Investing 
30
comments

Best High Yield Savings Accounts Rates

These days, the best way to help your savings grow is by saving it in an online high-yield savings account. With interest rates as low as they are, you simply can’t get anything by putting it in your neighborhood bank. Online banks, with lower overhead, are still the best place to earn a much higher yield with absolutely no risk. After years of managing this list manually, we’re now happy to offer up this table that is updated daily with the highest rates you can find anywhere. The table is powered by Bankrate, an industry leader, and hundreds of banks are surveyed each time to ensure that the highest rates are displayed. Lastly, all of the banks on this list are FDIC insured so you know your money is 100% protected.

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 Banking 
83
comments

Top Online Banks: Savings or Checking Accounts

The key to finding the best online savings account at the best online bank comes down to interest rates. The bells and whistles are nice but ultimately it’s about the money and the bank with the highest interest rates will win. That’s why we’ve included a table of the best interest savings account rates followed by a review of some of the more popular online banks. The best online bank for you may depend on a lot of factors outside of the interest rate, which is why minimum balances, fee, and other details are included in the table. One thing is clear, online savings accounts always pay more than a regular brick and mortar.

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 Banking 
11
comments

Closing My Emigrant Direct Account

After sixteen months of sitting in carbonite, the funds in my Emigrant Direct MyWay CD matured and I withdraw the last of my funds from Emigrant Direct. Ever since I discovered that Dollar Savings Direct was the same as Emigrant Direct, except with a much higher interest rate, I’ve been putting all my funds there. Fortunately, the Emigrant Direct MyWay CD was yielding me a fat 4.50% APY for the last sixteen months so I wasn’t complaining too loudly. Now that it had matured, I was ready to close the account because it had outlived its usefulness.

One minor bit of advice, Emigrant Direct compounds interest daily but credits your account monthly, so I would wait until the start of a new month before transferring out assets and requesting closure.

  1. Transfer all of your assets to your external bank account.
  2. Click “Customer Service” and send customer service a message that you’d like to close your account. My message was a succinct “I would like to close all of my accounts.”
  3. Wait.
  4. The next business day, they’ll send you a message within their internal system notifying you that they’ll be closing your account.

Here’s the message I received one day later:

Dear JIM, Thank you for contacting Emigrant Direct. While we are disappointed that you will be closing your account with us, it is our pleasure to assist you. We have received your request to close your account. Please allow 1 to 2 business days for your request to be processed. If you have any questions, please do not hesitate to contact us at 1-800-836-1997. We are here to assist our customers seven days a week from 8:00am to 11:30pm Eastern Time. Once again, thank you for contacting us and we are sorry to lose you as a valued customer. Sincerely, Kim P.

And just like that, account closed!


 Banking 
21
comments

Dollar Savings Direct Is An Emigrant Direct Clone

Dollar Savings Direct LogoWhen Dollar Savings Direct first appeared, I thought Dollar Savings Direct was an Emigrant Direct clone. I chatted with a CSR and learned that it was once Banco Fortuna, Emigrant Bank’s attempt to market to the Spanish-speaking banking market, and merely rebranded in English. While it wasn’t their intent, the end result is clear: Dollar Savings Direct is a clone of Emigrant Direct (both are subsidiaries of Emigrant Bank, FDIC #12054) but with a $1,000 account minimum and a better interest rate (4.00% APY).

Opening a new Dollar Savings Direct account was quick and easy. I did what any sane person would do, I closed my Emigrant Direct account and opened a new Dollar Savings Direct account. Emigrant Direct has a 3.00% APY rate and Dollar Savings Direct offers a 4.00% APY, which leads most high yield savings accounts rates. My plan is to put all new funds into the Dollar Savings Direct account.

On the fact that their clones of each other. On one hand, I’m a little miffed that Emigrant Direct didn’t just fold Dollar Savings Direct into it and just offer the 4.00% rate. On the other hand, it doesn’t really affect me too much as opening new savings accounts don’t affect your credit score (most of the time) and I didn’t have much in my Emigrant Direct account in the first place so it’s not too much hassle.

Savings account interest rates can change. Remember that savings interest rates are not guaranteed, they can change at any time. It’s pretty easy to lock in a much higher CD rate nowadays if you want to go that route. Surprisingly though, since August 30th, when I first looked at them, their rate increased from 3.75% APY to the current rate of 4.00% APY)


 Banking 
1
comments

How To Prepare for Online Bank Access Failures

One of the biggest concerns people have about online banks is that, for many of them, you can only access them through the web. With these simple techniques, you can mitigate the severity of that risk and take advantage of their high yields without putting yourself in a bad situation.

Recent Online Bank Access Problems

First, is this even a valid concern? I think so.

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 Banking 
160
comments

Dollar Savings Direct: 2.05% APY Emigrant Clone

Dollar Savings Direct Logo

FDIC Update: There were some concerns as to whether Dollar Savings Direct was actually a division of Emigrant Bank and whether it was FDIC insured, those have been laid to rest thanks to the work of some dutiful readers. Dollar Savings Direct is FDIC insured under the certificate of Emigrant Bank and shares limits with any assets you may have at Emigrant Direct. This was confirmed by Jeff who was in correspondence with the FDIC.



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 Reviews 
46
comments

ING Direct Review

Click here to start saving with ING DIRECT!Several years ago, ING Direct made a name for themselves when they introduced the Orange Savings Account. At the time, the concept of an online savings account was as foreign as its owners, Dutch-owned ING Group, and many folks wondered if the offer was a scam. At the time, I know my credit union’s savings account APY was sub-1% and here ING was offering 2.60%! It was unheard of!

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 Reviews 
12
comments

FNBO Direct High Yield Savings Account Review

FNBO DirectA reader emailed me, after reading my post about high yield savings accounts, asking whether Emigrant Direct should even belong on the list. She recommended her number one choice, FNBO Direct, because it crushes Emigrant’s 3% APY interest rate.

I think I was always partial to Emigrant Direct because they’ve been around for so long, but, she had a point. There are plenty of banks on the north side of 3% and Emigrant doesn’t offer any particularly innovative features that would justify it being in the top five with that rate, so I sought to review her number one choice. (Another name that appeared a couple times in the comments and emails was Provident Direct, the online bank of Provident Bank).

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