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FirstFedDirect's Savings Account Now 4.25%

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The new online bank FirstFedDirect increased its Internet Advantage Savings Account from 4.03% to 4.25% APY. The CD rates also increased by about 0.10%. The new 6-month and 12-month rates are now 4.52% and 4.84% APY.

The bank's website was down with a server error for several days last week. The website seems to be okay now, but there doesn't seem to be any improvements. There is still no contact information.

As I mentioned in this previous post, FirstFedDirect is a new internet division of the First Federal Bank of California. It's good to see more competition with ING Direct, EmigrantDirect, HSBC and other online banks. FirstFedDirect has a very high rate no-minimum savings account, and unlike HSBC, it offers competitive CD rates. However, it's starting a little like EmigrantDirect did last year with a weak website. When EmigrantDirect started last year, its savings account rate was about 0.5% higher than its competitors. With rates that high, it was much easier to accept the poor website.


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