When we first opened our Emigrant Direct savings account ~1 year ago, the APY was 5.15%. Since then, the APY has been reduced multiple times, and is currently at 3.60%. Emigrant Direct has worked well for us, but we've been disappointed with how much the APY has dropped over the year.
Today, my wife saw an E*TRADE ad on television mentioning their 4.40% APY savings account. After checking out their website, we decided to apply. Like Emigrant Direct, E*TRADE does not have minimums balances or account fees and is FDIC-insured up to $100,000.
The new E*TRADE account will be opened within a couple of days, at which time we will begin moving our $6,051.84 Emigrant Direct balance to the E*TRADE account. We understand the futility of switching banks everytime rates drop a bit, however, we feel it's worth it to go from 3.60% APY to 4.40% APY.