Ok, now I know what most of you are thinking. “He’s a High Yields Savings account whore!”. But that’s not it I swear, it’s just how things happened to come about. I’ve had ING Direct for some time now. They were kind of falling off on raising their interest rates, so I hoped on over to Capital One, which had a slightly higher rate. Then I heard about Emigrant and HSBCDirect, with higher rates still. So what’s a guy trying to save some money to do? Now there have been many, many different reviews of ING Direct, Emigrant, and HSBC Direct. I did a lot of research and finally I’ve decided what I’m going to do.

I was about to cancel my ING Direct account, when they came out with the Electric Orange online checking account. This account gives an interest rate of 3% on the balance. So I figured, even though the their interest rate is lower than most, the checking account is amazing. They have a Bill Pay service and a “send a check” service. The only reason it’s different from a normal checking account is that you can’t have a normal check book. Hey, I don’t use that thing anyway. Everything I do is automatically deducted. So I’m keeping the ING Savings account and the Electric Orange account.

HSBC has a huge interest rate of 5.05%. I picked them over Emigrant, which has the same interest rate, because they offer an ATM card (who knows if I’ll need it) and they have a 6.00% rate for new deposits until April 30th. So it’s just ING and HSBC. I promise, I’ll close the rest of them. lol. HSBC has this security feature where they snail mail you your temporary password, so that’s why even though I’ve signed up to them for a while, I only now got my password in the mail. I also had to snail mail them a copy of a utility bill with my name and address on it to verify my address, I guess. Who cares, they give me 5.05% right? One more thing though, they sent me one email with my routing number however, I can’t seem to find it anywhere else on the website. There is no link like ING has to set up your direct deposit.

Currently I have my full paycheck direct deposited to my real Wells Fargo checking account. For the next pay period I’m going to switch it up so that 25% is automatically deposited to the HSBC Savings account and the rest dumped into my ING Electric Orange account. Onward to happy savings. I wish a lot of you guys the same luck that I’ve been having with these accounts. Well, I haven’t made much yet, since I’ve just started working, but I plan to use this as my main savings option. I still wonder why people go to an actual bank and set up a real savings account and get 0.5% interest. It still boggles my mind. I guess some people like going to the bank and standing in line and talking to real people. I guess.

Popularity: 13%

Similar Posts

  • None Found