If you talked to me anytime in the past year, I probably told you to open an EmigrantDirect savings account. The reason is simple, and it's also their tagline: "More money for your money." There's just no good reason to leave your money sitting around at your local bank making 0.62% or so in interest when you can rake in over 5% at EmigrantDirect.

The greatest thing about these high-interest online savings accounts is their ease of use. Just make all your deposits into your regular checking account and transfer money online to the savings account. In two to three days, the transfer will be complete and the interest will start accumulating. At least with EmigrantDirect, you can easily create multiple accounts to easily track different savings goals, too. Megan and I currently maintain a "furniture fund" and "rainy day fund".

While I've been extremely satisfied with EmigrantDirect, their annual percentage yield (APY) has dropped from a high of 5.15% to 5.05%. That's still pretty amazing for FDIC-insured, risk free savings, but now you can do even better. E-LOAN is offering 5.50% APY on their savings accounts. Just like EmigrantDirect, they claim not to charge any fees, but they do require an minimum initial deposit of $5,000. If that works for you, say hello to 0.45% more interest - close to the total amount you used to make at your local bank.

Posted by JoshC at November 6, 2006 10:26 PM

TrackBack URL for this entry:
http://www.joshchristie.com/weblog/mt/mt-tb.cgi/149

Listed below are links to weblogs that reference 'More money for your money' from Josh Christie's Weblog.

Name:


Email Address (not published):


URL:

Remember personal info?
YesNo
Comments: