Struggling to Save Money?
Struggling to Save Money (Savings Account Balance Low?)
If you're like me, you're probably surprised by the fact that no matter how fast you pile money into your checking account, it always gushes out even faster. Not only that, does it seem like money in your savings account has a mind of it's own and every now and then it sneaks over and jumps into your checking account and then you get a statement at the end of the month showing: that your savings account decreased, your checking decreased, and your credit card debt increased?
Your Money Likes to Travel (away from you) Stick a dollar in front of you on your desk, watch it closely, can you see it moving?
You probably don't, but be not deceived, it knows you're watching it. Focus your attention on something else, maybe go buy yourself lunch and it'll slip away never to come back. So how do you trap such a wily creature? How do get more of your money to be loyal and stay with you and (heaven forbid) even work for you?
Is Your Money Controlling You?
The truth is money can be an obedient servant, it will work hard for you, if you know how to control it. But if you don't, it can be a harsh taskmaster – remember that interest on debt never sleeps. It will hound you day and night until you pay your debt completely off. That's why: The wise EARN interest, and the foolish (and poor) PAY interest.
Which are you?
You can tell with a simple test: Not counting your mortgage, do you earn more interest than you pay? Advantages of an Online Savings Account in Draper Local banking may cost you more than you think. The farther you have to drive to get to your bank, the more it will cost you in both time and money. Just consider it an extra fee (what is an extra fee amongst so many fees traditional banks charge anyway?).
Why not skip that extra stop, save your gas & time, and make those transfers from the convenience of your own home?
Online banking including savings accounts, checking accounts and money market accounts may be the answer you're looking for. Some of the benefits include Higher APY savings account rates
No monthly fees
Convenience
Who doesn't want to be able to transfer money in your undies?
24/7 Access to your account & balances
Access your savings account from anywhere in the world
Going Green: save the trees — online savings accounts use less paper (unless you opt for paper statements).
Debit Card: Means fast access to your cash with the same convenience of a credit card.
FDIC insured
Free Online bill pay
Once you've decided to take a step closer to financial freedom, how do you decide which online savings bank to use?
Like your local bank, online banks offer a variety of features. Interest rates, fees, minimum balances, transfer times, the online interface (the layout of the website), and customer service.
What features are important to you?
One bank that comes with high recommendations is HSBC Direct. HSBC created an online division in 2005 and has received great reviews from customers, and finance magazines.. HSBC Direct, was rated as the best online bank by Kiplingers Personal Finance. Some of the features of HSBC Direct include;
Competitive rates – currently 3.5% APY for an online savings account
No minimum balance or monthly fees
ATM/Debit card option
Customer Service is friendly & accessible 24/7 at 1-800-975-4722
Easy to use website
Online statements
FDIC insured (means no risk, you're guaranteed to never lose a penny)
Security is a top priority
Unlimited account linking (you can link your checking account to your savings account at HSBC, you can even link your HSBC account to other savings banks like ING Direct)
A cool feature called registers allows you to track and categorize your spendings like you used to do with the old paper checkbook-register –only it's online!
The average transfer time does take a little longer than other banks. They average between 3-5 days for a transfer – a menial detail. Don't let that hold you back just plan your transfer a little in advance!