Online Savings Account Interest Rates History
Jan 21, 2009 
Sun
For those who have been following this blog long enough, you know I spent quite a lot of time updating interest rates of popular online banks. I even have a table listing the latest interest rates and a Best Online Savings Account Deals page to help track where the good deals are. While keeping the rate table up to date is important because that’s most people care about when they search for an online bank with better rate, I think I lost some information during the update that is also equally valuable when evaluating a bank: The bank’s historical interest rates.
The current rate does matter when I screen banks for a good deal. After all, that’s what I am getting NOW. However, if the bank has been inconsistent with its interest rate in the past and tended to change it dramatically, I probably will stay away from it because I don’t know what I will get tomorrow, next week, or next month. Of course, banks change interest rates whenever they are pleased, but I still prefer banks that keep their rates relatively steady, gradually adjusting rates as the environment changes but no big ups and downs.
So from now on, instead of just replacing old data with new ones when I update the interest rate table, I will keep a record of interest rate changes of those banks I track and use it a reference for me and others who may be interested in knowing a little bit history of a bank’s interest rates 
Too bad that I have only the most recent data, so the table probably doesn’t look very helpful at this moment. I will keep adding to it whenever I see a change. If you have historical data of any bank listed here, leave a comment and I will add to the table. Also new banks will be added as they emerge. The table is also published, which you can check it out here online.
Update: Check out these current high-yield savings account offers (rate updated on March 1, 2010):
- SmartyPig Savings Account 2.01% APY
- Ally Bank Online Savings Account 1.39% APY;
- Sallie Mae High-Yield Savings Account 1.35% APY;
- FNBO Direct Savings Account: 1.25% APY
- EverBank Money Market Account 2.25% 3-month bonus rate, 1.51% APY for the first year.
Here is the complete interest rate history of ING Online savings account from Sept 2007 – present.
Sep 19, 2007 - 4.218% (4.30% APY)
Nov 1, 2007 Interest Rate Change to 4.121% (4.20% APY)
Dec 13, 2007 Interest Rate Change to 4.025% (4.10% APY)
Jan 23, 2008 Interest Rate Change to 3.590% (3.65% APY)
Feb 1, 2008 Interest Rate Change to 3.348% (3.40% APY)
Mar 11, 2008 Interest Rate Change to 3.057% (3.10% APY)
Mar 19, 2008 Interest Rate Change to 2.960% (3.00% APY)
Oct 9, 2008 Interest Rate Change to 2.716% (2.75% APY)
Dec 30, 2008 Interest Rate Change to 2.472% (2.50% APY)
Jan 20, 2009 Interest Rate Change to 2.374% (2.40% APY)
You should consider adding another line to this spreadsheet: the federal funds rate. Many banks adjust their interest rates in alignment with what the Fed does.
Some historical rates from an old thread: http://www.fatwallet.com/forums/finance/579954/
Thanks for the chart. If you could add an asterisk to those percentages that are short-term promotional rates, and perhaps sort by rate (for the most recent period) rather than alphabetical by bank name, a “yield chaser” such as myself would find it more useful.
Hee, hee. You can’t please all of the people all of the time, can you???
@John: Good point. And now you can see the list sorted on the latest rates.
As of today 3/17/09 the Dollar Savings Direct is an even lower 2.05%. How low can it go!
@FAUguy Thanks for letting me know the rate drop. Dollar Savings Direct officially sucks.
Hi Sun,
I just came across your site! Nice job! I see you put a lot of work into this and really appreciate it! I’m currently with ING Direct for an interest bearing account, but the rates keep dropping (like most) every day that I check. I noticed EverBank Money Market was on your top list. I visited their website and saw that they’ve only been around since 2008. I’m concerned about the security of this. Also, any new rate data on the above past 1/5? (PS, please do not share or sell my email address or add it to any spam mail.)
Thanks in advance,
Lorraine