Online Savings Accounts & Current Rates

[sweeps]

Slightly off-topic, but sounds like a very good deal for Countrywide customers:
Bank Deals - Best Rates and Deals: 2% Cash Back Credit Card at Countrywide Bank with Savings Account

[poundwise]

List updated today, April 3rd:

Provident Direct down from 4.50 to 3.75
Shore Bank down from 4.15 to 3.50
Umbrella Bank down from 3.90 to 3.50
Zions Bank down from 3.87 to 3.05
iGOBanking down from 3.86 to 3.28
Amboy Direct down from 3.65 to 3.05
WaMu down from 3.55 to 3.30
Apple Bank down from 3.50 to 3.00
KeyDirect down from 3.50 to 2.75
M&T Bank down from 3.45 to 3.25
E*TRADE down from 3.45 to 3.01
Ultima Bank down from 3.10 to 2.90
ELOAN down from 3.00 to 2.75

[BTC]

E*Trade's Max Rate Checking is yielding 3.25% for balances of 5K+. I just moved all of my E*Trade savings into my E*Trade checking. I expect those rates to drop accordingly.

[sweeps]

BTC = Bank Transfer Curse

[weissheit]

Originally Posted by poundwise

List updated today, April 3rd:

Provident Direct down from 4.50 to 3.75
Shore Bank down from 4.15 to 3.50
Umbrella Bank down from 3.90 to 3.50
Zions Bank down from 3.87 to 3.05
iGOBanking down from 3.86 to 3.28
Amboy Direct down from 3.65 to 3.05
WaMu down from 3.55 to 3.30
Apple Bank down from 3.50 to 3.00
KeyDirect down from 3.50 to 2.75
M&T Bank down from 3.45 to 3.25
E*TRADE down from 3.45 to 3.01
Ultima Bank down from 3.10 to 2.90
ELOAN down from 3.00 to 2.75

Looks like the latest entrant into the online saving account market, Century Bank Direct, is the market leader in a virtual tie w/ OneUnited.

[BTC]

Originally Posted by sweeps

BTC = Bank Transfer Curse

True. The nice thing in this case is that there is no float time.

[BTC]

I'm not sure whether it's been reported, but OneUnited lowered their yield to 3.60%.

[weissheit]

Originally Posted by BTC

I'm not sure whether it's been reported, but OneUnited lowered their yield to 3.60%.

Looks like that leaves century bank direct as the market leader on rate w/ Provident Direct 25 basis points behind in second place.

[weissheit]

Century bank direct 3.82 % APY MMA; 3.61% APY Online Savings; 3.35 % APY Online Checking.

[sweeps]

New bank: OnBank 3.49% (More info)

[weissheit]

FYI, local radio station to Metro DC (WTOP 103.5 FM) stated provident bank recently had to take write downs on bad mortgages and issue stock to raise capital.

[billy1980]

Great post here, nice to have all the information compiled in one place

[Ima saver]

Umbrella lowered their rate to 3.4%

[poundwise]

Updates: Monday, April 21


APY drops --

OneUnited down from 4.00 to 3.60
SavingsSquare down from 3.50 to 3.25
Umbrella Bank down from 3.50 to 3.40
CapitalOne down from 3.10 to 3.00
Ultima Bank down from 2.90 to 2.75

Countrywide rate for accounts with $10K down from 4.50 to 4.00


APY increases --

ELOAN up from 2.75 to 3.00
KeyDirect up from 2.75 to 3.00


New additions --

OnBank at 3.49
Century Bank Direct at 3.61


See first page of this thread for complete listing and links, sorted by current APY.

[poundwise]

Originally Posted by billy1980

Great post here, nice to have all the information compiled in one place

Thank you for the compliment.

And thanks to all those who contribute information.

[Aleta]

poundwise: I think that that is interesting that there are 2 that have increased their APY's. Is this the first time during this period of banks lowering their rates?

[ZenQueen50]

ING is pretty desperate to get new customers or keep their existing customer base. They're offering a CD, any amount, 6- and 9-month term at 3.3%.....

What surprised me the most was that there was no minimum required. The lowest dollar amount I've seen to open a CD was $500.

[poundwise]

Originally Posted by ZenQueen50

ING is pretty desperate to get new customers or keep their existing customer base. They're offering a CD, any amount, 6- and 9-month term at 3.3%.....

What surprised me the most was that there was no minimum required. The lowest dollar amount I've seen to open a CD was $500.

You are right about the minimum, however, there is really not much point in opening an CD with less than $500, is there?

And, desperate or not, they may need to offer a little more incentive. Some other current offers:

GMAC 6 or 9 month CD 3.60% APY, 12 month 3.90% APY, $500 minimum

ELOAN 6 month CD 3.50% APY, $500 minimum

IndyMac Bank 12 month CD 4.15% APY, $5K minimum

[weissheit]

Originally Posted by poundwise

You are right about the minimum, however, there is really not much point in opening an CD with less than $500, is there?

And, desperate or not, they may need to offer a little more incentive. Some other current offers:

GMAC 6 or 9 month CD 3.60% APY, 12 month 3.90% APY, $500 minimum

ELOAN 6 month CD 3.50% APY, $500 minimum

IndyMac Bank 12 month CD 4.15% APY, $5K minimum

The problem with all CD offerings lately is two fold. One these rates are not preserving the purchasing power of the funds relative to inflation, which everyone knows is not the "Core" inflation the Fed touts as being in the 2-3% range. Plus toss in the fact that you've got to pay federal & state taxes on this interest, then why bother?

Second, while I know all these institutions are FDIC insured, I am still not a big fan of them because they are up to their necks in mortgage loan toxic waste. All the banks offering these "o.k." rates are the same ones that got us into this mess, so I just do not trust them. I do not remember the details, but I do remember many bankers getting off scott free from the 90's S&L debacle and depositors not getting all their money back.

My everbank intro rate of 4.5% runs out in 2 months, all the banks will be cutting 1/4 a point after the fed does the same. So once its all said & done what is a saver to do? Your thoughts please, thank you.

[m3racer]

SS down to 3.05% APY