After months (and months!) of falling interest rates, I recently reported that HSBC Direct raised their savings rate to 3.50% APY*. Well, it seems that competition for your savings dollar is starting to heat up…
E-Trade Bank has responded by increasing the interest rate on their “Complete Savings Account” to 3.30% APY. This still falls short of HSBC Direct‘s 3.50% APY, but hopefully it’s a sign of things to come.
While we’re on the subject, be sure to check out my roundup of the best online savings accounts, which is based on feedback from readers such as yourself.
*For updated rates, be sure to check out my list of online savings account interest rates.
I’m really hoping that ING ups their rates soon. I’m wavering over whether to take advantage of their “bonus” for CD renewal right now (if I roll them, I get an extra .1% interest rate) or wait and hope the rates improve even more.
I’ve got an account at HSBC Direct as well, but I just find that I like ING better, for many reasons.
Have you heard of moneyaisle.com? you can get banks to bid on your money so you can get a higher interest rate on your CD or high-yield savings account (there’s no commitment so you can see what they’ll offer before you sign up).
Shore Bank (Chicago-Detroit-Cleveland) has an online savings account that offers 3.5%. I’ve had that rate for a couple months now. They always seem to be the same, or slightly higher, than my HSBC and ING accounts. Supposedly Shore Bank also stresses local community banking and environmental causes.
Shore Bank web site:
https://www.sbk.com/
I hope so. When I signed up with Emigrant the rate was 5.05%, and now it’s down to a shade less than 3. Makes me sad.