Other Online Savings Accounts
May 8th, 2006 | by Molly's Brother |Many of you have brought it to my attention that there are a few other options for online savings accounts which have higher annual percentage yields than my Orange Savings Account at ING. I was aware of this and decided not to go with HSBCDirect or GMACBank.com for my own reasons.
I continue to stay with my Orange Savings Account because I find the bank to be quite responsive. Their website is incredibly easy to navigate and I always find the answers to the questions that I have. Sure at 4.15%, INGDirect’s APY is slightly less than HSBC (4.50%) or GMAC (their money market account is at 4.75%).
When building your three to six month emergency fund, find out how much money you’ll need accessible ASAP (that mony should stay in your bricks-and-mortar bank for immediate withdrawls) and how much money you can float in an online account with much higher APYs.
As always, use the internet to research your options and find one that best fits your situation.
