Savings Rate Shootout – Nov 06
Here is a comparison of rates of the highest APY online savings accounts. There are several new additions to the list and ING Direct has been taken off because they no longer offer competitive rates amongst online banks. The best rates are in bold.
| Bank | APY |
|---|---|
| Emigrant Direct | 5.05% |
| HSBC Direct | 5.05% |
| Amboy Direct | 5.25% |
| Presidential | 5.25% (upto $35000), 3.00% (above $35000) |
| 4.60 – 5.13% | |
| E-Loan | 5.50% (minimum $5000) |
| Grand Yield Direct (Apple Bank) | 5.25% |
| Zions Bank | 5.24% |
| UFB Direct | 5.28% |
[...] Step 3: Now that you have only one or two cards to pay, pay slightly more than minimum to the cards each month. Put the rest of the payment in a high yeild savings account instead of paying your credit card (do not touch this money because you will have to pay your bills later). Be warned, your credit score will temporarily decrease as you rack up debt on these new credit cards. And do not use any other credit cards. [...]