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6 Comments
- junger, on 10/12/2007, -0/+1@Woknblues
1. It's not just that it's available online, it's that because it's an online bank, their costs are lower and they can pass on the savings/interest rates to you
2. Nothing is too small. A penny saved is a penny earned.
3. But BofA's rates are still lower than the online options available
4. The idea with a savings account is to save your money - not use it as a checking account. You don't need both from the same bank.
5. Most online banks have a system where you can directly send and request funds from other accounts. It's not difficult at all, and takes less time than driving down to the ATM or bank and shuffling funds there.
Take advantage of the opportunities! - chesterjosiah, on 10/12/2007, -0/+1Someone please post a "10 reasons to not open an online savings account" article.
- Woknblues, on 10/12/2007, -0/+1"to not"
1. my current savings account is available online
2. my balances are low enough to really not make a difference as far as interest income is concerned
3. your average listed for brink and mortar interest rates are lower than what I have seen at BofA, for example.
4. You currently have a Bank that you can stick a thing called a credit card into a box and get out local currency, rather than try to connect online in an internet cafe in Manila, where everyone thinks you are "rich"
5. The idea of transferring money from a savings account to your other bank account for withdrawal seems like a huge waste of effort and time and as the axiom goes, time is money.
anyways, just my 5cents. more power to ya though. - chesterjosiah, on 10/12/2007, -0/+1I think people would be more likely to actually open one after considering both positions. I know I'd be more willing to consider it. As for right now, I just think "Why not stick with what I've got now? It's safe."
- NIUGuy, on 10/12/2007, -0/+0It is a little odd that he compared the "average" interest rate at a B&M bank to the "highest" interest rate at an online bank. The "average..." and "highest..." tend to be different. The average life span of an American human is around 75 years, but there are some (albeit few) people who make it to 110-120 years... almost 60% longer. I'm sure the online bank accounts have higher returns in general than B&M but it would be better to have an apples to apples comparison.
- trackbacked, on 10/12/2007, -1/+1That'd be a pretty worthless article. But then it'd be "fair and balanced" right?
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