Darby Direct’s High Yield Online Savings Account

April 13, 2009 5 Comments »

…Just when we thought the 3.0% APY savings rate ceased to exist!

Thanks to BankVibe reader Bret for tipping us off on a very lucrative deal from Darby Direct. Currently they are offering ANYONE in the United States an online savings account yielding 3.00% APY!

If you have been shopping around for online savings accounts then you probably have noticed that the dominant powerhouses within this industry are offering some of the lowest rates in the history of their existence. ING Direct, WTDirect, and E-Trade are all offering rates on their savings products below 2.0% APY, making this Darby-Direct rate fairly rewarding in comparison.

Darby Direct Online Savings Account Features:

(as of 11/08)

  • no minimum balance requirements
  • no monthly fees
  • 3.0% APY (average savings account rate sits at 1.55% APY)
  • available to anyone within the US with a valid social security number
  • FDIC insured up to $250,000

One thing to note is that this is a variable interest rate and is subject to change without notice. The last time Darby Direct altered their interest rates was in November of 2008, which could lead one to believe that it may be changing soon as interest rates rarely remain the same over a 6 month time frame.

For additional questions regarding this account you may contact a representative at, phone: 1-866-599-4256

Our take:

Many new online banks attempt to grab new business by offering an online savings or checking account with an interest rate that is well above the national average, and in this instance, Darby Direct is no different. Because its a variable rate though, we suspect that Darby wont hold the rate this high for too long. In general, savings rates are on the decline so we don’t expect any variable rate accounts to remain high for much longer. We would recommend opting for a long term deposit such as a 5 year CD so that you can lock in a solid interest rate before they decline further.

Other savings accounts yielding 3.0% APY or more:

Redneck Bank’s Mega Money Market Account – 3.10% APY

Smarty Pig’s Savings Account (with a web 2.0 attitude!) – 3.05% APY

AmericaNet Bank Mega Money Market – 3.10% APY

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  • Geelo

    I just applied for this account. it was pretty easy to do, now if only they don’t drop the rate on me :)

  • Bret

    It’s a nice account. Thanks for spreading the word! i would bet if the rate dropped with darby it would drop with redneck bank and other online mma accounts too

  • Gerri

    It sounded too good to be true. I would have to guess that they will drop their rates once they get enough folks to sign up at this great rate.

  • BankVibe

    I wouldn’t be surprised if the rate dropped down to 2.50% before May comes around either. Although Redneck has been holding it’s 3.10% yield for a month now so maybe things are beginning to turn???

  • Jim Skinner

    At this time we are accepting applications from Georgia residents only.