OSAWatch In Personal Finance Carnivals

I've submitted a number of articles from this site at several carnivals. As I get confirmation of acceptance, I'll be adding them to this list. So this list may change after you see it. In the spirit of such pf (personal finance) carnivals, please go pay the host a visit and check out the other articles in each carnival.

• Sep 17/06: Carnival of Personal Finance at Free Money Finance - Secrets to Spending Money.
• Sep 18/06: Carnival of Investing #40 at Consumerism Commentary - Finance Tips: Investing A Windfall.
• Sept 19/06: Festival of Frugality #40 at Blueprint For Financial Prosperity - Saving Advice: Save 10% In Hard Cash?.

Backing Up Your Financial Details

Jonathan at My Money Blog gives good advice about backing up important files, especially your financial detals. However, while he points to a free online service called Mozy, I'd seriously think twice before putting sensitive personal data online. While Mozy won PC Magazine's Editor's Choice award, and they claim to be secure, take it from someone who has been a computer programmer for nearly 30 years and a webmaster for 10. Simply put, don't do it!! [Nothing personal against you, Jonathan.]

Don't put your sensititve details anywhere online. But do backup your personal finance files, whether they be for your mortgage details, bank details, online savings accounts, etc. If you don't have a computer with a CD burner, get one. You can buy an inexpensive external CD-ROM burner, and blank CDs are so cheap these days. Burn a CD containing any personal and financial details that you want to preserve. Make 2 or 3 copies and date each one. Keep one copy at a home (preferably in a safe), another in a safe deposit box at a bank, and maybe send a third copy to someone you trust and whom is organized enough to keep your CDs in order.

Investor Interest Growing For Online Savings Accounts

A recent HSBC Direct survey says that 58% of investors are considering cash as an investment. Many investors are a bit concerned with recently market volatility. Even with the Dow Jones Index scoring a one-day gain of 200+ points near the end of June - the highest single-day gain since March 2003 - the Dow also dropped by well over 200+ in several straight days only recently. This is bad news for any small investors considering entering the market. Hence, cash investments - including money market funds and online savings accounts - are very hot right now.

NYT on Online Savings Accounts

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.

Welcome to the new OSAWatch!

The popularity of high interest online savings accounts is booming, and I expect the trend will accelerate in the future. I grew frustrated searching Google to find a place that tracked the latest deals, interest rates, etc. Why isn't there a site that does that?

The answer to that question, is, of course, OSAWatch.com. Check this space soon for regular updates!