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Banking

Emigrant Direct Gets a New Website

by Luke Landes

One of the biggest complaints with Emigrant Direct is their website, which is less than innovative when compared to others, like ING Direct. Today I received communication (well, a letter) with some good news: Our new website and “state of the art” new security system will be activated in June. The enhanced site reflects comments ... Continue reading this article…

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Investing in Banks is Boring But Sexy

by Luke Landes

Fortune Magazine is happy about bank stocks, and it comes down to dividends. The dividends bank stocks pay to their shareholders beat the averages and increase every year, far above the rate of inflation. Presumably banks can offer this because they don’t necessarily need to reinvest earnings in much research and development, like a technology ... Continue reading this article…

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Get More From Your Money

by Luke Landes

There have been some changes for high-yield “internet” savings accounts, typically unavailable directly in a brick-and-mortar bank and only available through online applications. Presidential Bank is now leading the pack with a 4.87 percent APY for the first $35,000 of your balance. Unfortunately, this account requires a minimum balance of $5,000. CitiBank eSavings is not far ... Continue reading this article…

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Online Savings Accounts in the New York Times

by Luke Landes

The New York Times catches on to what bloggers have been talking about for years: online savings accounts earn more interest and are overall much better than the paltry traditional savings account. ING Direct led the newest initiatives in the United States in 2000, when it introduced the Orange account, and until recently it had ... Continue reading this article…

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GMAC Online Savings Account

by Luke Landes

Flatbeer asked me: GMAC raised the interest rate to 4.75 percent ($500 min). I checked the general FAQ and you can now download account info into Quicken & Money. With electronic transfers, downloadable account info, checks, AND a VISA check card, I would think that most people would choose this option for an online money market ... Continue reading this article…

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Raising Interest Rates

by Luke Landes

Everyone is affected by raising interest rates, but different people are affected in different ways. CNN Money describes how a typical American (homeowner, spender, etc.) is affected by interest rates. Interest rates are simply the cost of borrowing money; the prices paid by institutions trickle down to the consumer. So if you’re in the market ... Continue reading this article…

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ING Direct Raises Rate

by Luke Landes

ING Direct is now offering 4.0 percent APY on their savings account. The table of high checking and savings account rates has been updated, and ING is still on the bottom.

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Capital One Interest Rate Now 4.25%

by Luke Landes

The banks keep raising the interest rates for their online savings accounts. Joey wrote in to inform me that “Capital One is up to 4.25 percent (annual percentage yield) in their high-yield savings account.” This bank has Joey’s favorite web interface. I’ve updated the list of online savings account interest rates.

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What To Do When Your Bank Is Merging

by Luke Landes

Marketwatch has published an interesting article with advice for customers whose banks are going through a merger. I’m no stranger to this phenomenon. When I was 16, I had my first bank account with New Jersey National Bank. It was sooner or later bought by or merged with CoreStates (Dec. 6, 1996), then First Union ... Continue reading this article…

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New Emigrant Direct Credit Card

by Luke Landes

There have been rumors if this for a long time, but Emigrant Direct has finally announced their new credit card. This is a “platinum” MasterCard that offers up to 1.25 percent cash back on all purchases with no yearly limit. The rewards are deposited directly into your Emigrant Direct account twice a year. If you ... Continue reading this article…

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ING Direct Offers 4.75%

by Luke Landes

ING Direct is looking to win back defectors who have left the bank in search of higher interest rates. The “Orange One” is now offering 4.75 percent APY on new deposits from January 19 until April 15. In order for the funds to qualify, the money must be from an external source and be deposited into ... Continue reading this article…

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GMAC Bank

by Luke Landes

A reader emailed me to ask why GMAC Bank was not listed on my table of high-rate savings and checking accounts. They are currently offering 4.2 percent APY (4.3 percent APY on balances above $500), but there are restrictions and fees. I added the information from GMAC’s Money Market Savings Account to the list, making note of ... Continue reading this article…

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UFB Direct Offers 4.35% APY

by Luke Landes

Here’s a new savings account interest rate update. Hot on the heels of ING Direct raising their interest rate to 3.8 percent APY to match UFB Direct, the latter raised their rate on their no-minimum account to 4.0 percent. If you deposit more than $25,000, you’ll qualify for their Jumbo Money Market Account rate of 4.35 percent. I ... Continue reading this article…

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HSBC Follows Fed, Raises Interest Rate

by Luke Landes

HSBC Online Banking now offers an interest rate providing a 4.25 annual percentage yield. There’s a $25 bonus as well! Take a look at the latest checking and savings rates for more information. Speaking of bonuses, I have one ING Direct $25 bonus left. ING Direct is currently offering only 3.75 percent APY and to obtain ... Continue reading this article…

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Open An Account At Every Bank

by Luke Landes

If you have a small business and you take a number of personal checks from the local community, you might benefit from this advice from Consumerist: simply open up business checking accounts in as many area banks as possible. This way you can take every customer’s check to his or her own bank — also ... Continue reading this article…

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Bank of America’s Keep The Change

by Luke Landes

Some time ago, Bank of America introduced a new program for its checking account, savings account, and debit card holders called Keep The Change. A friend of mine asked me to write about this program quite some time ago, and I said I would do so. I try to keep my word. The premise is ... Continue reading this article…

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News Everywhere

by Luke Landes

There are many notable news stories today. Here’s a look: * Bank of New York confesses to money laundering and will pay $38 million to avoid prosecution. They probably made billions of dollars during the 1990s in their schemes involving Russia. As my coworker pointed out, that’s not such a bad return. * The car ... Continue reading this article…

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It’s Monday

by Luke Landes

Although I haven’t submitted any articles to the Carnivals, you might want to check out the Carnival of Personal Finance #16 and the Carnival of Debt Reduction #3. If you are interested in hosting or participating in the Carnival of Personal Finance, you can get more info here. CNN asked this morning why more people ... Continue reading this article…

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Savings Account Interest Rates Updated

by Luke Landes

The table of savings and checking account interest rates has been updated to include some moves by Presidential, UFB Direct, and Virtual Bank.

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ING Direct Offers New Feature

by Luke Landes

ING Direct is now requiring a new method to entering your secure PIN when logging in to view your account, involving a series of keystrokes that will be different each time you log in. This seems to be a method to thwart keylogging software. Here’s the notice: ING DIRECT is always working to provide you ... Continue reading this article…

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