Emigrant Bank announced their newest high yield savings account today. Called the Dollar Savings Direct account, it will pay out what they claim to be an industry high 3.75% on all balances over $1000. I believe that there is at least one account that pays higher than 3.75% and the WaMu account is paying out 3.75%. Still, a pretty good rate that is hard to beat.
If the name Emigrant Bank starts ringing bells for you, it’s because they run the Emigrant Direct savings accounts. The Emigrant Direct savings accounts are a no minimum account that currently are paying 3.00% on all balances. Neither account charges any fees and link directly to your current checking account.
It’s beginning to look like the Online Savings market is starting to heat up again. With the current financial turmoil, people are starting to look for the highest yield they can find. And quickly overcoming any qualms they have on using a online account to do so. It’s a good thing for savers.
Shane Ede is a business teacher and personal finance blogger. He holds dual Bachelors degrees in education and computer sciences, as well as a Masters Degree in educational technology. Shane is passionate about personal finance, literacy and helping others master their money. When he isn’t enjoying live music, Shane likes spending time with family, barbeque and meteorology.