Online Savings Account - A really good idea
A savings account at a bank is a joke - besides instill the value of saving, the rate they give you is laughable to the point of not even there.
I have used ING Direct in the past and currently use HSBC. I transferred over when HSBC had a temporary, promotional high rate awhile back.
Wether you go with ING, HSBC, Emmigrant Direct or some other online savings account - not only is it easy to use but it’s a really good idea.
Keep reading to find out their current rates and just how easy they are to use..
Rates as of today, 2/5/09:
HSBC Direct: 2.45%
ING Direct: 2.2%
Emmigrant Direct: 2.4%
Hey yo - mad props to myself for being with the highest interest rate company.
So anywho - this is what I heart about online savings accounts.
1. Higher interest rate than banks. Bank of America’s rate as of today is .20% .. Um, that ain’t cool.
2. No minimum balances and no fees. Alot of banks make you keep a minimum balance of say $300. If you’re just starting out, why not put in $10 or $20.. it will add up eventually.
3. You can do it all from your computer. When you open your account, you make online transfers from your checking account to your online savings account. It does take a few days (2-4 days) for money to transfer into and out of your online savings account. So if you need money out of your online savings account in 24 time period, that is gonna be a problem. Just plan ahead.
Here’s another great free tip - Over at Freebies for Us - you can find out how to get a free audiobook of the 7 habits of highly successful people. I know I am headed there next. Enjoy!
February 6th, 2009 at 7:17 am
Thanks for mentioning.
February 6th, 2009 at 10:35 am
Thx for the link love