If you need a primer to the world of online savings accounts, the article Going Online for Savings (The New York Times) is a pretty good place to start. Hopefully that link won't rot and require registration later. One interesting tidbit:
Other banks are crowding into the field. Among the bigger players, Washington Mutual introduced a pilot in November, and Wachovia is "strategically evaluating a number of high-yield offerings online in a way that makes sense for our brand and our business model," a spokesman, Doug Caldwell, wrote in an e-mail message.
The big boys are comin' in. That, dear readers, is good for us. When banks compete (especially online, where feature comparison is easy, and user loyalty low) the consumer wins.
Meanwhile, we at OSAWatch plan on mainly covering the current big names in online savings: ING Direct, Emigrant Direct, and HSBC Direct. I hope to have in depth reviews of each of their offerings in the next week or so.
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