Sun National Bank is offering a savings account with a competitive interest rate. It's called the High Interest Paperless Savings Account, and it has an 1.00% APY for balances of up to $250,000. This rate is listed at the bank's rates page as of 5/29/2012. An e-checking account is required.
There's an online application that allows a customer to open both the savings and the e-checking account. According to this application, both the Boomerang and Classic Checking qualify. The Boomerang Checking is a free checking account with no minimum balance requirement and no monthly maintenance fee. There's also a $100 bonus for opening this checking account with activation of select e-Services (see bonus review).
I've noticed that we have been listing this savings account with a 1.00% APY in our rate tables since November 2011. So it has over 6 months of history.
There's no indication from the online application if they limit new accounts to their market area (New Jersey). I've sent an email asking about this, and I'll update this post when I receive a reply.
Sun National Bank branches are located throughout New Jersey.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 29.18% (average) based on March 2012 data. Please refer to our financial overview of Sun National Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 26240).
How This Savings Account Compares
It's not easy to find savings accounts that offer yields of at least 1.00% for large balances. Most of the banks offering these high yields are new internet banks or are offering intro rates. There are only two that have a history of top rates. I reviewed these last week. One is Incredible Bank which has a money market account that pays 1.00% APY on balances up to $250K. The other is MyBankingDirect which offers a money market account that pays 1.15% APY for balances over $5,000. These rates are accurate as of 5/29/2012.
Finding the Best Savings & Money Market Account Rates
You can use our rate tables to search for the best rates available nationwide and in your state: