• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Free From Broke

A Personal Finance Blog for Regular Folks

  • Home
  • Personal Finance
  • Debt
  • Saving
  • Investing
    • Best Online Brokerages
  • Taxes
  • Credit Scores

Online High Yield Savings Account

How I Love Thee ING Direct, Let Me Count the Ways – Savings, Checking, and More

Published or updated October 23, 2013 by Glen Craig

I’ve had a high interest savings account with ING Direct going back to 2003.

I was at my parent’s house doing my taxes on their computer with Turbo Tax.  At the end of the session an ad popped up with an offer to sign up to ING Direct’s online savings account and get what I recall a $50 bonus.  I had heard of them before but being 2003 I was skeptical of online banking.  But since ING Direct required only a dollar to sign up I figured it was worth doing for nothing more than the $50 bonus.

[Read more…] about How I Love Thee ING Direct, Let Me Count the Ways – Savings, Checking, and More

Filed Under: Bank, Saving Tagged With: Electric Orange Checking, high interest checking, ING Direct, ing direct savings, Online High Yield Savings Account, open a bank account online, ShareBuilder

You Need An Online High-Yield Savings Account – 9 Reasons

Published or updated October 13, 2013 by Glen Craig

Do you have an online high-yield savings account?  If you don’t you need one!

Let me tell you why:

1. Brick and Mortar Interest Sucks

I just checked the interest rate on my savings with the brick and mortar bank I do my checking with.
Ready?  0.20% APY!

It used to be that banks would offer a decent interest rate on savings to get you store your money with them; not quite the case anymore!

2. Many High Yield Online Savings Accounts Offer Better Interest

I use 360 Savings for my online savings.  You won’t be Bill Gates rich with their rates but it is MUCH better than what the average brick and mortar bank offers.  As your saving go up that interest starts to get well…interesting.

If you do a little research you’ll find banks with higher interest on their online savings than 360 Savings.  Let me tell you, that interest adds up!  I love seeing how much I’ve earned every month and at the end of the year.

3. Automatic Savings

Most online banks will let you set up automatic savings.  What this does is pull a set amount at whatever time you set up to be pulled into your online savings account.  This could be from your checking account or even from your paycheck if it’s direct deposit.

Why automatic savings?  So you don’t have the opportunity to spend the money first then try to save!  Even if it’s a small amount it will add up over time (and that money earns interest and so on…).

4. Bill Pay

cash_change_moneySome online banks offer the ability to pay your bills from the site.  Another option is using your routing and account numbers to set your account up to pay from on the site you have a bill with.  For instance, we set up our car payment to pull from our online savings account.  This way we don’t have to worry about having enough in our checking to cover the bill every month (we have more than enough in our savings to cover this).

Yes, you can do this from a checking account as well but the money you need to keep there won’t be earning interest in the meantime.

5. Out of Sight, Out of Mind

In a lot of brick and mortar accounts your checking and savings are accessible from an ATM.  Falling short of funds in checking?  Pull it outta savings.  I don’t have access to my online savings at an ATM.  As a result I don’t have that money staring at me every time I need an ATM.

My savings stays saved!

6. Relatively Easy to Access

So I can’t pull my savings from an ATM.  That’s ok.  If I should ever need it then I can have my money transferred to my checking in a few days or so.  The money is still pretty easy to get should I need it but not so easy that I could take the savings for an impulse buy!

7. Use of Sub-Accounts/Multiple Accounts

With 360 Savings you can set up multiple accounts under one customer number.

Wanna save for a new car?  Create another account just for that purpose.  Wanna show your child about the power of saving and compound interest?  Set up an account for her to put gift money in.

In fact you can set up automatic savings for any account as well.  When my wife and I were engaged we set up an account to help save up for the wedding.  The options are limitless!

8. Great spot for Emergency Savings

Some might say online savings isn’t liquid enough for emergency savings.  I say it depends.  For us it’s a great place to stash emergency funds  which will also earn interest!

9. Great Customer Service

This one depends on who you use for your accounts.  Again, we have been using Capital One’s 360 Savings for their high-yield savings for years.

Every time I’ve called I’ve gotten friendly, helpful people who were able to answer my questions and handle my needs without any problems.  That’s a huge reason why we haven’t switched our account somewhere else with slightly higher rates.  Knowing that my bank can handle any issue I have without being on hold for half an hour is important to me.

That’s just nine reasons.  I’m sure there will be many more in the comments!

Click here to get started with the online savings account we’ve been using – 360 Savings.

A high-yield savings account can be a great instrument if you are serious about building up your savings.  Make sure you check the fine print for any account you plan before you sign up.  Know what fees and money limits are involved and any penalties you might incur for taking your money out.  Check online to see how well people like the bank’s service.

Filed Under: Bank, Saving Tagged With: ING Direct, online banking, Online High Yield Savings Account, Online Savings Accounts

Primary Sidebar

A Little About Me

Glen CraigI'm Glen Craig - I used to live paycheck-to-paycheck, drowning in credit card debt. I turned that all around and now I build wealth rather than debt.

My goal is to make personal finance easy for you.

More ABOUT me.

Join our email list (FREE) and never miss an article!


Free From Broke as seen on

Follow Us

FacebookGoogleTwitterRSS



Follow @freefrombroke

Top Articles

  • Use Google Calendar To Pay Your Bills On Time
  • 9 Things to Do When You Retire
  • Side Hustle-Make Extra Money Cleaning Homes
  • Four Ways You Can Pay Off Your Home Mortgage Faster
  • Don’t Forget Your 401(k) When You Leave Your Job! Here’s What You Can Do With It
  • Your 4 Step Guide on How to Stop Living Paycheck to Paycheck
  • What Is A Mortgage Escrow Account?
  • This is Why Your House Isn’t Selling – Here’s How to Finally Get Your House Sold
  • 7 Ways to Get Rich Quick
  • What is Renter’s Insurance and Why You Need It
  • What Is a Probate Lawyer and When Would You Use One?

Recent Articles

  • Money Market Account VS Savings Account – What’s the Difference?
  • Five Ways Fantasy Baseball is Like Personal Finance
  • Tools to Help Organize Your Taxes
  • Don't Let Your Goals Fizzle Out! - 5 Reasons Goals Fail, and What You Can Do To Make Yours Succeed
  • What Do You Think of New Year's Resolutions?

Tools to Improve Your Finances

  • Online High Yield Savings
  • All About Online Checking Accounts – Why Pay More Fees Than You Have To
  • Personal Capital Review - A One Stop Financial Center
  • Online Brokerages That Won't Break Your Bank
  • Credit Karma Review - Get Your Credit Score and More
  • CD Rates
  • Savings Rates
  • Mortgage and Refinance Rates
TurboTax Review HR Block Review Shoeboxed Review

Follow Us On Pinterest!

Follow Free From Broke's board Most RePinned and Popular {Free From Broke} on Pinterest.

Footer

More

  • About
  • Archives
  • Contact Us
  • Get Our Newsletter

More Recent Articles

  • Think Long Term When Shopping Black Friday and Cyber Monday
  • 10 Essential Tips For Shopping Black Friday And Cyber Monday That Will Save You Money
  • How to Improve Your Credit Score Fast
  • What is a Refund Anticipation Loan (RAL) and is it Worth It?
  • Paying Taxes with a Credit Card: Pros and Cons

Disclaimer

Free From Broke is for general information or entertainment purposes only and does not constitute professional financial advice. Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

© 2007–2025 Free From Broke A Personal Finance Blog For Regular Folks – All rights reserved.

No content on this site may be reused in any fashion without written permission from FreeFromBroke.com | Privacy Policy | Sitemap

Copyright © 2025 · Metro Pro on Genesis Framework · WordPress · Log in

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Go to mobile version
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.