← Online vs. Traditional Savings: Which Account Has Your Best ‘Interests’ in Mind?

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By Anslem Samuel | Published April 12, 2011 | Full size is 620 × 446 pixels

MINIMUM BALANCE Online Savings With some online accounts offering more than 1.1% APY for new accounts with no monthly minimum requirement, the more money you have to save, the more options you have available. Traditional Savings Traditional savings accounts offering higher than average interest rates tend to set a required minimum on the initial deposit that varies by bank. Consumers will be hard pressed to find an interest baring account nearing even 1% APY with an initial deposit less than $5,000 on any traditional savings account. So, if you’re starting from scratch, this is a less than ideal way to maximize savings.

MINIMUM BALANCE Online Savings With some online accounts offering more than 1.1% APY for…

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