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Earn 5.30% APY on average daily balances of $100,000-$999,999. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999, 5.20% APY on $25,000-$99,999 and
0.50% APY on balances of $1,000,000 or more. Minimum to open this account online is $100.00. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 7/30/2007.
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wtf?
also, anyone know if it's possible to wire stars money into this account? i could never get it working with my current account (USAA).
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Being a Massachusetts-chartered savings bank, Salem Five is covered by Deposits Insurance Fund (DIF) which insures all deposits above FDIC limits. DIF seems to have a pretty good record. According to the DIF website no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
Perhaps the extra safety provided by DIF lured many multi-millionaires into this Salem Five Direct account, and this caused Salem Five to make this change. It's similar to what FNBO Direct did. In FNBO Direct's case, they capped new deposits to $1 million (see post). And FNBO Direct lacks DIF insurance.
source
(but not sure about stars wire).