How many people here use Internet-based banks for their higher interest rates? I opened up a savings account at my local bank and wasn't too pleased with the whopping 0.47% APR. Did some searching around online, and opened an account on
www.ingdirect.com. 2% interest, no fees, no miminums.
It doesn't have real branches, it's entirely online, which was a little unsettling at first. But I decided to go for it, and I'm very happy.
I think now that people are getting used to the idea of money more as just a number rather than a stack of green paper, combined with the fact that most people are getting increasingly comfortable using debit/credit cards for everyday purchases, those banks are going to get a lot more popular. And brick and mortar banks will have a much more difficult time trying to compete when they offer only 1/4th of the interest rate. What are your thoughts?