OnlineSavingsAccounts.info

Account Changes in the Bad Economy

2008-10-14T16:50:00.001-07:00

With the economy performing so poorly, online savings banks seem to have changed strategies to remain ahead. While most have seen a drop in rate across the board, E-Loan and GMAC have changed their account behaviors as well.

E-Loan now features a tiered rate structure, which offers a higher rate as your savings balance increases. That 3.85% sure looks good, but I don't quite have the $100,000 lying around needed to get that rate. You must also deposit an additional $100 a month or you are not eligible for that rate. There is also a new footnote on their rate chart indicating "Balances that fall below the minimum opening balance of $5,000 will be paid 1.00% APY."

GMAC also now has a tiered rate structure with rates from 2.9%-3.75%. But, if your balance averages below $500 a month, you get a nice new fee of $5-$7.50.

Personally, I'll take a lower rate than gimmicy rates I'll never see or fees for being poor.

Continued Drops

2008-03-24T12:03:00.001-07:00

The recent FED rate drop of half a percent translated to further drops in the savings account arena. Several banks even dropped below 3% for the first time in quite awhile. With higher rates from savings bonds and other investments, high-yield savings accounts are not providing much relief from economic woes these days.

Online Savings Accounts Info

Rate Cut Decreases Savings Rates Again

2008-01-27T08:34:00.001-08:00

The recent FED cut to prevent a recession managed to cut the savings rates of most of the major online savings accounts.

ING Direct fell below 4% to 3.65% and FNBO dropped from their position as number 1 with 5% to 4.3%.

Online Savings Accounts Rates

FED Cuts Rate Again

2007-11-01T14:17:00.001-07:00

The Fed's rate cut has once again translated to lower returns on online savings accounts. Several banks have already lowered rates and more will likely follow after the dust has settled.

Rate Decreases Continue

2007-10-08T19:56:00.001-07:00

ELoan, Emigrant, Presidential, and others have all changed their rates and altered the landscape of best rates. Hoepfully the big players have settled into place until the next Fed rate adjustment.

FNBO Promo Rate Ends & NetBank Dies

2007-09-29T10:58:00.001-07:00

The FNBO 6% rate promo has ended and the rate has dropped down to 5.05% APY.

Also, NetBank has gone belly up, leaving millions in uninsured deposits gone. FDIC only protects up to $100k and it seems many people had more than that.

More Rate Decreases

2007-09-26T18:42:00.001-07:00

More banks have lowered rates in response to the Fed rate cut.

E-Loan, HSBC, Virtual Bank, and GMAC have all decreased their rates. With the FNBO Direct rate ending 9/28, their rate is expected to be lowered also.

Rate decreases

2007-09-20T19:10:00.001-07:00

Following the Fed rate decrease, many banks have lowered their rates. Of the online accounts tracked, 2 banks have already cut rates as follows:

ING Direct 4.50 to 4.30

Eloan 5.25 to 5.00

CitiBank Ultimate Money Account

2007-08-04T10:52:00.001-07:00

Citibank Direct is offering the Ultimate Money Account at 5.00% APY. To qualify for that rate, you need to make 2 payments per month from their website. Otherwise the rate is 4.50% APY. Or you can open account at one of the other sites and get a higher rate for less work.

http://direct.citibank.com/cbol/07/uma/v2/learnmore.htm?Promo_ID=CS88&ProspectID=7E568D9AB96442E2A1D5A3243E989500

FNBO Direct 6.0% Promo

2007-05-07T08:11:00.001-07:00

First National Bank of Omaha is offering a 6.0% APY on all balances from 5/1/2007 through 9/28/2007.

Thier APY prior to the promo was 5.25%

https://www.fnbodirect.com