Resource Bank offers 3.31% APY on $10,000+ accounts
As far as money market accounts, there’s a new player in the market - Resource Bank, offering 3.31% yield on accounts with a minimum of $10,000 balance. Among the quirks of the account (beyond the $10,000 minimum) is the limit of 3 withdrawals per month and a fee of $10 each time your account falls below $10,000 and each time you exceed the 3 withdrawals per month rule. Which still seems reasonable for a money market account. There’s also a $100 fee for those closing the account within 90 days.
It’s all summarized here:
- Copy of Check: $4.00 per check.
- Uncollected Funds Charge: $28.00 per item
- Counter Checks: $0.10 per check.
- Check Printing: Price depends on style & quantity ordered.
- Telephone Transfer Service: Free of charge.
- Copy of Statement: $2.00 per copy.
- Non-Sufficient Funds (NSF): $28.00 per item
- Levy, Attachment, Garnishments: $75.00 per occurrence.
- Account Closing: $100.00 per account if closed within 90 days of opening.
- Returned Deposit Item: $5.00 per item.
- Research Statement Balancing: $20.00 per hour or fraction thereof.
- Stop Payment Order: $25.00 per item.
It’s an ok deal, but considering that Emigrant Direct is offering 3.25% with no weird fees and imposed withdrawal limits, looks like the extra 0.06% is not worth it.
April 2nd, 2005 at 2:20 pm #Denis
When comparing the Research Bank account with Emigrant Direct you do not mention that the Emigrant Direct account does not include any checking account.