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I’ve been closely tracking changes in high-yield savings account interest rates for a few years. Having a high-yield savings account is an essential part of being in control of your finances, and it’s the perfect vehicle for the bulk of your emergency fund. There is a possibility of having too much of a good thing. Traditional ... Continue reading this article…
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I am not surprised that my recent suggestion to start the decade off right by opening a high-yield savings account received a lukewarm reception. With rates between 1 percent and 2 percent APY right now, these savings are looking somewhat pathetic. Savings accounts are not designed to be investments. They will not provide the growth potential that stocks ... Continue reading this article…
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We reported just a few days ago on the passage of a measure in the House of Representatives to expedite the Credit Card reforms passed earlier this year. Unfortunately, I left out some of the story, as I’m still figuring out the intricacies of how laws are made, and there were some amendments made to the ... Continue reading this article…
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When I started formally tracking high-yield savings rates, with a shared online spreadsheet, it was common to see banks offering interest rates above 5.0 percent APY. That was in January 2008, and the economy is in a different situation now. According to the government, there has been no measurable inflation, and now interest rates for lending ... Continue reading this article…
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A few banks have lowered interest rates offered for savings and checking accounts in the past few days. Here are a few of the new updates.
Ally Bank Savings Account is offering 2.0 percent APY as of June 19, 2009 Ally Bank Money Market is offering 1.85 percent APY as of June 19, 2009 OneUnited UNITY Gold E-Savings is offering ... Continue reading this article…
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April is National Financial Literacy Month in the United States. In most cases, schools do not extensively teach financial skills. Teenagers, highly susceptible to messages from the media, often do not have guidance from teachers, who are not trained to teach financial skills, or from parents, many of whom do not model healthy financial behavior. ... Continue reading this article…
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A quick roundup of current lending news. In December 2008 we reported a prediction that credit card issuers would be reducing available credit by about 45 percent, and recently the company behind the FICO score released a report of credit lines being reduced from April to October 2008, right before that prediction was made. From the study, we ... Continue reading this article…
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Over the last decade, on-line savings accounts have grown into prominence, first with new internet-only banks offering high-yield accounts thanks to their low overhead costs, and followed by old-fashioned brick-and-mortar banks offering on-line accounts to give the newcomers competition. For more than one year, I’ve been tracking and charting interest rate changes for a number ... Continue reading this article…
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A little over a year ago, I introduced SmartyPig to Consumerism Commentary, a savings account with a higher rate. Their current rate yields 3.25 percent, by far the highest among high-yield online savings accounts. Accounts held with SmartyPig are fully backed by the FDIC. SmartyPig’s philosophy is designed to focus on goal-oriented saving, ... Continue reading this article…
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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 recent ... Continue reading this article…
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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 ... Continue reading this article…
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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) at Wachovia in my area earns a maximum of 0.8 percent APY — and that’s only on balances above $250,000. The APY ... Continue reading this article…
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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 to 3.5 percent APY (2.0 percent ... Continue reading this article…
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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 ... Continue reading this article…
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For those who have enjoyed high-yield savings and checking accounts, get ready for a difficult time keeping up with inflation. ING Direct announced just minutes ago that the bank is dropping the interest rate on the first $50,000 per person deposited in their Electric Orange checking account to 0.5 percent APY. The interest rate ... Continue reading this article…
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HSBC Direct lowered the interst rate offered on its online savings account to an annual yield of 3.0 percent today, almost two years after the bank offered a leading 6.0 percent APY. Here’s their latest corporate communication, sent to all account holders: Since I last wrote to you in mid September we have seen much change in the global ... Continue reading this article…
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February 5, 2009 update: The following information has expired. Washington Mutual no longer offers these rates. Less than a month ago, Washington Mutual increased the interest rate offered on the bank’s savings account to 4.0 percent APY. This came as the bank was trying to attract capital. Since then, WaMu was in danger of failing and ... Continue reading this article…
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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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Please view this updated overview of the best online savings accounts. As I mentioned yesterday, Washington Mutual has leapfrogged ahead, raising the interest rate offered on the bank’s online savings account to 3.75 percent APY. I’ve updated the list of highest online savings account interest rates to reflect the current rate leader. Here is a summary ... Continue reading this article…
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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
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