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As an aside, when I googled it I stumbled onto Doral Bank (not direct) offering 4.07% APY for Money Market Savings. The rates are actually tiered based on balance:
Doral Bank seems to be a primarily Spanish language site, with a few English pages. But most of the PDF's and links are back to Spanish. It looks like standard bank and money market savings stuff are included (FDIC 250k, check card). after a couple of more minutes searching, I realized that it's in Puerto Rico...which makes walking in to open an account exceedingly difficult.
I called in to verify. took 6+ mins for someone to pick up the phone.
confirmed that there is a 3 month rate guarantee, it's indicated in this PDF
*Annual Percentage Yields (APY) are accurate as of 02/02/09 and are subject to change without prior notice. A minimum of $1,000 is required to open a CD or savings account. APY assumes principal and interest remain on deposit for the full term of the CDs. Early withdrawal penalties may apply for CDs. A minimum daily balance of $1,000 must be maintained in the savings account in order to obtain the promotional rate, which is guaranteed for three months. After the three month introductory period, the savings account will earn interest based on account balance and the prevailing rate offered by Doral Bank. Fees may reduce earnings. Promotional rates are for accounts with new money only. Limited time only. ** Standard FDIC maximum deposit insurance coverage per customer through December 31, 2009. Please visit www.fdic.gov for more details.
also got additional info: * must keep $250 minimum balance, or a $5 maintenance fee will be accessed * must keep $1000 minimum balance to earn quoted interest * cannot withdraw any money for the first 30 days * after the first 30 days, can freely close the account. no fees or penalty involved * no limit on the transfer in or transfer out
Yankees said:Doral Bank (not direct) offering 4.07% APY for Money Market Savings. The rates are actually tiered based on balance:
100k+: 4.07%
Doral Bank seems to be a primarily Spanish language site, with a few English pages. But most of the PDF's and links are back to Spanish. It looks like standard bank and money market savings stuff are included (FDIC 250k, check card). after a couple of more minutes searching, I realized that it's in Puerto Rico...which makes walking in to open an account exceedingly difficult. Yes, Puerto Rico, is a bit of a distance for a walk. (from California)
I e-mailed for more info on the Premium Money-Market account. The thank you, came back in Spanish. 4.07% is almost unheard of today.. I'm going to wait for the responds before making a decision to follow up. FDIC insured.
The 4.07% money market > $100k is a great rate, but you would need to check if they allowed account opening remotely (without branch visit to Puerto Rico.)
Even though they are in Puerto Rico, they are still considered a US Terriroty (I believe, they get to vote in for the US president, etc) and they definitely deal in US Dollars and are also FDIC insured. They may be a distressed bank but so are many others and FDIC insurance greatly levels the risk out.
The 3.50%APY doralbankdirect with 3-month rate guarantee is very competitive, and should be able to open remotely. It's a good deal! Take a look at their fees before committing though (look for early account closure fees, etc.)
I can add that TDAmeritrade has sold doralbankdirect CD's (among other brokerage account CD options), however I noticed the TDA-brokered doralbank CDs were less competitive than what was offered directly on doralbankdirect.com.
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I just got in on a locally available deal (in south-western WA) for 3.83% APY deal with rate guarantee until Sept-2009, which I'm thrilled about for holding my 0% BT funds and my 3.25% HELOC funds. Branch visit (only in SW Washington state) was required. www.anchornetbank.com I thought there was a "best locally available liquid savings" thread on FWF, but couldn't find it so am just spreading the word about it here and there.
I just got in on a locally available deal (in south-western WA) for 3.83% APY deal with rate guarantee until Sept-2009, which I'm thrilled about for holding my 0% BT funds and my 3.25% HELOC funds. Branch visit (only in SW Washington state) was required. www.anchornetbank.com I thought there was a "best locally available liquid savings" thread on FWF, but couldn't find it so am just spreading the word about it here and there. jakeru... This bank rate is wonderful, but I don't live in WA. This liquid account rate is just what I have been looking for. Now, how about going in and asking if they would consider offering an application on their web-site.
just got this in my email after confirming their trial deposits. hope this means whoever applied before the rate change was able to lock for 90 days.
"Thank you for choosing Doral Bank Direct. Your Direct Personal Savings @3.50% APY application has been approved and your account has been opened.
You will be receiving a Welcome Package in the mail. This package contains important account information, documents, and instructions for online access. Please note that deposits made to your account during the first 30 days of account opening will be subject to a 30 calendar day hold."
Yankees said:just got this in my email after confirming their trial deposits. hope this means whoever applied before the rate change was able to lock for 90 days.
"Thank you for choosing Doral Bank Direct. Your Direct Personal Savings @3.50% APY application has been approved and your account has been opened.
You will be receiving a Welcome Package in the mail. This package contains important account information, documents, and instructions for online access. Please note that deposits made to your account during the first 30 days of account opening will be subject to a 30 calendar day hold."
I received that email like 2 weeks ago but I still haven't receive any mail about my login information yet. What is going on? I tried to call them the other day but no one pick up the phone, hopefully they don't steal my money =(
Yankees said:i'm also waiting for the login information. it's impossible to get a hold of someone from their customer service.
I got the following email late last night:
Doral Bank Customer Service said: Dear New Depositor,
Thank you for banking with Doral Bank Direct. The response to our deposit promotion was much greater than we had anticipated. Consequently, it is taking us longer to complete the opening of new accounts but you will not be adversely affected. Your new Doral Direct deposit will receive the 3.5% APY promotional rate. And, your account will start receiving interest on the same day that the initial deposit was processed.
We expect to complete the processing of your account by March 13, 2009. You will be notified by email once your account has been opened and the charge to the funding account provided in your application has been processed. You will receive a welcome package from us within 10 days from the notification email. If you have already received your welcome package, please disregard this email. In the meantime, if you have any questions, please call our Customer Service Unit at 1(877)31-DORAL.
I still haven't gotten my packet in the mail so I called in this morning. They confirmed that the last batch of online savings accounts were opened today and sent out in the mail this morning (I was among that batch).
the gentleman on the other side was able to confirm my identify and give me the login details.
The online account does not have any fund transfer abilities, you have to either mail in documents (voided check for checking account of copy of statement for savings account), or you can push funds in from an external account (ABA Routing #: 026073082).
My deposit of $1000 was on 2/25. But it had only accrued $0.38 by 3/10 (and another $1.13 since then). If my calculations are correct, then that means they held the funds for 10 days (4 weekend days and 6 weekday days) before it started accruing interests.
If that is the case, then even if I can push funds in today, it would take ~1 month to recoup the difference from 2.5% (GMAC) and ~2.5 months from 3.05% (Broadway Fed).
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I'm going to wait for the responds before making a decision to follow up. FDIC insured. 
