Soaring higher than UFB Direct savings account rate, Principal Bank is offering a 5.06% APY on its saving account, at a minimum deposit of $100,000.
Principal Financial Group was founded in 1879 and provides financial services such as investment, retirement, life and health insurance and banking. The FDIC insured bank has a clientele of more than 18.1 million. Principal Bank has its branches world wide in more than 250 countries, including Australia, Brazil, Chile, China, Hongkong, India, Malaysia, Mexico, Singapore and UK. The bank has high credibility and financial stability. It was ranked as Ranked 250th in FORTUNE magazine’s largest 500 Corporations. Principal Bank offers a gamut of Saving Accounts to cater to the needs of huge clientele. The accounts salient features are the relative ease with which money can be transferred through electronic deposits, ATMs, wires, money movement, regular mail or telephone. Their regular savings account is suitable for those looking for high rates at small deposits. With a minimum deposit of $100, the account is accessible online or via telephone. No monthly charges for maintenance, if a minimum of $200 is maintained. Money can be withdrawn through ATM, which is provided for free.
The money market saving account is a combination of money market account and saving account. This combination is the latest trend in banking and seems to be advantageous for those with large amounts to deposit (initial deposit of $2500 and maintenance balance of $5000). It offers tier interest rates while keeping the money accessible to the investor. However, the withdrawals are limited to six per month.
Another tiered Saving Account saving account is their Advantage Saving Account. In this account, the number of withdrawals is limited to 3 per month. Funds can be transferred to other accounts through wire, check or electronically. However, its minimum requirement is much higher: $25000.
Their student package for 14 and older is apt for students saving money for college. It could be opened with $50 only. No minimum amount to be maintained and no account maintenance charges. It provides automatic overdraft protection and free ATM use. Instructions on how to apply for the Principal saving account can be found here.
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