Has anyone opened an online savings account? I was thinking of opening one with Ally - they seem to have to best interest rate. If you have one, are you satisfied? Any concerns/things I should think about?
I'm thinking this will help me spend less money - long story short, I used to have a lot more money in my savings account but I kept ringing up high credit card bills & having to dip into my savings to pay them. I've managed to build my balance up somewhat (having nearly depeleted it) and I want to put some of the money in a different savings account (with a different bank). I know that if I don't have that cushion, I'll be more likely to make smart choices with spending. And I know I won't transfer money between the two because I'm too lazy for that, so the online savings account prob. won't be in any danger of dwindling.
TIA!
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Know first, who you are; and then adorn yourself accordingly. - Epictetus
I'll ask DH which one he heard about that's supposed to be good. One of our family members is an accomplished financial advisor, and he got the recommendation from him.
I'd probably go with ING or Emigrant - both have been around for a long time and are very reputable. I have an account at each actually - I found the Emigrant account easier and faster to set up and transfer money to/from, personally. We use them for our emergency fund (Emigrant) and savings for specific goals/items (ING).
I was finding our savings too accessible when they were right there on the same screen with our checking account, like you are. It's just too easy to click 'transfer' ... now we have it set up to make an automatic transfer every payday from our checking to Emigrant, and an automatic transfer once a month from Emigrant to ING for our specific savings goals. It makes the ING money even harder to get to, because I have to transfer back to Emigrant and then to our checking to get ahold of that money.
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To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment ~ {Ralph Waldo Emerson}