Florida Central Credit Union has a high-yield rewards checking account called Ultimate Checking. The checking account pays 6.01% annual percentage yield on balances up to $25,000, and 1.0% APY on balances over $25,000. Three requirements must be met each cycle to earn the yields.

The requirements are:

1. Make 12 Check Card Transactions
2. Have 1 Direct Deposit or ACH Auto Debit
3. Enroll and receive eStatements

If monthly the requirements are not met the annual percentage yield earned on all balances will be 0.25%.
The Ultimate Checking also comes with free nationwide ATM fee refunds when monthly requirements are met.
Other features of the Ultimate Checking include no monthly fee or minimum balance requirements, free Bill Pay up to 15 transactions per month, overdraft privileges, and a free check card.

Capital One Direct Banking is currently offering a rate of 4.75% APY* on their Capital One Direct Banking High Yield Money Market accounts. Capital One Direct Banking High Yield Money Market Account rates are historically among the best in the nation. The account offers hassle-free access to your money and the security of FDIC insurance.

This account has no minimum balances, and no extra fees or requirements. Make the smart choice – open a Capital One Direct Banking High Yield Money Market Account. Opening a new account is fairly straightforward and simple. There are four ways to make your initial deposit: check, wire, ACH, and internal transfer from an existing capital one account. This money market account is a great way for you to maintain some liquidity while earning a great rate on your money.

M&T Bank recently started an online savings account called M&T e-Money Market. The yield has remained at 5.05% APY for the last month. There are no minimum balance requirements or monthly service fees.

• 5.05% APY on all balances as of 10/23/07
• No minimum balance, no monthly service fee
• $1 per withdrawal in excess of 4 per month
• ATM card, but fees may apply at non-M&T ATMs
• Funded with ACH or a check

M&T Bank has branches in the Mid Atlantic States with most branches located in New York, Pennsylvania and Maryland. The bank is FDIC insured. Please visit their website for more information.

Wilmington Trust’s online branch–WT Direct–is offering a fairly competitive 5.15% APY on their high yield online savings account. The minimum balance required for this rate is $10,000; any balances from $1-$10,000 will earn 5.15% APY for the first 60 days. If your balance is lower than $10,000 after the first 60 days, the interest rate drops to a low 0.60% APY. The WTDirect savings account has no minimum balance fees or online transfer fees. WTDirect does not do a hard credit pull when opening your account.

6 free transfers are available per month, and you are allowed an unlimited amount of linked external accounts. Transfers typically take 3-5 business days, and interest continues to accrue until the funds actually leave your account. Interest is compounded daily and will be credited to your savings account monthly. The daily balance method is used to calculate interest on your account.

WTDirect has FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to $100,000 per depositor. Bankrate.com has given WT Direct a review of 4/5, which is a safe and sound rating. For more information, call their customer service hotline at 1-800-WTDIRECT or visit their savings account website here.

UmbrellaBank recently introduced the Green Day Savings account, which features a 5.83% 90-Day intro rate; essentially an annual APR of 6.0%.

For those who are looking for a place to jump to after the FNBO Direct 6% offer ends, this may not be it. UmbrellaBank is listing this as a limited time offer and it may not last for long. However, people who have not yet grabbed FNBO Direct’s promotion may want to take this offer to get a full 90 days of 6% apy.

After the promo rate ends, the yields sink to unimpressive levels when compared to other online savings accounts. Balances up to $25,000 earn 4.68% annual percentage yield (apy), $25,000 to $74,000 earn 4.87% apy, and $75,000 and over earn 5.06% apy.

Some features on the Green Day Savings account are:

• $100 initial minimum deposit
• A service fee of $7.00 will be imposed if the balance in the account falls below the $100 minimum at any time during the monthly statement cycle.
• Online Statements
• Free Direct Deposit
• Free Recurring ACH transfers from your checking account
• ATM card issued upon request
• Limited to 6 non-ATM transactions per month.
• If the account exceeds six transfers in a statement cycle, a fee of $2.50 will be imposed per transfer
• Interest is compounded daily and credited monthly
• Account history can be downloaded into Quicken® or Microsoft® Money
• No hard credit pull when opening the account

UmbrellaBank is currently running a new promotion on its Green Day Savings Account. It’s offering an introductory rate of 5.83% for the first 90 days after the account is opened. After the 90 days, the rate returns to the standard tiered rates. A minimum balance of $100 is required to avoid a $7/month fee.

UmbrellaBank.com is the online banking division of New South Federal Savings Bank. New South Federal is FDIC insured. It doesn’t have a history of high ratings at Bankrate.com. It has the same 2 out of 5 star rating (below peer group) as it did in April. However, BauerFinancial’s review gives UmbrellaBank a 3.5 out of 5 stars (good) through all of 2006.

The yield on FirstFedDirect’s Internet Advantage Savings Account is currently at 5.17% APY. Minimum deposit is $1000 There are no monthly fees for low balances. The savings account is like a typical online savings account. Accounts can be opened online or by mail. You must live outside of California to apply.

First Federal Bank of California first launched this online bank last December. The rates have remained competitive since then.

First Federal Bank of California is FDIC insured. Bankrate.com’s review gives the bank a 4 out of 5 star rating.

Countrywide Bank has added a new type of savings account called SavingsLink. Like the typical online savings account it can link to your accounts at other financial institutions (not just checking). You can link up to 3 external accounts, and all links can be done online. Also like the typical online savings accounts, there are no minimum balance requirements to avoid a monthly fee. However, you need a balance of $1K to open the account and to obtain the 4.25% APY.

The SavingsLink interest rate is not the best, the current APY for deposits between $1K and $50K is 4.25%. However, this account can be convenient to use for their certificates of deposit.

RateEdge just increased the rate on its online savings account from 5.35% to 5.50% APY. This account only requires $5 to open and has no minimum requirement to earn interest. The only problem with RateEdge is that it’s a division of Sunmark Federal Credit Union which has a limited field of membership. This is one of the highest savings rates available.

Field of membership is primarily limited to those who live in parts of New York State. To open an account at RateEdge.com, you have to live, work, worship, own a business, volunteer or attend school in one of the following New York counties: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie.

RateEdge is a division of Sunmark FCU which is federally insured by the NCUA. It has $441.4 million in assets and 47,379 members.

Most people keep their savings stored in their Bank of America Savings Account either for convenience, or because they don’t know any better. This is the worst thing you could do! Bank of America savings offers a measly 0.20% APY on their Savings Account!

Not only does their savings account yield such a low rate, but they also charge a monthly fee of $3.00 if your balance falls below $300!

Aside from convenience and the ability to link with your Bank of America Checking account, I would recommend staying far far away from this low savings rate offered by BofA.