FAQ The Mother of All Online Banking, Checking, Saving, and Money Market, Interest Rate Threads!

This thread is no longer updated.

Please see the new thread Here which is updated.

The purpose of this thread is very narrow: To keep an up to date listing of the best online bank interest rates out there. I will keep the top posting updated when someone adds a posting to this thread of a change. The banks are posted in no particular order.

The only posts that should be in here are notices of changes in interest rates, new accounts that should be included, and bumps to keep it current. NO TEASER OR SPECIAL PROMO RATES PLEASE. Also, please take a look at the best rates going before you post. Posts that are not at least very close to the top rates will not be included.

ALSO, IF YOU WANT TO KNOW MORE ABOUT ONE OF THE BANKS LISTED HERE OR HAVE QUESTIONS ABOUT THEIR TERMS I SUGGEST YOU LOOK HERE Online Banking Discussion Group

I also suggest you check out the exellent site put together by our own Markber, which is often updated quicker than this thread. ibankdesign.com


Presidential Bank
2.75% Checking (on first $25,000) $1,000 min balance. Direct deposit required. (was 3.00%, 7/4/03)

Nittany Bank
2.05% on balance over $2,500 in saving account, $100 min balance, must also have free checking for online access (was 2.25% 3/04)

Bank of Internet
2.11% Money Market (on first $25,000) $1,500 min (was 2.35% 4/15; 2.22 8/11; 2.21 1/19/04)
1.5% Boomer checking No min balance (Must be over 40 years old) (was 1.9% 4/15) (was 1.75% 4/15)
1.75% Senor Checking No min Balance (must be over 50 years old) (was 2.0% 4/15) (was 1.9% 4/30)

Union Federal Bank
2.15% High Yield Money Market Savings, $0.00 min Balance (was 2.36 % 6/03, 2.2% 3/04; 2.1% 9/1/04 )

Virtual Bank
2.21% eMoney Market (was 2.3% 4/30, 2.2% 11/4/03; 2.1% 1/30/04; 2.15% 11/18/04)

ING Direct
2.25% Saving $1 min balance (Was 2.3% 4/03; 2.2% 5/03; 2.1% 6/03; 2.00% 7/03; 1.8% 8/11/03; 2.0% 6/04; 2.1% 8/04; 2.20 11/18/04)

MetLife Bank
2.15% APY on at least $5,000 (2.15% 6/30/03; 2.10 8/11/03; 2.01 9/1/04; 2.10 9/10/04)

National InterBank
2.10% High Yield Money Market Savings, $0.00 min balance (was 2.31% 4/30; 2.13% 8/11)

American Bank of the North
2.02% APY Regular Savings ($50 bal. to avoid fee)
2.02% APY Super NOW Account ($1000 bal. to avoid fee)
2.02% APY NOW Account ($500 bal. to avoid fee)
(Saving and Super were 2.52%, NOW 2.02 8/11/03)

Capital One High Yield Savings 2.2% APY, no min bal (2.0 9/1/04; 2.1 10/04; 2.15 11/04)

Zions Bank
2.33% Savings $1000 min balance (was 2.3% 4/9; 2.19% 4/17/03; 2.09% 6/15/03; 2.02% 8/11; 1.92% 3/04; 1.99 8/04; 2.02 9/1/04, 2.13 11/04)

Tennessee Commerce Bank
2.0% Saving up to $100k, $250 min balance, one withdrawal per month

PC Banker (American Bank)
1.75% Checking $1,000 min bal (was 1.75% 6/8/03, 1.5% 10/2004)

CNBT
1.50% Checking: No min balance (Must have a direct deposit and four check card transactions per month to earn interest) Was 2.05% 5/11/03

Nexity Bank
1.75% MM $1,00 min balance (was 2.10% 8/11/03)

First Internet Bank of Indiana
1.06% Checking $500 min bal (Was 1.31 6/30/03)
1.95% Money Market $4,000 min bal, lim. # of trans(was 2.04% 6/03, 1.86% 3/04)

Charter One
1.30% Energized Checking ($2,500 min balance) (was 1.5% 6/3/03)

Netbank
1.00% Checking No min balance (was 1.51% 8/03; 1.4% 11/03; 1.3% 1/04; 1.2 3/04)
2.1% Money Market $500 min balance, limited # of transactions (was 2.0% 1/04; 1.85% 3/04; 1.75% 11/04; 1.95% 12/04)


This thread is NOT for debating the pros and cons of the banks listed herein. It is for FDIC insured accounts ONLY. No CD rates, only checking, saving, and money market accounts. No teaser rates and no accounts with minimum balance requirements over a few thousand dollars.

If there is another bank you want me to add to this thread, or you learn of a rate change, please post in the same format as above so I can just cut and paste. Please only accounts that are open to the general public in most of the United States via an online interface. The bank on the corner does not qualify unless it has online banking and will let someone on the other side of the country open an account there. Same for credit unions.

If the there is a dramatic rate change (CNBT's recent drop in half for example) I encourage you to post a new thread so the casual observer will see it. Just please also post it here.

One more thing. If you are going to flame this thread and say this topic is already posted elsewhere... You are wrong, and your mother does not love you. Same if you are going to post to pat me on the back and say tell me what a great guy I am. I would prefer if you just send money.

If I slack from updating the thread post a bump here. Every post in this thread automaticaly sends me a PM, so I will get it. I will not update the thread daily, but I will check it regularly. I have a life so sorry if this thread is not the most important thing in my life, but I will keep it up as my own little gift to the community.

3/25 - add Presidential requires direct deposit and highligt posting guidelnes)
3/26/03 to add Pentagon FCU, Statefarm Bank, and update netbank MM
3/28/03 Add Ascencia Bank
3/30 Add Boeing Employees FCU
4/2/03 Add zions and virtual, deteted some lower returns, update ING
4/6/03 Add CharterOne, rearange posting so rates are up front.
4/7/03 Add National Interbank, change CharterOne rate so it reflects true rate after promo.
4/9/03 Rate drop at Zions. Thanks Sloppy1
4/10/03 Made thread a FAQ. "You like me, you really really like me."
4/15/03 rate drop at Bank of Internet Thanks MarkM
4/17/03 Zions down to 2.09 from 2.19, thanks Sloppy1
5/2/03 ING down to 2.1 from 2.2, add nexity and GMAC MM
5/11/03 Added Bank of Internet MM
5/12/03 CNBT down to 1.5% from 2.05% I apoloigize to anyone who signed up there.
6/8/03 ING down to 2.0, PC banker down to 1.5%
6/12/03 added MetLife Bank, american bank of the north, netbank MM down to 2.15%
6/15/03 Zions drop to 2.02%
6/30/03 Updated various after fed rate cut.
8/12/03 Updated various after travel and vacation
11/5/03 Virtual bank drop from 2.2% to 2.1%
1/19/04 Bank of Internet MM drop from 2.21% to 2.11%, Netbank 1.3% to 1.2%
4/6/04 Overdue update of Union Federal, Netbank, Nitany, FIB MM, and Zions Thanks all.
6/2/04 ING up to 2.1% from 2.0%
8/3/04 ING up to 2.2% from 2.1%, zions up, added Capital One
9/1/04 Rate increases for metlife, capone, zions, and union fed. Thanks Sloppy + CH
11/15/04 Rate increases at Zions, capone and netbank.
11/18/04 Rate increases at ING and virtual Bank
12/22/04 Rate increases at FirstIB, NetBank, and Zions MM accounts

Excellent thread, longwood8--good info and well conceived. It will cut down on repetitive questions, and should immediately be added to the FAQ. Thanks for taking the time to put it together!

One CU I'd add would be Pentagon Federal Credit Union. Their checking and savings rates range from .748% to 1.589%, with a $5 minimum to open an account. They have great customer service, and several industry-unique services. (I'll try to pull together a thread on those once I work through the backlog of FAQs I owe this board.)

*Presidential® Internet Checking Plus offers unlimited check writing. Account pays a 3.00% Annual Percentage Yield (APY) on balances up to $25,000, 1.75% APY on any portion of balance in excess of $25,000. Minimum to open $1500, minimum balance to avoid monthly fees, $1000. Account available only if opened online or by phone, and when an e-mail address is provided. No charge at Presidential® ATMs or by Presidential® for use of other ATMs. However, many banks and service bureaus may charge non-customers for ATM use. Account requires an electronic monthly deposit of $200 or more from payroll, annuity, pension, or a business account.

Can rates of B&M banks go here too? There are at least three B&M Banks I am aware of that have APY > 2.5%.

To answer Markber's question regarding B&M banks, if they are widely available (i.e. can open via mail, have online banking, and do not require you to live within a certian geographic area) I will add them to the list. Just because they have a B&M precence somewhere does not preclude them as long as anyone can get an account open and access it reasonably easy.

Just post the info in the format in the first post.

funkyfresh, absolutely. I'm not sure why they still separate the accounts like that. Back in 1995 there were only 'branch' accounts, and the top tier account was equvelant to the current 'Internet' offering. When they started their 'net presence they split the two offerings. About the only thing they've ever done that really annoyed me was making me open a new account to stay at the highest level of interest. It seems to me they could have 'converted' my old account. Aside from having to throw away a bunch of unused checks and get used to a new checking account # though I haven't noticed any difference. But unless some new communication medium supersedes the Internet I don't anticipate that happening again.

longwood8,

--you might want to avoid just cutting and pasting posts, since that would likely embed two fatwallet referrals into the links and mess up links for folks. (Or perhaps the BBS fixes this now, and this isn't an issue?)

--Your request for formatting isn't clear to me. You write,

<< I will only post the top and/or main rate at a bank. (therefore FIB gets two postings since their MM is higher than the checking, PC banker gets one posting since the checking is the higest rate.) >>

I'm not following what you want here? That's why I linked the rate page specifically for PFCU, so you could see what rates best fit the criteria you want to offer. (Heck, now that you've added that you don't want rates below 1%, this might not qualify, since only the linked savings and MM accounts surpass that.)

--A couple of minor edit suggestions. First, It's "Bank of Internet", not "Bank of the Internet." Second, perhaps listing the banks alphabetically might mean less editing work for you than updating the rates, even periodically. It'd also make it easy for readers to locate their preferred banks as your list grows longer.


Again thanks for the thread, I hope this reply is helpful.

State Farm Bank
Savings: 1.90%APY, no balance requirements, just the normal 6 pre-authorized withdrawal federal limit

NetBank
Money Market is now 2.20%APY, $250 average balance to avoid $5.00 fee

NM

The DC area ? Near RACETEC PL ??

Virtual Bank eMoney Market, APY = 2.30% as of 03/30/03.
http://www.virtualbank.com/ratesfees_esav_pop.asp

It should be noted that Virtual Bank's eMoney Market account is the exact same type of account as ING Direct's Orange Savings account. The only way to deposit into or withdraw from the eMoney Market account is electronically, though ACH transfers.

There is a 10-day hold on deposits during the first 30 days after the account is open. However, after the account has been open for at least 30 days, there is only a 2-day hold on deposits, which is a distinct advantage over ING Direct's Orange Savings account.

Folks in NYC may consider ( branch in Manh and Brooklyn)
Ukranian National Credit Union
MMA - 3%

http://www.navyfcu.org/

Savings 1.5%, $5 minimum balance
Check .75%, no minimum

CharterOne
Energized Checking: APR 2.50%, Rate 2.47%
Privilege Money Market Gold: APR 2.10%, Rate 2.08%

$12.00 (daily balance of $2500 required to waive fee)

... for charter one.

National InterBank
2.29% (2.31% APY) High Yield Money Market Savings, $0.00 min balance to earn interest.

mshen11: The fee $12 is a little bit high so be careful of balance not falling below $2500.

funkyfresh: You are right. Updated.

sloppy1: Not. Rate guaranteed until 7/28/2003. I know this bank before. At that time they seems guarantee 3% APR to a date (expired).

Thank for all reminders. I do not notice the first two items before.

Personally charterone is a reliable bank in rate (not sure others) but you must manage your account excellently to avoid all fees.

We have different personal opinion about temporary rate. That is fine.

Thank sloppy1. I just notice $25 inactivity fee. It is a really strict requirement. If you want its high rate, be careful of all fees.

All charterone fees are listed at:
http://charterone.com/pf/Deposits/legal/Disclosures_other.htm#Fees

Do any of these differentiate between business and personal banking?

Try this, or seacrh on daughter%mother.