If you’re looking for an account where you can get a good interest rate without any work, then this could be a could deal for you. Salem Five Savings Bank is offering 2.0%5 APY for their eOne Savings account. The rate applies on balances of up to $1,000,000. While this is not the best rate out there, it is the highest we have seen so far for large amounts and without any monthly requirements. For balances of up to $20,000 you can probably do better elsewhere if you’re willing to put in some work.
DoC reports that opening an account will require a hard pull (maybe not every time?) and they also seem to be ChexSystem sensitive. It should still be worth it for people looking to earn good interest for large amounts. It also looks like you have to jump through a few hoops in order to withdraw large amounts (externally initiated ACH pulls have no limit though).
The only work you will need to do with this account, is to keep an eye on the interest rate. They will not adjust rates for current account holders. You have to call them and ask to match the current rates if they go up.
Guru’s Wrap-Up
Good option for those looking to earn the highest interest without any work. Keep in mind that even though you get that rate on balances up to $1,000,000, your money is only FDIC insured up to $250,000.
