Question : Should I open a second online savings account?
So I’ve had an HSBC online account for a few years now, the interest rate used to be great but it’s now down to 1.85%. GMAC’s online savings rate is now around 2.5%.

I don’t have a huge amount saved, low 5 figures. If I were to shift most of my money into GMAC, I would get an extra $ 100-200 per year in interest. I’m thinking I’ll keep HSBC and start a GMAC account, and keep around 2/3 of my cash in whichever has the better rate.

Do you think this is a good idea, or is the extra say $ 150/year not worth the hassle?

Thanks for your time.
thanks, justme. i have considered that. i just figure it’s nice to be able to get at the cash if necessary, and the CD rates are only around .5% higher than the savings accounts.
online savings account rates

Best answer:

Answer by Justme
Put it in CD.s