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Online Interest Rate Update – And New Options

It is getting almost impossible to get a safe return on your cash. Even the interest rates on higher interest online savings accounts have been plummeting, though they are a better option than most other banks. Here are the current rates on a few of my favorites (all FDIC insured) – though keep in mind they are changing almost constantly:

Ally Bank – 1.85%
Capital One Bank – 1.75%
HSBC -1.55%
Zion Bank – 1.51%
Emigrant Savings – 1.4%
Charles Schwab Bank – 1.35%

I have transferred all my money out of Etrade Bank as the rate is now well below 1%. There are a couple new names on my list – Ally and Schwab. Ally Bank is the old GMAC Bank – which will frighten most people – but it is fully insured, and I found the website to be quite easy to use with a great Quicken download. Their rates on savings and CDs are also among the best you can find. I am a fan of Schwab, and when I opened my savings account a few weeks ago they were 1/2 point higher on the rate, which made it really attractive, but disappointing now. If you are a Schwab brokerage customer the bank deposits do link on your home page, but unlike brokerage the bank is not Quicken compatible. They claim this is coming soon, and I look forward to it as Schwab has the best Quicken download on the brokerage-side that I have ever used.

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