Looks like Punny Money is the first to break the news of Emigrant Direct‘s upcoming jump to 5.15% APY on its internet savings account. (Yay! I’m never first with this sort of news. I feel special!)
I received the above letter in the mail today saying that the new rate will take effect on July 28, 2006. Unless HSBC offers a higher rate in the next two weeks, it looks like Emigrant Direct will once again be the no-minimum internet savings champion. In the meantime, HSBC continues to hold a 0.05% APY lead over Emigrant Direct, so my money will be staying put for the time being.
The letter also mentions that the Emigrant Direct website will not be available from 5pm ET on Friday, July 21 through 9am ET on Monday, July 24. So if you need your money during that time, be sure to move it elsewhere before July 21.