Best Online Savings & Checking Accounts Interest Rates
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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.
Last update: July 25, 2008
| Bank | Savings APY |
Minimum | Checking APY |
Minimum |
| EverBank | 4.76%* | $1,500 | 4.76% | $1 |
| Washington Mutual | 4.00% | $1 | 4.00% | 1 |
| Countrywide Bank | 3.55% | $10,000 | N/A | N/A |
| FNBO Direct | 3.50% | $1 | N/A | N/A |
| HSBC Direct | 3.50% | $1 | 2.25% | $1 |
| Provident Direct | 3.50% | $1 | N/A | N/A |
| Capital One Online Savings | 3.50% | $10,000 | N/A | N/A |
| Umbrella Bank | 3.40% | $1,000 | N/A | N/A |
| E*Trade | 3.30% | $1 | 3.25% | $5,000 |
| IGoBanking | 3.28% | $1 | N/A | N/A |
| WT Direct | 3.31% | $10,000 | N/A | N/A |
| Savings Square |
3.05% | $1 | N/A | N/A |
| Bank of Internet | 3.05% | $1 | 3.46% | $1 |
| Discover Bank | 3.04% | $2,500 | N/A | N/A |
| UFB Direct | 2.96% | $1 | 0.01% | $50 |
| E-Loan Bank | 3.01% | $5,000 | N/A | N/A |
| ING Direct | 3.00% | $1 | 1.75% | $1 |
| Univest Direct | 3.00% | $1 | 1.75% | $1 |
| Salem Five Direct | 3.00% | $1 | N/A | N/A |
| GMAC Bank | 3.00% | $500 | N/A | N/A |
| Capital One Money Market | 3.00% | $1 | N/A | N/A |
| Emigrant Direct | 2.75% | $1 | N/A | N/A |
| Citi Bank | 2.70% | $1 | N/A | N/A |
| Presidential Bank | 2.60% | $5,000 | 2.00% | $1,500 |
| AmTrust Direct |
2.50% | $1 | N/A | N/A |
*EverBank 4.76% 3-month bonus rate, 3.51% APY on-going rate (the effective APY for the first year is 3.82%).
Two clear winners are Provident Direct and Capital One Online Savings at 3.75% APY, both have been covered here before. The banks I am currently using, IGoBanking and FNBO Direct, 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?
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Trackbacks & Pingbacks
- Pingback by Online Bank Savings & Check Interest Rates | Online Banking Guide on May 9, 2008 @ 11:58 am
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- Pingback by Earthship Homes, Chrysler Gas Ad, Stimulus Check and More! on May 14, 2008 @ 9:32 am
- Pingback by Capital One Online Savings Account Opened on May 21, 2008 @ 11:31 pm
- Pingback by $25 ING Direct Bonus Reference Code and More [Ongoing] on May 23, 2008 @ 9:16 pm
- Pingback by HSBC Direct Bumps Up Rate, Temporarily on June 4, 2008 @ 10:34 pm
- Pingback by FNBO Direct Followed Suit, UP Interest Rate on June 9, 2008 @ 11:40 pm
- Pingback by WT Direct Increases Interest Rate to 3.26% APY on June 19, 2008 @ 10:53 pm
- Pingback by E-Trade Complete Savings Account now 3.20% APY on July 1, 2008 @ 10:50 pm
- Pingback by HSBC Direct Bumps Up Rate: 3.50% APY on July 9, 2008 @ 9:08 pm
- Pingback by IGoChecking, IGoBanking’s Checking Account, Offers 2.65% APY on July 26, 2008 @ 12:59 am
- Pingback by ING Direct Bonus Reference Code and More [Ongoing] on July 28, 2008 @ 7:52 pm
- Pingback by DollarSavingsDirect: A High Yield Version of Emigrant Direct on September 14, 2008 @ 9:44 pm
- Pingback by WaMu Online Savings Account Now 4.00% APY on September 22, 2008 @ 8:59 pm
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I went to Capital One’s website and the savings rate of 3.75% requires $10k deposit not $1.00.
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
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.
countrywide has a savingslink account offering 4% interest rate.
https://bank.countrywide.com/landing/sl2.aspx?src=HLSLA001D002&tier=10000
zw: Thanks for the information. I have updated the table. I am considering getting a Countrywide account
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.
I just opened a money market account at OnBank with a 3.49% yield.