Another savings rate drop from E-Trade
E-Trade dropped it’s savings rate from 1.95% apy down to 1.70% apy, making this their fourth rate drop in 2009. The new savings rate has become effective today (March 13, 2009).
Online savings accounts in general have been out of favor for conservative investors lately, giving way to other savings platforms such as peer to peer lending and high yield checking.
E-trade isn’t the only online savings institution dropping their rates; HSBC, WTDirect, ING Direct and GMAC Bank have all decreased their rates by 15 – 30% since the beginning of 2009.
Some Good News from E-Trade
If you are looking into setting up an IRA or Roth IRA in the near future, E-trade may be your best bet. Currently, they are giving away $800 in free trades to anyone who opens an IRA account with them by December 31, 2009.
March 14th, 2009 at 7:36 am
The only reason why I opened an E-Trade savings account with one dollar was to take advantage of the $25 bonus. My dollar is still “saved” there, after I took out the bonus money. Now if I could do this 8 times a day, 5 days a week I could be financially independent
Blogging Banks
March 29th, 2009 at 12:13 am
Soon as you post another drop, yet another one appears, Etrade just dropped theirs from 1.70% to 1.40%