Online Savings Accounts & Current Rates

[Aleta]

I get 2.00% on a Money Market. until Aug. 31st.

[zabbkoff]

I'm looking at opening a Bank of Internet account, but can't seem to figure out why I shouldn't open an "Advantage Savings" instead of a "High Yield Savings" account. I'm just looking for a place for our emergency fund... we don't need any extras.

Bank of Internet Savings

Any advice? Thanks!

[poundwise]

Originally Posted by zabbkoff

I'm looking at opening a Bank of Internet account, but can't seem to figure out why I shouldn't open an "Advantage Savings" instead of a "High Yield Savings" account. I'm just looking for a place for our emergency fund... we don't need any extras.

Bank of Internet Savings

Any advice? Thanks!

I don't see any reason why the Advantage Savings wouldn't be a good option. With no minimums, no fees and a good rate of return from a solid institution, it would seem to be a solid offering. I believe this is new (it is essentially a money market account with limited bill-pay and debit card access) and I will add it to the list when I do the next update.

[poundwise]

Originally Posted by Aleta

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

Originally Posted by BTC

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

*sigh*

With rates continuing to fall and many yields at 1.40% to 1.70%, I may ultimately have to reset the floor lower than 1.50%. However, for now, there are still plenty of options at 1.50% and above, including several at around 2.00%.

[zabbkoff]

Poundwise,

Thank you very much for the response. I've actually decided to hold off on opening an account there for the time being. I found this on their FAQ, and I think I'll wait until they have a better system set-up:

How do I transfer funds out of my Bank of Internet USA account to an account at another financial institution?

The most common way is to write a check or transfer through our online Bill Pay service. However, you may also request a wire transfer to the other institution. To wire the funds you must complete a "Wire Form" located on the QUICK HELP page under "Printable Items" section. The form may be faxed to us at (858) 350-0443. Wire will be processed same day if received prior to 1:00 pm (PST). Please note, a wire fee will be assessed and transfers can only be wired to an account in the same name as the Bank of Internet account.

I assume the online bill pay would work alright, but I would still prefer a straight transfer. And I'm not sure how one gets money into the account. Just thought others may also want to know before opening an account there.

[Jazzmint98]

Just got an email from Shore Bank announcing their rate increase to 2.15% APY, effective tomorrow, July 28.

[Aleta]

I'm wondering with all of the new car incentives and loans that banks may want to raise rates on various products. Just wondering.

[Russell]

Is there a reason why SmartyPig.com is not on the list? They're paying 2.75% APY - there are some conditions like a min $10 monthly auto deposit.

I just opened an account and transferred most of my money from HSBC to them.

[BTC]

HSBC dropped their yield to 1.45% Several of the 2%+ accounts are no longer 2%+.

[Russell]

BTC, I got the email from HSBC too. I felt like replying and saying "Thanks for the heads up I'll be pulling the rest of my money out shortly".

I know it's not all the bank's fault but there aren't many good options left to park your cash anymore.

[poundwise]

List completely updated today, August 13th.

• Multiple rate changes

• With this update, now posting accounts 1.35% APY and higher

• Dropped: Univest Direct, Doral Bank, OneUnited, Amboy Direct

• Added: Bank of Internet Advantage, SmartyPig

• Restored: Venture Bank, ING Direct

Please review the listing. If you find any errors please report them to me. If you know of other accounts, fitting the criteria for listing (see bottom of first post), please post them in this thread so that they may be added at the next update.

[spooky187]

2% APY
$500 min opening account
no min balance.
H-t-t tp / w/ w . w discoverbank(DOT)com/online-savings-account. -ht-m-l

[littlehousevalley]

Thanks for this list. I don't see Capital One on this list, I currently have a Capital One High interest savings account and am getting about 1.7%. I see that other banks are offering slightly more.
thanks again-
Little House

[sk24iam]

How does everyone feel about the Schwab online checking account?

[Scanner]

I have been very satisfied with Charles Schwab checking. Not always the highest yield but competitive and you can use any ATM and they reimburse you the fee.

[weissheit]

Originally Posted by littlehousevalley

Thanks for this list. I don't see Capital One on this list, I currently have a Capital One High interest savings account and am getting about 1.7%. I see that other banks are offering slightly more.
thanks again-
Little House

I think you're referring to the cap one acct that requires 10k minimum balance. The one w/o such a high minimum is 1.2%. Thus neither one meets the current criteria to be listed.

[Aleta]

ING dropped from 1.40 to 1.30

[Aleta]

Emigrant Direct dropped from 1.40 to 1.30%

[reptile411]

Just an FYI. I have accounts at ING as well as HSBC. I just moved all my money to HSBC as there rate is not falling as far as fast as ING. ING went down again to 1.292, HSBC is still at 1.45.

[reptile411]

More FYI Ally Bank is at 1.73APY I just opened an account, no minimum but unfortunately I think they said only 6 withdraws each month. Thats fine with me as I don't plan on taking it out unless it falls below the other banks.