Does anyone here have an online savings account?
By thyst07
@thyst07 (2079)
United States
April 6, 2009 6:01pm CST
Not the kind with your local bank where you can access your account via their website, but something like ING Direct or ShoreBank where your entire account is online? These kind of accounts have higher yields than regular bank accounts, but I'm wondering what other people's experiences have been. So if you have one of these accounts, which company do you use, and do you like them?
1 person likes this
8 responses
@nanamag (20)
• United States
6 Apr 09
I do have a couple of on line banking accounts. I find the interest accumulates nicely and due to the fact that I have opted not to have an ATM or Debit card for them, it is less than convenient to get my money which, as you might imagine, helps the balance grow.
I have a regular savings, a Roth Ira and a CD account. So far so good.
I am sorry that I do not feel comfortable telling you which "bank" I use but, I am happy with it and have referred a couple of my friends as well.
@thyst07 (2079)
• United States
6 Apr 09
I can't really put any money into a CD right now, because I don't have any assurance that I won't need it for the length of the CD. The job I'm at right now is a temporary one and I don't know if I'll get a permanent offer when my temp status is over. But I do want to try to start saving a little bit each month so that I've got something to fall back on, so I'm looking for a savings account. It's ok that you don't want to reveal your "bank" name (can't be too careful these days) but would you be ok with sharing what interest rate you're getting on your savings? I just want to compare rates to see if what I'm getting is comparable to what others are getting.
1 person likes this
@ZephyrSun (7381)
• United States
7 Apr 09
We have a sharebuilder account if that is what you are talking about. It's not bad sometimes it's a little slow transferring money from that account to our checking account but most generally it all works fine. My husband's employer deposits the money from his pay check into sharebuilder.
1 person likes this
@ZephyrSun (7381)
• United States
7 Apr 09
We use ours as just a savings account. You as an account holder can use it either way. They don't say anything about not investing.
1 person likes this
@jumpinjack00 (3054)
• United States
6 Apr 09
All I can say is be very careful. These are virtual banks as far as
I can ascertain. Where exactly is the money if an actual bank doesn't
exist? I imagine the yields are higher because the risk is higher. If
they are not real "brick and mortar" banks, I wouldn't trust them.
‹(°¿°)›
1 person likes this
@jumpinjack00 (3054)
• United States
7 Apr 09
Then they're not really "online" banks as you asked about. They're just
banks that offer online services. If they're "brick and mortar" banks
that's not the way it's described in your discussion.
‹(°¿°)›
1 person likes this
@echomonster (2226)
• Greenwood, Mississippi
6 Apr 09
I have a savings account with Emigrant Direct. Unfortunately, they've halved their rates in the time I've been with them, but I'm happy with the online access and ease of use. It was quite easy to setup and fund the account, and transferring money to from the account is also easy. Online savings accounts are a good, safe way to grow your money, but they've definitely become less attractive due to the crashing interest rates. You should look up the Bank Deals blog if you're interested in shopping around -- that's how I found Emigrant originally, and I read it all the time to keep up on the new offers.
1 person likes this
@thyst07 (2079)
• United States
6 Apr 09
Yeah, the slippery slope of lowering interest rates really sucks, but that's true for online banks and physical banks. The bank I'm currently with gives me 0.35 APY on my savings, which is about average around here. But ING Direct, for example, offers 1.50% APY. That's 4x what I'm getting now, and ING is one of the lower rates (although their customer service rating is much better than some of the higher-interest companies).
@makeupartisteileen (653)
• Singapore
6 Apr 09
hi i have two with me ,one is ocbc ,and other one is posb,i guess you could have ocbc in your country is international. and is good . to my country is save .
1 person likes this
@Jennlk84 (4206)
• United States
7 Apr 09
My fiancee has an ING account. I'm actually thinking about opening one up here in the next couple of months, also. They're secure and safe. Accounts from ING are protected just the same as your money at the bank. The interest rates are very high too! I'd highly recommend it.
1 person likes this
@costas1234 (195)
•
1 May 09
I currently have accounts with HSBC online savings account and also ING saver ISA. I used to have good rates of interest though when the rates started tumbling down, I withdrew the money and started investing in stocks. With the stocks over 1 year I think interest rates could yield well in excess of 100% if the stocks are well chosen and of course rise in value based on luck. Savings accounts themselves tend to be low interest and also are taxable so another no no for me.
