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Wednesday, March 07, 2007

High yielding online banks and bank promos

The stock market has been very volatile lately. Fortunately, for people who want to avoid stocks, there are many good online banks that are offering good interest rates while still being FDIC-insured. Some of the banks have no minimum requirements also.

One such bank that's offering good interest rates is HSBC Direct. I had opened the HSBC Direct savings account last year and for most part, like the bank. The bank has been offering 5.05% APY for quite some time and lately, has been offering 6% APY on any new deposits till Apr 30, 2007. If any one is opening a checking account, the bank is also running a $75 promotion on their Interest Checking account and $25 on their Free Checking account.

I also recently received an offer for E-Loan's 5.25% APY Savings Account. The bank is offering a rate of 5.25% which is quite competitive and unlike HSBC’s 6% interest rate, it does not expire on Apr 30, 2007 – at least not as of now.

Apart from Eloan and HSBC Direct, Emigrant Direct is another online bank that has been offering good, competitive rates. The bank is currently offering 5.05% interest rate.

I used to have ING Direct earlier, but closed it last year since their interest rates were not keeping pace with those offered by Emigrant Direct and HSBC Direct. I also see offers from Citibank and other’s from time to time but so far, none of them seems to be competitive with HSBC Direct's 6% APY promotional offer and some of the other online banks I listed above. However, Citibank is offering $25 promotion on accounts from new customers (some restrictions may apply). IGoBanking.com is another bank that seems to be offering good interest rates.

For more info on the banks mentioned above, click the links below to get more details:

HSBC’s 6%/5.05% APY offer

HSBC’s $75 Interest Checking Account promotion

IGoBanking 5.30% APY offer

E-Loan's 5.25% APY Savings Account.

Emigrant Direct 5.05% APY offer

Citibank 4.65% APY $25 bonus offer

ING Direct 4.50% APY offer

posted by Ruby @ 6:26 AM

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