Emigrant Direct raised interest rates on its savings account to a wonderful 4.0% APY today, possibly to coincide with the Federal Reserve Bank’s increase of 25 basis points.
I have updated the latest checking and savings rates table to include the new rates, so take a look (and update your links). The new update also includes HSBC, whose internet savings account offers 3.75% APY.
Update: After I finished posting this, I received an email from Emigrant Direct announcing the new rate as well as a new offering. Here’s the text:
Additionally, we are also pleased to announce the upcoming launch of a no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases — from the first dollar spent on your card to the very last. This revolutionary credit card featuring platinum-level benefits will be offered only to EmigrantDirect customers and be available before yearend. Cash back amounts will be deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience. If you would like to be sent a priority invitation to apply for the card once it becomes available, please send a quick email with your name and email address to firstname.lastname@example.org. We hope that you will become a cardholder and discover yet another way that EmigrantDirect serves and rewards its customers with outstanding value.
I look forward to seeing the details of this no-fee rebate card when it is available.
Updated February 6, 2012 and originally published September 20, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.