Looks like rates are moving upward this month! WaMu jumped over all competitors and currently has the highest rate of 3.75% APY for their online savings account. Other banks have upped their offers as well and you now have at least three banks with offers over 3.50% APY. The HSBC Direct offer is valid until at least Sept. 15th and the WaMu and FNBO offer are both good indefinitely. Sadly, high yield saving account pioneers ING Direct and Emigrant Direct (increased their rate by 0.25% on Friday though!) lead up the back of the pack having not raised their rates.
Concerned about banks failing? (Some have speculated the generous offer by WaMu is because they are facing a liquidity problem) All of these banks are FDIC insured so your funds up to $100,000 are safe.
| Bank Name | APY | Min. Balance |
Change |
| WaMu | 3.75% | None | +0.25% |
| FNBO Direct | 3.50% | None | +0.25% |
| HSBC Direct | 3.50% | None | 0.00% |
| WT Direct | 3.31% | $10k+ | +0.05% |
| E*Trade | 3.30% | None | +0.15% |
| ING Direct | 3.00% | None | 0.00% |
| Emigrant Direct | 3.00% | None | +0.25% |
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