This article will explain what is credit card arbitrage. While this site focuses on finding the best savings accounts, the ultimate goal is learning how to save more money. By using credit card arbitrage, you can make more money to increase your savings.
Definition of Credit Card Arbitrage -
So, let’s get to it. Credit card arbitrage involves borrowing money from low interest credit cards and then saving that money in a higher interest savings account. If you can borrow $10,000 from a zero interest credit card, you can put that money in one of the best savings accounts and earn a 4% savings interest rate you can earn $400 in a year off of that $10,000. That is the definition of credit card arbitrage.
I hope that this article on what is credit card arbitrage helps you to save more money.
September 25th, 2008 | Posted in Saving Money Advice | No Comments
Bank of America online banking has been promoting its Keep the Change savings program a lot lately. Even though the Bank of America Keep the Change program is not new, we thought that we should provide a review of this unique way to save money. The Bank of America savings account is not one of the best savings accounts in the United States due to its low interest rate, but when you combine it with the keep the change savings program, it can actually provide a nice return on your investment. We hope that you enjoy this Bank of America Keep the change review.
This BofA savings account program allows you to save a little money every time you make a purchase with your Bank of America credit card. If you are purchasing a coffee at Starbucks that costs $2.04, Bank of America online banking will charge your Bank of America credit card $3.00, giving $2.04 to Starbucks for the coffee and transferring $0.96 to your Bank of America savings account.
But Keep the Change is more than just a way for you to be forced to save your own money. Bank of America online banking matches your contribution 100% during your first three months of the year and then matching at 5% for the rest of the year up to a maximum of $250 per year. While we would like to see the 5% matching not be capped at $250 per year, this is a great way to save an extra $250. This Bank of America matching program significantly increases the effective savings rate paid on you BofA savings account.
We hope that you enjoyed this review of the Bank of America Keep the Change savings account program. If you are a participant in this BofA savings account program, please tell us about your experience in the comments below.
July 19th, 2008 | Posted in Bank of America Online Banking | 2 Comments
FNBO savings accounts might be the best savings accounts due to its 3.50% APY. While the First National Bank of Omaha is not as well known as the ING Orange savings accounts and HSBC online savings, the FNBO savings accounts are great high yield savings accounts. This article will provide a detailed review of the FNBO Direct savings accounts.
The 3.50% APY FNBO savings rate is one of the highest interest savings rates being paid in the United States right now. The FNBO savings account interest rate is 3.44%. This high interest savings rate is not just an introductory rate, but it is subject to change in the future. The interest on the FNBO savings account is compounded and credited monthly. We would prefer to see it compounded daily, but most high yield savings accounts are compounding interest monthly.
Next to the high yield interest rate, we look for savings accounts with very low minimum balance requirements. The FNBO Direct savings accounts only require a $1 minimum balance. You can’t get any better than that. Additionally, the FNBO bank pays the 3.50% APY no matter how little money you put into the FNBO savings account.
One thing that I don’t like about the FNBO bank is that people complain that it takes 2 – 3 days for their FNBO savings account to start accruing interest on new deposits. This gives FNBO bank a 2-3 day interest free loan. I am not sure why it takes so long for the funds to get credited to you FNBO savings account. Please note that we have not experienced this personally, and only read this from a complaint online about FNBO.
All in all these FNBO savings accounts look to be some of the best savings accounts. If you personally do your banking with FNBO Direct, please tell us about your experience with them. Are you happpy with your FNBO savings account? Is the FNBO online banking website easy to use? Please share your experience with us all.
July 6th, 2008 | Posted in FNBO Direct | 2 Comments
Finding the best savings accounts is the main focus of this site. For anyone who enjoys doing their banking online, the HSBC online savings website is a pleasure to work with. This article will provide a review of the HSBC online savings account.
After writing about the ING Orange savings account, I knew that I had to follow it up with a review of the HSBC online savings account. The HSBC savings account is one of the best savings accounts. HSBC internet banking is currently offering a 3.50% interest rate for opening an HSBC savings account. This is an outstanding interest rate and this alone makes it stand out as being among the best savings accounts. However, high interest rate savings APYs are subject to change and therefore you should check out the hsbcdirect.com website for the current interest rates.
Some other great features of the HSBC online savings account are as follows:
- HSBC’s savings account has a $1 minimum deposit to open an account.
- HSBC has no mimum balance requirements. This is excellent because you always will have access to all of your money without worrying about paying a fee for insufficient balances.
- HSBC states that there are no fees for this HSBC internet banking account.
- You don’t have to open an HSBC checking account.
- Use of the HSBC Internet banking website.
- The HSBC online savings account is FDIC insured.
One of the features that I did not mention above was ATM machine access. HSBC provides a debit card that you can use at any HSBC ATM machines and non-HSBC ATM machines. The best part about the HSBC savings account is that HSBC Internet banking will reimburse you for ATM fees charged by other banks. However, HSBC will only reimbure up to $3.00 for transaction.
I hope that you enjoyed this article on the HSBC online savings account. Which savings accounts do you think are the best savings accounts? We would love to hear your recommendations. This site is about sharing information.
July 5th, 2008 | Posted in HSBC Online Banking | 3 Comments
ING Electric Orange Checking Account
Finding a high interest checking account is not as easy as finding a high interest savings account. With the popularity of the ING Orange savings account, many online banks have started offering high interest savings accounts. But, leave it to ING Direct to start changing the online banking industry again.
The ING Direct Electric Orange checking account offers a great high interest rate checking account. This might be one of the best checking accounts. The advantage of having an interest bearing checking account over a savings account is the greter access to your money that a checking account provides.
By definition, the ING Electric Orange checking account allows you to write checks against your ING electric orange account. Additionally, ING Direct gives you a Electric Orange MasterCard debit card to use with you ING electric orange account. This debit card will allow you to make purchases anywhere MasterCard is accepted. And, it will allow you to withdrawal money from ATM machines. Best yet, there will be no ATM fees if you are using an ATM maching in the Allpoint Network.
Opening an ING Direct electric orange account is great if you already have a ING orange savings account. By having both an ING Electric Orange Checking Account and an ING savings account, you can move money between both accounts. Keep money in the savings account until you need access to it and thus earn a high interest rate.
The interest rates on the ING Electric Orange checking account changes so you should visit the ING direct website for the latest rates. If you have any questions about this high interest checking account, please leave your question in the comments below. You might also want to check out our latest review of the HSBC online savings account. Also, what checking accounts do you think are the best checking accounts?
July 5th, 2008 | Posted in ING Direct | 1 Comment
The first of the best savings accounts that we are going to review is the ING Orange account. ING Direct savings accounts offer some of the highest interest rates of any bank in the United States. ING Direct has revolutionized banking with its online savings accounts and online checking accounts. This article will provide a review of the ING Orange savings account.
The ING Orange Savings Account is one of the best savings accounts. The ING savings account has a variable 3.00% annual percentage yield. Combining this great 3.00% APY with the other ING online banking accounts, and you have a great savings account.
The ING savings account is FDIC insured. If you are going to earn a rate like 3.00%, you need your bank to be FDIC insured. 3.00% APY is not enough interest to be earning if you money is not secure. But, you don’t have to worry about this because ING Direct is FDIC insured. The FDIC insurance will insure your money up to $100,000 per depositor.
In addition to ING direct’s high interest rate savings, the ING orange account has no minimum balance requirement. By having no minimum balance requirement, you don’t have to worry about not being able to afford high interest savings accounts. Anyone can afford to open an ING direct savings account.
The ING Orange savings account is one of the best savings accounts. The ING online banking experience is one of the best and with the high interest rate savings of 3.00% you can’t go wrong with opening an ING Orange account. Come back for tomorrow’s article on the ING Electric Orange checking account.
July 4th, 2008 | Posted in ING Direct | 3 Comments
Many people try to make the subject of personal finance harder than it needs to be. But, it personal finance is really a simple subject. There are only 5 things you need to know about personal finance.
Once you learn these 5 simple things, you really have learned everything that you need to know. Sure there will be many more details and nuances that you can learn, but personal finance boils down to these 5 simple things.
Let’s break personal finance down into its 5 simplest parts. Personal finance is about,
- making money
- spending less than you make
- saving money
- making the most interest on your savings, and
- living within your means once you retire
Now was that that difficult. Not really. Sure you need to know how to make more money. You want to learn what are the best savings accounts for your savings. You want to learn tips and tricks on being frugal. But, it really boils down to earn money, spending less than you make, saving money, find high interest rate savings accounts, and preparing for retirement. Don’t make this harder than it needs to be.
All you need to do is know how much money you make, know how much you are spending, learn how to spend less and save more. Best Savings Accounts will help you learn the details behind each of these 5 simple things. However, if you just practice these 5 simple things, you will be way ahead of most of your friends.
We will help you to find the best savings accounts, best cd rates, best mutual funds and best deals for when you need to spend your hard earned money. But remember to relax when reading about personal finance. If you ever get stressed, just sit back and remember these 5 things you need to know about personal finance.
July 4th, 2008 | Posted in Personal Finance Articles | No Comments
Hello and welcome to Best Savings Accounts. Here at Best Savings Accounts our goal is to provide you with the latest information on the best savings accounts. In addition to our savings accounts reviews, we aim to provide the best personal finance information generally. Opening a high interest savings account is just the first step that you should take on your journey to financial health. However, this first step of finding the best savings account is very important.
As a new investor or saver, you most important asset will be your emergency fund that you build up in your high interest savings account. Find the best savings accounts that fit your financial needs is important. You want a high interest rate savings account and low fees. Often people forget about the low fees, but we will look into them for each of the best savings accounts that we review.
Here at Best Savings Accounts Reviews we will discuss:
- How to save money
- How to invest money in high interest rate savings account
- How to find the best savings accounts
- How to find the best cd rates
- How to be a smart user of debt
- How to invest in mutual funds and the stock market
- How to retire comfortably
This last one is the main goal here. We want you to be able to retire comfortably.
Our goal here is to make learning about personal finance as easy as possible. Learning how to save money and where to save it is not that difficult. Unfortunately, people make it more difficult than it really is. However, we will teach you have to find the best savings accounts, best cd rates and best credit card deals. If you read any article and you have an unanswered question, please do not hesitate to ask a question in the comments. And, if you know of a great savings account, please share it with us. See you soon here on Best savings Accounts Reviews.
July 4th, 2008 | Posted in Best Savings Accounts | No Comments
