Savings Interest Rates with Bank of American Fork now as high as 2.00% APY through SaveSmart Direct
The Bank of American Fork through its online high yield savings account promo offers as much as 2.00% APY earnings through their SaveSmart Direct promo. The rates have dropped since the kick off of the program but remain very competitive:
The rates may change weekly so it will be wise to check the website or call the bank first before filling up those forms. It is also nice to see online banks which join the competition and offer interesting money in the bank deals for consumers.
The disclosure of the account does not detail much about the ACH transfer system. According to a customer service representative the ACH transfer is limited to $10000 per day but this can be temporarily increased if you call the bank.
Interested consumers can open an account online for a minimum of $10. The savings account can be funded via ACH transfer from another account. The account allows nomination of up to six beneficiaries.
A soft credit pull is done using the Equifax credit bureau to verify the identity of the applicant. The Chexsystem is used but previous inquiries should not affect the application process.
The bank collects a monthly fee of $1.50 in case the balance falls below $10 on the last day of the cycle. The account holder is also charged $1 per outbound transfer done above the 3 free transactions per month. Consumers have a limit of 6 outbound transfers per month. Of course, deposits are unlimited.
The interest for the savings account is credited and compounded on a monthly basis. The accrued interest will be received by the account holder in case he or she decides to close the account before the interest is credited.
Account holders can also opt for electronic statements instead of the default paper statement.
Initial funding is done via ACH transfer without any trial deposit. Account holders can also link up to 3 accounts. Transfers can take around 4 business days at max depending when it is initiated.
Bank of American Fork is based in Utah. Both bankrate.com and BauerFinancial issued 3 stars when they reviewed its performance using their December 2008 data.
The bank has a declared asset of about $1 billion. It is insured with the FDIC under certificate number 12773.
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