Bank of Internet is offering a 2.5% APY savings account called the Advantage Savings Account. It’s hard to tell just how long this rate will be around, but it’s a very hot rate in today’s banking market.
There’s a $100 minimum deposit required on the account. There’s no minimum balance requirement and no monthly fees. You can fund the account by an ACH transfer or by check. The account doesn’t have an internal ACH transfer system, but you can use external ACH transfer requests to get your money out.
After you fill out their online application there’s a second part that needs to be mailed in to activate your account. Bank of the Internet has a 3 out of 5 star soundness rating from bankrate and is FDIC insured. Take a look at their business savings accounts as well.
What they don’t tell you is that even though they advertise this rate for accounts over 100,000 they don’t take deposits over 25,000. WTF ?