2 Responses to Online Savings Account Pros and Cons

  1. PT says:

    Great post, Ryan. I love my online savings account with ING. Only downer for me has been the time it takes to transfer funds between the online bank and my brick and morter bank.

    I use the online savings account for saving up property tax funds as well as emergency funds.

    I just happen to have an "in-network" atm close by the house, so that’s not a big deal for me. I heard Schwab’s online bank will reimburse all atm fees no questions asked. That’s nice.

  2. Ryan says:

    Yeah, that’s basically what I do too. It’s much better thank having my savings sitting in my checking account earning less than 1%.

    It’s a great place for your emergency fund that basically sits around doing nothing, but you need it to be accessible. At least with ING it’s doing a better job of keeping up with inflation.

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