With the Federal Funds rate at 0%, investors are looking for short term vehicles to earn interest and provide liquidity. Interest rates have no where to go but up so certificates of deposit are a bad idea. Your money is locked in from 3 months to 4 years, without access to the money and as interest rates rise the purchasing power is decreased. Below are a few accounts the provide both reasonable returns and liquidity.
Earn 2% or More With These Money-Market Savings Accounts
| Bank | APY (%) | Minimum Balance |
| ShoreBank Direct online savings account | 2.15 | $1 |
| First Trade Union Bank savings account | 2.06 | 2,500 |
| Bank of Internet USA Advantage savings account | 2.02 | 100 |
| UFBDirect savings account | 2.01 | 500 |
| Discover Bank online savings account | 2.00 | 500 |
| Sources: Bankrate.com, Money-rates.com, bank web sites. All yields are non-promotional, but are subject to change at any time. Yields valid as of August 4, 2009. | ||
Earn 4% or More With These Interest Checking Accounts
| Bank | APY | Requirements |
| Community National Bank of Lakeway Area | 4.51% on balances up to $25,000 | * Minimum of 12 debit card purchases (excluding ATM usage) * 1 automatic payment or direct deposit transfer * Receive your monthly account statement electronically |
| First Arkansas Bank & Trust Online | 4.44% on balances up to $50,000 | *Minimum of 10 debit card purchases (excluding ATM usage) * 1 automatic payment, bill pay transfer, or direct deposit transfer * Receive your monthly account statement electronically * Sign in to your online banking account at least once |
| Royal Banks of Missouri | 4.3% on balances up to $25,000 | * Minimum of 10 debit card purchases (excluding ATM usage) * 1 automatic payment or direct deposit transfer * Receive your monthly account statement electronically |
| Liberty Bank | 4.25% on balances up to $25,000 | * Minimum of 15 debit card purchases (excluding ATM usage) * 1 automatic payment or direct deposit transfer, and 1 bill pay transfer * Receive your monthly account statement electronically |
| Connexus Credit Union | 4.15% on balances up to $25,000 | * Minimum of 15 signature-based check card purchases (excluding ATM usage) * 1 bill pay transfer and 1 direct deposit transfer * Receive your monthly account statement electronically |
| Ouachita Independent Bank | 4.01% on balances up to $25,000 | * Minimum of 12 debit card purchases (excluding ATM usage) * 1 automatic payment or direct deposit transfer * Receive your monthly account statement electronically |
| Source: www.checkingfinder.com, bank web sites. Yields as of August 4, 2009. | ||
