Comments on: Top High-Yield Online Savings Accounts of 2012

By: Nick

Nick — Thu, 01 Jan 1970 00:00:00 +0000

Given what must be huge profit margin for banks between these savings rates and their lending rates, can anyone tell me why there is not more competition between these savings rates ? Ie why not more competitive upward pressure in these rates ?

By: Nick

Nick — Thu, 01 Jan 1970 00:00:00 +0000

By: joe

joe — Thu, 01 Jan 1970 00:00:00 +0000

SmartyPig is going down to .70 by December 9

By: Philip Taylor

Philip Taylor — Thu, 01 Jan 1970 00:00:00 +0000

Excellent point, Jared. Compared to 2004 levels, these rates aren’t high. But when you compare them to BOA and Chase checking, they are at least 3 times higher, which is still significant in my book. If you also consider that these banks are virtually fee free compared to those brick and mortar types, the differences really show up. Still, you make a good point about interest rates. It’s hard to get anything for your money these days. I know many people have turned to reward checking, and riskier products like peer lending, and even the stock market to find better returns for their savings.

By: Jared

Jared — Thu, 01 Jan 1970 00:00:00 +0000

Can you really still call them high-yield when they are so low?

By: Carol

Carol — Thu, 01 Jan 1970 00:00:00 +0000

I have checking accounts at 2 small banks that each pay just over 3%. Both the EZ Rewards Checking at Crow River Bank in Delano, MN and the Power Checking at BankWest in Rockford, MN are completely free checking accounts. There is no minimum balance and the 3+% rate is paid on any balance less than $25,000. The only requirements are: to access online banking and receive electronic statements, have one automatic (electronic) deposit or one ACH automatic debit (ie, automatic payment of a utility bill) and make 10 purchases with the free debit card you receive. There is no minimum purchase, so you can charge little things like lunch at McDonald’s or any small purchase. The requirements must be met each statement cycle to receive the higher interest rate. If you don’t meet the requirements, you receive a lower rate for that cycle. ATM fees are reimbursed as long as you meet the above requirements for each statement cycle. There is unlimited check writing too. It’s a great deal.

By: Mak

Mak — Thu, 01 Jan 1970 00:00:00 +0000

Emigrant Direct is currently at 1.1% It was 1.4% 6 months ago and has decreased since then.

By: Rate Watcher

Rate Watcher — Thu, 01 Jan 1970 00:00:00 +0000

Looks like the best online savings account out there today is SFGI Direct at 2.25%. Beats my Onbank account which dropped below 1%

By: PT Money

PT Money — Thu, 01 Jan 1970 00:00:00 +0000

I agree, thom. We use ING DIRECT pretty exclusively now. I have a BOA account just for making check deposits.

By: thom young

thom young — Thu, 01 Jan 1970 00:00:00 +0000

ING is the best, although their rates have gone down, they provide good services