iGoBanking Launches New Money Market Savings Account

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iGOBanking has just launched a new money market savings account. I checked their website and it has the same rate as their traditional savings account.

iGOBanking has just launched a new money market savings account.  I checked their website and it has the same rate as their traditional savings account.  The main differences between this new account and their existing savings account are:

  • The money market has a $25,000 minimum balance versus a $0 minimum balance for the savings account.
  • The money market comes with an ATM card versus no card for the savings.

The rate quote on the email was 2.02% APY.  Today, their website is only showing a rate of 1.91% APY. Did the rate already drop by 11 basis points one day after sending out an email announcement? As a comparision, their savings account is also paying 1.91% APY.

So why launch a new account that pays the same as the old account but has a $25,000 minimum balance?  

The major difference between the two accounts is access.  You get a debit card with the money market savings account while funds in the savings account can only be withdrawn via electronic or wire transfers.  So, the money market has some of the advantages of a checking account. 

The CSR on the phone seemed a bit confused about how much access the account provided.  Apparantly, you will receive an ATM card with the account, not a debit card as is listed on the website.  She stated you can do six withdrawals from the account online each month but an unlimited number of ATM withdrawals.  Maybe that's true but I'd double check.  It's a new product and they seem a bit unsure about its withdrawal features.

If anyone has any additional insight about this account, please post it below.

While iGOBanking is known for competitive rates, reviews of its account opening process have been mixed.


ING Orange Savings Account Offering Easy $25 Bonus

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ING Direct of offering a $25 cash bonus when you open an Orange Savings Account.

ING Direct of offering a $25 cash bonus when you open an Orange Savings Account. The best part of the deal is that it doesn't require you to jump through hoops to get the deal.  Just open a new account, fund it with a minimum of $1, and the $25 will be deposited into your account. The only restriction is that you cannot withdraw the bonus for 30 days.  The bonus at $25 is a bit skimpy compared to other bank cash bonuses, but at the same time it's for a savings account and doesn't come with restrictions or requirements.

Unfortunately, the rate on an ING Orange Savings Account is nothing to write home about. They are currently offering 1.50% APY, which is well below the best savings and money market rate on the BestCashCow rate tables (the top rate is currently 2.32% APY). 

Credit for this find goes to BankDeals.


FDIC $250,000 Insurance Limit Extended to 2013

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Last week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31, 2013.

Last year, FDIC and MCUA deposit insurance was temporarily increased from $100,000 to $250,000 until the end of 2008.  The Helping Families Save Their Homes Act of 2009 (S. 896), signed by President Obama last week, includes a provision that extends the FDIC and NCUA deposit insurance limit off $250,000 until December 31, 2013.

The bulk of the bill deals with mortgages and foreclosures, so the extention was not widely covered in the media.