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Voting History
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I thought it would be interesting to keep a record of how the interest rate evolved over the last year at the most popular high-rate yielding online savings accounts (i.e. HSBC, ING, Emigrant). Since my memory is not so good, if you remember how much was the interest rate in a certain month, and when it changed, please post a reply.
Disregard whether the rate is for new deposits or existing money and consider whatever promotional rate is on for a given period.
Only online savings accounts that require no (or very low) minimums to earn this rate are considered.

Federal Fund Interest Rate is at the bottom. Here are the APYs:

UFB Direct - Premier Absolute Savings(over $10,000)
(formerly known as High Yield Money Market Savings, discontinued on 06/27/07)
06/27/07: 5.31%
12/06/06: 5.32%
09/13/06: 5.27%
09/01/06: 5.20%
08/15/06: 5.26%
06/30/06: 4.50%
04/04/06: 4.40%
03/10/06: 3.75%
02/28/06: 4.50%
02/17/06: 4.30%
01/02/06: 4.00%
09/27/05: 3.80%
08/23/05: 3.70%
08/19/05: 3.65%
07/20/05: 3.40%
04/05/05: 3.30%
???????: 3.20%

GMAC - Money Market Savings ($500+)
04/20/07: 5.30%
03/16/07: 5.10%
01/26/07: 5.00%
01/12/07: 5.10%
12/15/06: 5.20%
12/01/06: 5.25%
11/10/06: 5.30%
10/06/06: 5.25%
08/04/06: 5.00%
07/28/06: 5.10%
07/14/06: 5.05%
07/07/06: 4.90%
06/09/06: 4.80%
04/21/06: 4.75%
04/07/06: 4.70%
03/10/06: 4.65%
02/27/06: 4.60%
12/10/05: 4.30%
12/03/05: 4.10%
11/19/05: 4.05%
11/05/05: 4.00%
08/15/05: 3.45%
07/30/05: 3.25%
05/10/05: 3.10%
04/20/05: 3.05%
02/10/05: 2.50%

Presidential - Premier Savings (for balances up to $35,000):
10/23/06: 5.25%
06/30/06: 5.12%
05/15/06: 4.87%
05/01/06: 4.75%
04/03/06: 4.62%
01/31/06: 4.37%
09/26/05: 4.12%
08/16/05: 3.87%
07/05/05: 3.75%
05/13/05: 3.50%

Emigrant Direct - AmericanDream Savings Account:
09/30/06: 5.05%
07/28/06: 5.15%
07/04/06: 5.00%
06/22/06: 4.80%
05/26/06: 4.65%
03/15/06: 4.50%
01/26/06: 4.25%
09/20/05: 4.00%
07/22/05: 3.50%
03/14/05: 3.25%
01/05/05: 3.00%

HSBC Direct - Online Savings:
05/01/07: 5.05%
01/29/07: 6.00% (new funds only)
06/30/06: 5.05% (old funds)
06/20/06: 4.80%
05/18/06: 4.65%
05/01/06: 4.50%
01/30/06 - 04/30/06: 4.80%
12/15/05: 4.25%
11/04/05: 4.00%
09/01/05: 3.75%
08/11/05: 3.50%
07/07/05: 3.25%
03/25/05: 2.88%
???????: 2.75%

Capital One - High Yield Money Market (previous rates here)
01/17/07: 5.00%

Virtual Bank - eMoney Market
(has different rates for different balance tiers)
02/15/06: 4.60%
09/27/05: 3.55%
07/27/05: 3.40%
06/21/05: 3.25%
04/08/05: 3.05%
03/22/05: 2.80%
01/24/05: 2.60%
12/07/04: 2.30%
11/18/04: 2.21%
01/27/04: 2.15%

ING Direct:
11/29/06: 4.50%
9/05/06: 4.40%
6/30/06: 4.35%
5/31/06: 4.25%
4/30/06: 4.15%
4/16/06: 4.00%
01/19/06 - 04/15/06: 4.75%
12/31/05: 3.80%
Dec 2005: 3.71%
Nov 2005: 3.48%
Oct 2005: 3.40%
Sep 2005: 3.27%
Jul 2005: 3.05%
Jun 2005: 3.00%
May 2005: ?????
Apr 2005: 2.98%
Mar 2005: 2.53%
Feb 2005: 2.35%
Jan 2005: 2.35%

Intended Federal Funds Rate
06/29/06: 5.25%
05/10/06: 5.00%
03/28/06: 4.75%
01/31/06: 4.50%
12/13/05: 4.25%
11/01/05: 4.00%
09/20/05: 3.75%
08/09/05: 3.50%
06/30/05: 3.25%
05/03/05: 3.00%
03/22/05: 2.75%
02/02/05: 2.50%
12/14/04: 2.25%

Member Summary
Most Recent Posts
It's marked bold in the first post that say HSBC old funds.

FastFood (Apr. 04, 2007 @ 12:31a) |

GMAC up from 5.1% to 5.3% APY

ThursdaysChild (Apr. 20, 2007 @ 10:36a) |

updated information about UFB

SweetCash (Jun. 27, 2007 @ 7:46p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
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I don't see we need to do this. The interest rate as a function of time is not so important. It is not like you want to predict that 3 months from now, it will go up. The higher the interest rate from ED or ING or HSBC, the better it is. End of story and no one even wants to remember when they posted on FWF that ING became 3% APR because now it is absolete.

I think it's good to see how the three banks react (or don't react) to each other's changes... good idea.

HSBC went from 4.00% -> 4.25% after the December Fed hike IIRC.

StartingMoney said: HSBC went from 4.00% -> 4.25% after the December Fed hike IIRC.
thanks, StartingMoney. did some digging through the tens of pages of existing threads and updated some of HSBC's rates.

I had the same curiosity about a month ago, and put together a graph charting rate changes since the inception of accounts (back to 2000 for ING) for no-minimums/no-fee accounts (the kind I'm interested in). Data may be slightly inaccurate, but should be mostly right, and is gleaned from a combination of old fatwallet threads, old threads on other forums, old press releases, and some digging at archive.org:

Historical online savings account rates

Don't forget UFBDirect's rate jumped up to 4.60%

I updated the OP: only consider online savings accounts that require no (or very low) minimums.
Updated Emigrant Direct section.

Has anybody else noticed this: going to http://home.ingdirect.com (copy&paste to your browser) shows a different page than following the link from FWF: http://home.ingdirect.com. I guess they are showing a more appealing page to people refered by FW ?!

delirium4u said: I had the same curiosity about a month ago, and put together a graph charting rate changes since the inception of accounts (back to 2000 for ING) for no-minimums/no-fee accounts (the kind I'm interested in). Data may be slightly inaccurate, but should be mostly right, and is gleaned from a combination of old fatwallet threads, old threads on other forums, old press releases, and some digging at archive.org:

Historical online savings account rates


Very nice charting, thanks. Would you mind curve fitting them and then taking the derivative to see the rate of change of the rate? So we can predict the next big leader.

SweetCash said: I updated the OP: only consider online savings accounts that require no (or very low) minimums.
Updated Emigrant Direct section.

Has anybody else noticed this: going to http://home.ingdirect.com (copy&paste to your browser) shows a different page than following the link from FWF: http://home.ingdirect.com. I guess they are showing a more appealing page to people refered by FW ?!


I'm impressed, looks like ING has some pretty smart programmers, or perhaps FW gets a cut from every click. There's gotta be a reason why a link in FW appears as a redirect rather than a direct link, right?

Yes, I'm not sure if the redirect is done on the FW side or on the ING side.

I'm pretty sure it's done on the FW side. If you look at the source code of this page, for instance (in IE View->source) and you scroll down to see your post, you'll see that in the source code it has the ...redirect... code embedded in the URL to be clicked. I suppose any URL you put as a link in FW, they'll convert to a redirect. I don't know why they would do this, but perhaps they have a deal set up with certain companies, that if someone is redirected from FW, FW gets a cut from it. Like, some people have redirect links where they get a bonus if you use their link to sign up for an account etc.

As far as why the redirect stuff is done, I don't think it is for referrals. ING could easily tell who referrred you without them having to use a special link (although this way, at least fatwallet knows if ING is being honest about how many referred visitors it pays for).

I think this type of thing is done to raise fatwallet.com's prominence in search engine's such as google. The more hyperlinks pointing back to fatwallet, the higher the page rank of fatwallet for searches involving any of the terms in the hyperlink.

I could be completely wrong, but that is what I have always assumed.

Fat Wallet used to have a link to ING Direct in the forums but it was taken off.

I think ING Direct had interest rates as high as 6% at one point going back a few years.

It would be interesting to see the fed rate on there too.

Capital One has been lagging the pack lately, only 4.0% currently (but no minimum). I've got the historical rate changes in OP of my thread: Capital One Savings Account (4.00%) - now with better transfers.

Does anybody else think that Presidential should be included in the historical APR archive?

It would be interesting to note which bank had the highest average over period of time such as 6 months or 1 year. This should of course be a weighted average for the duration. (ie $1000 invested at each bank would yield how much by the end of the time period.) This would be good info for those who don't want to move their money around often - though past peformance does not predict future results it would help to show which bank has lead in rates.

added federal funds rate, presidential savings and link to capital one rates thread.

I'm impressed by all this work and effort just for a money market cash investment. I'm scared to think how much research you guys do for "real" investments.

looking at the numbers, it looks like Emigrant and Presidential have stayed one step ahead of the fed rate, except for the last hike in the fed rate. HSBC has been pretty consistent in just following the fed rate. This might give some insights as to what will the rates be after the promotional rates at HSBC and ING end and hopefully will lead to better planning in moving money around.

ucsdgaspasser said: I'm impressed by all this work and effort just for a money market cash investment. I'm scared to think how much research you guys do for "real" investments.
Think of it this way. If you've got $50-100K sitting in a cash account, getting a 1% better rate by shopping around is good for $500-1000 at the end of the year. Seems like a worthy use of some time, and the more money, the more worthwhile it is.

xerty said: ....the more money, the more worthwhile it is.

ummm, is that ONE of the reasons why the rich gets richer? and I thought they just worked harder....

This way of listing the rates is somewhat misleading. It is my understanding that the latest HSBC and ING rates are promotions that only apply to "new money". This should be mentioned somehow.

HSBC is for all money in the account, ING is just for "new money."

Ikarus said: This way of listing the rates is somewhat misleading. It is my understanding that the latest HSBC and ING rates are promotions that only apply to "new money". This should be mentioned somehow.
I'd consider the ING one a promotion, yes, since it just applies to new money. The HSBC one is the same as any other rate, and applies to all money. Yeah, they say it's a "promotion" and only guaranteed through April, but money-market account rates can always change at any time, so a guarantee through April is actually more rate security than usual.

Does anyone already own a HSBC Direct account?

I was reading through the Terms and Conditions for online Accounts and I noticed that

there are these Miscellaneous Bank Service Fees *subject to change without notice*.

The 2 that caught my eye were:

1.) Funds Transfer-In, per incoming transfer $15/each
2.) Funds Transfer-Out, per outgoing transfer $30/each.


From my interpretation, each time we transfer money into the account, there is a $15/dollar fee, and each time we transfer money out, there is a $30/dollar fee.

This completely lowers the APR even though they are stating 4.8% at this time.

I'm not aware of EmigrantDirect or ING having these "Miscellaneous Bank Server Fees*.

Please let me know if there are, that would be a big factor on which account I decide to go with.

Thanks all!

Lots of people here have HSBC direct savings accounts. I think those fees you mentioned are for wire transfers. I have done many ACH transfers both in and out and those are free.

howie888 said: From my interpretation, each time we transfer money into the account, there is a $15/dollar fee, and each time we transfer money out, there is a $30/dollar fee.

This completely lowers the APR even though they are stating 4.8% at this time.


Your interpretation is wrong. It's spelled out pretty clearly in the HSBC thread. Those fees are for wire transfers, which almost all banks charge for.

There's also this from the HSBC Site: "No transaction fees will be charged for HSBC OnlineSavings, Domestic Private Banking or HSBC Premier customers." The Savings Account is the HSBC OnlineSavings.

There's a big difference between wire transfers and ACH pushes and pulls. One is almost instanteous and costs money (Wire) and the other takes a day or two (a few in HSBC's case) and is free.

I think it would be better to assign a point score for every day a bank is in the top 10, then the one with the highest scores over time likely reflect the leading bank. 10 would be the highest 1 the lowest.

davidaexp1 said: I think it would be better to assign a point score for every day a bank is in the top 10, then the one with the highest scores over time likely reflect the leading bank. 10 would be the highest 1 the lowest.
What top 10?

Free except for lost interest for many days each way.

SweetCash said: Lots of people here have HSBC direct savings accounts. I think those fees you mentioned are for wire transfers. I have done many ACH transfers both in and out and those are free.

badguy said: Don't forget UFBDirect's rate jumped up to 4.60%

4.60% for 50k minimum

4.30% for 0 minimum

Still good, since others are those temporary higher rates that go back to 3.8% or similar.

I have a question regarding ING that I was hoping some kind soul could answer. So you deposit money electronically using ACH (like a direct deposit) and this incurs no fees. How do you remove money from that same account? Are there fees associated with fund removal? Any bad experiences with ING? Trying to convince a GF to deposit some extra money there and I want to be sure I know all the answers.

Thanks

timequaker said: I have a question regarding ING that I was hoping some kind soul could answer. So you deposit money electronically using ACH (like a direct deposit) and this incurs no fees. How do you remove money from that same account? Are there fees associated with fund removal? Any bad experiences with ING? Trying to convince a GF to deposit some extra money there and I want to be sure I know all the answers.

Thanks


Reverse direction works without any fees, but there is a limit of the number of monthly withdrawls.

dp

76hhma said: timequaker said: I have a question regarding ING that I was hoping some kind soul could answer. So you deposit money electronically using ACH (like a direct deposit) and this incurs no fees. How do you remove money from that same account? Are there fees associated with fund removal? Any bad experiences with ING? Trying to convince a GF to deposit some extra money there and I want to be sure I know all the answers.

Thanks


Reverse direction works without any fees, but there is a limit of the number of monthly withdrawls.


And there is a hold time on newly deposted funds, 5 days?

mhesidence said: And there is a hold time on newly deposted funds, 5 days?

It depends. Sometimes transfers go through the next business day, sometimes they're held for a few days.

I've had a deposit held for 5 days, amd a deposit that was made the next business day goes through with no problems. I guess they must be randomly holding deposits for some homeland security related reasons?

Added UFB Direct HYMMS to the original post.

Skipping 66 Messages...
updated information about UFB



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