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I've been looking around at the various high yield savings accounts, but can't decide where to open one up at. Ing Direct's Orange savings looks good, but the rates are a little low. GMAC bank has a good interest rate, but the bank isn't doing particularly well at the moment.
I've been looking around at the various high yield savings accounts, but can't decide where to open one up at. Ing Direct's Orange savings looks good, but the rates are a little low. GMAC bank has a good interest rate, but the bank isn't doing particularly well at the moment.
Does anybody have any recommendations?
It depends on what you plan to deposit and how liquid you need your money to be. ING is a very good company, but you will need to wait the first time you open an account with them. They make 2 trial deposits into your linked account for security purposes.
Try bankingmyway, choose the type of account, and type in your zip code to see who is having specials in your area. I found a local bank that was paying 5% on a regular savings account without all the hassle of online banking. GMAC will run a credit check as will most online banks. If you hunt around enough, you'll find online specials for 6%, but read the terms & conditions. Some banks charge lots of little fees that end up lowering the rate.
Credit unions offer decent savings returns. In today's world, you can easily belong to a credit union unlike years ago where you had to work for a public entitity or a large corporation.
Location: Stuck on the East Coast, hoping to head West
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Make sure to check the fees associated with these accounts. For example, the countrywide savings has some interesting fees. Among them is a $20 charge if you close the account before 90 days are up. In other words, they lower their interest rate and you decide to change, you're paying them.
I like emigrantdirect. 5.05, no fees, no minimum, no problems so far...
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