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More Drops in Savings Account Rates. E-LOAN, AmTrustDirect and Others

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E-LOAN did another big rate cut on its savings account on Tuesday with the yield falling from 5.00% to 4.75% APY. AmTrustDirect also did a rate cut on its e-Money Market savings account, but the drop was only 5 basis points from 5.21% to 5.16% APY. Here's a summary of some of the recent savings account rate cuts:
  • Indymac Internet First Rate MMA $25K tier: 5.60% APY (used to be 5.75%)
  • Presidential Bank Premier Savings: 4.90% APY (used to be 5.25%)
  • Presidential Checking Plus: 4.00% APY (used to be 4.50%)
  • E-LOAN Savings: 4.75% APY (used to be 5.00%)
  • AmTrustDirect e-Money Market: 5.06 APY (used to be 5.16% as of 10/04 and 5.21% around 10/01)
  • DiscoverBank MMA $10K tier: 5.00% APY (used to be 5.09%)

Seems like some banks like HSBC have the strategy of just doing one big rate. Others like E-LOAN have decided to do multiple smaller cuts. You have to wonder about those banks that have maintained their pre-Fed-rate-cut rates. A few of these include ETrade, WAMU and Capital One.

Edit 10/05/07: AmTrustDirect dropped rates again just after this post was published on 10/04/07. Noted this change above.
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Comments
Anonymous
Anonymous   |     |   Comment #1
Countrywide is still going strong at 5.50%
Anonymous
Anonymous   |     |   Comment #2
Maybe the banks doing many small cuts think we are too busy watching the baseball playoffs to notice what they are doing.
moo lah
moo lah (anonymous)   |     |   Comment #3
amboy direct has maintained their rate so far (5.1% apy on balances over 20K).

last spring they cut their rate (5.35% to 5.1%) when every one else was holding steady.
Anonymous
Anonymous   |     |   Comment #4
Key direct Still has 5.35MMF, but how long it will last.....
Anonymous
Anonymous   |     |   Comment #5
Yep countrywide going strong @ 5.50%.

More fun analyzing stocks, higher returns :)
Anonymous
Anonymous   |     |   Comment #6
WaMu has announced that it is launching a redesigned website on October 21. Perhaps this means a redesign in the rate and features of their online savings as well???
ShraZZy
ShraZZy (anonymous)   |     |   Comment #7
Amtrust Direct keeps dropping the rates slowly each time. That's 3 rate-cut in less than 2 weeks
Anonymous
Anonymous   |     |   Comment #8
AmTrust Direct is at 5.06%, NOT 5.16%.
Anonymous
Anonymous   |     |   Comment #9
Bank of Internet, USA is still a good option. Their CD rates are well above 5.00%, and they allow "ten business days" for them to receive your funds by check. This is especially useful if you have money coming to you in the next few days but fear that rates will drop by then. You can open a CD today and stay locked in at the high rate until they receive your money. Very generous of them...
Anonymous
Anonymous   |     |   Comment #10
Just got an email from etrade today reminding me their rate is still 5.05. Only have a dollar in there now, was tinking about moving money in. I hope they don't drop it soon, especially after emailing me.
Anonymous
Anonymous   |     |   Comment #11
I beleive in the case of AMTRUSTDIRECT the old saying of nickel and dime you to death may apply here. When they drop below 5% they can color me gone. Would like to commet on Key Direct. Applied for a money market savings account on Aug 20th. Finally this monday 10/1 I finally confirmed that in fact I do have an account. This is after about 20 e-mails and 4 or 5 phone calls. However they still have not funded it as instructed and when I tried to transfer some money in they advised it takes 10 days to verify after they make the trial deposits. Applied for same type of account at COUNTRYWIDE 0n 10/1 it was uip and funded on 10/3 and have been able to make two transfers. Anyone else had this problem with KeyDrect.
Anonymous
Anonymous   |     |   Comment #12
Don’t where to post this question, but does anyone know if I need to buy a car to get a car loan? In other words, can I just take the loan and use it to finance something else? Will the lending bank require documents related to car purchase? This question may sound silly but I've never taken a car loan before and have always paid up in full for my cars.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #13
I doubt you would be able to use the auto loan to fund something other than a car. I'm not sure of the details. Check out About's banking / loans and its forums for more info on auto loans.