Latest Online Bank Savings & Checking Account 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.
Update: Go to this post to get the latest interest rates from all the online banks.
|Bank||Savings APY||Minimum||Checking APY||Minimum|
|Costco Capital One||4.60%||$1,000||N/A||N/A|
|Salem Five Direct||4.60%||$100||N/A||N/A|
|Bank of Internet||3.90%||$100||3.40%||$100|
I have thought about getting a new online bank account to replace IGoBanking and AmTrust was target after the first two rounds of rate reduction. However, now I am having a second thought on whether it is worthy it. As shown in the above table, the difference between AmTrust and FNBO Direct, currently my primary online bank which holds its rate steady since November, is only 0.06%. It’s too small a difference to go through the trouble of getting another account. Of course, it’s unclear whether FNBO can keep its rate at current level, especially when there’s a high possibility of another rate cut at the Fed’s next meeting. It’s probably better to wait until things are little clearer to decide what to do next. No doubt about it’s getting tough now to chase rate when the it keeps falling.
| Get the most of your money with these High-Yield Savings Accounts:|
UFB Direct’s 5.12% APY looks good. Too bad they don’t even offer ACH. I wonder who else nowadays is still asking you to mail in a check to make a deposit.
This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.