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Great Rates at E*Trade

E*Trade Bank has a great promotional rate on a money market account right now — 4.10% APY for three months, plus $50. That's the highest money market account I can find right now, even higher than Emigrant Direct's 4.00% APY. However, the E*Trade rate is only a promotional rate and will decrease substantially in three months.

The $50 is a nice bonus, and demonstrates that banks are still giving away money even though interest rates are rising. I just took advantage of this offer by moving my emergency fund from my local bank's money market account where it was only earning 1.5% APY.

You can take advantage of E*Trade's promotional offer via this link. E*Trade also has CD rates among the best available anywhere, and I've been using them for all my credit card arbitrage time deposits.

I should have moved my emergency fund to a higher-yielding account a long time ago, but I've been both lazy and concerned about how quickly I could access those funds if and when I needed them. From my experience with the CDs at E*Trade, I knew it would be very fast and easy (all online, no checks) to transfer the money back into my regular checking account if necessary.

A $10,000 emergency fund moving from 1.5% to 4.1% for three months, plus the $50 bonus, is a net improvement of $115 over that period. I didn't even have to search for this offer, E*Trade Bank advertised it by e-mail. $115 for a few minutes of typing and clicking? It's almost too easy.

I spent more time writing this blog post than it took to research and make the transaction.

Tiny Island