e-Savings from PFF Bank & Trust
Last Update: June 27, 2008
As of June 27, 2008, eMoneyCentral.com has stopped covering the e-Savings account from PFF Bank & Trust.
PFF Bank & Trust, operating in Southern California since 1892, introduced a new online savings account to the world in April 2007. The e-Savings account opened with a big rate of 5.30% annual percentage yield (apy). Unfortunately, just three weeks later, the interest rate was cut to a more average 5.00% apy.
Rates dropped for a second time on November 7, 2007 to 4.75% apy following rate cuts by the Federal Reserve. It's important to note that this was the second rate cut by the Federal Reserve in 2007. While most other banks took the opportunity to cut rates during the first round of Fed rate cuts, PFF Bank & Trust was one of the few that didn't. keeping rates steady when others are dropping them is a plus in PFF Bank & Trust's favor.
Like many online savings accounts, e-Savings has no monthly service charge. However, the account does require a minimum opening balance of $1,000 which is rather high for an account that offers only an average yield compared to other online savings accounts.
On the plus side, the e-Savings account comes with an ATM card and non-PFF Bank ATM surcharges will be reimbursed up to $6 per monthly cycle. Withdrawal by ATM are limited to up to $500 a day.
PFF Bank & Trust lists "No withdrawal penalties" as a feature of this account, but it should be noted that savings accounts are limited to a maximum of six withdrawals per statement period by federal regulation.
| | Balance | APY | Interest Rate | $1.00+ | 2.50% | 2.47% |
| e-Savings Account
(888) 342-5733
>> Reader Reviews |
Minimum Deposit
$1,000 | Monthly Fee
None | Minimum Balance
$1 | Compounding
Daily |
|
RSS
