Trim the Bills to Reap Savings

A little more than a month ago, I married to the most wonderful man in the world and as finances changed I began to take a harder, closer look at our household budget to find places we could trim-the-fat. One of those places was our internet service provider—who by the way could not print an understandable bill. As I searched our local offerings I settled on a reputable provider—who we’ll call Company A. As I spent a few moments with the person who answered the phone I found out that I would need a letter from my landlord, a letter from the homeowner’s association of our condo complex and a pint of blood—okay not really a pint of blood but it sure felt like it—and thankfully I discovered before trying to obtain the requisite permissions they did not actually service my part of town.

I quickly moved on to Company B, I asked all the right questions and made triple sure they serviced the condo complex in which we live and when all the answers were positive I scheduled the appointment and anxiously awaited the installation day. And as a disabled woman who works from home with the aid of the internet each day without service was another day without potential income and without my window-to-the-world. As the doorbell rang I had a feeling of relief but faster than I could utter the words: Are you kidding me? The technician informed me because the unit I live in is not within line-of-sight of their tower they would need the same set of permissions to do a roof installation. Really? Again!

Fed-up I abandoned my usual “shop local” mantra and took my search global. I finally settled on a very reputable regional provider with an online presence but no local storefront. And it is then I learned a most valuable lesson—one which I thought I knew—it always pays to shop around. After spending about 20 minutes in an online chat (from the library) with an amazing customer service representative from Company C and asking at least ten times—okay three or four times—if they really did service my building I cautiously agreed to arrange one more appointment. Then much to my utter surprise Company C offers an internet-only special where their service is discounted more than 50-percent off for the first six months and I could install it myself. And then if I wasn’t stunned enough after the introductory period Company C is at least $7 less per month than the next least expensive local provider.

My usual “shop local” self feels only a little twinge of guilt about taking my business outside of the community—but since I have no choice but to give so much of my money to non-local gas companies I have decided I have no problem giving Company C my money. But I still “shop local” whenever possible and fresh with the reminder “it always pays to shop around” I am looking for more ways to save as much money as possible because summer is coming fast and I’ll need it to afford gas.

The takeaway from this story is that your personal economy can see signs of recover and you don’t need to wait around for anything. Do something to day to cut your bills down and increase your savings.

Aurora Bank is one of the most customer-centric online banks so if feeling like you are a partner with your bank is important to you then Aurora Bank will give you a great online bank experience. And even better than their customer service, your online checking account with Aurora Bank puts you in the driver’s seat with super easy access to your checking account.

The Nuts and the Bolts

As of 14 May 2011, the APY is 0.84% on balances above $1000 (5 October 5, 2010, the APY is just .10%)  but the website, www.aurorabank.com, appears to have offered graduated interest rates according to your balance at one time according to the currently posted rate schedule. Perhaps watching the website for changes would be in your best interest if you carry a high balance. The rates are clearly posted on their website in a simple, easy-to-access manner. There is a $1000 minimum daily balance to earn interest. As long as your account maintains the daily balance requirement, no fees are assessed. However, should your account dip below daily balance requirement the $5 monthly account fee is certainly modest compared to many other online checking accounts.

Click. Click. Click.

While Aurora Bank may not offer the highest interest rates, accessing your money is just a few clicks away. Aurora Bank’s great online access allows you unlimited money transfers to and from your Aurora Bank or other institution accounts. You also have a Visa® Debit Card which gives you access to ATMs and retailers which may be absent from other online checking accounts. And should you incur any out-of-network charges, Aurora Bank offers three to 10 fee rebates per month according to your account status (basic, preferred or gold—assessed according to your average daily balance). And because they believe it is your money and you should be able to access it whenever you need to, transactions, check writing and withdrawals are unlimited. What Aurora Bank lacks in high yield interest it certainly makes up for in account access.

Aurora Bank Interest Bearing Checking—The Bright Spots

Their devotion to customer and community service is one of their most distinguishing features so if giving your money to a bank who gives back is important to you then Aurora Bank is an excellent choice. The website is easy to understand and use compared to other online banks. And while the checking account interest rates are not among the highest in the industry, their fees are among the lowest. If maintaining a minimum balance is an issue, perhaps this is the online checking account for you. And if you are new to the world of online banking, Aurora Bank could not have made accessing your money simpler. This would be a great “starter” account for anyone.

Corporate Strength and Security = Piece of Mind

In the tumultuous banking world of today it can be difficult to know on whom to trust especially when it comes to trusting an online bank with your money. If trust is a big issue for you but you are ready to move your accounts online then HSBC is “the world’s local bank.” And if that isn’t enough, the bank is rated as one of the best online banks in the world by Forbes Magazine.

A Checking Accounts for Anyone

HSBC has made online checking accounts easy for anyone. There are no minimum balance requirements so you can have the piece of mind you are not going to be assessed fees for dropping below a minimum balance requirement. There are modest account fees according to four different levels of checking—from the basic personal checking account to high balance business checking accounts. The monthly account fee schedule is easy to find on the website. The chart is really self-explanatory but with all the options it might seem a little confusing knowing which account might be best for you. Three of the accounts are eligible to earn interest as a money market checking account. The checking account interest rates are on-par with most of their competition. Depending on your account level there may be limits on the number of checks and withdrawal slips processed each statement cycle and for excess transactions will incur a modest charge (as low as .35 cent per item).

Bonus Services and other Freebies from HSBC

One feature which sets HSBC Bank apart from its competition is all accounts have the RecordCheck® feature which holds a digital image of all checks online so the days of filing, storing and searching for cancelled checks are over. RecordCheck® is a free feature. However, free internet banking is available on all online accounts with internet bill paying as an optional service. Each account also offers a free HSBC Debit MasterCard® for near-universal access to your account. Overdraft protection and direct deposit are available on all accounts. Each account level offers bonus and free services exclusive to that level.

Checking In a Nutshell

With millions of customers worldwide HSBC’s experience makes this bank an attractive choice for online banking. As online checking accounts go, HSBC has many features other banks do not. The fees are also some of the lowest making HSBC on of the best online checking accounts in the world.

Nationwide Bank—Financially Sound

As one of the few banks to actually grow during the recession, Nationwide Bank has a strength few other banks can offer.  They are one of the best online banks in the industry.  They have many bank products but their online checking accounts offer two options—interest or non-interest bearing.  Either account is easy to open and easy to maintain.

Direct Checking—Basic but not Boring

The Nationwide Bank direct checking account is just like the typical account you would find at your corner bank but with the added flexibility of an online bank account. The Nationwide Bank direct checking account has one of the lowest opening balance requirements in the industry.  Once the account is open, with direct deposit, there are no fees or minimum balance requirements.  If you opt not to use the direct deposit feature the account fee is just $5.

Interest Checking—A Step Above

Your Nationwide Bank interest checking account has all the features and benefits of the direct checking account in an interest-earning package.  But even this high interest checking account has a unique feature.  This account allows you to have multiple co-signers with Rights of  Survivorship for no more than three additional people.  As you compare checking account interest rates you will also find this account to be competitive with other financial institutions.  There is a $10 account fee for balances below $3,000 or $5,000 in combined Nationwide Bank accounts.  Overdraft protection is also available with a linked savings account.

It’s Your Money You Should Keep It

No matter which online checking account you choose Nationwide Bank is committed to the belief you should keep as much of your money as possible.  Your first order of checks is free as are online banking and online bill paying.  A Visa® Debit Card gives you amazing access to your money wherever, whenever you need it.  Money transfers between all your accounts at Nationwide Bank or not are always free and unlimited.  Each month you are also allowed four non-Nationwide Bank ATM transactions for the direct account but six are allowed with the interest checking account—host ATM fees may apply—excess transactions incur a $1.50 transaction fee.

The Highlights of Nationwide Bank Checking Account

Nationwide Bank is one of the best online banks and it has one of the best online checking accounts.  If you are new to online banking the virtually fee-less account makes online banking simple.

Harris Bank—A Tradition of Excellence for Over 100 Years

Harris Bank started as a money management company in 1882 and was officially chartered as a bank 1907. Since then Harris Bank has had a reputation for serving some of the nation’s wealthiest people. The bank is consistently rated with AA and higher ratings by all domestic rating agencies. While an established brick and mortar bank in Illinois, Indiana and Wisconsin, Harris Bank is now globally accessible as an online bank at www.harrisbank.com. The company trades on all major exchanges as HRS. Harris Bank offers a full range of banking and investment services.

Certificates of Deposit—High Rates for Stability

The Harris Bank certificate of deposit is available in a variety of terms and minimum balances for maximum flexibility to meet your online savings goals. Terms begin as short as one month and range to 60 months. Minimum deposits start at $1,000 so no matter what your savings account goals you will find some of the best CD interest rates on or offline. As of this Harris Bank review done in 2010 the maximum interest rate on a certificate of deposit is 1.40% APY. As with all CD’s the account rolls over at maturity for a new term and carries penalties for early withdrawal.

Harris Bank Money Market Accounts—Golden Rates, Liquid Access

For the customer who likes a good interest rate on savings but also needs the access of a checking account the Harris Bank money market account is the perfect solution. Harris Bank actually offers two types of money market accounts—the standard account and the Harris Relationship money market account. The standard account has a minimum opening balance of just $100 and offers tiered interest rates according to the average daily account balance. The Relationship money market account has a minimum opening balance requirement of $10,000 but offers the best money market interest rates, currently .65% APY.

Five Ways to Save

Our Harris Bank review shows that Harris Bank offers five different long-term savings accounts. For younger customers, bank’s minor savings account with a minimum opening balance of $25 is a good, safe way to give youth the savings habit. This account earns a modest 1% on any balance. The statement savings account has a minimum opening balance of $100. The IRA Prime Money Market Account offers long-term savings, high interest rates and moderate flexibility. The account can be open with a $500 deposit. The Premium Savers/IRA Premium Savers account needs a $2,500 opening balance and a minimum balance requirement of $5,000 to earn interest. The last savings account is a specialized account called a Health Savings Account. It has some of the highest interest rates available but is strictly for medical expenses. All the non-youth accounts, including the health savings account have tired interest rates according to the average daily balance of the account.

A Checking Account for Everyone from Harris Bank

No matter which checking account suits your needs, all Harris Bank online checking accounts earn interest. With several options there is an account to fit your needs whether you are in the market for a basic online checking account or if you are interested in the Platinum Plus account. The Platinum Plus account has a $10,000 minimum deposit requirement whereas all other checking account options open for as little as $100. With every Harris Bank personal online checking account there are also Harris Extras which give the account holder many added benefits such as free checks, unlimited check writing and the elimination of fees for debit and credit cards. Extra members will also have a .25% bonus added to many of the bank’s already high interest rate savings accounts. Members have enhanced banking options on their accounts and are eligible for discount on a variety of home, personal and mortgage loans.

Exclusive Account Benefits

While doing our bank review on Harris Bank, we noted the several exclusive benefits. The Harris Switch Kit offers step-by-step instructions to port-over all your existing accounts to Harris Bank and even provides the proper forms to close your old accounts. Then for a modest membership fee the Harris Lifestyle Benefits program enhances selected accounts. The Lifestyle Benefits program also provides members with travel, lodging, entertainment and shopping discounts and service programs. As a member you will also have free checks and enhanced rates on savings accounts and the many types of loans offered by Harris Bank. The Benefits program also offers travel insurance.

Additional Financial Services

To round out the traditional online bank services, Harris Bank also offers several different types of loans including mortgages, financial advisers including brokerage accounts, and debit; credit and gift cards. The bank has an online bill payment center, a fast loan payment service and Harris Total Look—which organizes all of your online accounts in one secure place with one password for the utmost in access and convenience. Harris Bank can also service business customer accounts.

Things to Remember about this Harris Bank Review

In conclusion of our Harris bank review, we realized that Harris Bank has had over 100 years experience and in that time has conceived a checking or long or short term savings account for every possible need you could have. The bank offers some of the best CD rates available with very flexible terms. The current money market interest rates are on-par with the competition but Harris Bank has an advantage over most other banks with its members-only services. And their traditional savings accounts appeal to the young and the young at heart with accounts tailored for youth and seniors and everyone in between. The bank’s checking accounts are easy to open and easy to manage, access and maintain. They also offer high interest rates on their checking and savings accounts. Harris Bank has several exclusive benefits and programs you won’t find at other banks and brings the full-scope of financial services to your fingertips with several types of loans, credit and investment products. Harris Bank also serves business customers with the same value-added programs as are available to personal accounts. Hands down Harris Bank is one of the best online banks to off such a wide range of financial services.

State Farm is one of the most trusted names in the insurance industry and it is rapidly becoming one of the most trusted names in personal online banking.  The bank offers many financial services including online checking accounts.  You have the option to interest or non-interest bearing accounts.  State Farm Bank is also one of the few online banks to offer account materials and customer service in Spanish.

In Your Best Interest

Interest checking at State Farm Bank offers some of the best interest rates available which are assessed according to your zip code.  Finding the interest rates at www.statefarmbank.com is very easy.  You just click on the interest checking account link and enter your zip code then the customized, graduated rate schedule appears.  It is very easy to understand.  To earn interest on an account there is a minimum daily balance of $2,500 but the account can be opened with as little as $100.  All interest is compounded daily and credit monthly.  Deposits begin earning interest the moment they are received.

Traditional Checking at State Farm

Opening at State Farm online checking account is very similar to the process at your local bank.  The account does have the same opening balance requirement, $100, as the high interest checking account.  With multiple ways to access your money and make deposits chances are you won’t even notice the difference in having an online checking account.

Shared Account Features

Both checking accounts have many shared features such as 50 free checks and a free ATM card.  Overdraft protection is also available with a linked savings account.  The accounts can be accessed 24/7 online or by telephone.  Checks and deposits can be conveniently viewed online as you access your account.  Online banking and bill paying are free.  And you can receive statements online or by mail.  State Farm Bank also allows account holders to be as young as 13 years old with at least one other account holder over 18 years old which is unique for online banks.

Points to Remember about State Farm Checking Account

State Farm is one of the most respected companies in the world and it is quickly becoming one of the best online banks.  There are two options to choose from—interest or non-interest online checking accounts.  Both accounts have a minimum opening balance of $100 but to earn interest the average daily balance must be at least $2,500.  State Farm Bank is one of the few internet banks to have account materials available in Spanish and to allow youth account holders.
Check out our other pages on State Farm Bank:

• State Farm Bank Review
• State Farm Bank Certificates of Deposit (CD’s)
• State Farm Bank Savings Account

Discover Bank is consistently recognized as one of the best online banks. Many of their products boast some of the highest interest rates in the industry; their high interest money market account is no exception. As you compare online money market accounts, the current 1.20% APY rate is hard to beat.

Uncovering Discover Bank’s Money Market Account

The Discover Bank money market account is fairly easy to understand. An opening deposit of $2,500 is required and the balance must be maintained to earn interest. The interest rates are graduated according to your average daily balance so the higher your balance the greater return. However should your account dip below $2,500 the $10 fee will affect your rate of return. While the money market interest rates are easily accessible via www.discoverbank.com, the rules and fee schedules are several clicks away or buried in tiny fonted footnotes at the bottom of the page. But for money market interest rates that are generally five times greater than the national average perhaps the search is worth the rate of return but it doesn’t seem to be customer-friendly. The rules of this high yield money market account are not dissimilar from the competition so it is curious they are so hard to find.

How’s the Access?

One of the strengths of an online money market account from Discover Bank is being able to access your money with a Discover Card, which as you know has near-universal acceptance. You can also use the Discover Debit Card or paper checks for purchases and bill paying. Online money transfers are also a breeze. But as with the fee schedule and rules of the account readily finding the transaction rules is a bit of a search from the website. Buried in a footnote you find the account is allowed six transfers per statement cycle but it is not until you click through the fee schedule and squint to read another footnote that you “discover” only three of the six transfers can be made offline in the form of a check, debit or draft from the account.

The Wrap-Up on Discover

If you are willing to take the time to uncover the account rules and fees the Discover Bank money market account consistently out-paces the money market rates of other online banks. The current money market rates are up to five times that of the APY of other banks so you are certainly going to earn the best money market rates available. If you decide the search is worth the great rates, opening a money market account with Discover Bank is really simple and their customer service department is very helpful.

Dollar Savings Direct—Emigrant Bank, One in the same

Emigrant Bank was established in New York in 1850 by Irish emigrants.  It had prospered into one of the nation’s largest savings institutions by 1920.  Still headquartered in New York, Emigrant bank spawned Dollar Savings Direct as its online banking unit though the website is not specific about when it was launched.  However as of December 31, 2009 Emigrant Bank and its partner banks held $15.4 billion in assets, $12.9 of which is solely Emigrant Bank’s.  The bank is still going strong after 160 years and now Emigrant Bank’s online bank division Dollar Savings Direct is offering one of the best internet savings accounts.  Currently the APY is 1.20% as of May 11, 2010, the most recent rate quote on the website www.dollarsavingsdirect.com.

About DollarSavingsDirect.com

If you have been shopping all the online banks you will notice they usually adhere to a basic format of which Dollar Savings Direct seems unaware.  In our DollarSavingsDirect review, we gave their website, dollarsavingsdirect.com a low rating. At first glance the website appears amateurish.  The home page is very sparse and fails to convey much information other than the current 1.20% APY and “account highlights.”  To learn more about the high interest online savings account one must click on the “learn more” button in the center of the page.  Keeping with the sparsely designed home page, the “learn more” page is basically a list of the online savings account particulars.  And when the “learn more” button leaves you with questions just click the “F.A.Q” button which does a really good job of addressing the most common questions in a straightforward manner.  It is not until you click through to the “F.A.Q” page that you will learn Dollar Savings Direct Bank offers high yield savings accounts as well as certificates of deposit.  Unfortunately the cd interest rates are not available on the website and you must have an active savings account before you can open a certificate of deposit account.  Perhaps the nominal web design is part of how Dollar Savings Direct can offer some of the best savings interest rates on the internet but the website is lacking in comparison to other banking websites.

Opening Your DollarSavingsDirect High Yield Savings Account

Opening a Dollar Direct high interest savings account is easy enough: you fill out a simple online form and make an initial deposit of $1.000.  After the bank account is active there is no minimum balance requirement and you are never assessed fees or surcharges of any kind.  The variable interest rate fluctuates with the market but it is compounded daily and then credited once a month.  For your convenience your account may be linked to your checking account at your current bank.  Actually Dollar Savings Direct allows you to link two checking accounts to your online savings account.  It is also very easy to set up automatic transfers and direct deposit from the online banking portal once your account is established.  Statements are issued monthly and are available online for 24 months.

Recap of Dollar Savings Direct Bank Review

As our Dollar Savings Bank review concludes, know that DollarSavingsDirect is the online financial arm of Emigrant Bank which carries a 160-year tradition of being one of the best savings banks in the country.  As of this writing Dollar Savings Bank is advertising a 1.20% APY on its high interest savings accounts. While there is an opening balance requirement of $1,000 the account is fee-free and you are not required to maintain the $1,000 balance.  As with all the best online banks you have 24/7 access to your account and the insurance of the FDIC.  In terms of interest rates Dollar Savings Direct really has one of the best online savings accounts in the industry. To see a full review of Dollar Savings Direct Savings Account

In three words: fantastic interest rates.  As you compare online savings accounts, a high yield savings does not get much higher than 1.00% APY. DollarSavingsDirect hosts one of the best savings account. As one of the highest saving rates available, an online bank account from Dollar Savings Direct is a no-frills way to maximize your return.  While DollarSavingDirect.com leaves a lot to be desired in terms of easy access to information.  However, the company has been in business for over 160 years and there is strength in both its history and its track record as one of the best bank financial institutions in the nation.  And as you compare online savings account interest rates there is no disputing your Dollar Savings Direct account has one of the best savings rates available.

Ready, Set, Save with Dollar Savings Direct

Accounts must be opened with $1,000 but there are no daily balance requirements or fees of any kind.  The only requirement is you have an existing and active personal checking account at any traditional or online bank.  Interest is compounded daily and credited monthly to take advantage of the best daily rates as they are available.  Since the account’s rates are variable and reflect market conditions the daily rate maybe higher or lower than the 1.00% APY.  However, all Dollar Savings Direct accounts are backed by the FDIC so regardless of market conditions you know your money is safe.  Your Dollar Savings Direct high interest savings account can also be linked to up two other accounts one of which is the checking account used to fund this online savings account.  The funding account becomes your means of access to your Dollar Savings Direct online savings account.  Since you access your savings account through an existing checking account there you are never assessed ATM or other transaction fees so your high interest rates are not consumed by fees.  You may also link any one of your other accounts to this savings account.  Once your account is open you can add or remove beneficiaries and joint depositors through the Dollar Savings Direct online bank portal.  You can also easily schedule automatic transfers or set up direct deposit from the portal.

A Special Consideration about FDIC Insurance

You should take note if you also maintain an Emigrant Bank account FDIC regulations insure the first $250,000 per depositor and in this case that would include the combined balance from Dollar Savings Direct and Emigrant Bank.  Visit the website for more information on how you can open multiple accounts under different ownership classes for deposits in excess of $250,000.

If a High Interest Rate is Your Main Goal—Dollar Savings Direct Should Be Your New Bank

If all you need from your online bank is the best high yield savings then a Dollar Savings Direct account is just your ticket to high interest rates.  While www.dollarsavingsdirect.com skimps on the bells and whistles you might be used to with the websites for other online banks, they are one of the best high interest savings accounts available today.  Savings Accounts are easy to open with a $1,000 opening deposit and easy to maintain because there are zero penalties or monthly fees and you do not have to maintain a specific daily balance to earn the high interest rates. The Dollar Savings Direct Review goes into more detail about the company, its history, ratings, and banking services.

Nationwide Bank does a lot of things well and having one of the best money market rates is part of their tradition of excellence.  Bank Rate, an independent interest rate comparison website, named the Nationwide money market account “Top Tier, 100 Highest Yields” for the first quarter of 2010 (second quarter rankings are not yet available).   And since the purpose of a money market account is to marry maximum flexibility with the highest current money market rates, you can feel confident you will have frequent access to your money while it is growing at one of the fastest rates available.  There is a minimum opening deposit and daily balance requirement of $1,000.

Benefits of a Nationwide Bank High Rate Money Market Account

One of the biggest advantages to your Nationwide money market account is having your money grow at 1.05% APY.  As one of the best money market accounts, you also have the confidence in Nationwide Bank’s proven track record as one of the top financial institutions and the backing of the FDIC.  In addition to having one of the best money market interest rates available, you will also have flexible access to your money.  Each account is allowed six pre-authorized drafts from your account each month.  Additionally, you have two free non-Nationwide Bank ATM transactions, free money transfers and free online or paper statements.  Your first order of checks is also free.  And the bank account may be linked to another checking account to serve as overdraft protection.

Be an Informed Consumer—There Are a Few Fees

While a Nationwide Bank high yield money market account comes close to perfection, there are a few minor fees of which you should be aware.  One of the biggest disadvantages to having one of the best money market rates is having to maintain a minimum daily balance of $1,000.  If your balance dips below $1,000 there is an $8.00 monthly maintenance fee.  After your two free non-Nationwide Bank ATM transactions, there is a $1.50 usage fee per transaction.  And unlike other leading online banks, Nationwide does not refund the fees charged by the owner of the ATM for all transactions.

Okay, I’m Convinced so Where do I start?

If you have decided you are ready for a Nationwide Bank high yield money market account because it offers the best high yield savings and maximum access, opening account is easy.  The secure application takes about 10 minutes and uses information you probably have at your fingertips such as your Social Security and driver’s license numbers.  You’ll also need your current address and your previous address if you have moved in the last five years.  Beyond that basic information you will need to provide the routing number to the account you will use to fund you Nationwide Bank money market deposit account and your opening balance of $1,000.  The account can be individual or joint with Right of Survivorship for up to three co-signers.  Trust and business accounts are also available.

Things to Remember about Nationwide Bank MMA

Nationwide Bank is an industry leader in financial services.  In addition to being one of the best online banks they offer a wide array of other financial and insurance services.  The high yield money market account offers one of the best interest rates for savings of any online or brick and mortar bank.  The account combines the highest money market interest rates with the access of a checking account. In regards to Nationwide bank, we have written a specific Nationwide Bank review concerning their online banking services and  account products.