We all know that PayPal is an easy way to make purchases and to send money from person to person. When you use your debit, credit card or PayPal credit account to make a personal transfer (if you send money to your child, for example), PayPal receives a fee of 2.9% + $0.30. Now, banks want to get in on that market.

Last week, a press release from clearXchange announced Bank of America, Chase and Wells Fargo are forming a partnership so that consumers can make person-to-person payments electronically amongst the three banks. In the press release, Mike Kennedy, EVP and Head of Payments Strategy at Wells Fargo, indicates they launched the venture because they “want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank.” The banks are endeavoring to make transferring money between their banks even easier than using PayPal as well: the only thing someone has to know is the email address or mobile phone number of the person they want to send money to, and the banks will take care of the rest.

The LA Times reports that Bank of America and Wells Fargo are already testing the payment option in Arizona, and Chase will soon join them. The new service will be free to customers while it’s being tested, and the banks will later separate fee structures. After the network goes national, other banks will be invited to join.

This isn’t the first time PayPal has gotten competitors; in 2007, Amazon launched Amazon Payments. PayPal soon responded by launching PayPal X, so that its platform is opened up to developers to build person-to-person payments on multiple platforms, not only PayPal. It will be interesting to see how PayPal will respond this time, after the new bank partnership goes national.

We all know how hard it is to build a nest egg, especially in today’s economic climate. Not only is it difficult to set aside money for savings, the money you do set aside earns very little interest in most secured investments. That’s why it’s so nice to see a savings account that offers an APY that’s competitive with most of the 5-year CD rates available on the market today.

The NUVO Growth Savings account, offered by NUVO Bank and Trust Company, currently earns 2.02% APY on balances up to $24,999 and 0.753% on $25,000 and over. If you have $100,000 or more to invest, any amount over $100,000 earns 1.070%, but you should keep in mind FDIC insurance limit is $250,000. If you have more than $250,000 to invest, you may want to consider alternatives for amounts higher than that limit.

This account only requires an opening deposit of $10, but if you want ATM fees waived, you need to have direct deposit or maintain an average account balance of $1,000 or more. However, there are no minimum balance requirements you have to meet in order to avoid a monthly service charge; all checking and savings accounts with NUVO are free.

These accounts are also 18/65 eligible, which is a requirement for Massachusetts state-chartered banks. There is no income or asset limits to qualify for an 18/65 account. These accounts guarantee minors and seniors aged 65 and older free personal checking and savings accounts, with no minimum balance. Additionally, if you meet the requirement for one of these accounts, you also receive free basic checks imprinted with your name, unlimited check writing, and unlimited deposits and withdrawals. However, the bank can still charge you for using ATMS.

NUVO bank is a new bank that was just founded in 2008. It is headquartered in Springfield, Massachusetts and focuses on financial services to individuals and small-to-medium sized business. NUVO Bank & Trust Company is state-chartered and a member of the Federal Deposit Insurance Corporation (FDIC).

When you say the name American Express, most people think of a credit card. That’s not surprising, considering there’s over $620 billion worth of purchases made on American Express cards each year, according to their website. Now, they’re also offering a High-Yield Savings account and CDs at very competitive rates.

The American Express High-Yield Savings account boasts a 1.00% APY, with absolutely no fees and no minimum balance requirements. The nice thing about this account is that you can easily link it up to three of your accounts from external banks, so there's no need to switch banks. If this 1.15% APY beats the savings APY at your regular bank, you can simply transfer money back and forth between this American Express savings account and your other bank accounts.

If you’re looking for something longer-term with a higher APY, American Express is offering a 3-year CD at 1.45%, a 4-year CD at 1.60%, and a 5-year CD at 2.15%. Before you open one of these CDs, you should be sure that you can invest it for the full-term of the CD. If you open an American Express CD with a term of more than 12 months, you can be charged a penalty of up to 6 months interest if you withdraw your principal or close the CD. However, since there is no minimum balance requirement to open one of these CDS, so you can invest as little or as much as you feel comfortable with.

These rates are some of the most competitive on the market today. While it's possible to find a slightly higher APY, the brand-recognition of America Express, the no minimum deposit, and the no maintenance fees make these accounts enticing. Just be sure to read all of the terms and conditions before opening the account, like you would for any financial product.