A high yield savings account promo is currently being offered by 1st Constitution Direct at 3.50% APY for the first three months after account opening. The account only requires $100 to initiate.

The promo APY is applicable to all balances within the first 3 months. After that period the variable rate of 3.25% will be effective. The promo page states that the APY for the Direct Super Savings Internet Special is a variable 3.25% effective for balances of $10000. The rate falls to 1.60% APY for accounts that will have balances from $9999 and below.

The online savings account does not collect any monthly service fees. There is also no limit to the links that can be established with other bank accounts that are non-1st Constitution Direct. According to the CSR there will be no ATM or checks that will be issued with the account. ACH transfers are not limited and are free of charge. Withdrawal though is restricted to six in accordance with the law.

The high interest savings account promo page is dated December 17, 2008 so it will be better to contact the bank to verify their current on going rates before signing up for anything. It will also be good to ask if they do a hard credit pull upon application since it is not on the FAQs or promo page.

Application can be accomplished online with funds coming from your non-1st Constitution Direct checking account. The bank will perform two test deposit and debit transactions which need to be verified before the account can be activated.

The 1st Constitution Direct operates under the umbrella of 1st Constitution Bank with headquarters in New Jersey. The internet division was founded in 2008 to address the needs of consumers who prefer online banking than personally going to a branch. A customer service line is also available if you have questions with regard to opening the internet bank account.

The 1st Constitution Bank is insured with the FDIC thru certificate # 27752.