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You are both quite welcome.
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You are both quite welcome.
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Account rates reviewed today - June 3rd
No changes
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Zion's bank requires $250,000.00 balance to earn 5.18% APY.
$1000.00 - $49,999.99 earns 4.97% APY.Comment
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Wow! That's new. I'd say that is quite a change.Originally posted by buzz View Post
Thanks for the heads-up; I've updated the listing.
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I don't know if that rate is new or not but, no, UnivestDirect is not new. I have recommended their interest checking a few times on the forum.Originally posted by buzz View Post
It is odd that I never put their savings on the listing here. Perhaps at one time the rate (APY) was less than 4% and so I didn't put them here and didn't notice when they raised their rate. Or maybe I just missed it.
In any case, thanks for the note; I've added them to the list.
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My local bank will give you 5.25 % if you will put in $50,000 or more.Comment
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I don't want to read this entire thread so could someone just answer these few questions.
So which is the best online bank?
What are the benefits of going to an online bank and do they usually offer better rates than regular banks.Comment
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Answer 1: Read the first post in this thread, visit some sites, and judge for yourself.Originally posted by Skooby View Post
Answer 2: Your bank pays less than 1% APY on savings, many online banks pay over 5% APY. And yes, this is the norm.
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Hey Poundwise, I noticed that the OneUnited website says that their interest earned credit and compounds quarterly as opposed to daily. Does this mean opening an account with the same interest rate with a bank who credits and compounds the interest daily is better than opening an account with OneUnited? Would I be earning more if I chose to go with a different online bank?Comment
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No. Because the APY (annual percentage yield) already takes into account the method of compounding.Originally posted by krayziebone33 View Post
For instance, OneUnited and GMAC both are currently offering a stated APY of 5.30%. OneUnited states that the interest on savings is compounded quarterly while GMAC states that the interest is compounded daily. You may also note that OneUnited's APR (annual percentage rate) is 5.20% while GMAC's APR is 5.16%. I didn't do the math but basically it adds up to the fact that money saved at an APR of 5.20% compounded quarterly is earning a 5.30% yield. Money saved at an APR of 5.16% compounded daily is also earning a 5.30% yield. The compounding method is different but so is the APR and so, in the end, both have the same APY.
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In this case, I would be breaking even no matter which account I chose to roll with in the end? You seem to be saying that if I deposit $1000.00 in both accounts that, if everything else remains constant, I would end up with the same amount of interest earned at the end of the year in both, despite the fact that they credit and compound at different time periods. Is this accurate?Originally posted by poundwise View PostComment
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Citibank is quite confusing.
They are still offering, through one link, an account called an e-Savings. This account must be linked with a Citibank e-Checking and, at present, offers a 4.75% APY.
They are also offering an account called the Ultimate Money Account which pays a higher rate, 5.00% APY, but comes with a lengthy stipulation: "To qualify for the higher rate, you must make at least two electronic bill payments, through Citibank® Online, Citi Mobile(SM) or Citiphone Banking®, from your linked checking account during the calendar month preceding the statement cycle date." Also, if you actually click to apply for this, the next screen says that you are applying for a Citibank EZ Checking account with Citibank Ultimate Money account.
Citibank's current, stand-alone, online savings offering is called Ultimate Savings. At a current rate of 4.75% it has no minimum balance requirement and no fees, if held as a stand-alone account This is the one that is listed on the summary post.
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