Online Savings Accounts & Current Rates

[cbird01]

Originally Posted by vsjhoc

Seems pretty bizarre that I'm giving them my money, and they want to know if my credit is good enough.

They just want to have it on file so they can cross sell you other products or affiliated businesses. Nowadays, many insurance companies even pull your credit for a policy! I have heard of people getting denied or having to pay more for an insurance policy due to credit.

[vsjhoc]

Originally Posted by cbird01

They just want to have it on file so they can cross sell you other products or affiliated businesses.

I would have been happier if they opened the account, and then pulled the report. It would be a soft inquiry for a promo offer.

Originally Posted by cbird01

Nowadays, many insurance companies even pull your credit for a policy! I have heard of people getting denied or having to pay more for an insurance policy due to credit.

True. The auto insurers claim that there is a correlation between bad credit and the higher likelihood of filing an auto claim.

[sweeps]

Gmac down to 5.10%.

[poundwise]

Originally Posted by Sweepsplayer

Gmac down to 5.10%.

Maybe they are trying to become the rate-change leaders. :

*sigh*

Still... a good rate.

Thanks for the heads-up Sweeps. I'll make the change today as I check over all the listings.

[poundwise]

Update 01/12/2007:

GMAC down from 5.20% APY to 5.10%


No other changes

[Broken Arrow]

Ouch.

GMAC was my planned fallback bank if E-Loan ever goes south on me.

All of their recent rate drops, however, is making me consider a different bank.

[poundwise]

Originally Posted by Broken Arrow

Ouch.

GMAC was my planned fallback bank if E-Loan ever goes south on me.

All of their recent rate drops, however, is making me consider a different bank.

As one who has stayed involved in monitoring these banks and rates for quite a while now, I would point out that OneUnited held a rate of 5.25% APY for several months until recently when they moved upward slightly to 5.30% APY. Amboy Direct has also held a 5.25% APY rate for quite some time having been 5.15% prior to that. Also noteworthy is that HSBC and Emigrant have both held their current rate of 5.05% APY for a while and both have a lot of advertising, which includes their rate, and so that seems to me to make it less likely that they would fluctuate as much.

That is not to say that E-Loan, Apple Bank, etc. are not worthwhile, just that these others I've mentioned stand out in my mind as being more firm with their going rates.

[dodger440]

Wow, this is a GREAT post!!! Does anybody know if any of these companys will open up an account without pulling a credit report? If not, which companys do a soft credit pull? Thanks and keep this great post going!!

[kv968]

Originally Posted by dodger440

Wow, this is a GREAT post!!! Does anybody know if any of these companys will open up an account without pulling a credit report? If not, which companys do a soft credit pull? Thanks and keep this great post going!!

I'm pretty sure all of these banks will do a credit pull. You'd have to call up the individual bank themselves and ask what type of pull they do. I've also heard, although rare, that some will say they do a "soft" pull but it ends up as a "hard". I have an account with GMAC and they did a "soft" pull by Transunion.

[krayziebone33]

I have an account with OneUnited, HSBC, and Emigrant. I think all three to soft pulls. Amtrust does hard pulls.

[PRICEPLUS]

poundwise, thank yoou for doing one hell of a job with this thread!

[sweeps]

E-LOAN dropped to 5.25%. I'm done with them.

[vsjhoc]

Originally Posted by dodger440

Wow, this is a GREAT post!!! Does anybody know if any of these companys will open up an account without pulling a credit report? If not, which companys do a soft credit pull? Thanks and keep this great post going!!

As I noted below, UFB Direct does a hard pull.

[rcpao]

1/17/2007 rcpao

From OneUnited (actually di.ft.cashedge.com if you want to be picky):

Your Overall Limit is the total available outstanding amount at a point in time for all types of transactions, including inbound/outbound transactions. Your Daily and Rolling 30 day limits still apply to each individual type of transaction as listed below.
Your Overall Limit = $150,000.00


Daily Transfer Limit

Standard
INTO OneUnited $100,000.00
OUT OF OneUnited $20,000.00

Premium ($10.00 transaction fee for outgoing)
INTO OneUnited $2,000.00
OUT OF OneUnited $2,000.00


Rolling 30 day Period Transfer Limit

Standard
INTO OneUnited $150,000.00
OUT OF OneUnited $40,000.00

Premium
INTO $5,000.00
OUT OF $5,000.00


You can schedule whatever you like on the web form, but acceptance or denial due to limits comes later in an e-mail. If your request is accepted it you will also get an e-mail.

I made two outgoing transactions of $20,000 each. They each took 5 business days to complete. You cannot schedule your next transaction until the previous has finished or you will get a cancellation e-mail saying you are over your daily limit.

I do not believe these terms were in effect when I signed up or transferred my money in. I certainly did not get anything in the mail except quarterly statements. These terms were installed with the new Transfer Funds capability on their account site.

It used to be you had to fill out a very long web form and wait for someone to do what you asked. This took a long time and was prone to errors since there was no positive feedback that you entered your account numbers correctly. The new way is more in line with current practice except for the wierd transfer limits.

I would have expected terms like a money market of 6 withdrawls per month maximum (like eloan.com), but OneUnited seems unique with these terms.

Bottom line: if you need access to lots of money quickly, avoid OneUnited.

[BTC]

Is anyone offering yields significantly higher than 5.25?

[kv968]

Originally Posted by BTC

Is anyone offering yields significantly higher than 5.25?

Not right now.

[poundwise]

Originally Posted by BTC

Is anyone offering yields significantly higher than 5.25?

Significantly? No.

But after ELOAN's drop there are still seven offerings greater than 5.25%, five of which are 5.30% or greater.

Take a look at the first post in this thread.

[BTC]

Making a jump for less than 1/10th of a percent would probably take a long time to recoup any lost interest. Somebody needs to bust out a 6% offering.

[poundwise]

Originally Posted by BTC

Making a jump for less than 1/10th of a percent would probably take a long time to recoup any lost interest. Somebody needs to bust out a 6% offering.

You could try this... for three months anyway...

[poundwise]

Update: 01/21/2007

Zions Bank down from 5.34% APY to 5.30% APY

UFBDirect (High-Yield) down from 5.32% APY to 5.31% APY

Capital One (High-Yield) up from 4.80% APY to 5.00% APY


To view the complete listing click here.