Banking
Are You Using Direct Deposit?
I am and I can’t think of any reason why not using it as long as I have a bank account. It’s safe (I don’t have to worry about losing the check) and it’s fast (there’s no delay for the money to show up in my account). However, it appears that not everybody is using [...]
Popularity: 17% [?]
Latest Online Bank Savings & Checking Rates
After the latest rate cut by the Federal Reserve early this month, we are seeing many banks followed suit in the past by lowering the interest rates of the online savings accounts. As of today, UFB Direct offers the highest savings rate at 5.22% APY among banks I tracked.
Bank
Savings APY
Minimum
Checking APY
Minimum
UFB Direct
5.12%
$1
1.00%
$50
AmTrust Direct
5.11%
$1
N/A
N/A
FNBO Direct
5.05%
$1
N/A
N/A
E-Trade
5.05%
$1
4.00%
$5,000
Savings [...]
Popularity: 25% [?]
Random News: FNBO Direct’s New BillPay Account and IGoBanking Transfer Limit
FNBO Direct recently introduces a new savings tool, FNBO Direct BillPay Account, which is more like an interest checking account (except no check-writing ability). The product currently is only available to existing Savings account members and it pays 3.50% APY. Other features of the new account include:
No minimum balance required and no fee;
FDIC insurance;
Interest compounded [...]
Popularity: 18% [?]
Update: 4-Week T-bill Rates and Savings & Checking Accounts
While I don’t use 4-week T-bills as a short-term saving vehicle any more, I still keep an eye on the rate changes, though I don’t expect the rate to become competitive any time soon after the sharp drop in September, especially after two consecutive rate cuts.
The latest 4-week T-bill rate is at 4.008% APR. That’s [...]
Popularity: 20% [?]
Are You a Rate Chaser?
Though I have multiple online savings accounts and often move money around to get the best deal, I don’t consider myself a real rate chaser. Rate chasers, according to the definition in a NY Times article, are savers
who hunt for the best interest rates at banks and credit unions and quickly move their cash from [...]
Popularity: 23% [?]
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