FNBO Direct Drops Rates to 3.25% APY

10.27.08 | Online Savings Accounts | 0 Comments | by junger

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FNBO Direct has dropped the rate of their online savings account to 3.25% APY (previously at 3.50%).

The bank, which is currently running a "Pay Yourself First" contest, shot on to the scene with a 6.00% APY account in May of 2007 (those were the days).

The account has no fees and requires only $1 to open.

Despite the falling rate, I'm tempted to close my E-Loan account and switch to FNBO. E-Loan has been pretty annoying to deal with — not telling anyone about their falling rates and implementing unnecessary rules.

The rate drop follows ING Direct's decision to lower its APY to 2.75%. Dollar Savings Direct, however, has recently gone the other way, upping its rate to 4.00% APY. Other options include WT Direct (3.31% APY) and HSBC Direct.

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« Money Saving Links: 10/26/08
» HSBC Direct Drops Rate to 3.00% APY