Dedicated to Deposits: Deals, Data, and Discussion

OnBank Increases Savings Account Yield to 3.75%


Update 10/03/08: OnBank's savings account yield has fallen to 3.60% APY.

OnBank increased the yield on its no-minimum online savings account today from 3.50% to 3.75% APY. OnBank has maintained competitive yields on this savings account since it was launched earlier this year. The savings account has several nice features such as fast ACH transfers, and for those who prefer to stick with a strong bank, OnBank is a division of M&T Bank. N.A. which has been rated high for its financial soundness (5 stars at BauerFinancial and 4 stars at based on 6/30/08 data).

For more details of OnBank and this savings account, please refer to my April review of OnBank.

OnBank also offers some competitive rates on its online CDs. The most competitive are the longer term ones. The highest yield is 5.15% APY for a 60-month term as of 9/29/08 (see post).

M&T Bank, N.A. has been FDIC insured since 1995 (FDIC Certificate # 34069).

Thanks to the reader who mentioned this new rate in the finding the best deals post.

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Comment #1 by Anonymous posted on
Party's over on the 5% Chase/WaMu online CDs. The link has disappeared from the site.

Comment #2 by Anonymous posted on
Not on the West Coast it isn't. In my zipcode in California, Wamu still has the 5% CD listed for either 12 or 13 months.

Comment #3 by Anonymous posted on
the link on main page is gone but click the savings cd's link. Still there.

Comment #4 by Anonymous posted on
ONBANK awesome online ach system. The best I've seen in some time.

Comment #5 by larkin (anonymous) posted on
Down to 3.60%...

Comment #6 by Bank account (anonymous) posted on
Bank account
I visited OnBank and their latest offers are 1.95% APY on OnBank 60 month CD for an initial deposit of $500 and 0.50% APY on OnBank Money market savings with no monthly service charge. They are not as good as the year before but they are one of the decent bank deals these days.