PFBlog logo

My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.

  Home | Feed: feed-icon.gif | About | Progress: June 07: $756,924 | Best of PFBlog | Product Reviews | PFBlog Digest | Disclaimer | Advertise | Contact Me

EmigrantDirect Savings Account Now Yields 3.25%

It's now official: EmigrantDirect, the relatively new comer that stirred the online money market account arena in the last several months, raised the APY of its flagship American Dream Savings Account to 3.25%. I have most of my emergency fund parking at EmigrantDirect since early March (see PFBlog's earlier report), and needless to say, I am happy to see it demonstrated its resolve to defend its top position in today's super hot money market/saving account market.

Apparently, banks are competing for your money these days. Take a look at Bankrate.com's list of high-yield money market accounts, familiar names like ING Direct and VirtualBank, while both boasting a 2.60% yield, can barely make their way into the top 10. One can reasonaly expect with Fed continuing its rate-raising streak and long-term interest rates starting to climb, consumers can see better and better rates in the months ahead.

Of course, no one can be sure if EmigrantDirect can continue to be the top dog, so the best strategy may be to set up account with a few competitive ones and jump ship when necessary -- I myself have accounts with Emigrant, ING Direct, CapitalOne and VirtualBank, all in the top 10 list.


This post has 14 comments. Read and share your opinions.
Similar Posts

ING Direct at 3.00% Now (April 05, 2005)
Sadi at Financial Freedom Trek brought to us the news that ING Direct went offensive by bidding up the APY of its flagship Orange Account to 3.00%. Read
ING Direct and VirtualBank Both at 2.80% APY. Who's Next? (March 22, 2005)
Apparently, two savings account giants, ING Direct and VirtualBank, both feel their latest offering of 2.60% APY in money market accounts is not competitive enough. Today, ING Direct raised the yield to 2.80% in a bid to attract more, or at least sustain its existing ... Read
What's Your Life Expectancy? (March 05, 2005)
My dentist and I recently had an interesting conversation. He mentioned to me that dental recommendations can often depend on the age of the patent. For people having the same dental problems, he may recommend minor conservative procedures for one in his 60s, but at ... Read
Bankrate.com Makes Adjustable Rate Mortgage Search More Powerful (March 03, 2005)
I'll be always grateful to Bankrate.com for helping me fetch a great refinancing deal last year. Without Bankrate, there would be no way I could lock the bottom-low rate of 3.50% for a 5/1 adjustable rate mortgage (ARM) -- I believe the rate only survived ... Read

Read all 97 articles in the same category.
Comments
>>> Alon Commented on March 14, 2005

First, I just wanted to say that I enjoy reading your blog.

Wanted to make you aware of my online bank which offers some really incredible rates. Presidential Bank is based in Maryland and offers 3.0% on CHECKING accounts. I've used this bank since January '04 and have had a very good experience with them. I originally found them on bankrate.com, although I'm not sure why they are no longer listed on that website.


>>> Brian Commented on March 14, 2005

Alon: Do you have a link to your bank that you could share with us?


>>> tommy Commented on March 14, 2005

I second that.
I've used the presidential bank for about 3 months and am happy with them. The only con is that you need to establish direct deposit from you paychek.
Web address is http://www.presidentialbank.com


>>> Dawn Commented on March 14, 2005

Do you think it is worth it to move under $500 to Emigrant entirely from ING or split the money up a bit?


>>> mm Commented on March 14, 2005

For $500 we are talking about $3 difference in interest a year based on the current APY difference. If I were you, I will not bother to move the money. Instead, I will focus on saving more.


>>> Steve Commented on March 14, 2005

Took a quick look at the site and the FAQ, didn't see any explanation of "variable" in their offer of a "variable 3.25% Annual Percentage Yield."


>>> Jonathan Commented on March 15, 2005

I use Presidential Bank checking as well, it's great. Free checks and no limit in transactions. They do have a direct deposit requirement, however.

Steve - the rate is variable, which means that they can change it, but it is also guaranteed to be at least 3.25% until the end of this year. So it's not just a bait-and-switch.

Jonathan


>>> Mark Commented on March 16, 2005

ING Direct is also a variable rate if I recall correctly. There is really no way for a savings account to not have a variable rate. They would lose money whenever the Federal Reserve lowered interest rates.


>>> Myra Commented on March 16, 2005

With these online banks, such as Presidential Bank and Emigrant Direct, where are their ATM locations? Because I go to my credit union’s ATM to withdraw cash and there is no service fee charged.


>>> Bargain Hunter Commented on March 17, 2005

Has anyone had any experience with CorusBank? They also have outstanding rates on CD's and Money Market accounts.


>>> Bargain Hunter Commented on March 17, 2005

Sorry for the double post, but quick question for mm: You mentioned you have account with several major banks. Do you keep just the minimum balances to keep the accounts active (the lower yielding ones) or do you spread the funds evenly across all accounts?


>>> mm Commented on March 17, 2005

Right now, I am keeping minimal balances (<$100) in VirtualBank, ING Direct and CapitalOne each and part most of my money with EmigrantDirect. The invisible hand is apparently at play here :-)


>>> Bill K --- Boston Commented on March 21, 2005

I am a newbie to online banking. My #1 concern is secutity/identity theft. Can someone shed some light here?


>>> Bill K --- Boston Commented on March 24, 2005

Also ... how does one designate beneficiaries? Since accnts are indiv or Joint only.
Joint assets can be invaded by the other persons anti-law team!
Thanks,
Bill k.


Add Your Comments









Remember personal information?







Mail This Post
Email addresses will never be collected or sold.
Email this entry to:

Your email address:

Message (optional):




Read More ... 97 Posts In The Same Category

Treasury Rewrites Series EE Savings Bonds Rules (April 05, 2005)
ING Direct at 3.00% Now (April 05, 2005)
ING Direct and VirtualBank Both at 2.80% APY. Who's Next? (March 22, 2005)
What's Your Life Expectancy? (March 05, 2005)
Bankrate.com Makes Adjustable Rate Mortgage Search More Powerful (March 03, 2005)
PFBlog Product Reviews (February 07, 2005)
Amazon Prime: All-You-Can-Eat Express Shipping (February 02, 2005)
EmigrantDirect American Dream Savings Account Yields 3.0% (January 28, 2005)
More Free Tax Filing Options This Year (January 18, 2005)
DeductionPro: Free for Download (January 12, 2005)
Want To Buy A TiVo? Get $20 Here (December 25, 2004)
TiVo: Cannot Be More Satisfied (December 25, 2004)
More Personal Finance Bloggers (December 23, 2004)
Rip-Off Report (December 07, 2004)
Heated War of Saving Rates (November 19, 2004)
Higher Saving Rate from ING Direct and CapitalOne (November 05, 2004)
New Saving Bond Rates: EE = 3.25%, I = 3.67% (November 04, 2004)
Vonage: Much Improved VOIP Technology (And Referral Deal) (October 02, 2004)
My Fellow Bloggers (September 29, 2004)
The Ultimate Real Estate Search Engine (September 28, 2004)
First Impression of Microsoft Money 2005 (September 20, 2004)
Home Price Check, Again (September 02, 2004)
66 Ways to Save Money (August 18, 2004)
Salary Timer (August 17, 2004)
MyRatePlan, A Good Data Compiler (August 09, 2004)
A Closer Look at 2004 Sales-Tax-Free Holidays (July 28, 2004)
0% Offers (July 28, 2004)
CapitalOne No Regrets Certificate of Deposit (July 18, 2004)
"Profit from Chase" Credit Card (July 09, 2004)
Free Credit Report from Experian (July 05, 2004)
AuctionDrop Helps You to Sell at eBay (July 02, 2004)
Bill Me Later® (June 23, 2004)
True Cost to Own A Car (June 18, 2004)
The Kirk Report (June 03, 2004)
DebtSmart.com - A Great Personal Finance Site (May 31, 2004)
Individual Tax Statistics by Zip Code (May 25, 2004)
$175 Promotion from E*Trade Bank (May 20, 2004)
BondRewards.com (May 09, 2004)
New Saving Bonds Rates: EE = 2.84%, I = 3.39% (May 03, 2004)
King County, WA's eSales Search System (May 02, 2004)
J.D. Power 2004 Vehicle Initial Quality Survey (April 30, 2004)
Refinancing Closed, Part III: LendingTree vs BankRate (April 30, 2004)
Ditech Free eApparaisal Service (April 25, 2004)
AmeriTrade's New Promotion (April 15, 2004)
Fidelity MasterCard® Credit Cards (April 15, 2004)
2004 Stock Market Holiday Schedule (April 08, 2004)
Medved QuoteTracker (April 02, 2004)
Insider Activity Tearsheet (March 18, 2004)
Gas Price Tracker (March 09, 2004)
Intelliscope Broadens My Access to Research Reports (March 07, 2004)
Experian National Score Index (March 05, 2004)
Occupational Outlook Handbook, 2004-05 Edition (February 29, 2004)
Providian Real Rewards (February 21, 2004)
SmartMoney Stock Screens (February 21, 2004)
Visa Extras (February 18, 2004)
Excel Add-In: MSN Money Stock Quotes (February 12, 2004)
ExactChoice.com - Buying Guide for Computers (February 04, 2004)
This Year, Everyone Can File Tax For Free! (January 31, 2004)
DJ30 and S&P 500 P/E Ratio (January 24, 2004)
Free Magazines from Northwest Airlines (CFI) (January 11, 2004)
Finding Cheap Magazine Subscriptions (December 31, 2003)
AuctionSniper.com Wins You EBay Bids (December 29, 2003)
Short the NASDAQ (December 19, 2003)
Exchange Gift Cards at CertificateSwap.com (December 15, 2003)
The Ultimate Account Aggregator (December 12, 2003)
New Building Permits Report (December 11, 2003)
"Guru Analysis" from NASDAQ.com (December 11, 2003)
Comparison of Credit Card Sites (December 10, 2003)
FreeTrade.com (December 09, 2003)
Inflation-Protected CDs (December 08, 2003)
iShip.com Helps to Reduce Shipping Cost (December 05, 2003)
Broadband Phone Service: Vonage and Others (November 30, 2003)
Schwab Equity Snapshot Report Offers Little Value (November 28, 2003)
Selling Mileage for Cash (November 28, 2003)
How to Benefit from Weak Dollar? (November 18, 2003)
"Real Estate IRA" (November 17, 2003)
The New Inflation Hedges (November 14, 2003)
Discussion Board at Morningstar.com (November 08, 2003)
Clubphoto.com: Best-Value Online Photo Printing (November 03, 2003)
2.75% Interest Checking Account at Presidential (November 01, 2003)
Financial Risk Manager (FRM) E-Learning Site (November 01, 2003)
FICO Score Estimator (October 28, 2003)
Comparison-Shopping Tools Lure Travelers (October 19, 2003)
Saving Bonds Direct (October 07, 2003)
Upromise.com (October 04, 2003)
ShareBuilder Visa Platinum Card (October 01, 2003)
Cheap Long Distance Service (September 25, 2003)
Eloan.com Credit Monitoring Service (September 24, 2003)
Benefit from Promotions (September 16, 2003)
Stock Research Resources (September 14, 2003)
Cheap Gas - Arco and Safeway (August 22, 2003)
My Top 10 Favorite (Free) Personal Finance Sites (July 29, 2003)





PREMIUM SPONSORS

Car Loans
Dallas Bankruptcy Attorney
Personal Loans
Car Finance
Homeowner Loans
Cheap Car Insurance
Mortgages UK & CCJ Mortgage
Used Cars
Loans
Commercial Mortgages and Business Loans
Guaranteed Car Finance
Payday Loan
Personal Loan
Student Loan Consolidation.com
Secured Loans
Bad Credit Loans - Free Quote