Best Online Savings, CDs, and Money Market Rates

Ally Bank CD, Savings, and Money Market Rate Updates

Although Ally Bank’s CD rates remain substantially the same, the rates for the money market account and online savings account have been lowered from 1.09% APY to an even 1.00% APY. Below is an table of all of Ally’s updated rates. Ally Bank CD Rates Duration Rate 3 Month CD 0.54% 6 Month CD 1.00% 9 Month CD 0.95% 12 Month … [Read more...]

2.79% APY with a Rainbow Savings Plan

Wilshire Bank is enticing savers with tantalizing savings rates from 1.77% up to 2.79% APY. The Rainbow Savings plan is a contract where you agree to setup monthly automatic transfers into the Rainbow Savings Account of a predetermined amount and for a predetermined amount of time. According to a CSR (customer service representative) you cannot put a lump sum in the Rainbow Savings Account, you can only make the scheduled monthly deposits. You will earn 0.26% APY more for opening a checking … [Read more...]

How to Earn High Yields with Brokered CDs and Avoid Pitfalls

You could’ve bought a 12 month brokered Ally CD, on March 11, 2011 at ZionsDirect with a yield of 1.44%. That is 0.19% APY higher than buying the same term CD directly from Ally. Definition: A brokered CD is a CD that is purchased by a broker (usually with a large sum) and then split up into smaller CDs and then offered to investors at above-average-rates. You must have a broker that offers brokered CDs to purchase one. However, even though almost all brokered CDs are FDIC insured, they … [Read more...]

Fed Keeps Interest Rates and Stimulus Program Unchanged

Today the Federal Reserve met for the second time in 2011 and as was expected, they decided to keep the target federal funds rate at 0 to 0.25 percent. The Fed will also continue buying bonds according to plan. What does this mean for savings rates, money market rates, and CD rates? Short term (for the next 6 months), it will be wise to stay away from long term CDs unless the withdrawal penalty is small like Ally Bank’s CDs. That way you won’t be locked into a low rate when rates … [Read more...]

Today’s Best Savings Account Rates

Although banks have continued to lower their savings rates, it still pays to know which are paying the most: 1.35% @ SmartyPig (was 1.75%) $1 Min. Deposit 1.31% @ SFGI Direct (was 1.41%) $500 Min. Deposit 1.30% @ EBSB Direct (was 1.55%) $5,000 Min. Deposit 1.15% @ American Express Savings (was 1.30%) $1 Min. Deposit 1.13% @ EverBank Money Market (was 1.30%) $1,500 Min. Deposit Out of all of these my pick is SmartyPig and not just for the rate. SmartyPig has the … [Read more...]