FNBO Ends the 6% Promo – A Few Banking Updates
Posted 28 September 2007 by Mr. B(Rates may be out-dated. Please see the Current APY Wiki for updates)
If you took part in the FNBO Direct 6% promo, you undoubtedly know that the interest rate has now dropped to 5.05%. The new rate is lower than the pre-promo rate, but in comparison to the recent drops from other banks (*cough* HSBC), it is still competitive.
I was greatly disheartened to see that HSBC dropped their rate from 5.05% to a pathetic 4.5%. A drop by 55 basis points is unjustifiable, and can only be explained by evil greed. That, however, is material for another post. I will soon be closing my interest checking account with them and shifting most of the $3,000 in my HSBC savings account to another bank.
iGoBanking just dropped their rate from 5.3% to 5.17% APY – not a terrible drop at all, and certainly much more competitive than HSBC. Are you listening HSBC? (*crickets chirping*)
$50 Bonus Offer
ING Direct, already scarcely competitive at the previous rate of 4.5%, dropped their rate to a miserly 4.3% APY. However, they countered it with a new user $50 sign-up bonus offer aimed at New York Times readers. If you wish to take advantage of this offer, use this link. The promo code is NY3.
Hurry, because the $50 bonus offer expires on 30 September 2007. You must fund the account with a minimum of $250. The bonus posted immediately for me, so I earned a quick 50 bucks, which is always nice. I think I’ll ask my wife if she wants to open an account as well. 
Making Peace with E-Trade?
E-Trade, my former financial nemesis, has won back my heart a little by holding their current savings interest rate steady at 5.05%, at least for now. Hopefully I don’t “jinx” all of us by saying that!
Next week I plan to pull my remaining FNBO funds into E-Trade. Even though the interest rate is exactly the same between the two banks, I much prefer E-Trade’s one-day transfers to the multiple-day transfers at FNBO. By “pulling” from E-Trade around noon on a Thursday, I may even be able to “double dip” on weekend interest, as the money should show up in E-Trade on Friday, but not actually leave FNBO until Monday.
Long story short, HSBC sucks, iGoBanking is still cool, and E-Trade may win back my hearty recommendation by keeping their rate steady. Let’s see if they do.
