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Online Savings Accounts...


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In an attempt to actually start saving my money, I have been looking at a few online saving banks since they have much higher interest rates than what the traditional "brick-and-mortar" banks offer even on CDs.

I've been looking at ING, Emigrant Direct and HSBC (which is currently offering a 6% APY on new accounts). Needless to say, HSBC is looking the best to me right now.

Is anyone else using these? Any others and/or pros and cons I should know about?

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My first account was with ING but I switched to HSBC because it had a higher interest rate. I have had one for about 2 years now. Waiting a few days for the money to transfer from savings to checking or vice-versa is somewhat annoying but the higher interest rate is worth it. You just learn to plan ahead if you have to transfer money.

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I have an ING acct and things are alright. As said before, it is a little annoying to wait a few days for the money transfer, so you just have to be careful.

I essentially use my ING account as my "Do not touch" acct. It's just money there for the long run or a severe emergency.

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yeah i have an hsbc online savings account and the "normal rate" is 5.05% and the promotion rate is 6%. the promotion ends in a few months but it will then revert back to the normal rate which is still the best in the industry.

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Well, I signed up for HSBC but I had no idea it was going to take such an excruciatingly long time to finalize everything.

-First applied Friday. Had to wait on to trial deposit in my other account to verify it.

-Verified that today. Application approved today.

-Now I have to wait "6-8 business days" for them to send me my account login info via snail mail (why not e-mail is beyond me).


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