Tuesday, October 25, 2011

Online Savings Accounts

1) UFB direct - 1.3% on up to $25,000.  $100 minimum

2)  Discover Bank (1.00%) - $500 minimum

3) American Express (0.90%)

Disadvantages to Online Savings accounts:
1) It can take a while to get your money.  There is no way to get your money except by an online transfer which can take a few days.  You don't get an ATM card or checks.

My suggestion:

Have two accounts:

Put any money you will need within the next couple of months into your regular low yielding savings/checking account that gives you immediate access to your money.

Put any money that you don't need in the next couple of months into the higher yielding UFB Direct, American Express or Discover savings account


High Interest Savings Account said...

I agree so much! I have thought about being a fee based planner - but then your focus changes.

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