Online Savings Accounts & Current Rates

[billy1980]

Great post here, nice to have all the information compiled in one place

[Ima saver]

Umbrella lowered their rate to 3.4%

[poundwise]

Updates: Monday, April 21


APY drops --

OneUnited down from 4.00 to 3.60
SavingsSquare down from 3.50 to 3.25
Umbrella Bank down from 3.50 to 3.40
CapitalOne down from 3.10 to 3.00
Ultima Bank down from 2.90 to 2.75

Countrywide rate for accounts with $10K down from 4.50 to 4.00


APY increases --

ELOAN up from 2.75 to 3.00
KeyDirect up from 2.75 to 3.00


New additions --

OnBank at 3.49
Century Bank Direct at 3.61


See first page of this thread for complete listing and links, sorted by current APY.

[poundwise]

Great post here, nice to have all the information compiled in one place

Thank you for the compliment.

And thanks to all those who contribute information.

[Aleta]

poundwise: I think that that is interesting that there are 2 that have increased their APY's. Is this the first time during this period of banks lowering their rates?

[ZenQueen50]

ING is pretty desperate to get new customers or keep their existing customer base. They're offering a CD, any amount, 6- and 9-month term at 3.3%.....

What surprised me the most was that there was no minimum required. The lowest dollar amount I've seen to open a CD was $500.

[poundwise]

ING is pretty desperate to get new customers or keep their existing customer base. They're offering a CD, any amount, 6- and 9-month term at 3.3%.....

What surprised me the most was that there was no minimum required. The lowest dollar amount I've seen to open a CD was $500.

You are right about the minimum, however, there is really not much point in opening an CD with less than $500, is there?

And, desperate or not, they may need to offer a little more incentive. Some other current offers:

GMAC 6 or 9 month CD 3.60% APY, 12 month 3.90% APY, $500 minimum

ELOAN 6 month CD 3.50% APY, $500 minimum

IndyMac Bank 12 month CD 4.15% APY, $5K minimum

[weissheit]

You are right about the minimum, however, there is really not much point in opening an CD with less than $500, is there?

And, desperate or not, they may need to offer a little more incentive. Some other current offers:

GMAC 6 or 9 month CD 3.60% APY, 12 month 3.90% APY, $500 minimum

ELOAN 6 month CD 3.50% APY, $500 minimum

IndyMac Bank 12 month CD 4.15% APY, $5K minimum

The problem with all CD offerings lately is two fold. One these rates are not preserving the purchasing power of the funds relative to inflation, which everyone knows is not the "Core" inflation the Fed touts as being in the 2-3% range. Plus toss in the fact that you've got to pay federal & state taxes on this interest, then why bother?

Second, while I know all these institutions are FDIC insured, I am still not a big fan of them because they are up to their necks in mortgage loan toxic waste. All the banks offering these "o.k." rates are the same ones that got us into this mess, so I just do not trust them. I do not remember the details, but I do remember many bankers getting off scott free from the 90's S&L debacle and depositors not getting all their money back.

My everbank intro rate of 4.5% runs out in 2 months, all the banks will be cutting 1/4 a point after the fed does the same. So once its all said & done what is a saver to do? Your thoughts please, thank you.

[m3racer]

SS down to 3.05% APY

[weissheit]

SS down to 3.05% APY

Yes, a handful of the members of the list have lowered rates after the lastest cut. The good news is that its not as many as in the past and not that drastic of a cut. WSJ & CNN have had a few more articles on low savings and CD rates, but for now if you go w/ Unity, Provident or Century direct you'll get mid 3% range which is about the best you can expect while retaining liquidity and having your money FDIC insured.

[poundwise]

Updates: Friday, May 9


APY drops --

Century Bank (Savings) down from 3.61 to 3.41
UFB Direct down from 3.35 to 3.01
SavingsSquare down from 3.25 to 3.05
Apple Bank down from 3.00 to 2.75
Ultima Bank down from 2.75 to 2.70
Presidential down from 2.75 to 2.60


APY increases --

ETRADE up from 3.01 to 3.15
ELOAN up from 3.00 to 3.01
Univest Direct up from 2.75 to 3.00


New additions --

Century Bank (Money Market) at 3.57


Removed --

Zion's Bank for rate drop to 2.53 and now requiring a balance of $2,500 to even earn that



See first page of this thread for complete listing, account details, and links; sorted by current APY.

[BTC]

I'm jumping all over that E-LOAN increase. Who's with me?

[poundwise]

I'm jumping all over that E-LOAN increase. Who's with me?

hehe

[DayByDay]

hehe. I have an e-loan account and had noticed the whopping increase.

[m3racer]

I'm jumping all over that E-LOAN increase. Who's with me?

LOL