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Unread 2014-04-30, 04:55 PM   #8
Ricerking13's Avatar
Join Date: Jun 2004
Location: Scottsdale, AZ
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Originally Posted by impaul4 View Post
First, by online I mean a non-brick and mortar. I am curious to see if anyone has any online savings accounts. I currently have a BoA that yields 0.08% and I have been looking online at some that yield an insane 0.85-0.95%. How is this possible that it's 10x what BoA or other brick and mortar stores offer?

I am looking at Discover, Ally Bank, American Express and GE Capital Bank. Anyone have experience with any of these? I'm wondering if there is a gimmick or string attached to any of them?
Nope those rates are all accurate.

Big banks don't pay squat, hardly ever have... the smaller/online you get, the better the rate.

Personally, it's not even worth leaving money in at less than a percent to me. I'd rather have quick access to it.

Eventually rates will get better... but at 1% with Ally or Discover, I'd rather have quick immediate access to my $10k savings, than earn $100 if I'm fortunate enough to not touch it for a whole year.
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