Online savings account rate survey

September 23rd, 2009 · No Comments

I’m just back from a 3-week vacation/camping trip without internet access, and am now catching up on finances.  One of the first things I note is that ING Direct dropped the yield on the Electric Orange savings account to a 1.30% APY on Sept 9, 2009.  This prompts me to do a quick survey of online savings account rates.

http://www.sxc.hu/profile/svilen001

http://www.sxc.hu/profile/svilen001

Before I get into that though, I’ll note that ING’s change is a drop of 0.10% from the previous APY of 1.40%, which had been in effect since July 3, 2009.  As a point of interest, at this point last year ING Direct’s EO savings had a yield of 3.00% APY (which I can tell from my account history.)  Also, as far as I can tell, this is the lowest rate ever for the EO savings, though I can’t quite be positive of that since our account history doesn’t go quite as far back as the history of this product being offered in the US.

In alphabetical order, here are the current rate’s offered by some traditional high rate online savings accounts:

  • Ally High Yield Savings: 1.75% APY
  • Dollar Savings Direct MMA: 1.70% APY
  • FNBO Direct OSA: 1.50% APY
  • HSBC Direct MMA: 1.45% APY
  • ING Direct Electric Orange: 1.30% APY
  • WT Direct Savings Account: 1.66% APY

From a quick check over at BankRate.com, the highest nationally advertised rate as of today is 1.85% APY over at UFBDirect.com.   Though I note Ally comes in at the third highest, which still makes me feel good since my wife and I switched to using them for much of our cash and emergency fund CDs a few months ago.

Tags: Savings

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