Online Savings Rates Still Competitive

The Federal Reserve’s move this week to move the Fed Funds rate down 50 points from 1.50% to 1.00% has sparked widespread movements amongst banks to lower their own deposit rates, except for those banks at the top of the leaderboard who have for the most part kept rates steady. Listed below the best rates [...]

Free Coffee at ING Direct Cafes

ING Direct owns cafes in six different locations across the country with free internet access and financial ING Direct seminars. The current seminars are titled, “Improving Credit Scores” and “Green With Envy” and have received very favorable reviews. Even if you skip the seminar use the coupon below for a free drink at an ING [...]

Will the Fed Drop Rates?

A majority of economists are predicting at least another quarter point drop in interest rates will be announced by the Fed tomorrow with an outside chance of a half point decrease. Recent economic releases which have highlighted just how sluggish the U.S. economy has become have bolstered the ability of the Fed to aggressively lower [...]

SmartyPig Savings Bonus

SmartyPig is a site where people can set savings goals and then let family and friends help contribute to their savings plan through social networking. The social networking aspect works best one when a stated goal like college tuition, a wedding, or a family vacation is proposed. The savings account is administered by West Bank [...]

Bernanke Pitches Fiscal Stimulus to Congress

Federal Reserve Chairman, Ben Bernanke, testified in front of Congress this week and advocated a second round of fiscal stimulus in an effort to prevent a long period of economic slowdown. Bernanke, who would be typically be centering his talking points on inflation, interest rates, and monetary policy told Congressional legislators that a new fiscal [...]

HSBC Bank Running Environmental-Friendly Promotion

HSBC Bank is the latest bank to run a promotion to encourage customers to go paperless in their environmental-friendly initiative for HSBC credit card holders. HSBC Bank is a global bank with branches in Mexico, France, Italy, Taiwan, Hong Kong, Brazil, United Kingdom to name a few countries and has been a long-time leader in [...]

Washington Bank Offering High Yield Savings Account

It is always a good week for a savings account customer when the Fed lowers short-term interest rates by 50 points, but their bank increase the rate on their savings accounts. Customers of Venture Bank in the state of Washington were fortunate enough to benefit this week from an increase up to 3.80% APY on [...]

Bank of America’s Defender of Wildlife Program

Bank of America has partnered with the non-profit organization Defenders of Wildlife to help save wildlife across the planet. Bank of America makes a $10 donation to Defenders of Wildlife when a Bank of America checking account is opened and will donate an additional one cent for every $10 of purchase made on your debit [...]

FDIC Announces Unlimited Insurance Coverage on Non-Interest Bearing Accounts

It would not be a typical fall day without a major financial announcement from Washington D.C. Today’s new program is the FDIC announcement that all non-interest bearing accounts will be insured fully for participating instituions. This is a measure aimed at business payroll processing accounts and will stay in place until the end of 2009. [...]

Fidelity, Vanguard, and T. Rowe Price Join Treasury Department’s Money Fund Insurance Program

Three of the largest mutual fund money market management companies have joined the long list of companies opting to participate in the Treasury Department’s emergency insurance program for money funds. Fidelity Investments, T.Rowe Price, and Vanguard, who combined hold an estimated $1 trillion in money market funds, all have officially signed up for the program [...]

Highest Rates on Bank Savings Accounts Unchanged After Fed Rate Cut

The Federal Reserve lowered short-term interest rates a half-point this week in a move that typically precipitates a corresponding lowering by banks of their own savings rates. But, as of today the list of the nation’s best savings rates is largely unchanged with a few banks even raising rates late in the week. Banks offering [...]

New FDIC Insurance Law Explained

The FDIC website has a detailed description of the new insurance law which was enacted as part of the Economic Stabilization Plan. Listed below is the FDIC’s description of the new law:
FDIC Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of [...]

Central Banks Coordinate and Drop Interest Rates 50 Points

Global stock market selloffs and dire economic predictions have prompted a concerted effort by central banks to calm financial markets. Central Banks in the United States and Europe have lowered their key lending rate 50 points today.
Joint statement Issued 10/8/2008:
Throughout the current financial crisis, central banks have engaged incontinuous close consultation and have cooperated in [...]

FDIC Chairman Sheila Bair on Wall Street Journal Report

Global Stock Markets Rapidly Declining

The stock market in the United States as measured by the Dow Jones Industrial average has fallen below the psychological threshold of 10,000 inter-day. Today’s global markets are also down in what could be one of the largest single days global loss of wealth in history:
Dow Jones Industrial Average -4.1%NASDAQ -5.4%S&P 500 -4.8%London -7.3%Paris -9.0%Frankfurt [...]

Top Ten Highest Rates on Bank Savings Accounts

There is a lot of interest in bank savings account now that the FDIC is pushing Congress for the authority to increase deposit limits from $100,000 to $250,000. Here are the top ten rates on a Bank Savings Account ranked by Annual Percentage Yield as posted on Money-Rates.com:
AmTrust Direct, 4.00% APY, $500 minimum
Washington Mutual Bank [...]