Something’s up, my last post disappeared. Anyways, I’ll check on it later. Quickly, some banks raised rates recently on their accounts (others too, but I only have accounts at these three):

Capital One 360: now at 0.75% APY
Emigrant Direct: now at 3.50% APY
Virtual Bank: now at 3.25% APY

Previously: Presidential Bank Premier Savings at 3.75% APY. (This is where most of my cash is, but please note that it is not a “no-minimum no-fees” savings account.)

As I mentioned in my latest Net Worth update, my savings and free money borrowed at 0% interest are earning 3.75% APY now, thanks to a recent uptick in the Presidential Bank Premier Savings Account (mentioned previously). In addition, the money in my checking account there (Presidential Bank Checking Review) is now earning 3.5% APY. This is good news for people like me who are saving up for a downpayment in the future and not trying to get a low low mortgage rate right now. At 3.75%, my current cash holdings of $58,000 would earn $2,175 a year. Not bad, hopefully inflation will stay at bay as well.

A reader (Thanks Johns) just pointed out that World Savings Bank is offering a promotional 4.16% APY 7-month CD, with a minimum opening balance of $10,000 (max $100,000) [more discussion here]. Offer ends July 9th. This is a great rate, and I really doubt any online savings account such as ING (now 3%)or Emigrant-Direct (review) (now 3.25%) will be able to beat it over a 7 month period even with future rate hikes.

World Savings is a pretty good-sized bank, I’ve walked past their branches, but they are not everywhere (branch locator). However, there are no residency requirements to open an account. You can open an account right online. The 4.16% CD is the very first option to open. They have a 3-star “Performing” Safe & Sound Rating from BankRate.com.
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Ok, so in the last couple of weeks I’ve gotten both a baseball cap from Emigrant Direct and a tote bag from Meadows Credit Union (click image to enlarge):

 

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[Update: This review still applies, but the rates are a bit old. Currently rates for this account can be found here. As of 4/3/06, it is 4.37% APY.]

Since Presidential Online Bank offers a great product, their Internet Plus Checking, but hasn’t had a great amount of publicity (and they don’t seem to have an active advertising campaign either, unlike Capital One 360 or Emigrant Direct), I thought I’d give a review. I’ve been with them for over a year and a half now.

First, some facts: This is an online checking account, and Presidential Bank is FDIC Insured since 1985, so it’s legit. Their Internet Plus Checking account requires a minimum of $1500 to open, and a minimum balance of $1,000 to avoid a $5 monthly service fee. More importantly, it also requires a monthly direct deposit of $200 per month from “payroll, annuity, pension, or a business account.”. They actually check this, so a transfer from PayPal, VirtualBank, etc. won’t work. I realize the preceding has already turned away some people. Did I mention that it also offers 3.25% APY on an account with unlimited checkwriting abilities, free initial checks, ATM access, and free online Bill Pay?
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VirtualBank is currently running a promotion that gives new clients a $20 bonus if you are referred by an existing member, and open with a minimum of $100. The referrer also gets $20. I’ve referred my entire family and many others, amazingly still without any complaints as the bonus shows up quickly and they have solid customer service. You must keep the account open for 180 days to avoid an early-closure fee. But since there is no minimum balance, that shouldn’t be a problem.

Interested? These referrals are limited, and if I send one out and it is not used, it is gone forever and is basically a lost $20. So, so please only ask if you are serious about opening an account. Just send me an email mentioning Virtualbank along with your First and Last Name, and I’ll get a referral e-mail to you promptly. Again, you must send your correct First and Last name and it has to match your bank application or the bonus will not go through without an extra phone call and manual entry.

Be sure to keep the referral e-mail and note your referrer’s names, in case you need to follow up on it.

[Updated 5/10/07 – Still have referrals available]