Acacia Federal Savings Bank is offering 2.25% APY on their new Saver’s Choice Account with a guarantee locked in rate until the end of September 2009. The account has no monthly fees and no transfer fees.
Right now Acacia’s other savings account rates have a rate below 2% so you can expect that rate to drop after September. However, if you view the account as a 6 month CD this rate is still quite competitive and unlike a CD you can take your money out at any time. This account is nationally available and can be opened online.
Acacia’s bank to bank transfers leave something to be desired. You must wait 30 days after opening your account to be able to make transfers. There’s also a limit of $2,000 per day and $5,000 per month on your transfers. There’s also a $2 fee after your first 2 outgoing transfers per month. Acacia does offer premium bank to bank transfers but you must be a member for 90 days to be eligible. A good workaround is to initiate transfers from a different bank account. Acacia is a FDIC insured bank.