Transfer funds from credit union to savings account?

[archcommus]

I have about 2k in a credit union affiliated with my mom's work place that pays 1% annual interest. All of the money I actually earn is within my Citizens savings and checking accounts. I've been considering taking the funds out of the credit union and plopping it all into my Citizens savings account, just for the security of knowing I am the only one with access to the funds, and so it's easier to add to the money and easier to take money from it if I ever need to (by doing a quick online transfer). The Citizens savings account only pays .25% APR, however, even for, say $4000, that's only a $30/year difference in interest paid.

So should I just go ahead and abandon my credit union account? Or are there other reasons to stick with it?

Keep in mind I won't be earning big money anytime soon, going to college in the fall.

 

[JasonK]

You should try a ING Direct Orange savings account. 2.35% . I just opened one

 

[HonkeyDonk]

yeah got ING direct....2.35%....i can refer you if you want....we all make money

 

[OverVolt]

The answer is 42

 

[archcommus]

The ING account sounds great. You can go ahead and refer me if you want, just not right now, need a few days to get the check from the credit union.

So no minimum balance, no fees, and 2.35% APR. Sounds unbeatable. And I can easily transfer to and from it.

I turn 18 in two months, do I have to wait till then to open this?

Safe to use the SSN online?

 

[archcommus]

Bump.

Anyone else want to comment?

 

[woowoo]

Originally posted by: OverVolt
The answer is 42

Agreed

 

[Anonemous]

Originally posted by: archcommus87
Bump.

Anyone else want to comment?

ING is good (25$/50$ with MSmoney deal for new customers). Over in Fatwallet, they are raving over Emigrant which has 3% interest on savings.

link

 

[archcommus]

Would you recommend one or the other? I would feel more comfortable with ING simply because I've heard of them before.

 

[CRXican]

Originally posted by: JasonK
You should try a ING Direct Orange savings account. 2.35% . I just opened one

my thoughts exactly, I opened one this month

 

[archcommus]

So either that or EmigrantDirect...

 

[Anonemous]

Originally posted by: archcommus87
So either that or EmigrantDirect...

Do ING first. Then after you get your 25/50$ signing promo. Then open an emigrant and xfer there. Or just do both. And xfer back and forth depending on who has the highest interest.

 

[archcommus]

Is that really good practice, though?

 

[archcommus]

Bump.

Should I go with ING, ED, or open both, get some cash from ING, put it all in ED, and transfer if ING's APY ever goes up?

Are both of these 100% safe to go with? Never heard of ED before, so a bit leery.

 

[archcommus]

w00t, just found about a grand of savings bonds in my room, too.

 

[RossMAN]

Originally posted by: archcommus87
Are both of these 100% safe to go with? Never heard of ED before, so a bit leery.

Both banks are FDIC insured.

 

[archcommus]

Guess I'll be opening both then.

Can anyone link me to this $25/$50 promo with ING? Not seeing it anywhere on the site.

Also, is there any reason to keep an account at the credit union for the sole purpose of getting loans through them in the future?

 

[archcommus]

Okay, so about cashing those savings bonds...what's the process with that? Will any normal bank do it? Since I'm 17 will a parent's presence be required? How will they know how much they're worth?

Just a few Qs...

 

[archcommus]

Bump.

Need to make sure I have this all straightened by tomorrow.