Goldwater Bank offers a 1.525 APY best savings account. The rates table of the bank indicates that the minimum funding needed to open this high yield savings account is just $1,500 with only $100 needed to obtain the annual percentage yield.

The best savings account being offered by Goldwater seems to be a nationwide money in the bank deal. It will be best to keep your deposit at or above the $1,500 line to avoid a quarterly service fee of $15.

You can accomplish an online application. The bank will send you a signature card to complete when they receive your application. You can email a check when you send back the signature card or you can also transfer some funds via wire. Incoming wire transfers will not cost you anything.

Withdrawal from this savings account is limited to six per quarter. It seems the bank does not have ACH transfer facilities. Outgoing domestic wire transfers cost $20 per transaction. You can also withdraw by requesting the bank to send you a free cashier’s check via mail.

The interest rate history will reflect how the market has been the past year. In 2008, this savings account deal was offering a high interest rate as high as 4.00% APY. The interest rate that we have here is effective as of November 3.

All interest rates are paid on a quarterly basis. Closing the account before the accrual of the interest will forfeit the earnings so you really have to time it nice when you decide to close this savings account.

The bank also offers Arizona Savings with a current interest rate of 1.54% APY. Opening deposit requirement is also $1,500 with $100 as a minimum balance to earn the APY. The website does not detail much about the Arizona savings but this may be a local bank deal in the state.

Goldwater Bank is headquartered in Arizona. It is a small bank established in 2007.

All deposits with Goldwater Bank are insured with the FDIC.