Making Extra Income Online

Brick and Mortar banks (a.k.a Bank of Am., Wach., et cetera) have horrible savings interest rates. Depending on what bank you have, your savings account may have an interest rate as low as 0.2%. That's not 2%, that's 2 tenths of a percent! While their CDs are comparable, you can still find better rates at an online bank.

These banks are are 100% safe. If they weren't, I wouldn't have them up on my site (for what it's worth). They are all also FDIC insured for up to $100,000. These banks can offer higher savings and CD rates and (sometimes) no fees because they don't have stores around the country to manage and upkeep. Many of these banks have high interest checking accounts as well that will send you a debit card and checks to use. The first month I switched my savings from the biggest Bank of in America (hint, hint) I gained 18x what I made the month before in my savings account. Below is a list of what I feel are the best online banks/investment firms.

My personal experiences with these banks have been very positive and their savings accounts have helped me make quite a bit of money. The first month that I switched from Bank of America to ING, I made 23x what I made with my previous account.

ING Direct

This is my favorite online bank, though it doesn't have the best rates. I am working on becoming an affiliate for it so that I can provide you with a link to the site. They have a great high-yield savings account program with up to 1.25% apr. Their referral program is the best I've seen so far as well, when you refer someone you get $10 and that person gets $25 (provided they have a minimum account opening balance of $250). Their savings has no minimum and no fees. You just link your new savings account to the one from your brick and mortar and transfer funds back and forth FREE. You get 7x the national average for savings account COMPLETELY FREE.

HSBCDirect

HSBC Direct is very similar to ING. They offer a high-yield savings account with NO MINIMUM BALANCE and NO FEES. Their interest rate is 1.65% until September 15th and you can transfer your money with one click of your mouse. This has the second highest savings rate that I have found from an FDIC-insured bank.

Charles Schwab

Charles Scwab has a high-yield checking account at 2.00% and many options for mutual funds and a stock portfolio to help you prepare for retirement. They give you the option to invest in Mutual Funds, stocks, bonds (my personal favorite), annuities, CDs and money markets.

E*Trade

They have a high-yield savings account as high as 1.2%. They also have an interest-earning checking account. They're most advertised feature though, is their stock program which lets you buy and trade stocks at the click of a button.

Share on Facebook