SAVINGS accounts?

Question

I need help figuring this out!

I want to start saving some money because my husband and I are wanting to start a family in the next couple of years.
I want to open up an account that lets me save money, but since I do not make tons of money I need to be able to get my money if I NEED it! I am not planning on taking money out of the account all of the time......but when I do start my family I want to use the money for all of the baby needs, and so on.
So, I need an account where I can save my money, but I also need to have a access to it if I need it!!! I DO NOT want one of those accounts that lets you only take out 1000 per time..for example!

Answer 1

A normal savings account will let you transfer any amount to a checking account at any time, or withdraw any amount of money. Just make sure there isn't a penalty for having a small balance.

I'd suggest you look at short-term CD's when you have some money saved, since these pay more interest than regular savings. My bank has one CD that I can cash in without penalty after just 1 week.

Answer 2

Start an online savings account with someone like ING (Orange savings) or HSBC Direct. Both pay really good rates, and also offer an ATM card to get your money from any ATM in the country when you need it.

Once you start your family, you might want to start your own checking account at that time, because savings accounts in general only allow a certain number of transactions per month, in order to keep you from getting paid a high rate for something you aren't really "saving".

Answer 3

www.GMACBank.com ($500 minimum to start, rates @ 5.30% APY, ATM card with up to $6.00 in ATM fees refunded each month & easy transactions as little as .01 cents).

www.INGBank.com ($1 minimum, lower rate.. but still good. No ATM access, largest on line savings bank on-line).

Both are FDIC insured to $100,000. Both have easy electronic transfers to/from your current checking account.
There are more "transfer" options through GMACBank.

Hope this helps!