Dedicated to Deposits: Deals, Data, and Discussion

Four Little Known Banks Still Offering 3-Percent-Plus Nationwide Savings Accounts

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I've posted on these banks in the last couple of months, but I haven't focused much on them. Since 3% savings accounts are becoming rare, I thought it would be useful to point out these four banks. Thanks to the reader who reminded me of these. The first three are actually part of the same family, but they are separate banks with separate FDIC charters. All three offer the same Mega Money Market Account with a 3.10% APY with no minimum balance:
I've reviewed the Redneck Bank's money market account in this post. AmericaNet Bank and Evantage Bank both offer the same exact account, and all three also offer the same reward checking account. Refer to this post for reviews of these banks and accounts.

The fourth little known bank offering a 3% savings account is Danversbank. It's called the DBK Online Savings Account and it has no minimum balance requirements. I wrote a review of this account in this February 17th post. Several readers have commented on their experience opening this account. The bank is also still offering a 3.30% APY 4-month CD that can also be opened online.

For other nationwide savings accounts with 3-percent-plus savings accounts, please refer to my weekly rate summary. With the current financial environment, these rates may not last long so please check the banks' websites for the latest rates.

  Tags: savings account

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Comments
10 Comments.
Comment #1 by Anonymous posted on
Anonymous
Their website is a woohoo hoot, with lots of sound effects, if you keep moving your mouse around, especially over the horse's head, but also elsewhere on the home page.

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Comment #2 by Anonymous posted on
Anonymous
I called the Americannet Bank last week and asked point blank about if they had any information about pending rate changes on their special rate checking accounts. I actually find that asking a direct set of questions is helpful before I actually waste my time and open accounts that will drop rate almost immediately. So...

I was told that in late May the Bank plans on changing the terms of the account to reduce the maximum account balance subject to the high rate from $25,000 to to $10,000 and to limit the number of accounts to two for each social security number, still keeping the per account activity to qualify for the high rate.

So, I won't be opening the account. You might want to inquire also before opening an account there.

OC Steve

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Comment #3 by Anonymous posted on
Anonymous
Do you think the rate change of AmericaNet Bank applies to the other banks (Redneck and Evantage)? Or is it only for AmericaNet Bank?

1
Comment #4 by Anonymous posted on
Anonymous
Yes

1
Comment #5 by Anonymous posted on
Anonymous
Also told the money market will drop.

1
Comment #6 by Anonymous posted on
Anonymous
Danvers is SLOW with the incoming transfers when setting up an account. I have not taken any money out yet so I cannot comment on outgoing tranfers.

You need a checking account to initiate transfers from Danvers, but I was told by a CSR you can use an external account to push and pull transfers. I am in the process of setting that up now.

1
Comment #7 by Shane (anonymous) posted on
Shane
Re Danvers 4 Mo CD at 3.3%, the maximum you can place in this CD is $25,000. "Initial funding limited to $25,000 by ACH (additional deposits can be made upon maturity)". It seems after the 4 mos you can increase it - although who knows what their rate will be then.

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Comment #8 by Anonymous posted on
Anonymous
Danversbank's customer service is both weird and nasty. They get very impatient quickly. I would stay away from such a bank unless one wants the 3% real bad to tolerate such unkind treatment.

1
Comment #9 by Anonymous posted on
Anonymous
Danversbank's customer service is both weird and nasty. They get very impatient quickly. I would stay away from such a bank unless one wants the 3% real bad to tolerate such unkind treatment.

1
Comment #10 by Anonymous posted on
Anonymous
Must be that New England attitude of theirs. ;-)

1