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Most actualy savings accounts arent really high interest. ING Direct typically has higher rates because they dont have brick and morter locations (IE less overhead)
If you have a good amount of money you dont need right now, look into other investment vehicles.
We use ING Direct, but I don't know the rate! I know it's a lot better than a normal bank, though.
Short term CD or ING. ING's rate is one of the best, if not THE best. ING's regular savings was even higher than a long-term CD from my bank.
I use ING Direct. Currently their rates are 0.90%. It was 1.0% when I first got mine :(
I use ING Direct. Rate aren't very high any more, when I first signed up it was like 5%!
ING. You can also check out bankrate.com. Will show all the current rates.
I was with ING but Canadian Tire is better, so I'm with them now. Right now their TFSAs are 2.5% and regular savings 2%. I'll probably switch at least some of my TFSA money into mutual funds once I'm done school though.
i'm with a credit union and get 3%. it was in a different acct last year that got like .45% i wanna say? now interestwise i make in a month what i did in a year!
I have an ING account (which is 1.00% APY) and HSBC (not sure on the rate but probably similar to ING).
I'm pretty sure when I opened my ING account in 2006, it had an interest rate of like 6-7%. How depressing. :(
Good luck!
ETA: sorry I checked again and my interest dropped to 0.90% :(
I have ING, and like the other posters...the rate varies with the market. It's still a LOT higher than any other savings account at any other bank!
Wow! I just looked at INGdirect.com - that seems like the way to go. We would go for a saving account rather than a CD - now we are too close to the wedding to set-up a long term CD.
Are there any negatives to using ING? This just seems like such a better deal!
I'm with South Carolina Bank and Trust. Sorry you're not elligible to use them, but I love bragging that my interest rate is 3.25%. I got over $150 last year in interest. Also they don't charge any fees and they even pay ATM fees.
Best. Bank. Ever.
We use B of A at work (hate hate hate B of A) and the tellers always trying to get us to do our personal banking there. My response is always "How much interest do you pay? Cuz right now I'm getting 3.25." That shuts them up real fast. Actually one tellar was like oh, yah, I wouldn't change either.
I have USAA for checking - they rebate ATM fees which is great (and don't charge other fees and have the world's best customer service), but just got an ING like the others for the interest rate. I had the 1.0 for about a week before it dropped :(
@Rock Hugger: AMEX savings is the highest I've seen, even higher than ING and HSBC.
@Rock Hugger: the only negative that I can think of - although this also depends on your way of thinking - is ING transfers take 2 business days. If you need the money, like yesterday, you do need to wait until it is transferred. However, this was a positive for me as it didn't allow me to flip flop my money back and forth like I did on USAA, and have saved oodles more as a result.
Check out this page from an awesome blog - Getrichslowly.org - to get a comprehensive comparison of different high interest savings accouns http://www.getrichslowly.org/blog/2007/03/21/which-online-high-yield-savings-account-is-best/
I'm just curious, what's a CD? Is it similar to a GIC (guaranteed investment certificate)?
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Hey Bees, FI and I were looking into moving our wedding savings accounts to a different bank wih a higher interest rate. We did have our money in a money-market account with Wells Fargo, and when the bank was Wachovcia, we had a 0.35% interest rate. Now it has dropped to 0.06% (which blows).
So, if you have a high-interest account, which bank do you use, and what is your interest rate? Thanks for the tips!!