There have been some changes for high-yield “internet” savings accounts, typically unavailable directly in a brick-and-mortar bank and only available through online applications.
Presidential Bank is now leading the pack with a 4.87% APY for the first $35,000 of your balance. Unfortunately, this account requires a minimum balance of $5,000.
CitiBank eSavings is not far behind with 4.75% APY on its savings account. To get this account, you must also have a CitiBank checking account. It can be opened at the same time, but there may be fees.
HSBC Direct recently jumped to 4.65% APY. The good news here is there is no minimum balance and no fees. For someone opening a new account and starting from scratch, this may be the best choice.
You can find a table of the latest interest rates for online accounts here.
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the question is, why do I still have my money in ING? Does anyone have HSBC, and are there any hidden fees or catches? let me know. thanks.
I have most of my money in ING. They hooked me several years ago when their rate was the highest, and I don’t want to expend the energy moving back and forth to whichever bank is offering the highest rate at any one moment. It’s a negligible amount of money in the accounts, so I’m only missing out on a few doallars at the most by not jumping around. Definitely not worth the time.
I don’t have an HSBC Direct account, but you wont’t encounter any fees if you go with them.
Now I have to wait two – four months for emigrant to catch up. disappointing how slow they are.
have a wonderful day,
makingourway
I’ve had HSBC for a couple months now and love it! One caveat; if you elect not to get a debit card when you sign up, you have to call in to setup bank-to-bank transfers and the such. Not a big deal, but kind of a pain in arse.
Otherwise, it’s been great!