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Online Savings Account

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I set up an online savings account that is tied to my checking account. I have an automatic transfer each month into the account. Because it's an online account, I can't get to the money quickly or easily. If I withdraw money, it's because I really need it. The interest rate is higher also!

- Submitted by STORMTMB 3/27/2010 in Saving Money | 2 Comments
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Member Comments

STORMY724 11/20/2010 1:30:00 AM

    This is a great idea. However, local banks in my area offer pathetic interest on savings options. I search online to find banks with higher interest rates for online savings or money market accounts. I tie those accounts to my local checking so I can deposit money &, if I absolutely need money, it can be transferred to checking, but it takes a few days, so impulse buying is not an option. I set up two accounts. One is for saving permanently. The other is for temporary savings. I calculated how much I have to save each month for infrequent expenses like property taxes, quarterly estimated IRS payments, life, auto & homeowners' insurance, etc. I put that in the temporary account where it earns interest until I need it. There are probably several sites where one can search for better interest rates. I use bankrate.com. Costco offers several Capital One Bank options, too.
WHITEANGEL4 3/27/2010 11:03:00 PM

    I have an online debit card that I transfer money to. this is my personal spending money and I cannot get spending money from other places. I have to really want an item to purcase it. this has really cut down on my buying

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