Advertising Disclosure

Featured Savings Rates

Popular Posts

Featured Accounts

Challengers to EmigrantDirect


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.
NICKELnDIMED   |     |   Comment #1
As far as I can tell, why bother with ING any longer? I'll keep a little bit there to keep the account active. But, E.D. seems like the clear leader.
Banking Guy
Banking Guy   |     |   Comment #2
You're right. For this entire year, EmigrantDirect has led ING Direct by a substantial amount.

One thing I like about ING is that it's easy to get ING CDs using money from your savings account. And there's no minimum. So if you have some money that you don't need for a year, you might be better off putting that into an ING CD rather than having it at EmigrantDirect.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.