Online Savings Accounts & Current Rates

[sweeps]

A query: are the rates listed in this thread real or nominal returns on the various accounts?

Um, nominal returns. Banks wouldn't advertise an account that offered a -1% real return rate

[braxton]

What bank with interest bearing checking would you guys recommend:
-Citibank
-ING Direct
-eTrade

I think they all have minimum balances, if there are any other suggestions for interest bearing checking accounts, i'd love to hear them.

[weissheit]

What bank with interest bearing checking would you guys recommend:
-Citibank
-ING Direct
-eTrade

I think they all have minimum balances, if there are any other suggestions for interest bearing checking accounts, i'd love to hear them.

providentdirect.com No minimums, ATM access, 3.5% APY, brink-n-mortar access in Mid-Atlantic region, EFTs & you can easily transfer funds to a no-fee checking acct.

If you insist on having the online acct be a checking account then century direct has one at 3.41% APY

[eisor]

What bank with interest bearing checking would you guys recommend:
-Citibank
-ING Direct
-eTrade

I think they all have minimum balances, if there are any other suggestions for interest bearing checking accounts, i'd love to hear them.

If you aren't just basing it on interest rate, I really enjoy my ING Direct account. I have a checking & savings and they are both very very easy to use.

[poundwise]

What bank with interest bearing checking would you guys recommend:
-Citibank
-ING Direct
-eTrade

I think they all have minimum balances, if there are any other suggestions for interest bearing checking accounts, i'd love to hear them.

I don't think it is any contest. Century Bank Direct has the highest interest on checking and savings of any online bank offering both. With a free debit card w/ATM fee reimbursement, paper checks w/first order of checks free, free online bill pay, etc., etc. I would definitely recommend them.

Even so, I have listed the offerings that I am aware of below for your consideration.


A comparison:

ING Direct Electric Orange Checking link
Checking: 1.75
Savings: 3.00
Pros: No min, No fee, Easy transfers,
Con: No paper checks


UnivestDirect Any Time Online Checking link
Checking: 1.75
Savings: 3.00
Pros: $1 min, No fee, Easy transfers, Debit card
Cons: Checks cost $18


SalemFiveDirect link
Checking: 3.00
Pros: No min, No fee, No need for separate checking and savings, Debit card, Free 1st order of checks


Schwab Bank High Yield Investor Checking link
Checking: 2.01
Pros: No min, No fee, Free standard checks, Debit card
Cons: No savings account offered by Schwab Bank


E*TRADE Financial Max-Rate Checking link
Checking: 3.25
Savings: 3.15
Pros: High interest, No fee, Debit card, Free first order of checks
Cons: Must maintain $5K balance to earn stated interest and avoid fee


Century Bank Direct Checking link
Checking: 3.35
Savings: 3.41
Pros: $100 to open, No fees, No minimum balance, Free initial order of checks, Debit card

(Century Bank Direct also offers a higher interest MMA with a $1K to open minimum.)

[poundwise]

Though not online checking, it should also be noted that some online savings banks also offer a bill pay account to be used in conjunction with the savings account. Notably: FNBO and HSBC.

[poundwise]

Changes today, June 24th:

HSBC up from 3.05 to 3.50
Ultima Bank up from 2.80 to 2.85

AARP down from 4.05 to 3.50


IndyMac Bank dropped from list (listed account formerly required $1K to earn stated interest, now requires $10K)

[billy1980]

I was originally thinking GMAC, but HSBC is looking mighty enticing!

Great job on the list!

Great list Poundwise. I agree HSBC seems to do well in your survey, I believe their account options and first direct are the only ones on the list we have as branch options in the UK.

I would love a comparison like this on UK banks.

[weissheit]

I don't think it is any contest. Century Bank Direct has the highest interest on checking and savings of any online bank offering both. With a free debit card w/ATM fee reimbursement, paper checks w/first order of checks free, free online bill pay, etc., etc. I would definitely recommend them.

Century Bank Direct Checking link
Checking: 3.35
Savings: 3.41
Pros: $100 to open, No fees, No minimum balance, Free initial order of checks, Debit card

(Century Bank Direct also offers a higher interest MMA with a $1K to open minimum.)

I agree after considering the features you've noted (namely ATM fee reimbursement) in conjunction with there excellent rates in all account categories (checking, savings & money market) and the simplicity of having all your banking under one roof I think I will be migrating out of presidential and some of the other rate chasing savings accounts I opened after presidential stopped being competitive. While you still cannot keep up with inflation at these rates, at least century direct keeps you the closest!!

[weissheit]

https://www.everbank.com/

3 month intro APY of 4.76% checking or MMA

3.51% APY on going rate thereafter

Minimum deposit 1500 USD

[HappyT90]

nice work guys...some ppl do good research

[poundwise]

Updates today 07/11/2008:

ETRADE up from 3.15 to 3.30
Ultima Bank up from 2.85 to 2.90

(Note: Ultima has the most frequent, insignificant rate changes of any I've tracked.)

Countrywide down from 3.00 to 2.65
(Note: For balances greater than $10K down from 4.00 to 3.55)

AmTrust account type/name changed from e-MoneyMarket to e-Savings; same rate of 2.50

[weissheit]

Quote from implode-o-meter.com today regarding Indymac:

Update - 2008-07-11: "The FDIC is in charge" was the verbal announcement ringing through the halls of IndyMac's Pasadena offices. "Everyone show up for work on Monday."

The above information came from an inside source just minutes ago. A formal announcement will be made later today.

[poundwise]

Yep. IndyMac is toast.

IndyMac seized as financial troubles spread - Yahoo! News

[noppenbd]

Does anyone use the online checking accounts that are yielding around 6.0% for their savings? I was thinking of doing it but I'm not sure if it's worth the hassle. The ones I have been looking at require 10-12 debit card transactions a month and a few other things to get the 6% rate.