I’ve leaped into the world of online savings accounts by opening an account with Emigrant Direct.

About a week ago, I got online and went through the process of opening an account. I filled out all the forms, and indicated I’d want to initially transfer $500 from my savings account to the online account, earning 5.05% compounded daily, and paid monthly.

Sure enough, one business day later, I had the two verification deposits in my Bank of America account required to verify that the banking information I provided was correct.

I started with $500 just to see how the system worked, but I’ll start moving the majority of my savings over to the Emigrant account. After all, why let my money earn a measly 0.5% at Bank of America when it could be working harder for me in a cyber-bank!

Banking