Hot Deals: DollarSavingsDirect 4.00% APY (reviews) | EverBank 4.00% APY (more) | FNBODirect 2.80% APY (reviews) |  WTDirect $250 Bonus

Best Online Savings & Checking Accounts Interest Rates

Posted by Sun on May 9, 2008
Advertisements

It has been more than four months since I last updated my little interest rates table. During this four-month period, the rate picture of online banks has changed a lot, going down 5% something to mostly in the neighborhood of 3% APY, as the Fed cut interest rates every time they met. However, the latest reduction of a quarter of a percentage point at the end of last month could be the last one by the Fed in the current round of rate cut. And because of the relatively small cut (only 0.25%), no bank, as far as I know, has followed suit. One bank, E-Trade Financial, even raised the rate on their Complete Savings Account a couple of days ago. So I feel it’s time to take a look at where everybody stands on the rate ladder.

For more information on each bank, be sure to check out Best Online Savings Account Deals page.

Last update: December 23, 2008

Bank Savings
APY		 Minimum Checking
APY		 Minimum
DollarSavingsDirect Savings
 4.00% $1,000 N/A N/A
EverBank Money Market
 4.00%* $1,500 4.00% $1,500
Provident Direct High Yield Savings
 3.75% $1 N/A N/A
GMAC Bank Online Savings
 3.75% $500 N/A N/A
Venture Bank Wise-Choice Savings
 3.60% $1 N/A N/A
Savings Square
 3.60% $1 N/A N/A
ShoreBank Direct Online Savings 3.50% $1 N/A N/A
Bank of Internet Money Market
 3.51% $1 3.20% $1
Capital One Online Savings 3.25% $10,000 N/A N/A
UFB Direct Traveler Savings 3.15% $1 0.01% $50
OnBank Money Market Savings
 3.15% $1 N/A N/A
IGoBanking Savings
 3.08% $1 2.80% $1
WT Direct High Yield Savings
 3.06% $10,000 N/A N/A
E*Trade Max-Rate Savings
 3.01% $1 3.25% $5,000
Capital One Money Market 3.00% $1 N/A N/A
HSBC Direct Online Savings
 3.00% $1 2.25% $1
FNBO Direct Online Savings
 2.80% $1 2.25% $1
Umbrella Bank Money Market
 2.75% $1,000 N/A N/A
Discover Bank 2.75% $2,500 N/A N/A
Emigrant Direct Savings
 2.75% $1 N/A N/A
Salem Five Direct Money Market
 2.75% $1 N/A N/A
ING Direct Orange Savings
 2.75% $1 1.00% $1
Presidential Bank Premier Savings
 2.60% $5,000 2.00% $1,500
Citi Bank Ultimate Savings
 2.50% $1 N/A N/A
E-Loan Bank Savings Plus
 2.06% $5,000 N/A N/A
Univest Direct Online Savings
 2.00% $1 1.50% $1
Countrywide Bank 1.90% $10,000 N/A N/A
AmTrust e-Savings 1.75% $1 N/A N/A

*EverBank 3.93% 3-month bonus rate. The effective APY for the first year is 3.82%.

Two clear winners are DollarSavingsDirect and UFB Direct, both at 4.00% APY and have been covered before (DollarSavingsDirect review and UFB Direct Traveler Savings). The banks I am currently using, IGoBanking and FNBO Direct (FNBO Direct review) aren’t far behind. I have been considering getting another account with a better rate for some time, but haven’t made the move before with less than 0.50% difference, it may not worth it. However, I didn’t totally give up the idea. If I do make the move, Capital One will likely to be my choice because Provident Direct has too many restrictions. I want something simple without a lot of limits and fees.

Any other better deal out there?

Update: I eventually opened an account at DollarSavingsDirect.

If you found information on this Diary helpful, please consider subscribing to the full RSS feed (What's RSS feed?), or enter your email below to receive free daily update.

Your address is secure and will only be used to deliver the contents of this Diary. You can unsubscribe at any time.

Featured Financial Products
  • Feeling the pain at the pump? Find out how you can get up to 5% cash back with these gas rewards credit cards. It's the money you have to spend anyway. Why not get some back?
  • Ready to buy stocks/ETFs with zero commission? Check out the Zecco review and try Zecco Trading to get 10 free trades/month.
Related Articles You Don't Want To Miss

Categories : Banking, Personal finance Tags:

Advertisements
Trackbacks & Pingbacks
44 Comments
May 9, 2008

I went to Capital One’s website and the savings rate of 3.75% requires $10k deposit not $1.00.

Posted by RD
May 10, 2008

Yes. Look at Money-Rates.com they are listing a bank paying 4.65% on a bank money market account. Thank goodness rates are going up again

Posted by Marley
May 10, 2008

RD: You are right. The minimum is indeed $10,000 instead of $1. I have corrected the post.

Marley: Thanks for the information. I will take a look at Money-Rates.com. Hopefully, rates will soon start to go up. But don’t expect bank to raise their rates as quickly as they drop rates.

Posted by Sun
May 11, 2008

countrywide has a savingslink account offering 4% interest rate.
https://bank.countrywide.com/landing/sl2.aspx?src=HLSLA001D002&tier=10000

Posted by zw
May 13, 2008

zw: Thanks for the information. I have updated the table. I am considering getting a Countrywide account :)

Posted by Sun
May 14, 2008

Hi,
These is a wonderful information. Gathering all bank rate interests and many more, this might be a tough job still you are doing well. Keep up the good job.

Posted by How To Invest online
May 14, 2008

I just opened a money market account at OnBank with a 3.49% yield.

Posted by Jimmy
December 31, 2008

gulf coast bank is offering 5.51% on checking with balances below 25,000 - you must do at least 12 check card transactions - i have had this account open for 2 months and earn 110.00 a month on interest

http://www.gulfbank.com/

Posted by sal
December 31, 2008

gulf coast is offering 5.51 percent interest on checking accounts!!

http://www.gulfbank.com/

Posted by sal
Share Your Thouhgts
Your opinion matters. Please use the form below to share your thoughts on Best Online Savings & Checking Accounts Interest Rates with us.

(required)

(required)


Recent Entries
invisible tracker