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E*Trade Rate Increase: 3.30% APY

E*Trade [3] just sent out an email notifying us that the interest rate will be increasing from 3.15% APY to 3.30% APY, effective tomorrow, July 2nd. This takes their interest rate from 6x the national average to 8x the national average. This is a better rate than both ING Direct [4] ($25 sign-up referral bonus [5]) and Emigrant Direct [6] but less than the 3.50% APY available from HSBC Direct [7], but that rate is only guaranteed through September 15th.

There’s no mention of how long this rate will be active but E*Trade is on an upward rate trend, as are other banks, and there’s no indication this is a promotional offer.