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High Interest Sasvings Account?
Old 01-27-2008, 09:14 PM   #1
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High Interest Sasvings Account?

Hi everyone, I'm looking for a new high interest savings account as my Orange Savings haas just dropped yet again to 3.65%. I was looking at Amtrust which has a 5.11% introductory for 90 days that then drops 4.6% I believe. But I was reading all the disclosures and there so many maintenance fees and monthly cahrges I don't know if it's worth it. Anyone know of another respectable FDIC insured online savings?
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Old 01-27-2008, 09:43 PM   #2
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Emigrant Direct is paying 4.3% and HSBC Direct pays 4.25%. Also, the Vanguard Prime Money Market is paying 4.55%.

I use Emigrant Direct and Vanguard....many posters here have mentioned HSBC.
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Old 01-27-2008, 09:44 PM   #3
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Best current APY/APRs: The Daughter of The Mother - Checking, Saving, and Money Market: All Liquid Accnt Interest Rates!
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Old 01-27-2008, 10:43 PM   #4
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Washington Mutual (WAMU.com) is desperate for your money and currently pays 4.75% APY in their online savings account. You have to open a free checking account with them (minimum of 1$), and then you get the good rate on the savings account. The online savings has been paying 5% for a year or two, and only just started to decrease.
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Old 01-28-2008, 05:32 AM   #5
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Countrywide savingslink is still at 5%.

Etrade bank is at 4.4%
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Old 01-28-2008, 02:04 PM   #6
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I've used Amtrust Direct for a number of months now. I had a 5.36% account and now have the 5.11% account. Never paid a fee of any kind with them, so I'm not sure what OP is talking about.

Most of my savings right now is at IndyMac Bank because they had the best rate a few months ago when I was looking around. I don't think they're the best at the moment, but I don't have enough in there right now to care too much. I'll probably shop again in a month or so.

In the last year I've used Amboy Direct, Amtrust Direct, IndyMac Bank, FNBO Direct, ING Direct, all with no problems or fees.

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Old 01-28-2008, 02:46 PM   #7
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I applied with Amtrust Direct this morning and not sure about the fees that OP suggested...AmTrust Direct do appear to check credit (hard pull) most likely on equifax from what I have read....I think he is confusing them with another one with fees....I should have looked at a CD before things dried up a few week ago...

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Old 01-28-2008, 05:14 PM   #8
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Here's a question I never thought I'd have to ask:
Can you (the bank) change the rate midmonth so that it is retroactive for the
whole month even if you calculate the interest daily?

I have been in a high yield money market account for 8 months w/ a local credit
union. When rates started dropping in the market, I called in early January to compare rates, then moved a chunk of money from elsewhere to this credit union.
Two wks later I thought I should move the rest from outside and again called to confirm their rate. I was shocked to find that not only had it changed from 5% to 2.5% but I also discovered that it was going to apply to the whole mo. of January.

I talked to a supervisor who confirmed this. He also said it is common industry practice. I expressed doubt and said I would find out.

Anybody know if this is common practice or not?
Just to be safe, you might want to find out as you flee to higher yields.
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Old 01-28-2008, 05:51 PM   #9
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All of my short term $ goes to my Vanguard Prime MMF. The current rate is 4.46%. It's not a savings account, but it is generally one of the highest paying MMFs going. I have used this account for many years and I have zero complaints during that time.
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Old 02-01-2008, 10:21 AM   #10
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Old 02-01-2008, 10:40 AM   #11
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Money market rates are heading for the toilet. Over the last five years the Prime MM seems to have offered one of the highest available rates.

Dont go too crazy chasing rates...the teasers dont last long and they'll all be heading lower.
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Old 02-01-2008, 10:47 AM   #12
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Originally Posted by cute fuzzy bunny View Post
Money market rates are heading for the toilet. Over the last five years the Prime MM seems to have offered one of the highest available rates.

Dont go too crazy chasing rates...the teasers dont last long and they'll all be heading lower.
I'm trying to decide if it's worth the effort to rate chase. Hopefully after my refi is done I'll be acquiring a few hundred $K to put into savings. With that amount of money a 1% difference means $2K or so a year difference. But then you have to deal with the hassle factor of opening and closing accounts, keeping track for tax purposes, losing interest while the money is in transit, etc.

CFB, by Prime MM do you mean the Vanguard fund?

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Old 02-01-2008, 10:50 AM   #13
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Yep. If you have enough at vanguard, you can also use their free checking setup. I've got it and its pretty much okay. Its basically a checking account through Vanguard/PNC bank thats just a shim layer on top of the MM fund of your choice; I have it on the Prime MM fund.

You get a regular checkbook and atm/visa card, and it collects and posts deposits and withdrawals. You can direct deposit into it, etc.

Its free for voyager/flagship customers, but you need flagship status for free bill paying.

I sort of like the idea of my cash/checking earning a solid MM rate for as much time as possible, and not having to schlep money between my checking and MM accounts.
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Old 02-01-2008, 11:03 AM   #14
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Originally Posted by cute fuzzy bunny View Post
Yep. If you have enough at vanguard, you can also use their free checking setup. I've got it and its pretty much okay. Its basically a checking account through Vanguard/PNC bank thats just a shim layer on top of the MM fund of your choice; I have it on the Prime MM fund.

You get a regular checkbook and atm/visa card, and it collects and posts deposits and withdrawals. You can direct deposit into it, etc.

Its free for voyager/flagship customers, but you need flagship status for free bill paying.

I sort of like the idea of my cash/checking earning a solid MM rate for as much time as possible, and not having to schlep money between my checking and MM accounts.
I'm only a Voyager at Vanguard, so I wouldn't get the free billpay, which is kind of a deal breaker for me. I've got all my monthly bills and accounts set up at USAA already, so I have some inertia to overcome. USAA is a fabulous account for my needs except they only pay 0.1% APY on balances, so I do the schlepping back and forth thing for now.

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Old 02-01-2008, 03:51 PM   #15
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Its a bit of work, but I steered everything payable by credit card to the Penfed visa, making 1.25% on it, then set up the penfed card and my other regular use card to autopay from the vanguard checking account.

The only one that doesnt work with this is my 19th century insurance company who cant bill a credit card or debit an account, and requires a paper check sent to them in snail mail. Other than those guys, its all automatic.

Between getting the 1.25% "back" and the float on the MM fund, I figure I'm picking up an extra 1.5%-1.65% on the spend side of things. Free SWR improvement!
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Old 02-01-2008, 04:15 PM   #16
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CFB,

I've thought of that, but excepting my child support and mortgage (which don't take credit cards) I only spend about $15K a year, so at 1.25% it's less than $200 per year. Agreed, that's in perpetuity, but there's a lot of hassle factor for not much savings. Maybe I'll get there later. Right now my mortgage refi that should save me close to $190K is at the forefront of my efforts.

Thanks for the good ideas, though.

2Cor521

P.S. -- Are you familiar with the new 6% checking accounts? See here for an example.
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Old 02-01-2008, 04:27 PM   #17
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Oh my. Looks like the First Arkansas Bank and Trust needs a major cash infusion right now.

Since you cant even get long cd's at that rate, its probably not going to last long.
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Old 02-01-2008, 05:46 PM   #18
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Oh my. Looks like the First Arkansas Bank and Trust needs a major cash infusion right now.

Since you cant even get long cd's at that rate, its probably not going to last long.
There's actually a number of banks doing similar things. See here for example.

I dunno how long it's going to last either. That's always the question.

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