Online Savings Accounts & Current Rates

[darthrader]

So what about everbank.com and smallenoughtocare.com? Those are the ones I am looking at right now. Maybe a MMA from everbank and checking from SCBT..

[noppenbd]

Just got an account with smallenoughtocare.com (Southern Community Bank & Trust). The rate is 5.0% as long as you do 10 debit card transactions a month. I'll post a review in a few weeks. So far so good.

[saverbootay]

Originally Posted by m3racer

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

I was checking out their site.

Money Market Accounts Online | Higher Yield Savings Accounts Online from Nationwide Bank® | Nationwide.com

Looks like a $1000 min. I was curious, is anyone using them?

[saverbootay]

Wamu's online savings rate is at 4% now.

Should probably get it while you can, since after they're bought out, Citi or WF or Chase or whoever will probably lower the rate.

[saverbootay]

Well, Chase bought Wamu. Might want to get their 5% 12 month CD while it's still available. Chase will probably remove it pretty soon.

money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092521

PMorgan Chase acquired the troubled thrift Washington Mutual Inc., the Federal Deposit Insurance Corporation announced late Thursday.

JPMorgan Chase (JPM, Fortune 500) will also make a payment of $1.9 billion. Separately, JPMorgan announced it was planning to raise $8 billion in additional capital through the sale of stock as part of the deal.

"For bank customers, it will be a seamless transition," said FDIC Chairman Sheila Bair. "There will be no interruption in services and bank customers should expect business as usual come Friday morning,"

"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said.

[Aleta]

I went to my closest Wamu and asked the branch manager (with whom I've known for a while about getting CD's or online CD's now. She said to be careful and read the fine print. She said all deposits that were there when the takeover took place are covered. She said that anything up to a year can be changed. I looked at her in shock. But, she has been through a few bank conversions already including that her bank was Great Western and then Wamu took it over. So be careful and read the fine print. She's mostly talking about any 12 month CD rate.

[saverbootay]

So it says 5% for a 12 month CD now, but they can just change that? Wow, I'm shocked too....

[weissheit]

While its impossible to determine which banks have been playing with fire, if they've been involved in sub-prime slime then I stay away from them regardless as to how sweet the rates are they offer.

I've got 2 CDs from my CU at 5% APR at a four year term. They keep all the mortgages they make on their books and promise to never sell the loan. My liquid cash is with Capital One 3.75% and they are a local bank for me in NoVA. They were not a sub-prime mortgage lender, but they are into credit cards, so I may move it over to another online bank that is not linked to toxic slime loans. Ones like AmTrust, WaMu, etc will never get my cash.

[omicron]

GMAC Online Savings at 3.55%

GMAC Bank : Online Savings Rates

[saverbootay]

Citibank Ultimate Savings Account is 3.5%. Guess they need deposits after taking over Wachovia?

https://web.da-us.citibank.com/cgi-b...BVCookie= yes

[saverbootay]

I spoke too soon.

Looks like Wells Fargo and Citi are fighting over Wachovia now.

[noppenbd]

Update on SCBT (www.smallenoughtocare.com). I just got my first month's worth of 5% interest. No hiccups. I had to consciously work to use the debit card 10 times since I didn't get the account funded until Sept 20th (only had 10 days to use it 10 times). I don't expect that to be a problem in months ahead. I am having my CC bill autodrafted so that satisfies the ACH/DD requirement. IMO it is not much to do to get the 5%.

[saverbootay]

Onbank is 3.6% now.

VentureBank is 3.8%. Their FAQ page says that to transfer funds, you have to send email to them??!!

Looks like Wamu is 3% now. No better than ING. They also got rid of the 5% 12 month CDs and the 4.25% 8 month CDs.

[sweeps]

Another 50 basis point cut this morning. Look for falling rates again.

[okaythen]

how soon do they change the rate usually? I wonder if I can open up a CD in time in ingdirect, takes 6 days to let the transfered fund to become available

[saverbootay]

ING is usually one of the first ones to cut their rates.

But maybe with things like the LIBOR so high, maybe it's cheaper to borrow the money from us than from other banks.

[sweeps]

WaMu dropped from 3.75% to 3.0%.

[poundwise]

I have been working on a complete update and audit of the list and should have it completed and posted on or before Friday.

Thanks for all who contribute new and updated information.

[MomofFour]

I got an email about a new division of Emigrant Direct, Dollar Savings Direct. They are offering 4.0% APY with $1,000 minimum.

[saverbootay]

Wow! Fed cut rates, but Dollarsavingsdirect raises to 4%.