First of all this isn’t a paid blog post. I am posting this because it’s one hell of a deal. Provident-direct.com is an FDIC-insured bank that offers an online banking savings account with 3.25% APY. Most normal banks have a very low interest rate, Wells Fargo (my bank) offers is at 0.05%. So you can see the benefit of using an online bank.
To get the 3.25% interest rate you must have at least $100 in your account. You can also make 5 transaction a month for free, after that they add on a $5 monthly fee, which isn’t bad at all. They are also FDIC-insured which means that your money is backed by the government if the bank goes out of business, which is something you should really consider with our current economy.
Signing up with them isn’t hard at all. You just have to fill out a few pages of personal info and then give them your current banking info so they can deposit a few small deposits into your account. Once you see them in your account you then confirm the deposits and then your ready to go. It total it took me 3 days to sign up.
High Yield Online Savings Accounts (Again, I am not making any money if you sign up with one of these banks)
Providentdirect = 3.25%
ING Direct = 2.50%
E-Trade = 3.01% (I know a few happy people using e-trade)
Provident-direct.com is a smaller bank, they only have $6.2 billion in assets (Wells Fargo has $622 billion in assets) but being a smaller bank isn’t a bad thing, and I am more then willing to try them out for the 3.25% interest rate.
If you don’t think Provident-direct.com is right for you then I would suggest checking out ING Direct. I have been with them for many years now and they have been pretty good, only problem with them is there interest rate is only at 2.50%.
If you know anymore good deals then please let us know. I am always looking for good deals 
Follow me on my journey of success and failures, it should be a fun ride.... Again, here is the link for the RSS feed.
Random Posts
Comments are Dofollow! My thanks to you for contributing to the discussion
8 Comments
Sorry, the comment form is closed at this time.
I’ve been with ING Direct for about 3-4 years now. I started out at like 5.5% and now its just below 3%… still not bad considering the economy we’re in.
Thanks for the info, I wonder if they accept non-US person accounts, I’m guessing not, but I’ll check. HSBC Offshore, who I’m with, currently offers 0.00% on all their USD accounts. I’m wondering if it will drop any further and they’ll penalise me for keeping money with them.
haha. Your 0% is killin it.
I am a bit worried about using the smaller banks after the recent Bank problems in the UK and Iceland.
Pretty good rates for current financial crisis period. . .
ING offering good rates. 5%, but i cant see them keeping those rates so high for much longer
Can you link me to this 5%? All I see is 2.50%
I wish I HAD some money to save!
Every penny I have is being spent as soon as I’ve earnt it sadly.
Stan