Link to Promotional Offer

Earning the bonus is simple – for each [...]]]> WTDirect Savings is currently running a promotional offer in which you can earn up to a $500 bonus. The bonus is easy to earn, but the potential hurdle is that you need a chunk of existing cash in order to earn the full bonus.

Link to Promotional Offer

Earning the bonus is simple – for each $10,000 that you deposit, WTDirect will give you a $100 bonus, up to the total bonus of $500. You need to open and fund the account by June 15 and maintain the initial deposit(s) for three months in order to fulfill the requirements.

The fine print:

This offer is available to new WTDirect clients only. Primary account holder must NOT have held a WTDirect account in the past 12 months. WTDirect account must be opened and funded via electronic (ACH) transfer received by 6/15/10. Bonus is based upon the lowest daily balance during the promotional period of 6/15/10 – 9/15/10. Bonuses will be paid approximately 2 weeks after the end of the promotional period to clients whose accounts are open and in good standing. Wilmington Trust employees and their family members are not eligible. WTDirect reserves the right to cancel or modify this promotion at any time without notice.

That last line is troublesome, and in the past WTDirect cancelled a similar promotion after only a few days. So, if you’re interested in taking advantage of this offer, do it quickly. I opened an account this morning, though I will have to settle for a lower-tier bonus since I don’t have that much cash lying around.

Keep in mind that the bonus is on top of the existing savings rate, which is currently 1.16%. If you deposit $50k and earn the full bonus, this works out to just over a 5% savings rate over a three-month period. Not bad! Their application implies that they do not do a hard credit inquiry.

I’m not sure if I’ll keep my account open after the bonus is fulfilled, but I definitely enjoy offers like this!

Many of them I opened for some promotional reason, [...]]]> Since I finally decided to close my FNBO Direct account, I’ve been thinking a lot about the multitude of savings accounts that I’ve created over the last few years. Most of them are now idle, practically abandoned with only a penny, or maybe a dollar in them.

Many of them I opened for some promotional reason, such as a high teaser rate. When the rate languished, so did my interest in the account. This happened for me at FNBO, HSBC, E*Trade, Washington Mutual (now Chase), and a few others. When my interest in the account waned, I usually just siphoned my balance elsewhere, save perhaps a dollar to keep the account open. Such is the life of a rate chaser.

My thought at the time was that it was better to keep the newly abandoned savings account open, just in case the bank in question decided to offer higher rates at a later point. If this were to happen, I could easily transfer some money back without going through any account opening process. It seemed, I thought, a convenience to keep these husks of accounts. Perhaps they would be useful later?

Maybe so, and I’ve written about this topic before, but I’m giving up on them and starting a spree of account closings. My reasons are threefold: First, savings interest rates have suffered more drastically and for a longer period than I thought they would. Even now, in 2010, it’s difficult to imagine rates rising anytime soon. Most people are lucky if they earn more than 1% in a savings account at present. Some of the popular money market mutual funds, such as the Vanguard Prime Money Market Fund, are paying a miserly 0.01%. That’s one one-hundredth of a percent! Pitiful. I’m tired of waiting for Godot.

Secondly, I confess that I’ve become angered and embittered by the actions of the too-big-to-fail banks. Watching them get rescued from their own greed and stupidity, and getting wrenched back from the brink of outright destruction by the hands of the taxpayers was bad enough. Watching them then raise fees, jack up credit card interest rates, foreclose on an untold number of homes, and fight tooth-and-nail against any financial regulation that could help prevent history from repeating itself was beyond all rational comprehension. There should be taxpayer outrage in this country, and to be clear, there is some. However, I believe it has largely manifested itself in the wrong way and in the wrong direction. There has been a backlash against big government, when in fact it should be against big financial corporations. I believe strongly in the power of individuals voting with their wallets, and that brings me to point three.

Thirdly, I discovered Alliant Credit Union back in 2009. Their savings account has held steadily at 2% for eight months now, and their regular checking account pays 1.75%, which is an excellent rate for a non-rewards-based checking account. Anyone can join with a membership in their local PTA, which was a one-time $6 fee in my former state of residence. Since joining, I have moved my primary checking and savings accounts to Alliant, as well as my tiny health savings account (HSA). I’m happy with Alliant so far, and since I’m the primary money manager in my household, my wife is comforted knowing that the bulk of our savings is stashed in a single location instead of being spread across ten accounts. Morbid as it sounds, if I were to meet an untimely demise, having our funds in a single location is preferable to her going on a wild goose chase.

Based on point two above, the appeal of smaller local banks and credit unions has grown on me. I love the idea of simplification as well – the thought of purging myself from all those empty account husks feels like a type of spring cleaning to me. It’s refreshing.

From this point forward, I choose not to keep my savings at a too-big-to-fail bank, and I’m going to begin a spree of account closings to simplify my financial life. I’ll still keep liquid accounts at two or three places, but the bulk of my savings will be with a local bank or credit union. Any accounts that I keep with a megabank will be entirely unprofitable for them. For example, I’ll keep a checking account that I opened (for a $75 bonus) with Bank of America, but I’ll keep it just for the ability to occasionally deposit a check while on the road, and then immediately siphon all the money elsewhere.

Maybe my plan is drastic or unreasonable, but gosh, it feels right from both an organizational and a moral perspective.

It now has better integration with the rest of the site. Plus, it’s hosted by Google Docs, meaning that making updates is as simple as editing a spreadsheet (no more [...]]]> In thinking of ways to make updating the Savings Rate APY Wiki a little easier, I decided to give it a full facelift. Take a look!

It now has better integration with the rest of the site. Plus, it’s hosted by Google Docs, meaning that making updates is as simple as editing a spreadsheet (no more deciphering of wiki syntax). There’s a ton of collaborative abilities built in, too, so if anyone wants to help keep it updated, just contact me. I’ll give you full editing access.

Add this Wiki to your Blog

Feel free to add this same savings Wiki to your site/blog. Here’s the code:

<iframe width='700' height='800' frameborder='0' src='http://spreadsheets.google.com/pub?key=tlJ_elPTC3zk_9Tt2OKVwJw&single=true&gid=0&output=html&widget=true'></iframe>

Just add that code to a new page or post on your blog to share this Wiki with your readers. Hint: be sure to switch to the HTML view if you use WordPress.

Enjoy!

I regret to report that E*Trade just lowered the rate on their Complete Savings account to a miserly 1.20% APY. This is disappointing to me because I have the bulk of my emergency fund there. While their savings rate was [...]]]> (Rates may be out of date. Please see the Savings Rate Wiki for the latest rates)

I regret to report that E*Trade just lowered the rate on their Complete Savings account to a miserly 1.20% APY. This is disappointing to me because I have the bulk of my emergency fund there. While their savings rate was never at the top of the rate chart (I do think fondly on the pre-crash days when they offered 5.05%), it’s like they’re not even trying to compete anymore. The Complete Savings Account is now almost at the very bottom of the rate Wiki. Even ING Direct has a higher rate! What a joke.

Suffice to say, it’s time to move my emergency fund elsewhere. Where to now? It’s a tough question because rates have been falling practically everyday.

For now, I’m heading to Alliant Credit Union. I just joined as part of my local PTA, and the current rate of 2.75% is respectable. Hey, it’s more than twice what E*Trade is now offering.

Hopefully I didn’t just jynx that rate.

I’ll miss the lightning-fast transfers that E*Trade offers, but it just doesn’t seem as important now that interest rates are so low.

Zero percent at Flagstar

Zero percent! Wow! Sign me up! I have thousands of dollars in my mattress that [...]]]> Could interest rates for savings accounts possibly be headed for zero percent? Flagstar seems to think so! As I was updating the Savings Rate Wiki this morning, I couldn’t help but gawk at Flagstar’s astonishing new rate:

Zero percent at Flagstar

Zero percent! Wow! Sign me up! I have thousands of dollars in my mattress that I want to give them immediately.

On the other hand, if savings rates were at 0%, you wouldn’t have to worry about declaring interest on your income taxes. Hmmm….

Alas, the rock-bottom rate seems to have been a fluke, at least for now. The rate is back up to 2.65%. Was it just an error, or could it have been a prophecy? I suppose we will all find out soon.

Here’s where you come in. If you notice [...]]]> To help facilitate easier updating for the official Savings Rate Wiki, I’ve decided to create this post as a central placeholder. I try to stay on top of rate changes as best I can, but rates are falling fast (as of this writing). I could use your help.

Here’s where you come in. If you notice an outdated rate in the Wiki, please leave a comment here and I’ll update it as soon as I can. You’re also welcome to register as a Wiki user and update it yourself, but I realize that the Wiki syntax is confusing at first glance. A simple comment here is perfectly sufficient. I appreciate your help!

As of today, there are only 5 banks in the Wiki with rates at 3.00 APY or higher. I have a bad feeling that 2% savings rates will soon be the top of the ladder.

Looking forward to the day when rates start collectively RISING again.

Some highlights

Dollar Savings Direct is no longer 4.00%. Oh how far the mighty has fallen! It is now down to 3.5% – [...]]]> I just performed a complete overhaul of the savings rate wiki. It was in dire need of an update, and bank rates have been dropping so frequently that almost every existing rate changed. Wow.

Some highlights

Dollar Savings Direct is no longer 4.00%. Oh how far the mighty has fallen! It is now down to 3.5% – disappointing, but still competitive. It’s currently tied with CNB Bank Direct.

Sixteen accounts currently have rates of 3.00% APY or higher. While this is a pitiful rate-chasing environment, consider switching to one of those accounts if you earn less than 3% right now.

I’m impressed that my E*Trade Complete Savings account is still above 3.00%. E*Trade has never been fiercely competitive with their savings account, but it has been solid. I pray it will stay above that crucial 3% line. Anything below is demoralizing.

Broadway Federal Anniversary Savings still claims the lead with 4.08%, though I wonder if some of the hassles I’ve read about make it worth the attempt to open the account. If anyone has done so, I’d love to hear some feedback on the account opening process and general usage.

WaMu JPMorgan Chase continues to disappoint with their abysmal, moronic, insulting, bottom-feeding ONE PERCENT rate. I have a grand total of $1 in that account, and that’s probably too generous of me. Sheesh.

Overall, it’s a bad environment for savers. Actually, it’s just a bad environment. I’m still hoping for a bright 2009, but with the DOW already breaking through 8,000, it’s hard to stay hopeful.

Good luck everyone.

WTDirect is offering up to $250 bonus for new customers who open a savings account. Here’s a link to the promo page:

Winter Bonus Blast Promo

More details

If I were to tell you that there is an FDIC-insured bank paying 5.13% APY right now, how hard would you laugh? Furthermore, what if I told you that they have been offering 5%+ rates for over a year now? Would you bust a [...]]]> (Rates may be out-dated. Please see the Current APY Wiki for updates)

If I were to tell you that there is an FDIC-insured bank paying 5.13% APY right now, how hard would you laugh? Furthermore, what if I told you that they have been offering 5%+ rates for over a year now? Would you bust a gut?

I’m shocked… utterly in denial. Broadway Federal Bank is offering 5.13% APY on their Anniversary Savings Account.

A few details:

• only available online
• Opening minimum balance – $1,000
• ATM card
• Nationally available

From looking at their application page, it seems that you can open a new account via ACH from an existing bank, though you might be required to send a copy of your driver’s license and a blank check for verification.

Broadway Federal is a small bank in California, and of course, the question on everyone’s mind is how long can this rate possibly last? Not long, I suspect, though I hope I’m wrong. I suspect they will soon be flooded with new deposits and will drop the rate down into the 3-4% range.

Still, I’m adding them to the rate Wiki. Let’s see how long they stay at the top.

If you click one of the links below and open an ING Direct account with at least $250, you will immediately [...]]]> Need an extra $25? Sure, we could all use some extra cash in this crappy economy. ING Direct is running a promotion for their Orange savings account (see rate wiki). Here’s how the promotion works:

If you click one of the links below and open an ING Direct account with at least $250, you will immediately earn a $25 bonus. I will get a $10 high-five from ING. We both win!

The $25 bonus will show up in your account immediately, so think of it as an instant 10% return on your investment. To keep the bonus, you must leave your initial deposit in the account for at least 30 days.

Instructions

1. Click on one of the $25 bonus links below.

2. Double-check to make sure you do not see the following text. If you do, that link has already been used.

I repeat: if you see that text, the link has expired and you will NOT receive the $25 bonus. Please try another link.

3. If no angry red text is present, click the Open Now button at the bottom of the page.

4. Complete the brief online application, and make sure to open with at least $250!

Bonus Links

1. Link – $25 Bonus (already used)
2. Link – $25 Bonus
3. Link – $25 Bonus
4. Link – $25 Bonus
5. Link – $25 Bonus

Thank you! We’ll both be on our way to riches beyond our wildest dreams! Well, not really, but it’s a start.

If none of these links work, please contact me and I’ll add more.