A year ago I shared information regarding high yield savings accounts. It shouldn't be news to anyone that interest rates have gone down since then -- accounts that had been paying 5+ percent are now paying significantly less (yielding 3-3.5%). I wanted to know if highest yielding accounts at that time [Aug 2007] were still on top ... [if you are not yet an 'e-banker' the FRB of NY provides useful information (http://www.newyorkfed.org/education/ebanking/index.html)]. While the Internet offers the potential for safe, convenient ways to conduct business, safe online banking involves making good choices to avoid costly mistakes and scams. Do your homework! Are my deposits [FDIC] insured? Is my personal information private and secure? The question for many at this point - does my savings account still offer the best yield ...??
*THE BEST BACK THEN & WHAT THEY OFFER NOW*:
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Amboy (http://www.amboydirect.com) -- 3.25%
AmTrust (http://www.amtrustdirect.com) -- 2.5%
Capital One (http://www.capitalone.com) -- 2.5% (3.5% if 10k+)
Emigrant (http://www.emigrantdirect.com) -- 3%
E-Trade (http://www.etrade.com) -- 3.3%
First Nat'l Bank of Omaha (http://www.fnbodirect.com) -- 3.5%
Flushing Savings Bank (http://www.igobanking.com) -- 3.28%
HSBC (http://www.hsbcdirect.com) -- 3.5%
Savings Square (http://www.savingssquare.com) -- 3.05%
UFB (http://www.ufbdirect.com) -- 2.96%
Univest (http://www.univestdirect.com) -- 3%
It appears if you used this list a year ago, you would have done quite well. The following are accounts that also currently fit the bill [not much difference between August 2008 and August 2007 - the best then appear to still be the best now!].
- Heartland Bank (http://www.heartlandbankdirect.com/) - 3.55%
- ING (www.ingdirect.com) -- 3% (just missed cut a year ago - 4.5%)
- Provident Bank (www.bankprovidentonline.com) - 3.3%
- Washington Mutual (http://www.wamu.com/personal) - 3.75%**
Bankrate.com is a great web resource for current rate data on all types of financial products.
* A year ago, it was common practice to open accounts with no minimum balance required as well as no fees. Tiered interest rates - higher rates paid for higher balances is now a common practice. Always confirm this type of information prior to opening an account to avoid surprises!
** Must also have WAMU checking account open/linked to receive rate.
*** All rates provided were accurate as of first week of August, 2008.
August 03, 2008
[STILL] THE BEST HIGH YIELD SAVINGS ACCOUNTS
