comScore Networks has released the results of a study examining the share of the online High Yield Savings market among key players and the impact of recent rate changes on this marketplace. According to comScore, "the market for high yield savings accounts has become increasingly competitive during the past year, as evidenced by the emergence of new players and subsequent marketplace fragmentation. While ING Direct held a commanding share of new online savings account application submissions in Q4 2005 (53 percent), its share dropped to 25 percent during the same time period in 2006. Meanwhile, newer players like Citibank and Washington Mutual, which each held a negligible share of the market in Q4 2005, increased their share to 19 percent and 17 percent, respectively by Q4 2006."

Shaheen Pasha reports for CNNMoney.com on comments made by Citigroup CEO Charles Prince about Citi's new Citibank Direct at an industry conference in New York today. According to Prince, in the first ten days after launching the new online bank in late March, Citi exceeded their estimates of volume by ten times and since has raised $3 billion in new deposits for the bank. Prince's slides (PDF) from today's conference are available online on the Citigroup web site.

Jennifer Kingson reports for the New York Times on high yield, online only savings accounts such as those offered by ING Direct, HSBC Direct, Emigrant Direct, Citibank Direct and others - and asks whether the banks offering those high rates can actually make a profit from doing so.

Earlier today, Citibank launched Citibank Direct, a new high yield savings account product.

One of our partners just opened the new Citibank e-savings account -- an interesting and rather positive experience. Read on for details.

Clint Riley reports for the Wall St. Journal on Citibank's launch of a new high yield savings account program competitive with similar accounts offered by ING Direct, HSBC, and Emigrant Savings. Citi's approach, however, also requires consumers to maintain a Citibank checking account. The new e-Savings account is offered on a new website at direct.citibank.com.