What is Digg?120 Comments
- inactive, on 10/12/2007, -5/+49I am pleased to introduce myself. I am Dr. Humbugway Mali of the Nigerian Parliament. You ask how to get high yield savings accounts online. Well, just put all your money in our safe and secure Nigerian High Yield Savings Account and see! Please first email me your bank account number for reference and your mother's maiden name, and your password. Then sit back and watch the savings grow and grow like weed! Soon you will be rich! I guarantee! But act, fast, we only can take a few new accounts! Free toaster appliance thing to first new 50 accounts today!
- piznut, on 10/17/2007, -1/+23Unrelated to this story...but stay the ***** AWAY FROM WELLS FARGO!
Unless you like usurious service fees and penalties, or 'creative' shifting of deposits and withdraws so that they can incur maximum fees..
Evil thieving bastards I tell you.. - jdroth, on 10/12/2007, -0/+22NONE of these links are affiliate links. Take a closer look. And of course there are no reviews: if you bother to read what I wrote, I'm quite clearly asking other people for advice. I want to open an online savings account. I don't have one. The real meat here is in the comments where 90+ people offered there experiences with online savings accounts.
- raymore, on 10/12/2007, -0/+16Useful tool...I need money.
- jmkiii, on 10/12/2007, -0/+14Your English makes too much sense, though.
- dtd00d, on 10/12/2007, -1/+12Ditto except I don't have any to start a savings account.
- kavau, on 10/12/2007, -1/+11Keep in mind, though, that money market accounts are not FDIC insured. So if PayPal goes bust, you can wave your money good-bye.
- celeb, on 10/12/2007, -1/+9I have Emigrant Direct and ING Direct.
Based on my experience I would suggest getting the highest savings available from your main bank as the time to transfer money back and forth is about a week. This isn't bad if you have extra money laying around and have no need to touch it, but when you're in a bind a week seems like forever.
That said, I wish BOA had a high yield savings account.... 0.20% sucks!
Additionally Bankrate has a great summary of all high yield savings accounts at http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?params=US,416&product=33 which has proven to be very useful. - The_Wallbanger, on 10/12/2007, -0/+8I used to be an ING Direct CSR. We didn't "fire" any customers. But we were encouraged to be polite, frank, and honest about meeting people's expectations. If a customer called in to consistently to complain about a 3 biz day turn-around for funds, it was acceptable for a CSR to ask the customer if ING Direct was really the right bank for their needs.
The corporate culture there is top notch. It's European style management with emphasis on honesty and simplification. Even ING's Terms of Service is written in laymen's terms. - DigitalDud, on 10/12/2007, -1/+8Bought a car with ING Direct interest, they've been great and the site has a lot of security.
- brendanc, on 10/12/2007, -0/+7Everbank (www.everbank.com) is fairly competitive, but they are online only. No brick and mortar branches to go to. I use them for my checking and I'd never go back.
- MannyHills, on 10/12/2007, -0/+6dusingaz,
I didn't see anyone of those links being referral links. They all went straight to the offer page without any id in the query or anything. Also, if you read the comments, there are a lot of reviews of each one.
edit: appears I was beat - bcasper1, on 10/12/2007, -0/+5I just switched over to HSBC a month ago. They offer 5 percent on online savings and a small percent on checking, and they have online cds for more then 5 percent. What is great about it though is that i can access it all online, making transfers easy. So i keep most of my cash in the online savings to pick up the most interest, and when I know need some money in my checking I transfer it over - online, no bank stops for me. I'm glad I gave in to my girlfriends screaming for me to switch.
- Egoist, on 10/12/2007, -0/+4No *****, I'm currently trying to move away from Wells Fargo. I'm in Italy right now and every ATM transaction costs me $5 -- not charged by the local ATM, but by Wells Fargo for using a non-American ATM.
The only good thing I can say about them is that their customer service is excellent and I'm able to call them for free from here. They simply have to work around company policies that ultimately screw the customer.
Seriously, avoid Wells Fargo unless you enjoy paying fees just for entering their doors. - tvc15, on 10/12/2007, -0/+4Actually "Money Market Accounts" are FDIC insured. Paypal however is not considered a bank or savings association so it isn't eligible for FDIC insurance. Also note there is a difference between MMA and "Money Market Funds" which are not FDIC insured. Perhaps that's where the mix up is about this is.
http://www.auctionbytes.com/cab/abn/y02/m03/i13/s03 - ostracize, on 10/12/2007, -2/+6Either you're super rich or your car is garbage.
- abusive, on 10/12/2007, -0/+4I tried to open a joint account at HSBC. Big mess.
Gave up on it and went through Emigrant Direct. Pretty easy so far. No issues with setting up the account. - inactive, on 10/12/2007, -0/+4I'm with you on the income tax, but I'd rather just pay it and stay out of trouble..
As for the Federal Reserve, NWO, and the gold standard crap. That's all nonsense. Explain to me in detail how a shiny rock is worth anything more than a piece of paper. It's all what we're willing to pay for it... We can either continue to collect shiny rocks, or save money and use the system we have now. Money, just like shiny rocks, is only worth what the market determines it to be.
I think the quality of life in America has gone up considerably since the federal reserve act was enacted. - chetanw, on 10/12/2007, -0/+3Have you looked at the readers comments below the article?
- theturnmaster, on 10/12/2007, -0/+3I use Etrade and can personally vouch that it is awesome. 5.05% and I can quickly move that money in and out of my brokerage account.
- licoricewhip, on 10/12/2007, -0/+3Exactly. And I do agree with a poster waaaaaay up there... it is good for emergency fund savings. He advocated using a 401k to save, but, I will agree with the overall point: invest the loot you have beyond your short-term emergency fund for a higher return. ORRRR if you have extra cash AND debt, bash that debt out of your life... but, make sure you save your emergency fund.
- inactive, on 10/12/2007, -2/+5paypal has 5.03%, no minimum. My advice is open a separate paypal account just for earning money, that way nobody can steal your account info, and earn it that way. Plus it is really easy/free to transfer in money.
- Anarres, on 10/12/2007, -0/+3I've used ING for the last year or so, and it's been great. It's really easy to use, and the interface is fine. They also offer a checking account "Electric Orange" for existing savings account users. It has a slightly lower interest rate, but hells! An interest rate for a checking account??!! I think mine stands at 2%. It's much zippier if you need to move your money in less than 2 weeks (ING Orange takes approx 10 business days to have your money available for transfer). Comes with a debit card, too. I've heard that ING "fires" its high maintenance customers...anyone know if this is founded?
- movienut, on 10/12/2007, -0/+3http://treasurydirect.gov
No state taxes. - PirateFSM, on 10/12/2007, -0/+3Can you share where you get your 20% or does being an average Joe mean your going to be a douche bag?
- Cam_86, on 10/12/2007, -1/+4yeah, pretty screwed up.
http://www.redflagdeals.com/deals/main.php/articles/savings3/
Here's a site that details Canadian high interest savings accounts. Note that the BEST one outlined in Canada is less then the WORST one outlined in America. Nice too see our banks are stepping up to the plate here :| I guess paying fees upon fees(flat ATM fee + fee for using non-bank ATM) still does not give them enough profit to match what people get 200km south. - skydivingdutch, on 10/12/2007, -0/+3HSBC actually gives you a debit card you can use in emergencies
- uptown, on 10/12/2007, -0/+3Another good compilation: http://www.fatwallet.com/t/52/437553/
And for CD rates: http://www.fatwallet.com/t/52/682884/ - gage006, on 10/12/2007, -0/+2I use HSBC and while I love it, their web site is HORRIBLE. Somebody please help them remodel it. It's a mess to find basic things. I've also been unable to find any way to link my savings and credit card from them together. Transfer back and forth takes about 3-4 business days.
- SWiG, on 10/12/2007, -0/+2Agreed with that, but when you try to transfer money in from another account (from another bank) it takes 5-7 business days. That is very painful.
- Ebeniz, on 10/12/2007, -0/+2no.. but 3.5% is still not bad for Canada...
- bntphoretwunny, on 10/17/2007, -0/+2WaMu offers 5% savings with no requirements except you have to open a checking acct as well - and keep it open. only drawback is their website, which has considerable issues on a regular basis.
- dusingaz, on 10/12/2007, -3/+5Well they should have been affiliate links, your on the front page.
- festriaqua, on 10/12/2007, -4/+6paypal has their money market interest rates too, it was something like 5.03% last time i checked, and theres no minimum balances neither
- BHopkins, on 10/12/2007, -1/+3I've always used ING because I thought it was best...guess not.
- inactive, on 10/12/2007, -0/+2ING is not giving those rates in Canada.
- Yez70, on 10/12/2007, -3/+5Actually PayPal provides FDIC Pass Through Insurance, which is the same $100,000 coverage you get at a bank.
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/travelers-outside - hollywoodcole, on 10/12/2007, -0/+2I feel your up to something...I will send it to you through Western Union!
- samadam, on 10/12/2007, -0/+2hrm. i am with ing right now. have some cds maturing. i may move them to etrade. this is a handy article. the first one i can say that has made me money!
- Pile, on 10/12/2007, -1/+3Many of these advertised rates are "introductory" rates and they disappear after several months.
I have moved money from bank to bank because the sad truth is, every bank has an interest in screwing you over. As soon as you put your money into one high-yield account, they bump the interest rate down and/or don't tell you about other, higher-interest-bearing accounts. So I have a habit of moving my money every six months to a year to get the best rates. Plus I get free salad shooters, food processors and coffee mugs! - Konrad9, on 10/12/2007, -0/+2I'm sorry, but if Paypal is too stuck up to give me a $15 coupon because I signed up when they TOLD ME to, there's no way in hell I'm putting my money in their system more often than I absolutely have to.
...some might say I have an ebay addiction. - vypergts, on 10/12/2007, -0/+2They still do the referral it's at the bottom of every page once you sign in.
- Photokon, on 10/12/2007, -0/+2there is no good standard idiot.
- adodaro, on 10/12/2007, -0/+2agreed. I actually ended up switching back to ING from HSBC because their site was so impossible to use on a casual basis. I guess it's good if you want to dump money and not touch it for a long time but I'll take ING's nice and friendly website over HSBC any day...even if the rate isn't quite as high.
- panicofficer, on 10/12/2007, -0/+2I have an HSBC Direct account and I've never incurred a fee to move my money. The account is strictly online, although they still send you an ATM card in case you need it. I've been earning 5.05 since I opened the account in August and deposited my tax refund when the special 6% rate kicked in so even though Uncle Sam screwed me out of my interest I can get a bit back... more than I could in my measly BOA savings account.
The only drawback with HSBC Direct is that it takes about 3 days for a transfer to complete. If you need to move money fast, it's not the most convenient account. - panicofficer, on 10/12/2007, -0/+2Umm... we're a society enslaved by debt because we can't stand to wait for that shiny new toy. I know a lot of people who are debt free... it's something you have to work at by using an admirable quality called self control.
- RedStateRetard, on 10/12/2007, -0/+2I have an E*trade account (rollover IRA)
With any E*trade account, everything seems great...until you have have to call customer service.
But in 4 years, I've only needed to call customer service twice. - Egoist, on 10/12/2007, -0/+2The 5-7 day wait is standard in any bank to bank transaction, usually because they like to manually approve each one.
- chetanw, on 10/12/2007, -0/+2It's actually funny that most people do plenty of research when they buy a house, a new TV or electronic gadget, but they don't bother when they are saving their hard-earned money. They just head to the nearest Bank and accept what they get. Most are even dumber, they don't even bother to ask what rate they are earning - they just think that they can open a Savings account and that's good enough.
This is actual reality, not my thoughts - at lunch, a big group (about 20 of us) began discussion on this topic when someone said they had closed down their Money Market Account and moved to an online account instead. It was amazing to see that of the 20 people in the room, only me and one other person had even heard of ING Direct or online banks. Most people had just opened savings accounts at a paltry 0.5% and left it at that. The smarter ones had opened MMAs at 4.5%.
Sometimes, it's amazing how stupid one can be about money. - Nothlit, on 10/12/2007, -0/+2A week? I have not found that to be the case at all. I have an Emigrant Direct account, and as long as I put in the funds transfer request before 5 PM, the money is deposited (or withdrawn, as the case may be) to my checking account the very next business day, usually by 9 AM.
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