How not to be a Busey or any other bank’s bozo

Posted 17 December 2006

At Busey Bank’s web site we happened upon the page listing the interest rates paid on various Busey Bank accounts. If you have savings of less than $25,000, to which you need fairly immediate access, the best annualized percentage rate (APR) available at Busey is via Busey’s “Money Market Account,” with an APR ranging from a miserly 0.49% for balances less than $1500 to a whopping [sic] 1.50% for balances in the range of $10,000 – $24,999.99.

Fortunately, anyone with enough internet savvy to be reading this article can do much better via accounts at online banks.
These accounts

  • require no minimum balance,
  • have APRs as high as 5.05%, and
  • allow online transfers to and/or from a local checking account (e.g. one at Busey).

The only caveat is that the transfer requires up to three days to take effect.

For the past two years, we personally have profited handsomely from such online accounts, such as those available at HSBC and EmigrantDirect

The various interest rates quoted above applied as of 12/16/2006.
Other local banks have interest rates similar to those at Busey.

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