ibankdesign.com has a good list of banks and their interest rates which is kept fairly up to date. In any case, it's nice to note that both ING and Virtual Bank's rates have been bumped up. Personally, I keep my money in the Superior Savings (3.04 APR), and Presidental Bank Checkings (2.75% APR) accounts, so these recent bumps still aren't competitive...
I'll post the latest from ibankdesign.com, as of Nov 18 2004:
Savings and Money Market accounts:
(APYs for balances below $50,000, APY treshold is 2.11%)
* 3.04% - Superior Savings, FReD account (for balances above $10K) * 3.00% - Access National Bank, Access Money Market (for balances above $25K) * 2.53% - Genoa Savings, Money Market (for balances between $20K and $50K, $2.5K min. balance to avoid a fee) * 2.53% - Superior Savings, Simply Supperior Money Market (min. balance of $1K to get the rate and avoid fees) * 2.50% - Eastern Bank, Guaranteed Money Market (for balances above $10K) * 2.40% - Digital Credit Union, LTD Savings (for balances above $25K) * 2.28% - Imperial Capital Bank, iMoneyMarket ($2,5K min. balance to get the rate & $5K avoid a fee) * 2.25% - ING Direct, Savings (no minimums, no fees, free interbank transfers) - Info page * 2.25% - UFB Direct, High Yield Money Market Savings (no minimums, no fees) * 2.21% - Bank of Internet, Money Market Savings ($1.5K to avoid fees) * 2.20% - GMAC savings account ($500 balance to avoid a monthly fee) - Info page * 2.20% - Capital One, High Yield Savings (no fees, no min. balance, free interbank transfers) * 2.16% - Countrywide Bank (for balances between $1K and $50K) * 2.15% - Virtual Bank, eMoney Market (no min. balance, no fees, free interbank transfers) - Info page * 2.15% - Zions Bank, Internet MMA (for balances above $1K) * 2.15% - MetLife Bank, High Yield Savings (for balances above $5K) - BONUS!!! * 2.15% - Nexity Bank, Money Market (for balances above $1.00) - Info page * 2.13% - Giant Bank, MMA (for balances above $1K) * 2.12% - Quantum National Bank, Money Market
Interest Checking accounts:
(APYs for balances below $50,000, APY treshold is 1.75%) * 3.00% - City National Bank of Taylor, Reward Checking Account (for balances up-to $10K) - Info page * 2.75% - Presidential Bank, Internet Checking Plus (for balances up-to $25K) - Info page * 2.17% - Imperial Capital Bank, Senior iChecking - ($250 min. balance to get the rate & avoid a fee) - Info page * 2.12% - Quantum National Bank, Hi-Rate Checking (for balances above $10K) * 2.07% - Imperial Capital Bank, iChecking ($1K min. balance to get the rate & avoid a fee) - Info page * 2.00% - American Bank, Super Now Account ($5K to avoid fees) * 1.98% - Nordstrom Bank, checking - (for balances above $10K) * 1.90% - AMTrust, Platinum Checking (for balances between $25K and $50K, 5K min. to avoid a fee) * 1.75% - PCBanker, eChecking - (for balances below $10K, min. balance to avoid a fee is $1K) - Info page, BONUS!!! * 1.75% - Everbank, FreeNet checking (for balances between $25K and $50K) - Info page, BONUS!!! * 1.75% - Bank of Internet, Senior Checking (for balances up-to $25K, min. age is 50) - Info page
Did anyone notice that when the Fed started lowering rates in 2001/2002, ING dropped their rates in step almost immediately. Now that rates are on their way back up (up 1% this year), ING has only raised their rate by 0.25%.
kizznay said:Did anyone notice that when the Fed started lowering rates in 2001/2002, ING dropped their rates in step almost immediately. Now that rates are on their way back up (up 1% this year), ING has only raised their rate by 0.25%.
Its supply and demand tempered with profit margins. Its pretty much the same with oil. As barrels of oil go up in price and the FIFO (first in first out) effect takes hold, the price of gasoline goes up to maintain the same profit. When the barrels of oil go down in price, profit margin increases, but there's no reason to lower gas prices. They only lower them due to competitive pressures (or to START the undercutting ball rolling).
So ING lowered rates to maintain the same profit. Now that rates are going up, their profit increases. They only raise rates due to competitive pressures...
At least thats how I understand things. Let me know if I'm off my rocker...
I chose VirtualBank over ING a few months ago, and their rate keeps on lagging behind ING's, even though the difference is minor. It seems that these two always change their interest rate almost simultaneously. I doubt that in absolute figures I "lost" more than $10 - while VB's signup bonus was $20 (through a referral) and ING's $10. The only reason I picked VB was the ability to link 4 external accounts (and even that's barely enough), while ING permits only 3.
EugeneV said:I chose VirtualBank over ING a few months ago, and their rate keeps on lagging behind ING's, even though the difference is minor. It seems that these two always change their interest rate almost simultaneously. I doubt that in absolute figures I "lost" more than $10 - while VB's signup bonus was $20 (through a referral) and ING's $10. The only reason I picked VB was the ability to link 4 external accounts (and even that's barely enough), while ING permits only 3.
eugene, I know it has been mentioned before but if you have a joint account you can have six accounts linked to an ING account: 3 for you and 3 for spouse.
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