RateAPY

Savings Is Main Event with 1.66% APY from Main Bank

Posted by: RateAPY Bank Rates News
May 19th, 2010

Savings Accounts Aren’t All the Same

It is an unpalatable fact, but most savings accounts still are not paying the sorts of interest rates that savers need to maintain a reasonable lifestyle. Worse, the Federal Reserve’s Federal Open Market Committee says that it expects interest rates to remain low “for an extended period.”

All of which makes it more important than ever for people who are serious about money to shop around, and compare savings accounts on a regular basis.

Main Bank’s 1.66% APY Savings Rate

If you do that, you’re very likely sooner or later to end up on the Web site of Albuquerque-based Main Bank.

That’s because the standard Main Bank MainStream savings account is currently paying 1.66% APY, which today is competitive by any standard.

The bank’s Web site lays out the few conditions that apply to the higher yield account:

• open with a minimum deposit of $5,000
• quarterly fee of $25 charged if balance falls below $5,000
• no quarterly fee charged with balance of $5,000 or more
• Main Bank checking account required