Monday, February 27, 2006

Online Banking Boosts Savings Account Returns

If you're looking to increase the return on your savings deposits and are discouraged by the miniscule returns most banks offer on savings accounts, look into savings accounts offered by Online Banks.

ING is offering 4.75 percent on new deposits to its well-known
Orange online accounts through April 15, after which they pay 3.8
percent. HSBC is offering 4.8 percent through April 30 and 4.25 percent
thereafter.

Compare those rates with traditional savings accounts: 0.25 percent at HSBC or 0.5 percent at Bank of America.

ING and HSBC are amongst the worlds largest banks, and can offer these sorts of returns because of lower administration costs.

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