Thursday, April 15, 2010 - 6:52 PM

Another Rate Hike at Capital One Direct

Capital One Direct Banking (0 stars) - Details

Just one week after the last rate hike, Capital One Direct raises rates again:

InterestPlus Online Savings is now 1.35% APY (was 1.30%)

Capital One Direct (for Costco members) rate also went up:

InterestPlus Online Savings is now 1.40% APY (was 1.35%)

Note, the high yield money market account rates remained the same.

This is starting to remind me of the good old days back in 2005 and 2006 when savings account rates used to go up almost every week.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905

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Quick
Summary

1. Friday, April 16, 2010 - 4:43 PM

Looks like Ally Bank just increased the yield for the No-Penalty 11-month CD from 1.35% to 1.40%. Not a bad deal given that you can withdraw the money at any time after the first 6 days.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819

2. Saturday, May 1, 2010 - 12:52 PM

Capital One Direct has a hold time on fund availability. A small raise increase on said accounts will increase funding and be direct profit for the banks profit margins as they are looking for profit.

A small rate increase on these accounts is not a good deal at all. When I choose an account, I take the highest rate with a stable bank that has no hold times on fund availability which has local branches.

People kept trying to convince me that I was wrong and these hold times were in our interest, but the truth is they are either people who do not understand the financial system we live in or were shills operating on behalf of the bankers and financial institutions.

Caveat Emptor - Buyer Beware. Fully understand all terms and conditions of the bank that you get an account with. If you do not, you will get charged for fees or have hold times and other related issues.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819