Online Savings Accounts & Current Rates

[poundwise]

Re: Summary post of online MMA rates


Observation: GMAC's move to 5.25% APY now makes them the 10th on the list to offer 5.24% APY or greater. Of those, four require a very small deposit ($10 or less) to get started, nine have no minimum balance requirements.

At the same time, ING still sits at 4.40% and Emigrant recently dropped from offering 5.15% APY to 5.05%. Prompting me to once again to issue the opinion that the great amount of discussion revolving around these two offerings is much ado about nothing.

On a positive note, I am very glad to see all these opportunites for savings at such worthwhile rates.

[BTC]

Re: Summary post of online MMA rates

Observation: GMAC's move to 5.25% APY now makes them the 10th on the list to offer 5.24% APY or greater. Of those, four require a very small deposit ($10 or less) to get started, nine have no minimum balance requirements.

At the same time, ING still sits at 4.40% and Emigrant recently dropped from offering 5.15% APY to 5.05%. Prompting me to once again to issue the opinion that the great amount of discussion revolving around these two offerings is much ado about nothing.

On a positive note, I am very glad to see all these opportunites for savings at such worthwhile rates.

Maybe you should throw HSBC into that mix as well. It would be interesting to see the deposit base each of these banks is servicing.

The fact that some banks are continuing to raise their yields offers some hope that E-Loan may stand pat at 5.50% for some time. As long as people keep moving their money around, forcing these banks to compete for deposits, there may always be some pretty good yields available.

[BTC]

Re: Summary post of online MMA rates

Bank United raised their yield to 5.35%, but they may not qualify for this list with the $5,000 minimum deposit requirement.

[sweeps]

Re: Summary post of online MMA rates

GMAC Bank raised their money market rate from 5.00% to 5.25% as of 10/06/06.

Naturally. I just moved all my money out of there this week. Granted it was to E-LOAN @ 5.50%, but still these online banks drive me crazy sometimes.

[poundwise]

Re: Summary post of online MMA rates

Bank United raised their yield to 5.35%, but they may not qualify for this list with the $5,000 minimum deposit requirement.

Requiring $5,000 to open the account does not disqualify them from the list, however, they also require maintaining a balance of $5,000 to earn the stated interest and avoid fees. This is why they do not appear in this thread.

[Ima saver]

Re: Summary post of online MMA rates

Is Bank United an internet bankm or brick and mortar bank?

[poundwise]

Re: Summary post of online MMA rates

Is Bank United an internet bankm or brick and mortar bank?

They are a bank with "75 full-service branches" based in South Florida offering Internet banking services.

This is, basically, what most of the "Internet banks" are, online arms of established local or regional brick and mortar banks. Of course, I say most, certainly not all.

[Ima saver]

Re: Summary post of online MMA rates

Thak you poundwise. I think I remember reading that somewhere on this forum.

[poundwise]

Re: Summary post of online MMA rates


Update 10/10 --

UFBDirect (High-Yield) rate moves downward (slightly) from 5.27% to 5.26% APY.

[RJB1180]

Re: Summary post of online MMA rates

Is anyone worried about Amboy going under??

When Kara Homes filed for bankruptcy this month, Amboy National Bank of Old Bridge was listed as the largest creditor with $58.2 million in loans.

When local real estate mogul Solomon Dwek's $400 million empire was frozen by a judge following charges of bank fraud, Amboy was again the largest creditor — for $49.7 million.

Just as Amboy has been surprised by the loans gone bad, a real estate market in decline could spell financial trouble for other local banks and thrifts that have lent heavily for housing developments and commercial real estate, bank analysts and federal regulators say.

Read all about it at http://www.app.com/apps/pbcs.dll/art...=2006610150396

[tinapbeana]

Re: Summary post of online MMA rates

poundwise: i don't know if it's on the list or not (i haven't seen it): grand yield direct, the online half of apple bank in NY. 5.25% no monthly fees, $1 min balance, and interst compounded daily deposited into the acct monthly.

[poundwise]

Re: Summary post of online MMA rates

Is anyone worried about Amboy going under??

When Kara Homes filed for bankruptcy this month, Amboy National Bank of Old Bridge was listed as the largest creditor with $58.2 million in loans.

When local real estate mogul Solomon Dwek's $400 million empire was frozen by a judge following charges of bank fraud, Amboy was again the largest creditor — for $49.7 million.

Just as Amboy has been surprised by the loans gone bad, a real estate market in decline could spell financial trouble for other local banks and thrifts that have lent heavily for housing developments and commercial real estate, bank analysts and federal regulators say.

I wouldn't be concerned. Amboy has been around for 118 years and is sound with total assets of more than $2.6 billion, net income for 2005 was $81.8 million with shareholder's equity of $196 million.

On top of that, each account is FDIC insured.

[poundwise]

Re: Summary post of online MMA rates

poundwise: i don't know if it's on the list or not (i haven't seen it): grand yield direct, the online half of apple bank in NY. 5.25% no monthly fees, $1 min balance, and interst compounded daily deposited into the acct monthly.

Yes, Grand Yield Direct is on the list. It has been consistently near the top for the last 60 days or so by offering 5.25%.

[trainedmonkey]

Re: Summary post of online MMA rates

Thank you and a suggestion.

I would like to thank you for keeping this list up to date. Also I'm wondering if there would be someway to place a ranking on these from a rate standpoint from week to week. My first thought was to use a spreadsheet but everyone might not have the ability to view its contents but since you are updating the sticky post an idea of how they stack up week to week or month to month would be nice.

Just a thought and thanks again.

[RJB1180]

Re: Summary post of online MMA rates

although not complete here is a graph someone put together http://www.pfstuff.com/savings/