Online Savings Accounts & Current Rates

[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!

[BTC]

FNBO has lowered their yield to 1.40%. As Dale Doback would say, "Mother******!".