Experience with High Interest Online Savings Accounts?

Question

I'm looking for a high interest online savings account. So far it seems like HSBC Direct has the best rate, no fees, no minimums etc. Seems like a good deal. Just looking for general pros and cons for these accounts - whether there are any negative consequences that I should be aware of especially regarding accessing the money in the account. Thanks!

Answer 1

Just be aware that the high interest may go down.  It could be an introductory rate to get you to sign up.  The fine print states that the interest rate can change at any time.  I signed up for a 5.0% interest for a money market account, to find out 2 months later reduced it to 2.5%.  Bummer.

Answer 2

I haven't had any problems with HSBC's online savings account, they are competitive, this site has reviewed several online savings accounts http://www.monitorbankrates.com/online-s...

Answer 3

I am using ING and really like the account.  Their savings account lets you create sub-categories to move money into, which really helps me keep my budget organized.  I have provide a link to my experinece with ING under sources.

Answer 4

I have had no problems having an online savings account.  It is FDIC insured up to $100,000 which is peace of mind.  Just watch the transfers between your hooked account and the savings account.  Always make certain you make the transfers in enough time to have access by planning for the longest length of time it COULD take in case there is a glitch.