topic Re: What is the best Savings Account offered right now? in General Credit Topics

What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 02:50:35 GMT

1.) I would like to open a savings account or money market account and was curiuos to know if anyone has 1 and what you would recommend.

2.) Also, does it make a difference if you open it up with your credit card company?

( I read the 2009 posts but those rates are no longer available and some banks are much lower on the list)

Thanks in advance!

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 03:08:29 GMT

My vote is for SmartyPig, they are paying 1.1% right now up to 50K and .5% over 50K.

Re: What is the best Savings Account offered right now?

trumpet-205 — Wed, 22 Jun 2011 04:53:40 GMT

AMEX FSB Savings. Used to be 1.25% but now 1% APR. Still much higher than most.

Alliant Savings is also a great alternative.

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 07:09:32 GMT

ING Direct is a great online savings account -- a lot like the aforementioned Smartypig. You earn 1% on all balances.

They have this great feature where you can set up as many 'sub-accounts' as you want for short- or longterm saving goals. I have 12 or 13, and a bunch of automatic transfers set up to directly shunt fixed amounts into sub-savings for emergency car repairs, upcoming vacations, a new set of tires, etc.

No credit check neccessary to open an account. No minimum required balances or fees.

Easy-to-use navigation and interface.

Their security is top-notch; in fact, that might be the only downside -- their security is SO thorough that it takes a while to get the account set up on the front end, with a number of careful steps to validate your address and set up an airtight PIN access code. But once it's set up it's a breeze to use, and that means I know my accounts are secure.

Their customer service is fantastic, too. Always a plus.

Re: What is the best Savings Account offered right now?

trumpet-205 — Wed, 22 Jun 2011 14:57:58 GMT

Unfortunately Capital One bought ING Direct USA asset. So you may want to wait a while and see how Capital One handles them before opening an account with them.

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 15:37:59 GMT

I checked out "smartypig" seems easy to use and has a lot of tools.

Also as matter of fact checked out Capital one. Capital one is at 1.10%.

Discover is at 1.15%.

Still looking and still deciding. For the person that posted on AMEX, is it seperate from their card division? Could it influence in helping you get a card with them?

Thanks everyone!

Re: What is the best Savings Account offered right now?

UFGuy2006 — Wed, 22 Jun 2011 15:56:03 GMT

@Anonymous wrote:

1.) I would like to open a savings account or money market account and was curiuos to know if anyone has 1 and what you would recommend.
2.) Also, does it make a difference if you open it up with your credit card company?

( I read the 2009 posts but those rates are no longer available and some banks are much lower on the list)

Thanks in advance!

I recommend also looking at Google Advisor. They launched this new ability to compare rates for Financial Accounts side by side. Good Luck!

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 16:21:37 GMT

UFGuy2006 wrote:
I recommend also looking at Google Advisor. They launched this new ability to compare rates for Financial Accounts side by side. Good Luck!

Great! thank you! I checked out. Discover Savings is at the top of the list over smartypig. Only the mininum is $500.00 which is not bad at all!

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 18:16:00 GMT

@trumpet-205 wrote:
Unfortunately Capital One bought ING Direct USA asset. So you may want to wait a while and see how Capital One handles them before opening an account with them.

Uh-oh. Didn't know that.

Okay, thanks for the heads up. I will keep an eye on things and see if the quality of service changes.

Re: What is the best Savings Account offered right now?

trumpet-205 — Wed, 22 Jun 2011 18:34:09 GMT

AMEX Savings & CD are handled by AMEX FSB, while AMEX cards are handled by AMEX Centurion Bank.

So yes, deposit accounts and cards are handled by two separate division.

Re: What is the best Savings Account offered right now?

Anonymous — Wed, 22 Jun 2011 20:24:40 GMT

I'll chime in with Ally Bank - I use and enjoy their service. Free ATM use as well (they will refund) and easy transfers to/from my USAA accounts. Rates are around 1% right now....so pretty typical. They also have several CD products with low "Fees" if you break them early.

I would also recommend being wary of INGDirect USA for a little while, just to see how this selling/buying goes...

Re: What is the best Savings Account offered right now?

Anonymous — Thu, 23 Jun 2011 23:23:23 GMT

Make sure you read all the fine print... For instance CapOne pays 1.1% only on balances over $1000 and 0 .1% on smaller balances.

Re: What is the best Savings Account offered right now?

Anonymous — Fri, 24 Jun 2011 00:16:34 GMT

@Anonymous wrote:
Make sure you read all the fine print... For instance CapOne pays 1.1% only on balances over $1000 and 0 .1% on smaller balances.

Good point. Someone told me to check out Google Advisor and that showed the conidtions to meet the interest & sure enough Capital one had the $1000 min under it!!

Re: What is the best Savings Account offered right now?

UFGuy2006 — Fri, 24 Jun 2011 00:54:29 GMT

@Anonymous wrote:
@Anonymous wrote:
Make sure you read all the fine print... For instance CapOne pays 1.1% only on balances over $1000 and 0 .1% on smaller balances.

Good point. Someone told me to check out Google Advisor and that showed the conditions to meet the interest & sure enough Capital one had the $1000 min under it!!

Main reason why I like Google Advisor! All the caveats are displayed consistently across various products.