Online Savings Accounts & Current Rates

[weissheit]

https://www.everbank.com/

3 month intro APY of 4.76% checking or MMA

3.51% APY on going rate thereafter

Minimum deposit 1500 USD

[HappyT90]

nice work guys...some ppl do good research

[poundwise]

Updates today 07/11/2008:

ETRADE up from 3.15 to 3.30
Ultima Bank up from 2.85 to 2.90

(Note: Ultima has the most frequent, insignificant rate changes of any I've tracked.)

Countrywide down from 3.00 to 2.65
(Note: For balances greater than $10K down from 4.00 to 3.55)

AmTrust account type/name changed from e-MoneyMarket to e-Savings; same rate of 2.50

[weissheit]

Quote from implode-o-meter.com today regarding Indymac:

Update - 2008-07-11: "The FDIC is in charge" was the verbal announcement ringing through the halls of IndyMac's Pasadena offices. "Everyone show up for work on Monday."

The above information came from an inside source just minutes ago. A formal announcement will be made later today.

[poundwise]

Yep. IndyMac is toast.

IndyMac seized as financial troubles spread - Yahoo! News

[noppenbd]

Does anyone use the online checking accounts that are yielding around 6.0% for their savings? I was thinking of doing it but I'm not sure if it's worth the hassle. The ones I have been looking at require 10-12 debit card transactions a month and a few other things to get the 6% rate.

[m3racer]

Union Federal Savings Bank offers 3.5% and bankrate gives it a 4 star rating FWIW.

[amarowsky]

I just recently opened my First EF fund though ING DIRECT - Save Your Money! im using the orange savings account, in addition to 25 bucks for me and 10 bucks for my friend they are giving a current 3% interest rate. It's fairly user friendly and they offer only $4 dollar stock trades should u ever be interested.

[weissheit]

This account does not meet the criteria for listing but is a decent offer. Capital One online account for Costco members: 5K to open & obtain bonuses (20 USD standard membership; 60 USD executive membership) 2.75% APY (a bland rate) but if you put up 10k you get 3.75% APY. Basically they are bringing back (at least in terms of rate) the offer that was open to all and now giving it to Costco members.

[saverbootay]

Bank of America is offering a 4.11% 7-month CD. Online only, 5000 minimum.

Washington Mutual has a 4.25% 8-month CD. Online only, 1000 minimum.

[weissheit]

HSBC Direct will extend their 3.5% APY until 15 September 2008

[Maxwell76]

Has there been any updates reflecting Capital One's new 5.40% 7-year CD?

[weissheit]

Originally Posted by Maxwell76

Has there been any updates reflecting Capital One's new 5.40% 7-year CD?

I think CD rates are for a different forum but:

I would not be one to lock in for such a long term on a CD rate this low when everyone knows the FED and the market are going to have to increase rates to quash inflation like in the 80's. I remember my grand mother being annoyed at the paltry 6% the bank was offering when her 10 year CDs came of for renewal in the mid 90's. She had a rate of something like 10-12%!!!

Go online high yield or short term CDs. I've got a few 5% at a term of 4 years and the rest in high yield online savings for when rates are higher.

[Maxwell76]

Originally Posted by weissheit

I think CD rates are for a different forum but:

I would not be one to lock in for such a long term on a CD rate this low when everyone knows the FED and the market are going to have to increase rates to quash inflation like in the 80's. I remember my grand mother being annoyed at the paltry 6% the bank was offering when her 10 year CDs came of for renewal in the mid 90's. She had a rate of something like 10-12%!!!

Go online high yield or short term CDs. I've got a few 5% at a term of 4 years and the rest in high yield online savings for when rates are higher.

I too wouldn't know why anyone would lock their money up for such a long period of time. The only people I'd see doing this would be those closing in a retirement and wanting to shore-up some cash on the side.

I can't wait till the Fed starts raising rates again. I remember when my bank was at 5.05%, now were're at 3%

[sweeps]

WaMu online savings account --> 3.75%

[poundwise]

Updates, July 31st, 2008:

Rate (APY) increases
WaMu up from 3.30 to 3.75
AmTrust Bank up from 2.50 to 3.50
Capital One Direct up from 3.00 to 3.30
Ultima Bank up from 2.90 to 3.00

Rate (APY) decreases
OneUnited down from 3.60 to 3.26
AARP down from 3.50 to 3.20
UFB Direct down from 3.00 to 2.96

Other
Key Direct account name/type changed to Key Gold Money Market, no change in rate
Union Federal Savings Bank added to list at 3.50

[Aleta]

I'm glad now that I only put $25 into AARP. The rates came down too fast. Problem is that you have to have it there for 180 days. When I called and had questions - they didn't have enough answers.

Glad to see WaMu in the lead on this.

[saverbootay]

Bank of America's 4.11% CD is now 3.3%. Seemed like it was only there a week or so.

[weissheit]

Poundwise,

Could you clarify the capital one rate structure. I see the online savings at 2.5% APY for <10k & 3.5% APY for >10k.

I also see 3% for an MMA w/ no minimum.

Thanks for keeping this updated, we all really appreciate it.

Joe

[Aleta]

Emigrant went from 2.75 to 3.00%. Just saw it when I clicked in.