Online Savings Accounts & Current Rates

[Ima saver]

No, it is not. I opened an account to get the free $25, but I only put in $1000 and I will not add any more cause I can get better rates elsewhere.

[anonymous_saver]

https://www.emigrantdirect.com/Emigr...tWeb/index.jsp

Emigrant went down to 4.05%.

[Aleta]

Ima: Why do you leave that much money in ING? You only need to leave $1. You could be making so much more somewhere else. I can understand those that are getting the $25 bonus's and referralsas to reasons whey they stay in.

[savingtaker]

Sucks about Shorebank. At least I'll get the $25 sign up bonus.

SavingsSquare has been holding up well. I should try them.

[BTC]

I can't believe OneUnited is still at 5.3% APY. What are they doing with their money, running moonshine?

[sweeps]

Originally Posted by BTC

I can't believe OneUnited is still at 5.3% APY. What are they doing with their money, running moonshine?

Maybe it's because they're not playing by the rules?

[Ima saver]

$1000 is usually the minimum I put anywhere.

[poundwise]

Originally Posted by sweeps

Maybe it's because they're not playing by the rules?

This only has to do with the CRA (Community Reinvestment Act) and only pertains to their dealings in the state of Florida.

Essentially, the complaint is that they didn't (as of December 2006) make enough loans and provide enough other services to "low-and moderate income individuals and businesses in their service areas." The CRA requires banks to do this.

"The FDIC gave OneUnited CRA ratings of satisfactory for its overall business and for Massachusetts, and outstanding for California. The FDIC report told OneUnited to make improvements in Florida..."

[sweeps]

Originally Posted by sweeps

Maybe it's because they're not playing by the rules?

Originally Posted by poundwise

Essentially, the complaint is that they didn't (as of December 2006) make enough loans and provide enough other services to "low-and moderate income individuals and businesses in their service areas." The CRA requires banks to do this.

In other words, they're not playing by the rules.

[poundwise]

Originally Posted by sweeps

In other words, they're not playing by the rules.

Rules regarding the CRA in Florida as of December 2006? Yes.

However, that has nothing to do with their financial strength, compliance with banking and reporting regulations, or their rate offering. (Or even with their overall CRA rating.)

I thought that should be clarified.

Though, ultimately, I too am befuddled as why they continue to offer, steadily, that 5.30% rate. Especially given the fact that no one else I am aware of is offering anywhere near that.

[poundwise]

Updates --

Amboy Direct down from 4.55 to 4.00
UFB Direct down from 4.50 to 4.00
Emigrant Direct down from 4.30 to 4.05
Banco Fortuna down from 4.30 to 4.05
GMAC down from 4.25 to 4.00

It seems 4 is the new 5.



ShoreBank updated their site and splash page to reflect the new interest rate that was reported. Also, they no longer offer the $25 bonus for new accounts.

[savingtaker]

ShoreBank updated their site and splash page to reflect the new interest rate that was reported. Also, they no longer offer the $25 bonus for new accounts.

Wow, I'm glad I got in just in time.

[Aleta]

After I saw Emigrant's rates, This morning, I transferred everything except $1. My local bank's money market is 4.50 APR/4.60 APY until the middle of March. Who knows what it will be then. I'm going to add my Emigrant money to a CD that has an add on feature. With this climate, you have to make the most of your money. Don't close out your accounts because when the rates go back up, you can just transfer back into that account.

[savingtaker]

Savings Square is holding up well. Might be worth it to check them out.

[Blue Leader]

I use AmTrustDirect for their online savings account. My three month intro rate just expired (5.3%), however, the new rate that they give you after the intro (which they would not let you know in advance as to what it would be) is a decent 4.506%. Hooray for that extra .006!

[poundwise]

Updates --

Ultima Bank down from 4.00 to 3.90 APY
ELOAN down from 4.00 to 3.75 APY

[BTC]

I just logged into my ELOAN account to check the rate, but you were too quick.

[m3racer]

Poundwise....faster than a speeding bullet!!!

[BTC]

It appears that OneUnited has lowered their yield from 5.30% APY to 5.15% APY. That's not a very big drop.

[BTC]

I just got an email from HSBC Direct stating their yield is now 3.55%