I have updated the savings and checking interest rates table to include Presidental Bank’s savings account offering 3.50% APY. Is a rate competition between internet banks heating up?
Relatedly, Marketwatch published an article about the tiered interest rate system that some of these banks use, favoring customers with more money. The tiers that I’ve seen run in the opposite direction than the ones noticed by the article’s author, however.
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7:34 pm (reply)
Thanks for pointing out the Presidential Bank savings rate. Have you tried it out yet?
I’ve been with INGDirect for quite a few years, and I have been happy with them until now. However, there are now several banks with higher interest rates than INGDirect pays.
George
1:27 pm (reply)
I have not yet tried out Presidential Bank. I’ve only strayed once from ING Direct and that has been to try out Emigrant Direct.
2:27 pm (reply)
While Presidential Bank does offer some good rates, they quite often are tiered to those high dollar accounts. I’ve been pleased with their service. In a post on http://www.jobvent.com, sounds like their employees have some great job benefits