Several of the banks have increased their CD yields but for the month, every bank stood pat on their high yield savings account interest rates. The Fed kept rates constant, which gave banks little incentive to increase their rates. However, on the other hand, liquidity pressures have been forcing some banks to increase their rates. Just recently, ING Direct increased their CD rates twice in August and ING Direct’s 12-month CD now yields a healthy 4.00% APY.
If you’re still wary of online banks or aren’t sure how to pick one, there was recently a good article on Dumb Little Man on how to choose an online bank.
| Bank Name | APY | Min. Balance |
Change |
| WaMu | 3.75% | None | 0.00% |
| FNBO Direct | 3.50% | None | 0.00% |
| HSBC Direct | 3.50% | None | 0.00% |
| WT Direct | 3.31% | $10k+ | 0.00% |
| E*Trade | 3.30% | None | 0.00% |
| ING Direct | 3.00% | None | 0.00% |
| Emigrant Direct | 3.00% | None | 0.00% |
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