Recently I took advantage of HSBC’s Direct Online Savings for a temporary 6% APY interest rate(reverts to 5.05% beginning May). This is a simple savings account that comes with an ATM card to be used at any of their branches for deposits and withdrawals.
Currently I have my checking account with Chase. But now that Chase wants to charge me $10 for dipping below my minimum on my Better Banking account, I’m looking for something new. Particularly, I’m searching for a bank that will give me real interest on my checking account (why not?), no minimums, free checks & checking, easy deposits/withdrawals, no outrageous fees, etc.
I considered Washington Mutual’s new 5% APY savings account that is automatically linked to their free checking account. It sounds great for somebody who needs a traditional checking account with actual checks, but the checking account itself accrues no interest, and so to optimize your interest rate, you’d have to constantly be moving money back and forth from the savings account.
Since I already have a savings account (HSBC), I thought I’d find something else. I want high interest directly in my checking account. I found a couple interesting options:

• ING Direct’s Electric Orange - completely electronic checking account which would give me 4% APY (in my money bracket, goes up to 5.3%). Go online to write checks - if it must be paper, they can send it to whomever. Use card to withdraw money free from Allpoint ATM’s, or just get extra cash back on purchases. Deposits work with direct deposit, transfers from other accounts, or mailing it in. Check out their FAQ for more info.
• Everbank’s FreeNet Checking - interest rates up to 6.01%!!! (my bracket is only 3.40% though). This one is a little easier to deposit money since they have made some affiliations with other banks to allow deposits from their ATM’s. Check their online ATM locator for exact locations.
• BankRate’s Online Comparison Chart - great to see every option possible.

I ended up choosing ING’s Electric Orange and am in the process of transferring completely out of Chase. I think I can handle going paperless, and will make it work. Although I’ve always stuck to manually mailing in stamped bills in the past, I think that I’m ready to make the switch, and so is technology. Everbank’s offer sounds promising, especially for those with bigger accounts, but the lower rates in my bracket as well as ING’s no-extra-fee policy tipped me over in ING Direct’s direction. I’m looking forward to my 4% APY!

For those who are still shopping for a high-rate interest saving account, I did find some more options that sounded very appealing. (besides HSBC’s Internet Banking, and Wamu’s new 5% online savings account). Check out IGoBanking. They offer 5.30% APY without fees or minimums! (actually I checked and the minimum is $500. That’s not “no” minimum, but it is close…) Also there’s the traditional ING Direct’s Savings account, Emigrant Direct, etc. Check out BankRate’s Money Market & Saving’s account comparison chart for even more options…

By chance, I had the opportunity to read an inspirational finance book called Rich Dad Poor Dad. I read it in 2 sittings, for 2 main reasons. 1) It was VERY easy reading, so I skimmed the majority of it, and 2) It was getting me excited about finance again.
     Although there are those who criticize the author, and for good reason, for some of his advice as well as his proposed financial expertise, the book is a motivation tool, and a great one at that. Rich Dad Poor Dad, with interesting financial sayings and quotes brimming from every page, will wake you up from your daily avoidance of all things money, and it will open your eyes to what habits are direly hurting your accumulation of wealth. For those of you who go to work, put your paycheck in the bank (or worse, cash your paycheck every week) without thinking more about where the money is going, this book is a must read, for sure.
     Personally, I have used the book as inspiration. I’ve read it and moved on to more investment books which are probably more useful in terms of the details of where to actually put my money. After I finish them, I will add reviews of those as well.
     One of those books is Jason Kelly’s “The Neatest Little Guide to Stock Market Investing.” This book is a thorough introduction (or review) to stocks, with most details on terms, researching, and trading spelled out for you. I highly recommend starting out with this one - you can get it on his website, along with other useful information, or at Amazon here.
     In the meantime, though, I encourage YOU to do the same. Take charge of your money and your life now! With a little attention and forethought, you can increase your riches by much more.