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POSTED ON BY Ken Tumin
This Kiplinger's Personal Finance article has a good overview of today's online banking. It also has its pick for the best online banks. Its choice for the overall best online savings account is HSBC Direct. I guess it didn't give a large weight to ACH transfer speed. As would be expected, ING Direct was picked as the simplest to use. ETrade Bank was labeled as the bank for best access to funds since according to the article there's no hold on deposits. Everbank was picked as the bank with the best online checking account (see my Everbank Checking Account review). The article should also have mentioned that it has no minimum balance requirements, no direct deposit requirements and no activity requirements. Many online checking accounts these days seem to require one or more of these in exchange for a high yield.
Regarding online checking accounts, this USA Today article looks into the new online checking accounts that will be introduced this year. We already were aware of ING Direct's new Electric Orange Checking Account that's available to some current customers (see my post) and E-LOAN's plans for a checking account (see my post). The article also mentions plans by HSBC Direct. Currently, HSBC offers checking accounts that can be opened online, but these are similar to the brick-and-mortar variety with paper checkbooks and paper statements. It's also similar to the brick-and-mortar checking accounts in that these checking accounts offer little to no interest. It'll be interesting to see how competitive E-LOAN and HSBC will be with their rates on these new online checking accounts.
Regarding online checking accounts, this USA Today article looks into the new online checking accounts that will be introduced this year. We already were aware of ING Direct's new Electric Orange Checking Account that's available to some current customers (see my post) and E-LOAN's plans for a checking account (see my post). The article also mentions plans by HSBC Direct. Currently, HSBC offers checking accounts that can be opened online, but these are similar to the brick-and-mortar variety with paper checkbooks and paper statements. It's also similar to the brick-and-mortar checking accounts in that these checking accounts offer little to no interest. It'll be interesting to see how competitive E-LOAN and HSBC will be with their rates on these new online checking accounts.
If you happen to keep over $50K in your account you will end up getting a rate of 5.38%.