Online Savings Accounts & Current Rates

[Aleta]

I don't think many people wanted to invest in CountryWide's CD's knowing the sub-prime issue. I would not want to invest, but I might in BOA if the rates were the same.

Our banker once told me that when they merge or buy other banks that they often want to raise their capital and do so by offering short-term promotions.

[savingtaker]

I'm not sure how much capital BoA will need. They're already sitting on tons of cash. And, the deal is a stock swap. No actual cash is being transacted for the buyout.

However, if you didn't buy any CDs because you're worred about Countrywide, you might consider buying them now. After the buyout, it'll be BoA backing those high-interest CDs. And the rates will be locked in.

I have my doubts about BoA keeping the high-yield savings accounts though.

[poundwise]

FYI:

CountryWide is currently offering 5.25% APY on 3 and 6 month CDs; the minimum deposit is $10K

But that is not the best rate going --

Corus Bank is offering 5.30% APY on a 6 month CD; with a minimum deposit of $10K

Or, if you don't have 10K --

Indymac Bank is offering 5.25% APY on a 4 month CD; the minimum deposit is $5K

[savingtaker]

That Corus Bank link says the 6 month CD is 5.15%....

Looks like FNBO, SavingsSquare, and Shorebank use Cashedge to do online applications. That's why they look the same.

SavingsSquare and Shorebank look to be outsourcing their online sites to Digital Insight, an Intuit company.

[Ima saver]

Umbrellabank just lowered their rate on the pot o gold account to 4.95%

[poundwise]

That Corus Bank link says the 6 month CD is 5.15%...

Wow. That was a quick change. I just discovered that the rate had been raised to 5.30%; now, as you point out, its back down to 5.15%.

[sweeps]

UFB now down to 5.00% from 5.12%.

[poundwise]

The list was updated today, Thursday, January 17th --

UFBDirect down from 5.22% to 5.12% to 5.00%
Banco Fortuna down from 5.05% to 4.55%
Umbrella Bank down from 5.00% to 4.95%
Apple Bank down from 4.90% to 4.85%
M&T Bank down from 4.85% to 4.35%
Amboy Direct down from 4.75% to 4.55%
EmigrantDirect down from 4.65% to 4.55%
Ultima Bank down from 4.59% to 4.50%
Capital One down from 4.40% to 4.00%

To view the complete, updated list click here.

[krayziebone33]

Doubtful. Countrywide has been offering high rates on their savings account and CDs, no doubt in an effort to bring in more cash and stave off the inevitable. Now that BOA is involved, I expect those rates will probably drop, not rise.

Absolutely. I believe that the rates will definitely drop now that BOA is involved.

[jwilly77]

Any ideas on a savings account I can open from the use that is denominated in pounds or euros? Possibly an interest bearing?

[poundwise]

Any ideas on a savings account I can open from the use that is denominated in pounds or euros? Possibly an interest bearing?

EverBank: WorldCurrency Access Deposit Account

They also offer WorldCurrency CDs.

[sweeps]

Get ready for an onslaught of interest rate drops... Fed funds rate down to 3.5%.

[savingtaker]

Absolutely. I believe that the rates will definitely drop now that BOA is involved.

Countrywide's 6 month CD is 4.75% now. Dropped quite a bit. May drop more since the Fed lowered to 3.5%.

[poundwise]

Get ready for an onslaught of interest rate drops... Fed funds rate down to 3.5%.

Yep.

If, about a year ago, you wondered, "Should I open a 36 month CD?" -- You should have.

[safari]

IndyMac 7 month CD 5.15% APY. Get it while you can. Link.