Note: This post was migrated from my old blog software. It hasn't been cleaned up yet (and might not ever be). Don't be surprised if the formatting, links, images, etc... are messed up.
E-Trade has recently started offering a great saving account that
they call "Complete Savings". It's your basic bank savings account
except for the fact that they are offering roughly 5% Interest.
They have a list of their rates
All the savings accounts I've had before at traditional banks have
had less than 1% interest. For example, I have a Wachovia savings
account and their interest rate for balance (like mine) less than
$10,000 is 0.2% The E-Trade Complete Savings has no minimum and you
can start the account with as little as one dollar. Taking the
compounding out of it for now, let's say you put $1,000 in the
E-Trade account and $1,000 in a Wachovia type account. After one
year The E-Trade account would have made $50 compared to $2 from
the competition. To use E-Trade of course, you have to be
comfortable with Online Banking. Personally, I don't have a problem
with it. In fact, I've been using E-Trade since about 2000 (if
memory serves). In fact, I use them as my primary bank these days.
In regards to the Wachovia account I mentioned earlier, I still
keep that one open cause every now and then, I want to be able to
walk into a branch. Also, I use Wachovia for my ATM since they are
right across the street from me. This way I avoid racking up ATM