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Originally Posted by poundwise
Observation: GMAC's move to 5.25% APY now makes them the 10th on the list to offer 5.24% APY or greater. Of those, four require a very small deposit ($10 or less) to get started, nine have no minimum balance requirements.
At the same time, ING still sits at 4.40% and Emigrant recently dropped from offering 5.15% APY to 5.05%. Prompting me to once again to issue the opinion that the great amount of discussion revolving around these two offerings is much ado about nothing.
On a positive note, I am very glad to see all these opportunites for savings at such worthwhile rates.
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Maybe you should throw HSBC into that mix as well. It would be interesting to see the deposit base each of these banks is servicing.
The fact that some banks are continuing to raise their yields offers some hope that E-Loan may stand pat at 5.50% for some time. As long as people keep moving their money around, forcing these banks to compete for deposits, there may always be some pretty good yields available.