Online Bank Competition Heating Up?
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FacebookHow’s this for being behind the times? Earlier this week I picked up a copy of USA Today and was greeted by a story that talked about competition amongst online banks heating up to the point that they’re now offering interest rates of 5% or more on their savings accounts. The thing is, they’ve been offering rates like this for a long, long time. In fact, I can’t even remember when they first broke the 5% threshold — maybe a year or so ago? Glad to see that the mainstream media is keeping up with recent events! 
Published on February 16th, 2007 - 4 Comments
Filed under: Banking
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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Heh, I signed up with Emigrant Direct when it was 4%, and now I don’t use it even though it is a full point higher because I can do better…
Comment by Blaine Moore — Feb 16th 2007 @ 9:27 amyeah, too bad ING isn’t one of them. However, i’m learning to live with my post-ING days with igobanking. of course it has all been one way in since i opened the account. now if we can get those buggers to 5.5%, that would be great.
Comment by Gooey Debt — Feb 16th 2007 @ 2:54 pmYeah, I have an ING account too. Hopefully they will catch on and bump the rate up another percentage point.
Comment by Mike — Feb 16th 2007 @ 7:04 pmING will have to do something soon. I’d like to know how much money has flowed out to Emigrant and HSBC, especially after HSBC started the 6% promo.
Comment by T Smith — Feb 16th 2007 @ 8:34 pm