Online Savings Accounts & Current Rates

[sweeps]

Originally Posted by BTC

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

Since we're in a deflationary mode right now, under that definition sticking your money under a mattress would be a high yield savings account.

[saverbootay]

HSBC is at 1.85 now. I guess they're following ING downwards.

[Jazzmint98]

Shore Bank is down to 2.80% APY effective 3/10/09.

[aurielle]

HSBC is now down to 1.85%

[dakkars]

Can anyone give a recommendation (or non-recommendation) to Shorebank or redneck Bank. I know shoreBank has dropped to 2.8%.

Anyone with these banks and expereinces??

Thanks and regards

[hmd2009]

looks like redneck bank now has the highest rate in the country, 3.10% with their money market account. Shore is down to 2.8%

So, DollarSavingsDirect has lowered their rate to 2.25%, is it worth the hassle to switch to Redneck for the 3.10% ? I currently have about 27k with DSD.

[swaymonae]

I'm new to saving all together.. I have online savings accounts with both ING & HSBC, looking for a better rate.

What's the difference between money market and savings?

Are any of these high interest savings accounts or money market accounts a good idea/safe?

[Aleta]

FNBO down to 2.15 APY Down from 2.40APY

[Jazzmint98]

Originally Posted by dakkars

Can anyone give a recommendation (or non-recommendation) to Shorebank or redneck Bank. I know shoreBank has dropped to 2.8%.

Anyone with these banks and expereinces??

Thanks and regards

I have been using ShoreBank for about a year now with no problems. The transfers can take up to 4 days, but overall IMO it is a user-friendly site. I also have accounts at ING & enjoy the speed of the transfers there, but obviously their interest rate is not very appealing at this time.

[poundwise]

Twenty-two different rate changes updated today. Please see page one for the current account listing and rates.

[Maxwell76]

Redneck Bank?!? Now I've seen everthing.

[saverbootay]

The only pet peeve I have with Shorebank is they email you your monthly statements as a PDF. I wish they would just leave them online like everyone else.

The way everyone is dropping, might not be long before Redneck and CNB breaks the 3 barrier.

[blankcheck]

Originally Posted by Maxwell76

Redneck Bank?!? Now I've seen everthing.

This...just...

Does anyone know anything about this bank? I'm laughing and seriously discussing this at the same time. I didn't even know that was possible until I went to their website.

[hmd2009]

so, again, is it worth rate chasing? I have 27k in DSD with 2.25%, shoudl I move it over to redneck's money market? By next month I'll have deposited about 10k more. With as much money as I'm putting into savings (and I need it liquid because at the end of this month I will be out of work and hubby will be starting a job that pays approx half of what i made before) is it worth it to chase rates with 37k?

[Aleta]

Emigrant Direct down from 2.00% to 1.80%.

[noppenbd]

Originally Posted by hmd2009

so, again, is it worth rate chasing? I have 27k in DSD with 2.25%, shoudl I move it over to redneck's money market? By next month I'll have deposited about 10k more. With as much money as I'm putting into savings (and I need it liquid because at the end of this month I will be out of work and hubby will be starting a job that pays approx half of what i made before) is it worth it to chase rates with 37k?

Personally I am not going to chase rates right now. I also am with DSD, with about half of what you have. In the past month I moved money out of DSD, into provident-direct, and back into DSD. The rates are changing too fast right now to do this anymore, so I am going to stick with DSD until things seem to stabilize. After all, you lose a couple of days interest with each transfer.

[hmd2009]

Originally Posted by noppenbd

Personally I am not going to chase rates right now. I also am with DSD, with about half of what you have. In the past month I moved money out of DSD, into provident-direct, and back into DSD. The rates are changing too fast right now to do this anymore, so I am going to stick with DSD until things seem to stabilize. After all, you lose a couple of days interest with each transfer.

You're right, just watching DSD's APR go down continously was making me nervous; but I guess I have to realize, ALL of the banks are doing this!

[weissheit]

Originally Posted by hmd2009

You're right, just watching DSD's APR go down continously was making me nervous; but I guess I have to realize, ALL of the banks are doing this!

Hence the futility of chasing rate, but in your situation if it gives you a few more bucks to make up for the drop in income that is about to occur it might be necessary. Good Luck!

[Aleta]

I personally think that when the rates are dropping that it is a mistake chasing the rates as they go down. It's good to have your money in a few accounts where you can move it around as the rates go down. When rates are rising it is easier moving your money around. I can remember wnen they would guarantee a rate for a specific time. Changing now is not worth the time involved in changing money from one account to the other.

[Maxwell76]

I did some reasearch into Redneck Bank and this is what I have found:

Goto the FDIC website

There you can search for "Bank of the Wichitas" (whom the Redneck Bank claims to be affiliated with). It will come up with the information and contain a link to the FDIC insured bank.

You will see that the main page mentions the Redneck bank making this deal legit. It looks like the redneckbank site is simply a portal for applying online. It is still a little sketchy, especially with an interest rate like that.