4.75% Online Savings

[poundwise]

As far as the 'Big 3' or top contenders online, I comprised this list, accurate as of this morning:

(Ranked by APY)

GMAC 4.75%
CAPITAL ONE 4.55%
EMIGRANT DIRECT 4.50%
HSBC 4.50%
CITI 4.50%
ING DIRECT 4.15%

It should be noted that GMAC does state that there are fees for account balances under $500.

From the 'benefits' section: "No monthly service fees when you maintain a $500 minimum balance ... How does it work? All it takes is a $50 minimum opening deposit, and there’s no minimum to maintain. Balances under $500 are subject to a monthly maintenance fee." I did not investigate the others but I think GMAC is the only one which has this requirement.

Emigrant and some of the others make it more difficult to add more than one account to the externals. It must be done by snail mail. Capital One, for one, allows you to set up connectivity to two external accounts online.

Also, the Citi online savings apparently requires you to have a checking account with them as well, so if you aren't a checking customer already, opening a savings comes with a free checking account.

So, there's some info for people considering opening or moving their online savings.

Also, don't forget the SavingAdvice offers:

ING Direct bonus

Emigrant Direct unofficial bonus

[gavinmccallister]

Amboy Direct sent me a brochure talking about their Maximser account, I am not sure if it is the same thing as the regular savings account, but the rate was also 4.75% I didn't see it on the website but you might want to call them for sure because if your balance is under $5000.00 you don't earn any interest and $5000.00 to $9,999.00 earns you only 1.50% only balances over $10,000.00 earns you the 4.75% Not sure about the difference between Maximiser or the regular account but I would definately call and find out the balance requirements, if this is the case.

[wyett3]

Amboy Direct Premium savings (http://www.amboydirect.com/premiumsavings/) is 4.75% w/o balance minimum. It's not advertised on their main page so I'm sure they would prefer you take their lower rate or more restrictive options. There is a $50 bonus for carrying a $3000 balance for 3 months in their 4.10% e-saving account if you jump through the right hoops.

[Ima saver]

Thanks for bringing the rates up to date!!

[poundwise]

One more update. I would point out, the listing is by APY and that is certainly not necessarily the only consideration when opening an account.

Here's the list including Amboy and two other additions:

GMAC 4.75%
AMBOY DIRECT 4.75%
VIRTUAL BANK 4.60%
CAPITAL ONE 4.55%
EMIGRANT DIRECT 4.50%
HSBC 4.50%
ONEUNITED BANK 4.50%
CITI 4.50%
ING DIRECT 4.15%

[wyett3]

Presidential Online Bank has a premier saving account at 4.75% (hefty $5000 balance to avoid fees though); their checking account variety at 4.37% even trumps ING. And with the Fed stuck between a rock and a hard place I expect we'll see even more!

[pyotr]

Do any of you remember how long you had to keep a certain amount in your HSBC account in order to keep that $25 bonus? I can't seem to find the links to the $25 bonus details now.

[sweeps]

I don't remember there being a minimum balance to earn the bonus.

[pyotr]

I thought I remembered some requirement like you had to keep the money ($25?) in the account for 6 months or something like that. I didn't think the link to the fine print would evaporate like it has.

[sweeps]

Only requirement was that the account remain open until the bonus was posted.

Link

[pyotr]

thanks Sweeps, that's exactly what I was looking for.

[wyett3]

Amboy just told me that while you can have multiple accounts linked to different checking accounts, you can't transfer balances between accounts (I do ED this way to overcome the # of linked checking accounts limit). Does GMAC have this limitation?

[joseblanco]

Amboy has pulled back and now only offers 4.1% savings rate & requires a 3k minimum to get a 50 USD balance credited after the account is kept open for 90 days. I did not realize this until I was to far down the registration path. I called and told them if they want my long term business then they need to up the rate back to 4.75 or they will lose it. Basically I decided to turn the tables and give them a 90 day trial period. So the jury is out on this bank's waivering efforts to be an online banking leader.

[poundwise]

Originally Posted by joseblanco

Amboy has pulled back and now only offers 4.1% savings rate & requires a 3k minimum to get a 50 USD balance credited after the account is kept open for 90 days. I did not realize this until I was to far down the registration path. I called and told them if they want my long term business then they need to up the rate back to 4.75 or they will lose it. Basically I decided to turn the tables and give them a 90 day trial period. So the jury is out on this bank's waivering efforts to be an online banking leader.

This is incorrect.

The Amboy Direct eSavings is the account you are referring to at 4.10%. The Amboy Direct Premium Savings is still at 4.75%. You signed up for the wrong account.

http://www.amboydirect.com/premiumsavings/

[joseblanco]

Correction, Amboy Direct's customer service did not provide me with the proper service to insure I signed up for the account that I wanted.

Originally Posted by joseblanco

Correction, Amboy Direct's customer service did not provide me with the proper service to insure I signed up for the account that I wanted.

I don't know, looked pretty simple to me. People start needing too much "service" and we can all kiss these rates goodbye.

[wyett3]

Originally Posted by joseblanco

Amboy has pulled back and now only offers 4.1% savings rate & requires a 3k minimum to get a 50 USD balance credited after the account is kept open for 90 days. I did not realize this until I was to far down the registration path. I called and told them if they want my long term business then they need to up the rate back to 4.75 or they will lose it. Basically I decided to turn the tables and give them a 90 day trial period. So the jury is out on this bank's waivering efforts to be an online banking leader.

Try this link; no $50 bonus though. http://www.amboydirect.com/premiumsavings/

[joseblanco]

Originally Posted by rexdart

I don't know, looked pretty simple to me. People start needing too much "service" and we can all kiss these rates goodbye.

http://www.amboydirect.com/

Here is the link I used. Neither account option on the homepage is the one many people have kindly posted. A 20 second call asking for the high interest account should not cause them to drop rates too much.

[wyett3]

The premium savings is like an unadvertised special. There is no link to it on their homepage if that's what your looking for.

[joseblanco]

Ok, thanks. THis might end up working out if I can convert to the 4.75% account in 90 days. The closing on the sale of my home is delayed for 90 days. I was opening the account to put the proceeds. Thanks.