Online Savings Accounts & Current Rates

[feh]

Originally Posted by jeffmem

Just a reminder out there to the people who want to sign up for a Redneck account, keep in mind they have a limit of how much you can put in or take out which is 2500 a day. Unless you go through your bank using like a billpay or something, but getting it back out some banks won't help you, or you have to have them cut you a check. I am finding this limit highly annoying, but.... up until this point, they have no interest in changing it.

I just opened an account w/ them last month, and thought the same thing, but the limit isn't per day; it's per transfer. I wanted to deposit $10K, and I simply made 4 different deposits (all on the same day).

And wow shorebank has disappointed. I had money with them from April until just this month when they dropped their rates... And now you say at 1.09, that is terrible... Don't know what happend to them.

Shore Bank's failings is why I opened the Redneck account...

[jeffmem]

Ahhhhh, I thought it was 2500 per day, when I called them I even said those words and they said yes... so I figured I was right.. I will have to go back and check that, still a pain in the butt, but better than per day. Thanks for pointing out my error.

Shorebank has been a disappointed. For six months they were ok, and then wam.

And Discoverbank is down to 1.35 now folks.

[BTC]

So, with Redneck Bank you can withdraw no more than 15K per month? That would be a fairly significant limitation in the eyes of some folks.

[jimmycolorado]

I'm seeing web ads now for an American Express "high-yield" savings account that just started yesterday (02/17/10) which has a rate of 1.50%.

I'm also seeing ads for Capital One's new online savings, with a rate of 1.45%, but has a feature where four times a year they'll apply a 10% bonus to the interest you've already earned. So if you've gotten $100 in interest, they'll give you a bonus $10. Not sure how it all works out, and let's face it, these are opening rates so they're all bound to be teasers and will drop like stones in no time. But a heads up none the less.

[ukgaz]

ING Direct down to 1.15% - Is there no end to this downfall?

[BTC]

I also noticed that ING's yield had dropped again when I logged into my account this morning. The only online savings account I have that pays a "decent" rate anymore is FNBO Direct.

[Thrif-t]

I had a 4.5% CD that just matured and there is no where to put it. The savings accounts at ING are a higher rate then locking into a CD. Pathetic. I think I need to go back to page 1 and see about this Redneck you are all talking about.

ETA: 2% wow. I'll do you all a favor and just let it sit in my ING...for surely if I move it to Rednock, it'll drop like a hot potato. No need to thank me ;-)

[ukgaz]

Just got an email from FNBO Direct. Rate dropping to 1.25

[saverbootay]

Originally Posted by BTC

If you have an active brokerage account with them, your savings account will not be converted to Discover.

I like their fast transfers as well. Not sure it's worth it for me to open a brokerage account though....

[poundwise]

Rates updated tonight, Thursday, February 18th.

Also, Capital One and Union FSB are added back to the list at 1.15% APY each.

[BTC]

It's kind of ironic that FNBO Direct lowered their "decent" rate today. I didn't even get email notification. They're still higher than any of my other savings accounts.

[Aleta]

Yes it went down from [b]1.40% to 1.25%[b]. It seems to be the trend now.now.

[ken1706]

Looks like Nationwide Bank's MMA APY has fallen to 1.40% (was 1.45%)

[mrvirgo]

Is this thread only for banks? I have all my money in Alliant Credit Union. Their online savings pays 2% and the checking pays 1.75%. I took out all my money from from online bank savings accounts months ago and brought it all to Alliant. I just got tired of watching bank APYs drop to practically nothing.

[CarolBee]

I got an email today that HSBC's rate was dropping to 1.10%. Ugh.

[ken1706]

Looks like March is going to be another bad month for us savers. Some new rate cuts:

ING Direct 1.15% to 1.10% APY
Dollar Savings Direct 1.40% to 1.30% APY
Savings Square 1.45% to 1.35% APY

I sure hope these rate cuts end soon.

[JoshuaHeckathorn]

I just found out about my HSBC Direct, now HSBC Advance account today too. 1.10%...bummer.

And my former Countrywide, now BOA accounts are absolutely embarrassing. I'm still trying to empty them out after several months because they have so many new restrictions and fees associated with external bank transfers. BOA is the worst.

[ken1706]

When will the rate cuts end???

Ally, my favorite online bank, just cut their MM and Savings account yield from 1.39% to 1.30% APY

[poundwise]

Originally Posted by mrvirgo

Is this thread only for banks?

Yes. Simple online bank savings and money market accounts. There are several credit unions that would qualify, however, membership to most credit unions is not readily open to everyone and so, rather than sort out all of the details of joining such, this list only shows accounts that are open to everyone in the United States.

[poundwise]

List updated today:

American Express down from 1.50 to 1.30
SavingsSquare down from 1.45 to 1.35
Nationwide down from 1.45 to 1.35
Dollar Savings Direct down from 1.40 to 1.30
Ultima Bank down from 1.40 to 1.30
Ally Online Savings down from 1.39 to 1.30
Ally Money Market down from 1.39 to 1.30
HSBC down from 1.20 to 1.10
ING Direct down from 1.15 to 1.10