(Closed) Clueless – savings account

posted 11 years ago in Money
Post # 3
2790 posts
Sugar bee

Well currently I am saving my money at a regular bank which is also doing me NOTHING! Interest rates are terrible right now. Maybe try ING or something more like that?

Post # 4
3586 posts
Sugar bee

At a credit union

Post # 7
4581 posts
Honey bee
  • Wedding: October 2011

I use ING but their interest rate isn’t spectacular these days.

Post # 8
2865 posts
Sugar bee
  • Wedding: September 2010

You can shop banks too. We have a high-interest savings account at a local bank and our checking & credit cards with chase. I’d suggest calling around to local banks to see what they can offer and if there are minimum balances (usually at least 5000) or any requirements (like automatic bill pay at least once a month).

Post # 9
2090 posts
Buzzing bee
  • Wedding: August 2010

I have a “high yield” (yeah, thats a relative term LOL) savings account through Sallie Mae Bank. It’s easy to use, and right now the interest is 1.30%. My Bank of America savings is at .10%, so its better, but it’s not going to make me rich 😉

Post # 11
1987 posts
Buzzing bee
  • Wedding: October 2011

I’ve actually been using a high yield checking account as my savings account. I get about 3.5 – 4% interest monthly.

To get the interest each month, I have to do 10 debit card transactions and pay a bill. All I do is make sure I do all those transactions and pay the bill during the first half of the month. During the second half of the month, I just transfer the money I spent on that account from my regular checking to the high yield checking.

Of course, I’m depositing my regular savings into this account.

Post # 14
14490 posts
Honey Beekeeper
  • Wedding: June 2011

Avoid places that are heavily invested into the bond market.  I worked in investments most of my life (my dad owns a company), and I am seeing all the tailtell signs of a bond market crash.  Just some FYI.

Post # 15
50 posts
Worker bee
  • Wedding: May 2018

For high interest you want to go with some kind of internet bank like ING. Not having a brick and morter store (like Amazon) helps them have higher interest rates. In general you aren’t going to find great ones because of the economy right now, but those are your best choice.

Local/small banks or credit unions will be your second best bet. Since they are small and have to compete for business they will usually offer better interest rates since they can’t compete with some of the perks big banks have (like no ATM fees and a lot of locations)

Good luck! I have my “wedding savings account” in an ING right now. Its working for me

Post # 16
173 posts
Blushing bee
  • Wedding: June 2011


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