Their ruthless tactics are starting to pay off for savings-minded customers. Capital One is the type of company that offers credit cards to people with poor credit history. People who are happy to qualify for a credit card are willing to pay high interest rates (upwards of 20% APY) and yearly fees (upwards of $50) for the priviledge.
Now people who are interested in saving money can benefit from this. Capital One is offering a savings account with an annual percentage yield of 2.25%. That’s the highest I’ve noticed lately. They don’t seem to be offering any special promotions or bonuses, but I signed up for an account and transferred some money over.
It looks like ING Direct is getting some tough competition. They’re currently offering only a 1.8% APY on their savings account.
Updated February 6, 2012 and originally published July 31, 2003. 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.