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Challengers to EmigrantDirect

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I thought we would be seeing more responses from other online banks after EmigrantDirect made the bold move to increase its savings account to 4%. But yesterday was pretty quiet. Any day now I still expect ING to raise its rates to at least 3.5%. Perhaps today we'll see something. However, with the major hurricane in the Gulf, the banks may decide to postpone any major rate changes.

I only found two online banks that have made any increases in their rates in the last week. As I reported last Saturday, UmbrellaBank raised its money market rate from 3.65% to 3.75%.

MyBankingDirect also made a change that I missed until today. It has been offering its 3.75% money market account for a while now, and it still has that rate. The new offering is a 4-month CD with a 4% APY. The initial minimum deposit is $2.5K. This offer was actually before EmigrantDirect's latest increase. I'm not sure exactly when this CD special started. Google cached the page with the offer last Saturday. I think its previous special was a 3.9% APY 9-month CD.

For more information about MyBankingDirect and its $25 signup bonus, refer to this previous post.


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