Online Savings Accounts & Current Rates

[poundwise]

Emigrant Direct dropped their yield from 4.55% to 4.30%

Included in today's update (see below). Thanks!

[poundwise]

Updates --

KeyDirect down from 4.75% to 4.00%
Umbrella Bank down from 4.65% to 4.02%
EmigrantDirect down from 4.55% to 4.30%
Banco Fortuna down from 4.55% to 4.30%


As always, see the first post in this thread for the complete listing of current rates.

[Aleta]

The rate at Emigrant won't go into effect until Monday, January 28th.

The APR is 4.21 and the APY is 4.30.

Mu local bank's money market will be at 4.50 apr/ 4.59 APY until sometime in March. Think that I will transfer money from these other accounts and just leave a little over $1. in them.

[BTC]

According to Emigrant's website, their lowered yield is effective right now.

[Aleta]

I called and the rep told me Monday, because I couldn't see what the apr was so I called them. As the rates drop, I'll take money out and move it, leaving a small amount in there so as not to have any paperwork and it will keep it open.

[Maxwell76]

Every body is dropping their rates. I just tied up 200K at a bank paying 4.8% for a year!! They will pay 5% for 6 months!

Yeah, CDs don't look so bad now do they? I wish I had put some money in one last fall when rates were as high as 6%.

I called and the rep told me Monday, because I couldn't see what the apr was so I called them. As the rates drop, I'll take money out and move it, leaving a small amount in there so as not to have any paperwork and it will keep it open.

The problem I see with rate-cashing in this environment is when you think you've settled into a nice interest rate at one bank, it's only a matter of time before the latest Fed rate cut causes it to drop.

[Aleta]

I'm moving my money to my brick and mortar bank that I received a certain rate for 6 months. It would be foolish of me to leave money in these banks when I could be making more in my own bank. I agree that if you're going to use your time and gasoline to switch banks; you're wasting your time and energy. If it only takes a click of the mouse, you'd be foolish to leave your money in a bank making less.

[MoneyenoM]

Emigrant Direct dropped their yield from 4.55% to 4.30%

I am going to move my money to OneUnited. Hopefully, if it decides to drop the rate, it will still have the best rate.

Thanks in advaces

[maat55]

I would think that for long term investing, mutual funds would be a great buy right now. Putting money in cd's and savings might miss the boat.

[MoneyenoM]

I would think that for long term investing, mutual funds would be a great buy right now. Putting money in cd's and savings might miss the boat.

Thanks for advice

[Ima saver]

It is disappointing. I moved money into umbrellabank's pot o gold account cause it was paying 5%. In just a month, it is down to 4.02%.

[m3racer]

It is disappointing. I moved money into umbrellabank's pot o gold account cause it was paying 5%. In just a month, it is down to 4.02%.

I feel your pain.

[Ima saver]

Thanks, I guess we are all going thru this.

[BTC]

I read something today indicating that the Fed is expected to cut rates again this week, so savings rates could be headed lower. I wouldn't have expected them to cut again after the emergency .75 cut. We'll see.

[poundwise]

Rates reviewed, Monday, January 28th, 11:40AM. Surprisingly, no updates.