Online Savings Accounts & Current Rates

[sweeps]

According to Banking Guy: Redneck Bank Stops Accepting New Applications

[mommyof4]

According to Banking Guy: Redneck Bank Stops Accepting New Applications

Looks like it's just temporary.

[Jazzmint98]

Effective 4/17/09, Provident Direct High Yield Savings rate drops to 1.25% APY.

[weissheit]

Effective 4/17/09, Provident Direct High Yield Savings rate drops to 1.25% APY.

Then they need to edit out the terms "High Yield" because 1.25% is not High yield and to continue to say so is more than false advertising, its out right lying!!

[jeffmem]

Redneck bank review!

1. Very bad user interface, I mean really bad, I mean like stone age. Confusing and difficult to navigate. Bill pay is separate and required for transfers.
2. Helpful customer service reps, though you probably need to call them 2-3 times as you will continually find out things that are just odd.
3. Need to reconfirm your extrernal account after you open it, which will require an additional few days because you need to reverify the deposits to your account.
3. Maximum transfer amount in or out is limited to US$1500 a day! This is not good! The only way to add more to your account than $1500 is to do an electronic transfer from your bank to theirs, it requires you either to have bill pay or go to the bank to initiate the transfer. For taking out more than 1500 a day you have to get their checks, which would require you to physcially go cash it at another bank. This is really a very big negative for this bank. When it will be changed, they have no idea...

Good rate, but.... hmmm...

A question for all you folks out there that use online banking to get better rates. Which one of these banks has the least amount of stuff sent through the USPS? Redneck for example is purely an online bank, you only get an initial opening letter in the mail and the 1099. Nothing else comes by snail mail. Nothing! Unless of course you want credit cards or something... They also do not send you monthly statements. I know countrywide does this and it is annoying. Are their any other online banks out there that have not much come through the mail like Redneck? ING seems ok, but they sometimes send discloures and ads in the mail. Emigrant sends nothing.

Others, please list for me/us, thanks!

[grand_canyon]

Thanks for your review on redneck Bank

I have three different accounts for online savings. Shorebank Direct, CNB Bank Direct, and Dollar Savings Direct. I've only received one thing in the mail each and that was just to say an account was opened. CNB actually just sent a postcard so nothing even to open. I've found most of the interfaces are clunky. The DSD seems to be the best interface. Shorebank has the worst interface as they say transfer in multiple spots (3) and I don't use it often enough to remember which one to use. Shorebank required a test deposit twice for some strange reason with one being the initial and the other to transfer money between the SBD account and the outside account. SBD seems to be a bit slow on transfers. I'm not really knocking SBD as I've been happy with them for the most part. I didn't see any noticeable limits on any of them (I think 100K).

Most of them were a little clumsy on explaining the process of how to get the account up and running so you kind of had to wait for an email to see what was next.

In the end, the hiccups are worth it to get 2.05 - 2.45.

[BTC]

E*Trade's yield is down to 1.20%. Their saving's rate is falling faster than the balance in my brokerage account.

[poundwise]

Changes posted today:

APY increase --

iGOBanking up from 1.85% to 2.12%


APY decreases --

Shore Bank down from 2.80% to 2.45%
Flagstar down from 2.41% to 2.30%
CNB Bank Direct down from 2.30% to 2.20%
Nationwide Bank down from 2.29% to 2.24%
Ultima Bank down from 2.05% to 2.00%
Amegy Bank down from 2.00% to 1.90%
Citibank Ultimate down from 1.75% to 1.65%


Note --

Provident Direct down from 2.10% to 1.25% and OFF THE LIST

The listing for Alliant was removed as it has been the only credit union listed and not necessarily accessible to everyone


To view the complete, updated listing, please see the first post in this thread.

[red92s]

Redneck Bank is no longer accepting new accounts. Seems silly they get to keep their #1 ranking on this list until they are accepting new customers again.

[poundwise]

Redneck Bank is no longer accepting new accounts. Seems silly they get to keep their #1 ranking on this list until they are accepting new customers again.

Agreed. Redneck is off-list until they are accepting new accounts again.

[jeffmem]

Anyone else notice that Dollar Savings and Emigrant's opening page look oddly similar?

[poundwise]

Anyone else notice that Dollar Savings and Emigrant's opening page look oddly similar?

That is due to the fact that DollarSavingsDirect and EmigrantDirect are both online offerings from, and divisions of, Emigrant Bank.

[jeffmem]

That is what I figured. And yet they are both offering such different rates... That's funny.

[poundwise]

That is what I figured. And yet they are both offering such different rates... That's funny.

The difference is that the EmigrantDirect account has no minimums and DollarSavingsDirect requires $1k to open and has $1k balance minimum to earn the stated interest.

[Adirondak]

Redneck bank already dropping their rate to 2.00% effective May 5.