Rate Updates: EverBank 4.00% Bonus Rate, Capital One 3.40% APY

Don’t know what the motivation is, but it looks like EverBank has changed its mind on the interest rate of its Yield Pledge Money Market Account. (check out my interview with EverBank Direct president) When I first heard about the bank, I was quite impressed by the 4.76% bonus rate offer (though only for the first three months) when everybody else’s rate was in the mid 3.0% range, and for once I thought about getting an account with them. Unfortunately, they were able to hold that rate after the Fed’s rate reduction in September, lowering the bonus rate to 3.93%. I eventually got an account at Dollar Savings Direct instead.

Today, EverBank made another rate change, in a good way though. Right now the 3-month bonus rate is at 4.00% for account balance up to $50,000. The money market account requires a minimum balance of $1,500. The effective rate for the first year is 3.42% APY for the first $50,000. At the same time, the FreeNet Checking Account also increases the bonus rate to 4.00% with $1,500 minimum and the first year effective rate is 3.20% APY.

On the other hand, another bank I used to use (well, I am still using it but with very little money) went the other way. Captial One Online Savings Account, one that I got in May, has recently lowered its rate to 3.40% APY from 3.55% APY. I am glad I didn’t wait till the rate reduction to run away from it :) Now I am very happy with Dollar Savings Direct. Hopefully, it can maintains its edge.

I have updated my interest rate table with the latest changes. I will wait till after the Fed’s meeting in the middle of the month to make a complete update.

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