Online Savings Accounts & Current Rates

[poundwise]

Originally Posted by RJB1180

Amboy now upto 5.25%

Where do you get this information from? Their site still says 5.15% APY. I see that their bar-chart graphic utilizes 5.25% APY in the illustration. Is that what you're going by? The terms and conditions state, "Balances from $1.00 to $250,000 receive a rate of 5.03% with an APY of 5.15%"

[poundwise]

Originally Posted by RJB1180

Amboy now upto 5.25%

Amboy has sent out an e-mail detailing this increase. The previous poster is correct, Amboy has moved the Premium MMA account rate up from 5.15% APY to 5.25% APY.

[poundwise]

Additional update: * now indicates promo or bonus offer

[sweeps]

Originally Posted by poundwise

The summary post has been altered to include an 'A' list and a 'B' list.

Originally Posted by poundwise

Additional update: * now indicates promo or bonus offer

poundwise, you're too much.

[poundwise]

Originally Posted by Sweepsplayer

poundwise, you're too much.

[poundwise]

Update: Thursday, Sept 14

Apple Bank's Grand Yield MMA has moved from 5.15% APY up to 5.25% APY.

This is the 4th bank to now offer 5.25+% APY.

[BTC]

Anyone have an Apple Bank account? I hope ED follows suit. I'm kind of surprised that banks are continuing to increase their rates. Maybe it's only those banks that are starved for deposits.

[risknothing]

IMO..

Any account that required $1000 to open but less to avoid fees should be on list A. How it is now, a account could require $999.99 to open and it would be on list A. So why not up it to exactly $1000?

[poundwise]

Originally Posted by risknothing

Any account that required $1000 to open but less to avoid fees should be on list A. How it is now, a account could require $999.99 to open and it would be on list A. So why not up it to exactly $1000?

There has to be a break-point. Among online MMA accounts it is common to see the figures ranging from $1 to $5000, etc. as minimums either to open or to earn the stated interest or to avoid fees or some combination of these factors.

There are many accounts (List A) that do not require as much $1000 for any of the factors. The accounts on List B do require $1000 or more for one or more of the factors. That's a good break-point.

Especially considering that the hypothetical put forward is purely that and does not apply in actuality. Among List A currently no account requires more than $500 for any of the mentioned factors and among list B no account can be opened with less than $1000. Therefore, technically, the current break-point could be said to be $501.

[poundwise]

Also, it should be noted that the use of 'A' and 'B' isn't meant to imply that the accounts are divided based on some sort of grade. That is, 'List A' does not necessarily contain better accounts nor better offerings than 'List B'; they are simply two different lists divided by the aforementioned criteria.

One day I may decide to add a 'C List', which might be accounts that require more than $1,000 to open, earn interest, and/or avoid fees. At the present time, however, I believe the thread serves a purpose as-is.

[risknothing]

Amboy is now at 5.25%

[poundwise]

Originally Posted by risknothing

Amboy is now at 5.25%

That was updated yesterday... but thanks for looking out for updates.

[poundwise]

Update: September 15th

Ultima Bank raised its rate from 5.01% APY to 5.27% APY.

[krayziebone33]

Originally Posted by poundwise

Update: September 15th

Ultima Bank raised its rate from 5.01% APY to 5.27% APY.

I took a look at this and it is quite enticing. They have a lot of fees if your balance dips below $1,000, but this looks good.

[genchan]

I know that many people think that the interest rate increases from the Fed are a good thing, but for those of us that are debt free does that mean we'll see the stop of the ever rising interest rates that have happened over the last year with Emigrant and ING?

[sweeps]

Rising interest rates may seem like a good thing for MMA watchers, but they're bad for the economy -- and more to the point, the stock market, the bond market, and the job market.

[poundwise]

Update: Tuesday, September 26

Modified a couple of entries, updated a link that changed... no rate changes since last update.

[poundwise]

Update: Tuesday, September 26

Modified a couple of entries, updated a link that changed.

Also slightly redefined the lists to point out that List A has no account requiring more than $500 and also so that List B can include a newer account from E-Loan, which requires $5,000 to open but not to earn a high rate of interest. (Although, you do earn higher interest if your balance is $5,000 or greater.)

Added E-Loan at 5.50% (for balances over $4,999), 5.25% otherwise. [Thanks for the info Sweeps.]

[risknothing]

9/27

Amtrustdirect.com raised their rate on their MMA to 5.30%

Zions at 5.24%

[poundwise]

Originally Posted by risknothing

9/27

Amtrustdirect.com raised their rate on their MMA to 5.30%

Zions at 5.24%

Thanks for the heads-up. Updated these today.

Also checked all the others, no other changes as of this morning, 9/28.