I Still Love Orange, okay?
May 27th, 2006 | by Molly's Brother |I noticed today that Emigrant Direct has upped its APY to 4.65% for their American Dreams Savings Account. This matches HSBC Direct’s APY. Unfortunately, my stupid Dutch bank that I continue to be fiercely loyal to, lags behind with their APY. Honestly, I know there’s not much of a difference between an APY at 4.15% and 4.65% in the long run. However, now that I am completely on top of my finances, I want to feel that I am getting the best deal that’s out there. It’s purely emotional.
If you haven’t yet thrown yourself into the world of virtual banking, I think it’s a great time to jump in. There are a few drawbacks though. It’s often suggested that you don’t do 100% of your banking with a virtual bank, since you’ll be always be paying added fees at foreign–i.e. other banks’–ATMs to get your money out. But a balanced approach definitely works. You’ll still need a bricks-and-mortar bank (although I would suggest finding a clicks-and-mortar bank, as I am a huge proponent of online banking), but you’ll find better annual percentage yields with virtual banks.
As always, do your research to find a solution that works best for you.
