FDIC Insurance Limits
The FDIC Insurance limits have experienced a major increase as part of Congress’ economic bailout package. The FDIC insurance limits have been increased to $250,000 per depositor. For decades the limits were at $150,000.
Why Did Congress Increase the FDIC Insurance Limit?
The FDIC insurance limit increase is designed to give depositors confidence that their money will be safe in these tough financial times. There was concern that people were taking their money out of banks for fear that the bank would fail and they would lose their money.
What are the New FDIC Insurance Limits?
As mentioned above the individual depositor limit has been increased to $250,000. Additionally, since the limit is per depositor, if you have a joint bank account, the FDIC insurance limit will be $500,000. But, it is important for people to know that this increase is temporary. The current legislation expires in December 2009 at which time the limits will go back to $150,000. Only time will tell if Congress extends or make these new FDIC insurance limits permanent.
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Top 5 High Interest Savings Accounts for October 2008
As the stock market plummets, you might be looking for a place to put your money. High interest savings accounts are a great investing vehicle in these uncertain financial times. This article will share with your the top 5 high interest savings accounts for October 2008.
Washington Mutual Savings Account
Even though Washington Mutual has been purchased by JP Morgan Chase, the Washington Mutual savings account is still paying one of the highest savings rates in the U.S. Washington Mutual online banking is paying interest at a rate of 4.00% APY. This WaMu savings account is FDIC insured so the instability of WaMu is minimized.
Amtrust Direct Savings Account
The Amtrust Direct savings account also has an interest rate of 4.00% APY. We would have listed the Amtrust Direct savings account higher than the WaMu savings account, but Amtrust Direct requires a minimum deposit of $500 to open an Amtrust Direct account. Since WaMu only requires a $1 deposit, we believe the WaMu savings account is a better option.
CNB Bank Direct Savings Account
The CNB Bank Direct savings account also is paying interest equal to 4.00% APY. And, like Washington Mutual, the CNB Bank Direct savings account only requires a minimum deposit of $1 to open a CNB Bank Direct account.
Corus Bank Savings Account
Another great high interest savings account is the Corus Bank savings account. Corus Bank has a 3.85% APY on its high interest savings account. However, it requires account holders to deposit of minimum of $10,000 to open a Corus Bank savings account. $10,000 is a lot of money for a savings account.
Provident Direct High Yield Online Savings Account
The Provident Direct High Yield Online savings account is currently paying interest at a rate of 3.75% APY for this high interest account. Unlike Corus Bank, Provident Direct Bank only requires a minimum deposit of $1 to open a Provident Direct savings account. We have been impressed with the Provident Direct banking products and believe you should check them out.
We hope that this article on the top 5 high interest savings account for October 2008 will help you to find the best savings account. If you have any questions about these savings account rates, please don’t hesitate to ask them in the comments below.
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