Is this true that virtual banks pay far more interest than other normal savings account? I have heard that virtual banks (of citibank or some other..not sure..) pay 12% interst as compared to the saving account which pays 5%. Is this true?? if not..then how much interest do they pay??
can someone send me any link..where i can research..
thx in advance..
2006-12-13 07:56:37 · 3 answers · asked by m_s 2 in Business & Finance ➔ Personal Finance
Here are some current rates paid by virtual banks.
Everbank pays 6.01% APR
Citibank Online pays 5%
ING Direct pays 4.5%
While not as high as you think, they are competitive.
2006-12-13 08:01:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
"Virtual Bank" is a bit of a misnomer. Many "virtual banks" like ING and Emigrant are real, FDIC-insured banks. There just aren't any brick-and-mortar branches to visit. Check out http://www.bankrate.com for interest rate info.
2006-12-13 16:04:36 · answer #2 · answered by IT Pro 6 · 1⤊ 0⤋
no banks pay 12% right now. 5.25 is best
2006-12-13 16:00:36 · answer #3 · answered by samsosa2000 2 · 0⤊ 0⤋