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Commerce Bank
Looks like they are only in the NYC/NJ/Philly area, DC/Northern Va, and Southeast Florida.
Apple Bank still takes the cake
If it's comparing apples to apples, the savings account I started with Apple Bank (mentioned in the article) beats all of those. My APY is 5.27% - and there's no minimum balance, no fees, etc. It was easy to setup and it's really easy to transfer money in and out.
I'm done with banks altogether!
The internet banks do have some good interest rates, but you still need to check around. I looked at their CDs rates and they did not beat my Credit Union, Navy Federal.
I have been a loyal credit union member for over 10 years now and I love it. I checked out ING and USAA, but it only encourages me to stay with Navy Federal. ING and USAA are still just banks. But credit union, the rates are great and the philosophy behind credit unions is amazing!!! I just looked at ING's rates.
I just got a 6% CD rate at Navy Federal, why would I want a 5% CD rate at ING. My credit union tries to serve and give back to me all the time like this. I have everything with them, mortgage, car loan, checking, savings and investments.
I live in the DC area and their are several branches and tons of FREE ATMs that I can use. I mostly use the internet to access my accounts, but I can call them anytime of day or go into a branch if I want to and I don't get penalized for it.
Banks waste too much money, especially with the CEO and Board of Director's salaries and bonuses. I just read an article about Countrywide's CEO being limited next year in salary and bonuses to $12 million dollars. That is insane! With credit unions, there is a volunteer Board of Directors who care more about me then about the bottom line.
If you can become a member of a Navy Federal http://www.navyfcu.org or any credit union, do it! Then you will see what I am talking about.
RE: USAA if you have $10k or more to save
I bank with USAA and they have great customer service. I may not be able to have a cup of coffee with the manager, but a financial advisor will spend an hour on the phone with a me, a medical professional who has never had a finance or business class in my life, to explain everything I need to know so that I could make an educated decision regarding purchasing a home - for free. Consumer Reports and my Home Buying for Dummies book rates them in the top 10 for customer service.
In addition, at the end of their fiscal year they deposited money in all savings accounts, a percentage of the amount you had in your account. They did so well financially they wanted to give some back to the customers - no strings attached.
USAA rocks.
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USAA if you have $10k or more to save
I am surprised, but I guess a lot of people still don't know about the online savings accounts. Local banks and big banks make a killing off of people paying crummy yields that don't even beat inflation.
The online banks realized they can still make good money by paying you prime minue 1/4 or 1/2, because they don't have to pay a lisping effeminate man $50k a year to work in a bank branch.
For all you military or ex-military types, USAA has good rates with their Performance First Index (see below).
If you have less than $10k, go with EmigrantDriect or INGDirect or something similar. I had INGDirect for about a year, and it was really easy to use, and to transfer money in and out, but I get a better rate at USAA.
I tried to open an account with HSBC Direct and it was such a hassle that I quit.
USAA's Performance First Index
Daily Balance APY
$0 - $9,999 2.22%
$10,000 - $24,999 4.81%
$25,000 - $49,999 5.07%
over $50,000 5.18%
Back to banks: I only bank with USAA, but sometimes it is a hassle not being able to go into a branch (like when you sell a car for cash and have to get $13,000 worth of money orders at the Wal-Mart customer service counter).
Commerce Bank looks like a great alternative. They are open nights and weekends and they don't charge fees at their ATMs to non-customers. Anyone have an account with Commerce?
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