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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?

FNBO DirectFNBO, 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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About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.

Comments

  1. Thanks for this. I’m in the process of researching online banks which is much more convenient than the local bank, especially since we move a lot. This is something to keep in mind.