We've all heard how great these online banks are with their huge interest rates. Well, last month I took the plunge. I deposited most of my tax return into an online savings account that earned over 5% interest.
Today, I get to see the results:
If you can see that picture (blogger is not great at large images), you'd see that I deposited $7,600 and a few weeks later my earned interest was $28.06. That is huge compared to the $1.20 that I was earning at the bank down the street. Assuming I don't touch this money, I'll earn $336.72 per year and that is BEFORE we factor in any compounding.
I still have a debit card that draws money from the account if needed and I can easily (for free) transfer money in and out as I please.
If you have money sitting in a normal savings account somewhere why haven't you opened an account like this yet?
Results: Online Savings Account Interest Payment
