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Banking

FNBO Direct Drops Interest Rate to 2.8% APY

by Luke Landes

FNBO Direct, the online bank that was recently rated best online savings account by Kiplinger, and one of my picks for best online savings accounts, significantly dropped the account’s interest rate today from 3.25 percent to 2.8 percent APY, a 20 percent decrease. I don’t normally chase the highest rates and move my money back and forth based ... Continue reading this article…

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ING Direct Electric Orange Interest Rate Drops to 0.5% APY!

by Luke Landes

For those who have enjoyed high-yield savings and checking accounts, get ready for a difficult time keeping up with inflation. ING Direct announced just minutes ago that the bank is dropping the interest rate on the first $50,000 per person deposited in their Electric Orange checking account to 0.5 percent APY. The interest rate is based ... Continue reading this article…

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WTDirect Offering Account Opening Bonuses Up to $250

by Luke Landes

EDITORS NOTE: THIS OFFER IS EXPIRED WTDirect, the online banking arm of Wilmington Trust, is looking to attract customers with a good interest rate (currently 3.06 percent APY for accounts with a balance of $10,000 or more) and a bonus for new account holders. If you open a new account at WTDirect and maintain an average ... Continue reading this article…

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Predatory Bank Fees Could Lead to the End of Banks

by Luke Landes

About the author: Karney Hatch is a filmmaker whose new documentary, Overdrawn!, explores the predatory lending practices of major national banks with Ralph Nader, Joel Bakan, a loan shark, and many others. In all the number crunching and legalese surrounding predatory fees of various sorts, it’s easy to forget the visceral reaction that they cause ... Continue reading this article…

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FNBO Direct Rated Best Online Savings Account By Kiplinger

by Luke Landes

See the review of the best online savings accounts. Kiplinger Magazine picked several banks when naming the best savings and checking accounts for 2008. Here is what they’ve chosen. Best online savings account: FNBO Direct. I am a fan of FNBO Direct, and I’ve started moving more money into this account thanks to its high ... Continue reading this article…

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Banks You May Not Know About Offer High-Yield Savings Accounts

by Luke Landes

As some of the more popular banks like ING Direct, HSBC Direct and FNBO Direct lower their interest rates, other less-known banks are appearing in their place with higher rates. Some of these banks do not have reputations yet and haven’t been in the public eye for long. Here are a few that you may ... Continue reading this article…

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Earn a $75 Bonus for Opening a Bank of America Checking Account

by Luke Landes

If you own a credit card from Bank of America, the bank is offering you a $75 bonus for opening a checking account with a minimum deposit of $25 before November 30. The bonus is available for Bank of America’s “MyAccess” checking account. To qualify for the bonus, visit Bank of America’s website, select the ... Continue reading this article…

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How Five Banks Post Your Deposits and Withdrawals: Do They Trap You Into Overdraft Fees?

by Luke Landes

Update: Bank of America settled a lawsuit for $410 million concerning this issue below. In his documentary film Overdrawn!, Karney Hatch mentions that banks often post your deposits and withdrawals to your bank account in such a way that they maximize the possibility of overdrafts. Even if you believe you have a large enough balance ... Continue reading this article…

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$25 E*TRADE Bonus Ends Today

by Luke Landes

Note: As of October 28, this deal is no longer available. This is just a quick reminder that the promotion for the $25 bonus offered by E*TRADE Bank ends today. In order to qualify for the $25, you must open your account by today and fund the account with at least $5,000 by Monday, November ... Continue reading this article…

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How to Avoid Overdraft Fees, and Quicken Premier 2009 Giveaway

by Luke Landes

The giveaway to receive one of two free copies of Quicken Premier 2009 has ended. As I mentioned earlier today, overdraft fees (also known as NSF fees, insufficient funds fees, etc.) are basically interest paid for the privilege of using a bank’s money for a short period of time, a loan. There are ways to ... Continue reading this article…

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Overdrawn!: A Documentary About Bank Fees, Screening Tonight

by Luke Landes

If you are in the area of the University of California, Berkeley, stop by Mulford Hall tonight to see a screening of Overdrawn!, a documentary film by Karney Hatch. In the film, Karney takes a hard look at practices by big banks, primarily overdraft fees. The documentary follows the writer/director as he talks to bankers, ... Continue reading this article…

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All New ING Direct $25 Bonus Links Available

by Luke Landes

As of today, ING Direct is offering a 2.75 percent APY on the online bank’s Orange Savings Account. They are also offering $25 account opening bonuses to new customers with an initial deposit of $250 to qualify. This bonus is based on a customer referral; existing customers receive a $10 bonus for referring a new customer ... Continue reading this article…

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FNBO Direct Lowers Online Savings Account Interest Rate to 3.25% APY

by Luke Landes

Only yesterday, HSBC Direct lowered the interest rate offered on the bank’s online savings account from 3.25 percent to 3.0 percent APY. Today, following suit, FNBO Direct lowered its rate from 3.5 percent to 3.25 percent. These drops are now expected with the Federal Reserve lowering interest rates and the London interbank offered rate (Libor) decreasing. It’s increasingly hard ... Continue reading this article…

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5 Days Left to Earn $25 Bonus at E*TRADE (Exclusive)

by Luke Landes

Note: As of October 28, this deal is no longer available. E*TRADE Bank is currently offering a $25 bonus for opening a new savings account, but the promotion is ending soon. If you’re interested in earning this easy money, there are a few dates you should know: Monday, October 27, 2008 is the deadline for ... Continue reading this article…

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HSBC Direct Lowers Interest Rate to 3.0% APY

by Luke Landes

HSBC Direct lowered the interst rate offered on its online savings account to an annual yield of 3.0 percent today, almost two years after the bank offered a leading 6.0 percent APY. Here’s their latest corporate communication, sent to all account holders: Since I last wrote to you in mid September we have seen much change in ... Continue reading this article…

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Exclusive: Earn a $25 Bonus at E*TRADE Bank

by Luke Landes

Note: As of October 28, this deal is no longer available. I’ve been waiting for the right time to open an online savings account at E*TRADE Bank. My company stock is held at E*TRADE, and as soon as I sell my stock purchases from the past twelve months, I will move the proceeds into a ... Continue reading this article…

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ING Direct Drops Rate to 2.75% APY

by Luke Landes

I warned yesterday that more banks were likely to follow Chase’s lead in lowering interest rates for savings account customers. A few minutes ago, I received an email from ING Direct to inform me that the interest rate offered on the Orange Savings Account has been reduced to yield 2.75 percent. Over the past few weeks, ... Continue reading this article…

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Washington Mutual (Chase) Drops Interest Rate as Expected

by Luke Landes

February 5, 2009 update: The following information has expired. Washington Mutual no longer offers these rates. Less than a month ago, Washington Mutual increased the interest rate offered on the bank’s savings account to 4.0 percent APY. This came as the bank was trying to attract capital. Since then, WaMu was in danger of failing and ... Continue reading this article…

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New Chase $100 Bonus Codes, Expire November 30, 2008

by Luke Landes

See our update with a new code. If you plan on opening a new checking account at Chase, use one of the following bonus codes to receive a $100 bonus. 3333324005410519 (Expired) 3333324023258503 (Expired) Generate your own $100 Chase Checking Coupon HERE. (Expires August 14th, 2010) The codes are only valid for one use each, ... Continue reading this article…

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New FDIC Deposit Insurance Coverage Limits

by Luke Landes

With the $700+ billion bailout bill signed into law, the FDIC now insures more deposits per account holder per bank. Here are the new limits for the most common account types, effective October 3. Single accounts are insured up to $250,000 per owner through December 31, 2009 Joint accounts are insured up to $250,000 per ... Continue reading this article…

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