers
07/11/09: 1.40% APY for all tiers
??/??/09: 1.50% APY for all tiers
  Tags: Amegy Bank, savings account

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
I don't like banks that ask for your income info, when you are giving THEM money....

It is just a principle thing. There is no reason for them to ask. Zions & Countrywide (and Nationwide) do not ask for income numbers.

1
Comment #2 by Anonymous posted on
Anonymous
Amegy bank has some sort of connection to Zions Direct which is a bond trading website so you can transfer money into or out of your account when doing trading. Several other banks are also connected to Zions Direct. I guess that might explain why their application is a bit intrusive. The brokerage account applications ask about your net worth and your risk tolerance. Maybe they might share that information with Zions Direct should you decide to open a bond trading account later?

1