Online Savings Accounts & Current Rates

[krayziebone33]

Re: Summary post of online MMA rates

OneUnited has raised their rate from 5.25% to 5.30%. However, I read that you have to have a minimum balance of $1000 to qualify for the higher APY. I guess that means if you have a balance lower than the $1000, then you continue to receive 5.25%.

[poundwise]

Re: Summary post of online MMA rates


Updated the listing as of 01/01/07

As the previous posters mentioned:

OneUnited now requires $1,000 to open and to earn the stated interest. This account now offers 5.30% APY

GMAC dropped their rate to 5.20% (Commentary: Does anyone move their rate more than GMAC?)

There were a couple of other tweaks on the listing. Nothing significant.

[vsjhoc]

Re: Summary post of online MMA rates

About 6 months ago, I opened an account with UFB Direct. They offered, and still offer, one of the highest MMA rates on this list (thanks again poundwise for keeping this up!).

I just found out that they ran a credit report when I opened the account. So now I have a "hard" inquiry that stays on for 2 years and may lower my FICO score. Fortunately, I'm not planning to apply for credit this year, so it won't affect me.

I went back and checked the fine print on my signature card, and sure enough, I authorized them to pull the credit report. Who reads that fine print, anyway?

Seems pretty bizarre that I'm giving them my money, and they want to know if my credit is good enough.

[kv968]

Re: Summary post of online MMA rates

About 6 months ago, I opened an account with UFB Direct. They offered, and still offer, one of the highest MMA rates on this list (thanks again poundwise for keeping this up!).

I just found out that they ran a credit report when I opened the account. So now I have a "hard" inquiry that stays on for 2 years and may lower my FICO score. Fortunately, I'm not planning to apply for credit this year, so it won't affect me.

I went back and checked the fine print on my signature card, and sure enough, I authorized them to pull the credit report. Who reads that fine print, anyway?

Seems pretty bizarre that I'm giving them my money, and they want to know if my credit is good enough.

When applying for an online MMA or to open a CD it's good to check with the institution first to see whether they do a "hard" or "soft" pull on your credit. If they do a soft pull, it may still show up on your credit report but it won't be shown as an application for credit and won't affect your FICO score. It might not matter either way if you haven't applied for credit recently or aren't going to be for some time but if you've had too many credit inquiries already on your report, it could drop your score.

[cbird01]

Re: Summary post of online MMA rates

Seems pretty bizarre that I'm giving them my money, and they want to know if my credit is good enough.

They just want to have it on file so they can cross sell you other products or affiliated businesses. Nowadays, many insurance companies even pull your credit for a policy! I have heard of people getting denied or having to pay more for an insurance policy due to credit.

[vsjhoc]

Re: Summary post of online MMA rates

They just want to have it on file so they can cross sell you other products or affiliated businesses.

I would have been happier if they opened the account, and then pulled the report. It would be a soft inquiry for a promo offer.

Nowadays, many insurance companies even pull your credit for a policy! I have heard of people getting denied or having to pay more for an insurance policy due to credit.

True. The auto insurers claim that there is a correlation between bad credit and the higher likelihood of filing an auto claim.

[sweeps]

Re: Summary post of online MMA rates

Gmac down to 5.10%.

[poundwise]

Re: Summary post of online MMA rates

Gmac down to 5.10%.

Maybe they are trying to become the rate-change leaders. :

*sigh*

Still... a good rate.

Thanks for the heads-up Sweeps. I'll make the change today as I check over all the listings.

[poundwise]

Re: Summary post of online MMA rates


Update 01/12/2007:

GMAC down from 5.20% APY to 5.10%


No other changes

[Broken Arrow]

Re: Summary post of online MMA rates

Ouch.

GMAC was my planned fallback bank if E-Loan ever goes south on me.

All of their recent rate drops, however, is making me consider a different bank.

[poundwise]

Re: Summary post of online MMA rates

Ouch.

GMAC was my planned fallback bank if E-Loan ever goes south on me.

All of their recent rate drops, however, is making me consider a different bank.

As one who has stayed involved in monitoring these banks and rates for quite a while now, I would point out that OneUnited held a rate of 5.25% APY for several months until recently when they moved upward slightly to 5.30% APY. Amboy Direct has also held a 5.25% APY rate for quite some time having been 5.15% prior to that. Also noteworthy is that HSBC and Emigrant have both held their current rate of 5.05% APY for a while and both have a lot of advertising, which includes their rate, and so that seems to me to make it less likely that they would fluctuate as much.

That is not to say that E-Loan, Apple Bank, etc. are not worthwhile, just that these others I've mentioned stand out in my mind as being more firm with their going rates.

[dodger440]

Re: Summary post of online MMA rates

Wow, this is a GREAT post!!! Does anybody know if any of these companys will open up an account without pulling a credit report? If not, which companys do a soft credit pull? Thanks and keep this great post going!!

[kv968]

Re: Summary post of online MMA rates

Wow, this is a GREAT post!!! Does anybody know if any of these companys will open up an account without pulling a credit report? If not, which companys do a soft credit pull? Thanks and keep this great post going!!

I'm pretty sure all of these banks will do a credit pull. You'd have to call up the individual bank themselves and ask what type of pull they do. I've also heard, although rare, that some will say they do a "soft" pull but it ends up as a "hard". I have an account with GMAC and they did a "soft" pull by Transunion.

[krayziebone33]

Re: Summary post of online MMA rates

I have an account with OneUnited, HSBC, and Emigrant. I think all three to soft pulls. Amtrust does hard pulls.

[PRICEPLUS]

Re: Summary post of online MMA rates

poundwise, thank yoou for doing one hell of a job with this thread!