Hi, I am willing to put about $400 in a savings account each month. I know, its not much, but it's all I can spare at the moment. I researched a WaMu savings account and It costs $4 a month to maintain with no minimum required. Is this my best bet? If not, which bank should I turn to? Also, which bank would give me the best APY?
2007-12-03 14:13:40 · 6 answers · asked by $Maker 1 in Business & Finance ➔ Personal Finance
Depends on where you live. Best thing to do, grab your local paper (if you live in a decent sized metro area) and go to the business section on the Sunday edition. It usually has a list of the best savings accounts rates, CD's and loan rates. In my opinion you should not be paying any thing for a savings account nowadays. There is lots of competition out there. If worse comes to worse, skip the bank altogether and look for a credit union.
Further, how long are you looking to hold onto your money. Is this a general savings account for emergencies? Or are you looking for a safe place to keep money for a goal like a downpayment or college in a few years? Then you may want to try a CD after you get to a few thousand dollars. Think 2000 dollar CD at 4% will earn you 80 dollars the first year and should have NO FEES.
2007-12-03 14:23:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
ING is okay, but Emigrant Direct is paying 1/2 point higher for their savings - currently 4.75%.
Also, check out Bankrate.com. They list the highest paying savings, CDs, and money market accounts in the country.
Don't open it with Wamu if they charge you a $4 per month fee. That's crazy. ING, HSBC, and Emigrant don't charge you anything.
2007-12-03 14:49:27 · answer #2 · answered by Matt K 4 · 0⤊ 0⤋
counting on once you're making plans on procuring a workstation brief time era cd's earn greater beneficial than mark downs account and since the money is out of your attain that's much less annoying to shop. you ought to have the money by surprise, placed it interior the CD, pass away it for everywhere from 6month to various years. regularly the shorter time era of the CD, the greater minimum quantity the CD could be. And congrats on discovering it early. it's going to be usefull to you interior the destiny in case you're taking your time now.
2016-12-30 11:56:39 · answer #3 · answered by herriage 3 · 0⤊ 0⤋
Try ING. Australian based bank. Pay the best with no fees. I have savings and mortgage with them and I think they are great.
2007-12-03 14:19:54 · answer #4 · answered by RichDaddy 2 · 0⤊ 0⤋
DUDE!!! ETRADE FINANCIAL HAS SAVINGS FOR
5.05%. THAT BEATS AIG AND ING. GOOD LUCK.
2007-12-03 16:45:01 · answer #5 · answered by MICHAEL T 2 · 0⤊ 0⤋
I concur with the above poster.
I use ingdirect.com. No fees and a good interest rate.
2007-12-03 14:24:11 · answer #6 · answered by Wayne Z 7 · 0⤊ 4⤋