IGoBanking 3.18% APY for $5,000 or More

IGoBanking, one of the banks I use but fell out of favor recently, is out with a new tactics to lure existing customers like me back. In an email I received yesterday, with the subject line as “Celebrate the Inauguration with IGoBanking,” the bank says from now till March 18, 2009, any money transferred between $5,000 and $10,000 will earn a guaranteed rate of 3.18%, 0.1% higher than the current rate.

Actually, their on-going rate of 3.08% APY isn’t that bad if you compare it with other popular online banks such as ING Direct, HSBC Direct, or even FNBO Direct, another my former favorite, which are in the mid to high 2.0% range. However, if an existing customer, again like me, is already using an account with a better rate (I am enjoying Dollar Savings Direct’s 4.00% APY now), and that’s exactly the reason I abandoned the bank in the first place, can they actually expect he or she return with a meager 0.1% increase for two months and up to $10,000? I don’t think that’s a realistic expectation. When seeing offers like this, I always wonder whether banks have any idea why people leave them. I am sure they know very well where they are in this market, but what they offer are simply not good enough to gain back customers (for more better deals, check out the Best Online Savings Accounts page).

For a checking account, I could look for more extra features from a bank. But for a savings account, give me the best rate and I will be very happy.

Sorry, IGoBanking, I am not going to celebrate the inauguration with you.

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