QUOTE(vivyip @ May 22 2006, 10:07 AM)
This Bank came out with an Online Savings account with 5.00% APY.
This requires 5k to open and supposedly $300 to avoid fees.
If anyone can figure out the disclosure, please clarify. Thank you.http://www.bankunite...&promo=SPUSSV63
Based on my interpretation of the disclosure, it seems to be the case that this account always earns 5% and always charges a $5 monthly fee. In other words the monthly fee cannot be avoided.
This results in an APY after fees of:
- $1000 : (1.12%)
- $5000 : 3.74%
- $10000 : 4.36%
- $25000 : 4.74%
- $50000 : 4.86%
- $100000 : 4.93%
In other words, not an amazing account unless you've got serious money.