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Contributed by mm | September 25, 2006 10:23 PM PST
WSJ mentioned today that eloan.com is entering the high yield savings account market by offering a 5.50% APY (with a minimal of $5,000). Currently, I'm parking over $50,000 at EmigrantDirect, which has been consistently offering highly competitive rates since 2005. While a hundred dollar more a year is certainly not bad, I'm a bit confused why banks want to keep such high yields now that the long-term rates are sinking.
From WSJ:
The online-savings club is getting crowded as more financial institutions join banks in offering high-yield savings accounts.
In recent years, Internet banks and a handful of major brick-and-mortar banks have rolled out high-yield online savings accounts in an effort to attract deposits. Now, smaller banks and financial-services companies are launching similar products as a way to attract new customers, oftentimes at higher rates.
E-Loan Inc., an online lender owned by the Puerto Rican banking company Popular Inc., is expected to announce today that it is launching an online savings account paying 5.5% and certificates of deposit yielding between 5.6% and 5.75%. The company says it's offering higher rates because it doesn't have the expenses of operating branches.
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WSJ nicely summarizes Bankrate's checking account survey. I guess I cannot complain. First, I only get charged for ATM fees less than five times a year, and second, I own stocks in major financial institutions like Citigroup (C), Bank of America (BAC) and JP Morgan ...
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Bernanke & Co. did it again and the new Fed rate is 5% now. However, the wording of the statement now leaves room for all possibilities of future interest rate actions. Anyway, the 5% Fed rate should push another round of increase in money market ...
Wow, I hope emigrant direct brings up their rates so I don't have to move.. might be good to post some sort of analysis of when a higher rate would justify moving funds from one bank to another. what many people don't realize is that they are actually "losing" money during the time it takes to transfer the $$$. For example, some may perceive a 5.75 vs a 5.50 rate to justify moving, but if it takes 2+ weeks to move it, they would almost have defeated the purpose of moving in the first place as the 2+ weeks would have not accrued any interest. That's true Garrett. However, only for a short amount of time. People who move have a longer vision of gaining much more in interest in the future. |
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