On-Line Savings Accounts

I love my on-line savings accounts at HSBC and ING.

Why do I like my on-line savings accounts?

  • Their interest rates are competitive with CDs (HSBC's 3.50% is currently better than ING's 3.00%), yet there are no liquidity or penalty issues for pulling money out early.  By the way, HSBC just raised their rate to 3.50%.  I am betting that ING is pondering a change too.
  • There are no fees.
  • Their web sites are very user-friendly.
  • They are FDIC-insured up to $100,000.
  • You can put up to $2,000,000 in an account.
  • You can put as little as $1 in an account.
  • I can move my money around very easily because it is on-line.
  • I can access my accounts 24-7-365.

There are several other good on-line banks out there too.  What on-line banks are you using?

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4 Responses to “On-Line Savings Accounts”

  1. Andy June 19, 2008 at 11:17 am #

    I’ve been using AmericanBank (http://www.pcbanker.com) for years. The rate for their on-line CHECKING account is currently 3.0%.

    Similar features to the above…including fantastic customer service (via phone/email) and ATM rebates.

  2. Aaron June 19, 2008 at 11:31 am #

    1st of all, thanks for your ministry

    i wanted to point out another great benefit of using ING Direct. ING allows you to easily setup sub-accounts.

    for example, we have sub-accounts setup for a Vacation Fund and a Christmas Gift Fund

  3. Michael M June 19, 2008 at 1:15 pm #

    Joe,

    I agree with Aaron about the great benefits from the ING sub-accounts. Each month, my wife and I budget for and transfer funds from our credit union account to our ING savings sub-accounts for the following known, upcoming expenses (like you mention in your book) water/sewer, gifts, Christmas, personal care, vehicle related expenses, vacation, and emergency. We’ve been analyzing our other known, upcoming expenses and we will begin saving additional funds each month for auto insurance, my wife’s professional liability insurance, and home improvement items that always come up and should not be considered an emergency!

    As a side note, ING’s Electric Orange Checking account is great. My wife and I continue to use our credit union checking account for our mortgage and tithe. Each month at the end of the month, we review our bills and then transfer the amount needed to pay those bills for the next month. The funds are usually available within three business days. Then, we pay all our fixed expense bills all at once, record those expenses in our budget (Excel based), and then Quicken.

    Thanks for all you do and your inspiration.

    God Bless!

  4. David Nanney June 20, 2008 at 3:18 am #

    Joe,

    I’ve been with GMAC bank for a while. They are at 3% now, and have been featured for having higher-than-average CD rates as well.

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