Online Savings Accounts & Current Rates

[Broken Arrow]

*flips through his Destructo Ray contract, fine print written in Chinese*

Oh snap!

[Aleta]

I have seen such a difference between APR and APY. FNBO said 6.00 APY and their APR was 5.84. I think that is a far cry from 6.00. Maybe that was used because it was only effective for a few months.

Anyways, I would rather know the APR because that works out with my math. I want to know how they are going to compute this monthly not yearly. Of course, the APY will be moe if I leave it in; It just doesn't sound honest to me.

BA, I hope that when you rule, that you get rid of the APY as well. Ha Ha! While you're there maybe you can work on our tax structure as well.

[poundwise]

Investopedia: APR vs. APY: How the Distinction Affects You

[Aleta]

Poundwise: Thank you for that reference. It is a good site and it answered my questions and clarified what I felt about the APR.

[aurielle]

IGoBank is down to 5.17%.

[poundwise]

Originally Posted by aurielle

IGoBank is down to 5.17%.

Updated tonight. Thanks!

[poundwise]

The Saving Advice online account interest rates list now includes the top available CDs!

Your help in keeping up with new offers and rate changes is always appreciated.

[coffeebreak]

Emigrant Direct dropped their savings rate to 4.75% tonight. Down from 5.05%

[cptacek]

Poundwise, I just want to thank you for keeping on top of this. This is a great reference.

[poundwise]

Originally Posted by coffeebreak

Emigrant Direct dropped their savings rate to 4.75% tonight. Down from 5.05%

Updated. Thanks!

Another 5.05% bites the dust

[poundwise]

Originally Posted by cptacek

Poundwise, I just want to thank you for keeping on top of this. This is a great reference.

Absolutely. You're welcome!

[BTC]

FNBO's 5.05% is looking better & better. I wish they had faster transfers.

[Aleta]

I checked my emigrant direct account this morning and saw that their rate had dropped like the above poster said. I just called and they said the new rate is effective as of today Sept. 28. The APR is 4.64% and the APY is 4.75. I transferred all except $10 from ING Direct to Emigrant Direct. 4.75 is still better than 4.30. That's almost a 1/2 point more.

[Aleta]

Also, I called ING just now, because I wanted to see what their APR is and it's 4.2175 and of course the APY is 4.30. Sorry, but I consider 4.22 a bit too low for a savings account.

[poundwise]

For those of you dissatisfied with your current rate, remember that AmTrust, iGOBanking, and Apple Bank have already dropped their rates in response to the recent Fed move. Meaning, AmTrust's 5.21% APY, iGOBanking's 5.17% APY, and Apple's 5.15% APY are "post drop" rates. Though that's no guarantee of future rate performance, I thought it was worth noting.

[sweeps]

Originally Posted by Aleta

Also, I called ING just now, because I wanted to see what their APR is and it's 4.2175 and of course the APY is 4.30. Sorry, but I consider 4.22 a bit too low for a savings account.

Practically all savings accounts and CDs report their rates in APY. I don't disagree that ING's rate is low, but just be sure you're comparing apples to apples.

[eisor]

Originally Posted by poundwise

For those of you dissatisfied with your current rate, remember that AmTrust, iGOBanking, and Apple Bank have already dropped their rates in response to the recent Fed move. Meaning, AmTrust's 5.21% APY, iGOBanking's 5.17% APY, and Apple's 5.15% APY are "post drop" rates. Though that's no guarantee of future rate performance, I thought it was worth noting.

Good to know!!

Thanks!

[Aleta]

sweeps: Your are right to say what you said, because there are a lot of factors to consider. One is by moving your account to another, will the float time be worth it

Sometimes when I look at CD rates, I have to consider the amount of gas I'm using, tolls, time, and GOING BACK TO THE SAME BANK when the CD has matured. There are many variables to look at.

[krayziebone33]

Originally Posted by cptacek

Poundwise, I just want to thank you for keeping on top of this. This is a great reference.

I feel the same way. Thank you, Poundwise.

[sweeps]

E*Loan just dropped to 4.75%. Glad I got out of that one.
AmTrust down to 5.16%. Still a respectable yield.