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Banking

FDIC Might Be Underfunded: Should You Withdraw Your Money From Banks?

by Luke Landes

The Federal Deposit Insurance Corporation (FDIC), the federal organization that insures that customers do not lose deposits held at banks when those banks run into trouble, is finding itself in trouble. For years, Congress hasn’t allowed the FDIC to collect insurance premiums from banks, bowing to the strong banking industry lobby. Now that banks have ... Continue reading this article…

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Savings Account Interest Rate Roundup (Updated November 13, 2009!)

by Luke Landes

It’s not your imagination. Banks are now looking for ways to actively discourage new deposit accounts. It’s not just through lowering interest rates, they are scaling back marketing. It makes sense from a business standpoint; the economy is not so great, so companies are saving their operating expenses. Here is a summary of the most ... Continue reading this article…

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$100 Bonus for Opening a Chase Free Checking Account Through WaMu (Washigton Mutual)

by Luke Landes

Editor’s Note:  This offer is no longer available.  See our update with a new code. The bank Washington Mutual isn’t completely dead yet. Here is a new promotion code that will provide a $100 bonus for opening a new checking account. There are a few requirements in order to receive the bonus, however. You must ... Continue reading this article…

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FNBO Direct Drops Interest Rate to 2.4% APY

by Luke Landes

I received the bad news earlier today. Continuing the trend across the banking industry, FNBO Direct has determined that it can afford to lower the interest rate offered on the bank’s savings account from 2.6 percent to 2.4 percent APY. Compared to many other popular online banks, this rate is still very competitive, and I can practically ... Continue reading this article…

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UBS Ending Offshore Swiss Bank Accounts

by Luke Landes

If you are one of the many Americans with an offshore bank account with UBS, the largest bank based in Switzerland, your name may be among those reported to the IRS. UBS has admitted that the bank has been conspiring to defraud the United States and the Internal Revenue Service. The bank will pay $780 ... Continue reading this article…

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These Banks Don’t Want Your Money

by Luke Landes

Note: The information in this article is no longer current. It was updated September 2, 2011 and originally published February 18, 2009. It’s true that high-yield savings accounts offer interest multiples above what you can usually find from your typical state or national bank. For example, a “high performance” money market account ( savings account) ... Continue reading this article…

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E*TRADE Bank Lowers Interest Rate, Effective Today

by Luke Landes

Looking for the latest interest rates? View our current and historical savings account interest rates page. The following information was posted on February 14, 2009, and is no longer current. Happy Valentine’s Day! E*TRADE Bank is celebrating the holiday by encouraging customers to go forth and be materialistic and to leave less money in the ... Continue reading this article…

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Nine Banks Have Failed in 2009 So Far

by Luke Landes

Three more banks failed on Friday, bringing the 2009 tally to nine. When banks fail, the deposits (bank accounts) are transferred to another bank, sometimes with the FDIC facilitating the transition. Regardless of the process, bank accounts are generally insured by the FDIC up to $250,000 per depositor, so you won’t lose your money if ... Continue reading this article…

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More ING Direct $25 Bonus Links Posted, Now Required to Clear Cookies?

by Luke Landes

I’ve refreshed the list of $25 bonus referral links for new ING Direct customers, and I’ve discovered what seems to be an interesting problem, possibly making it more difficult to use the links. First of all, in order to qualify for the $25 bonus, you must be a new customer and you must deposit at ... Continue reading this article…

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The Latest Interest Rate Massacre: FNBO, E*TRADE, HSBC, ING and More

by Luke Landes

Redirected here on March 8. Ever get the feeling that someone is trying to get you to spend your money, perhaps to stimulate the economy? Banks seem to offer no encouragement for deposits lately. Here are some of the latest interest rate drops over the past few days. Dollar Savings Direct has dropped from 4.0 percent ... Continue reading this article…

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HSBC Direct Drops Interest Rate to 1.55% APY

by Luke Landes

The way banks are dropping interest rates on savings accounts, you would think they don’t want your money. Most “high-yield” savings accounts now offer rates well under 3 percent. HSBC Direct is the latest to announce an interest rate cut, from 2.6 percent to 2.45 percent APY and is currently at 1.55 percent as of May 2009. Obviously there ... Continue reading this article…

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8 Things Banks Can Do to Make Online Banking Safer

by Luke Landes

Banking online by visiting a bank’s website directly to perform typical transactions like checking your balance, reviewing and reconciling your recent transactions, paying bills, or transferring money, is generally safer than doing the same in person, whether at an ATM or a teller. Your information is encrypted and you can take care of your business ... Continue reading this article…

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New Interest Rates at ING Direct, $25 Bonuses Still Available and Going Relatively Quickly

by Luke Landes

As of earlier today, ING Direct, one of my choices among the best high-yield online savings accounts, has lowered the interest rates offered on its savings and checking accounts. The bank has lowered the yield on its savings account from 2.5 percent to 2.4 percent APY, while the rates on the two upper tiers of the checking ... Continue reading this article…

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New Chase $100 Bonus Coupon for Checking Accounts, Expires February 27, 2009

by Luke Landes

Chase $100 Bonus Coupon for Checking Accounts I am not interested in opening a new checking account that requires either direct deposit or five or more debit card purchases each statement period. But if these terms sound good to you, and you have at least $100 ready for your first deposit, you will qualify for ... Continue reading this article…

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HSBC Direct Drops Interest Rate to 1.55% APY

by Luke Landes

HSBC Direct must have heard that I was planning to transfer some of my savings to the bank, which until yesterday had been offering 3.0 percent APY. Following other banks that lowered interest rates for the new year, HSBC dropped their interest rate 13 percent to 2.6 percent APY and is now 1.10 percent APY as of June 2010. ... Continue reading this article…

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ING Direct Referral Waiting List Now Open! (Update: List is Full)

by Luke Landes

Once again, I’ve refreshed the list of ING Direct $25 referral links. By using one of these links, a new customer can receive a $25 bonus for opening a new savings or checking account if the initial deposit is $250 or more. As these are “referral” bonuses, the person who provided the link will receive ... Continue reading this article…

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Banks Celebrate New Year By Lowering Savings Interest Rates

by Luke Landes

One thing to keep your eye on in 2009 is your savings account. Over the past few days, several banks have lowered the interest rates on high-yield savings accounts. This is not a good sign for those who want to have liquid assets without losing purchasing power. You may want to start the new year ... Continue reading this article…

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Last Chance to Earn $250 Bonus From WTDirect

by Luke Landes

Throughout December, WTDirect has been offering an opportunity for new customers to earn up to $250 by opening a new account. The bank is offering a good interest rate right now (3.06 percent APY) for customers with balances of $10,000 or higher. The opportunity to earn this bonus is ending tomorrow, December 31, 2008. Here is ... Continue reading this article…

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New ING Direct $25 Bonus Referral Links

by Luke Landes

If you do not already have an account at ING Direct and you’re interested in opening up a new savings account or checking account at this online bank, you can earn a $25 bonus just by using one of these referral links. If you transfer more than $250 as your initial deposit into your new ... Continue reading this article…

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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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