I received my first statement on my E-LOAN saving account that I opened 2 weeks ago, which has the highest APY of 5.50% for a online saving account . A few comments about what I like, based on my experience switching from HSBC (and ING preveriously):

• The opening process is quick and clean, and unlike HSBC, no need to wait couple weeks for confirmations.
• The login process is easier. You create your own username, as opposed to HSBC’s use of account number, which means you most likely save it in a file somewhere and then copy and paste, which doesn’t make it any safer in my humble opinion.
• The interface is cleaner, more please to the eyes :) From a web design perspective.
• Transaction from external checking account is quicker, unlike HSBC that takes 3+ days.
• And of course, 5.50% vs. 5.05% APY

So far, I’m pleased with E-LOAN. However, we’ll have to pay attention if they will change the rate in the near future.

Other choices for online savings account, besides E-LOAN, HSBC, and ING with decent rate are:

• 5.05% at Emigrant
• 5.00% saving account at Washington Mutual together with a free checking account
• 5.00% E-saving with Citi

Having saving!