Online Savings Accounts & Current Rates

[noppenbd]

Dang, Dollarsavingsdirect down to 3.20%.

[poundwise]

As accompaniment and to set the mood listen to this and, in the chorus, substitute "rates" for "tears."


UPDATES TODAY 2/5

Big APY drops:
ClearSky Savings down from 3.75 to 3.15 (.60)
E*TRADE down from 3.01 to 2.50 (.51)
Bank of Internet Money Market down from 2.90 to 2.00 (.90)
Venture Bank Direct down from 3.30 to 2.48 (.82)

Other moves downward:
Bank of Internet High Yield Savings down from 3.51 to 3.10 (.41)
Dollar Savings Direct down from 3.50 to 3.20 (.30)
SavingsSquare down from 3.30 to 2.90 (.40)
Alliant down from 3.25 to 3.00 (.25)
FNBO Direct down from 2.80 to 2.60 (.20)
Amboy down from 2.53 to 2.27 (.26)
ING Direct down from 2.40 to 2.20 (.20)

Big APY raise:
Doral Bank from 2.25 to 3.50 +1.25

Another move upward:
HSBC Direct from 2.25 to 2.45 +.20


Note:
Umbrella Savings down from 2.00 to 1.60 (.40) and off the list


VIEW THE COMPLETE LIST SORTED BY CURRENT APY

[saverbootay]

Dang, Dollarsavingsdirect down to 3.20

Maybe they've found this site and are saying to themselves, we just need to be top-3 on the list....

[BTC]

Looks like GMAC is down to 2.75% APY.

[poorgradstudent]

Recently opened a Clear Sky savings account at Chesapeake Bank (before they dropped to 3.15%) and received my welcome letter in the mail today, and was surprised to find a $15 iTunes giftcard inside. I guess I mind the rate drop a little less now. Just thought I'd pass the info along.

[weissheit]

Clear Sky Savings down to 3.05%

[noppenbd]

Dollarsavingsdirect continues its freefall to 3.05%.

[Bickki]

Hi All! I'm new here so If I ask a stupid question I'm gonna blame it on that point. I've read the posts over the last year and I started a account with UFB Direct back in 2007. Today I noted their Interest rate is down to 1.10%. When I started the account I was able to fund with a check and given envolopes for future deposits if I wished that way, also was given a Debt card and access to my account with checks, actually through a transfer from savings to checking when needed. Nice set up! Bad Interest rate! Gotta change!
Now I'm aware I'll have to read each site but can anyone point me in the direction of who are offering similar service?
Thanks in advance!

[aurielle]

Poundwise keeps an updated list on the first page of this thread.

[Bickki]

Geeeeeeeeeez so far looks like only flagstar offer's similar options, are these items not the norm?

[poundwise]

Geeeeeeeeeez so far looks like only flagstar offer's similar options, are these items not the norm?

They are not the norm for online savings and are not offered by all online money market accounts.


Here are a few that do offer what you are looking for:

Redneck Bank Mega MM - checks, debit card, deposit by mail

Flagstar Bank Express MM - checks, debit card, pre-paid deposit by mail

Century Bank Direct Online MM - checks, debit card, pre-paid deposit by mail

GMAC Bank MM Savings - checks, debit card, deposit by mail

[poundwise]

UPDATES TODAY 2/14

Moves downward:
CNB Bank Direct down from 3.40 to 3.20 (.20)
Dollar Savings Direct down from 3.20 to 3.05 (.15)
ClearSky Savings down from 3.15 to 3.05 (.10)
Bank of Internet High-Yield Savings down from 3.10 to 3.00 (.10)
iGOBanking down from 3.08 to 2.81 (.27)
GMAC Online Savings down from 3.00 to 2.75 (.25)
OneUnited down from 3.00 to 2.60 (.40)
Nationwide Bank down from 2.79 to 2.54 (.25)
Apple Grand Yield Direct down from 2.75 to 2.50 (.25)
E*TRADE Bank down from 2.50 to 2.15 (.35)
GMAC Online MM down from 2.50 to 2.25 (.25)
Citibank down from 2.40 to 2.30 (.10)
Amegy Bank down from 2.25 to 2.20 (.05)


Note:
Bank of Internet MM down from 2.00 to 1.90 (.10) and off the list


COMPLETE LISTING ON PAGE ONE

[poorgradstudent]

Clear Sky Accounts

So I got an email from Chesapeake Bank 2 days ago saying that they were overwhelmed by the amount of people that signed up for their Clear Sky Savings accounts. I won't paste the whole email, but this paragraph pretty much sums it up.

"To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts."

Those that do have money in there are guaranteed 3.75% until March 31st.

See what happens then I guess.

[weissheit]

So I got an email from Chesapeake Bank 2 days ago saying that they were overwhelmed by the amount of people that signed up for their Clear Sky Savings accounts. I won't paste the whole email, but this paragraph pretty much sums it up.

"To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts."

Those that do have money in there are guaranteed 3.75% until March 31st.

See what happens then I guess.

Sounds like they did not do their market research before diving into online banking. I am glad I did not get around to opening an account. I am sticking w/ Century Direct as they have one of the top rates just over 3% APY, the latest rate barrier the market leaders are trying to stay just over. I think Century Directs MMF was higher at one time, but now the online savings is the way to go as not only is the rate higher, but it minimum is only 100 USD vs 1k USD for the MMF. I am tired of chasing rate, it just is not with the effort as such low APY levels.

[weissheit]

The APY sucks (1%) but if you make deposits for 12 months straight of 100 USD or more and keep the money in you get a 100 USD.

Link: Open a Save Yourself Account at TD AMERITRADE