Online Savings Accounts & Current Rates

[saverbootay]

Savings Square is down to 2.6.
Hits keep on coming.

[weissheit]

Yes the hits keep coming, if my read on Doral is correct they are down to 2.25% APY. Based on the rapidity of this downward trend I doubt there will any 3.0% APY banks for long.

[BTC]

FNBO Direct dropped their yield to 2.40%

[weissheit]

Capital One High Yield MMF down to 1.6%, the "High Yield" must be factoring in deflation!!

[weissheit]

As rates are falling like crazy after seeing the cap 1 banner, I checked my bank, Century Direct. They just dropped rates a week or so ago, and now they just dropped them again!!

Savings 2.59%; MMF 2.49%; and Checking 2.25%

This is not good.

[Maxwell76]

Capital One High Yield MMF down to 1.6%, the "High Yield" must be factoring in deflation!!

Man, there's nowhere to hide. It's like a twisted game of Limbo... And no, I don't want to see how low we can go.

CapOne is still holding on to that 5 star rating, so I guess I'll stay put.

[Ima saver]

My local bank is still offering checking account (minimum $1000) at 3.19% guaranteed til June 30th, so I have most of my cash there. I redeemed all of my cash out of umbrella bank.

[Chris6880]

What do you think?

I recently moved my money out of Emigrant (which had the some of the best rats for years) and into Dollar Savings Direct because the rate was significantly better. Since then, both rates have fallen (as they seem to have across the board).

What's alarming me is that I lokoed up DSD on bankrate and it seems to only receive 1 star out of a possible 5 on their "safe and sound" rating. However, DSD is a part of Emigrant Direct which receives 3 stars.

DSD doesn't appear on Poundwise's list of top banks despite having rates in that range. Should I be concerned about the stability of this bank? Does anyone here have money with DSD or Emigrant? What do you guys think?

[poundwise]

DSD doesn't appear on Poundwise's list of top banks despite having rates in that range.

Um. It is on the list and has been since inception.

[Chris6880]

Um. It is on the list and has been since inception.

CNB down from 3.20 to 3.00 (.20)
Union FSB down from 3.05 to 2.80 (.25)
Century HYS down from 3.04 to 2.74 (.30)
Flagstar down from 3.00 to 2.75 (.25)
Bank of Internet HYS down from 3.00 to 2.80 (.20)
Century MM down from 2.82 to 2.59 (.23)
iGOBanking down from 2.81 to 2.50 (.31)
HSBC down from 2.45 to 2.25 (.20)
Emigrant down from 2.40 to 2.05 (.35)
ING Direct down from 2.20 to 1.85 (.35)


The above is from your list on 2/19. You list 10 banks, none of them are DSD. This is the "list," I was referring to, perhaps there's another list I'm not aware of?

Edit: I do see it on the OP but it has a slightly older rate. I was under the impression that the updates you provide (such as the one from 2/19 I quoted above) are edited and include only your "prefered" banks. Please let me know if I've misunderstood.

Thanks

[sweeps]

The above is from your list on 2/19. You list 10 banks, none of them are DSD. This is the "list," I was referring to, perhaps there's another list I'm not aware of?

Chris, you're looking at an update post. The first post in the thread contains the master list.

[saverbootay]

Citi is at 2.1% now. Maybe when the government nationalizes Citi, they'll raies the rates.

I was under the impression that the updates you provide (such as the one from 2/19 I quoted above) are edited and include only your "prefered" banks.

As far as I know, no one provides a "preferred" list. It's just an all-inclusive list.

[weissheit]

What's alarming me is that I lokoed up DSD on bankrate and it seems to only receive 1 star out of a possible 5 on their "safe and sound" rating. However, DSD is a part of Emigrant Direct which receives 3 stars.

I cannot find a rating for DSD, but I find three for Emigrant out of NYC, where Emigrant is based. Two of the ratings are three stars, performing, and one rating is one star, lowest rating. As DSD is a division of Emigrant and not a legally separate & distinct bank chartered corporation, I'd presume the ratings of the Emigrant inure to DSD. Go with Doral if ratings are a concern, they are 5 stars, Superior, but they are down to 2.25% nowadays.

[Chris6880]

I cannot find a rating for DSD, but I find three for Emigrant out of NYC, where Emigrant is based. Two of the ratings are three stars, performing, and one rating is one star, lowest rating. As DSD is a division of Emigrant and not a legally separate & distinct bank chartered corporation, I'd presume the ratings of the Emigrant inure to DSD. Go with Doral if ratings are a concern, they are 5 stars, Superior, but they are down to 2.25% nowadays.

Thanks. Yea, I figured DSD's health would be tied to Emigrant's. If interested, DSD is listed separately--if you go to "Money Market High Yield ( $10K MMA ) and Savings Account Rates" and sort by APY, it will be the third bank listed.


I guess my question is should rating be a concern? Does anyone here have money with a "one-star" institution, or do you avoid them at all costs?

[poundwise]

Edit: I do see it on the OP but it has a slightly older rate. I was under the impression that the updates you provide (such as the one from 2/19 I quoted above) are edited and include only your "prefered" banks. Please let me know if I've misunderstood.

The first post in the thread is the list of online savings rates. It is updated (roughly) weekly.

When you see a post in the thread that says "updates" that is just the listings that have changed since the last "updates" posting. It has nothing to do with being preferred.

If you refer to the main post, you will always see the current list. In this current environment, and considering the number of institutions on the list, rates change daily. Therefore, on occasion, the rate listed on the main page may not reflect the latest change of the bank. However, as I said, the list is maintained regularly by myself and with some help from people who post changes to the thread to bring them to my attention.