Online Savings Accounts

Bradford · Oct 18, 2007

Am thinking of opening an online savings account and was looking at an Orange Savings Account from ING Direct but also noticed that E*Trade offers a similar product and appears to be paying a higher yield.

Anyone have experience with any of the companies that offer these products and what would you recommend?

Thanks!

gumercindo · Oct 18, 2007

Originally Posted by Bradford

Am thinking of opening an online savings account and was looking at an Orange Savings Account from ING Direct but also noticed that E*Trade offers a similar product and appears to be paying a higher yield.

Anyone have experience with any of the companies that offer these products and what would you recommend?

Thanks!

HSBC Direct also offers very competitive yields - better than ING's, IIRC.

gdl203 · Oct 18, 2007

E-Loan offers a good yield too

dkzzzz · Oct 18, 2007

Originally Posted by Bradford

Am thinking of opening an online savings account and was looking at an Orange Savings Account from ING Direct but also noticed that E*Trade offers a similar product and appears to be paying a higher yield.

Anyone have experience with any of the companies that offer these products and what would you recommend?

Thanks!

Most of these Banks offer teaser rates.
Example: Emigrantdirect offer 5.35% (small print: rate can change at any time without any notice).
-You open a savings account in 3-4 months rate sinks to 4.5%

You have to constantly monitor your savings for these scams and shift money between banks just to get 5% average.

CountryWide is currently offering 5.5% savings with no fees.

Stax · Oct 18, 2007

I recently opened a 5.5% "Savingslink" account with Countrywide.

I wouldn't deposit more than FDIC insurance limit, however.

grimslade · Oct 18, 2007

ING is solid, also has a high-yield checking account. I'm a fan.

Bic Pentameter · Oct 18, 2007

Originally Posted by Bradford

Am thinking of opening an online savings account and was looking at an Orange Savings Account from ING Direct but also noticed that E*Trade offers a similar product and appears to be paying a higher yield.

Anyone have experience with any of the companies that offer these products and what would you recommend?

Thanks!

A few months ago, I opened an E-Trade savings account at 5.05%. In notice today that the rate is now 4.70%. Still, online transactions are smooth, and the rate beats what my bricks and mortar bank offers.

Bic

gdl203 · Oct 18, 2007

Originally Posted by grimslade

ING is solid, also has a high-yield checking account. I'm a fan.
+1

HomerJ · Oct 18, 2007

Switched from ING to Countrywide a few months back for my savings. I think CW is more than 1% higher right now.

briancl · Oct 18, 2007

I've been with HSBC for a while now. I monitor everything pretty carefully, and I feel their rates are the highest without fuss. Relatively little change except the occasional bonus teaser (from 5.05 to 6, for example, but never drops below 5.05).

gdl203 · Oct 18, 2007

The HSBC website is the worst designed POS in online savings world. Although I have an account with HSBC, it's empty and I'm sticking with ING which gives me 5% APY and the easiest and quickest interface for transfers in and out (plus an ATM/debit card if I ever wanted to draw cash from that account)

HomerJ · Oct 18, 2007

Originally Posted by gdl203

The HSBC website is the worst designed POS in online savings world. Although I have an account with HSBC, it's empty and I'm sticking with ING which gives me 5% APY and the easiest and quickest interface for transfers in and out (plus an ATM/debit card if I ever wanted to draw cash from that account)
ING Electric Orange is 5% for balances >100,000. 3.5% for <50,000. I think countrywide might have the best rate right now at 5.5% for balances >10,000 and I think they intend to stay near the top. I wasn't too thrilled with ING 4.3% savings. http://www.snl.com/irweblinkx/story....01&NID=6662327 "Pierre Habis, managing director of Countrywide Bank, told SNL that the Savingslink product's annual percentage yield has been at least 5.50% "for a handful of months." He added that "it's less about the actual number" and more about being on top of what the competition is doing."

lawyerdad · Oct 18, 2007

Originally Posted by grimslade

ING is solid, also has a high-yield checking account. I'm a fan.

Seconded. I've had an account for probably two years now, and I'm very happy with the ease of use and general service (which, admittedly, I don't have much cause to utilize).

HomerJ · Oct 18, 2007

I like the ING interface. Countrywide seems good too except they only let me link one damn account and the security doesn't have that PIN pad. I think that protects from key stroke logging. I liked how ING would keep track of the interest I was earning each day whereas CW just posts the total amount at the end of the month. It was satisfying "seeing" my money work for me

skalogre · Oct 18, 2007

Originally Posted by grimslade

ING is solid, also has a high-yield checking account. I'm a fan.

Same here. I cancelled my E-Loan account, their online tools just were not very good.

Online Savings Accounts

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