Comments on: The Pros and Cons of Online Savings Accounts

By: Some great personal finance reading for 7-25-10

Some great personal finance reading for 7-25-10 — Sat, 23 Apr 2011 01:57:07 +0000

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By: PerkStreet Perks Roundup

PerkStreet Perks Roundup — Sat, 07 Aug 2010 21:33:09 +0000

[...] The Pros and Cons of Online Savings Accounts -When it comes to online savings, there are positives and negatives. @Rainy Day Saver, I asked “should you overlook the negatives to use one of these accounts?” And how will they improve over time? [...]

By: Financial Samurai

Financial Samurai — Sun, 01 Aug 2010 16:29:01 +0000

I have 40% of all my savings at USAA.com, which is online. I do b/c they offer the highest CD rates around i.e. 3.55% for a 5yr CD, and 3.85% for a 7yr CD.

I love USAA, and also love the idea I have locked this money away earning 4% interest (deposited earlier this year), and won’t have temptation to retrieve it.

By: Jim

Jim — Fri, 30 Jul 2010 18:11:49 +0000

the biggest down side to any online or banking savings accounts is the lack of return.

im not going to pull my money out but at some point they are the beneficiary of being able to lend money and i get pennies on the dollar…

By: Forest

Forest — Sun, 25 Jul 2010 14:45:08 +0000

I must admit the lag on my online accounts is helping me be far more considerate to moving cash around, great point there!

By: Tweets that mention The Pros and Cons of Online Savings Accounts • Rainy-Day Saver -- Topsy.com

Thu, 22 Jul 2010 21:11:48 +0000

[...] This post was mentioned on Twitter by Money Matters, Nicole Canfora Lupo. Nicole Canfora Lupo said: The Pros and Cons of Online Savings Accounts http://bit.ly/9ZP8Qp (guest post by @ptmoney) [...]

By: PT

PT — Thu, 22 Jul 2010 20:56:34 +0000

Great point, Jessie. I use that feature too. Love it. Makes it a snap when combined with the new goals feature of mint.com.

By: Money Obedience

Money Obedience — Thu, 22 Jul 2010 18:59:52 +0000

Great list. – Change!? Hardly anybody likes change, even though constant change is exactly what is necessary for progress. My neighborhood bank has also changed and offers such modern amenities as an ATM machine (which only became popular in the late 1980s) and online banking. How is the online banking at my neighborhood bank different from internet banking at an internet bank? It is different only in one way. I can refuse to use the ATM machine or online banking at my neighborhood bank and still do banking business.

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Thu, 22 Jul 2010 15:56:10 +0000

I hopeonline banks have a great future in front of them, because I am a HUGE fan of ING and appreciate the benefits of Smarty Pig as well. I’d hate to be relegated back to brick and mortar banks only now…

By: Jessie

Jessie — Thu, 22 Jul 2010 13:48:31 +0000

I agree with your pros/cons of online savings accounts. I’m a big fan – and feel that the pro’s outweigh the cons.

Further, I love that (with ING at least) I can have as many savings accounts as I like different ‘funds’ or ‘pots’ for everything I’m saving for.