Online Savings Accounts & Current Rates

[poundwise]

Savings rates updated today: Thursday, October 11th

Amboy Direct Premium from 5.05% to 4.80%


And WOW ...

IndyMac Bank from 4.75% to 1.50%

They still have the nice 4 month CD offer but I guess they decided to get out of the online savings business. They are off the list.

[savingtaker]

Etrade Bank dropped from 5.05 to 4.7....

[sweeps]

Wow, the hits just keep on coming.

These banks still blow away the brick-and-mortar banks though. Just think how many people out there are still earning 0.25% (or less) on their money.

[Newbie]

Citibank also dropped the rate on their "Ultimate Savings" account from 4.75 APY to 4.5.

I'll stick with them cos I like the free next-day transfers to/from my other bank accounts..

[sweeps]

Also GMAC down to 4.75% from 4.9%.

[sweeps]

Savings Square 5.10%

[m3racer]

Also GMAC down to 4.75% from 4.9%.

Just moves most of my $$ out of that account.

[m3racer]

WT Direct 5.15 to 5.06

[poundwise]

Etrade Bank dropped from 5.05 to 4.7....

Citibank also dropped the rate on their "Ultimate Savings" account from 4.75 APY to 4.5.

Also GMAC down to 4.75% from 4.9%.

Adjustments noted. I've updated the list accordingly. Thanks for sharing the information.

WT Direct 5.15 to 5.06

Thanks for the heads-up, however, I don't include accounts that require $10K to earn the stated level of interest. WT Direct currently only pays 0.60% on accounts under $10K.

Savings Square 5.10%

Thanks sweeps. Another one for the list. And another one still holding the rate over 5.00%.

[cs1992]

What is driving these decreases in interest rates? The Fed dropped rates 3 weeks ago.

[Newbie]

What is driving these decreases in interest rates? The Fed dropped rates 3 weeks ago.

They are trying to catch the rate chasers off guard...

[Aleta]

That's why it is probably not wise to open up new accunts right now thinking that their rates are higher. All I'm doing is moving money from banks with lower rates to higher ones that I already have established. The only account to open up now is one that will guarantee that rate for a period of time. I locked in a money market rate at my brick and mortar bank for 6 months one week before the fed dropped rates. I can already see where that decision was a good one.

Something important also is developing a good relationship with your bank. One of the customer service people there are very likely to apprise you of upcoming rate changes and general changes in the bank.

[sweeps]

CapOne down to 4.75%, AmTrust down to 4.93%. We're going downer.

[safari]

Countrywide SavingsLink is looking better and better at 5.50% APY. I wonder how long they are going to keep it up.

[BTC]

For anyone interested, here is a link to the countrywide account. There is a 10K minimum balance. I would expect that rate to drop, but who knows.

https://bank.countrywide.com/landing/sl4.aspx?src=GOOGL002D001&tier=10000&term=sl&time=45