As the Fed keeps cutting interest rates, High Yield Savings Accounts such as ING Direct and Citibank are falling fast. One bank that hasn't lowered their rate in a long time is UFB Direct. Their Absolute Savings Account is still sitting at 5.31%. I beleive that is the highest no fee high interest savings account out there.
UFBDirect is the online arm of Huntington National Bank. It is a pure online bank with no branches that keep the overhead low.
The minimum balance to open the account is $1. This account also comes with an ATM card. They resimburse you up to $4.50 per month for foreign ATM fees. That makes for an easy way to access your money fee free.
They send prepaid desposit slips and envelopes so sending in deposits is free as well. There is no ACH feature, but if you have an account like Fidelity or GMAC bank that offeres ACH features, you can deposit money into the Ansolute Savings acoount. There is no fees for inbound or outbound ACH's from the Absolute Savings Account.
I currently have this account and am very happy with it. It currently holds my "Emergency Fund." I had to call their customer service once with a question and was very happy with the service.
While all the rates are falling, why not make some money with an account that doesn't drop its rates everytime the Fed sneezes!!!
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