(Deprecated) Where To Put Your Money If It's Just Sitting In a Checking Account

OneUnited

Email has never worked out well for me either. When I called, I called about 8:30 am PST and got through without much hold time.

I went thru the signed up process.
got a link thru email
i just kept using that link to continue the application process.
I just got the 2 deposit on my checking account, the ones that are cents, like 0.12 and 0.15 and you enter them in their website (thru the same link) and now I'm waiting.
bottom line, keep going back to the website thru that link in the email that lets you continue with the application.
 
I also initially had problems w/ OneUnited. I did get it to work finally upon realizing that my online banking user id was my social and the last 4 digits of my social for the password. There interest rate has now dropped to 4.00% though, so you may want to go elsewhere.
 
I just did my OneUnitedBank transfer again after the first one bounced and customer support didn't know why. We'll see how this one goes. As it is, seems that 4.0% is one of the top right now (unless you have $75k sitting around for 4.15% w/ Dime Savings)
 
I got this email the other day from HSBC.


Dear MARIA,

In these challenging times, having a savings plan is more important than ever. At HSBC Direct we are committed to helping you with your savings goals by providing the best rate we can.

As you are undoubtedly already aware, there has been a general trend of reducing interest rates in the U.S. market over recent months. These changes have been influenced by the Federal Reserve moving its target interest rate down in response to developments in the economy and financial markets. Last week the Federal Reserve again reduced this key rate, by 0.75% to 2.25%.

At HSBC Direct we review our rates regularly in the context of market conditions, the federal funds rate and the overall economic environment to ensure we are providing you a competitive rate at all times. Following a further review of all of these factors, we have reduced our Online Savings Account rate by 0.50% to 3.05% APY* effective 3/20/2008.

We will continue to evaluate and respond to market changes so we can provide you with the very best rate possible over the coming weeks and months. At HSBC Direct we are committed to a direct and open relationship with you, even if we have to pass on news about reductions in our rates. We think this is fair to our customers and simply the right thing to do.

The good news is, you’re still getting a competitive rate — 7x the national savings average.** And you can feel confident knowing your savings are with HSBC Direct. We’re part of HSBC Group, one of the largest and best capitalized financial institutions in the world, with over 10,000 offices around the world and 140 years of experience helping our customers achieve their financial goals.

We sincerely appreciate your support and your saving with HSBC Direct.


Sincerely,

Kevin Martin
Executive Vice President
Head of HSBC Direct U.S.

It just keeps dropping. Eh.
 
I finally managed to open the OneUnited account. It was not easy. The process is confusing, need to make a couple of calls to see what was going on and finally I did it. Funded it and move my money there. They dropped the APY to 4% but is still more than what I was getting at EmigrantDirect which is 2.5% now.
Thanks spoofee
 
CDF is offering 5% and up, $1000 minimum

Sorry that I haven't gotten this on here sooner, has been a busy month. CDF (Church development fund) is still offering March rates through the end of the month (Monday). Whether you are interested for the APR or for religious reasons it's a great deal for a decent to long term investment.
All the forms that they sent me have been attached. Unfortunately a bit more work than all online but it can at least be electronically submitted. (via fax or e-mail)

contact CDF for any other questions
phone: 1 800 233-3880
Fax 949 417-5901

I am not affiliated with this company in any way, just thought I'd pass along the info.
 

Attachments

OneUnited's down to 3.60% now. :-(

Anyone have any places that are still over 4%?
 
Re

IndyMac Bank, charges monthly service fees of around $7. Countrywide is the way to go at this exact moment in time.
 
Neww Washington Mutual customers can get a checking / saving account combo online with the saving at 3.3%. Current customers can add just the savings and link it to there existing checking account to get the same rate.

http://www.wamu.com
 
How does one determine the solvency of these banks to make sure they are not going to go under in the current credit crisis? Is there a rating for their health status?
 
How does one determine the solvency of these banks to make sure they are not going to go under in the current credit crisis? Is there a rating for their health status?

I found a site called bankrate.com which rates banks on their Capitalization, Asset quality, Earnings and Liquidity and assigns them a so-called CAEL rating to determine their soundness.

IndyMac earned the lowest possible rating according this! Yikes! Countrywide isn't rated. Anyone else use these kinds of ratings to determine where to put their money? I was all set to open a CD and a savings account at one of these companies but now I am hesitating.
 
I am hesitating too. I'm also kicking myself by not moving some of my money when the interest rates were higher like 5% on cds. :ohwell:
 
HSBC's online savings rate has gone up as of June 2 to 3.5%. This rate is only in effect through Aug. 15.
 
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I found a site called bankrate.com which rates banks on their Capitalization, Asset quality, Earnings and Liquidity and assigns them a so-called CAEL rating to determine their soundness.

IndyMac earned the lowest possible rating according this! Yikes! Countrywide isn't rated. Anyone else use these kinds of ratings to determine where to put their money? I was all set to open a CD and a savings account at one of these companies but now I am hesitating.

Most of the CD's are gov insured. Places like ING and FNOB
 
Why is ING off the list? Their rate is 3 percent. I know its nothing to write home about, but you have others listed at that rate.
 
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