Financial Fellow

Written by J.P. Wicklein

Presently, only a couple banks offer a savings account with an annual yield of at least 2%. Several other banks offer an APY of at least 1.75%. In addition to their online savings account rate of 1.70%, Ally Bank offers a No Penalty CD with a slightly higher yield – 1.85%.

* Note: Minimum opening balance required to receive APY.

[Read more →]

Written by J.P. Wicklein

Several months ago I signed up as an investor with a peer-to-peer lending company, Lending Club. Presently I’m earning a net annualized return of 9.89%. This rate of return crushes anything I’m making through a traditional CD or online savings account. My rate of return is comparable to the historical returns offered by stocks - without the volatility.

[Read more →]

Written by J.P. Wicklein
     Ever checked out the interest rate on a CD or savings account and seen two different numbers?  Interest rates on deposits are often reported two ways:  The annual percentage rate (APR) and the annual percentage yield (APY).  So, what’s the difference? 
     The APR is the interest rate on your deposit.  [...]

[Read more →]

Written by J.P. Wicklein

Over the last few weeks top interest rates have dropped. The largest dip came from Ally Bank (formerly GMAC bank) – a quarter point decline to 2.00%. Overall, the best online savings rates remain in the 1.5% - 2.0% range.

* Note: Minimum opening balance required to receive APY.

[Read more →]

Written by J.P. Wicklein

ING Direct is offering a $50 bonus for new Electric Orange online checking account customers. Here are the details of their promotion:

· The online checking account must be opened by June 30, 2009.

· You’re required to make 3 debit card signature transactions within 45 days of opening your account. (When making a purchase hit the “credit” button, instead of the “debit” button, so you produce a receipt that needs to be signed.)

· On the 50^th day after your account is opened ING Direct will deposit $50.

· To receive the promotion you must enter the promo code EM282 during the signup process. You can sign up here or by clicking on the ING logo above.

[Read more →]

Written by J.P. Wicklein

Interest rates on savings accounts have been steadily declining for quite some time. Over the last month, though, rates have leveled off a bit. Here’s a look at the best online savings account interest rates:

* Note: Minimum opening balance required to receive APY.

[Read more →]

Written by J.P. Wicklein

     Last week I wrote an article comparing high interest online savings banks.  Since then, a few online banks dropped their interest rates (see table).  Falling interest rates are nothing new. The interest rate on my ING Direct savings account has been on a steady decline for the last 2+ years. It’s gone from an APY of 4.50% all the way down to 1.85%. The last two months alone have seen the APY drop almost 1.00% over the course of four rate adjustments.

[Read more →]