An Online Savings Account with No Fees and a High Rate

Many banking consumers who shop for rates online are looking for a bank that offers a simple savings account with a good rate and an easy sign-up process. Finding that bank is not as easy as it sounds with all the promotional teaser-rate deals, complicated applications, extra fees, and confusing tiered-rate structures. Heartland Bank based in St. Louis, Missouri is offering an online savings account through their online division Heartland Bank Direct called the Performance Savings Account. The current yield of 3.55% is more than double that of the national average on savings account and best of all the yield has stayed in the top 25 highest yields in the country for over one year. The minimum deposit for the online savings account is only $500, but there are no fees for balances which drop below $500.

from the Heartland Bank Direct site’s Frequently Asked Questions:

What is the Heartland Bank Direct Performance Savings Account?

A Heartland Bank Performance Savings Account helps you earn more while enjoying flexible access to your money. Other online banks offer high rates but then force you to accept high minimum balances and limited access to your money. Not Heartland Bank Direct.
With an opening balance of only $500, you’ll start earning our high APY of 3.55% with no service charges and convenient access to your money.

How Do I Open a Performance Savings Account?

Fill out an Online Application, and Heartland Bank Direct will verify your identity online. You may need to answer questions about your credit history, such as providers and dollar amounts of loans in your name. During the application, you will identify an existing checking account from which you’ll transfer money into your Performance Savings Account. If you choose to fund from that account electronically, Heartland Bank Direct will verify your access by making two small trial deposits, each under $1. Once these trial deposits arrive in your funding account, you enter their amounts on your Heartland Bank Direct application, and then you’ll be on your way to earning more.

Are There Any Fees or Minimum Balances?

While there is a $500 minimum opening balance requirement, there are no fees on normal transactions or deposits and no charge if your account balance falls below $500 after opening.

How Long Will My Opening Deposit Take?

If you mail us a check, we will deposit it immediately, but the funds may be held for up to ten business days. If you fund your Performance Savings Account electronically, the amount will be credited within three business days. During that time, your external account may be debited for the amount of your deposit before you see a credit to your new Performance Savings Account.

What Is A Linked Account?

To help you earn more and have flexible access to your money, you will “link” your Heartland Bank Direct Performance Savings Account to any account at a U.S. bank that allows electronic transfers. You can move money between your Linked Account and your Heartland Bank Direct Performance Savings Account 24/7 by logging into Online Banking and selecting Funds Transfer.
How Do I Link My Outside Account to my Performance Savings Account?

Once you enroll in our Funds Transfer service, you provide a routing/ABA number and an account number for each account you want to link up. For your security, we verify your access to accounts you wish to link to your Heartland Bank Direct Performance Savings Account by making two small trial deposits, each at or under $1.00. You then return to our Funds Transfer screen and enter the exact amount of each deposit. Once this is done, you’ll be able to initiate transfers — inbound or outbound — with the click of a button.

Will My Interest Rate Change as My Deposit Balance Changes?

No. As a Heartland Bank Direct customer you will enjoy one of the highest interest rates offered through direct banking regardless of your balance.

What Is the Difference Between the Interest Rate and Annual Percentage Yield (APY) on My Performance Savings Account?

An APY measures how much return you can expect on money that is left alone in order to accrue interest. Interest on a Heartland Bank Direct Performance Savings Account is compounded daily, so you’re earning interest on your original deposit plus any previously earned interest. That compounded interest is the APY; an account that compounds daily will you get a slightly higher return than with just its stated interest rate.