Comments on: The Latest Interest Rate Massacre: FNBO, E*TRADE, HSBC, ING and More http://www.consumerismcommentary.com/2009/02/03/the-latest-interest-rate-massacre-fnbo-etrade-hsbc-ing-and-more/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Fri, 19 Mar 2010 23:15:31 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: epwhttp://www.consumerismcommentary.com/2009/02/03/the-latest-interest-rate-massacre-fnbo-etrade-hsbc-ing-and-more/#comment-187942 epw Thu, 05 Feb 2009 17:31:55 +0000 http://www.consumerismcommentary.com/?p=5217#comment-187942 WTDirect just dropped to 2.51%. WTDirect just dropped to 2.51%.

]]> By: velvet joneshttp://www.consumerismcommentary.com/2009/02/03/the-latest-interest-rate-massacre-fnbo-etrade-hsbc-ing-and-more/#comment-187860 velvet jones Wed, 04 Feb 2009 13:56:48 +0000 http://www.consumerismcommentary.com/?p=5217#comment-187860 I have my savings with ING. I love their customer service, however it's getting to the point that I might have to listen to Sean and see what my local credit unions are offering. I have my savings with ING. I love their customer service, however it’s getting to the point that I might have to listen to Sean and see what my local credit unions are offering.

]]> By: Seanhttp://www.consumerismcommentary.com/2009/02/03/the-latest-interest-rate-massacre-fnbo-etrade-hsbc-ing-and-more/#comment-187833 Sean Tue, 03 Feb 2009 21:34:33 +0000 http://www.consumerismcommentary.com/?p=5217#comment-187833 I've said it before and I will say it again. Check your local credit unions! I was living in Portland and initially earning 6% on my checking account up to $25,000 at Rivermark Community Credit Union. That rate has since dropped to 3.75% However, I recently moved to Austin and there is a local credit union here (United Heritage Credit Union) that is still offering 5.01% also up to $25,000. Rivermark is also offering a savings account with 4% up to $5000.Fair warning, there are some things you have to do to earn these rates, but if you use your account you will most likely fulfill the requirements. For instance, Rivermark requires you to make 12 transactions using your credit/debit card, sign up for e-statements, and login to online banking once a month. United Heritage requires similar things, though I think they require direct deposit as well.For me this is a no-brainer, I can keep my rainy day fund in my local credit union earning a nice interest rate and hardly have to think about it, plus I get all the benefits of a brick and mortar bank and local service. So I would strongly recommend checking around at your local credit unions to see if they are offering a comparable rate. I’ve said it before and I will say it again. Check your local credit unions! I was living in Portland and initially earning 6% on my checking account up to $25,000 at Rivermark Community Credit Union. That rate has since dropped to 3.75% However, I recently moved to Austin and there is a local credit union here (United Heritage Credit Union) that is still offering 5.01% also up to $25,000. Rivermark is also offering a savings account with 4% up to $5000.

Fair warning, there are some things you have to do to earn these rates, but if you use your account you will most likely fulfill the requirements. For instance, Rivermark requires you to make 12 transactions using your credit/debit card, sign up for e-statements, and login to online banking once a month. United Heritage requires similar things, though I think they require direct deposit as well.

For me this is a no-brainer, I can keep my rainy day fund in my local credit union earning a nice interest rate and hardly have to think about it, plus I get all the benefits of a brick and mortar bank and local service. So I would strongly recommend checking around at your local credit unions to see if they are offering a comparable rate.

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