Dedicated to Deposits: Deals, Data, and Discussion

Online Savings Account Rates Continue to Fall, Emigrant, iGobanking

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As expected, savings account rates continue to fall in the wake of last week's Fed rate cut. Some of the latest cuts include:

At least Emigrant Direct's rate cut wasn't as bad as HSBC's cut of 55 basis points. When rates were rising, Emigrant was slow to change rates. Instead of doing lots of little rate hikes, they tended to do a few large rate hikes. Hopefully, this will continue, and we won't see more cuts at Emigrant at least until the next Fed rate cut.

If you have money that you don't have to keep liquid in the next few years, you may want to consider a CD. PenFed has just started offering 6.0% CDs with terms of 3 years and longer (see post).

  Tags: Flagstar Bank, iGObanking, Salem Five Direct, savings account

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Comments
15 Comments.
Comment #1 by Kevin (anonymous) posted on
Kevin
Any news on what Zion bank will do? Their website still lists their Deseret Money Market Account between 5.3% and 5.54%

1
Comment #2 by Anonymous posted on
Anonymous
Wrote to HSBC to close my interest checking account. Funds being moved to Countrywide at 5.50% which lowered the FUND HOLD TIME AND added more linkable banks. Countrywide has been outstanding! Glad people left, more $$$ for me..............

HSBC is right by me so im still keeping the online savings and online payment accounts, since it has $1 min. But Im still shopping for which bank to use for LOCAL DEPOSITS of CHECKS to link to Countrywide.

I HATE Citibank with a vengence and I also hate WaMU.

Free checking banks here include Sovereign, Queens County community bank and Commerce Bancorp has a $100 minimum. Ideally I want branches in NY, FL and CA and HSBC still delivers on that side so I prolly will still keep them to push funds to if i travel.

Any suggestions?

1
Comment #3 by Anonymous posted on
Anonymous
Waiting for Citibank to drop below HSBC.

1
Comment #4 by Anonymous posted on
Anonymous
Citi will soon reduce their interest rate because of fed rate cut.

1
Comment #5 by Anonymous posted on
Anonymous
Anonymous said: "I HATE Citibank with a vengence..."

Haha, I'm glad I'm not alone.

1
Comment #6 by Anonymous posted on
Anonymous
Looks like NetBank bit the dust. Deposits to be assumed by ING Direct.

1
Comment #7 by Anonymous posted on
Anonymous
You need to understand the history of Citibank and Sandy Weil and the Glass-Steagall Act to understand as well as by looking at the lawsuit of Enron creditors against Citibank where Citibank JUST LOST THE APPEAL to boot.

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Comment #8 by Anonymous posted on
Anonymous
Speaking of Netbank, which DID "bite it", note this quote from today's WSJ - "The FDIC insures bank deposits of up to $100,000. NetBank had $109 million in deposit accounts that exceeded the FDIC limit. Those customers will become creditors in NetBank's receivership, the FDIC said." So, good luck as creditors to those who failed to properly to structure their accounts for full FDIC protection.

1
Comment #9 by Anonymous posted on
Anonymous
i also hate CitiBank, and Citibank credit cards. You're not alone!

1
Comment #10 by SVG (anonymous) posted on
SVG
 

Readers,

I have very positive experience with CitiBank. I like the services/facilities they provide.


* Polite Phone-CSRs
* Quick-n-friendly Bank Tellers
* Almost always - no hold on deposited items
* Free Cashier's Checks
* Free Safe-Dposit Box
* World-wide ATM network
* Reward Credit Cards
* Free document Notarization
* Free Signature Guarantee
...

I'm with Citi for 10+ years and I have only good things to say about them ...

Disclosure: I don't have any CitiBank stock ("C") in my portfolio.

- SVG

 

1
Comment #11 by SVG (anonymous) posted on
SVG
 

Readers,

Forgot to mention, CitiBank also offers free next-day transfer to your accounts at other financial institutes, in addition to free 'standard' transfer. The limit on amount of 'next-day'transfer is low, however its free.

- SVG

 

1
Comment #12 by Anonymous posted on
Anonymous
"Forgot to mention, CitiBank also offers free next-day transfer to your accounts at other financial institutes"

So does Countrywide....... and at 5.50% APY mind you.

The Largest banks for depositors in the USA for those who do banking are Citibank AND Chase and HSBC in the NYC Metro area on a per deposit basis. Those who bank HEAVILY with lots of funds going thru the accounts choose one of the 3. But with that being said: The national banking system in this nation supports the corporate state of this nation, not the depositor. Shouldn't have to slave for a BANKER who nickles and dimes on fees when I make my money in the real world or supports unethical evil empires in the creation of wealth. Citibank is one of the big abusers of such.

Institution Name CERT State
(Hqtrd) Bank
Class State/
Federal
Charter No. of
Offices Deposits
($000) No. of
Offices Deposits
($000) Market
Share
JPMORGAN CHASE BANK NA 628 OH N Federal 2,253 207,604,137 426 227,147,863 26.37%
CITIBANK NATIONAL ASSN 7213 NY N Federal 18 4,343,000 249 138,165,000 16.04%
HSBC BANK USA NATIONAL ASSN 57890 DE N Federal 232 21,903,889 204 53,684,431 6.23%
BANK OF AMERICA NA 3510 NC N Federal 5,281 512,263,174 500 51,643,670 6.00%

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Comment #13 by Paul (anonymous) posted on
Paul
Hey guys, speaking of Citibank.

For several years now I have been doing business with them and I haven't had any problems.

Firstly I keep collecting all these dividends they offer on credit cards.

Secondly, I used one of those checks they sent me with 1.99% APR until paid in full to pay off my car I had just bought. It was $16K. Just imagine how much money I saved by dropping from 7.5% to 2%.

They naively thought that I will run to a grocery store and buy food wit the same card so they can charge me 15%. Now my loan is locked forever till I pay it off completely even if I go with a minimal payment. I think in this case I am ripping them off.

Anyone else ever financed their car with a credit card ?

Paul

1
Comment #14 by SVG (anonymous) posted on
SVG
 

Paul,

I have similar experience. Technically its not with CitiBank, but its with AT&T Universal. However AT&T Universal card actually is CitiBank's.

Anyways ... they gave me credit card checks and told me that I can use them 'just like regular' checks. It was promised that they'll charge only 2.99% till the balance was paid in full. There was no cash-charge or transfer-charge to use any of the checks ... I made my existing balance zero, and promptly after getting the statement with zero balance, I went ahead and paid-off part of my mortgage with one of the checks. That was about 2.5 years ago ! Ever since I've done no other charge on it. I'm simply making minimum payments.

I got similar offers from American Express (1.99%) and Chase (2.99%). These offers were also utilized to pay-off some of my mortgage !

True to their promise, Citi, AmEx and Chase have charged me only 2.99%, 1.99% and 2.99% ever since ... oh ... and I'm going to take my time (say 20 years) to pay them off s l o w l y. *smile*

As I wrote before, I have very positive experience with CitiBank (and AmEx and Chase also.)

Let me add to my earlier disclosure ... I don't own "C", neither "AXP", nor "JMP".

- SVG

 

1
Comment #15 by Paul (anonymous) posted on
Paul
Hi SVG,

your credit limit should be really high, if you could put part of a mortgage loan on a credit card. But it looks awesome to have an option like this. It is basically an unsecured debt and my car title is in my hands and your house perhaps will be paid really soon because of that.

It insults my intelligence when they think I will charge anything on this card after a BT...

1