Online Bank Rate (Drop) Updates: DollarSavingsDirect, EverBank, WT Direct, & More

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.


  1. With regards to the First command cd, they are only taking applications through their investment people now. They are no longer taking apps over the internet. Seems they got quite a few apps last week and had an emergency meeting to change the rules of who could apply. Seems the rate was so good they we too successful in attracting deposits.

  2. PenFed CU is one of the besk banks around and worth every penny of the $20 fee with NMFA. I have found them to have the best interest rates on almost every loan category. And 5% Cash Back on pay at the pump is a great credit card to have too.

  3. Terry Carriker says:

    I agree with Ryan, PenFed CU is among the top 1% of US banks. They also have top safety rating. This coming week, update to there web site.

  4. fractalbrothers, you dig? says:

    crap. and just when I moved all my money to dollar savings direct, they lower their rates. figures.

  5. What’s the inflation rate? :)

  6. Right now? Inflation is negative according to CPI-U.

  7. etrade dropped to 2.97%. I’ve been pretty satisfied with them

  8. Terry Carriker says:

    Current CPI from about 3%,see chart going back years.

  9. Wow, I’m thinking of joining PenFed just for the 5% back credit card. Thanks!

  10. Everbank’s 3.78% is still high compare to most banks I have inquired recently. In regards to CD rates, I was fortunate enough to get in at 6 month 4.125% with Harris Bank in my neighborhood last November.

  11. FinancePhi says:

    I have a 4.25% auto loan from PenFed, though that may have gone up. Their quality service is pretty decent as well. The only problem I’ve ever had is that I couldn’t pay more than the minimum monthly payment on my first two monthly payments.

    Free checking. Rate is 4.4% up to $50,000.


  13. Check out the best rates on short term deposits at big banks versus those at select community banks from Community banks continue to offer higher yields on short term deposits to serve as economic engines.


    Florida Central Credit Union 6.01 FL
    First Robinson Savings Bank 6.01 IL
    Union State Bank/Bank of Atchison 6.01 KS
    Communications Federal Credit Union 5.25 OK
    Connexus Credit Union 5.15 WI
    Keystone Bank 5.15 AL
    First New England Federal Credit Union 5.15 CT
    Three Rivers FCU 5.01 IN
    Legence Bank 5.01 IL
    Community Bank of Pleasant Hill 5.01 MO
    Community Bank of Raymore 5.01 MO
    United Heritage Credit Union 5.01 TX


    • ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
    • Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
    • E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
    • E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
    • Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
    • AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
    • Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
    • E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
    • E*Trade currently has the highest savings rate at 3.01% APY.

    Courtesy of BancVue.

  14. Wow! these are great checking account rates. I may have to check this one out by me in Illinois, First Robinson Savings Bank 6.01 IL.
    $25,000 balance is not bad considering the 6.01 APY.
    Thanks for this info.

  15. DollarSavingsDirect dropped the APY to 3.20% today. Seems like these checking accounts are looking better every day.

    E*Trade dropped to 2.50% APY as well.
    ING 2.20% APY

  16. @Ryan Thanks! I saw the E*Trade drop but I wasn’t aware of the DollarSavingsDirect. I’ll update my figures.

  17. Bernie Bildman says:

    I’m curious as to why, first of all, the amount you can deposit is limited — and second, why/how can these banks do this while the biggies can’t??

  18. @Bernie: I don’t know but I’ll throw in my opinion which is: that most of these small banks invest in small term, and probably local, projects that have high return. The limit they impose is so that well capitalized institutions don’t just piggyback on them. For example, if the project is to build some building, it does take probably 3 mil but not 300 mil so the bank can guarantee the ROI* on 3 mil and not on 300mil. The large banks need larger projects with the same ROI or larger number of small projects with similar ROI which I guess it’s hard to find these days.

    * ROI: Return on Investment

  19. @Ryan: I think you hit the nail on the head.

    @Bernie: Remember that the big banks are locked into the TARP bailout APY. This alone would be enough to limit their reward percentage.

  20. Bernie Bildman says:

    I looked at the small bank $25000 limit checking accounts and they ALL have some kind of catch regarding whether you qualify (for instance, the Florida Credit Union one…you have to live in certain counties) — other say you have to use their ATM card 10 times a month etc. So it’s not just a join and send them your cash, like it was with DollarSavingsDirect.

    A friend of mine went into his local bank, the teller was touting how low their interest rate was for loans — and he shot back about how great that was, unless you’re retired (like me) and the interest rate was ALSO super low for the interest THEY pay to savings customers.

    The sad side of the story is that many retirees who got slammed on their IRA stock accounts and decided to get their money out and put it into savings now are taking the bullet with these interest rate drops.

    Can’t win for losing, all the while the banks that got that TARP money are hoarding it, rather than using it for moving the economy along.

    Government sucks.

  21. Credit Unions typically require you to live in certain counties. Community banks do not have this requirement.

  22. Looks like ING pulled itself off of Bankrate. I have not been able to find them listed for the past few days.

  23. But if you do live overseas, dollar demand can be big. All the largest banks in Vietnam, for example, are offering dollar deposit CDs of at least 4%. Last year, they were up to 8.5%. It’s because while they are slightly tied to the fed rate, they are also tied to import demand. If companies are importing alot, they need alot of $USD and the banks need more $USD to lend to those companies.

  24. Bernie Bildman says:

    DollarSavingsDirect now down to 3.05%, as of this morning.

  25. Well, at least we get the returns pretty soon. I’m still waiting for a couple more 1099-INT from banks and will get my change for the year.

    I plan to spend it on my trip to Europe soon… :)

  26. I’m waiting for my $250 bonus from WTDirect. Then I’m planning to move to EverBank for 3 months to take advantage of their 3.51% Intro Rate. Then I will move to’s best offer. I got one today of 3.25% APY for $50,000 on a High Yield Savings. I am a business owners, so I can’t use CDs because I need access to the cash.

  27. I never heard of MoneyAisle. It seems a cool idea but I’m wondering if you get a chance to do research on the bank that will get your money before you commit to it.

    I was not able to see what bank got me the 3.22% APY because I was not registered.

    What if the bank is not FDIC insured?

  28. MoneyAisle comes recommend by syndicated consumer advocate and a longtime friend Clark Howard.

    You don’t have to commit to anything, when you register you get to see the bank and you get 30 minutes to accept the offer. I’m guessing you could also find a way to get out of transferring the money even after you accept the offer.

    All of their offers come from FDIC insured banks, so that is not an issue.


  29. @Jared: thanks for the MoneyAisle information. This is helpful.

  30. Bernie Bildman says:

    Etrade Complete Savings is now down to 2.15%.


    Where do I put my retirement cash now??

    Seems the banks took our money, won’t give back in interest, and won’t loan. The banks are the ones on the dole — even collecting fees (30 states) from folks on unemployment when they ask for their money if they opted to be paid with debit cards.

    The country has run amuck

  31. Bernie Bildman says:

    DollarSavingsDirect dropped their interest this AM to 2.65%

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