Anxiously Awaiting On Everything Eternal…

Savings Account

I have two savings accounts. One from HSBC Direct and the other from ING Direct. Both are a really good way to keep your money liquid but earn a decent annual percentage yield. Neither requires an initial deposit, and HSBC will issue a debit card if you wish--an option that I skipped so that I'm not tempted to spend the money. I have had the HSBC account since I started working at Danger, and I have built it up to a pretty decent balance. This month, I earned $7.40 interest based on a 5.05% APY, putting my total YTD earnings after two months at $10.40.

That may not seem like alot, but given the spectrum of interest rates on savings accounts I'm getting the returns of a 12 month CD. Without the whole "you can't touch your money for a year" thing =D. I have only recently started my ING direct account so it hasn't accrued any amount of interest. It has a slightly lower APY than the HSBC account, but 4.50% is still nothing to sneer at. I'm thinking of making it my road bike fund.