If non of you have transfered your money to an online savings account yet then you have lost out. When I found out about HSBC Direct and their free 5.05% interest savings account, I couldn’t believe that this was true. Then I quickly transfered my money from my Washington mutual savings account that was only giving me .25% in interest. To me this is an easy decision. Now several banks are copying the online savings and offering around the same rates, so everyone has a lot of different online savings accounts to choose from.
Here are some samples of these online accounts:
The Statement Savings account has:
- A competitive 5.00% APY on all balances (rate only available online)
- No minimum balance requirements, open with $1
- Instant transfer to/from the Free Checking
- Summary: 5.05% APY (6% until 4/30 on new money), $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts
Summary: 5.05% APY, $1 to open, no monthly minimum balance, links to up to 4 external bank accounts
Summary: 4.75% APY, only $1 to open, no monthly minimum balance, links to existing Citi checking account or external accounts
- 4.75% Annual Percentage Yield (APY)
- FDIC insurance up to $100,000.
FDIC-insured
Federal Deposit Insurance Corporation, FDIC, for short, is an independent agency of the U.S. government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government.
- Waived monthly banking fees if opened with EZ Checking
E-LOAN Online Savings
Summary: 5.25% APY, $5,000 to open, $500 minimum balance to stay open, links to one external bank account
