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Best Savings Account??

Established Contributor

Best Savings Account??

Ok, so I know this isn't really about CCs, but I'm a junkie and I trust you guys... also, I figure anyone that knows this much about CCs will also know a think or two about good savings accounts.


My husband and I would like to open a new savings account to 1) begin saving for a house downpayment and 2) just start saving generally! Since we're starting from scratch, I'm trying to shop around to see what savings accounts offer the best benefits.


Any suggestions??

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 1 of 12
Established Contributor

Re: Best Savings Account??

Here are a few I'm looking at:


- ING Direct Orange Savings Account

- American Express High Yield Savings Account

- HSBC Online Savings Account (though generally, I don;t like HSBC)

- FNBO Direct Online Savings


Any opinions on these or suggestions for others?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 2 of 12
Valued Contributor

Re: Best Savings Account??

Alliant CU

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 3 of 12
Established Member

Re: Best Savings Account??

So I actually have 2 savings accounts - a Bank of America savings with crap interest, and a ING Direct Orange savings account.  I love ING.  Their rate is the highest I've seen, their site is extremely user-friendly and it's really easy to toss the money into a CD when I've accumulated a few thousand.  I also like that it takes a day or two to transfer from my ING savings to my BoA checking because that makes me think hard before I touch that money.  Generally, whatever I thought I needed doesn't seem so urgent after 48 hours. 


I hang onto the BoA one for a couple of reasons, though.  First, I use Keep the Change as an easy way to add a slow trickle into my savings account and second because I keep a $2500 emergency fund there and know I can access it instantly if I need to.  I was careful not to link my BoA savings and checking with Overdraft Protection, though, because it shouldn't be THAT easy to get to it.  I have a standing transfer from my checking to my savings every payday, and when I hit $1000 over my emergency fund, I transfer the excess to ING where it'll earn some interest.  Kind of a a lot of steps for some people, I suppose, but it works for me.  I also have 2 checking accounts, one where I pay bills and one for the spending money that I allot myself every week.  It keeps me from going on sprees.  :-)


Wow, that was long.  TL;DR: I recommend ING Orange Savings.  I've had them for years and it's been a great experience.

Message 4 of 12
Moderator Emeritus

Re: Best Savings Account??

I have a very similar savings arrangement, but mine are with Wachovia (my main B&M bank) and Capital One. I have my checking at Wachovia, and Way2Save account so that I have a slow trickle into savings; mine, however, is tied to my checking account for overdraft protection, but I never touch it. It's there strictly for an "oops" with balancing my checkbook. For actual savings, I have both a money market and savings account with Capital One; the interest rates are very competitive. I use the money market for saving up funds on a regular basis for major expenses such as property taxes; I simply write a check out of that account, as the money has accumulated for the purpose and is already there. In the meantime, it's earned a decent rate of interest. I also have the savings account, pays a good rate and is for longer term savings. I'll look at rolling it over into a CD at some point, but I'm waiting for rates to improve.


Anyway... I know that Capital One gets a bad rap from some people regarding their CCs, but I've been happy with them regarding both their credit AND savings products. FWIW.

Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
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Message 5 of 12
Valued Contributor

Re: Best Savings Account??

I'm not really into the high interest savings arena, as I don't have a lot of savings, yet.  However, I am looking to open one when my savings account hits $5000.  I see that Discover's savings rate is 1.2%.  I don't know what ING is at, as it was one of the highest, last I looked, two years ago, but 1.2% is not shabby in this economic climate.


What is the ING rate currently?


Also, when looking through the terms of the Discover account, there were fees for pretty much every way of accesing your account, ranging from $5 for a check fee to like $25 for wiring money electronically (out).  I imagine this is fairly typical among high-interest savings accounts?

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

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Message 6 of 12
Established Member

Re: Best Savings Account??

My ING rate is 1%, but there are no fees.  For someone like me who does a lot of shifting around between accounts, it probably works out.


The one caution with an ING account (at least with mine) is that you can't write a check from it.  You'd have to wire the money into another account, then write the check.  However, there is no transfer fee.

Message 7 of 12
New Contributor

Re: Best Savings Account??

Alliant Credit Union is a good one, currently 1.15% APY. Bank-to-bank transfers are usually quick.


I would recommend opening an ING Direct checking account at just to get a $50 signup bonus. also has a link to sign up for a Sharebuilder account for another $50 signup bonus. In the past, after opening a checking account, you may get an email offer for $25 to open a savings account. Maybe they still do this, possibly.

Message 8 of 12
Regular Contributor

Re: Best Savings Account??

Just a heads up, ING will do a hard pull. If they dont like your credit score they will deny your application.

Starting Scores: 667 EQ 09/2013 | 682 TU08 01/2014 | 689 EX 06/2014(via AMEX CLI)
Current Scores: 667 EQ 09/2013 | 735 TU08 12/2016 | 748 EX 12/2016

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Message 9 of 12
Senior Contributor

Re: Best Savings Account??

i opened a sallie mae high yield savings account's at 1.1% right now.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 10 of 12