Online Savings Accounts & Current Rates

[weissheit]

Originally Posted by Pitman

I just checked their website, there was no mentioning of the $50 bonus. I may have overlooked it.

The code is OFFER50 Here is the link:

Capital One Direct Banking: Online Savings Accounts, Money Market Accounts and Certificates of Deposit

[weissheit]

Originally Posted by poundwise

"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!"

If bank ratings are a concern FYI Bank of the Wichitas has a 4 star bankrate safe & soundness rating, which equates into the bank being characterized as "Sound" a very good rating.

[blankcheck]

Originally Posted by weissheit

If bank ratings are a concern FYI Bank of the Wichitas has a 4 star bankrate safe & soundness rating, which equates into the bank being characterized as "Sound" a very good rating.

I'm putting much less credence into those ratings; there have been banks rated "sound" that have absolutely gone under in the past year.

[saverbootay]

Looks like Venture Bank might be running afoul of the FDIC
Regulators put squeeze on Venture Bank - Puget Sound Business Journal (Seattle):

Federal regulators are ratcheting up pressure on beleaguered Venture Bank of Lacey, giving it 60 days to raise more capital or sell itself. In a four-page directive that was made public Friday, the Federal Deposit Insurance Corp. (FDIC) warned the Washington bank that if it doesn’t sell enough voting shares or “obligations” to boost its capital levels, it will have to merge or sell itself to another bank.

The FDIC points out that Venture’s condition continues to deteriorate and management has “not demonstrated the ability to return the bank to a safe and sound position,” the order states.

Just in case anyone has more than the FDIC-insured limits in there....

[BTC]

E*Trade's yield is down to 1.45%

[BTC]

Looks like GMAC is down to 2.25%

[financialnut]

I've read through most of this thread (yes, nearly all 59 pages of it!), and I couldn't mange to see WHY all of the rates are dropping. Does anybody have a fairly concise answer to that? Doesn't it have to do with the prime rate that the banks work directly with the Federal Reserve with?

[Aleta]

FNBO rate change as of 4/2. From 2.15 down to 1.90

[BTC]

I had been thinking about moving some of my money from E*Trade back to FNBO Direct. Even though FNBO still has a 31% better yield than E*Trade right now, it hardly seems worth the 3 or 4 mouse clicks to make it happen. I figure these savings account will be paying zero percent before long.

[kork13]

Originally Posted by financialnut

I've read through most of this thread (yes, nearly all 59 pages of it!), and I couldn't mange to see WHY all of the rates are dropping. Does anybody have a fairly concise answer to that? Doesn't it have to do with the prime rate that the banks work directly with the Federal Reserve with?

Yes, the Fed rate influences savings account interest rates alot. When the rate goes down like it has over the last year and change, banks can get money cheaper from the government and other banks, so why keep paying depositors high rates? So banks lower interest rates. To keep business coming (for their other products... checking, CC's, CD's, loans, etc.), customer loyalty, and the "cash-in-hand" factor, they will still offer at least some sort of return (even if they can get loans for almost nothing from the gov't)... But as evidenced by the spectacularly LOW average nat'l interest rate right now (somewhere near .5% I think?), they aren't paying much.......

[creditcardfree]

Originally Posted by BTC

I had been thinking about moving some of my money from E*Trade back to FNBO Direct. Even though FNBO still has a 31% better yield than E*Trade right now, it hardly seems worth the 3 or 4 mouse clicks to make it happen. I figure these savings account will be paying zero percent before long.

FNBO Direct has been dropping their rates every month so far this year. I came to this thread to see who is paying more, after I received this month's email about the rate change to 1.90%. I might need to become a redneck!!

[Aleta]

At the same time that FNBO drops the rates, they remind you of their bankrate 4 star safe and sound rating. I suppose that does stand for something.

[poundwise]

Today's APY Updates (Friday, April 3rd):

Alliant down from 3.00 to 2.75
GMAC Savings down from 2.50 to 2.25
SavingsSquare down from 2.30 to 2.10
OneUnited down from 2.25 to 2.00
AppleBank down from 2.15 to 2.05
FNBO down from 2.15 to 1.90
Amboy Direct down from 2.02 to 1.51
GMAC Money Market down from 2.00 to 1.90
Century Savings down from 1.99 to 1.79
Century Money Market down from 1.89 to 1.69
HSBC down from 1.85 to 1.65
Capital One down from 1.60 to 1.50

E*TRADE Bank down from 1.70 to 1.45 and off the list
KeyDirect down from 1.50 to 1.40 and off the list


Notes:
Flagstar APY adjusted from 2.40 to 2.41
GMAC Savings page still reads 2.50, as of today's date, but rate page shows 2.25

[poundwise]

Umbrella Bank's Pot O' Gold Money Market returns to the list at 2.05% APY.

VIEW LISTING

[financialnut]

Originally Posted by kork13

Yes, the Fed rate influences savings account interest rates alot. When the rate goes down like it has over the last year and change, banks can get money cheaper from the government and other banks, so why keep paying depositors high rates? So banks lower interest rates. To keep business coming (for their other products... checking, CC's, CD's, loans, etc.), customer loyalty, and the "cash-in-hand" factor, they will still offer at least some sort of return (even if they can get loans for almost nothing from the gov't)... But as evidenced by the spectacularly LOW average nat'l interest rate right now (somewhere near .5% I think?), they aren't paying much.......

Fantastic. Thank you.

[grand_canyon]

ShoreBank Direct just dropped to 2.45% today.

[Jazzmint98]

Shore Bank is down to 2.45% APY as of 4/9/09.

[sweeps]

According to Banking Guy: Redneck Bank Stops Accepting New Applications

[mommyof4]

Originally Posted by sweeps

According to Banking Guy: Redneck Bank Stops Accepting New Applications

Looks like it's just temporary.

[Jazzmint98]

Effective 4/17/09, Provident Direct High Yield Savings rate drops to 1.25% APY.