Online Savings Accounts & Current Rates

[weissheit]

Originally Posted by dantheman311

WTDirect.com currently offering 1.76% APY for online savings

So? They want a 10k minimum to get that paltry rate, so they do not even qualify for the list Poundwise maintains for this thread. There are many banks on the list that have that rate (from century direct savings up and have much lower minimum balances.

[poundwise]

Originally Posted by dantheman311

WTDirect.com currently offering 1.76% APY for online savings

Yes, thanks for the mention, however, this offering does not qualify for our listing here. For one, the stated APY is only for 60 days unless you have and maintain a $10,000 balance.

From the site: There is no minimum deposit required to open the account. For the first 60 days from the date the account is opened, regardless of the account balance, the account will earn our highest APY, which is variable and is currently 1.76%. After the first 60 days, the APY for the account will have two tiers: (a) a higher APY for accounts with balances of $10,000 or more (variable and currently 1.76% APY); and (b) a lower APY for accounts with balances of less than $10,000 (variable and currently 0.15% APY).

If you have less than $10k to keep on deposit, then this offering is clearly a poor idea.

If you have $10k or more to keep on deposit, then there are several offerings that will pay a higher yield, including several on the list here that do not require that kind of balance and others, which, due to higher balance requirements, do not appear on the list here.

[nmboone]

Ok, I am definetely interested in Bank of Internet. I have about 1100 in an emigrant savings account, about $75 in ING, and about 3500 in my Regions checking account. If I opened a new savings account with them I would put around 3,300 in the account, so I just want to make sure they are safe. I'm sure they are, as they're mentioned here, but it certainly doesn't hurt to ask! I've been with Emigrant so long that I'm used to the way they do things and am kinda scared to change over.

[poundwise]

Originally Posted by nmboone

Ok, I am definetely interested in Bank of Internet. I have about 1100 in an emigrant savings account, about $75 in ING, and about 3500 in my Regions checking account. If I opened a new savings account with them I would put around 3,300 in the account, so I just want to make sure they are safe. I'm sure they are, as they're mentioned here, but it certainly doesn't hurt to ask! I've been with Emigrant so long that I'm used to the way they do things and am kinda scared to change over.

Bank of Internet is an FDIC insured institution. They are listed on the NASDAQ exchange. They have a 4 star rating (Excellent) from Bauer.

In other words, they are completely legitimate and, compared to most banking institutions are strong and safe.

[RedThunderBird]

Originally Posted by poundwise

Bank of Internet is an FDIC insured institution. They are listed on the NASDAQ exchange. They have a 4 star rating (Excellent) from Bauer.

In other words, they are completely legitimate and, compared to most banking institutions are strong and safe.

I wish I would have done it years earlier === this savings account are safe [ check them out , as pound wise gave you a good link ]

[Aleta]

I have Emigrant and Ing as well, but they only have a $1. in them. You don't really want to close the accounts out that can stay open with a $1 in them. When rates go back up, you will only have to add new money to get the new rates. Otherwise you will have to start the procedure of opening up the accounts again.

[BTC]

FNBO just dropped their yield to 1.50% I might be better off going to Vegas.

[Aleta]

That must mean that ING and Emigrant aren't far behind in lowering rates. FNBO usually is higher than the other two.

[saverbootay]

Looks like Ally is 2.00% now.

[cooliemae]

ING dropped to 1.4%....

[poundwise]

APY % Updates 07/07:

Doral down from 2.25 to 1.60
Ally down from 2.05 to 2.00 (savings) and 1.85 to 1.80 (money market)
Union FSB down from 2.05 to 2.00
iGOBanking down from 2.02 to 1.91
SavingsSquare down from 2.00 to 1.90
Nationwide down from 2.00 to 1.90
Apple Bank down from 1.80 to 1.70
Umbrella Bank down from 1.80 to 1.55
FNBO down from 1.65 to 1.50
Amegy Bank down from 1.55 to 1.50
ING down from 1.50 to 1.40

Doral's change was the largest at a drop of 0.65

ING's rate is the now definitively the lowest (and technically qualifies for removal from the listing, though I'm leaving it on for now)


In general, keeping this list is none too exciting lately. Remember these days? Good times.

Even so, we need a place to save and 2.00%+ APY seems to be the top-tier for now.

[Aleta]

Oh yes Poundwise, those were the days! I've always thought that 5% or better is a decent rate. Thanks for your work informing us.

[nmboone]

I worry how low they'll all go. I guess they can't go lower than .01%. Right? Right??

[RedThunderBird]

Originally Posted by nmboone

I worry how low they'll all go. I guess they can't go lower than .01%. Right? Right??

I don't know , maybe they will charge us an interest for having our money deposited --------- just kidding

[Walt_Pennsyl]

I have a savings acct with emigrant direct and it only earns 1.55%
Kind of sucks

I mean I guess I can't complain, it seems like every savings acct has a bad rate right now.

[poundwise]

Redneck Bank is once again accepting new applications and so they are back on the list at 2.00% APY.

ING Direct is removed from the list at 1.40% APY. There are several other account offerings ranging from 1.20% to 1.40% and, since those are not included, I cannot justify leaving ING on the list just because they have been a major player/popular in the past, etc.

[BTC]

I think Ally Bank is down to 1.95% APY.

[Aleta]

Emigrant Direct is down from 1.55 to 1.40. I suppose this one will come off Poundwise's list as well.

[BTC]

Dollar Savings Direct is down to 1.70% APY. Before long, there may not be a list.

[Ima saver]

Gosh, I can still get 1.98% on my checking account locally!