Online Savings Accounts & Current Rates

[Aleta]

Oh yes Poundwise, those were the days! I've always thought that 5% or better is a decent rate. Thanks for your work informing us.

[nmboone]

I worry how low they'll all go. I guess they can't go lower than .01%. Right? Right??

[Walt_Pennsyl]

I have a savings acct with emigrant direct and it only earns 1.55%
Kind of sucks

I mean I guess I can't complain, it seems like every savings acct has a bad rate right now.

[poundwise]

Redneck Bank is once again accepting new applications and so they are back on the list at 2.00% APY.

ING Direct is removed from the list at 1.40% APY. There are several other account offerings ranging from 1.20% to 1.40% and, since those are not included, I cannot justify leaving ING on the list just because they have been a major player/popular in the past, etc.

[BTC]

I think Ally Bank is down to 1.95% APY.

[Aleta]

Emigrant Direct is down from 1.55 to 1.40. I suppose this one will come off Poundwise's list as well.

[BTC]

Dollar Savings Direct is down to 1.70% APY. Before long, there may not be a list.

[Ima saver]

Gosh, I can still get 1.98% on my checking account locally!

[Aleta]

I get 2.00% on a Money Market. until Aug. 31st.

[zabbkoff]

I'm looking at opening a Bank of Internet account, but can't seem to figure out why I shouldn't open an "Advantage Savings" instead of a "High Yield Savings" account. I'm just looking for a place for our emergency fund... we don't need any extras.

Bank of Internet Savings

Any advice? Thanks!

[poundwise]

I'm looking at opening a Bank of Internet account, but can't seem to figure out why I shouldn't open an "Advantage Savings" instead of a "High Yield Savings" account. I'm just looking for a place for our emergency fund... we don't need any extras.

Bank of Internet Savings

Any advice? Thanks!

I don't see any reason why the Advantage Savings wouldn't be a good option. With no minimums, no fees and a good rate of return from a solid institution, it would seem to be a solid offering. I believe this is new (it is essentially a money market account with limited bill-pay and debit card access) and I will add it to the list when I do the next update.

[poundwise]

Emigrant Direct is down from 1.55 to 1.40. I suppose this one will come off Poundwise's list as well.

Dollar Savings Direct is down to 1.70% APY. Before long, there may not be a list.

*sigh*

With rates continuing to fall and many yields at 1.40% to 1.70%, I may ultimately have to reset the floor lower than 1.50%. However, for now, there are still plenty of options at 1.50% and above, including several at around 2.00%.

[zabbkoff]

Poundwise,

Thank you very much for the response. I've actually decided to hold off on opening an account there for the time being. I found this on their FAQ, and I think I'll wait until they have a better system set-up:

How do I transfer funds out of my Bank of Internet USA account to an account at another financial institution?

The most common way is to write a check or transfer through our online Bill Pay service. However, you may also request a wire transfer to the other institution. To wire the funds you must complete a "Wire Form" located on the QUICK HELP page under "Printable Items" section. The form may be faxed to us at (858) 350-0443. Wire will be processed same day if received prior to 1:00 pm (PST). Please note, a wire fee will be assessed and transfers can only be wired to an account in the same name as the Bank of Internet account.

I assume the online bill pay would work alright, but I would still prefer a straight transfer. And I'm not sure how one gets money into the account. Just thought others may also want to know before opening an account there.

[Jazzmint98]

Just got an email from Shore Bank announcing their rate increase to 2.15% APY, effective tomorrow, July 28.

[Aleta]

I'm wondering with all of the new car incentives and loans that banks may want to raise rates on various products. Just wondering.