Online Savings Accounts...

[Variance]

In an attempt to actually start saving my money, I have been looking at a few online saving banks since they have much higher interest rates than what the traditional "brick-and-mortar" banks offer even on CDs.

I've been looking at ING, Emigrant Direct and HSBC (which is currently offering a 6% APY on new accounts). Needless to say, HSBC is looking the best to me right now.

Is anyone else using these? Any others and/or pros and cons I should know about?

[Petra]

I've had ING since, uhh... yesterday. So far, so good!

[CSpec]

I've had online banking for about 6 months now. It's a pain to have to wait a few days to get your money, but I think the really high interest rates make it worth it.

[aaaantoine]

6% sounds pretty good.

I have the brick and mortar version of an HSBC savings account. I don't think the interest rate is quite that high.

[Detroit-diesel]

I have a TCF online savings and its 5%, so i'd take the HSBC.

[FAPTurbo]

I use ING Direct Canada and have been for a few years.

Love it.

[Robert Hall]

I've used ING for a couple of years, been happy with it.

[daves87rs]

Do you have to have a bunch of money for one of those?

It's something I'm considering myself...

[Variance]

Do you have to have a bunch of money for one of those?

It's something I'm considering myself...

Just need $1 to open the account for any of them.

[ToniCipriani]

I'm using PC Financial here. 4%.

[daves87rs]

Only a buck-I'll have to look into them now...

[sciguy_0504]

My first account was with ING but I switched to HSBC because it had a higher interest rate. I have had one for about 2 years now. Waiting a few days for the money to transfer from savings to checking or vice-versa is somewhat annoying but the higher interest rate is worth it. You just learn to plan ahead if you have to transfer money.

[Paolino]

I have an ING acct and things are alright. As said before, it is a little annoying to wait a few days for the money transfer, so you just have to be careful.

I essentially use my ING account as my "Do not touch" acct. It's just money there for the long run or a severe emergency.

[zeek]

yeah i have an hsbc online savings account and the "normal rate" is 5.05% and the promotion rate is 6%. the promotion ends in a few months but it will then revert back to the normal rate which is still the best in the industry.

[Variance]

Well, I signed up for HSBC but I had no idea it was going to take such an excruciatingly long time to finalize everything.

-First applied Friday. Had to wait on to trial deposit in my other account to verify it.

-Verified that today. Application approved today.

-Now I have to wait "6-8 business days" for them to send me my account login info via snail mail (why not e-mail is beyond me).

Cripes.