Online Bank Competition Heating Up?
Tip It!How’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
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!
Related articles...
» Weekly Roundup – 11/10/06» Online Bank Interest Rates on the Rise? E-Trade Bank to 3.30% APY
» How Many Bank Accounts Do You Have?
» SmartMoney’s Top Online Broker for 2008
» Ally Bank to Buy ING Direct?
» Save Energy, Cut Your Taxes
» Ordering Checks Online
» ING Electric Orange Online Checking Account
Was this article useful? Please sign up to receive our content via e-mail:
4 Responses to “Online Bank Competition Heating Up?”
Leave a Reply
Top Cards by Category
Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.
Earn 30,000 bonus miles toward Award Travel when you spend $500 on the Card in the first three months from account opening. Receive double miles on Delta purchases.
Earn 25,000 Membership Rewards(R) bonus points when you spend $1,000 in your first three months of Card membership.
Enjoy a 0% introductory rate for 18 months on Balance Transfers and 6 months on Purchases. Earn up to 5% cash back in categories that change.
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.
5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Ethanol Blended Gas = Lower Mileage?
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
- Would the "Fair Tax" Gut the Economy?
How to save money on insurance
- Double-Check Your Ally CDs
- Stocks are Not Bonds, CDs, or Savings Accounts
- The Best Values in Colleges - 2012 Edition
- Five Myths About Renter's Insurance
- Own Your Investments, Rent Your Fun
- Citibank to Issue Credit Cards in China
- Heartstrings and Pursestrings
- Saving Money at the Grocery Store: Store Brand Pricing on the Rise
- Missing Tax Paperwork?
- Is Your Investment Allocation Right?
February 16th, 2007 at 9:27 am
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…
February 16th, 2007 at 2:54 pm
yeah, 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.
February 16th, 2007 at 7:04 pm
Yeah, I have an ING account too. Hopefully they will catch on and bump the rate up another percentage point.
February 16th, 2007 at 8:34 pm
ING 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.