DollarSavingsDirect Raises Online Savings Rate to 4% APY

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

DollarSavingsDirect raised the rate on their online savings account from 3.75% APY to 4% APY, putting them at the top rate savings rate spot on the BestCashCow rate tables.

DollarSavingsDirect

DollarSavingsDirect raised the rate on their online savings account from 3.75% APY to 4% APY, putting them into a tie for first as the top savings rate on the BestCashCow rate tablesWe originally covered DollarSavingsDirect in late August when they first launched seperate from the bank's existing online division EmigrantDirect.com.  It's becoming clear that DollarSavingsDirect is the brand that Emigrant wants to use to raise new deposit money. 


Washington Mutual Cuts Rates and Disappears from Rate Charts

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We expected it would happen and today Washington Mutual cut its savings and cd rates. They were once some of the top rates in the country but they have now dropped off the rate tables. RIP.

From the moment JP Morgan Chase acquired Washington Mutual we knew it was only a matter of time before WaMu's saver-friendly rates started to drop.  That day is today.  Washington Mutual cut its savings and cd rates to such an extent that they are no longer listed on the BestCashCow rate tables

Until today, WaMu was offering a 4% APY savings account that was tied for #1 as the best savings or money market rate in the country.  That rate is now 3% APY.  Their 1-year CD was paying 4% APY, also the best in the country and a great deal but the rate has been dropped to 3% APY, removing it from the best 1-year cd rates table.

For savers, it's a sad day.  WaMu offered an easy account opening process and we hardly heard any complaints about the bank.  There is little chance that under Chase, WaMu will return to its pro-saver days.  With rates expected to drop, we hope everyone who wanted to got the getting while it was good.

RIP.


Capital One Offers $50 To Open High Yield Online Savings Account

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Capital One is offering a $50 bonus for opening a Capital One Savings account and funding it with $25,000 within 30 days of opening it.

Capital One is offering a clandestine $50 bonus to open their high yielding savings account and fund it with $25,000 within 30 days of account opening.  The offer only seems to have been marketed in san Francisco although nothing in the language would prevent anyone from another location from opening it.  Banks often test regional offers and while they are open nationally, they simply don't advertise them.  The Internet though means that once words gets out, an offer is national.  

The Capital One Savings Account is one of the best savings rates available.  If you open the account with $10,000, the account yields a 3.55% APY.  If you are a Costco member, you can get a 3.75% APY,

To get the $50 offer you must:

  • Open the account by October 31, 2008 and deposit $25,000 within 30 days from account opening.  It does not say you have to keep the money in the account, although to receive the highest possible APY you w/ill need at least $10,000. 
  • Fund the account with money not already in a Capital One account.
  • Use the offer promo code BONUS50 at the time of account opening.

Capital One received 3 1/2 starts out of 5 from Bauer Financial for its safety and soundness.  That's a decent score and you can see how this compares to other high yielding banks on the BestCashCow rate table.

Thanks to Banking Guy at Bankdeals for finding this offer.