(Deprecated) Where To Put Your Money If It's Just Sitting In a Checking Account

MrGovernator said:
i think ING Direct is 4.15% for savings
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Yes, the ING Direct is at 4.15% and it has risen from 3.6% to 4.15% since last December 31st. Seems to be a solid place to put my money, and now, they offer a 1 year 5.25% CD. :claps:

Transfers take 3-4 days to your bank account, and 6 days to deposit completely (available for withdrawl) into the ING account.
:bigok:
 
Once again, I'll throw a pitch for CapitalOne Money Market account. Their rates have been climbing up fast and steady. It's now at 4.55% APY!
 
With the fed just raising rates to 5%, these should all be moving up another .25% over the next few weeks. If you're making much less than 4.8-5% on your savings account at that point you're getting screwed.
Of course even then all these savings accounts are still losing ground to inflation.
 
VirtualBank is the best option

Of all the ones mentioned in this forum, Virtual Bank is the best option. why?

It offers a 4.6% APY with no minimum balance. ;) Just $100 to open an account. I know that Umbrella bank offers 4.7% APY, but you need a minimum of $1000 to earn that rate. :eek: At VirtualBank, you earn 4.6% even if you only have $1 in the account. :bigok:

Other things out there, like FordCredit, does not have FDIC insurance, is risky, and can fluctuate over time, I believe. It's a bit more complicated than a regular bank account also.

Try VirtualBank. they're great. I've used them for 4 years. You can also get $20 if someone who currently has an account refers you.

www.virtualbank.com
 
gr8nrg said:
Once again, I'll throw a pitch for CapitalOne Money Market account. Their rates have been climbing up fast and steady. It's now at 4.55% APY!
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Any minimum deposit or balance? Got more specifics?
 
i like my orange.. nice and easy...

and im happy with it because i see my money is growing every month =D
 
If your money is just sitting in a checking account, you can give it to me.
 
I just saw on the Citibank website that they are offering an eSavings account with a rate of 4.75% This is FDIC insured and a good name bank.

Seems the only catch is that you have to have a "qualifying" checking account with them, but there's no min. bal or deposit for either account - on the checking, you get free online billpay and you can use their financial centers for deposits and help with your account with no penalty.
 
PinayMaria123 said:
That is high. I wish ING can move up and go that high.
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They spend too much on advertising to give people the kind of rate that Emigrant gives.
 
FDIC Insured
Capital One High Yield Money Market 4.55% with checkwriting!
Virtual Bank eMoneyMerket 4.6%

Non-FDIC Insured
PayPal 4.77%

I have accounts at the above and HSBC, Emmigrant Direct, and ING Direct.

ING Direct has the best interface and I love that you can set up additional accounts so easily - I made one for my property taxes and just xfer an amount automaticlaly each month into this account so that when they come due I already have the money set aside.

Emigrant Direct has had the most consistent best rate, HSBC is always playing games with their rates it seems. HSBC was a pain to set up as far as being able to xfer money in and out of external accounts.

Capital One's account is perhaps the most liquid given you can write checks from it.
 
Thanks for the post. I just opened the Citibank e-savings a/c. I already had a checking a/c. It took just 2 minutes to open the a/c. :)
 
Citibank is great right now. the beauty of a citibank e-savings account is that you can instantaneously transfer money to and from the higher-interest-bearing e-savings account to your checking account seamlessly. no more waiting 3-4 days to transfer from an external account. other banks might offer .5% more or so, but this is worth it. i hate waiting around for 3-4 days to transfer my funds. i'm sticking with citibank.
 
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