Who doesn’t love the web? The web now grants us specials on savings accounts as well. All major banks have special interest rates on account that are web based. Key factors that should be looked at for Online Savings Accounts are Website reliability/security and customer support. Listed below are rates as of December 18, 2008.

• FNBO Direct. No fees, no minimum balance. 3.25% APY.
• E*TRADE Bank. No fees, no minimum balance. 3.01% APY.
• ING Direct. No fees, no minimum balance. Orange Savings Account 2.75% APY. Electric Orange 3.05% APY. Orange CDs – 12-month CDs 3.50% APY.
  Note: ING Direct offers a $25 bonus to new customers who deposit $250 or more. Once you have an account you can earn $500 by referring other customers.
• HSBC Direct. No fees, no minimum balance. 3.00% APY.
• CitiBank Ultimate Savings. No fees, no minimum balance. 2.75% APY.

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This is actually the not to do list. This is the way to the dark side of becoming financially independent. If you find yourself doing any the things listed here, immediately stop yourself.

1. Apply for all those cool credit cards like free miles, points and cash rewards. These are good in limited numbers like a maximum of two of these combined.
2. Apply for any credit card that does not give you anything back.
3. Take your credit card and max it out to buy unnecessary things for crazy luxury or to impress your friends.
4. Pay your bills late and then pay late fees.
5. If you have big bills, at least try to pay the minimum payment.
6. Wait till a unpaid bill goes to a collection agency.
7. Don’t pay your landlord or mortgage because you want to buy that sweet new current year vehicle. My friends dad told him “You can’t live in a car and if you could, how long do you think that will last?”
8. Try to runaway from your taxes.
9. Payday loans are for emergency funds in which you pay back high interest rates. Instead create your own emergency fund of about 6 months worth of emergency money.
10. Pride, think you don’t need to budget and put away some side money. Listed as pride but it can be listed as poor thinking.

If you are guilty of any of these things, please call a financial adviser!

LoL, I had fun posting this little folly list because I am happy to report that I am no longer doing these things any more.

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