Best bank/service to open a Savings Account

[TurDz]

Hey guys,

I'm interested in opening up a savings account. I know there are some places that give better interest rates than others.

I just want to know from your personal experience which bank or financial service is best. A website or resource that you guys like to use would be helpful too.

I have a checking account with BofA, but I know their savings program sucks balls, so I'm trying to open one somewhere else.

[mr.li]

either HSBC or CITIBANK. hsbc has a savings program that offers 5.05% annual yield and citibank has e-savings that offers 5.00% annual yield. and you can move money around all u want. not like a cd or ira.

[RiversideS13]

But i noticed in the lower portion of the site mentioned the interested rate is subject to change after account is open?

[sr240mike]

My Paypal Money market account has been around 5.0% for awhile now, it was over 4.00 a year ago, And my citibank e-savings has been at 5% for the past few 4 months. Good for you for trying to save.

[A Spec Products]

ING Direct

I think their rate is 4.35% or so

I use ING but I don't see the point of savings account. The only good it does it take money out of my checking without me knowing so I "save" it from being spent. Unless you have MAD cash lying around, then its not really beneficial (to be like earning interest on a couple hundred bucks, for example).

I guess just as long as you are beating the rate of inflation its better than nothing.

[Wei240]

same here, use ING...

[bovaddict]

i work at wells fargo btu it depends how much money you got.. at wells fargo the rich got it made but if its just for a low amount then id go elsewhere.. the banks online in newyork i got like 6% at orange bank but its harder to transfer money (takes like 5days) but you get good interest..

but you want a wf account let me know. the service is best but i cant promise the interest being the best

[breakindrifts]

Banks are shitty. If you want your money to grow invest with CitiCorp mutual funds. Anywhere from 25 a month, to 400 a month. 12% average return rate for the last 30 years. And guess what? You can withdraw the account TAX FREE if you are 1st time home buyer, for education loans etc, or if you are retiring (65).

You guys do realize what banks do with your money when you deposit it right? They invest in the global economy and get like 14% return and then hand you a lousy 1-2% (Most banks.)

I work with Primerica financial services so I know the industry pretty well.

[95Blue240sx]

^^yeah its bs, then they charge your ass with all kinds of rediculous fees, like overdraft, using a different atm, using a mall atm and what not. They get mad cause they cant make more money off you.

Anyways Orange Bank = Ing Direct. I just signed up with them at 4.4% wish it was 5 though. Oh well. I will see how it goes.

[Gnnr]

Check your local Credit Unions aswell, many have great rates. As far as websites I read a lot at Fool.com.

[A Spec Products]

i wouldnt take no investment advice from ANYONE on zilvia tho

hahah

just get a better job and get on that paper chase

[Buffalo Daughter]

i wouldnt take no investment advice from ANYONE on zilvia tho

hahah

just get a better job and get on that paper chase


ahha well said. I've had ing direct for almost a year now. I like it alot. Nice interest rate and i get about 4 dollars a month on the rate. Pretty cool for money that does nothing but grow.

[VROOOM]

savings accounts are a joke now. i just put a shitload into my 401k its the ultimate savings account. great return, your company will most likely match or contribute some and its before taxes.

[TurDz]

Yeah I think I will do the 401K also, but I need to do more reserach on it first. I hope my company will match what I put in.

[Rayne]

Investing money in stuff like tax liens or real estate has higher returns than most of the common savings vehicles.

[unwed_transient]

http://www.bankrate.com/brm/rate/chk_sav_home.asp

usually ING pays better, but you never know. most offer the best deals on variable rate mma's.

[allstar]

BofA, i like it.

[Phlip]

I work for Citigroup, I only have my CHECKING through Citi, I make more back, with mind on using it later (as in WAY later, as I see it) by upping my 401k to the maximum that I am allowed to put into it, knowing that the company will match it to a certain extent. When/if I leave the company, I can either:
a. roll it over to the NEW company's 401k and do the same thing all over again
*or*
b. collect on that, paying the minimum taxes on it of 20% if I am hard up for cash. Given the fact that I am single with no kids, I am paying more than that in taxes as it is.

[TurDz]

I use ING but I don't see the point of savings account. The only good it does it take money out of my checking without me knowing so I "save" it from being spent. Unless you have MAD cash lying around, then its not really beneficial (to be like earning interest on a couple hundred bucks, for example).


I want to save for a house, and in addition to my savings, I want to start my 401k and Roth IRA. A savings account seems almost necessary to me. I forgot to mention my college bills too, lol. I'll try to let my money grow a bit faster than my college loan interest while I pay it off at the same time.


Banks are shitty. If you want your money to grow invest with CitiCorp mutual funds. Anywhere from 25 a month, to 400 a month. 12% average return rate for the last 30 years. And guess what? You can withdraw the account TAX FREE if you are 1st time home buyer, for education loans etc, or if you are retiring (65).

You guys do realize what banks do with your money when you deposit it right? They invest in the global economy and get like 14% return and then hand you a lousy 1-2% (Most banks.)

Of course, but with mutual fund investments, you really can't touch them once you put the money in. A savings account is good for short term savings, like no more than 10 years or so. Or something to earn a good consistent 5% without just letting the $ sit in your checking.

Anyway, just wanted to update this thread that I'll definately be looking for a a savings account. Thanks for all the suggestions.

[SimpleS14]

Is ING mostly online and telephone service?

I have Navy Fed, but rates are not that high on saving. Money market is a different story and the rates on loans are very nice. However, you have to be direct family of someone in the Navy (or Marines) to join.

[MURPHY]

Is ING mostly online and telephone service?

I have Navy Fed,
i have them too,any idea of the top of your head what there interest rate is? im trying to put all my money from different banks into the highest interest rate bank account i have. im saving up for something special in 1-2 years and i don't want to be able to touch it until i need to take it out. any ideas/words of advice? im not trying to do any stock market stuff, idk how the hell that works haha

[g6civcx]

Cliff's notes:

401k or Roth IRA, depending upon what you're looking for.

Speculating in real estate is risky if you don't know what you're doing. Local real estate markets are swinging wildly right now with the interest rate fluctuations we've been having lately.

Saving accounts pay you nothing. At least do bonds and/or mutual funds. I just don't like CDs because you lose access to your money.

My retirement is currently earning around 20% with pretax dollars. I can borrow against it and get the money within a few days. The equivalent to that would be a Roth IRA of some sort.


Put 3-6 months of salary into a savings you can easily get to. Put the rest in 401k/Roth IRA. Invest in good life insurance and long-term care insurance.

[SimpleS14]

i have them too,any idea of the top of your head what there interest rate is? im trying to put all my money from different banks into the highest interest rate bank account i have. im saving up for something special in 1-2 years and i don't want to be able to touch it until i need to take it out. any ideas/words of advice? im not trying to do any stock market stuff, idk how the hell that works haha

Navy Fed? They have a link to their rates on this page: http://www.navyfcu.org/savingscenter/index.html

You can see all the rates every account they offer...also the minimum you need to start off.