HOT MAMA! Where To Put Your Money If It's Just Sitting In a Checking Account

[Winchester]

Interesting.

 

[lexmark]

great post

 

[nyker96]

You need to move this post to Misc. section of the site.

 

[oink2u]

this is quite a hot deal! any updates since they recently raised interest rates?

 

[lsman]

gmacbank.com 4.75APR

 

[jitspoe]

Wow, I was curious what the interest rate on Bank of America savings was, since I already use them for checking. 0.5%. What a joke.

 

[WildHorse]

Originally posted by: zervun
Anyone know what the easiest way is to transfer money from a checking account into say HSBC? I have both ING and HSBC account and went to wellsfargo to do a electronic transfer and they said it would cost like 30 bucks...

My bank charges $30 per wire xfr too, EXCEPT, somehow PayPal is able to wire transfer money out of my account at that same bank FREE.

So, maybe transfer to PayPal, then add your ING & HSBC accounts to your PayPal profile, then transfer from PayPal to them. Should be free, unless ING or HSBC hits you for any incoming wire xfr fee.

 

[Thorny]

Originally posted by: scott

Originally posted by: zervun
Anyone know what the easiest way is to transfer money from a checking account into say HSBC? I have both ING and HSBC account and went to wellsfargo to do a electronic transfer and they said it would cost like 30 bucks...

My bank charges $30 per wire xfr too, EXCEPT, somehow PayPal is able to wire transfer money out of my account at that same bank FREE.

So, maybe transfer to PayPal, then add your ING & HSBC accounts to your PayPal profile, then transfer from PayPal to them. Should be free, unless ING or HSBC hits you for any incoming wire xfr fee.

Theres a difference between a wire transfer and ACH. If you have ING transfer the money out of your checking its done by ACH and should be free of charge. Paypal also uses ACH which is why your bank doesn't charge you.

 

[WildHorse]

Originally posted by: Thorny

Originally posted by: scott

Originally posted by: zervun
Anyone know what the easiest way is to transfer money from a checking account into say HSBC? I have both ING and HSBC account and went to wellsfargo to do a electronic transfer and they said it would cost like 30 bucks...

My bank charges $30 per wire xfr too, EXCEPT, somehow PayPal is able to wire transfer money out of my account at that same bank FREE.

So, maybe transfer to PayPal, then add your ING & HSBC accounts to your PayPal profile, then transfer from PayPal to them. Should be free, unless ING or HSBC hits you for any incoming wire xfr fee.

Theres a difference between a wire transfer and ACH. If you have ING transfer the money out of your checking its done by ACH and should be free of charge. Paypal also uses ACH which is why your bank doesn't charge you.

So you seem to agree the transfer to PayPal & subsequent transfer to another bank looks viable, free.

And, thank you for explaining that. I'd wondered about it.

 

[510kut]

Really wellsfargo charges for transfer??? I've done a handful of transfers from my Wellsfargo checking to my ING account, I don't think they've charged me. Although when I have a low balance like sub-500 in my checking they do charge me for doing things like paying my cc online and stuff. Hmmm I hope wellsfargo isnt starting to charge... I went through ING and made a transfer tonight....

 

[BoldAsLove]

If anyone needs an ING ref for free $25, let me know!

 

[laier19usa]

4.75% at Amboydirect.com with no minimum or fees.

http://www.amboydirect.com/premiumsavings/

 

[JimKiler]

Originally posted by: scott

Originally posted by: Thorny

Originally posted by: scott

Originally posted by: zervun
Anyone know what the easiest way is to transfer money from a checking account into say HSBC? I have both ING and HSBC account and went to wellsfargo to do a electronic transfer and they said it would cost like 30 bucks...

My bank charges $30 per wire xfr too, EXCEPT, somehow PayPal is able to wire transfer money out of my account at that same bank FREE.

So, maybe transfer to PayPal, then add your ING & HSBC accounts to your PayPal profile, then transfer from PayPal to them. Should be free, unless ING or HSBC hits you for any incoming wire xfr fee.

Theres a difference between a wire transfer and ACH. If you have ING transfer the money out of your checking its done by ACH and should be free of charge. Paypal also uses ACH which is why your bank doesn't charge you.

So you seem to agree the transfer to PayPal & subsequent transfer to another bank looks viable, free.

And, thank you for explaining that. I'd wondered about it.

ACH is for US only transfers, where is HSBC's online account located?

 

[desiplaya4life]

im new to this thing.. but do you get the percentage return EVERY MONTH (from lets say, ING or Umbrella)or end of the year? thank you.

 

[Aztech]

ING's rate is up to 4.15% and they have a 5.25% 12 month CD. Update when you can.

 

[Meritt]

ING Direct, as stated above, is now at 4.15%.

However, they are also offering a referral program where the referred (new account with $250 minimum) gets $25 and the referree (me?) gets $10.

If anyone is looking at setting up an account at ING Direct, let me know if you'd like a referral. You have to deposit at least $250 though, and I'm not sure on any minimum terms. I can send you a referral if you'd like

My email: tim.a.elliott@gmail.com

 

[raildogg]

Chose ING last week, faxed in my SS and they should deposit a small amount in my CA next week to verify. Then its off to put some money into the savings account.

Should I move to HSBC or Emigrant or stay with ING?

I think I'll wait a few months and see.

 

[Engineer]

HSBCDirect now at 4.65%

 

[Meritt]

ING is a bit lower than HSBC/Amboy/Emigrant.. but I dunno, I'm *very* impressed with their service and functionality so far in comparison to the others (I had an account with HSBC.. Tried to signup at Amboy but their stupid website kept erroring/failing).

Gonna stick with ING unless the seperation between them gets huge. I've only got emergency funds in savings anyway, any money that I expect to earn interest from is in stocks and mutual funds [im not even going to comment on the past 5 trading days. ugh. stupid fed. ]

 

[heavyharmonies]

From a convenience standpoint, I keep my extra funds (tax payments, insurance payments, etc.) in my PayPal account:

1. No minimum deposit required.

2. Money is not tied up for any specific duration; can withdraw the funds at any time.

3. Transferring the funds to and from my checking account is free.

4. Dividends are paid to the account monthly.

5. Very competitive rate of return. As of today it's 4.69%.

IMO it beats sending a check off to a bank you've never heard of or tying it up for a year or more...

 

[Meritt]

Except Paypal isn't FDIC insured, if you read the terms they even say that your money is guaranteed safe in that account, and Paypal is notorious amongst eBayers/etailers for randomly locking accounts, impossible to get ahold of, random chargebacks, disappearing money...

Yeah, if they work for you, awesome man, but I'll keep my money where it's safe.

 

[miks23]

I agree with Meritt. Paypal has tried to convince people that they are a bank when in fact they are absolutely not a bank. I would never hold money in my paypal account.

 

[Googer]

Originally posted by: Kenji4861
Battle of the interest rates to let your money grow on it's own!

If you have money just sitting in your Checking account, let it grow here.

Savings Accounts ( Can Pull Out Money Anytime )
Citibank e-Savings - 4.5% APY ( no minimum )
Emigrant Direct - 4.5% APY ( no minimum )
Umbrella Bank - 4.7% APY ( minimum of $1000 deposit )
ING Direct - 4.00% APY ( no minimum ) - 4.75% UNTIL 04/15/06
HSBC - 4.25% APY + $25 Bonus ( no minimum ) - 4.80% UNTIL 04/30/06 | enter promo code start to get $25.

Certificate of Deposit CD - ( Have to Keep Money In For A Certain Period )
If you don't mind committing to keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate.
3 Month - UFB Direct 5.0% ( minimum of $8000 )
3 Month - Umbrella Bank 4.85% ( minimum of $1000 )
6 month - Virtual Bank 5.25% ( minimum of $50k )
6 month - Etrade 5.21% ( minimum of $1000 )
1 Year - UFB Direct 5.31% ( minimum $8000 )
1 Year - Etrade 5.30% ( minimum $1000 )
2 Year - International Bank of Chicago 5.61% ( minimum $10000 )
3 Years - Pentagon Federal Credit Union 6.0% ( minimum of $1k )

:thumbsup: or a Roth IRA works just as good if not much better.

 

[bennylong]

PayPayl isn't a saving account, your account is holding money market fund. It doesn't matter if it's CitiBank or Chase or PayPal if your account is holding money market fund so it doesn't matter if PayPal isn't FDIC insured.

 

[ballmode]

MILF investing?