We are on the hunt once again for a new high yield interest savings account. Over the last few years we’ve remained loyal to ING with one defect to Emmigrant Direct. However with planning the wedding last year we fell off and stayed with ING. So we’ve decided that we would start 2008 off right by finding a high yield online savings account with rates of at least 5%.

Here’s what Ive come up with so far:

OneUnited Bank is pretty new to me and I was also delighted to find out that they are the First Black Owned Internet Bank.

According to BankDeals:

“OneUnited Bank has been FDIC insured since 1982 (Certificate # 23966). The bank has $632 million in assets and $358 million in deposits. Bankrate gives the bank 3 out of 5 stars (performing) based on 6/30/07 data.

Account Features

• $1,000 minimum to open and earn interest
• No monthly maintenance fees
• Must be a US citizen
• Can be funded by ACH transfer or by mailing in a check
• 9 day hold before your initial deposited funds are available
• Online application with nothing to mail in for most cases
• After the application, an email will be sent with instructions allowing you to register for Online Banking
• No hard credit inquiry - just a soft pull
• ATM card - Maximum withdrawal is $300/day
• Typical limit of 6 electronic withdrawals per month - no limits on deposit
• ACH capability for electronically transferring funds to and from your other banks
• Unlimited ACH links to other bank accounts can be set up.
• ACH links don’t require voided checks. Trial deposits used to verify accounts.
• Standard ACH transfers are free and take 3 business days
• Standard ACH transfer limits: outbound: $20k/day, $40k/month, inbound: $20k/day, $100k/month
• Premium ACH transfers take one day and cost $10 - dollar limits are lower
• Interest is credited and compounded quarterly
• Accrued interest will not be paid if you close an account before the accrued interest has been credited.

Rate History

The rates have remained very competitive since OneUnited launched this savings account in April of 2006. Here’s a summary of the rate changes:

APY     Date
4.50%   4/2006
5.00%   6/2006
5.25%   7/2006
5.30%  12/2006

During 2006 and the first half of 2007, their rates were good but nothing great compared to other online savings accounts. But now with them continuing to hold the rate steady since the Fed rate cuts, they’re way above most other savings accounts.”

(Source: Bank Deals)

Take your pick and see which one works best for you. After reviewing each I think the obvious choice for us will be OneUnited Bank given their high percentage yield. Keep in mind that if you aren’t comfortable with banking with an institution online, check out your local credit union rates. After taking a peak at the latest rates, our credit union offers slightly lower rates depending on the deposit amounts. That may be an option for those of you who prefer to bank closer to home.

For even more options for high yield savings accounts check out Bank Deals.

Happy Chasing!

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