September 25, 2017

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Monday, July 31, 2006
Was just thinking about my savings account, and how much I like it, and thought I would share it with others that may find it useful.

I needed an account where I can save my money off automatically and use it to pay my quarterly tax payments. Naturally, I looked into the savings account at my Bank (Bank of America) but they have an extremely low interest rate, and they always have strings for this type of stuff. I find out about some new fee on my checking and savings accounts every few months or so.

So I decided to look around. I wanted to still leave some of my savings with Bank of America since those accounts are highly accessible and very liquid. But I wanted some place I could put my tax savings to earn me some interest instead of just sitting there attracting fees.

Eventually, I tried an ING Direct savings account via a recommendation of a friend. They have a savings account with 4.35% interest right now and it seems to be going up all the time (mine was at 3.75% when I started). That's a pretty decent interest rate for a regular old savings account.

And my first thought was... I guess they have a minimum balance. Nope. Well I guess they change the rate based on how much you have in your account? Nope. The probably have service charges then. Nope. Well then I'm sure they have some sort of penalties or fees, or direct deposit requirements? Nope.

It is truly no strings attached. And that was about a year ago. After I have been using it, I can testify that it is really a great service. Transferring money between it and my savings is as easy as can be. Also, there automatic savings plans make it real easy to automate deposits from another account.

If you shop around, I think you can find some savings accounts out there that have an even slightly higher interest rate than ING. But, I love this service. I just thought that I could post it in case anyone else was looking for a good interest bearing savings account. If you are, let me know. I think there is some referral thingy that might give me a free bonus. And no... that's not why I wrote the post! Also, if you have some suggestions on where to place some money while saving for an expense, post it in the comments! I would love to hear it.

2 Comments:

Blogger Dividendium said...

Another one you might try is www.hsbcdirect.com. Their rate is 5.05% right now. And you can have multiple accounts, for example if you are saving for multiple goals, like vacation and house repair. Same deal as ING, no minimum, no fees, links to your checking account.

I think EmigrantDirect has an even higher interest rate, but I had some problems with their customer service closing my account and refusing to pay the remaining interest. It was eventually resolved, but it shouldn't have happened in the first place, so I don't recommend them.

You might consider changing your BoA account to a Credit Union. They generally take better care of their members like no fees.

9:15 PM  
Anonymous Anonymous said...

I also have been useing www.hsbcdirect.com for about 8 months and have had no problems with them. I use to be with bank of america they gave me 0.55% APY and now that I'm with HSBC I'm getting 5.05% APY. I would have to stay with bank of america for 9 years to make the same amount of money in intrest as I would with HSBC in one year.

When the lady at BofA asked me why I was closing my savings account with them. I told her about the HSBC rate and then asked her if she would ever burn the money in her savings account. She said NO!!!! then I said me eather and left.

I feel leaving my money at BofA I might of well of taking a tweenty dollar bill out of my wallet every month and burned it. Because it's so easy to set up a on-line saveings account and they are very convenient.

P.S. Frankie you need to find a way to add spell check to this thing!

12:04 PM  

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