Beware Falling Online Savings Account Rates

Yesterday we bemoaned HSBC’s online savings account dropping by .55 percentage points, and gazed hungrily at Emigrant Direct’s still-holdin’ strong 5.05%, so of course Emigrant Direct to cut theirs to 4.75% today. Until the impact of the federal rate cut sets in, don’t go rate chasing. [Emigrant Direct]


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  1. Anonymous says:

    AmTrust is still holding at 5.21% as of this morning.

  2. tange1 says:

    AmTrust? When I put in my zip for savings rates w/ AmTrust it comes back w/ far worse rates than EmigrantDirect where I currently keep most of my funds.

  3. 5cents says:

    Well HSBC didn’t actually have a 5% rate cut did they?

    Still very worthwhile post.

  4. Anonymous says:

    @tange1: Are you sure? The website is [] . Maybe you went to their brick-and-mortar website.

    The APY is the same for everybody, since its an online bank

  5. Covert7 says:

    My GMAC Bank MMA is holding at 4.90%.

  6. @5cents: Their rate was 5.05% before it was chopped down to 4.5%

  7. babaki says:


  8. Sathallrin says:

    Capital One MM is still sitting at 4.88% for me.

  9. engunneer says:

    ING Direct recently dropped as well.

  10. FLConsumer says:

    @Covert7: That’s quite a bit lower than the 5.3% it was earlier… I believe FNBO’s going to be at 5.05% after today, if you are willing to deal with a bank which will freeze your account for no good reason.

  11. MercuryPDX says:

    WaMu online savings still holding at 5%

  12. EvilSquirrel says:

    At least it’s not that big of a deal unless you were planning on getting in on a CD before the rate dropped. Most of these rates are still twice what the local bank branches are offering. Heck, it is still around five times what the bank I cash my checks at offers me.

  13. TPK says:

    0.505% drop from the original 5.05% makes it a 10% drop in interest rate.

  14. smarty says:

    How about the rate at NetBank?

  15. RichAndFoolish says:

    ING Direct Checking is 5.0%, after the drop, for $100K or more. may be the best deal at the moment.

  16. FLConsumer says:

    ING Direct checking’s rates (in full):
    $0-$49,999.99 ————- 3.50 %
    $50,000.00-$99,999.9 — 4.90 %
    $100,000.00 or more —- 5.00 %

    Not a bad deal, but I’m certainly not about to leave anything over the FDIC limit in any bank. If I’m going to take some risk, I better be getting more than 5% back and be throwing that money at the stock market and get my 10-18% I’m used to seeing.

  17. Ben Popken says:

    @Darren666: I wouldn’t trust anything based out of Boca Raton.