Until recently, I was reluctant to open a bank account that could only be accessed online. I wasn't intimidated, I just never did it. I now realize that I was tossing money in garbage.
My preference was (and is) to be able to visit a bank and talk to someone when it comes to moving my money around. Even today, my local Chase branch knows me on a first name basis (sometimes as the Dumb Little Man guy but still...). However, why am I keeping money in a savings account that is only paying 1% interest? I love personal service but come on, I am losing money!
Spurred by this message at Get Rich Slowly, who lists and somewhat compares 11 different online banking options, I just opened an online account at HSBC. I am now collecting 6% interest on the money in a simple savings account. That 6% is a temporary offer until April 30th, but even after that their rate is over 5%. While I am not advocating HSBC in any way, it seems pretty solid because there is no real minimum balance requirement and there are no fees.
After you make the all important decision to begin saving, you may as well get paid to do so. If you were like me and collecting 1%-1.5% interest at your bank, you really should consider some alternatives.
Which Online High-Yield Savings Account is Best? by Get Rich Slowly
Moving a Savings Account to an Online Bank
Did you add your site at BLOGSEARCH