Online Savings Accounts & Current Rates

[poundwise]

Originally Posted by sweeps

Ouch. PW may boot ING off the list.

I probably should have, but I didn't. Considering the current rates and current direction of movement, I've moved the floor down to 1.75% APY.

Just in case anyone wonders, yes, I checked those accounts that have been dropped off the list in the last few months; none of them are eligible for a return to the list, even with that lowered threshold.

So, for now, ING stands alone in last place. It was only a matter of time.

[poundwise]

Update: Thursday, February 19th

APY moves downward
CNB down from 3.20 to 3.00 (.20)
Union FSB down from 3.05 to 2.80 (.25)
Century HYS down from 3.04 to 2.74 (.30)
Flagstar down from 3.00 to 2.75 (.25)
Bank of Internet HYS down from 3.00 to 2.80 (.20)
Century MM down from 2.82 to 2.59 (.23)
iGOBanking down from 2.81 to 2.50 (.31)
HSBC down from 2.45 to 2.25 (.20)
Emigrant down from 2.40 to 2.05 (.35)
ING Direct down from 2.20 to 1.85 (.35)


Note:
ClearSky Savings is not currently available so it has been removed from the list

[kork13]

how depressing.... ::sigh:: I really do like ING--something about their site's design/features/simplicity appeal to me. But given that they tend to lead the way in dropping rates (and there are so many other options), I'm becoming more and more tempted to go elsewhere......

[weissheit]

I use my ING Direct account purely as a pass thru account to fund stock purchases for my sharebuilder account. ING acquired sharebuilder a few years ago. But for that I would not even bother with ING. They were a pioneer in online banking but have since capitulated leadership in the market that ironically they more or less created. Very disappointing, but at least they opened the door to a new way to save that give you an APY that is much better than the brick-n-mortar banks.

[BTC]

ING Direct has recently started providing email notification of any debit transactions against my Electric Orange checking account. I think that's a cool feature. They might do the same for their savings account, but I haven't used that account in years.

[weissheit]

Internet threat: Hackers swarm bank accounts - USATODAY.com

FYI, a new evolving virus threat to online banking.

[grand_canyon]

Dollar Savings Direct down from 3.0 to 2.65 (.35)

[saverbootay]

Savings Square is down to 2.6.
Hits keep on coming.

[weissheit]

Yes the hits keep coming, if my read on Doral is correct they are down to 2.25% APY. Based on the rapidity of this downward trend I doubt there will any 3.0% APY banks for long.

[BTC]

FNBO Direct dropped their yield to 2.40%

[weissheit]

Capital One High Yield MMF down to 1.6%, the "High Yield" must be factoring in deflation!!

[weissheit]

As rates are falling like crazy after seeing the cap 1 banner, I checked my bank, Century Direct. They just dropped rates a week or so ago, and now they just dropped them again!!

Savings 2.59%; MMF 2.49%; and Checking 2.25%

This is not good.

[Maxwell76]

Originally Posted by weissheit

Capital One High Yield MMF down to 1.6%, the "High Yield" must be factoring in deflation!!

Man, there's nowhere to hide. It's like a twisted game of Limbo... And no, I don't want to see how low we can go.

CapOne is still holding on to that 5 star rating, so I guess I'll stay put.

[Ima saver]

My local bank is still offering checking account (minimum $1000) at 3.19% guaranteed til June 30th, so I have most of my cash there. I redeemed all of my cash out of umbrella bank.

[Chris6880]

I recently moved my money out of Emigrant (which had the some of the best rats for years) and into Dollar Savings Direct because the rate was significantly better. Since then, both rates have fallen (as they seem to have across the board).

What's alarming me is that I lokoed up DSD on bankrate and it seems to only receive 1 star out of a possible 5 on their "safe and sound" rating. However, DSD is a part of Emigrant Direct which receives 3 stars.

DSD doesn't appear on Poundwise's list of top banks despite having rates in that range. Should I be concerned about the stability of this bank? Does anyone here have money with DSD or Emigrant? What do you guys think?

[poundwise]

Originally Posted by Chris6880

DSD doesn't appear on Poundwise's list of top banks despite having rates in that range.

Um. It is on the list and has been since inception.

[Chris6880]

Originally Posted by poundwise

Um. It is on the list and has been since inception.

CNB down from 3.20 to 3.00 (.20)
Union FSB down from 3.05 to 2.80 (.25)
Century HYS down from 3.04 to 2.74 (.30)
Flagstar down from 3.00 to 2.75 (.25)
Bank of Internet HYS down from 3.00 to 2.80 (.20)
Century MM down from 2.82 to 2.59 (.23)
iGOBanking down from 2.81 to 2.50 (.31)
HSBC down from 2.45 to 2.25 (.20)
Emigrant down from 2.40 to 2.05 (.35)
ING Direct down from 2.20 to 1.85 (.35)


The above is from your list on 2/19. You list 10 banks, none of them are DSD. This is the "list," I was referring to, perhaps there's another list I'm not aware of?

Edit: I do see it on the OP but it has a slightly older rate. I was under the impression that the updates you provide (such as the one from 2/19 I quoted above) are edited and include only your "prefered" banks. Please let me know if I've misunderstood.

Thanks

[sweeps]

Originally Posted by Chris6880

The above is from your list on 2/19. You list 10 banks, none of them are DSD. This is the "list," I was referring to, perhaps there's another list I'm not aware of?

Chris, you're looking at an update post. The first post in the thread contains the master list.

[saverbootay]

Citi is at 2.1% now. Maybe when the government nationalizes Citi, they'll raies the rates.

I was under the impression that the updates you provide (such as the one from 2/19 I quoted above) are edited and include only your "prefered" banks.

As far as I know, no one provides a "preferred" list. It's just an all-inclusive list.

[weissheit]

Originally Posted by Chris6880

What's alarming me is that I lokoed up DSD on bankrate and it seems to only receive 1 star out of a possible 5 on their "safe and sound" rating. However, DSD is a part of Emigrant Direct which receives 3 stars.

I cannot find a rating for DSD, but I find three for Emigrant out of NYC, where Emigrant is based. Two of the ratings are three stars, performing, and one rating is one star, lowest rating. As DSD is a division of Emigrant and not a legally separate & distinct bank chartered corporation, I'd presume the ratings of the Emigrant inure to DSD. Go with Doral if ratings are a concern, they are 5 stars, Superior, but they are down to 2.25% nowadays.