There are many reasons for an open online savings account today. Although the high interest rates of prior years have dwindled substantially there is good reason to hope they will return. In the meantime it is still a good idea to keep an open online savings account active so as to avoid losing track of the username or misplacing the password on it.
Existing Quicken and or Microsoft Money Setups Keep Working
A second major reason to keep an open online savings account is any existing setups you have done with your personal finance software - be it Intuit's Quicken or Microsoft's Money. Getting accounts setup and working with this software isn't always easy and once done (if you're anything like me) you'd just as soon forget about it and not worry about it anymore. If this sounds like you, maybe it's a good idea to hang on to that internet banking setup a little longer.
No Fees If Minimum Balance Maintained on an Open Online Savings Account
Simply speaking if you keep $100 minimum balance (in most cases at most banks) you won't owe any banking fees or have any charges eating your balance. Given better times are sure to return and the nominal balances required to avoid fees there really is no reason to close existing accounts. This is particularly true if you liked your previous experiences and their interest rates (in better times) were competitive. Maintaining a relationship with an internet banking institution keeps all the money transfer setups in place and makes it easy to move funds back in when higher interest rates return.
Should I Consolidate Open Online Savings Account Funds
In the past it really made a lot of sense to move money around depending on who was paying the highest interest rate. Not so much so today given all the decent web-based banks are paying within a tenth of a percent of one another. It seems to me best to stand pat in this economic environment and wait until the economy offers up a better environment for saving.
There are many reasons for an open online savings account today. Although the high interest rates of prior years have dwindled substantially there is good reason to hope they will return. In the meantime it is still a good idea to keep an open online savings account active so as to avoid losing track of the username or misplacing the password on it.
Existing Quicken and or Microsoft Money Setups Keep Working
A second major reason to keep an open online savings account is any existing setups you have done with your personal finance software - be it Intuit's Quicken or Microsoft's Money. Getting accounts setup and working with this software isn't always easy and once done (if you're anything like me) you'd just as soon forget about it and not worry about it anymore. If this sounds like you, maybe it's a good idea to hang on to that internet banking setup a little longer.
No Fees If Minimum Balance Maintained on an Open Online Savings Account
Simply speaking if you keep $100 minimum balance (in most cases at most banks) you won't owe any banking fees or have any charges eating your balance. Given better times are sure to return and the nominal balances required to avoid fees there really is no reason to close existing accounts. This is particularly true if you liked your previous experiences and their interest rates (in better times) were competitive. Maintaining a relationship with an internet banking institution keeps all the money transfer setups in place and makes it easy to move funds back in when higher interest rates return.
Should I Consolidate Open Online Savings Account Funds
In the past it really made a lot of sense to move money around depending on who was paying the highest interest rate. Not so much so today given all the decent web-based banks are paying within a tenth of a percent of one another. It seems to me best to stand pat in this economic environment and wait until the economy offers up a better environment for saving.
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