Tag: high yield savings accounts

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banking

E-Trade Lowers Savings Account Rates Again

Adding to a long string of rate cuts at most high yield savings accounts, E*Trade dropped their rates yet again. This comes less than two weeks after their last rate cut, which slashed the rates from 3.01% APY to 2.50% APY.

E*Trade high yield savings account rates as of Feb 15, 2008


As of today, E*TRADE Bank officially cut their high yield savings rate from 2.50% APY to 2.15% APY.

Will this be the last rate cut? Unfortunately, I doubt it. I have a strong suspicion that we will continue to see more rate cuts in the near future. AS long as the Fed keeps the prime rates at or near 0% and banks continue to hold a vice grip on their purse strings, we will continue to see rate drops.

All of the top high yield savings rates have dropped in the last few months, including those from well known banks like ING Direct, HSBC Direct, WTDirect, FNBO Direct, and more. Some have slashed their rates as much as 30% or more – just in the first month and a half of the year! Now may be time to consider putting your long term savings into a high yield CD or a CD ladder.

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banking

E*Trade Cuts Interest Rates – Currently 2.50% APY

E*Trade chopped their interest rate from 3.01% down to 2.50%. This is one of the larger cuts from the banks listed in the top high yield savings account rates, but E*Trade had one of the highest interest rates out of those high yield banks, so it is understandable that their recent cut was so large.

How does E*Trade compare to other high yield savings accounts?


Even with such a large rate cut, E*Trade is still very competitive in the market for high yield savings accounts. As I mentioned in the previous article about the HSBC Direct rate cut, high yield savings accounts are still a good option and will earn you much more money than a traditional brick and mortar savings account. Here are more benefits of a high yield savings account.

Be sure to check the top high yield savings account rates for a current list of the top high yield savings account rates.

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banking

HSBC Direct Slashes Interest Rate to 2.45% APY

HSBC Direct joins a long list of high yield savings accounts that have slashed interest rates in recent days. As long as the fed continues to leave the federal rate at roughly 0%, we will continue to see low rates for high yield savings accounts.

HSBC Direct cut their current “high-yield” rate from 2.60% to 2.45%. While sub 3.0% rates seem to be the rage nowadays, I’m sure we will see higher rates in the near future. As soon as the Fed starts raising interest rates or as soon as lending increases, high yield savings rates should increase as well.

Are high yield savings accounts still worth it?

These current rates beg the question -are high yield savings accounts still worth having? My answer is yes, high yield savings accounts are still worth having, even at a 2.45% interest rate. You’ll be lucky to get a tenth of that at your local brick and mortar bank and the power of compound interest is far too powerful a force to ignore. Here are more benefits of high yield savings accounts.

Be sure to check the top high yield savings account rates for a current list of the top high yield savings account rates.

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banking

Why You Need a High Yield Savings Account

Everyone needs a High Yield Savings Account, everyone. If you are serious about growing your savings, then you need to put your money into a high yield savings account where compound interest can make your money grow. Here are the top reasons you need a high yield savings account.

Why you need a high yield savings account

Higher interest rates. Most brick and mortar banks offer laughable interest rates, sometimes as low as 0.20% for a standard savings account. The top high yield savings account rates are often 5-10 times higher than the national average. If you don’t have a high yield savings account, you are leaving money on the table.

High yield CD rates. The good thing about high yield savings accounts is that their high interest rates roll over into other banking features as well, including high CD rates. Here are the top high yield CD rates from nationally available banks.

Few fees. Most high yield savings accounts have little to no fees, and have low minimum balance requirements (most are as low as $1.00).

Best place to park emergency savings. Everyone needs an emergency savings account, and a high yield savings account is the best place to put your emergency savings account – that way you will earn more money from the interest of your deposits.

Earn more money while waiting to invest. I like to invest my money in the stock market and in other equities, but brokerage accounts don’t typically pay very good interest. While I’m waiting for the best deal, I like my cash to earn higher interest than what the best discount brokerages pay.

Make it automatic. The top high yield savings accounts allow customers to automate their savings through direct deposit, ACH transaction, automatic deposits, and other automatic transactions.

Online bill pay. Online bill pay is a free feature with almost every online high yield savings account. Online bill pay makes it easier to pay your bills on time and will save you time and money. Many brick and mortar banks charge for this feature.

Easy access to your money. Most high yield savings accounts offer ATM access at a wide variety of locations, and many offer free AM access. Most local banks have limited ATM locations and charge higher rates. If you need to transfer money, your cash is never more than a couple days away.

As you can see, there are plenty of reasons why you need a high yield savings account.

As a side note, I recommend doing your due diligence and researching banks before signing up for a new accounts. Read the fine print and be aware of any possible fees before opening a new high yield savings account.

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banking

Welcome to High Yield Savings Accounts

Welcome to High Yield Savings Accounts – a website devoted to High Yield Savings Accounts, high yield savings account rates, high yield checking rates, online banking, interest rates, bank sign up bonuses and free money, high yield CD rates, checking accounts, Certificates of Deposit (CDs), CD Ladders, and other banking topics such as Federal Deposit Insurance Coverage (FDIC). The goals is to maximize your savings returns to earn more money!