3.65% Internet Savings Account at 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
Anonymous   |     |   Comment #1
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.
Anonymous   |     |   Comment #2
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?
2.00% Reward Checking Account at Amegy Bank in Texas - Available Nationwide
Update 11/22/09: The top rate has fallen to 2.00% APY.

Amegy Bank is offering a reward checking account called Smart Yield Checking. It has the following rates and features if certain monthly requirements are met:
  • 2.00% APY on balances up to $25,000
  • 0.50% APY on portion of balance over $25,000
  • 0.05% base rate if requirements are not met
  • Free ATMs nationwide
The monthly requirements include:
  • 10 debit card purchases
  • One direct deposit or two ACH debits
  • Login to online banking at least once a month
  • Receive e-statements and maintain valid email address
Additional features of the account regardless of the monthly...

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5.20% Online Savings Account at Amegy Bank
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....

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