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POSTED ON BY Ken Tumin
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.
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.
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.