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Get More From Your Money

by Flexo on May 18, 2006. Banking Saving 7 comments.

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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About the Author

Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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{ 3 trackbacks }

AllFinancialMatters » Blog Archive » Weekly Roundup
May 19, 2006 at 10:44 am
» Week In Review on Blueprint for Financial Prosperity
May 20, 2006 at 7:34 pm
» Citi Offers New Online Savings Account: Citibank Direct, 4.65% APY, $50 Bonus on Consumerism Commentary: A Personal Finance Blog
June 5, 2007 at 10:57 pm

{ 4 comments… read them below or add one }

1 erik May 18, 2006 at 10:28 pm

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.

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2 Flexo May 18, 2006 at 10:41 pm

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.

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3 Making Our Way May 19, 2006 at 7:32 am

Now I have to wait two – four months for emigrant to catch up. disappointing how slow they are.

have a wonderful day,
makingourway

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4 Herb May 22, 2006 at 4:08 pm

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!

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