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Best Online Savings & Money Market Account Rates 2024

Best 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 BesstCashCow.com 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.


Bank of America (BAC) Becoming Dominant Retail Bank

Yesterday, Bank of America announced that it was investing $2 billion to acquire a stake in Countrywide Financial. The investment is another example of how dominant Bank of America is becoming in the country's financial system. It already is the largest retail bank in the country, serving tens of millions of customers and has the largest branch and bank network. The company also purchased MBNA last year to have one of the largest credit card portfolios.

Yesterday, Bank of America announced that it was investing $2 billion to acquire a stake in Countrywide Financial. The investment is another example of how dominant Bank of America is becoming in the country’s financial system. It already is the largest retail bank in the country, serving tens of millions of customers and has the largest branch and bank network. The company also purchased MBNA last year to have one of the largest credit card portfolios.
Over the last two years, Bank of America has tried somewhat unsuccessfully to increase its share of the mortgage market. In the first six months of 2007, Bank of America was the fifth-largest originator of home loans in the U.S., with a market share of about 7%, according to Inside Mortgage Finance. The investment in Countrywide is the foot in the door for Bank of America and a chance to gather more knowledge about the business before making a bid for it.
Over the last five years, the company’s stock has shown solid and consistent growth. Bank of America pays a 5% dividend and generated $21.1 billion last year. The bank is flush with cash, has a solid balance sheet and is aggressively pursuing opportunities in attractive markets. I think more than any other bank, Bank of America can truly become the dominant bank in the US.

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.

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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.