Online Savings Accounts & Current Rates

[kork13]

I would imagine that ING will be lowering their rate again soon. Their new CD rates have the 6 and 9 month rates quite a bit lower than the current orange savings rate.

Don't curse it! They already brought it down last week to 2.4%....

However, the issue with low-yielding CDs is causing me to temporarily stop my CD ladder... I use 6-mo CDs, and when those are yielding nearly a full point LESS than a regular savings account is offering, there's no purpose in it. I'll just wait until they pick up again, and restart my ladder.

[weissheit]

I would imagine that ING will be lowering their rate again soon. Their new CD rates have the 6 and 9 month rates quite a bit lower than the current orange savings rate.

I've seen this w/ my bank also, presidential (Recently de-listed from this string's list of banks). I wonder if this is also some sort of signal, like an inverted yield curve, that a bank is not doing well as its customary to pay a premium to lock your money up for a fixed duration of time in a CD verses keeping it liquid in a regular savings account.

[weissheit]

Chesapeake Bank, the current online bank market leader for rates, is listed by bankrate.com on their safe & soundness rating system as "sound" with four stars. I am in Northern Virginia and have a friend who lives in Williamsburg, VA and he plans on checking into them down there. I plan on switching soon, they also have decent interest rates on their checking (2.5 - 3.25 APY depending upon your balance w/ 1-10k at 2.5% APY, 10-25k at 2.75 % APY & 25k+ at 3.25 % APY.

Here is their homepage: Chesapeake Bank

[poundwise]

Chesapeake Bank's standard savings rates are dreadful. What you want is their Clear Sky Savings offering, which is what presently appears at the top of the listing here.

[weissheit]

Chesapeake Bank's standard savings rates are dreadful. What you want is their Clear Sky Savings offering, which is what presently appears at the top of the listing here.

Agreed, I posted the link for info purposes only. My previous post was referring to their "clear sky checking" rates. They are on the clear sky website at: Checking - CLEAR SKY ACCOUNTS: Brought to you by Chesapeake Bank

I apologize for any confusion, I personally do not put my money in any internet back w/o first doing research on them to make sure they are legit.

[poundwise]

I understood but was concerned that the link to the B&M bank site could have been misleading. Clear Sky Accounts are certainly offered by Chesapeake Bank, however, there are two different sites.

Most online banks have B&M institutions behind them and most offer very standard products and rates as a B&M bank, only offering the higher APY with their online accounts.

In this case, if people want to check out the bank behind the account offering, then they can visit the Chesapeake Bank site.

If people want info about the online high yield savings and/or the online checking referred to by weissheit, they should visit the Clear Sky Account site.

[saverbootay]

I checked with Chesapeake and they say you can only transfer 10k out of your account per day. If that's an issue to anyone....

[weissheit]

HSBCdirect down to 2.45% APY

[noppenbd]

Provident-direct down to 2.82% APY

[poundwise]

UPDATES TODAY 1/30

Big APY drop:
Umbrella Bank down from 2.60 to 2.00 (.60)

Other moves downward:
CNB Bank Direct from 3.50 to 3.40 (.10)
Century Bank Savings from 3.26 to 3.04 (.22)
Provident Direct from 3.25 to 2.82 (.43)
Century Bank Money Market from 3.09 to 2.82 (.27)
HSBC down from 2.60 to 2.25 (.35)
IndyMac down from 2.60 to 2.25 (.35)
Citi down from 2.50 to 2.40 (.10)
Capital One Money Market from 2.10 to 2.00 (.10)

Note:
AARP down from 2.00 to 1.75 (.25) and off the list

[Aleta]

Asl of Feb 2, 2009, FNBO DIRECT new rate is 2.57 APR with 2.60 APY. Down from 2.80

[scfr]

Doral Bank bucks the trend. Up to 3.50% APY

[weissheit]

Chesapeake Bank's Clear Sky Savings account down to 3.15% APY

Clear Sky checking rate structure currently still intact (2.5 - 3.25 APY depending upon your balance w/ 1-10k at 2.5% APY, 10-25k at 2.75 % APY & 25k+ at 3.25 % APY).

[cooliemae]

ING Orange Savings down to 2.2% APY

[BTC]

E*Trade Savings is down to 2.50% APY.