or all of your savings account balance from your current bank to
an on-line bank.
Now I am not
advocating making a quick decision about your money so go ahead
and do some research. Also, you may want to keep a small
balance in your existing savings account so you can have
immediate ATM access to some money. Some on-line banks do now
offer ATM access as well so keep that in mind as well.
Do you have
money in an old fashion savings account that you won’t need
within three days of a withdrawal request? Typically your
on-line bank can execute a transfer request within 3 days so
your money becomes available. Do you want to increase the
return on your money? Do you even know what return you are
getting right now?
your last, or next, bank statement. If you’re tired of the
paltry interest rate, check out the link below. It lists a host
of on-line banking options and the interest rates they’re
offering. Depending on your situation, be sure to take note of
which banks require a minimum balance and which don’t. Choose a
bank that does not charge any fees. Also, make sure the bank is
backed by FDIC insurance.
What did I
do? I have moved all but a couple hundred dollars of my savings
to ING DIRECT online bank. I am not necessarily recommending
ING DIRECT, it’s just
the one I like. It has a very straight forward and easy to use
web site. My account there has no minimum balance requirement,
no fees, and is backed by the FDIC. I also make an automatic
monthly deposit from my checking account into the ING account.
You can setup scheduled or one time transactions to/from several
So, please do
yourself a favor. It really is simple to put your money in a
place where it will earn twice the return it does now. Do it;
in fact do it TODAY!!