Savings account

[Anonymous]

Good for you and best of luck.

One good place to consider as a place to locate your IRA is Vanguard.  They were the pioneers in offering low cost diversified funds to enable the average Joe to invest money for retirement.  They are still (arguably) the best at it, though there are other groups that do it well now too (e.g. Fidelity, etc.).

The other thing you should do is read a simple, short, and sound book on investing.  One of the most trustworthy guides to this is a guy named William Bernstein.  He has written many books, but I hear really good things about If You Can: How Millennials Can Get Rich Slowly:

http://www.amazon.com/If-You-Can-Millennials-Slowly/dp/098878033X?tag=frugrule-20

It is also available for free on his website.  There are many other introductory books out there as well (e.g The Bogleheads Guide To Investing, The Bogleheads Guide To Retirement Planning, etc.).

[Anonymous]

I would highly recommend Barclays! 

I have a 1.05% dream account, which has a maximum of a $1,000 monthly deposit.

As for the rest of my savings each month I use another Barlcays account for 1% with no monthly limit.

This allows me to max out my monthly on one and then just dump the rest in the other.

Pretty sure no other big bank beats this offer. The only complaint I would have would be no mobile app for the savings.

I was also looking at Ally but in the end the extra 0.05% won me over

[EAJuggalo]

I use my CU checkin gaccount as a savings account. 1.5% on the first $25,000 as long as I make 20 debit card transactions a month.  Much better than the .2% my actual savings account with them gets.

[Anonymous]

Hello all.  Here is one of the best summaries of options for people looking for high interest bank accounts.

http://www.doctorofcredit.com/high-interest-savings-to-get/

It was posted just a few days ago.

[Anonymous]

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@Anonymous wrote:
I have a MySavingsDirect account. When I opened it, it paid 1.25% but now it is down to 1%, same as Ally. Atr same rate, I would go with Ally just because they likely have slightly better customer service.

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I have switched over to Ally now. Ally and MSD now have the same interest rate (1%) but Ally has significantly shorter hold times on money, and an easier to use web interface. MSD is putting week long holds on my money, which isn't a big deal, but Ally doesn't do that. I will keed $20 in the MSD account to keep it alive--if their rates ever go back up again, I'll transfer my money back to it.

But for now with interest rates being equal, Ally has the edge with the better website and the shorter holds.

Both have a feature I really like -- you can create as many savings accounts as you like, and they all have their own routing/account number. I have different funds for different purposes. For example, I have one that I sock away money to cover maintenance/repairs/etc on my car, another one where I save up money for the annual vacation, one where I sock away money that will eventually be transferred to an IRA, and then a general emergency fund. Each is in its own separate account which keeps me honest about how much I've saved for what (so I don't go raiding the car money to pay for a vacation.)