Perhaps the most unattractive feature of the Mighty Savings Account from Union Bank is that the rate is tiered. Union Bank requires that you keep a minimum balance of $2,500 to keep the high rate. Fall below that minimum balance and you’ll receive a measly .50% APY.
Fall below $250 and monthly fees apply. In addition, first deposits must be made by check (what a hassle). Online transfers are limited but capabilities look to be there in mid-2009. The bank is FDIC insured and has options for business, personal loans and high yields.
For those that don’t mind the initial hassle of mailing in a check and a cumbersome online process but love APY’s, the High and Mighty Savings Account is right for you.
-Minimum balance of $2,500 to get high interest rate
You can open the savings account online.