I saw a TV commercial for HSBC direct while in bed. Got up and straight to the computer. What's the big deal with online only savings accounts? (HSBC or ING or FNBO)
Yes, the interest rate is better. Six to eight times (2.5% vs. .42%) your average local bank savings account interest rate. It's obvious why the rate is that much better, but I want to know more about the process of an online only savings account.
I want an online savings account.
My savings will be modest, but $20 per month saved is better than... $0!
So, any thoughts on the companies? I've looked into a few just briefly. I want a savings account with Bill Pay and Debit Card options. Minimum start up deposit should be $1. Higher the interest the better, but I'm not interested in shuffling savings chasing a better rate. 2.5% -ish would be great. I don't want to deal with early withdrawl fees, but I'd allow my money to be 'held hostage' for a max of one year. Unlimited free transactions (and reimbursements for ATM fees is a bonus).
Ultimately I want a savings account with a great rate and the added bonus of checking account features (just in case).
I'll keep looking into my options but your comments and suggestions are appreciated.
I'll let you know what I come up with.
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