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Tuesday, June 26, 2007

Online Banking - Savings @ 5%

Recently I was in the market for a savings account. After doing my research I came to a startling discovery. All the local banks that have locations cannot give me any real kind of interest for the kind of money I was letting them hold onto.

For example: Wachovia will give me 0.15% interest on savings accounts between $0.00 - $9,999.00
So, what I discovered, is that in order to get some kind of interest rate you're going to have to go with a direct online bank. Now this does not mean that they are less trustworthy, The online banks I will mention are ALL FDIC INSURED for up to $100,000. This means that arguably they are as safe as an account at a local bank that is insured by the exact same FDIC for the same amount, up to $100,000.

The Online banks I hear good things about are: - ING Direct Offers 4.50% APY on savings accounts - HSBC Direct offers 5.50% APY on savings accounts - My personal favorite, they do 5.50% APY also

Most, if not all, of these banks have no minimum balance - I know that Emigrant does not.

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