6 Percent Online Savings Accounts
March 8th, 2007 |
There’s been a lot of talk lately about online savings accounts paying 6 percent interest on your money. But is this for real? Can you and I get 6 percent interest on our money?
I’ve done the research, and here’s what I’ve found out:
Companies with online savings accounts offer promotions from time to time to get your business. As we talked about before, they rent your money and pay you for the privilege of doing so. Some of them have offered 6 percent interest on your money but there’s almost always a catch:
- The offer is for a limited time only. You’ll only be paid 6 percent interest for a few months. After that you may find you’re actually getting a lower interest rate than you would at another bank.
- You need a minimum deposit of $10,000 or more to open the account.
- The offer is only given to new customers. If you’ve been saving with them for a long time you don’t get the ‘promotional’ interest rate.
Everyone wants a good deal. Everyone wants to get the biggest return on his or her money. But, if something sounds too good to be true, it probably is. That just might be the case with the 6 percent interest rate online savings accounts.
I’ve heard rumors that ING direct, the leader in online savings accounts, has something big planned. I suspect they’re going to blow everyone out of the water with some amazing new interest rates. We’ll just have to wait and see.
Speaking of saving money, how are your efforts coming?
For everyone in the Million Dollar Savings Club, we’re at week 10. So here are the standings:
Bronze savers are at $250
Silver savers (like myself) are at a cool $500
Gold savers are now rich. They’ve got an amazing $1,000 already.
Want to play along? Simply open an ING direct savings account and set it up just as I have done with mine.
Then pick which kind of saver you want to be and put it all on autopilot. You too will turn around in the blink-of-an-eye and be amazed at how fast you savings as grown.
Health Savings Account Insurance - Get instant quotes on High Deductible Health Insurance that qualifies for a Health Savings Account. Compare plans and save!
