Online Savings Accounts & Current Rates

[saverbootay]

exacly what's going on is ING safe? even though it's FDIC insured I am still worried maybe I will transfer it to other accounts

I think most people leave because they can get better rates elsewhere.

I've been seeing these Citi Ultimate Savings Account ads for 3.5% all over the place. Citi must really need deposits.

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

[glock35ipsc]

HSBA will be dropping theirs to 3.0%.

[Aleta]

FNBO new rate at 3.25%. Just received an email.

[Pitman]

Originally Posted by saverbootay

I think most people leave because they can get better rates elsewhere.

I've been seeing these Citi Ultimate Savings Account ads for 3.5% all over the place. Citi must really need deposits.

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

I've noticed that Citi is offering 3.5% as well, it definitely looks tempting, especially with the sudden drop from ING.

[pseudeep]

Will definitely link to this post on my blog. Just wrote an article recently that talks about Online savings accounts.

-sudeep

[DayByDay]

WaMu is down to 2.5%.

[saverbootay]

This is amazing. ING still hasn't lowered their rate after the Fed dropped to 1%.

[Jazzmint98]

Originally Posted by saverbootay

This is amazing. ING still hasn't lowered their rate after the Fed dropped to 1%.

It definitely is hard to believe, I agree!

[kork13]

Originally Posted by saverbootay

This is amazing. ING still hasn't lowered their rate after the Fed dropped to 1%.

lucky them. If they lower their rates any further, I think i'm going to take my money from there and just put it into CD's and my MMF with my regular bank. I'm sticking with them for now to give them a chance, hoping that eventually their rates will rise again. however, I'm growing slowly unhappy with their readiness to be one of the first to drop rates....

note... In their defense, I also do like the ease of their system, and the ability to have multiple "accounts" that I can "designate" for various things. That's the other reason I haven't already switched back to my regular bank.

[darthrader]

Southern Community Bank and Trust (smallenoughtocare.com) ME Checking is at 4%

I just moved 8k there from Wachovia.

[noppenbd]

Originally Posted by darthrader

Southern Community Bank and Trust (smallenoughtocare.com) ME Checking is at 4%

I just moved 8k there from Wachovia.

I had some money at Southern Community until this week. I am really irritated that they changed that rate, since there are savings accounts paying that much with no "conditions". Switched my money back to Provident-direct and sent SoCo a nastygram explaining why.

[saverbootay]

Citi's Ultimate Savings Account dropped to 3.15%.

[poundwise]

Updates today - November 7, 2008

APY drops:

Zion's from 3.56 to 3.41
Heartland from 3.55 to 3.05
FNBO from 3.50 to 3.25
HSBC from 3.25 to 3.00
Wamu from 3.00 to 2.50
Ultima from 2.75 to 2.25
Key from 2.50 to 2.00


New additions:

Citi Ultimate Savings at 3.15


Other changes:

• AmTrust rate falls below 2.00 and so they are dropped from the list
• GMAC no longer requires a minimum balance and only requires $1 to open

[Pitman]

Originally Posted by poundwise

Updates today - November 7, 2008

New additions:

Citi Ultimate Savings at 3.15

It was only a matter of time before this was going to happen.


btw Kudos to you Poundwise, you've been doing an excellent job with the updates.

[ea1776]

A common trend I noticed with all of the online savings sites, was that they can "change the rate at any time for any reason".

Can anyone recommend a hand full of them that:

a) Have a good track-record for not changing rates very often.
b) Have a good track-record for having relatively high competitive rates.
c) Don't nickel and dime you for online withdrawals/deposits (or any other "common uses" for the savings accounts for that matter).

[poundwise]

Originally Posted by ea1776

Can anyone recommend a hand full of them that:

a) Have a good track-record for not changing rates very often.
b) Have a good track-record for having relatively high competitive rates.
c) Don't nickel and dime you for online withdrawals/deposits (or any other "common uses" for the savings accounts for that matter).

Having maintained this listing for over two years, I can tell you that I've seen rates rise and fall and, though I've not specifically run a chart and tracked the movement, I'm familiar with which accounts are the most steady and which are not.

Of all the accounts in the top 12-15 of the listing, OneUnited stands out as a solid, consistent offering at one of the highest rates. Their site is nothing special though perfectly functional and you have to open and maintain the account with $1K. Otherwise, I don't think there is another account that has been so high on the listing for so long with little vertical movement on the list.

Among the newer offerings, iGOBanking has held firm better than most. Though the rate has fluctuated, as they all have, it doesn't rise as high or fall as low as many others. They also seem to have a simple system and it is easy to open an account; only $1 is needed for a initial deposit and a minimum balance.

These are not the only accounts I recommend, however, those are the two that come to mind first when addressing the specific qualifications you outlined.

[ea1776]

Thanks a lot for your great help Poundwise. And thanks for doing such a great job with this thread!

[chris0101]

I started an online savings account with Venture Bank Direct, their APY is 3.8% with no minimum balance. It was quick and easy to set up and was earning interest in 1 day.

[Aleta]

Their website doesn't say how long they guarantee this rate.

[saverbootay]

There's a site called SmartyPig. SmartyPig®: Simple. Smart. Savings.®
The name makes you wince, but it says 3.9% APY and has things like ACH fund transfers.
But, they also talk about "savings goals," so I can't tell if it's like a regular old online savings account.

That's weird. When I put in a URL, somehow other words get put in place, like an advertisement link.

Oh, looks like they require a monthly contribution. Maybe that's why they offer a reasonably high yield.