Help with savings account...

[BlancoNino]

I was thinking of opening a savings account since my checking account is getting so large.

I have about $4,000 and I'm wondering if I should open an account with INGdirect.com, or if I should open another account with my current bank, Wells Fargo.

https://www.wellsfargo.com/savings_cds/moneymarket.jhtml -- How would that compare to the interest I would make in INGdirect? I know that overall it would be more convenient for me to keep my money in there, plus I'd easily have $3,500 in it at all times.

 

[PHiuR]

same bank so you can transfer money between your savings and checkings instantly instead of having to wait 2-3 days?

 

[BlancoNino]

Originally posted by: PHiuR
same bank so you can transfer money between your savings and checkings instantly instead of having to wait 2-3 days?

That's the biggest factor, IMO. But what about interest rates?

 

[Whoozyerdaddy]

Originally posted by: BlancoNino

Originally posted by: PHiuR
same bank so you can transfer money between your savings and checkings instantly instead of having to wait 2-3 days?

That's the biggest factor, IMO. But what about interest rates?

Do the math...

You'll make an extra $40 a YEAR for every 1% increase in interest paid. I'd take the convenience over the extra $40.

 

[AgaBoogaBoo]

I saw an ad earlier that Citibank is offering a bonus if you open a savings account with them... they give 5% btw, bonus was maybe $25?

 

[intogamer]

HSBC is 5.05????

Hey somehow I changed my routing number to something else I searched online... ( to use two paypals with same bank)
the 2 deposits were sent NEXT DAY... I'm still waiting too see the if the 2try routing would be as fast as also...

Didn't try regular Paypal cash ACH transfers....

 

[fornax]

I keep some of my liquid funds at ING "who left out the first 4 letters" Direct. They are good: decent rate, fast transfer from/to, good customer service when I needed it. Some other banks have slightly higher rate.

 

[intogamer]

BTW doesn't HSBC give you an ATM Card?

I've read Slickdeals that ING Direct offers echecking Account.. Only accessible when your logged on ING Direct Savings
You'd get a master Card Debit card... ATM wise?

Anybody Login and get any more info?

 

[intogamer]

WOOT I just got paypal deposits... I guess off/ merged routing numbers are wicked fast!!!!!

Unless its is a Paypal Confirm Depsoit $0.XX thing...

 

[Eeezee]

The interest rate here is the most important thing. What's the point in opening a savings if you're not making as much money as you can with it? I use an Emigrant Direct 5.05% savings account linked to a chase checking account, which is linked to a chase credit card

1) Drop paychecks into checking account or just have direct deposit
2) Transfer ALL money to savings
3) Use credit card for purchases
4) At the end of the month, check your credit card balance. Transfer that much money from savings into checking.
5) Pay off card

Rinse and repeat. Make sure your principle is going up every time you drop in a pay check, so that you're not tapping money from your savings account. I think this is the easiest way to build up a nice reserve of cash. Like you, I had $3k sitting in a checking account. The interest of these online savings accounts is really great. You don't get much money off of such a small amount, but every little bit counts.