Online Savings Accounts & Current Rates

[poundwise]

Update 9/30: Emigrant Direct rate lowered from 5.15% to 5.05% APY

[Ima saver]

Rates seem to be coming down!

[poundwise]

Originally Posted by Ima saver

Rates seem to be coming down!

???

Excluding the latest move by Emigrant, the other changes to the accounts on the lists lately have been moves upward -- including several that are now at or over the 5.25% APY mark.

[Ima saver]

Well, that is good!

[poundwise]

Update 10/03

E-TRADE's special offer is extended through October 31, 2006 (previously was set to expire on September 30.)

No rate changes as of this morning.

See the first post in this thread for complete list of account offerings and current rates.

[sweeps]

Poundwise: E-LOAN changed their policy on balances of $5,000 or less. It has the same 5.5% rate. According to their T&C, they do not charge any fees, so theoretically, one could open an account with $5,000 and draw it down to $1 and still earn 5.5%. (However, according to The Banking Guy, E-LOAN reserves the right to close accounts that go below $500.)

[poundwise]

Originally Posted by Sweepsplayer

Poundwise: E-LOAN changed their policy on balances of $5,000 or less. It has the same 5.5% rate. According to their T&C, they do not charge any fees, so theoretically, one could open an account with $5,000 and draw it down to $1 and still earn 5.5%. (However, according to The Banking Guy, E-LOAN reserves the right to close accounts that go below $500.)

That's great news for E-LOAN users or persons considering E-LOAN. I'll update page one.

[Broken Arrow]

Originally Posted by Sweepsplayer

Poundwise: E-LOAN changed their policy on balances of $5,000 or less. It has the same 5.5% rate. According to their T&C, they do not charge any fees, so theoretically, one could open an account with $5,000 and draw it down to $1 and still earn 5.5%. (However, according to The Banking Guy, E-LOAN reserves the right to close accounts that go below $500.)

Really?

Yeah, you're right, they changed it!

Excellent. Now if they'll keep their rates competitive like that, I'll be a happy camper!

[Ima saver]

You can't make much money on $1 sitting in the bank, even earning 5.5%

[sweeps]

Lol .

[tmango]

Originally Posted by Ima saver

You can't make much money on $1 sitting in the bank, even earning 5.5%

If you wait a thousand years, at 2.5%, (assuming no taxes, ya right) that would be worth like 73 billion or so...


Edit( actually i overestimated it would be $52,949,930,178.99, still not a bad hall

[Bookie]

Originally Posted by tmango

If you wait a thousand years, at 2.5%, (assuming no taxes, ya right) that would be worth like 73 billion or so...


Edit( actually i overestimated it would be $52,949,930,178.99, still not a bad hall

Did you factor in the inflation rate? Let's see, a thousand years and 2.5% annual inflation would leave you . . .

[tmango]

Originally Posted by Bookie

Did you factor in the inflation rate? Let's see, a thousand years and 2.5% annual inflation would leave you . . .

So I guess, since a pack of gum costs a dollar now... in a 1000 years a pack will cost 53 billion...

[safari]

GMAC Bank raised their money market rate from 5.00% to 5.25% as of 10/06/06. I was thinking about switching to E-Loan, but now it looks like I'll be keeping my money with GMAC because I like their service and the checkwriting/ATM feature.

I was just coming by to note that as well


anyway I, like Safari, very much appreciate my debit card and check writing ability, they have already come in handy once when I needed immediate access to my emergency fund in an "emergency." it would require a significant spread to get me to move to one of the other common online banks.

[poundwise]

Update 10/06

GMAC from 5.00% to 5.25%

(Thanks safari)

No other changes as of this morning

[poundwise]

Observation: GMAC's move to 5.25% APY now makes them the 10th on the list to offer 5.24% APY or greater. Of those, four require a very small deposit ($10 or less) to get started, nine have no minimum balance requirements.

At the same time, ING still sits at 4.40% and Emigrant recently dropped from offering 5.15% APY to 5.05%. Prompting me to once again to issue the opinion that the great amount of discussion revolving around these two offerings is much ado about nothing.

On a positive note, I am very glad to see all these opportunites for savings at such worthwhile rates.

[BTC]

Originally Posted by poundwise

Observation: GMAC's move to 5.25% APY now makes them the 10th on the list to offer 5.24% APY or greater. Of those, four require a very small deposit ($10 or less) to get started, nine have no minimum balance requirements.

At the same time, ING still sits at 4.40% and Emigrant recently dropped from offering 5.15% APY to 5.05%. Prompting me to once again to issue the opinion that the great amount of discussion revolving around these two offerings is much ado about nothing.

On a positive note, I am very glad to see all these opportunites for savings at such worthwhile rates.

Maybe you should throw HSBC into that mix as well. It would be interesting to see the deposit base each of these banks is servicing.

The fact that some banks are continuing to raise their yields offers some hope that E-Loan may stand pat at 5.50% for some time. As long as people keep moving their money around, forcing these banks to compete for deposits, there may always be some pretty good yields available.

[BTC]

Bank United raised their yield to 5.35%, but they may not qualify for this list with the $5,000 minimum deposit requirement.

[sweeps]

Originally Posted by safari

GMAC Bank raised their money market rate from 5.00% to 5.25% as of 10/06/06.

Naturally. I just moved all my money out of there this week. Granted it was to E-LOAN @ 5.50%, but still these online banks drive me crazy sometimes.