High yield savings accounts may not be that popular in the current state of the financial market but there are still very competitive money in the bank deals that you can find. One such offer is the savings account with Acacia Federal Savings Bank that guarantees the current savings account interest of 2.25% APY through 30 September 2009.

The promo is being offered through their Saver’s Choice Account which was launched last March. Aside from the guaranteed interest rate other perks include a Visa Check Card, no monthly service fees, and free funds transfers electronically. The account does not have a set ceiling for the amount of deposit you can put in.

The interest rate may change any time after the guaranteed date which totally depends upon the discretion of Acacia Federal Savings Bank. The money market and savings account interest rates are relatively low when you browse the market. The 2.75% deal may be comparable to good CD offers with 6-month terms.

Interested individuals may open an account online. A bank representative informed us that people from any state can apply for this promo. Funding an account will not be a problem since the bank can accept incoming fund transfers for free or you can also send them your check.

One downside about this account is that they do a hard credit pull when you open an account. This can definitely put a ding to your credit score especially if you don’t have a high one.

The wait of 30 days after opening an account to access their fund transfer facilities is a bit of a disappointment. Another issue is the in and out limit set $2,000 and $5,000 every month. There is also a premium service which is available for customers for at least 3 months. Fees also come with the word premium as the bank charges $2 per outgoing transfer after the 2 free transfers per month. Other banks offer at least six.

One way around the problem is to transfer funds by initiating it from another bank.

Acacia Federal Savings Bank is insured with the FDIC through certificate # 32266. The bank has a declared asset of about $1.53 billion and deposits of approximately $1.03 billion.

Both BauerFinancial and Bankrate.com issued 3 stars when they reviewed its performance late last year.