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MoneyDecisions101 => Online Banking - Best Online Banks

A simple, 100% safe way to invest... Put your cash in online savings accounts to earn interest.

There are online banks which provide very good interest on your money. They require that you link your online account to your existing checking account. Then, money can be transferred electronically between the two. Typical interest rates (as of July 2007) are 4.5 to 5.05 APY.
Some of the best online banks include ING Direct (www.ingdirect.com), Virtual Bank (www.virtualbank.com), and Citibank. See the comparison chart on some of the top online banks below.


 

I personally recommend Virtual Bank and ING Direct. Both have very easy online interfaces where deposits and withdrawals can be done online. The idea is to move any excess money from your regular checking account to any of these online banks, to earn interest and make your account grow.

Note: You may want to read "Why Invest?", for a reason to open an online account.

Below, is a table conting information on the top, best online banks:
 

Bank
APY
Min
Open
Min 
Balance
Monthly
Fees
FDIC
Insured
Virtual Bank
Virtal Bank
www.virtualbank.com
4.60%
 $100
 No Min
None 
 Yes
ING Direct
ING Direct
www.ingdirect.com
 4.50%
 $1
 No Min
None 
 Yes
 Emigrant Direct
Emigrant Direct
www.emigrantdirect.com
 5.05%
 None
 No Min
None
 Yes
WT Direct
WT Direct
www.wtdirect.com
<$10K=0.60%
>$10K=5.26%
 
No Min
 None
 Yes
 HSBC Direct
HSBC Direct
www.hsbcdirect.com
5.05%
 $1
 No Min
None 
 Yes

 
 
 
 
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