Emigrant Direct now at 4.0% APY

Just got an email that Emigrant Direct is raising their rate to 4.0% APY guaranteed till year-end. This is great news - another extra couple $$ in interest this year.

I find it interesting that this increase happened in lock step to the federal fund rate hike today. I take that as good news as it will make it much easier to benchmark a low risk, cash ready investment if it continues to move in concert to federal fund rate changes.

Also of note the email mentioned Emigrant Direct was going to introduce a "no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases". Since they currently have the largest APY on a savings account I can find, I expect this credit card might also be worthy of a look.

Update: I ended up moving the remaining $4k I had in ING into my Emigrant account since it is clear I would recoup any lost interest since they are paying .7% more.

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Comments (1)

DATE: 2:10 AM
You should look at Paypal's Money Market Account. Currently at 4.3%. I have it linked directly to my two credit union accounts, which don't pay more than 1%. Good luck with you saving goals.

Posted by Market Aficionado | September 10, 2006 3:03 PM