Online Savings Accounts & Current Rates

[StockTrader6080]

Originally Posted by Ima saver

I have plenty of money in the stock market and in mutual funds. My husband is a builder and we need to keep a lot of cash to build houses with. We pay cash for the land and all the materials. Actually, I did find a checking account that paid me 3.19 % for an entire year when I sold my spec house. I also opened a jumbo CD that is paying 4% for two years.

Thank you, but I don't need to stand on my head!

I didn't understand your comment about standing on your head until I read the end of my post. LOL.

You expertise is obviously in home building, a subject I know nothing about. I litterally only buy completed houses because I know so little about building and/or renovating.

I, on the other hand, live and breath the stock market, and do robotic trading, and get steady 8% to 10% returns each month. The stock market is actually nothing but numbers going up and down. People and TV commentators are making the market sound much tougher than it actually is.

The large institutions have proven for years that robotic trading ("program trading") works, and the mutual funds have been proven not to work.

You sound like you are doing very well and are very happy, as am I and my family. That is always great to hear in this crazy world. You should keep doing what is working so well for you.

Cheers!

[Ima saver]

Thanks and good luck with your trading!!

[ChrisH]

SavingsSquare is now 1.55%

[feh]

I just received email indicating the interest my ShoreBank account earns has been reduced to 1.95%, effective tomorrow.

[poundwise]

After a hiatus, I returned today to perform a major update to this listing. Most of the rates changed, though some did not, and most of the rates didn't move very much.

Venture Bank is gone, having been absorbed by First Citizens Bank. Amegy Bank is off of the list having dropped below 1.00% APY. One link had to be updated as, apparently, Apple Bank has made some significant changes to their site.

[poundwise]

After reviewing posts, I've now added the savings offerings from Discover and American Express.

Some of the other accounts mentioned either do not qualify due to high opening balance or specific minimum balance requirements.

Also, this thread is specifically for online savings accounts. Discussion on that topic, as well as some mentions of CD offers and interest checking accounts are certainly allowed, however, there will be no attempt, in this thread, to maintain a list of local bank offers, promotional account packages, and the like.

As always, to view the complete and current listing, you can view the first post in this thread. Or, click here.

For those who are interested in a high interest checking account (with a few hoops involved) the site CheckingFinder is an excellent source.

Thanks all for your participation in this thread! Please feel free to comment on account offerings and/or to let us know about new/other online savings options.

[Broken Arrow]

Thanks for doing this, poundwise. Whenever anybody else from anywhere else online asks me about bank interest rates, I always point them here. Keep up the good work!

[poundwise]

Originally Posted by Broken Arrow

Thanks for doing this, poundwise. Whenever anybody else from anywhere else online asks me about bank interest rates, I always point them here. Keep up the good work!

Thank you.

[sgfinancialfreedom]

I have always wondered whether it is worth the effort to research into the best savings and current accounts rate. The rates are not really too different.

I feel that the amount of time spent doing the research could be better used elsewhere to earn more money. Like perhaps studying on investments and learning how to invest your money.

Just my 2 cents.

[LuxLiving]

...or you could just check here sgfinancial freedom and see if any good rates have been posted.

[saving peter]

Excellent information. I could certainly use this. Thanks, Poundwise.

[poundwise]

Originally Posted by sgfinancialfreedom

I have always wondered whether it is worth the effort to research into the best savings and current accounts rate. The rates are not really too different.

I feel that the amount of time spent doing the research could be better used elsewhere to earn more money. Like perhaps studying on investments and learning how to invest your money.

Just my 2 cents.

No one is suggesting that a lot of time be spent "researching" savings rates. In fact, this list is maintained for the purpose of expediting the process. And though you are correct that the rate spread isn't very much between those on this list, most people would find the spread to be very significant indeed versus the quarter of a percent most banks are giving (if that) these days.

Bottom-line: Our list here is for people who are looking for an online savings option and, in fact, serves of the purpose of saving time finding a good fit, rate and terms wise, for just such an account.

[poundwise]

Originally Posted by LuxLiving

...or you could just check here sgfinancial freedom and see if any good rates have been posted.

True enough. Though "good rates" is a relative term. When I started this list, several accounts in the upper end were over 5% APY. It may be a while before we see that again. Meanwhile, anything approaching or over 2% APY is "good" in the present environment.

[poundwise]

Originally Posted by saving peter

Excellent information. I could certainly use this. Thanks, Poundwise.

You're welcome!

[Slee_Stack]

Surprise, surprise, DSD at 1.50%

Has it been 10 drops or 12?

[Aleta]

Emigrnt Direct down from 1.30 to1.20

[Jazzmint98]

Shore Bank is down to 1.70% APY effective 12/31/09.

[jeffmem]

Yep I just saw that email this morning. Not very happy about this... Gonna have to move the money again to a bank giving a higher interest rate. Shorebank has been good for about the last 6-12 months, been very stable, but now they are getting lower... What a pity.

[feh]

Originally Posted by jeffmem

Yep I just saw that email this morning. Not very happy about this... Gonna have to move the money again to a bank giving a higher interest rate. Shorebank has been good for about the last 6-12 months, been very stable, but now they are getting lower... What a pity.

Same here - I opened an account w/ Shore in August or September, and in the last 4 months, they've dropped their interest rate twice.

I just completed an application for Redneck Bank. Shore is losing my business.

[saverbootay]

Looks like Redneck offers 2% only up to $35k. After that, it's 1%.