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Banking

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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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 $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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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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Again, More $25 ING Direct Bonus Links

by Luke Landes

Once again, I have refreshed the list of ING Direct $25 bonus referral links. New customers are eligible for a $25 bonus just y opening an account and depositing at least $250. Consumerism Commentary readers have been very helpful by providing these links for other readers. As a reward, ING Direct provides the referrer with ... Continue reading this article…

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All New ING Direct $25 Bonus Codes Available

by Luke Landes

I have posted all new bonus links for new ING Direct savings accounts as of today. If you are a new customer to ING Direct, one of the first internet-only banks that took advantage of low overhead to offer great interest rates on savings accounts, you can receive $25 for opening a new account. They ... Continue reading this article…

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New ING Direct Bonus Referral Codes

by Luke Landes

I’ve once again updated the list of $25 ING Direct Referral Bonus Links. (Ed. note: ING Direct became Capital One 360 in 2013.) Thanks to Consumerism Commentary readers who have contributed their links to the site for the benefit of other readers. If you are not a current customer of ING Direct and you’re interested ... Continue reading this article…

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My Newest Bank is Changing Names: TD Commerce Bank to Update Branding Later This Year

by Luke Landes

A few months ago, my girlfriend moved her checking and savings accounts, which where previously in separate, small, community-based banks, to Commerce Bank, a larger bank based mostly in New Jersey and New York City. I particularly like their long hours and the fact that they’re open on Sunday, and signed up for an account ... Continue reading this article…

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Updated Latest Checking and Savings Account Interest Rates

by Luke Landes

Following E*trade’s announcement that they were slightly increasing the interest rate on their Complete Savings Account to 3.15 percent, I’ve updated the list of savings and checking account interest yields. There have been a number of changes since the last update, including the following. UFB Direct dropped from 3.35 percent to 3.01 percent. Kirkpatrick Bank’s Savings Square dropped ... Continue reading this article…

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ING Direct Referral Program: Now Capital One 360

by Luke Landes

Update: ING Direct is now Capital One 360. The referral program still exists. There is more information in this review of Capital One 360. If you have $250 and are willing to become a customer of ING Direct, you have the opportunity to earn $525 on top of your deposit. It will take some work, ... Continue reading this article…

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Giveaway: $100 Gift Card for SmartyPig, a Unique Savings Account

by Luke Landes

The people at SmartyPig contacted me recently to offer a $100 gift card for use on their site to a Consumerism Commentary reader. SmartyPig has been mentioned on a few personal finance blogs recently, and here’s the deal. SmartyPig is a savings account, FDIC insured, currently earning 1.75 percent APY. Depositors’ funds are held by West ... Continue reading this article…

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Completely Redesigned High-Yield Interest Rate Page (and Blog Roundup)

by Luke Landes

Thanks to Ross who wrote in yesterday about FNBO Direct’s latest interest rate drop. With this information, and with a reader emailed suggestion of tracking the rates over time, I redesigned the list of high-yield savings and checking accounts. Additionally, I’m also including accounts not insured by the FDIC, like money market funds, though I ... Continue reading this article…

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