AIG Bank, the banking arm of the insurance company AIG, is offering some of the best money market rates available. Money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor until December 31, 2013. After that date deposit insurance will revert back to the $100,000 limit.

AIG Bank’s money market rates are tiered, which means the rate of interest the account earns is scaled according to the amount invested in the account.  The higher the balance in the money market account, the higher the rate. 

Savings accounts and jumbo CDs typically earn higher rates with larger deposits and terms than accounts with smaller deposits and shorter terms. AIG Bank’s money market accounts with balances of $2,500 to $9,999 earn a rate of 1.09 percent and a yield of 1.10 percent.

Account balances between $10,000 and $49,999 earn a rate of 1.49 percent and an annual percentage yield of 1.50 percent. Balances between $50,000 and $99,999 earn a rate of 1.54 percent and a yield of 1.55 percent. 

Money market accounts with balances between $100,000 and $249,000 earn a rate of 1.60 percent and a yield of 1.60 percent. Account balances over $250,00 earn a rate of 1.64 percent and a yield of 1.65 percent.

Deposits are insured up to $250,000 so I would keep account balances under that limit. If you have more funds to deposit a better option for you is probably the Certificate of Deposit Account Registry Service (CDARS.com) which allows you to deposit up to $50 million and still receive FDIC insurance coverage.

AIG Bank also now also offering mortgages and the bank is currently  advertising a 30 year mortgage rate at 4.625 percent.

Evantage Bank the internet banking division of Southwest State Bank of Sentinel, OK is offering a money market account they call “Mega Money Market” Account. This account has a one of the best money market account or savings account rates available today.

The current annual percentage yield for the money market account is 2.00%. The account also comes with a free MasterCard CheckCard, which is a debit card.  The money market account also has the following features.

• Monthly Statements are received electronically
• Includes 6 FREE withdrawals per month ($5 fee for each withdrawal after 5 per statement cycle).
• FREE Account (No Monthly Maintenance Fee)
• FREE Online Banking
• FREE Customer Service
• Overdraft Privilege available.
• NO MINIMUM BALANCE

Evantage Mega Money Market Account

Southwest State Bank is offering a rewards checking account that currently has an annual percentage yield of 4.00%. In case you’re not familiar with rewards checking accounts there is a certain number of transactions you have to do every month to receive the rewards checking rate.

If you fail to meet the requirements for a particular month the APY is a lot less than the advertised rate. Lean more here: Southwest State Bank Rewards Checking

Bank of The Sierra is offering a rewards checking account yield that tops all savings account rates these days, which is why I am writing about it under our savings account category. Like all high yield rewards accounts there is a certain number of monthly transactions that have to be completed to receive the reward rate.

The rewards annual percentage yield of 4.51% is for checking account balances under $25,000. Checking account balances over $25,000 earn an annual percentage yield of 1.01 percent. If you do not meet the monthly qualifications for a given month the APY is only .12%. The good news is if you don’t meet the qualifications for one month you can get back to the rewards rate the following month.

Another good deal with these types of accounts is they will reimburse you up to $25 per month for ATM fees so you can open a high yield rewards checking accounts with a bank that doesn’t have any bank branches near you. The potential bad news is the current APY can change at anytime but usually doesn’t. 

Monthly Rewards Checking Account Qualifications

• Minimum 12 Sierra Check Card purchases per statement cycle
• Minimum one direct deposit or automatic payment from your account per statement cycle
• Make at least one bill payment online per statement cycle
• Receive eStatements
• Must be opened online

Bank of The Sierra Rewards Checking Account

Finding the best savings account rate is becoming harder and harder as rates decline every week. Several banks have lowered savings account rates, CD rates and money market account rates. 

Last week American Express Bank lowered the annual percentage yield they are paying for a savings account to 1.70 percent, that was down from an APY of 1.85 percent.

Ally Bank is another major bank that has lowered the rate they are paying for an online savings account, their current online savings account rate was recently lowered to 1.70 percent. This month DollarSavingsDirect.com lowered the APY on their savings account to 1.60 percent from 1.70 percent.

Although bank savings account rates are going down relentlessly you can find promotional savings account rates and deals. SFGI Direct is still offering one of the best deposit rates around, the current annual percentage yield for their Direct Savings Account is 2.25 percent.

ShoreBank is also offering an online savings account that still has an APY over 2.00 percent. ShoreBank’s Direct Online Savings Account has an APY of 2.15 percent.

Discover Bank is offering an online savings account that has a very competitive annual percentage yield (APY). The current APY as of October 19, 2009 is 1.85 percent, a lot higher than the current national average rate for a savings account.

The minimum opening deposit for the online savings account is $500. Interest is compounded on a daily basis and credited to your account on a monthly basis. The 1.85% APY takes APY takes into account the effect of compounding, interest receiving interest. If you withdrawal any interest earned on the savings account the APY will be lower.

Discover Bank also offers an “AutoSavers” plan which will help you saving more money by having a scheduled repeating transfer of money from a checking account or savings account to your discover online savings account.

Accounts are FDIC insured up to $250,000. As with all savings accounts you are limited to six withdrawals per billing cycle.

“Personal Savings from American Express” and “High Yield Savings from American Express” are the new slogans the credit card company American Express is using to promote their new high yeild savings account. 

The new savings account is being offered by the banking division, American Express Bank, which is a federal savings bank (FSB).

The high yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 until the end of 2013, the insured amount reverts back to $100,000 in 2014. The same holds true for all deposit accounts like savings accounts and certificate of deposit accounts insured by the FDIC.

The annual percentage yield (APY) on the saving account has a competitive rate of 1.85 percent. Its not the best savings account rate available but still a good deal for a high savings account. You can get rates of 2.00 percent or higher for other online savings accounts. Currently, SFGI direct is offering a interest savings account that has an APY of 2.25 percent.

In addition to a bank savings account American Express Bank is also offering some of the best CD rates available today, their current 12 month certificate of deposit has an APY of 1.75 percent. The bank is also offering other bank cd rates including a 24 month CD yield of 2.35 percent.

American Express Savings

SFGI Direct is currently offering an online savings account that has an annual percentage yield of 2.25 percent, one of the best online savings account rates available today. The 2.25 percent savings yield is current as of October, 7, 2009. The minimum opening deposit is $500.

SFGI Direct’s high yield savings account is a variable rate account just like all other savings accounts. Since the account has a variable rate it can change at anytime. If you’re interested in locking in a rate above 2.00 percent there are several banks offering 12 month certificate of deposits that have a CD rate around or above 2.00 percent.

The savings account has no monthly service charges. The minimum certificate of deposit account balance to earn interest is only $1.00. Savings accounts can only be opened online since SFGI Direct is an online bank that doesn’t have traditional brick and mortar bank branches.

SFGI Direct is a division of Summit Community Bank, Inc of West Virginia. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

SFGI Direct High Yield Online Savings Account Application Here: Savings Account Application

Saving rates are different for different banks. So in order to find the best savings account rate you need to do a lot of research. You should compare savings rates of all the banks.

There are many websites which provide you such information. By saving rate I mean the interest rates offered by banks on your saving accounts.

For the past year or so savings account interest rates have been going lower and lower. So like many people I spend my money instead of saving it at a bank, maybe if I was given a decent savings account rate I would save more of my money. I get my salary and then in few days all is spent.

So I hardly have more than $50 in my savings account at anytime. You can say I live paycheck by paycheck. I love to spend money, so for me the savings rate that is being paid by banks doesn’t really matter right now. Maybe when I’m older when I have kids I’ll start to save more.

If you do save a portion of your money you should shop for the best saving rates. There are saving rates calculators which help you to calculate the savings rates. My advice to people  is that look for high yield savings account and then deposit your money for the purpose of saving, don’t be irresponsible me, be mature.