Financial Information
If I open an online savings account (ING for example) do I have to close my current savings account?
Question : If I open an online savings account (ING for example) do I have to close my current savings account?
I have been trying to read up on online savings accounts for a better interest rate. All of them seem to say they can “link” to my current savings account at my bank.
How does this work? Do I have to close my current savings account? How can I access the funds?
online savings account
Best answer:
Answer by William C
You can have 1000 saving accounts. From a paper work stand point it is easier to use just one. Just contact you bank and tell them you want to close your account and they will give you a check.
If I were you I would learn about the stock market and invest the majority of the money there. Merck pays about 4% dividend plus you have a real good chance of seeing the stock price rise. You will never have any thing with the low rates banks pay.
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#2 written by karieaddy 1 year ago
I have 2 savings accounts. However, I don’t know anything about linking them together. I have one savings account so I can save money for a rainy day and another one so I can save for a car and possibly a house of my own. You can close your current account if you want to, but that’s really up to you.
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I believe you need to link your ING account to a checking account. You don’t need a savings account with your current bank. And when you see the interest rates you make on your ING account compared to your bank saving account, you won’t want it anymore.
As far as accessing your funds, you transfer them back and forth between ING and your checking account online or via phone. Takes 3-4 days to transfer.