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Online Savings & Money Market Account Rates 2021

Online Savings & Money Market Account Rates

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CD and Savings Rate Review

Rate information contained on this page may have changed. Please find latest savings rates.

A review of changes in high yield CD rates and Savings rates listed on the rate table.

Despite continued turbulence in the financial markets, and expectations the Fed will drop rates, rates on CD and high yield savings accounts stayed pretty much the same over the last week.

On the Savings Rate Chart, Umbrella bank lowered their rate slightly from 5.06% APY to 4.95% APY with a three month intro rate of 5.35% APY. No bank that we are aware of raised its savings rate.

On the CD Rate Chart, Umbrella Bank adjusted its rate slightly from 5.44% APY to 5.42% APY. Other than that, rates held steady.

Several other banks have joined the CD Rate Table this week. They include:

  • Element Financial with competitive rates in the 6 month, year, and 2 year tables.
  • Discover Bank, with competitive rates in the 6 month table.
  • Met Life bank with the second highest rate in the 2-year table. If you are willing to invest over $100,000 with Met Life Bank they pay 5.45% APY which is the highest rate we’re tracking. BestCashCow only reports CD and Savings Accounts covered by FDIC insurance.

As always, all of the banks on the rate tables are FDIC insured. If you have money in a savings account or CD earning less than 5%, check out the BestCashCow Rate Tables for a no-risk way to earn more on your money. Banks compete for your cash and you might as well benefit.

If you are aware of other bank offers that belong on the rate table, please feel free to post them below.

ING Electric Orange Account Something To Consider for High Balances

Rate information contained on this page may have changed. Please find latest savings rates.

I just received a flyer in the mail advertising ING's Electric Orange account. In speaking with many people, I often hear that the inconvenience of waiting to access the money is one concern since it usually takes 2-3 days to remove funds from an online bank. ING now provides its customers with the ability to withdraw the money via the ATM ($1,000 daily limit) or via a debit card (as much money as in the account).

ING has been promoting their electric orange account which comes with a high rate on high balances, and easy access to your money. The rates on the account are:

5.30% APY for balances of %100,000 or more.

5.25% APY for balances between $50,000 and $100,000.

4.00% APY for balances up to $50,000.




The 5.30% and 5.25% APYs are competitive although you will have to deposit substantial sums to get it. In addition, ING is the only bank at that rate level, besides Everbank, that offers instant access to the cash via check writing or a debit/check card.  This is really a checking account and that's what they call it on the ING site.

I called ING to see if there was any limit to the amount of money I could withdraw via my checkcard and the answer if you can debit out as much money as you have in the account. There is a $1,000 daily withdrawal limit using the ATM.

If you have a large amount of money to deposit, are looking for competitive rates, and easy access to the money you might want to consider the electric orange account.

If you don't want to deposit that much money you might also want to consider ING's classic Orange Savings Account.  The rate on this isn't as competitive but its a good, easy-to-use, no minimum balance account from a known entity. 

ING Direct is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. ING Direct is FDIC insured.

Below is a video of the bank's President, Arkadi Kuhlmann, talking about ING DIRECT.

Why Do People Stash Money in Low Rate Accounts?

Rate information contained on this page may have changed. Please find latest savings rates.

Someone, please answer this question! Why do the masses still stash their money in low rate savings accounts from the big banks like BofA, Citibank, and Chase? There is a big difference between their rates and the market leaders.

I wanted to kick off my inaugural post by asking a question. Bank of America, Citibank, and all of the other big banks open far more accounts than their higher interest rate online brethren. Why then do these banks have 100X the deposits of the online banks? Why do most people stash their cash in a lower rate account? Especially cash that they aren't going to touch for awhile. I can understand wanting my checking account at BofA, but I'd want my savings and CD money earning the highest rate possible. Let's take a look at the difference.

According to the BestCashCow savings rate charts, the highest rate for a $1 minimum deposit account is FNBO at 6%. FNBO is FDIC insured and is actually the online group of the First National Bank of Omaha, which has been around for the last 150 years. Your money is safe there, at least up to $100,000.

A quick check on the BofA site shows that their regular savings rate, with a minimum balance of $300 has a whopping rate of .2% APY. Yes, you read that correctly, .2%. That's a full 5.8% below FNBO.

Okay, so BofA likes to reward their rich customers with better rates. Let's see what some of those premium savings accounts yield. I looked for a better yielding account but couldn't find one so finally settled on their high end checking account. The rate there was .05% APY. You read that right.

Countrywide is the biggest bank on the chart at 5.4% while HSBC is further down at 5.05%.

Clearly the big banks don't want our deposit money. Either that or they expect that that we will keep money in low rate accounts either because of convenience or sheer laziness.

So, one of the easiest ways you can make some easy money is to get off your duff and take a look at the other rates out there.