Hear that? It’s the sound of rates dropping… Time for another status check.
Liquid Savings Accounts
- DollarSavingsDirect is down to 3.5% APY from 4.0%. It was only a matter of time until this happened, but it’s still a top rate. See my quickie review here.If you are moving money out, remember that you need to maintain a minimum average daily balance of $1,000.00 during the entire month to keep the high rate for that period. For those with lower balances, it may be better to withdraw after you see your last month’s interest credited.
- The Everbank Yield Pledge Money Market Account is offering 3.78% for 3 months guaranteed for new accounts, and after that it goes down to the regular rate of 2.96% APY. (Balances up to $50,000.) See my review of the application process here.It turns out that 3.78% for 3 months is actually better than any other banks’ top 3-month CD rate, while still allowing withdrawals.
- If you have money committed to the (now expired) WT Direct $250 bonus promo like I do, just a note that they are now down slightly from 3.06% to 2.81% APY for $10,000+ balances.
- FNBO Direct is now at 0.85% APY. See my account review here. Their CD rates have dropped significantly.
- The “Original” Capital One 360 is now down to 0.75% APY, but new savers can still get their $25 opening bonus.
Certificates of Deposit
It may not be worth locking in these low rates for a long time, but if you have a CD ladder going you might be interested:
- First Command Bankis offering a 1-Year CD at 3.75% APY for balances of $10,000+.
- Pentagon Federal Credit Union is offering 3-year CD at 4%, 4-year CD at 4.25%, and 5-year CDs at 4.5% APY. If you aren’t a member and don’t otherwise qualify, you can join the NMFA for a one-time fee of $20.
By Jonathan Ping | Banking | 1/24/09, 3:10am