Best savings account?

[aigel]

Where do you guys keep your cash reserves if not in your mattress? My credit union only gives half a percent on savings accounts and a term share certificate even up to 50k only gets .8% for 6 months or .9% for a year.

I have never shopped for CDs or savings accounts but have come across ING and their orange savings account. They are currently advertising 1.1% with no time or deposit limits. Is there a catch? Anyone use them?

I am not loaded, but like to have a few month's worth of expenses handy. The difference in returns between .5 and 1.1 isn't huge and I will not hit the FDIC limit, so is it even worth the bother?

Cheers,

George

[juanbenae]

i use ING and like it. quick transfers either way, no complaints

[on2wheels52]

Mine's in a cardboard box at the shop. Instant access is pretty important to a pawnshop and whatever intrest it would earn at the bank pales compared to what I expect to gain by putting it to use. Anyone breaking into the safe would be suprised at how little money is in it (they would find other interesting things though).
Jim

[onewhippedpuppy]

Timely question, I need to find a decent savings account for my kids, their grandparents want to make deposits as gifts for Christmas and birthdays. I've been told that Discover and credit unions offer decent interest rates on savings accounts.

[GH85Carrera]

Right now the credit union I uses only pays .7% on savings but they pay 3.5% on my checking account. I have more more money in my checking than ever in my life. The savings account side is almost nothing. I can't get close 3.5% on a CD, so it will stay in my checking account.

There are few restrictions, you have to have direct deposit of your paycheck, you have to use your debit card at least 10 times a month, and you must pay some small number of bills with on-line direct pay. None of those are any restrictions on me. I would do direct deposit anyway. I use my debit card at least 20 times a week, and I pay most of my monthly bills with on-line payments. I hate writing checks. It was a real bonus to me.

[imcarthur]

Even though our banking system is different (and much more stable ), ING gets our liquid GIC business. Better rates & very easy administration since it is all online.

Ian

[jcunning]

Here is a link to look at:
Money Markets and Saving Accounts Rates in the United States -- Free search for the best money market rates

Right now I have a Sallie Mae savings account at 1.4% APR. I think their promotion is over though as they are not on the list anymore.

I'm always on the lookout for a higher interest account though. Please post if you find something better!

[VincentVega]

x2 for Bankrate

Everbank has a good deal going

[aigel]

Originally Posted by jcunning

Here is a link to look at:
Money Markets and Saving Accounts Rates in the United States -- Free search for the best money market rates

Right now I have a Sallie Mae savings account at 1.4% APR. I think their promotion is over though as they are not on the list anymore.

I'm always on the lookout for a higher interest account though. Please post if you find something better!

Thanks - great link.

That said, the ING orange doesn't show in the list. Why is that?

Thanks again,

George