Make Money with a High Yield Savings Account Online
6 November 07A high yield online savings account is a great way to store and keep your money, and to make some interest revenue. If you haven’t looked into getting one yet, perhaps with a little bit of research, you may just change your mind.
Reasons to Open A High Yield Online Savings Account
Keeping your money online makes it easy and convenient to keep track of from the comfort of your home. That being said, online is NOT your only option. High yield savings accounts at a bank not offering services via the internet is also another route worth considering.
If you’re a marketer, blogger, and/or an experienced internet user, perhaps even a marketer…you will probably want to skip the next couple of paragraphs. If you are new to handling money online and are not familiar or comfortable with using the internet for financial purposes, then continue normally with the next paragraph…
The reason why doing banking transactions over the internet is becoming more and more popular is because we are all lazy…just kidding. On a more serious not, most of us are all pressed for time.
The majority of people are busy with the mundane things that we have to do on a daily basis to make a living. If you want to check up on your finances at 3:27 in the morning in your pajamas, the internet makes that possible.
When it comes to money, most people (myself included in this category) are very skeptical, if not cynical, as to where it is placed and whom it is entrusted with. Well, I must stress that it is very important to do extensive research when it comes to managing your finances.
If you find yourself even a little uncertain in any manner, always go with a credible company…there usually is a really good reason why one banking company is better than the other competition.
Customer service, reliability, and security should come first when considering online savings, or savings and finance in general for that fact…well, that is just one person’s opinion…higher interest rates do not necessarily trump those factors.
Anyway, why am I looking into getting a high yield online savings account? Well, now that my marketing learning process is actually getting me somewhere, I feel that it’s time to diversify the way I earn money. Perhaps 4%-5% interest rates may not seem like a lot, but every little bit and amount counts, right?
Look at it this way…you need to keep your money somewhere anyway. It’s better to keep it in a place where there’s a better interest rate as opposed to getting little to none at all.
…And why online? Well, I already covered that earlier. But to further elaborate, my occupation is computer and internet based, so I’m constantly online (as with most bloggers and marketers).
Now, what’s left to do is some research to find an type of account that suits my personal needs.
Find High Yield Savings Accounts Online
The things that I am looking for in an online savings account: Well, since this whole article is about high yield accounts, it’s a given that high (or higher) interest rates is an absolute must. Normally, savings have lower interest rates, but recently, many banks, and most internet banks, offer higher interest rates for savings, as well as for checking.
On average, the minimum deposits you are required to make to qualify for rates above 4% ranges from $2,000-$5,000.
After doing some research, I realized that perhaps it would have been better to do this a year ago. High yield HSBC Direct and ING Direct aren’t what they used to be. They have both dropped to a rate of around 3.4%-3.8%.
Of course there are other options, but the reason I wanted to do business with them is that these companies are very reputable. Also, the opening deposit for both of those banks was just one dollar. That would be fairly ridiculous to start with such a scanty amount, but it’s just an option I like.
ING Direct seems to be having better reviews from customers. Not at high yield as I would like, but again…for me, reputation and reliability definitely trumps higher yield.
ING also has specials every once in a while. A little ways back, they offered a free $50 for opening an account. I’m not so sure as to the terms, but most of those who took advantage of that offer were very satisfied. I guess I’ll have to wait for another affiliate offer to come around.
Online Convenience | High Yield | High Interest.. Savings Accounts Preferences?
I’ll be updating you on my choices and the results of them in a later post. Feel free to offer your opinions and suggestions on all things high yield and banking.
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