European Stars and Stripes (Newspaper) - April 22, 2007, Darmstadt, Hesse                                Pace 28 stars and stripes sunday april 22 your Money your Money interest rates from online Banks often Trump traditional accounts by Geoff Ziezulewicz stors and stripes like Many americans air Force staff sgt Sean Moeller wishes he could save More than the couple Hundred dollars he squirrels away each month As his savings sits in a Bank somewhere in fee states Moeller said he int sure what kind of in Terest his Money is earning him i dont even know it off the top of my head said Moeller who was passing through Raf Mildenhall England last week on his Way Back to grand Forks air Force base and my wife takes care of that if s easy to not pay much Atten Tion to a savings account when looking for a place to stash Cash a Lewinter est rate in a traditional savings account seems like a secure if unprofitable option but in a meeting of the online world and the timeless allure of a Good Deal online Banks have be come an emerging option when it comes to putting Money away and earning some More in the process insured just like traditional Banks by the Federal Deposit insurance corp Many online Sav Ings account rates Are 5 percent or that convention Al competitors usually cant match the consumer has become increasingly sophisticated As to How Banks operate and How to make their Money work hardest for them Michael Baras a new Yor based financial planner said in an email while Many military personnel Bank with usaa that Banks lucrative savings rate of 5 percent or More is often tied to minimum balances and other requirements As Are other traditional Banks rates online Banks can offer com parable rates with no minimum Good Rales Hie following is a Sample of some of the savings account rates currently available with online Banks that require tial Deposit of or less  516 per cent r Pef Bank and Trust 516 percent  514 percent ing direct 45 percent source Bank Atesom indirect com balance and an initial Deposit As Small As customers willing to go online also can Snag better deals on Money Market accounts and certificates of Deposit the average interest rate for a Standard Bank savings account is about 035 percent according to Bank Atesom an online Clearing House for financial data with that kind of rate a Thrifty customer who keeps in a traditional account will net Only about by years end but in one of the exclusively online savings accounts an inter est rate of 5 per cent or More could Nab for that same Deposit plus Many on line Banks offer Perks such As no introductory fees and some offer High inter est checking accounts according to Baras if s better Man a conventional savings account said Dede Jones a financial planner in Colo Rado when people realize what s going on if s going to be the rare person that will Settle for so Little Many traditional Banks try to keep up but the economics of operation can limit them Jones said and higher rates often can be just introductory these Virtu Al Banks can offer such rates be cause of their Lack of overhead Jones said no buildings or tellers helps Cut Down on operating costs the fact that they have no bricks and mortar makes it Possi ble for them to offer these High rates she said while defense department representatives on behalf of Community Bank of America did not com ment for this article that common Bank for overseas bases advertises a savings account interest rate of 175 percent on its web site see Banks on Page 29 8s your Money within the financial world the phrase make your Money work for you is sacred and when people just let savings sit somewhere at an interest rate of 1 percent or less folks in the financial world Call that dumb Money it tends to be Money people have forgotten they have or chosen to not take action with said Dede Jones a financial planner in Colo Rado the Banks Are punishing them for their inaction by paying Low interest rates if you dont take action if s sitting there making what 1 percent we All want Money that is working for us inflation is another Side effect of dumb Money and without a Good in Terest rate that Money is basically shrinking Michael Baras a Finan Cial planner in new York said via email Jones recommended keeping traditional savings accounts with Low balances using them As a Way to introduce your child to banking or to maintain a relationship with an existing Bank finding a Good interest rate for that savings account should be the first step for people looking to put their Money to work Twenty years ago we didst have the same choices Jones said As the choices have presented themselves my Money has worked harder and harder photo illustration by Ben Bloker stars and stripes what percentage rate does your Bank give you Many online Banks beat traditional Banks with inter est rates of 5 percent or More How to get started if youre interested in moving your savings into an account on line with a higher interest rate financial planners and Security experts recommended the Fol lowing make sure the Federal de posit insurance corp the governmental Arm that protects Bank accounts insures the on line Bank maintain relationships with your local banker As Well said Dede Jones a Colorado based financial planner Many online Banks require a traditional Cheek ing account for transfers and those traditional outlets and ser vices might be needed in a Pinch do a web search of the on line Banks youre considering see if theres any bad press about the company Jones said be patient with the process and shop around for the Best rate Jones said sometimes it can be Complex look for an online Bank youd like to have a Lon term relationship with moving your Money around can eat up so much of your time Jones said it might not be Worth it online banking int for everyone Jones said make sure youre comfortable with the paperless system and the fact that there will be no facet face Cus Tomer service Fri insured online Banks have solid Security but make sure your personal computers r safeguards Are up to task As Well p including firewalls and the latest updated Security software Ron Teixeira executive director of the National Caber Security Alii Ance said in an email Peoples Money is As Safe As their own in ternet Security stars and stripes photo illustration by Ben Bloker stars and stripes advisers break free of debt then invest wisely by Kent Harkis stars and stripes heres a dilemma sgt Jones has filled up his mattress with Money and Hes having trouble figuring out what to do with All his hard earned Cash unfortunately that problem really Doest said Jolly Miller financial readiness pro Gram manager for the us army Garrison Vicenza she said she wishes it did but far too Many ser Vic members dont manage their Money Well and wind up in debt so financial advisers on base spend the majority of their time counselling those in need of help instead of helping those looking to grow wealthier Tom Snyder a personal financial Counselor at Aviano air base said service members Are losing hundreds and sometimes thousands of dollars annually by failing to pay off credit cards and Loans debit cards Are almost As bad As credit cards if you dont keep track of your Money he said especially if there Are two people and they each have a card if you overdraw youll be paying fees and those fees add up of course not All service members Are clueless when it comes to Money a Brief Survey of soldiers at Caserma Ederie last week found they Are using a variety of ways to save Money sgt Brandon Thomas assigned to the 2nd Battal Ion 503rd infantry regiment said he has an on line savings account that s netting him about 5 per cent interest his Bills Are paid automatically out of the account and his paycheck is automatically deposited into it the Benefit of online banking with our Ops Tempo is that when you deploy you dont have to worry about taking care of things he said if you have the Benefit of direct de posit youre silly not to be using online banking master sgt Howard Loken from the Southern european task Force air borne staff said he Banks online with usaa there very secure he said its pretty Good they refund All of my atm charges As Well pc Chris Swanson who works at the base health clinic said he has a local account on base that he uses to pay off Bills he said ifs convenient and even though it provides less interest than he could get feels its More secure than an online option might be see savings on Page 29 Thomas