Savings account?

SecretIkon · 05-18-2005, 11:09 AM

I'm planning to open a savings account since I'll need one later on anyways. What should I look for when open an account.

Any tips or suggestions on which bank I should go to?

~~Cantacuzene~~ · 05-18-2005, 11:17 AM

I really don't see the point of a savings account personally. Either put your cash in a CD if you aren't going to need to touch it, or keep it in a checking account if you need to use it.

Thesifer · 05-18-2005, 11:22 AM

I use ING Direct.. They have a 3% APY .. which is a Lot better than most of the CDs I have seen right now .. And you also don't have restrictions on taking the money out if you need too.. You get 25$ free for signing up.. If someone refers you that is a member.

VTGreg · 05-19-2005, 06:26 AM

ING is very good. I've had a savings account with them for about 5 years now. They typically have close to the best if not the best rate of any bank and like the previous post stated, their returns are better than most short term CDs. In addition, there are no minimums and your money will not be locked up for a period of time as is the case with CDs. The website is INGdirect.com and if you look through the various forums, people here have had a good track record with ING.

There were also a few other online banks that offered a very good rate, but I have not personally used them. I believe one of them is Emmigrant bank and the other is Capital One.

DarkFury · 05-19-2005, 10:00 AM

Quote:

Originally Posted by Cantacuzene

I really don't see the point of a savings account personally. Either put your cash in a CD if you aren't going to need to touch it, or keep it in a checking account if you need to use it.

Savings accounts are for funds that you need to be liquid... yet still have the potential to draw some interest versus most basic checking accounts.

Yes... there are checking accounts with interest, but many of them either have fees or other penalties (like minimum account balances and whatnot).

CDs are cool if you can afford to tie your money up for a length of time... (most short term ones are 30 days to 91 days) however they generally aren't very liquid if you need the cash now. Personally, I like my advanced savings account (called a "Money Market Account") which has a higher minimum balance level and a little better interest than a regular savings... yet the cash is still liquid and available if I need to withdraw it.

Merlin · 05-19-2005, 10:38 AM

I'd advise you to look into a money market fund. You will typically get better rates and the funds are just as liquid.

ray · 05-19-2005, 11:02 AM

I have both an ING Direct account and a Money Market fund. My rates of return are actually higher on my ING Direct account, but that is probably because my Money Market fund has limited choices in terms of investments.

I'm happy with both and enjoy the diversity of both an online savings account (ING Direct) that may take 24-48 hours to electronically transfer the funds to my checking account and a Money Market account that I could withdraw from at a retail branch.

Thesifer · 05-19-2005, 03:47 PM

ING Direct has better rates than anything except a 4-5 year CD At my Bank ( Navy Federal ) .. I'd suggest them still. Paypal offers 2.9% right now also.. shrugs ( Money Market )

VTGreg · 05-23-2005, 11:10 AM

Are the tax implications of a money market account any different than that of a savings account?

Chgoman · 05-23-2005, 07:03 PM

Many Money Market account pay dividends instead of interest, but they are taxed basically the same.

Thesifer · 05-23-2005, 09:49 PM

Another Plus to ING that I forgot to mention.. is they Keep a running tally of your Interest Earned to date.. So you know for sure what you are making off your money.. Without having to take the extra time to figure it out .. Even before its "Paid" Its Accrued Daily.. Compounded Monthly.

johnnymk · 05-26-2005, 09:48 AM

I recently took out a 90 day CD at nearly 3% awaiting the Fed to raise the interest rates at least three more times within the next 4 months. I will then buy a 5 year CD hopefully at 5-1/2% to 6%. I think that if I lock in at that rate, I will sail through the next recession which will occur within the next two to three years.

dbax791 · 05-28-2005, 10:17 AM

Quote:

Originally Posted by johnnymk

I recently took out a 90 day CD at nearly 3%

Why? ING Direct is now paying 3% and it is liquid.

yippiekiyeh · 05-28-2005, 12:20 PM

And if you want 3.25% you could always get an account with emigrant savings bank.

johnnymk · 05-28-2005, 04:14 PM

Quote:

Originally Posted by dbax791

Why? ING Direct is now paying 3% and it is liquid.

Yes, I should have done that. I went into my local bank and I was approached by a lady there who informed me of the rates. I had been holding off for months trying to figure what to do. So I thought..what the heck..I may as well get something instead of letting the money lie dormant in my checking account. Oh well, 1/4% difference on 40K is only $25 for 90 days.

Thesifer · 05-28-2005, 09:56 PM

So Far with ING Direct.. I have earned "55$ In Interest" .. when In reality .. thats on NO Money.. because Ive just referred people.. plus got my 25$ referral money.. Pretty decent deal to me.

SecretIkon · 06-08-2005, 03:46 PM

well after talks with different banks i'm deciding to go with a checkings account. which one do you guys prefer? Bank of America, Washington Mutual? neither or another company?

BrewMaster · 06-08-2005, 04:55 PM

i've been with BofA for 20+ years and I worked for them as a teller for a while. I have never had a problem and I never anticiapte changing banks. Service is great, online banking is great, everything is just the way I like it. Plus, when you need a home loan they have competitive rates.

InfiniteNothing · 06-08-2005, 05:03 PM

An all around nice bank if you can get their free checking.

bachviet · 06-09-2005, 09:14 AM

I have one with ING Direct and one with a local credit union.

VTGreg · 06-09-2005, 01:46 PM

Bank of America is also good because they are nationwide.

If you are interested on getting any sort of return on your money then you should really consider something other than just a checking account.

05-18-2005, 11:09 AM	#1
SecretIkon Lieutenant Join Date: Sep 2004 Posts: 364	Savings account? I'm planning to open a savings account since I'll need one later on anyways. What should I look for when open an account. Any tips or suggestions on which bank I should go to?

05-18-2005, 11:22 AM	#3
Thesifer Vice Admiral Join Date: Jun 2003 Location: Oklahoma Posts: 4,338	I use ING Direct.. They have a 3% APY .. which is a Lot better than most of the CDs I have seen right now .. And you also don't have restrictions on taking the money out if you need too.. You get 25$ free for signing up.. If someone refers you that is a member. __________________

05-19-2005, 06:26 AM	#4
VTGreg Rear Admiral Lower Half Join Date: Jun 2002 Location: Charlotte, NC Posts: 2,533	ING is very good. I've had a savings account with them for about 5 years now. They typically have close to the best if not the best rate of any bank and like the previous post stated, their returns are better than most short term CDs. In addition, there are no minimums and your money will not be locked up for a period of time as is the case with CDs. The website is INGdirect.com and if you look through the various forums, people here have had a good track record with ING. There were also a few other online banks that offered a very good rate, but I have not personally used them. I believe one of them is Emmigrant bank and the other is Capital One. __________________ It only ends once... Anything that happens before that is just progress. Courage is not the absence of fear but rather the judgment that something else is more important than fear.

05-19-2005, 10:38 AM	#6
Merlin Admiral Join Date: Dec 2001 Location: Square On My Arse Posts: 7,410	I'd advise you to look into a money market fund. You will typically get better rates and the funds are just as liquid. __________________

05-26-2005, 09:48 AM	#12
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 13,621	I recently took out a 90 day CD at nearly 3% awaiting the Fed to raise the interest rates at least three more times within the next 4 months. I will then buy a 5 year CD hopefully at 5-1/2% to 6%. I think that if I lock in at that rate, I will sail through the next recession which will occur within the next two to three years. __________________ “Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” (Winston Churchill)

05-18-2005, 11:17 AM	#2
~~Cantacuzene~~ Banned Join Date: Jan 2002 Location: Atlanta, Georgia, USA Posts: 8,700	I really don't see the point of a savings account personally. Either put your cash in a CD if you aren't going to need to touch it, or keep it in a checking account if you need to use it.

05-19-2005, 11:02 AM	#7
ray captain awesome Join Date: Jan 2003 Posts: 7,054	I have both an ING Direct account and a Money Market fund. My rates of return are actually higher on my ING Direct account, but that is probably because my Money Market fund has limited choices in terms of investments. I'm happy with both and enjoy the diversity of both an online savings account (ING Direct) that may take 24-48 hours to electronically transfer the funds to my checking account and a Money Market account that I could withdraw from at a retail branch.

05-19-2005, 03:47 PM	#8
Thesifer Vice Admiral Join Date: Jun 2003 Location: Oklahoma Posts: 4,338	ING Direct has better rates than anything except a 4-5 year CD At my Bank ( Navy Federal ) .. I'd suggest them still. Paypal offers 2.9% right now also.. shrugs ( Money Market )

05-23-2005, 11:10 AM	#9
VTGreg Rear Admiral Lower Half Join Date: Jun 2002 Location: Charlotte, NC Posts: 2,533	Are the tax implications of a money market account any different than that of a savings account?

05-23-2005, 07:03 PM	#10
Chgoman Lieutenant Commander Join Date: Apr 2002 Location: Mission Viejo, CA Posts: 696	Many Money Market account pay dividends instead of interest, but they are taxed basically the same.

05-23-2005, 09:49 PM	#11
Thesifer Vice Admiral Join Date: Jun 2003 Location: Oklahoma Posts: 4,338	Another Plus to ING that I forgot to mention.. is they Keep a running tally of your Interest Earned to date.. So you know for sure what you are making off your money.. Without having to take the extra time to figure it out .. Even before its "Paid" Its Accrued Daily.. Compounded Monthly.

05-28-2005, 12:20 PM	#14
yippiekiyeh A Friend of a Friend Join Date: May 2001 Location: WESTSIDE! Posts: 1,673	And if you want 3.25% you could always get an account with emigrant savings bank. __________________ Distributed.Net I'm Trying this blogger thang...

05-28-2005, 09:56 PM	#16
Thesifer Vice Admiral Join Date: Jun 2003 Location: Oklahoma Posts: 4,338	So Far with ING Direct.. I have earned "55$ In Interest" .. when In reality .. thats on NO Money.. because Ive just referred people.. plus got my 25$ referral money.. Pretty decent deal to me.

06-08-2005, 03:46 PM	#17
SecretIkon Lieutenant Join Date: Sep 2004 Posts: 364	well after talks with different banks i'm deciding to go with a checkings account. which one do you guys prefer? Bank of America, Washington Mutual? neither or another company?

06-08-2005, 04:55 PM	#18
BrewMaster Ruler-Of-All-Things-Beer Join Date: Dec 2000 Location: Pasadena, CA Posts: 10,249	i've been with BofA for 20+ years and I worked for them as a teller for a while. I have never had a problem and I never anticiapte changing banks. Service is great, online banking is great, everything is just the way I like it. Plus, when you need a home loan they have competitive rates. __________________ respect beer.

User Name
Password
Remember Me?

06-08-2005, 05:03 PM	#19
InfiniteNothing Chief of Naval Operations Join Date: Aug 2002 Location: San Diego Posts: 10,086	An all around nice bank if you can get their free checking. __________________ As for our common defense, we reject as false the choice between our safety and our ideals.

06-09-2005, 09:14 AM	#20
bachviet What's Da Pho*? Join Date: Aug 2001 Location: SoCal (714) Posts: 13,296	I have one with ING Direct and one with a local credit union. __________________ Dell Dimension 9200 \| Intel Core 2 Quad Q6600 (2.4GHz) \| 4x1GB DDR2 \| 256MB nVidia GeForce 8800GT Dell Studio 17 \| Intel Core i7-720QM (1.6GHz) \| 2x2GB DDR3 1066MHz \| 1GHz ATI Mobility Radeon HD 4650 Intel P4-C 3.0GHz \| ECS 865PE-A \| 3x512MB PC3200 \| 128MB PNY GeForce 6600GT

06-09-2005, 01:46 PM	#21
VTGreg Rear Admiral Lower Half Join Date: Jun 2002 Location: Charlotte, NC Posts: 2,533	Bank of America is also good because they are nationwide. If you are interested on getting any sort of return on your money then you should really consider something other than just a checking account.

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode