Online Savings Accounts & Current Rates

[saverbootay]

My particular WaMu is offering a CD at 5.00APY for 8 months.

Were you trying to withdraw money and that's why they offered it to you? I'd take that.
I think Wamu is going to end up being one of those "institutions that are too big to fail."

Is it true that ProvidentDirect doesn't have any ACH features on their website?

[Aleta]

Yes, I was closing out a CD. When you enter the bank for sevices other than using the tellers, you have to sign in and state your reason for being there. I went in early on a Friday morning and I was the 6th person signed in and 4 were closing their accounts.

I don't know about it being a special rate to me because the teller that was present had just learned about it. The manager said that it was a special promotion for just one week at that particular bank. They just scare me.

[m3racer]

Originally Posted by weissheit

noppenbd - good news, I got an e-mail from them also today.

Aleta - Yes bankrate.com has them at one star & a 5 for CAEL the only lower rating is "closed" which the rumor mill says maybe in the offing.

Yikes!!

[m3racer]

Nationwide Bank also has a savings bank division. They're offering 3.5% apy.

[noppenbd]

Originally Posted by saverbootay

Is it true that ProvidentDirect doesn't have any ACH features on their website?

I'm not sure what you mean by "ACH features" but you are definitely able to link an outside checking account and transfer back and forth.

[saverbootay]

That's cool. Thanks.
Bankrate has Provident Direct at 2 stars. EmigrantDirect is at 4 stars though.

[weissheit]

Capital one has raised their rate for their online direct bank for accounts w/10k+ to 3.55 APY; if your a costco member then its 3.75 APY

[weissheit]

Why American Savers Have Drawn the Short Straw

Our unjust rewards for being conservative savers, let hope the end of the article is correct and that even our severely devalued, saved dollars still coronate us as kings

[saverbootay]

Looks like the CEO of Wamu was forced to retire. Maybe we're closer to Chase buying out Wamu now. Apparently the new CEO and the current COO have ties to JPM Chase.

[poundwise]

Updates | September 8th

APY increases:

• AmTrust Direct from 3.50 to 4.00
• Provident Direct from 3.50 to 3.75
• Union Federal Savings Bank from 3.50 to 3.75
• Emigrant Direct from 2.75 to 3.00

APY decreases:

• CapitalOne from 3.50 to 3.00
• AARP from 3.20 to 3.00

Added to list:

• DollarSavingsDirect (from Emigrant Direct, replaced Banco Fortuna)

Dropped from list:

• Banco Fortuna
• FirstFedDirect (site now only shows CD offer, not online savings)
• UFBDirect (rate dropped below list threshold)
• CountryWide (rate dropped below list threshold)

[saverbootay]

Here's a credit union offering 3.75% savings accounts. They're in San Francisco.

www .alliantcreditunion.org

[poundwise]

Updates | September 13th

Added to list:

• Venture Bank Direct @ 3.75% APY
• Heartland Bank Direct @ 3.55% APY

[poundwise]

Originally Posted by saverbootay

Here's a credit union offering 3.75% savings accounts. They're in San Francisco.

Alliant Credit Union

Alliant membership is an exclusive benefit available to individuals who meet one of the following eligibility requirements:

• Any employee or member of any Qualifying Organization
• Any person who lives or works in the following Chicagoland communities: Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mount Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, Wood Dale and Chicago O'Hare Airport property
• Any person related by blood or law to an existing member
• Domestic partners of unmarried members

[saverbootay]

HSBC lowered to 3.25%. Maybe they know the Fed is going to lower today?

[weissheit]

Originally Posted by saverbootay

HSBC lowered to 3.25%. Maybe they know the Fed is going to lower today?

Or because of all their own massive sub-prime losses they can no longer afford to be competitive because they are being forced to mark-to-market their RE related securities (MBS, CDO etc.) holdings and not mark-to-fantasy after Lehman pulled back the curtain on valuation of this toxic waste in their bankruptcy filing.

[saverbootay]

Well Fed left their rates unchanged. So, makes HSBC lowering their rates even more eye-catching.

[sweeps]

Originally Posted by weissheit

they can no longer afford to be competitive

Or can they no longer afford NOT to be competitive? Banks are hording cash right now. I don't think HSBC would want to lose its depositors at this point in time.

[weissheit]

Originally Posted by sweeps

Or can they no longer afford NOT to be competitive? Banks are hording cash right now. I don't think HSBC would want to lose its depositors at this point in time.

Basically HSBC is in the proverbial situation of being caught between a Rock and Hard place and for that reason alone I would not want to have my money with them. I prefer to have it at my CU and military bank (USAA) whose first loyalty and priority is its members.

[Aleta]

I had read or heard something about HSBC having trouble because of the subprime mess. I'm glad the Fed left the rates alone. I think that depositors become leary to deposit when the rates keep going down. It may be one way for banks to gain new depositors.

[saverbootay]

www .forbes.com/markets/2008/09/17/washington-mutual-sale-markets-equity-cx_lal_0917markets35.html

According to this report, wamu has hired Goldman to broker a sale. Lot of names mentioned: hsbc, chase, citi, wells.

I think wells is the only one of those 4 that doesn't have a strict online bank.