2007-06-29 10:41:46 · 10 answers · asked by Wonderment 4 in Business & Finance ➔ Personal Finance
Here's another vote for ING Direct. They are the best. No minumums, no fees, and 4.5% interest for their basic savings account. I've been with them for years, and I love them.
2007-06-29 11:54:57 · answer #1 · answered by Kathryn 6 · 0⤊ 0⤋
Most banks won't pay that much in interest on a regular savings account, most savings accounts earn 1%-3%. You can earn 4% in a money market but money markets have more restrictions than savings accounts, such as min balances and limitations on withdrawls. If you can live without access to your money you may want to try a CD wich can earn around 5%. See the below website for the best rates.
www.bankrate.com
2007-06-29 17:52:23 · answer #2 · answered by andrewelliottjobs 2 · 0⤊ 0⤋
No. Nearly every savings account currently available pays a 'tiered' interest rate. You can find accounts with no minimum balance that pay 4% for large balances. You will be lucky to get 0.5% for minimum balances.
To those who mentioned CDs, ALL CDs have minimums.
2007-06-29 19:47:37 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
I have a savings account with ING Direct just for that reason. Their rates are awesome and there is no minimum balance. So save away. You can also setup automatic deposits from your checking accounts, which makes it easier to save. www.ingdirect.com
2007-06-29 19:32:26 · answer #4 · answered by Jas 3 · 0⤊ 0⤋
Yes of course. Go into any bank. But chose a bank paying the highest interest. Or search the internet under "savings accounts".
2007-06-29 17:53:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Not many savings accounts around these days, if any, with interest anywhere near that - most are under 1%. CD interest can be higher than 4% though, if you don't mind tying up your money for awhile.
2007-06-29 18:14:19 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
Yes some financial institutions offer savings with low minimum deposits and a high yield.
2007-06-29 17:49:29 · answer #7 · answered by deepblueneedyoueyes 1 · 0⤊ 0⤋
Check out Clark Howard's website at www.clarkhoward.com. He always lists the best paying internet bank. I believe there was a bank there that is currently paying 6 percent!
If you haven't listened to the Clark Howard Show before, be sure to check out his free podcasts. I have listened to him for many years. He provides great advice and good tips on making the most of your money.
2007-06-29 19:36:18 · answer #8 · answered by ADAM K 2 · 0⤊ 0⤋
HSBC (hsbcdirect.com) offers an online-only savings account that paid 5% last time I checked, with no minimum balance.
2007-06-29 18:22:00 · answer #9 · answered by rainfingers 4 · 0⤊ 0⤋
it sure is, especially with the availability of online banks....i personally use ING DIRECT, which is at 4.5% right now.
www.ingdirect.com
2007-06-29 17:56:23 · answer #10 · answered by GFBanker 3 · 0⤊ 0⤋