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Bank of American Fork 2.20% Online Savings Account

May 12th, 2009

Bank of American Fork is offering an online savings account called the Save Smart Direct Account which is offering 0.5% APY on balances of $10 to $1,000, 2.20% APY on balances of $1,000 to $250,000, and 2.30% APY on balances above $250,000.

If you’re looking to make transactions primarily by ACH transfers you should know that there’s a limit of $100,000 ACH deposits and you’re limited to 3 deposits a day. However, you’re allowed to withdraw up to $10,000 at once and there’s a limit of 2 withdrawals a day. edit: I’ve been told by the Bank of American Fork eBanking Manager that if you call and verify your request over the phone that you can increase these limits.

Personal accounts are available nationwide but a business savings account is only available to Utah businesses. The minimum deposit is $10 on the savings account and if you fall below that level there’s a $10 monthly maintenance fee. There’s no hard credit pull when you open an account. You’re allowed a maximum of 6 outgoing transfers a month and you’re charged $1 for each transfer over 3 per month.

Interest on the account is compounded and credited on a monthly basis. You’re allowed to link up to 3 other accounts to your savings account to make ACH transfers.

Bank of American Fork has a 3 out of 5 star soundness rating from bankrate and is FDIC insured. Bank of American Fork is based out of Utah.

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