Does anyone use online savings accounts?

Does anyone use the online savings accounts? I am curious if it is better to use the online banks, such as HSBCDirect or INGdirect, or a brick and mortar bank. If anyone can give me suggestions, I would really appreciate it. TIA, Cathy

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  1. #1
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    Question Does anyone use online savings accounts?

    Does anyone use the online savings accounts? I am curious if it is better to use the online banks, such as HSBCDirect or INGdirect, or a brick and mortar bank. If anyone can give me suggestions, I would really appreciate it.

    TIA,

    Cathy
    Cathy

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  3. #2
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    I asked my husband this question. (He used to be in banking & now he is a consultant.) He said that a lot of people use online banking - in particular, ING. He said he's not as familiar with HSBC, but that ING tends to have pretty good rates. He said that one thing to look into though, is that they may require a larger minimum balance. Hope this helps!
    -Rebekka

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  5. #3
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    Sorry, my hubbie wasn't done. He said that you'll want to make sure they are FDIC insured or that they have some type of private insurance.

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  7. #4
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    I have used online savings for a few years now with no problems. Like the person above, make sure that it is FDIC insured and has a good reputation. Don't try these fly by night banks that haven't been around long enough to establish themselves or their reputation.
    Also, one thing you might need to be aware of....You usually have to already have an account, such as a checking account, with another bank to link to the new online account as this is how you fund the online savings accounts. The 2 that I have used or currently use are Onbank which is affiliated with M&T bank in the western NY area and also Emigrant Direct. I have had no problems with either of these online banks.

    Debbie

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  9. #5
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    Thanks I appreciate it. HSBC is a bank that I have a credit card with and used to have a car loan with. They are paying 3%. I should open one there and get some of my money back lol.

    Cathy
    Cathy

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  11. #6
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    Hi, I'm a new member. I've been reading a digest of some ideas but just now registered on the web to respond. I began banking online (paying bills by checking account) in Jan 08 and really love it. I use the same bank where i have been banking 30+ years. I have a savings account there and you can transfer money from checking to savings but I don't use that feature. Sorry to say i don't save much in a bank. I have a credit union account from payroll deduction and use that for big expenses like car tags, house insurance, etc. I hope to learn a lot of thrifty tricks from you guys. Brenda

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  13. #7
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    Quote Originally Posted by CATHYKEE View Post
    Does anyone use the online savings accounts?
    I have an account with Emigrant Direct that I have had for years. I like it. I cannot access the money a quickly as a bank with an ATM card, so it has been easier to save. When husband left and wiped out all other bank accounts, I was so thankful I had this one, as it takes three days to transfer from these accounts to other banks, so you can't impulse buy or be wiped out! I find that I consider my purchases more wisely when I have to use that money because I have to justify transferring the money. There are no fees associated with the transfer from either bank, so I really like it. The interest rate is 3.5 or 3.75, I believe, so it beats most other banks also. And you don't have to set up a trading account, like ING and others who offer the online savings.

    ~Shell

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