The Old Gray Lady discovers what ever personal finance blogger has known for years (despite their ‘flavor-of-the-month’ tag): online savings pays better than your average brick & mortar.
For whatever reason, the author seems awfully worried that they’ll have problems making a profit paying such exorbitant rates like the 4.15% at ING or the 4.5% HSBC and Citigroup are currently offering. Myself, I just think it’s finally time that banks start closing that big ol’ gap they’ve been enjoying between what they pay for using your money (an average 0.54% for an ordinary savings account?!) vs. what they charge you for using theirs. Nothing but the free market finally kicking in as far as I’m concerned!
[tags]savings,hsbc,ing,citigroup[/tags]
