The First Trade Union Bank has a very competitive high yield savings account program that earns 3.75% APY. The High and Mighty Savings account can be opened with an initial deposit of $10 that at tiered structure can earn 0.50% APY. Consumers can also opt to receive a premium rate of 3.25% by aiming for a minimum balance of $2500.

Funding for this account must be new money and not come from within other accounts with First Trade Union Bank.

The interest is accrued daily and compounded monthly. It is credited to the account on a monthly basis.

The High and Mighty Savings account does not impose any monthly fees if a balance of $250 is maintained. Otherwise the account holder will be charged $2.50.

The account limits the withdrawal to six times per statement cycle. Non-FTUB ATM withdrawal is limited to five occasions after which a fee of $1.50 per withdrawal will be charged.

Once the account is active, the account holder can set up his free online banking facility and can link the savings account to the First Trade Checking account.

Application can be done online through a secured portal. It appears that they only service deposit accounts from Massachusetts, New York, Connecticut, Rhode Island, and Southern New Hampshire. It will be best to call the bank before signing up.

The First Trade Union Bank is a full service financial institution headquartered in Boston, Massachusetts. They have a declared asset of $450 million.

The bank is covered by the FDIC.