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.
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