Not Made Of Money

We currently are using a money market fund for savings (our emergency fund) and earn about 5.25% APR and we’ve been quite happy with this. However, recently we’ve begun to see advertising in our area for a new online savings account, one which offers a 6% APR. In evaluating the benefits of an online savings account, we’re looking at several different factors – and the rate is just one factor that we are considering. Here are a few questions that we are looking at to decide if we want to move our savings to an online savings account:

1. Is the rate stated an introductory rate? If so, then how long is the introductory rate for and what will the rate be after that?

2. What are the fees involved and the amount of minimum balances?

3. How long are deposits held?

4. Is it FDIC insured and for how much?

5. How accessible is customer service? Is there a phone number where we can reach a live person or is the only contact available online?

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