online savings accounts?? - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 04-01-2006, 07:43 PM Thread Starter
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online savings accounts??

does anybody here use an online savings account??

i heard about them briefly on the news about how they offer higher interest rates than traditional banks bc of the lack of ease it is to access your money.

any good/bad news regarding this?
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post #2 of 7 (permalink) Old 04-01-2006, 08:08 PM
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Not sure what you mean but paypal is paying over 4.5% right now




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post #3 of 7 (permalink) Old 04-01-2006, 08:38 PM
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Are they regulated and FDIC?

If they are then you should be okay.

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post #4 of 7 (permalink) Old 04-02-2006, 08:30 AM
 
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I use HSBC online savings acct and Im at 4.8 percent now. Been very happy with them.
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post #5 of 7 (permalink) Old 04-02-2006, 12:45 PM
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Yes, the online accounts are typically slightly higher rates (sometimes as much as 2 points or more) because they don't have the overhead of brick-and-mortar buildings to maintain. Access to your money is more limited, but for a savings account you *shouldn't* be pulling it out that often anyway. And, some companies (like E*Trade) have partnered with the regular banks to allow ATM access, so you do have access to it if you get into trouble.

I think it's WSJ that has a regular column which publishes the best rates currently for savings accounts, CD's, etc... I can't remember because it's been awhile, but check there...

ALMOST FORGOT: PAY ATTENTION TO FEE'S!!! - some of these places offer the best interest in the world because they screw you on the bank end for even thinking about touching your money. IMO, fee's and how they are charged are as important as the interest rate...

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Last edited by midnitrcr; 04-02-2006 at 12:50 PM.
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post #6 of 7 (permalink) Old 04-02-2006, 02:58 PM
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Originally Posted by cam_neely_8
I use HSBC online savings acct and Im at 4.8 percent now. Been very happy with them.
+1

When I opened the account, the promotional code "25pig" got a $25 bonus, not sure if its still active.
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post #7 of 7 (permalink) Old 04-02-2006, 03:17 PM Thread Starter
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does HSBC have any fees/charges that are unreasonable?
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