Comments on: Savings Account Interest Rate Roundup (Updated November 13, 2009!) http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Thu, 31 May 2012 07:09:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Rassah http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190135 Rassah Wed, 11 Mar 2009 16:19:06 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190135 Of those I currently have ING, FNBO, and GMAC. I use ING for my main checking account, and for short-term savings (mainly money that will go to pay off credit cards every month). My ING account drops to $0, both savings and checking, once a month every month. I used FNBO, but their interest rate dropped too much too fast, and they have no way to "link" accounts to Quicken to download transactions. It's also a pain to track FNBO's rate, since I rarely go to their home page, and usually link directly to their log-in page. GMAC I would compare to ING in their website quality/convenience. Everything is very easy to find (intuitive), transfers are very hassle-free and easy to set up, they show your current interest rate right on the accounts detail page, and, unlike all the other banks, GMAC seems to have been somewhat resistant to interest rate drops. Since January they dropped from 2.80% to 2.75%, and recently to 2.65%. Hardly the huge drops we've seen from ING and FNBO. Currently, GMAC is my long-term savings, and my credit card arbitrage bank. Of those I currently have ING, FNBO, and GMAC. I use ING for my main checking account, and for short-term savings (mainly money that will go to pay off credit cards every month). My ING account drops to $0, both savings and checking, once a month every month. I used FNBO, but their interest rate dropped too much too fast, and they have no way to “link” accounts to Quicken to download transactions. It’s also a pain to track FNBO’s rate, since I rarely go to their home page, and usually link directly to their log-in page. GMAC I would compare to ING in their website quality/convenience. Everything is very easy to find (intuitive), transfers are very hassle-free and easy to set up, they show your current interest rate right on the accounts detail page, and, unlike all the other banks, GMAC seems to have been somewhat resistant to interest rate drops. Since January they dropped from 2.80% to 2.75%, and recently to 2.65%. Hardly the huge drops we’ve seen from ING and FNBO. Currently, GMAC is my long-term savings, and my credit card arbitrage bank.

]]> By: Yana http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190127 Yana Wed, 11 Mar 2009 15:12:36 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190127 @Eric It's not that hard to meet the transactions requirements, if you always put groceries and gas on the card. That's a foundation for me. @Eric It’s not that hard to meet the transactions requirements, if you always put groceries and gas on the card. That’s a foundation for me.

]]> By: Lolita http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190112 Lolita Wed, 11 Mar 2009 13:05:44 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190112 I've had an account with Shore Bank for about a year now. I had a promo code where I got a $25 bonus to open the MMA. The bonus money came in early and I haven't had any problems. It's nice to see that they are still on the upper end of the interest rate scale:) The user interface leaves a bit to be desired, but it works, never a problem and I don't think I've ever seen any down time. What I like best, is that the bank is an active investor in its local community and focuses on areas that are low income to provide loans for improvement in the community. I’ve had an account with Shore Bank for about a year now. I had a promo code where I got a $25 bonus to open the MMA. The bonus money came in early and I haven’t had any problems. It’s nice to see that they are still on the upper end of the interest rate scale:) The user interface leaves a bit to be desired, but it works, never a problem and I don’t think I’ve ever seen any down time. What I like best, is that the bank is an active investor in its local community and focuses on areas that are low income to provide loans for improvement in the community.

]]> By: sam http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190109 sam Wed, 11 Mar 2009 10:27:36 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190109 Economically speaking it is a tough time all round at the minute. As you say banks don't really seem to want your business at the minute as they are not promoting savings nor are they giving out mortgages. So what are banks doing at the minute, they have been bailed out a lot just recently and appear to be sitting on the money they have been handed out, which completely voids the point of being given the money in the first place. They need to start encouraging sensible borrowing to home owners and good interest rates to savers. All those pensioners that worked hard to make money for this time and in their life and they are all now struggling. Economically speaking it is a tough time all round at the minute. As you say banks don’t really seem to want your business at the minute as they are not promoting savings nor are they giving out mortgages. So what are banks doing at the minute, they have been bailed out a lot just recently and appear to be sitting on the money they have been handed out, which completely voids the point of being given the money in the first place. They need to start encouraging sensible borrowing to home owners and good interest rates to savers. All those pensioners that worked hard to make money for this time and in their life and they are all now struggling.

]]> By: Anca http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190107 Anca Wed, 11 Mar 2009 06:19:33 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190107 I just opened up an account at ShoreBank yesterday after searching for an ethical bank to put my money. I'll be moving the bulk of my savings from Citi to there over the next month and using my local credit union to do my checking. I just opened up an account at ShoreBank yesterday after searching for an ethical bank to put my money. I’ll be moving the bulk of my savings from Citi to there over the next month and using my local credit union to do my checking.

]]> By: Eric http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190105 Eric Wed, 11 Mar 2009 05:43:03 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190105 For a little work, you can get 2x these rates with a "rewards" checking account. I just opened such an account at Redneck Bank (this is no joke ... it's a real bank!) and, in return for making ten Visa transactions (not ATM) on their card, I'll get just over 5% on up to $25K in deposits. Most of these accounts have similar limitations and requirements. Just google on "rewards checking" and you'll find plenty of information. This is an experiment for me - it's going to take some work/diligence to make sure I make my transaction quota, but for that kind of interest rate I'm willing to work a little. For a little work, you can get 2x these rates with a “rewards” checking account. I just opened such an account at Redneck Bank (this is no joke … it’s a real bank!) and, in return for making ten Visa transactions (not ATM) on their card, I’ll get just over 5% on up to $25K in deposits. Most of these accounts have similar limitations and requirements. Just google on “rewards checking” and you’ll find plenty of information.
This is an experiment for me – it’s going to take some work/diligence to make sure I make my transaction quota, but for that kind of interest rate I’m willing to work a little.

]]> By: Yana http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190101 Yana Wed, 11 Mar 2009 04:01:58 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190101 The majority of our savings is being transferred right now to ING Direct. The majority of our savings is being transferred right now to ING Direct.

]]> By: Roger http://www.consumerismcommentary.com/savings-account-interest-rate-roundup/comment-page-1/#comment-190098 Roger Wed, 11 Mar 2009 03:39:40 +0000 http://www.consumerismcommentary.com/?p=5567#comment-190098 Yes, it is a sad side effect of the broader economic decline. Currently, the best interest rate I'm getting is from SmartyPig, which is offering 3.25% right now (down from 3.9% at the end of last year). The disadvantage is that you can't pull any of the money out without closing down the account, and when you do, it takes several business days to be transferred into a 'regular' account. If you think of it as a sort of modified CD rather than a normal savings account, you won't be that far off. That's about the best idea I can come up with that doesn't involve time travel and long-term CDs in order to get a decent return on your savings. Yes, it is a sad side effect of the broader economic decline. Currently, the best interest rate I’m getting is from SmartyPig, which is offering 3.25% right now (down from 3.9% at the end of last year). The disadvantage is that you can’t pull any of the money out without closing down the account, and when you do, it takes several business days to be transferred into a ‘regular’ account. If you think of it as a sort of modified CD rather than a normal savings account, you won’t be that far off.

That’s about the best idea I can come up with that doesn’t involve time travel and long-term CDs in order to get a decent return on your savings.

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