Online Savings Accounts & Current Rates

[Chris6880]

Originally Posted by weissheit

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.

Thanks. Yea, I figured DSD's health would be tied to Emigrant's. If interested, DSD is listed separately--if you go to "Money Market High Yield ( $10K MMA ) and Savings Account Rates" and sort by APY, it will be the third bank listed.


I guess my question is should rating be a concern? Does anyone here have money with a "one-star" institution, or do you avoid them at all costs?

[poundwise]

Originally Posted by Chris6880

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.

The first post in the thread is the list of online savings rates. It is updated (roughly) weekly.

When you see a post in the thread that says "updates" that is just the listings that have changed since the last "updates" posting. It has nothing to do with being preferred.

If you refer to the main post, you will always see the current list. In this current environment, and considering the number of institutions on the list, rates change daily. Therefore, on occasion, the rate listed on the main page may not reflect the latest change of the bank. However, as I said, the list is maintained regularly by myself and with some help from people who post changes to the thread to bring them to my attention.

[poundwise]

Originally Posted by Chris6880

I guess my question is should rating be a concern? Does anyone here have money with a "one-star" institution, or do you avoid them at all costs?

I don't care one bit about Bankrate.com's rating system. The last major banks I have known of that failed, had a solid rating at Bankrate until just before they crashed and burned.

My thought on the matter: Keep your money with an FDIC (or NCUA) insured institution and within the limits of that coverage and don't sweat it.

[saverbootay]

Bankrate makes clear that their ratings are based on publicly available financial documents that come directly from the banks they are rating.
To put it cynically: garbage in, garbage out.

[poundwise]

Lots of updates today. So much so (nearly 20) that I am not going to list them all here. Please see the first page for all the current rates as of today.

One note: Considering the present average and mean APY on these accounts, I have again lowered the floor to 1.5% APY. I will not lower it again. If it is that many accounts go below 1.5% APY, then our list will just get smaller.

At present, the listing contains 35 offerings ranging from 1.5% APY to 3.15% APY. As a result of this change, the following accounts, which were previously removed from the list, make a reappearance at the following yields:

Bank of Internet Money Market Savings 1.70%
KeyDirect Gold Savings 1.50%

[BTC]

E*Trade's Complete Saving's yield is down to 1.95%

[Chris6880]

Originally Posted by poundwise

I don't care one bit about Bankrate.com's rating system. The last major banks I have known of that failed, had a solid rating at Bankrate until just before they crashed and burned.

My thought on the matter: Keep your money with an FDIC (or NCUA) insured institution and within the limits of that coverage and don't sweat it.

Thanks for answering my questions, and for diligently keeping this thread current!

[Aleta]

ING is down to 1.65% from 1.85

[weissheit]

I am getting very discouraged w/ online savings accounts. CNN blog today had a feature about "rewards checking accounts" Link: Where to Stash Your Cash - Money Features

Has anyone had any experience with them? Are they worth the hassle/effort of using the debit card all the times they require? I found one close to me, www.nbrsreward.com plus I can manage the account completely online & if you meet the monthly debits you get 5.26%

[noppenbd]

Originally Posted by weissheit

I am getting very discouraged w/ online savings accounts. CNN blog today had a feature about "rewards checking accounts" Link: Where to Stash Your Cash - Money Features

Has anyone had any experience with them? Are they worth the hassle/effort of using the debit card all the times they require? I found one close to me, www.nbrsreward.com plus I can manage the account completely online & if you meet the monthly debits you get 5.26%

I've used Southern Community Bank (Southern Community Bank and Trust: Personal and Business Financial Services - Home) for about 5 months. It was 6% when I opened it and shortly dropped to 4%. I am still using it out of inertia. I use the debit card for very small transactions only (less than $10) and replenish anything I take out once every couple of weeks. It is really not much of a hassle once you get used to it.

[Aleta]

Emigrant Direct down from 2.05% to 2.00%

[saverbootay]

Dollarsavingsdirect is 2.5% now.

Provident merger up for vote -- baltimoresun.com

This was announced back in December, but it looks like M&T Bank is acquiring Provident. Considering what M&T did to Onbank's rates, I think ProvidentDirect might follow.

[weissheit]

Century Direct Checking 2.05% APY; MMF 2.29% APY; & Online Savings 2.39% APY

[weissheit]

Originally Posted by noppenbd

I've used Southern Community Bank (Southern Community Bank and Trust: Personal and Business Financial Services - Home) for about 5 months. It was 6% when I opened it and shortly dropped to 4%. I am still using it out of inertia. I use the debit card for very small transactions only (less than $10) and replenish anything I take out once every couple of weeks. It is really not much of a hassle once you get used to it.

Thank you. I'll look into it as online banking rates continue to crater!!

[noppenbd]

Originally Posted by saverbootay

Dollarsavingsdirect is 2.5% now.

Provident merger up for vote -- baltimoresun.com

This was announced back in December, but it looks like M&T Bank is acquiring Provident. Considering what M&T did to Onbank's rates, I think ProvidentDirect might follow.

You were right on: Provident-direct is at 2.10%.

[BTC]

GMAC down to 2.65% APY.

[sweeps]

When do we stop calling these high-yield savings accounts, and instead call them slightly-higher-yield-than-your-average-bank's savings accounts.

[saverbootay]

Savings Square is down to 2.3.

3% use to be the new 4%. Now 2% might become the new 3%.

[kork13]

Originally Posted by sweeps

When do we stop calling these high-yield savings accounts, and instead call them slightly-higher-yield-than-your-average-bank's savings accounts.

LOL! well-said, my good sir... well-said

[BTC]

Originally Posted by sweeps

When do we stop calling these high-yield savings accounts, and instead call them slightly-higher-yield-than-your-average-bank's savings accounts.

Right now, we could call them considerably higher than inflation accounts.