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best bank for savings account??

Discussion in 'Finance and Investment' started by changeofheart77, Apr 6, 2007.

  1. changeofheart77

    changeofheart77 2+ Year Member

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    Sep 15, 2006
    ...with decent customer service in California. Thanks.
     
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  3. IceMan0824

    IceMan0824 Holy crip, he's a crapple 5+ Year Member

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    ingdirect.com is good if you can handle an online savings account.
     
  4. changeofheart77

    changeofheart77 2+ Year Member

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    Sep 15, 2006
    APY looks great. I guess it's mostly the unfamiliar banks who would have the best rates...
     
  5. etf

    etf Moderator Emeritus 10+ Year Member

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    i like hsbc direct better. i think the yield is marginably higher, plus you get an atm card for emergency access. don't bother getting a savings account at a traditional bank like wells fargo, bofa, or citi - they won't give you jack in interest (which, interestingly enough, is why bank stocks make such good investments!)
     
  6. Gubernaculum07

    Gubernaculum07 New Member

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    I second ING.
    They have a great rate and it is easy to set-up and transfer money.
    Remember, you asked about a savings account, so you shouldn't be messing around with it too much.
     
  7. etf

    etf Moderator Emeritus 10+ Year Member

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    yeah, well savings are usually put aside for a "rainy day", and you want to make sure that when it starts raining you'll be able to access your umbrella. if you wanted to completely lock your money, might as well go with a CD.
     
  8. changeofheart77

    changeofheart77 2+ Year Member

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    i am checking out hsbc. they have a great APY of 6% thru apr 30, but i'm still trying to figure out what the usual APY w/o the promotion. thanks for all the suggestion. i am a late-bloomer when it comes to financial-saviness. yes, i'm still learning,
     
  9. jefguth

    jefguth Senior Member 5+ Year Member

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    GMAC Savings is my favorite right now. 5.10% APY right now, ATM card, and Checks. There is a min balance of $500 to avoid fees, and you are limited to six withdrawls per month, but i'm pretty diligent and it works well for me. I also have an HSBC account, but I don't use it b/c, in my opinion, there interface is a major PITA.
     
  10. etf

    etf Moderator Emeritus 10+ Year Member

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    usual apy is at or above ing direct. oh, and i agree - the biggest drawback is the crappy interface, but since it's a savings account, you probably won't need to be on there often anyway, right?
     
  11. Sigma Cronos

    Sigma Cronos 2+ Year Member

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    Oct 19, 2006
    Missouri
    how about good places to have a checking account?
     
  12. jefguth

    jefguth Senior Member 5+ Year Member

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    Oh I'm on there all the time, barely keep any money in my checking (just enough for cash), it all sits in savings earning the interest, and I use a credit card for nearly every transaction. Maximize interest, maximize credit card rewards!
     
  13. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    ING, HSBC, GMAC direct are all good places. If you meet the $3,000 minimum you might consider Vanguard Prime Money Market Fund. Free checks but you can only write them for a minimum $250.
     
  14. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh! 10+ Year Member

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    Actually, ING Direct just started an "Electric Orange" E-checking account. The rates are great for checking accounts, there are no fees, and everything is completely electronic. I'm thinking about giving it a try....

    Other than that, just pick your local bank with the lowest min. balance requirements, lowest fees, best policies about holds (some are totally nazi about slapping a 10-day hold on any big checks, etc, some aren't.) I'm a big fan of credit unions myself, so if you have the opportunity to join one, you'll probably be better off.
     
  15. etf

    etf Moderator Emeritus 10+ Year Member

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    my checking account is my fidelity core account. all money that i have to write checks with sits in the select money market fund, and then when i write a check they redeem it automatically, transfer it to CA municipal mmf, and then debit the account. so i earn dividends up until the last minute.
     
  16. Stroganoff

    Stroganoff Nice marmot. Rocket Scientist 10+ Year Member

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    I have ING Direct (4.50% APY, awesome interface) and Emigrant Direct (5.05% APY, good interface, usually identical APY to HSBC Direct). Love both. $1 to open and no issues. ING usually takes 3 days to transfer; Emigrant, 2.

    If you have $1000 off the bat for opening deposit, check out AmTrust Direct. 5.36% APY and great CD rates. I'll open a savings acct with them soon -- I've had a CD with them -- great service and no issues.

    If you want other online savings accounts or brick-and-mortar accounts in California, check out bankrate.com.
     
  17. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    Nov 18, 2002
    SDN Partner
    If you don't have $1000 it doesn't matter what you do. I mean 5% on $1000 is only $50 a year!
     
  18. Twitch

    Twitch 7+ Year Member

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    What about ACH in/out? What's the rate?

    For savings I'm leaning towards Costco Capital one money market 5.20% APY. You need a costco membership.
     
  19. etf

    etf Moderator Emeritus 10+ Year Member

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    it's the settlement account for my brokerage account. i can access this money in 5 ways - ach, fed wire transfer (free for me because i meet trade/balance thresholds), checkwriting, visa atm/debit card, and amex delayed debit card. the rate is competitive, but i'm not sure what - you can get it from fidelity.com and lookup up the money funds rates - typically around 4.5-5.5%.

    edit: i looked it up, and the 7 day yield is 5.06%. it's lower than ing/hsbc, but i'm willing to take that hit in order for more convenience/have funds ready for investment opportunities.
     
  20. Taurus

    Taurus Paul Revere of Medicine 10+ Year Member

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    ING Direct's Electric Orange accounts yield 5.3% for balances > 100k.
     
  21. Twitch

    Twitch 7+ Year Member

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    I parked into FSLXX and the APY is competitive wrt Cap 1 Costco. I could probably get a better yield going elsewhere but I like the one stop shop convenience with no fees and am only trading about 0.10% of interest as the cost of this advantage. Great new bank!

    EDIT: FYI the apy was actually 5.21% not too long ago. Recently it's been hovering around 5.17% (post expense)
     
  22. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

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    How much money do we need to open a fidelity core account? I have some stock at the moment (inherited) which are held individually. I was thinking about transfering them to Fidelity just for the easy of operation and in case I want to drop them (if the stock finally goes over $40) and buy some index funds. Is there any advantage to holding stocks individually? I figured if there was a minimum requirement at fidelity I could use the stocks as some kind of relationship deal to get rid of the minimums.
     
  23. etf

    etf Moderator Emeritus 10+ Year Member

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    all you need is $2500 to open an account - I think they started waiving all the account fees/maintenance fees etc. "relationships" at fidelity are given at the $50k and $1M level. oh, and sadly they don't offer the amex delayed debit card anymore (i knew it was too good to be true), but current cardholders aren't affected.
     
  24. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh! 10+ Year Member

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    The only advantage to holding stocks individually occurs when that stock drammatically increases in value. Therefore, putting 100% of some sum of $$$ in that one stock will yield more than spreading that same sum of $$$ across multiple stocks in a fund. You are risking more for a potentially larger reward.
     
  25. etf

    etf Moderator Emeritus 10+ Year Member

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    actually, i think what the poster was asking a question regarding holding securities in book-entry or certificate form, as opposed to "street-name" i.e., in a brokerage account. the only advantage could be that you get to look at a cool looking stock certificate (it's why i hold 1 share of a lot of my holdings in certificate form); but then again, if you lose it, you'll have to pay a 3% "insurance fee" to get another one. also, holding stock in your name as opposed to your brokers means that they can't be lent out for short selling, although it probably won't make a difference considering how miniscule our holdings are compared to the daily float. so i guess you should go ahead and deposit the certificates.
     
  26. Twitch

    Twitch 7+ Year Member

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    Here is a link to make $100 by opening a fidelity account. You need to move in $10k temporarily. There is also an opportunity to get some frequent flier miles.
     
  27. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

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    Yeah that is what I mean :oops:

    How do they normally work dividends when you hold the stock with a broker?
     
  28. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh! 10+ Year Member

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    Sorry, I guess I was just being thick this morning :)

    Dividends are just "direct deposited" into your brokerage account when you use a broker.
     
  29. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

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    No, no. Honestly I know what I meant to ask but I think I had the financial terms wrong. Sorry about that :oops: Google is my friend next time :)
     
  30. etf

    etf Moderator Emeritus 10+ Year Member

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    or, you can do what i do and have them reinvest the dividends back into the stock. i figure the company will be able to invest the cash better than i can.
     
  31. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

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    Just to talk about savings again:

    I'm currently using WaMu's free checking and statement savings (5%) - it's pretty nice if you have WaMu's in your area... interest rates comparable to an online bank but the customer servive of a bricks and mortar (plus free checks! :) )
    http://www.wamu.com/personal/accountchoices/checking/wamufreechecking/default.asp
    (you'll see the link slightly down that talkings about opening the savings account with it).
     
  32. etf

    etf Moderator Emeritus 10+ Year Member

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    i have a wamu checking account with $0.09 in it - the ONLY reason i have it is because they offer free domestic and international wire transfers, which is a HUGE benefit. the 5% deal is cool, but i'll stick with the 4.62% i'm getting at wells/fidelity - it's not like i have a lot of money that's in cash savings anyway, so a few tenths of a percent doesn't really matter.
     
  33. UserNameNeeded

    UserNameNeeded SOS 7+ Year Member

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    Wow. Free international wire transfers?! Is this a standard feature or was that some special limited time thing?
     
  34. etf

    etf Moderator Emeritus 10+ Year Member

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    no! i think they still offer it with their free checking account.
     
  35. MNDOC31

    MNDOC31 Junior Member 5+ Year Member

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    EverBank FreeNet Checking Account is a great online checking account. 6.01% Intro APY with good benefits - checks, free atm, bill pay. Need $1500 to open.

    http://www.everbank.com/001Checking.aspx
     
  36. JackofAllTrades

    JackofAllTrades 2+ Year Member

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    Does anyone know if the transfer of money between your checking account and these online savings accounts is qualified as a "wire transfer." I don't want my checking account bank to charge me $30 every time...anyone know?
     
  37. etf

    etf Moderator Emeritus 10+ Year Member

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    nope...they are electronic debits that are processed through ACH (automated clearinghouse), not the fedwire system.
     
  38. JackofAllTrades

    JackofAllTrades 2+ Year Member

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    Mar 19, 2007
    Cleveland
    Thanks!
     
  39. soeagerun2or

    soeagerun2or Banned Banned 2+ Year Member

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    E-trade bank. 5% APR on savings accounts. Use the Ach (electronic check) to transfer money between banks. You need the routing number and account number (it takes a day to process).
     
  40. johnstoner

    johnstoner Ben Franklin on Hashish 7+ Year Member

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    under the sea
    my 2 favorite websites to check out for savings accounts are

    1. bankdeals.blogspot.com
    2. thepiggybanker.com

    what these guys do is keep a daily update on various banks that have various rates for cds, savings accounts, etc. check it out.
     
  41. DrMD07

    DrMD07

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  42. hudson66

    hudson66

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    bankaholic is a good option for people in california.
     
  43. Credit Girl

    Credit Girl

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    Why not try putting your money into a CD account? CD accounts have much higher interest rates than the conservative savings account. The only drawback is that you can't take your money out. However, you can try doing short-term cd accounts like 6 month CDs...You can search for the best 6 month cd rates here: http://www.gobankingrates.com/cd-rates/6-month-cd/
     

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