Online savings accounts

**Dave'sGirl** · 10-02-2006, 06:53 PM

Please help me thru the fear of opening an account....I've decided to go with HSBC...5.05% and there are 3 local branches. I'm just nervous. I'm not intimidated about doing anything online, it's just that I'm not sure how to get the money out when I will need it.

**marie_squared** · 10-02-2006, 08:24 PM

im not familiar with that bank in particular, but if there are three local branches, then im assuming that when you need to get money out, you just go in and withdraw it.

if you have your checking account with them as well, you can probably just make transfers online. my dh does it that way. but we use bank of america.

**Telephus44** · 10-02-2006, 09:04 PM

I've had two occasions when I needed to transfer the money from my online savings account back into my checking account, and both times it took two days (say transfer money on Monday and it was back in my checking account on Wednesday). I was able to get at the money when I needed it.

Hope this helps you feel better!

**became4347** · 10-02-2006, 09:15 PM

Don't let fear stop you! I have an Emigrant Direct account also at 5.05%. Also, I think that HSBC also offers an ATM card with that account. But anyway, go for it! I love my online savings account. When I need to access the money, I just log in and transfer it to my credit union checking account.

Sorry mariesquared, but what Dave's girl is looking into is a high yield online savings account. Yes, I, too could just transfer money back and forth from my credit union savings and checking online (just like your hubby and his BOA account). But average bank rates (and credit union rates) are terrible! That's what makes these on-line accounts so appealing.

Dave's Girl, you will have to have your account funded by your current bank account. It will be transferred directly on-line. They also will probably offer a snail mail option where you can mail a check, but just do it online. You will like it. I do. By the way, the rates will be falling because the Feds have stopped raising rates, thus these rates follow suit and stop going up and eventually will fall a little. For example, almost all of these were at one time 5.25% but now most are around 5.05%. Don't freak when it goes down a little. It still beats the heck out your neighborhood bank.

There are several you might want to check out: ING, EmigrantDirect, HSBC

Good luck!

**chatterweb** · 10-02-2006, 11:04 PM

I opened a 2 GMAC accounts online.

I put 8K in the Money Market account, and 5K in the CD...Don't ask me why I did it that way, I guess so we could not touch 5K...?

I transferred it from my WAMU account. I always say my, but, yes I have a hubby, he is just not into finances...

It was easy, and hard to spend, we did use some while DH was on SDI, but now we are trying to build it back up again.

Just make sure you remember the password, I use roboform for that!

**nuisance26** · 10-03-2006, 10:16 AM

~I had no idea online savings account rates were so high! I was so proud of myself last year for finding a local rate of 3.5%! Now I gotta do some research and move my savings. ~

**Dave'sGirl** · 10-05-2006, 08:25 AM

Well, gulp, I did it. Oh my gosh that's painful! There's soooo much personal info...I'm going to tremble all day. Til I get final notification anyway. I'm not sure what I'm waiting for...info wise. I did an initial $1.00 depost so I guess I'll wait to see that clear. What can I expect now? How do I find out my account #?

**Stella** · 10-06-2006, 02:58 PM

I am thinking about moving some of my money to a higher rate savings also. I am a little scared since there are not any local branches here. Do all of you have a local branch where your savings are? Is it just linked to your main account and then transferred?

**dcompton** · 10-07-2006, 11:17 PM

I have an HSBC on line savings and no local bank with them. You have probably already had to give them your checking account info for the initial deposit. You do others the same way. Log on, go to transfer money, and just tell them (with drop down menus) from which bank account to which (you can move money into and out of savings this way.) Then you set the amount to transfer and the date you want the transfer initiated.

After you submit it, you will receive an e-mail confirming the transaction (if I remember), one when the money has been deducted from your checking account, and another when the money has been finally credited to your savings account. The process will take about a week, but the interest rates make it worth the wait. It also takes about a week to tranfer money back out, so be sure to take that into account when you need to use it.

I have an account at Emigrant as well, but I like the layer of security for money transfers at HSBC -- where you type in your password on a virtual keyboard with the mouse. I have had good customer service with them. At the beginning there was a problem with my address -- whether my typing mistake or theirs I could not say -- but a call resolved it easily.

Good luck, and as others have said, set your worries aside. Think of yourself not as worried, but as outsmarting the local banks with their tiny interest rates!