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.
Update: Go to this post to get the latest interest rates from all the online banks.
| 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 Square |
5.00% | $1 | N/A | N/A |
| IGoBanking | 4.90% | $1 | N/A | N/A |
| WT Direct | 4.90% | $1 | N/A | N/A |
| Washington Mutual | 4.75% | $1 | N/A | N/A |
| Emigrant Direct | 4.55% | $1 | N/A | N/A |
| Costco Capital One | 4.60% | $1,000 | N/A | N/A |
| Salem Five Direct | 4.60% | $100 | N/A | N/A |
| Umbrella Bank | 4.56% | $100 | N/A | N/A |
| E-Loan Bank | 4.50% | $5,000 | N/A | N/A |
| GMAC Bank | 4.50% | $50 | N/A | N/A |
| Citi Bank | 4.50% | $1 | N/A | N/A |
| Ever Bank | 4.41% | $1,500 | 3.01% | $1,500 |
| Presidential Bank | 4.40% | $5,000 | 3.50% | $1,500 |
| Discover Bank | 4.39% | $1 | N/A | N/A |
| Univest Direct | 4.25% | $1 | 3.40% | $1 |
| HSBC Direct | 4.25% | $1 | 0.05% | $5 |
| ING Direct | 4.10% | $1 | 3.15% | $1 |
| Bank of Internet | 3.90% | $100 | 3.40% | $100 |
| Flagstar Bank | 1.00% | $1 | 0.50% | $1 |
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.
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.
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Countrywide Bank is currently offering 5.30 percent APY for Savingslink balances of $10,000 or more. The CD rates are also good, 5.50 percent APY for 3 and 6 month terms for $10,000 or more. These accounts are FDIC insured, although if the bank fails, you could be in for some hassles as the bank is sold or liquidated. If you don’t have a problem doing business with E-Trade Bank, then Countrywide shouldn’t keep you awake at night. Countrywide also has bricks and mortar branches in several states, heavily concentrated in California.
If you want some of your IRA money in CD’s, the minimum required to earn the high CD rate is $2,500.
Lack of ACH at UFBDirect is not as annoying as it seems: you can do ACH from the outside. I usually make deposits and withdrawals from/to UFBDirect using my GMACBank online savings account.
Many thanks for providing this information.
I also currently use FNBO as my main saving account. I was considering UFB, but no ACH is a show-stopper – thanks for mentioning it. I need to be able to transfer money there from my checking at brick-and-mortar bank; having to do it through another savings account is too much of a hustle.