Internet Savings Account

[Vlyrock]

Anybody use an online savings account (like ING or HSBC)? They have high returns on interest (5%, etc) -- and that's much better than the 1% I'm getting at my local brick and mortar.

I guess I'm just looking for personal experiences, ease of use? Anybody doing it or thinking about it?

I'm probably going to make a move in the next two weeks regardless, but was curious what others have done...

[hmiles619]

I've used both ING and HSBC...actually I currently use both. HSBC has a higher rate, but ING seems easier to use, has a better website, easier to sign up for, etc. They have an internet checking account that pays a pretty good percentage as well.

They also offer a bonus if you sign up with at least $300 and you're referred by a member. Free $25 if you'd like it (I get $10). Give me an email to mail you at, and I can send you the referral stuff.

[macduff93]

Try Nexity Bank, too. They are online only and offer decent rates and fewer fees in comparison.

HSBC charges me international exchange fees when I use it out of the US, even though it's HQ'd in London. :headslap:
Nexity processes the purchases and exchanges free of charge. :gig:

[hmiles619]

I've used both HSBC and ING and never had a fee

[macduff93]

I've used both HSBC and ING and never had a fee


Were you using them from within a foreign country? That's what I'm talking about.

When I order things from other countries, it's not an issue, but when in the UK, HSBC hit me with conversion fees. They've been good otherwise.

[hmiles619]

Nope, never used it in a foreign country. Don't know why I would unless I moved there. I don't know why I would use a high yield savings account overseas otherwise.

[Vlyrock]

What's the turnaround on your money etc? I only want a savings account, but don't want to "close" the one I have now since I've been a member there for over 20+ years and get great rates on loans, etc.

I just want to move the money out of the online account when I need it -- how long does that take?

[BigJohn]

For ING, when you place a transfer request, it usually takes a day. It sends the money via ACH, so depending on how quickly your bank processes ACH transactions, you should get it within a day or so.

[CoolaidWade]

This is all pretty interesting.... Could someone go over this in more detail. Or just how safe/secure are these places? Are they based overseas?

4 - 5% is a incredible return for a basic savings account. If that is the case I might put maybe half my savings in one. How do they afford to pay that? From the research I gathered they are saying they save money on being 100% paperless plus they also do the other standard mortgage/loans. Those interest rates are probably high.

The internet checking account sounds interesting too but unfortunately I still write one paper check/ month (rent). I doubt there is a way out of that except pay cash but I'm paying another fireman and you can't trust any fireman so I need the paper trail of proof that I paid him.

[hmiles619]

This is all pretty interesting.... Could someone go over this in more detail. Or just how safe/secure are these places? Are they based overseas?

ING and HSBC are federally insured and based in the U.S.


4 - 5% is a incredible return for a basic savings account. If that is the case I might put maybe half my savings in one. How do they afford to pay that? From the research I gathered they are saying they save money on being 100% paperless plus they also do the other standard mortgage/loans. Those interest rates are probably high.

They don't spend any money on brick and mortar buildings. They're based almost totally on thet net and can afford to pay the extra savings to the customer.


The internet checking account sounds interesting too but unfortunately I still write one paper check/ month (rent). I doubt there is a way out of that except pay cash but I'm paying another fireman and you can't trust any fireman so I need the paper trail of proof that I paid him.

The internet check account will allow you to send paper checks. You pretty much fill out the check online and submit it. Within 3-5 days, the other person has received a check in the mail.

[hmiles619]

here are some of the other products ING offers...

http://home.ingdirect.com/products/products.asp

Like I said, if anyone wants to set up an account at ING, send an email to hollis miles at gmail dot com and I'll get you set up.

$25 for you. $10 for me.

[CoolaidWade]

They don't spend any money on brick and mortar buildings. They're based almost totally on thet net and can afford to pay the extra savings to the customer.

Crap, there you go..... Infrastructure. I can't think this morning for some reason. Well, infrastructure is a huge savings. They probably bank pretty hard from that while still offering those returns. They probably don't pay salaries like a regular bank as well.

:rep:

[hmiles619]

Crap, there you go..... Infrastructure. I can't think this morning for some reason. Well, infrastructure is a huge savings. They probably bank pretty hard from that while still offering those returns. They probably don't pay salaries like a regular bank as well.

:rep:

probably not, this is truely the future of banking. Efficiency in the future will be key to good business.

[Vlyrock]

Miles, go ahead and "refer me"....I may sign up for ING (they seem to have been around the longest even though the rate is a bit lower).

Email me matt@ this website....