Comments on: Best Banks With Consistently High Interest Rates http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html Personal Finance and Investing Blog Sun, 12 Feb 2012 01:43:13 +0000 hourly 1 By: Best Banks With Consistently High Interest Rates – 2011 Edition » My Money Blog http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-176906 Best Banks With Consistently High Interest Rates – 2011 Edition » My Money Blog Mon, 01 Aug 2011 12:01:06 +0000 http://www.mymoneyblog.com/?p=6860#comment-176906 [...] will stay on top over the long haul. The same NY Times blog did pretty much the exact thing back in February 2010, and only two banks were on both top 10 [...] [...] will stay on top over the long haul. The same NY Times blog did pretty much the exact thing back in February 2010, and only two banks were on both top 10 [...]

]]> By: Accountant Marketing http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-152465 Accountant Marketing Wed, 28 Apr 2010 20:35:42 +0000 http://www.mymoneyblog.com/?p=6860#comment-152465 Rates today are so low that you might as well put your money in your mattress. Once inflation kicks in during the next few years we should see rates start to climb. Rates today are so low that you might as well put your money in your mattress. Once inflation kicks in during the next few years we should see rates start to climb.

]]> By: Bruce http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-146312 Bruce Sat, 06 Mar 2010 22:08:58 +0000 http://www.mymoneyblog.com/?p=6860#comment-146312 Hi, Matt, Thanks very much for the information, I really appreciate it. - Bruce Hi, Matt,

Thanks very much for the information, I really appreciate it.

- Bruce

]]> By: Fresh http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-146011 Fresh Mon, 01 Mar 2010 20:06:55 +0000 http://www.mymoneyblog.com/?p=6860#comment-146011 I remember when I opened my HSBCDirect online checking account only about 3-4 yrs ago and the incentive interest rate was 5.15% Those were the days. I remember when I opened my HSBCDirect online checking account only about 3-4 yrs ago and the incentive interest rate was 5.15% Those were the days.

]]> By: Aaron http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-146007 Aaron Mon, 01 Mar 2010 15:53:34 +0000 http://www.mymoneyblog.com/?p=6860#comment-146007 I just started a new account with Hanscom Federal Credit Union (HFCU.org) called the CU Thrive account. The account is currently earning 3.69% (3.75% APY). The account (you can have only one at a time) is only open for a year, and the rate is guaranteed for that year. When you open an account, you specify a monthly amount ($5-$500) that will be automatically transferred from your checking account (free checking) to the CU Thrive account. At the end of the year, the CU Thrive account closes and all the funds are transferred to your savings account ($25 minimum balance). You may then start a new CU Thrive account from $0 balance. The only catch here is that you cannot withdraw funds without penalty (90 days interest on the amount withdrawn), but you can vary the monthly amount contributed at any time. I just started a new account with Hanscom Federal Credit Union (HFCU.org) called the CU Thrive account. The account is currently earning 3.69% (3.75% APY). The account (you can have only one at a time) is only open for a year, and the rate is guaranteed for that year. When you open an account, you specify a monthly amount ($5-$500) that will be automatically transferred from your checking account (free checking) to the CU Thrive account. At the end of the year, the CU Thrive account closes and all the funds are transferred to your savings account ($25 minimum balance). You may then start a new CU Thrive account from $0 balance. The only catch here is that you cannot withdraw funds without penalty (90 days interest on the amount withdrawn), but you can vary the monthly amount contributed at any time.

]]> By: Chrismr http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-146004 Chrismr Mon, 01 Mar 2010 12:03:54 +0000 http://www.mymoneyblog.com/?p=6860#comment-146004 I tried to open a discover bank acct. They were having problems with transfers from etrade, then the new site did not include a submit button on the page for verifying your account transfer- I brought it to their attention. After 3 weeks of trying and 4 glitches I gave up funding the account. Now I have to wait 3 months to get my $500 back or pay a $20 fee - for THEIR incompetence. I tried to open a discover bank acct. They were having problems with transfers from etrade, then the new site did not include a submit button on the page for verifying your account transfer- I brought it to their attention. After 3 weeks of trying and 4 glitches I gave up funding the account. Now I have to wait 3 months to get my $500 back or pay a $20 fee – for THEIR incompetence.

]]> By: simplesimon http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145994 simplesimon Mon, 01 Mar 2010 04:34:50 +0000 http://www.mymoneyblog.com/?p=6860#comment-145994 I paid $10 to Golden State PTA (California's state PTA) and joined Alliant CU. I paid $10 to Golden State PTA (California’s state PTA) and joined Alliant CU.

]]> By: Matt http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145961 Matt Sun, 28 Feb 2010 19:09:41 +0000 http://www.mymoneyblog.com/?p=6860#comment-145961 Bruce, I use Capital One Bank for my checking/savings/e.savings accounts. That being said, transfers from one account to another are near instant and "clear" overnight. I haven't tried transferring from external accounts, but I know transfers to my brokerage (scottrade) takes only a few days (more of a scottrade thing than cap1 I'd imagine). I really like Capital One. The interest rates are competitive, the phone/email support is helpful and personable, and opening accounts online is a breeze. I use to be a Hibernia customer before Capital One bought them, so I've been with them since the beginning. I currently have their SmartCents Checking (used to have a 0.05% VIP checking that I converted), Simple Savings, High Yield Money Market (1.19%), and High Yield Savings (1.45% I believe). In the past 6-12 months, I have noticed my HYMM account dropping from 1.4% to 1.2%. My girlfriend uses Discover Bank for her e.savings. Transfers take a few days as well (clearing in 2-3) but it's not a big deal for her. She's been a customer for a while so she was automatically upgraded to the 1.59% VIP account. Their new Interface (c:feb 22, 10) is fantastic. Hope that helps! Bruce,

I use Capital One Bank for my checking/savings/e.savings accounts. That being said, transfers from one account to another are near instant and “clear” overnight. I haven’t tried transferring from external accounts, but I know transfers to my brokerage (scottrade) takes only a few days (more of a scottrade thing than cap1 I’d imagine).

I really like Capital One. The interest rates are competitive, the phone/email support is helpful and personable, and opening accounts online is a breeze. I use to be a Hibernia customer before Capital One bought them, so I’ve been with them since the beginning. I currently have their SmartCents Checking (used to have a 0.05% VIP checking that I converted), Simple Savings, High Yield Money Market (1.19%), and High Yield Savings (1.45% I believe).

In the past 6-12 months, I have noticed my HYMM account dropping from 1.4% to 1.2%.

My girlfriend uses Discover Bank for her e.savings. Transfers take a few days as well (clearing in 2-3) but it’s not a big deal for her. She’s been a customer for a while so she was automatically upgraded to the 1.59% VIP account. Their new Interface (c:feb 22, 10) is fantastic.

Hope that helps!

]]> By: MikeD http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145948 MikeD Sun, 28 Feb 2010 04:27:25 +0000 http://www.mymoneyblog.com/?p=6860#comment-145948 Found this info about the banks on the list. Do I really need to pay attention these details? or just pay attention to the FDIC Score? or any? As of 12/31/2009: EverBank Bank Type: Federal Savings Bank Texas Ratio: 64 - Bad Tier 1 leverage ratio: 0.0799 Tier 1 risk-based capital ratio: 0.1375 Total risk-based capital ratio: 0.15 FDIC Score: Well Capitalized Holding Company: EverBank Financial Corp Tarp Amt: n/a Discover Bank Bank Type: Non-member Bank Texas Ratio: 0 - Excellent Tier 1 leverage ratio: 0.1056 Tier 1 risk-based capital ratio: 0.101785 Total risk-based capital ratio: 0.134 FDIC Score: Well Capitalized Holding Company: DISCOVER FINANCIAL SERVICES Tarp Amt: $1,224,558,000 Ally Bank Bank Type: Non-member Bank Texas Ratio: 3 - Excellent Tier 1 leverage ratio: 0.1542 Tier 1 risk-based capital ratio: 0.2072 Total risk-based capital ratio: 0.2197 FDIC Score: Well Capitalized Holding Company: GMAC inc Tarp Amt: n/a HSBC Bank Bank Type: National Bank Texas Ratio: 11 - Fair Tier 1 leverage ratio: 0.0807 Tier 1 risk-based capital ratio: 0.1013 Total risk-based capital ratio: 0.1481 FDIC Score: Well Capitalized Holding Company: HSBC HOLDINGS PLC, London Tarp Amt: n/a Found this info about the banks on the list. Do I really need to pay attention these details? or just pay attention to the FDIC Score? or any?

As of 12/31/2009:
EverBank
Bank Type: Federal Savings Bank
Texas Ratio: 64 – Bad
Tier 1 leverage ratio: 0.0799
Tier 1 risk-based capital ratio: 0.1375
Total risk-based capital ratio: 0.15
FDIC Score: Well Capitalized
Holding Company: EverBank Financial Corp
Tarp Amt: n/a

Discover Bank
Bank Type: Non-member Bank
Texas Ratio: 0 – Excellent
Tier 1 leverage ratio: 0.1056
Tier 1 risk-based capital ratio: 0.101785
Total risk-based capital ratio: 0.134
FDIC Score: Well Capitalized
Holding Company: DISCOVER FINANCIAL SERVICES
Tarp Amt: $1,224,558,000

Ally Bank
Bank Type: Non-member Bank
Texas Ratio: 3 – Excellent
Tier 1 leverage ratio: 0.1542
Tier 1 risk-based capital ratio: 0.2072
Total risk-based capital ratio: 0.2197
FDIC Score: Well Capitalized
Holding Company: GMAC inc
Tarp Amt: n/a

HSBC Bank
Bank Type: National Bank
Texas Ratio: 11 – Fair
Tier 1 leverage ratio: 0.0807
Tier 1 risk-based capital ratio: 0.1013
Total risk-based capital ratio: 0.1481
FDIC Score: Well Capitalized
Holding Company: HSBC HOLDINGS PLC, London
Tarp Amt: n/a

]]> By: Rhonda http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145931 Rhonda Sun, 28 Feb 2010 01:18:26 +0000 http://www.mymoneyblog.com/?p=6860#comment-145931 I guess you guys have way more money that I do, but Evantage (a bank I found on this site) has 4% on up to $10,000 checking and 2% on savings up to $25,000, and it's working well for me. I've also got DSD, etc. I guess you guys have way more money that I do, but Evantage (a bank I found on this site) has 4% on up to $10,000 checking and 2% on savings up to $25,000, and it’s working well for me. I’ve also got DSD, etc.

]]> By: joe http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145930 joe Sun, 28 Feb 2010 00:52:05 +0000 http://www.mymoneyblog.com/?p=6860#comment-145930 these are the best? 1%-2% interest. paleeeeeze! these are the best?

1%-2% interest. paleeeeeze!

]]> By: Eric http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145913 Eric Sat, 27 Feb 2010 22:41:17 +0000 http://www.mymoneyblog.com/?p=6860#comment-145913 corntrollio, Shorebank did used to have decent rates. Recently they did cut them though. I think it is only around 1% now. Plus it takes 3 days when you initiate an ACH transfer. There are definitely better options out there. corntrollio,

Shorebank did used to have decent rates. Recently they did cut them though. I think it is only around 1% now. Plus it takes 3 days when you initiate an ACH transfer. There are definitely better options out there.

]]> By: Roger http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145908 Roger Sat, 27 Feb 2010 20:22:02 +0000 http://www.mymoneyblog.com/?p=6860#comment-145908 Smartypig does allow you to withdraw your money through an ACH transfer at any time back to the funding source for a particular goal. It takes a few days of course and the amount has to be the total of one of your goals (you are basically closing a goal). If you have multiple goals setup for different purposes (such as an Emergency Fund) this is not a big deal for me. I actually prefer not being able to withdraw small amounts from their account. Smartypig does allow you to withdraw your money through an ACH transfer at any time back to the funding source for a particular goal. It takes a few days of course and the amount has to be the total of one of your goals (you are basically closing a goal). If you have multiple goals setup for different purposes (such as an Emergency Fund) this is not a big deal for me. I actually prefer not being able to withdraw small amounts from their account.

]]> By: Bruce http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145907 Bruce Sat, 27 Feb 2010 20:06:01 +0000 http://www.mymoneyblog.com/?p=6860#comment-145907 As always, thanks for the information, Jonathan. Have you or anyone else here tried Capitol One Direct Banking? If so, I'd be interested to hear about your experience. Looks like their transfers are really slow, though -- in the neighborhood of three business days after the day you initiate a transfer (i.e., Monday gets there Thursday). Also, does anyone know which of these are hard credit pulls vs. soft?: ally Capitol One Direct Banking Discover DollarSavingsDirect, EverBank Thanks very much! As always, thanks for the information, Jonathan.

Have you or anyone else here tried Capitol One Direct Banking? If so, I’d be interested to hear about your experience. Looks like their transfers are really slow, though — in the neighborhood of three business days after the day you initiate a transfer (i.e., Monday gets there Thursday).

Also, does anyone know which of these are hard credit pulls vs. soft?:

ally
Capitol One Direct Banking
Discover
DollarSavingsDirect,
EverBank

Thanks very much!

]]> By: Chip http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145905 Chip Sat, 27 Feb 2010 18:09:40 +0000 http://www.mymoneyblog.com/?p=6860#comment-145905 Note that both the Everbank rates are intro rates -- if you read the fine print on their site, their current non-intro rate is 1.25%. The 1.51% first year APY is only because of the 2.25% in the first three months. So while the first 3 months are great, after that it drops to 4th on the list, once you account for the $5K minimum balance to avoid a monthly fee. Note that both the Everbank rates are intro rates — if you read the fine print on their site, their current non-intro rate is 1.25%. The 1.51% first year APY is only because of the 2.25% in the first three months. So while the first 3 months are great, after that it drops to 4th on the list, once you account for the $5K minimum balance to avoid a monthly fee.

]]> By: Jason http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145903 Jason Sat, 27 Feb 2010 16:02:56 +0000 http://www.mymoneyblog.com/?p=6860#comment-145903 Smartypig DOES let you do ACH withdrawals back to your funding source, but only after your goal is met. I think you have the option of editing your goal anytime if you need the cash sooner than originally planned. You also have the option of getting a gift card (with an extra %-age added on from their select partners) or prepaid debit card. Unfortunately while I was saving up for my goal, one of their partners dropped out, (Royal Caribbean) so I ended up just cashing out. Oh, there's another online bank too that you might want to review. Salliemae.com , the same people you took your student loans out from now offers a "high yield" 1.35% savings account or a 5 year CD at 3%. You can link your Upromise account to Salliemae as well. I thought that the fees on Upromises's 529 accounts were too high and it's nice to have another option that earns interest. Smartypig DOES let you do ACH withdrawals back to your funding source, but only after your goal is met. I think you have the option of editing your goal anytime if you need the cash sooner than originally planned. You also have the option of getting a gift card (with an extra %-age added on from their select partners) or prepaid debit card. Unfortunately while I was saving up for my goal, one of their partners dropped out, (Royal Caribbean) so I ended up just cashing out.

Oh, there’s another online bank too that you might want to review. Salliemae.com , the same people you took your student loans out from now offers a “high yield” 1.35% savings account or a 5 year CD at 3%. You can link your Upromise account to Salliemae as well. I thought that the fees on Upromises’s 529 accounts were too high and it’s nice to have another option that earns interest.

]]> By: Ken http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145900 Ken Sat, 27 Feb 2010 14:39:45 +0000 http://www.mymoneyblog.com/?p=6860#comment-145900 At least Bankrate didn't include ETrade Bank on the lists! I don't know how M&T Bank had 8 out of 8 quarters as a rate leader. Their online savings accounts at both M&T Bank website and their internet division OnBank have been paying only 0.50% since May 2009. At least Bankrate didn’t include ETrade Bank on the lists!

I don’t know how M&T Bank had 8 out of 8 quarters as a rate leader. Their online savings accounts at both M&T Bank website and their internet division OnBank have been paying only 0.50% since May 2009.

]]> By: Linus http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145898 Linus Sat, 27 Feb 2010 13:34:21 +0000 http://www.mymoneyblog.com/?p=6860#comment-145898 You can't make payments from SmartyPig but its designed as a savings account not a checking account. So I use it in combo with my Schwab Interest checking. Pay all my bills and transfer the leftovers to SmartyPig. Consistently the highest rates with no intro / minimum. You can’t make payments from SmartyPig but its designed as a savings account not a checking account. So I use it in combo with my Schwab Interest checking. Pay all my bills and transfer the leftovers to SmartyPig. Consistently the highest rates with no intro / minimum.

]]> By: Eric http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145896 Eric Sat, 27 Feb 2010 12:54:51 +0000 http://www.mymoneyblog.com/?p=6860#comment-145896 Also, how can they include a bank on this list with a .15% interest rate? Jonathan, how can that possibly be among the top 20? Also, how can they include a bank on this list with a .15% interest rate? Jonathan, how can that possibly be among the top 20?

]]> By: Eric http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145895 Eric Sat, 27 Feb 2010 12:53:11 +0000 http://www.mymoneyblog.com/?p=6860#comment-145895 Smartypig.com doesn't let you make ACH withdrawals though, right? Does Alliant Credit Union allow that? I like to pay my credit cards with ACH transfers from my banks. Smartypig.com doesn’t let you make ACH withdrawals though, right? Does Alliant Credit Union allow that? I like to pay my credit cards with ACH transfers from my banks.

]]> By: Jason http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145876 Jason Sat, 27 Feb 2010 04:44:19 +0000 http://www.mymoneyblog.com/?p=6860#comment-145876 You might want to do a review of smartypig.com It was featured in an article on mint.com's blog. The interface is different from most savings accounts as it's goal-oriented. Set your goal amount, your time frame and it'll calculate your monthly contribution to get there (auto-deposits set up.) Once a goal is met, you can close the goal to transfer out the funds. Met goals continue to earn interest, but it won't auto-transfer fund into the goal anymore. Interest is added on quarterly instead of monthly, but still seems to be compounded daily. Got a 1099-INT from them for 2009, so it seems pretty legit. At 2.01% (not a promotional rate, but a regular rate), it's the highest rate I've seen for an online bank. It syncs with mint.com too. You might want to do a review of smartypig.com It was featured in an article on mint.com’s blog. The interface is different from most savings accounts as it’s goal-oriented. Set your goal amount, your time frame and it’ll calculate your monthly contribution to get there (auto-deposits set up.) Once a goal is met, you can close the goal to transfer out the funds. Met goals continue to earn interest, but it won’t auto-transfer fund into the goal anymore. Interest is added on quarterly instead of monthly, but still seems to be compounded daily. Got a 1099-INT from them for 2009, so it seems pretty legit. At 2.01% (not a promotional rate, but a regular rate), it’s the highest rate I’ve seen for an online bank. It syncs with mint.com too.

]]> By: bobby http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145873 bobby Sat, 27 Feb 2010 03:28:15 +0000 http://www.mymoneyblog.com/?p=6860#comment-145873 ^^? really? i think it's clear the only interest in these accounts is for your emergency funds that you want readily available and guaranteed, not in stocks or real estate... really? cpa? ^^? really? i think it’s clear the only interest in these accounts is for your emergency funds that you want readily available and guaranteed, not in stocks or real estate… really? cpa?

]]> By: Chandler AZ CPA http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145871 Chandler AZ CPA Sat, 27 Feb 2010 02:58:14 +0000 http://www.mymoneyblog.com/?p=6860#comment-145871 I think that with rates this low you should put your money back into the stock or real estate markets. This will barely beat inflation and is not a good long term approach. I think that with rates this low you should put your money back into the stock or real estate markets. This will barely beat inflation and is not a good long term approach.

]]> By: bobby http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145869 bobby Sat, 27 Feb 2010 02:49:54 +0000 http://www.mymoneyblog.com/?p=6860#comment-145869 it's funny how dollar savings direct was all popular to mention maybe a year or two ago, and although its gone down along with everyone else, it still has stayed pretty close to the top of the list as far as returns on periodic checks of lists like this on bankrate or depositaccounts...for some reason I feel like I want to move on from them, but I don't know why really, they're always with a solid rate and I've had no problems, sure they have that one account rule thing, but not really a big deal for my emergency savings. it’s funny how dollar savings direct was all popular to mention maybe a year or two ago, and although its gone down along with everyone else, it still has stayed pretty close to the top of the list as far as returns on periodic checks of lists like this on bankrate or depositaccounts…for some reason I feel like I want to move on from them, but I don’t know why really, they’re always with a solid rate and I’ve had no problems, sure they have that one account rule thing, but not really a big deal for my emergency savings.

]]> By: Mike http://www.mymoneyblog.com/best-banks-with-consistently-high-interest-rates.html#comment-145868 Mike Sat, 27 Feb 2010 01:25:09 +0000 http://www.mymoneyblog.com/?p=6860#comment-145868 Yes, you can join Alliant if you are member of a PTA. I said I was but they never checked. I'm not even a parent. Yes, you can join Alliant if you are member of a PTA. I said I was but they never checked. I’m not even a parent.

]]>