Online Savings Accounts & Current Rates

[jeffmem]

Redneck bank is bad bad bad!!!!

2.00% APY* on daily balances less than or equal to $35,000.00
1.00% APY* on daily balances greater than $35,000

They sucked everyone in for the high interest rate and then dropped it!! They will get to keep people's money for quite some time also if they deposited a lot as their policy only allows for $1500 withdrawal a day! They should never ben allowed back on the list! They dropped their interest rate 1.1% in one day. bad bad bad! Not an honest bank at all!

[jeffmem]

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.

Yeah but... Still.. the interest rate is massively different. But whatever, they have their ways, and both interest rates still suck, so.. no reason to use them in my opinion. Anyway, thanks for the explanation!

[Pitman]

Redneck bank is bad bad bad!!!!

2.00% APY* on daily balances less than or equal to $35,000.00
1.00% APY* on daily balances greater than $35,000

*Shakes Head*

I saw this coming a mile away.

[Slee_Stack]

Redneck bank does truly have a horrible interface. Worse yet is that many options in their drop down menus don't work at all. The Transfer menu causes an error. Basically, it's useless. I'm glad i only opened the account with a small deposit, but now I have to see how I can get my money back.

[Maxwell76]

I can't believe some people actually got suckered into this Redneck bank. You had to know that 5.00% APY in this environment was a joke.

[weissheit]

I can't believe some people actually got suckered into this Redneck bank. You had to know that 5.00% APY in this environment was a joke.

The 5% APY is in regards to their rewards checking and not their online savings. Rewards checking requires that you make a certain # of debit card transactions in order to get the high APY.

Redneck's online savings APY was 3.1%, not a "sucker's rate" in my book regarding current market forces. But it was a rate designed to capture market share and deposits, and once their goals were met, the APY always comes down. I've seen it happen too many times to keep chasing rate.

[Maxwell76]

Redneck's online savings APY was 3.1%, not a "sucker's rate" in my book regarding current market forces. But it was a rate designed to capture market share and deposits, and once their goals were met, the APY always comes down. I've seen it happen too many times to keep chasing rate.

I never understood the point the rate chasing in this environment. All the banks are gradually lowering their interest rates.

[weissheit]

I never understood the point the rate chasing in this environment. All the banks are gradually lowering their interest rates.

$$$$$

[BTC]

Dollar Savings Direct's yield is down to 2.00%

[BTC]

I know they're no longer on the list, but E*Trade has dropped their yield to .95%

[BTC]

FNBO Direct down to 1.65% APY.

[glock35ipsc]

GMAC Bank is now Ally Bank...

CD Rates, Money Market Account & Saving Account Rates | Ally Bank

[saverbootay]

So, it looks like GMAC Bank just changed their name to Ally Bank?

I guess they're trying to distance themselves from the GM brand

[Jazzmint98]

Shore Bank is down to 2.05% APY, effective May 21, 2009.

[jeffmem]

Dang and I just opened an account there and transferred money.. hmmmm