Comments on: Best High-Yield Money Market & High-Interest Savings Account Rates March 2010

By: Jeffrey W

Jeffrey W — Sun, 07 Mar 2010 19:19:59 +0000

America Net only pays 2% on the first $35,000. If you have $100,000+ the average rate plummets to 1.33 or lower. Not a solution for big depositors frustrated with Ing, et. al. plummeting rates.

By: Cory

Cory — Sat, 06 Mar 2010 16:39:00 +0000

As a few comments below this one, I just noticed my rate at AmEx dropped to 1.3% today, gone is the 1.5%. Sheesh, guess it’s time yet again to look around. I could live with 1.5% but 1.3% doesn’t distinguish from any of the other big banks, so I’m going to vote with my dollars and move it.

By: Brad

Brad — Fri, 05 Mar 2010 21:00:22 +0000

My friends at ClearSky are still at 1.49%/1.50 APY. They just dropped from 1.54%. I’ve stuck with them since their initial offering and they are consistently at the top of the heap. Sad the top is under 2%, but then my recent 30 yr fixed refi at 4.375% will hopefully last while rates head back up for savings…

By: JP

JP — Fri, 05 Mar 2010 18:47:07 +0000

I would be curious to see a study of the ratio between savings and lending rates over the past 10 years. Banks place a minimum rate (usually 4%) on lending rates, but it seems there’s no such minimum on savings rates. I would think that the ratio has changed in recent years resulting in a greater profit margin for banks.

Still, everyone is saying rates will creep up… so I would think there is an opportunity to lock-in a low lending rate now and then enjoy higher savings rates for years to come. We’ll see I guess…

By: BayareaInvestor

BayareaInvestor — Fri, 05 Mar 2010 18:12:20 +0000

Just saw that the rates have dropped again with on-line savings accounts, Ally and Amex both at 1.29%. The financial media is talking about interest rate hikes and inflation where as the real story has been dropping rates and probally deflation. Hope these rates will start to climb back up and give us a decent rate of return on savings.

By: JP

JP — Wed, 03 Mar 2010 01:29:45 +0000

Does anyone here have any experience with Stonebridge Bank? They are offering 1.25% on their money market (with $1,000 to open). I know there are some higher rates online but this is convenient for a relative who wants to use a local “brick & mortar” bank near Philadelphia. Thanks!

By: slipperyzipper

slipperyzipper — Tue, 23 Feb 2010 18:16:57 +0000

1.
For example, CDIC does not insure:

* foreign currency deposits (e.g., accounts in U.S. dollars)

CDIC insured up to 100,000.00 CAD total

2.
I am not a Canadian citizen

By: buy load balancing router

buy load balancing router — Tue, 23 Feb 2010 15:28:47 +0000

Pc Financial is the best bank online in Canada for a savings account. 4% interest in the savings account on balances over $1000 no fees on anything, and you can use any CIBC atm in canada for free. I really don’t understand why everyone doesnt use it.

By: TJ Jackson

TJ Jackson — Sat, 20 Feb 2010 14:31:02 +0000

BAI: read the last 50 posts in this set of comments

By: BayareaInvestor

BayareaInvestor — Fri, 19 Feb 2010 23:01:43 +0000

Reply to - 2% liquid is still available from reputable, stable institutions

OK so where do you get 2%, that is not a CD ?

By: TJ Jackson

TJ Jackson — Fri, 19 Feb 2010 02:23:47 +0000

2% liquid is still available from reputable, stable institutions - I’m talking pure liquid savings with no strings - not a CD, not a reward account with monthly hoops to jump through - savings.

2% - don’t settle for less

Not yet

By: BayareaInvestor

BayareaInvestor — Thu, 18 Feb 2010 23:45:20 +0000

Ally now down to 1.39 %, they spend lots on ads and never notify when the interest is changing, it just keeps dropping. Amex is still at 1.48%, good website and service and way less publicity.

By: Joe

Joe — Wed, 10 Feb 2010 03:56:29 +0000

Been with E*Trade for almost a year. Just got a message today from them that they are transferring all accounts to Discover Bank (an arm of Discover card). So scratch E*Trade Bank off the list.

By: AG

AG — Tue, 09 Feb 2010 14:23:40 +0000

HSBC Online Savings is down to 1.20% :-O

By: AG

AG — Wed, 03 Feb 2010 22:14:17 +0000

@Brian: You enjoyed 3-month bonus rate of 2.25% at EverBank, didn’t you?

By: TJ Jackson

TJ Jackson — Wed, 03 Feb 2010 22:12:14 +0000

Brian: are you happy with the rate ING/Emigrant is paying?

By: Brian

Brian — Wed, 03 Feb 2010 20:44:43 +0000

Beware of Everbank. I just closed my account there this morning. They have, I believe, about the worst web site I’ve ever tried to navigate at a bank. It’s very difficult to find things, and harder to still to accomplish things like setting up external accounts, etc. Additionally, their customer service is ornery. I would steer clear. I’ve always been happy with ING Direct and Emigrant Direct.

By: TJ Jackson

TJ Jackson — Mon, 25 Jan 2010 14:49:07 +0000

Cory/Rachel/Pilm: Smartypig has several issues with it that prevent me from even considering them, starting (but hardly ending) with the fact that they only pay interest once every three months.

For top savings accounts, start with the fatwallet thread (http://www.fatwallet.com/forums/finance/783099/?start=1) and then when you’ve picked one, do some additional research, starting on depositaccounts.com

By: Pilm

Pilm — Mon, 25 Jan 2010 14:30:46 +0000

Cory Says:
January 23rd, 2010 at 5:55 pm
Can anyone point me to these 2% savings accounts?
————————————————-
American Net has been at 2.0% for a long long time. Not easy to transfer money to and from (so check their restrictions carefully), but an excellent rate if you don’t need quick easy access to your money.

http://www.americanetbank.com/homepage.html

By: Rachel

Rachel — Sun, 24 Jan 2010 20:10:21 +0000

Has anyone used Smartypig?! Any feedback?

Looks like the best with 2%.

May be a little annoying and gimmicky but it’s still a savings account.

By: Cory

Cory — Sun, 24 Jan 2010 00:55:46 +0000

Can anyone point me to these 2% savings accounts? The only ones I could locate were Crossfirst. That requires at $25K minimum to get that rate. There’s Smartypig, but I don’t like their whole gig…the social aspect and working with retailers. I just want a savings account at a bank. Bankrate gave me Colorado Federal as the highets, but that’s at 1.7%. Just having a hard time locating this rate. If I could, I’d happily move my cash from my 1.5% AmEx personal savings. Thanks for the help.

*update* silly me…I used the little slider above and found a few. Ridgestone looks like a good rate, but I must admit to a little bit of apprehension when parking my money with a bank I’ve never heard of. But I guess I wouldn’t be the first person.

By: JP

JP — Wed, 20 Jan 2010 20:10:55 +0000

Great points… the stock market crash in the Fall of 2008 taught me the need to keep my 6-month emergency fund somewhere where it wouldn’t be affected by such an event. Now that it’s established and earning 2%, I can invest other $$$ and (hopefully) earn higher returns - but if I suffer a loss there I still have the 6-month fund to fall back on if needed.

By: TJ Jackson

TJ Jackson — Wed, 20 Jan 2010 19:31:21 +0000

second comment to Charlie Boy: Keep in mind that this article was written (and ergo titled) back when rate paid on savings was in the 4-6%-ish ranges. Also keep in mind that relative to the 0.005%-ish earned on the typical standard brick and mortar savings account, 1% is high yield in a relative sense. 2% doubly so.

Part of getting rich (slowly or otherwise) is padding one’s bet. That which you invest should optimally not be money you cannot afford to lose — which in turn means everyone has some level of savings that they need to hold liquid - capital preservation being more important than growth. A 2% pure liquid savings account meets that need for most of us. Would we like to earn more? Sure. Would we take on more risk to get more? I’m sure some of us would, but many would not. I wouldn’t. In the meantime, money that I can afford to lose is invested elsewhere, in higher risk categories, with the hopes (prayers, even) of higher return. I therefore feel your statement about such accounts having nothing to do with getting rich is wrong, in that it fails to address the need to keep some capital secure and safe.

By: TJ Jackson

TJ Jackson — Wed, 20 Jan 2010 19:17:51 +0000

AG: I like no-penalty CDs to an extent, but they are not as flexible as savings accounts, which is what is being discussed here

Charlie Boy: As I said, 2% savings is available nationwide if you look, and there may be local deal that are slightly better. 2% > 1% > mattress. Gold is a subject for another thread…..JD, do you have an article on investing in Gold?

Ajith Antony: if you have to jump through hoops for the bonus, and you’re ok with that, why not just jump through a few more hoops and pick up the 3-5% you can get with a reward checking account? Assuming your savings are 25k or less, that is, since most are capped at 25k or so Naturally, thats a different topic than the one discussed here.

By: AG

AG — Wed, 20 Jan 2010 14:10:56 +0000

Ally introduced its No Penalty CD (@2.15%) last year and I engaged some funds in it, now I feel I took a right step then

By: Charlie Boy

Charlie Boy — Wed, 20 Jan 2010 13:59:47 +0000

1% is high yield. Ouch. Talk about being killed by inflation. It’s only good for emergency money, but it’s NOW WAY to get rich, slowly or at all. It’s 1% better than using the mattress. To preserve my car replacement fund, I have invested in GLD, and I am wondering if I shouldn’t invest my long-term emergency fund in GLD too. I’ll let it be eaten by the inflation monster because I don’t want to rely on the stock market at all when I need my long-term emergency money.

By: Ajith Antony

Ajith Antony — Tue, 19 Jan 2010 22:07:16 +0000

Regarding the Capital one offer, it does seem good on that base rate alone. Min Balance is $2500 to get the 1.55% rate. Also, if you have a personal Capital One credit card, you can qualify for the bonus with one transaction on that card per month if you don’t have the $15k balance. Business cards do not qualify (I asked). The fine print also reports that the bonus is not credited to your account until 4-8wks after the end of the quarter.

By: TJ Jackson

TJ Jackson — Tue, 19 Jan 2010 21:38:27 +0000

a few nationally available savings accounts are still offering at or very close to 2% straight up.

I prefer a straight 2% like that over 1.55% plus another circumstantially awarded 0.155

By: Cory

Cory — Tue, 19 Jan 2010 18:54:06 +0000

Has anyone seen this 10% bonus offer at Capital One online? They basically add a 10% bonus, based on your interest earned, to your balance if it is $15K or above. That seems pretty enticing, especially when you consider they offer 1.55% right out of the gate, which is higher than my AmEx personal savings at the moment. Could be worth a look for folks with savings over $15K.

By: MQ

MQ — Mon, 18 Jan 2010 01:04:45 +0000

Everbank has a minimum monthly balance or you are charged $8.95.
“In any month that your average monthly balance falls below $5,000, an $8.95 monthly fee applies. Fees may reduce earnings. Interest rates and APYs mentioned are accurate as of 1/15/2010 12:00:00 AM.”