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Banking

Wells Fargo Steps in With a Better Offer for Wachovia

by Luke Landes

Although Wachovia was recently saved by Citi and the FDIC, Wells Fargo stepped into the picture with a better offer. In this deal, Wells Fargo would take on all of Wachovia, including deposits, brokerage, and investment management, for $15 billion. Earlier this week, Citi offered $2.2 for Wachovia’s banking operations only. If the Wells Fargo ... Continue reading this article…

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Acquisitions Continue: Citi Buys Wachovia

by Luke Landes

October 3 update: Wells Fargo has stepped in and placed a better offer for Wachovia. Wachovia is my main brick-and-mortar bank. The bank has held my primary, though small, savings and checking accounts for about fifteen years. During this time, it hasn’t always been known as Wachovia to me due to a series of mergers ... Continue reading this article…

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FNBO Direct Savings Account Opening and Review

by Luke Landes

While I’m generally happy with my ING Direct account for a good portion of my savings, I’m looking to spread the money around to take advantage of some higher interest rates. One of the banks I’ve targeted is FNBO Direct, the online arm of First National Bank of Omaha, currently offering 0.70 percent interest yield as ... Continue reading this article…

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Washington Mutual Acquisition: What Happens to Savings Accounts?

by Luke Landes

Late Thursday night, JPMorgan Chase confirmed that it has acquired the deposits (bank accounts), assets, and “certain liabilities” of Washington Mutual. The acquisition has created the largest depository institution in the United States, with over $900 billion in bank accounts alone. WaMu branches will become Chase branches as the acquisition progresses over the next two ... Continue reading this article…

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Washington Mutual Increases Savings Account Interest Rate to 4.0% APY

by Luke Landes

February 5, 2009 update: The following information has expired. Washington Mutual no longer offers these rates. Washington Mutual wants your deposits. I received word that starting tomorrow the bank will offer 4.0 percent APY on its online savings account, maintaining its position at the very top of the list of popular high-yield savings and money market ... Continue reading this article…

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EDIE Tells You if Your Money is Insured By the FDIC

by Luke Landes

Suze Orman is now involved with a marketing campaign for the FDIC, pointing consumers to EDIE, a calculator that halps determine how much of your money held at banks is insured. The aim of the campaign is to help Americans feel secure about leaving their money in banks. The government and the banking industry want ... Continue reading this article…

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$100 Coupon Code: Bonus for Opening New Chase Checking Account

by Luke Landes

See our update with a new code. Chase is still offering $100 to new account holders who can find a coupon code. I get these in the mail every so often, and I don’t plan on using mine. It expires on September 30, so it must be used fast. There is a catch. In order ... Continue reading this article…

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HSBC Direct Dropped Rate From 3.50% to 3.25% APY

by Luke Landes

This morning, online bank HSBC Direct ended the extended promotion in which customers were offered a savings account earning interest of 3.50 percent annual percentage yield. This was planned; when the promotion was extended back in July, the company warned that after September 15, the interest rate would return to normal, which it has. The interest ... Continue reading this article…

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Whoo Hoo: Washington Mutual Next to Fail?

by Luke Landes

Shares in Washington Mutual, the country’s largest savings and loan bank, dropped over 30 percent in one day due to fears that this institution will be the next in a series of failures of financial companies. WaMu holds $310 billion in assets, a huge amount of deposits. The FDIC, which might step in to take over ... Continue reading this article…

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FNBO Direct Giving Away $25,000 to Customers

by Luke Landes

Liz Pullliam Weston, author and personal financial columnist, has teamed up with FNBO Direct (the online savings arm of First National Bank of Omaha) to sponsor a contest called “Pay Yourself First” in which five winners will each receive $5,000. Those who wished to participate sent in a one-minute video about why they save money ... Continue reading this article…

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More ING Direct Referrals Needed: Earn $10 By Referring a New Customer Here

by Luke Landes

4:45 PM update: The waiting list is again closed. Thank you to everyone who responded promptly. We now have more than 100 people on the waiting list. As you may know, I am allowing Consumerism Commentary to share ING Direct referral links, providing new savings account holders with a $25 bonus (and a $10 bonus ... Continue reading this article…

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WTDirect Sign-Up Bonus and Promotion Code: Earn Up to $250

by Luke Landes

WTDirect is offering a bonus for new customers who open a savings account. Above the 3.31 percent APY interest rate, WTDirect is offering a sign-up bonus of up to $250. You’ll have to deposit a significant sum, however, and keep the funds deposited in the bank for 60 days. The bonus is different depending on how ... Continue reading this article…

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More $25 Bonus Links for New ING Direct Customers

by Luke Landes

Once again, I’ve refreshed the list of $25 bonus referral links for new ING Direct customers. I usually keep about ten unique links for the Orange Savings Account listed, and in most cases, they are all used within a week. Remember that these links are only valid for new customers who deposit at least $250 ... Continue reading this article…

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The Highest Savings Account Interest Rates

by Luke Landes

Please view this updated overview of the best online savings accounts. The highest savings account interest rates change practically daily. Here is a summary of the highest interest rates on well-known banks currently offered. HSBC Direct Online Savings Account 0.80 percent APY HSBC Direct has a track record of offering very competitive rates. I have been ... Continue reading this article…

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Washington Mutual Increases Interest Rate to 3.75% APY

by Luke Landes

Starting tomorrow, Washington Mutual is increasing the interest rate offered on its online savings account to 3.75 percent APY. This jump will put this account on top among the best-known online savings accounts. This is a wide enough margin over ING Direct to convince me to open an account and give it a try even though ... Continue reading this article…

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FAIL: 1st National Bank of Nevada and First Heritage Bank

by Luke Landes

The FDIC has announced that two more banks failed yesterday, bringing the total this year to seven. 1st National Bank of Nevada and First Heritage Bank operate a total of 28 branches in Nevada, Arizona, and California. Neither of these banks was included in the list of the top ten banks likely to fail. Account ... Continue reading this article…

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HSBC Direct Extends 3.5% Rate Offer and More ING Direct Referrals Available

by Luke Landes

I received an email to inform me that HSBC Direct has extended its “promotional” interest rate on the online savings account of 3.5 percent APY to September 15, increasing this promotion by one month. I’m not sure what the difference is between a “promotional” rate and any other rate; as always, interest rates on savings account ... Continue reading this article…

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What is Protected By the FDIC

by Luke Landes

October 6, 2008 Update: The FDIC has increased the maximum deposits covered under federal insurance. The new FDIC coverage limits are outlined here. Without getting too specific about the company I work for, a large company like mine has to make efficient use of its financial assets. Most of a company’s money should be invested ... Continue reading this article…

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Your Money in the Bank is Safe

by Luke Landes

Earlier this month, IndyMac, a bank and mortgage lender, collapsed, and through an interesting process the Federal Deposit Insurance Corporation (FDIC) assumed responsibility of the bank’s deposit accounts. This collapse, only a few months after NetBank closed and its deposits were acquired by ING Direct, has people everywhere worrying about their money. The government and ... Continue reading this article…

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More ING Direct $25 Bonus Referrals

by Luke Landes

This is a quick Sunday night note to say that I’ve refreshed the list of $25 bonus referrals for new customers this evening. These appear to be going rather quickly and I try to keep the list updated with fresh links. For the Orange Savings Account referrals, I have on several occasions asked readers to ... Continue reading this article…

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