Best Online Savings Account?

darthbudge

darthbudge

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I have recently decided to start saving some money to take a trip after I graduate from college. I have been looking for a place to open a savings account and I have decided that an online savings account looks to be my best bet.

I am probably going to be depositing most of my money over the next 9 months to a year and then withdrawing it after that. The two big banks that caught my eye was ING Direct and Ally, however I wanted to get some input from different people, preferably ones who have used one of those banks before.

So does anyone have an experiences with these or other banks, or any other better ideas for saving money?
 
[quote name='shosh']Do you have any credit cards like discover? And do you have a checking account?[/QUOTE]

I don't have any credit cards and currently I have a checking account with Chase, although I am thinking about switching away from them.
 
I use ING. Never had any issues. Haven't had an account all that long, though my parents and some friends etc. have used them for years and strongly recommended them.
 
Not that you shouldn't put your money in a savings account, but unless you are putting huge sums of money in, you won't really make any money in interest in 9 - 12 months.
 
[quote name='dmaul1114']Still better than nothing, and the point is more to put money aside and forget about it. :D[/QUOTE]

Exactly. If I leave my money in my checking account, I know I will end up spending it.
 
I've had ING for about 4 years now. The rate is better than any B&M bank I can find. It's painless to use really. I'm actually about to open up a third account with them.
 
Buy gold and stick it in a Safe deposit box. That way when the country goes to he'll you have something of value to the Chinese.
 
[quote name='shosh']Buy gold and stick it in a Safe deposit box. That way when the country goes to he'll you have something of value to the Chinese.[/QUOTE]


lmao
 
I can also vouch for ING direct, I have my emergency fund stashed with them. However, Ally has a higher savings interest rate. I've just been too lazy to bother to switch since I'm so entrenched with ING but you might want to check it out if you're just starting out.
 
I don't really see why you don't just open a traditional savings account. You should check with some local credit unions. they sometimes offer a larger interest rate.
 
uhh i use citibank and i think u can get an online savings account for 0.84% interest...

or u could just open a fidelity account and buy some stock quality stocks with a healthy dividend of 2-6%
 
[quote name='naiku']uhh i use citibank and i think u can get an online savings account for 0.84% interest...

or u could just open a fidelity account and buy some stock quality stocks with a healthy dividend of 2-6%[/QUOTE]

good dividend doesn't mean the stock price won't fall between now and when he needs it for his trip. And he would need to pick out a stock - I'm guessing he wouldn't be ready seeing how he's just opening a savings account.
 
^
true there is a slight risk involved that the stock could drop but you have a dividend padding the pain incase the stock disappoints. stocks already been slammed so its hard not to just look at any of the telecoms to pick up an easy 5% dividend on companies worth way more than what they are trading at.

Leaving money in the bank isn't gonna make you any money. 1 year ure gonna earn 8$ on 1k.....not even worth it.
 
Never had a problem with ING, the interest rates aren't what they were but transferring funds (even recurring) is painless.
 
another vote for ING. i have automatic savings set up so a little bit goes in there from every paycheck. quick and easy. youre not going to retire on the interest rate but its about as good as youll get for a savings account.
 
I have been using ING for 10 years, no complaints at all.

It will work perfectly for what you want. Set yourself up with an automatic savings plan once you get one. You set up a schedule to have money auto deducted from your primary bank account. Just factor that into your monthly budget as a bill that you are paying to yourself. In no time you'll have thousands just sitting there and not notice a dent at all in your every day life. I do mine on the same days I get my paychecks so I don't feel like it's a random dent in my checking account.

Like others have said, moving money around is pretty painless and everything about them works great.
 
I would like to suggest buying fractional gold coins, such as Gold Sovereigns, Gold Ducats, and American gold coins. I've been buying precious metals for over a year, now, and have seen much better returns than a savings account will ever give you, especially with how low interest rates are. Additionally, gold is the only thing that has held it's value (in terms of purchasing power) for over 6,000 years. If you do decide to purchase gold, make sure you buy it from a reputable source, make sure you have a safe place to store it, and make sure you aren't paying too high of premiums over spot value.
 
[quote name='naiku']^
true there is a slight risk involved that the stock could drop but you have a dividend padding the pain incase the stock disappoints. stocks already been slammed so its hard not to just look at any of the telecoms to pick up an easy 5% dividend on companies worth way more than what they are trading at.

Leaving money in the bank isn't gonna make you any money. 1 year ure gonna earn 8$ on 1k.....not even worth it.[/QUOTE]

Yeah, I already have some stocks, but I am probably going to cash them out. I had purchased some stocks before the market crashed and actually doubled money, but once it is crashed they went back down to just about the prices I purchased them at and have been hovering there. I know they could make a comeback, but since I am doing short-term saving at the moment, I don't exactly like the risk aspect.

[quote name='fullmetalfan720']I would like to suggest buying fractional gold coins, such as Gold Sovereigns, Gold Ducats, and American gold coins. I've been buying precious metals for over a year, now, and have seen much better returns than a savings account will ever give you, especially with how low interest rates are. Additionally, gold is the only thing that has held it's value (in terms of purchasing power) for over 6,000 years. If you do decide to purchase gold, make sure you buy it from a reputable source, make sure you have a safe place to store it, and make sure you aren't paying too high of premiums over spot value.[/QUOTE]

I thought about doing that, but I don't really have the safe place to store them and it seems a lot of effort for a short term savings of less than a year.
 
[quote name='fullmetalfan720']I would like to suggest buying fractional gold coins, such as Gold Sovereigns, Gold Ducats, and American gold coins. I've been buying precious metals for over a year, now, and have seen much better returns than a savings account will ever give you, especially with how low interest rates are. Additionally, gold is the only thing that has held it's value (in terms of purchasing power) for over 6,000 years. If you do decide to purchase gold, make sure you buy it from a reputable source, make sure you have a safe place to store it, and make sure you aren't paying too high of premiums over spot value.[/QUOTE]

The new health care bill is going to start taxing all that.

http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611
 
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