Rate Updates: E*Trade Complete Savings 2.50% APY, EverBank Money Market 3.51% APY

For sometime, E*Trade has been pretty good at holding the yield of their Complete Savings Account at 3.01% APY, becoming one of the bright spots when everybody else was in the cutting mood. But that finally came to an end, like all the good things.

E*Trade announced yesterday that effective Monday, February 2nd, the new rate for E*Trade Complete Savings Account will be 2.50% APY, down from 3.01%, putting them at the same level as ING Direct and HSBC Direct.

And E*Trade isn’t the only one cut rate when the Fed is idle. EverBank will also lower its bonus rate for Yield Pledge Money Market Account to 3.51% for the first 3 months, effective February 2, down from 3.76%. FNBO Direct, which for once has been the choice for online savings account, is again cutting its rate to 2.60% APY, the second time in a little over a month.

After these rate reductions, Dollar Savings Direct (my Dollar Savings Direct review) still seems to be the choice for a good savings account. At 3.50% APY with low balance requirement ($1,000) and no fee, it’s hard to beat now :)

BTW, I have updated the interest rates history table with these changes. Let me know if you have other rate change information.

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4 Responses to “Rate Updates: E*Trade Complete Savings 2.50% APY, EverBank Money Market 3.51% APY”

  1. ratbert03 |  Feb 02, 2009 at 1:46 pm

    Just got an email from FNBO Direct saying that their dropping their rate to 2.6%.

    Venture Bank Direct seems to be holding steady at 3.3%; when I opened an account with them last Nov, it was 3.6% so compared to many other banks, they haven’t slashed their rate drastically but who knows about the future.

    Even though ETrade is lowering their rate, if you haven’t opened a savings account with them, go to: http://www.mydollarplan.com/etrade-bank-25-sign-up-bonus/

    Open an ETrade account and get $25, my account got credited with the $25 bonus within a week.

    Disclaimer: I’m not affiliated with the mydollarplan.com website, it was the only place that had the $25 bonus link I could find.

  2. Steve |  Feb 02, 2009 at 6:10 pm

    I don’t see where E*Trade has lowered rate. Seems like it is still 3.01%.

  3. Sun |  Feb 02, 2009 at 10:57 pm

    The rate will be updated at the end of today, Feb. 2.