Interest Rate War

In a follow up to my post on the 23rd. I just saw an add for EmigrantDirect.com where they are advertising 4% interest, with no minimum. That makes me think we might be approaching the limits of the rate war. I personally will be surprised if they can reach 5% interest without some increases in mortgage rates. Apparently Emigrant isn't a recent start up, from their website:

Emigrant Savings Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920's it had grown to become the largest savings bank in the nation.
Today, Emigrant has $10 billion in assets and more than $1 billion in net worth. It operates as a full service bank through 36 branches in the New York metropolitan area, and through EmigrantDirect.com on the internet.

Although I suppose I should try to verify that.

Update: Supporting links for Emigrant's history.

• Emigrant Bank's records are being used to research the history of Irish emigrants to New York. A similar page is here.
• Here is an interesting article the meaning of which is beyond me.