Best savings account?

lilboo

lilboo

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Sorry, I really couldn't think of a good name for the OP :whistle2:k

Once we come back from vacation we are gonna act like real adults and put money in a savings account :bouncy: :shock:

I (we) have been using Wachovia for years now. I have their checking account and their Way2Save account. The checking is like.. basic. I can't see how other banks differ, but it's free checking with I think no min balance. The Way2Save program is neat. Everytime you use your debit card as a debit or credit purchase $1 is taken from your checking account and put into this Way2Save account in 1-2 business days. You have full access to this account, so it's pretty neat. Like we don't expect to save THOUSANDS upon THOUSANDS with this, however, it's like random left over money = spending money = rainy day fund = small emergency money. So I'm really liking this.

ANYWAY, for convenience I was thinking about just going with a simple Wachovia Savings account..but I figure I'll ask around to see what others have to say about the banks they use and if they offer anything special?

The only thing I know about the Wachovia Savings is it's $300 min balance to avoid the $4 a month fee. I think the interest is like 4%.

If by any chance you also know of a checking account that's BETTER, please, let me know too! I just don't see how checking accounts can be different..aside from some banks charging fees? :shrug:

Also, any other programs (like Wachovia's Way2Save) please mention as well? :)
Thanks. I'm off to bed, I hope I can wake up to some information...sigh, in like 5 hours :roll:
 
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My wife and I use ING.com and its been great. Made over $30 last month in savings. Best part of it is, since its online its out of sight so there's really no temptation to take out of it. We have a checking account with Citizens (local northeast bank) and transfers between checking/savings are free. Not sure what the interest rate they offer now is but before the economy went to shit and they cut the interest rates, we were getting over %5.
 
fuck wachovia i hate their guts (they charged me like $60 in bounced check fees for something that was their fault and then would not wipe away the charges despite repeated calls to cs). Go with ing thats what ive been using savings wise, for daily biz i rely on commerce bank because they are amazing. They are open 7 days a week ad have great hours in addition to free lolypops and coin counting.
 
ING is good I have a small account there. Might have to drop more money in

Check your local credit unions they give pretty good deals.

I used Washington Mutal's online checking and free savings. I made about $10 last month in savings.
 
4%? That's pretty good these days.

Try checking to see if your eligible for a local credit union. You get great rates and typically great service. The only downside is they might be only available in your area.

I'm with a local credit union here, and get very close to 4% in savings, although they have an IRA account is a little bit higher. Free checking, and only $25 required in checking account. Of course this will be YMMV depending on your local credit union.
 
I can also recommend ING. They have high interest rates (4% is amazing at a huge bank like Wachovia in these times...ING is @ ~3% right now due to the economy...it was at 5% about a year ago though) and are very convenient. I also appreciate that they're online only.
 
With ING, when I want to make a transfer from my Wachovia Checking to Savings (ING) would that be instant or delay?
The same thing would go for ING Savings to my Wachovia Checking?
Same day or like 5 business days ?
 
a money market mutual fund will overall get you the best rates of return while keeping your money accessible, but they're somewhat inconvenient since they're mostly offered by investment firms and not banks (it's not the same as a MM checking account that banks offer).
 
2nd the credit union. I'm a Boeing Employees Credit Union member...no you don't have to be a Boeing employee...and I have a CD giving my 6% interest. If you don't need the money...I'd recommend a CD. or just a mutual fund/stock market if you have lots of time.
 
I recommend emigrantdirect.com sure it's only 2.75% apy but there's no fees and no minimum don't remember how long it took to transfer but I assume it's the usual 48 hours.
 
ING & HSBC have high yield savings accounts, way higher than a B&M bank. Only downside is it takes a while to get your money out.
 
I highly doubt you're getting a 4% return from Wachovia, you might want to double check that (I bet it's 0.4%). The major banks usually don't give an interest rate that high for a regular savings account. Like most others, I use ING as my savings account and I love it and highly recommend it. It has a pretty solid 3% interest rate these days. If you need a referral to open an account (you'll get a bonus $25 deposited into your account with your initial balance), PM me.
 
ING and HSBC that many are mentioning are Money Market Accounts (MMAs) that's what you want to go with IMO.

It doesn't really take all that long to get money out. You link it to a checking account and it takes maybe 3-4 business days to get the money into your checking. So yeah it's not instant but money in savings account shouldn't be money you need day to day anyway.

Check bankrate.com for the highest yielding MMAs. I have an account with HSBC and ING.
 
Thanks so far, guys :)

I DON'T have a 4% with Wachovia. My "Way2Save" account is actually 5%, but the thing is there's really never going to be a lot of money in that account. The money comes from debit/credit purchases. Every purchase = $1 in your new way2save savings account. So you really don't earn much.

I may end up with trying out ING. If I'm not liking it, are there any fees to cancel? Do I have to wait x amount of months to do so? The only thing I like about having a checking/savings under the same bank is if by any chance I need to tap into my savings (like a "OOPS, don't have enough for rent LOL!") I can transfer that online instantly.

The Wachovia "Premium Savings" that I was considering opening is .15%, :rofl: :cry: Again, the only GOOD thing (for me) would be the convenience.

ING has checking too, right? IF I had a savings/checking with them would the transfers be instant?
I think my needs are that the transfer has to be instant, just so I can feel safe/comfortable. I'm not really looking to do a new checking account, but it never hurts to consider it.
 
They do offer checking account.. I never realized!. Though only draw back is i wonder if you'd always get stuck with ATM fees. Though you could easily just go to the grocery store and take out money when you pick up milk for free.


actually there are 2 that would be free where I'm moving!

anyway here's the site for their checking
http://home.ingdirect.com/products/products.asp?s=EOHP
 
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