Online Savings Accounts & Current Rates

[SacredFaerie]

I'm with Savings Square right now. I'm trying to re-align everything and get stuff in a good position for me.

[poundwise]

Originally Posted by MonkeyMama

GMAC - 3.25% for "online savings"

This is a new product - their "money market savings" is 2.75%

I was actually posting this so you could update Page 1 - I swear the "online savings" came with minimums and fees when first offered a couple of months ago. BUT I looked on their website and it seems those fees and minimums have been removed. So, nevermind I guess - but may want to correct the name of the account.

Thanks for the note. I've changed the link and added a second GMAC link so that both the "Online Savings" and "Money Market Savings" appear on the list properly.

[poundwise]

LIST UPDATED TODAY

Provident Direct down from 3.75 to 3.25
EverBank down from 3.42 to 3.18 (Three month promo rate down to 3.76)
Heartland down from 3.05 to 2.55
Amboy Direct down from 3.05 to 2.79
M&T Bank down from 3.00 to 2.75
Apple Grand Yield Direct down from 3.00 to 2.75
ING Direct Orange down from 2.75 to 2.50
AARP down from 2.50 to 2.00


GMAC Bank account listing(s) updated to reflect two offerings:

GMAC Bank Online Savings @ 3.25
GMAC Bank Online Money Market @ 2.75

The difference, besides the APY, is that the latter offers access to the account via checks and/or a Check Card


SEE LIST ON PAGE ONE FOR FULL LISTING

[poundwise]

LIST UPDATED TODAY

EverBank down from 3.42 to 3.18 (First three months rate now 3.76)
HSBC down from 3.00 to 2.60
EmigrantDirect down from 2.75 to 2.50
Capital One down from 2.75 to 2.10

[scfr]

Here's one for the list:

Amegy Bank of Texas
2.50% APY (3.00% APY with $10K or more)
$1,000 to open, earn APY, and avoid fees

I've been keeping an eye on these guys for months now and their rates have stayed consistently high.

Amegy Bank

[poundwise]

I've not done a new update yet, but here's one I just had to add to the list.

Redneck Bank Mega Money Market 3.10% APY

Yep, they're a real bank.

[hmd2009]

I'm sticking with Dollar Savings Direct. They've maintained their 4.0% for a bit, now.

[poundwise]

Originally Posted by hmd2009

I'm sticking with Dollar Savings Direct. They've maintained their 4.0% for a bit, now.

Yes, that is still the best rate going.

[poundwise]

LIST UPDATED TODAY

Added:
Chesapeake Bank at 3.75%
Bank of Internet High Yield Savings at 3.51%
CNB Bank Direct at 3.50%

Updates:
Bank of Internet Money Market Savings down from 3.26% to 3.06%


Note: I need to to add a couple of additional accounts, including the one suggested by the poster above, but I am waiting on a technical issue to be resolved first.

[poundwise]

Issue resolved.

LIST UPDATED TODAY

Added:
Alliant CU at 3.25%
IndyMac FSB at 2.60%
Amegy Bank at 2.50%
Doral Direct at 2.25%


SEE PAGE ONE FOR COMPLETE LISTING

[poundwise]

The account list has been culled a bit as I am tweaking the criteria for listing.

From this point forward, this list will contain only those accounts that require no more than $1,000 to open, earn the stated APY, or avoid minimum balance fees.

As a result, the following accounts have been removed (reason stated):

Wachovia (requires $2,500 to avoid fee)
Everbank (requires $1,500 to start, $1,500 to avoid fee)
Zions Bank (requires $2,500 to start, $2,500 to earn stated APY)
ELOAN (requires $5,000 to start, $5,000 to earn stated interest)


This listing now contains 40 different account offerings ranging from 2.00% APY to 4.00% APY. Each of these accounts meets the $1,000 test for opening, earning the stated APY, and avoiding fees.

[saverbootay]

Originally Posted by SacredFaerie

I'm with Savings Square right now. I'm trying to re-align everything and get stuff in a good position for me.

Savings Square is at 3.3% now. That sure didn't last very long....

Looks like Union FSB dropped to 3.3% as well.
Bank direct Century is 3.32.

[nmboone]

Wow, can't wait to see how low they actually go! Yeah, not really. I put more money in emigrant today and I saw it at 2.5. Still can't believe once it was 5.15. Gotta love it.

[Ima saver]

I closed my Umbrella account yesterday. I can get 3.19 locally, so I might as well stay close to home. My bank is paying 3.19% just on checking accounts with a $1000 balance.

[poundwise]

UPDATES 1/14

Big APY Drops:
OnBank down from 3.15 to 2.60 (.55)
M&T Bank down from 2.75 to 2.25 (.50)

Other Moves Downward:
Union FSB down from 3.60 to 3.30 (.30)
SquareSavings down from 3.60 to 3.30 (.30)
Century Bank Money Market down from 3.57 to 3.32 (.25)
Century Bank Online Savings down from 3.41 to 3.31 (.20)
Nationwide down from 2.97 to 2.79 (.18)

[SacredFaerie]

Yeah they shot me an email. It's not great but it's not bad.

[saverbootay]

The front-page list still shows Square Savings at 3.6%.

Haha, when did Redneck Bank start business?

[srblanco7]

I have a question - I noted that the rate for a 6 mo CD was less than the saving rate for an ING orange savings account. This didn't make sense to me, as I have access to my money with the ING savings account vs. having my money locked up for 6 months in a CD.

Can anyone clarify why the rate is lower for the CD?

[poundwise]

Originally Posted by saverbootay

The front-page list still shows Square Savings at 3.6%.

Good catch. I moved it to the proper position on the list but I didn't change the figure. I've corrected that now.

Originally Posted by saverbootay

Haha, when did Redneck Bank start business?

I don't know when they went online as Redneck Bank, however, the site states: Redneck Bank® is the Internet Banking Division of Bank of the Wichitas®, a well-respected "country" bank established in 1913, and is insured by the FDIC, like all legitimate banks!

[sweeps]

Redneck Bank -- is that the bank that gives you a rifle when you open an account?