If you're lookin for a place to stash your holiday cash, you might want a traditional CD to get a guaranteed rate of return. In this day and age, however, look no further than online savings accounts. They offer comparable rates to traditional CDs, but lack the restrictions of being able to pull out your money. So if you need access to your dough asap, or are looking for a temporary place to stash your cash and get a decent return without the penalites, look at an online savings account.
Here are a look at some of the biggest names in this arena:
ING DIRECT - 4.50% APY
- First big player on the market; interest rates have not kept pace with competitors
- $25 referral bonuses for recommending friends
Citibank E-Savings - 5.00% APY
- Convenient transfers/set up if already have Citibank accounts
- Requires Citibank EZ-Checking account
EmigrantDirect - 5.05% APY
- Big player offering one of the most competitive rates
- After peaking around 5.15%, interest rates have trailed off recently
E-LOAN - 5.38% APY
- Newest big player on the market, started offering 5.50% APY but has trailed off recently
- Still offering one of the most competitive rates
- Require $5,000 minimum for accounts
These are only a small handful of the biggest players, but by doing your own research you may be able to find better deals for smaller, regional players. Either way, set up your account and start making your money work for you!
One Love,
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