Transferring Money: Online Savings Accounts Provide Unique Options

When it comes to high yield savings accounts, interest isn’t everything. On a $10,000 balance, the monthly difference in earnings between a 3.25% APY and 3.30% is $0.50. A more important question is: With this online savings account, how can I move my money?

Today’s top high yield savings accounts (FNBO, ING, and E*Trade) all have different policies on linking checking accounts and transferring funds in and out. You can link any of these online savings accounts with checking accounts and transfer money electronically in 2-3 business days.

But each of these banks has a unique competitive advantage when it comes to linking other kinds of bank accounts. Which model is best for you?

E*Trade — E*Trade’s high yield savings account enjoys a distinct advantage of being easily linked with a full-service online brokerage account for stock trading, as well as a free interest-bearing online checking account. For anybody with a healthy checking account balance and an online stock portfolio, E*Trade is your bank.

FNBO Direct — FNBO, voted best online savings account of 2008 by Kiplinger’s magazine, offers a great rate, simple service, and the ability to link up to three accounts to your online savings account. You’ll also get an ATM card to access your cash anytime.

ING Direct — ING Direct offers a no-minimum deposit interest-bearing free checking account along with its Orange Savings Account, but its real advantage lies in the saver’s ability to create an unlimited number of sub-accounts, making it easy to track for and save for multiple goals at one time.

For more information on where to save, read our comparison of high yield savings accounts.

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