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At the beginning of March, the banking arm of Sallie Mae, a publicly-traded corporation whose main business is student loans, began offering high-yield savings accounts. As I’ve mentioned before, “high-yield” is currently a joke; just a few years ago, you could deposit cash in high-yield savings accounts and count on slightly beating inflation. It is ... Continue reading this article…
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Interested in opening a savings account at Discover Bank? Read this article first. A few weeks ago, I noted that E*TRADE Bank will be moving some customers’ accounts to Discover Bank. The only customers affected by this move are those who do not have brokerage accounts. I have a brokerage account through E*TRADE, so my savings ... Continue reading this article…
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At the end of 2008, the editors of Kiplinger’s Personal Finance magazine selected FNBO Direct as their favorite savings account. Since that time, the banking landscape has changed. From the ashes of GMAC Bank rose Ally Bank offering competitive interest rates, currently APY. Kiplinger’s chose Ally Bank as the best savings account of 2009. You ... Continue reading this article…
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In a perfect word, I wouldn’t spread my money among more than one or two savings accounts. There is value in simplifying personal finances and I try to take that approach where possible. Forces are working against me, however, keeping my finances more complicated than they would be otherwise. Occasionally I review and evaluate banking products ... Continue reading this article…
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While most banks are still lowering their interest rates, Ally Bank increased its rate today, November 13, 2009, to 1.64 percent APY. Although the rate is up, it is only 0.09 percentage points higher than the rate of 1.55 percent last month, the lowest rate from Ally Bank or GMAC Bank since I started watching interest rates ... Continue reading this article…
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It’s not every day that I find a bank account offering more than 2 percent APY, but as of October 30, 2009, I’ve discovered one thanks to a reader. “Ski Naut” contacted me yesterday to ask about SFGI Direct’s offer of 2.25 percent APY. I had not heard of the bank, so I looked into it. SFGI Direct ... 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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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 1.55 percent APY as of May ... 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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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. ... Continue reading this article…
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Highlights: Discover Bank, FNBO Direct, ING Direct, HSBC Advance, Ally Bank. There are two main criteria I use to determine the best online savings account and to choose where to put my money when it comes to short-term savings: interest rates and customer service. Interest rates are important because I don’t want my money to lose ... Continue reading this article…
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As some of the more popular banks like ING Direct, HSBC Direct and FNBO Direct lower their interest rates, other less-known banks are appearing in their place with higher rates. Some of these banks do not have reputations yet and haven’t been in the public eye for long. Here are a few that ... Continue reading this article…
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I warned yesterday that more banks were likely to follow Chase’s lead in lowering interest rates for savings account customers. A few minutes ago, I received an email from ING Direct to inform me that the interest rate offered on the Orange Savings Account has been reduced to yield 2.75 percent. Over the past few weeks, ... Continue reading this article…
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See the review of the best online savings accounts – updated December 2009. While I’m generally happy with my ING Direct account for a good portion of my savings, I’m looking to spread the money around to take advantage of some higher interest rates. One of the banks I’ve targeted is FNBO Direct, the online arm ... Continue reading this article…
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February 5, 2009 update: The following information has expired. Washington Mutual no longer offers these rates. Washington Mutual wants your deposits. I received word that starting tomorrow the bank will offer 4.0 percent APY on its online savings account, maintaining its position at the very top of the list of popular high-yield savings and money market ... Continue reading this article…
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WTDirect is offering a bonus for new customers who open a savings account. Above the 3.31 percent APY interest rate, WTDirect is offering a sign-up bonus of up to $250. You’ll have to deposit a significant sum, however, and keep the funds deposited in the bank for 60 days. The bonus is different depending on how ... 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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The people at SmartyPig contacted me recently to offer a $100 gift card for use on their site to a Consumerism Commentary reader. SmartyPig has been mentioned on a few personal finance blogs recently, and here’s the deal. SmartyPig is a savings account, FDIC insured, currently earning 4.30 percent APY. Depositors’ funds are held by ... Continue reading this article…
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Consumerism Commentary visitor Diane asked about the bank that is currently topping the list of high-yield savings accounts, OneUnited, which is currently offering 5.30 percent APY. I wonder about that Unity Gold E-Savings at OneUnited at the top of the list. That is 1 percent better than Emigrant where I am now, which translates into $500/year. Have you ... Continue reading this article…
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