var json_comments = new Array("
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SadSam
December 21, 2008 4:39 PM
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We use ING for all our mid term and long term savings goals. We use a combination of ING savings and ING CD ladder.


Our work around for the 2-3 day transfer delay is to keep $1000 in our Wachovia savings account. Our Wachovia savings earns bascially nothing in interest but we use it as our overdraft account and in case we need cash quick.

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Anonymous
December 21, 2008 5:13 PM
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I would feel better about financial advice in this article if the author knew how to write percentages and decimals. In standard notation one does not use both a decimal point and a percentage sign. 4% is not 4.00%. The percent of 100% in decimals comes to the right of the decimal point. 4% = .04 and 100% = 1.00

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SynMonger
December 22, 2008 1:59 PM
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@DorianApe: Well you better tell that to Regions bank then. All my statements from them showed the interest rate as 0.01%.

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johnva
December 22, 2008 4:38 AM
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@DorianApe: 4% most certainly is 4.00%. The only difference is that the latter implies more significant digits.

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llryuujinll
December 22, 2008 4:19 AM
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@DorianApe: huh? how would you write four and a half percent?

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tsume
December 21, 2008 5:01 PM
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WaMu *HAD* me at 5% APY ... a week before chase bought them. I'm at a measly 1.5 now...

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5 replies
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zentex
December 22, 2008 5:19 AM
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@tsume: holy crap! I'm glad you mentioned it's @ 1.5%. Time to go talk to one of the ones on list...

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Ninjastorm66
December 21, 2008 11:30 PM
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@tsume: Really? Chase has you at 1.5%? How do I get in on this? They have me at 0.05%. Yes. one twentieth of a percent APY. I've gotten 9 cents so far this year.

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rdm
December 27, 2008 11:59 PM
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@Ninjastorm66: It's Wamu's \"online savings\" account which, as tsume said, was 5% at one point. I just checked and ours is at 1.5 as well so we will be moving shortly :)

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Guillermo Billy Pedroni
December 22, 2008 11:38 PM
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@Ninjastorm66:

You have to signup with an online bank account with savings. You then have to close out your walkin checking and savings. Usually this gives you about .5 or 1% higher interest rate. Thats what I did with my WaMu Account. but, after the buy out.. its now 2.5% =-\\

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kamel5547
December 21, 2008 8:04 PM
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@tsume: Same here, transferred everything out after it dropped to about 2.5%

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FOAF_GitEmSteveDave loves->★
December 21, 2008 5:05 PM
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I just checked my ING and it's at 2.75% Still higher than my checking account bank.

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1 replies
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Hooray4Zoidberg
December 22, 2008 7:46 PM
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@NHTOB_GitEmSteveDave loves->★: Ditto, ING hasn't been about 4% in about a year, but then again it's about 2% higher than my brick and mortar banks rate.

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Anonymous
December 21, 2008 5:14 PM
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I switched to Dollar Savings Direct about 6 weeks ago and am kicking myself for not doing it sooner. As long as you aren't pulling from savings that often, it's a great option - and if you are pulling from savings often, you may want to reevaluate how you have your cash flow set up.

I keep about $1000 emergency cash outside the DSD savings account, but any emergency above that I'd just charge and pay off in full, allowing me time to transfer back out of Dollar Savings Direct.

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Anonymous
December 21, 2008 5:25 PM
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A lot of credit unions offer high interest checking with lots of other features like worldwide ATM fee rebates and limited or no fees on many other bank services. They do this via a program from BancVue.com that basically converts the merchant fee from signature-based check card use into revenue your credit union pays out as interest on your average monthly checking account balance. For example, my credit union (AAFCU.com) currently pays me 4.07% APR on my checking account balance up to $50,000. In exchange I have to receive electronic banking statements only (no paper in the mail), have at least one direct deposit or auto-debit a month, and make 12 signature-based check card transactions a month. Downside: I feel a little awkward using \"credit\" to buy groceries and small things, and I'm concerned to what extent cash/debit purchasers are subsidizing the merchant fees I profit from. (These are also concerns for people using credit cards to earn frequent flyer points and such.)

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khiltd
December 21, 2008 5:41 PM
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eTrade's customer service is terrible. ING has always taken care of every problem I've ever had in one day or less.

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ironchef
December 21, 2008 5:53 PM
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I know its FDIC insured but....

didn't ING get tangled in that Madoff Ponzi scheme?
[investmentfraudpro.blogspot.com]

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2 replies
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JiminyChristmas
December 22, 2008 12:20 AM
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@ironchef: I think you can just call it a Madoff scheme from now on.

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johnva
December 21, 2008 6:24 PM
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@ironchef: That seems to reference non-bank services (ie, investments, which ING also offers). It also seems like it was just a couple of crooked financial advisers, according to your link.

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danep
December 21, 2008 5:55 PM
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If you use one of these services, how do you deal with things like deposits (of checks and cash), direct deposit, and automatic credit card payments?

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4 replies
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infmom
December 22, 2008 8:02 PM
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@danep: HSBC has ATMs where you can make deposits and withdrawals. That said, however, when I wanted to deposit a fairly sizable inheritance check and called HSBC for instructions, their clueless clerk was going to give me an address to mail it to. Yeah right, I'm going to put my account number and an endorsed check into the US Mail. Uh huh. When I said as much, THEN she remembered that there were several ATMs fairly close to my home.

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Eyebrows McGee (now with more baby!)
December 22, 2008 2:03 AM
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@danep: I have a Capital (tol?) One high-yield savings. They send me an envelope every month with my mailed statement that I can use to mail checks for deposit. I more typically deposit checks at my local credit union, go home, and transfer the funds electronically (which does take a few days), but I have mailed them with no problem. The envelope has a little bar code on it that I assume is for better sorting.

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acknight
December 22, 2008 1:32 AM
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@danep: Some of them are extensions to brick and mortar banks (ie the HSBC Direct one, which has bank branches in the parts of the Northeastern US) which let you make ATM deposits as well, or that can be linked to traditional checking through their normal branches.

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johnva
December 21, 2008 6:15 PM
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@danep: Typically you link a more traditional checking account to it, or an online checking account, and deposit checks or cash that way (followed by a transfer). Most will also let you mail in deposits, though I'm not sure I'd do that with cash. Direct deposit isn't a problem and works just like direct deposit with any other bank account (you just use the routing and account number). Some of the online banks will let you make automatic credit card payments directly out of your savings account, but some won't (and in any case, all savings accounts have a limit on how many times you can withdraw money per month). You can always set up an automated or manual transfer of money if you need to do that.

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Anonymous
December 21, 2008 6:08 PM
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They allow for direct deposit, and bill pay, but deposits have to be done to your traditional bank and then you have to initiate a transfer to the high-yield account from your checking account.

I wonder if anyone knows about DollarSavings Direct? I've never heard of them, but 4% is a big difference from the 2.75 I'm getting at ING right now

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johnva
December 21, 2008 6:17 PM
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BTW, Bank of America does not just one type of savings account as this article seems to imply. They also offer some savings accounts that are much more comparable to high-yield online savings, but they are mostly accounts offered either to people with larger amounts of deposits with them or to members of \"affiliate\" programs like AAA, various professional organizations, etc.

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Bargaineering.com
December 22, 2008 12:43 AM
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@johnva: That's a good point, I didn't know about these special kinds of accounts so I only took a look at the generic savings account product as a point of reference.

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CharlesjP
December 21, 2008 6:20 PM
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I use HSBC and have 3% Online Savings, easy interface and automatic transfers from my normal bank (Wachovia) each month.

I also use Mint.com for one-stop quick updates on all my accounts.

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blackmage439
December 22, 2008 5:51 PM
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@CharlesjP: Same here w/ HSBC, though I managed to open an online CD account for 6 months with 4% APY just days before the feds lowered the rate. Haven't had a problem so far, and I have seen no evidence of a single phishing email as of yet. So much for the \"world's most phished bank\".

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oneandone
December 23, 2008 4:49 PM
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@blackmage439: I have an HSBC savings account too (when I opened it, they were slightly higher than ING). No trouble transferring anything, and all seems good - except for the overzealous amount of email they send letting me know about funds transferred, funds about to be posted, funds posted.... plus a lot more silly paper mail with $8 checks to deposit to enroll in fraud protection, etc.


I think in 3 months with them I have gotten more mail (email & paper) from them than any of my other financial services in the last year, with the exception of those stupid convenience checks from Chase. I wish I could get both of them to tone down the amount of contact they like to have with me.

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310Drew
December 21, 2008 6:55 PM
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I prefer ING Direct. They also offer a checking account with no checks, only online bill pay or if you need to pay someone with a paper check, they will send it for you. I believe the checking offers 2% or so and often they have a promotion going of 1% bonus on all debit card purchases.

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tiatrack
December 22, 2008 5:28 PM
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@310Drew: Better hope you never need a paper check on the spot, because then you're screwed. My hairdresser certainly won't let me pay with the promise of \"a check is on the way,\" nor would my new apartment accept that line when we needed to put down a deposit within 48 hours to reserve the place for us.

We ordered our own paper checks, since our ING account has an account number and a routing number. ING then denied 2 checks we wrote, which caused us fees, even though there was plenty of money in the account. Needless to say, we closed the account the next day since we had ZERO way to access our money when we needed it (the amount we needed was higher than the daily ATM limit).

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ilves
December 22, 2008 2:58 PM
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@310Drew:


I do as well.. they used to be up at 4% but everytime the Fed drops their rate they do as well. If the rates go back up I'm sure the checking account interest will as well.

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DidntYouHear
December 21, 2008 7:40 PM
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For another option, check out ShoreBank Direct: [www.shorebankdirect.com]

They provide a 3.5% APY, and have a social and environmental mission as the leading community development and environmental bank in the US.

(Note: ShoreBank is a client of the company that I work for.)

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4 replies
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Bargaineering.com
December 22, 2008 12:44 AM
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@DidntYouHear: ShoreBank used to comment spam my site (and a bunch of other personal finance blogs) all the time, you should tell them that they should stop that.

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ngth
December 21, 2008 8:00 PM
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@DidntYouHear: Why inject the parenthesized note at the end of your comment?

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kidnextdoor
December 21, 2008 8:12 PM
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@ngth: it's a good disclaimer...like when NBC does a story about General Electric (their parent company). doesn't make it sound like pure schill...

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gnappulicious
December 21, 2008 8:26 PM
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i have both an hsbc cd and savings account. love them. i've earned hundreds of dollars in interest. right now i have a 3.5% cd account, and i think my savings is at 3%. pretty sweet!

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sleze69
December 21, 2008 8:29 PM
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I go back and forth between HSBC and eTrade. Currently eTrade has a 3.01% APR to HSBC's 3% so it is a toss-up. eTrade used to have 3.3% and last spring HSBC had 5% or something like that for a month or two.


The only annoying thing that I have found is that HSBC's security is incredibly inconvenient. So much so that I opened the eTrade account in the first place.

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gnappulicious
December 22, 2008 4:32 AM
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@sleze69:

inconvenient? it's extremely secure...does it bother you to type in two passwords? honestly, just curious.

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gnappulicious
December 22, 2008 4:32 AM
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@gnappulicious:

ps- meant to also say that the high interest + high security is why i chose hsbc.

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Ookseer
December 21, 2008 8:50 PM
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\"Disadvantage: It takes several days to transfer money.\"

Zzzzzt. This is an advantage. It's one of the main reasons I like my ING account. This is what a savings account is supposed to be. Available, but far enough out of reach that I don't blow it on a sale. Just like a piggy bank. I can get at it, but it'll take a hammer and I'll need a new piggy bank when I'm done.

Something else that has really helped my savings has been ING's super easy scheduled transfers. Every time I cut a monthly bill, I set up an automatic transfer for half that amount. For example if I turn off my $60/mo cable I set up a $30/mo auto transfer into my ING savings. At this point I'm putting away about $250 a month with that. Add on interest and pretty quickly those emergency expenses and long vacations don't sound so scary.

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Etoiles
December 22, 2008 2:34 PM
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@Zadaz: Yeah, but if you suddenly need the cash savings quickly for an emergency (say, a major car repair or you, as a renter, suddenly have two weeks to find a new place to move into -- first, last, and security -- because the building you live in has been foreclosed upon (as happened to a roommate of mine in NYC, before she lived with me)) it can be a significant inconvenience or even a big problem to wait.

So a daily disadvantage? No, not remotely. But sometimes a disadvantage when you need the money the most. Enough of one to consider before making a choice, anyway.

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parvax
December 21, 2008 10:37 PM
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I have an EmigrantDirect account, whose rate, like most, tends to fluctuate around the federal rate. So, while a few years ago when I opened it, it was above 5%, it dropped to 2.75% last week. Still better than a B&M bank though.

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Anonymous
December 21, 2008 10:43 PM
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The few times I've had to take money out of my HSBC savings account through an ATM(which is good in emergencies) all my atm fees are quickly refunded.

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oldtaku
December 21, 2008 10:57 PM
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I can't recommend anyone ever use ETrade. The customer service is atrocious. Money they're supposed to transfer out (and are counting on) will mysteriously not be. Any money you get in higher interest will be lost when they hit you with imaginary fees for accounts they opened for you that you never even knew existed.

A friend recently got with a $40 yearly account fee even after he told them to close his accounts last year. Well it turns out they'd opened SEVEN different accounts for him (though they couldn't even tell him what they all were) and then only closed one of them.

Took a couple hours on the phone to get them to admit this and (maybe) close them down. I guess he'll find out next year when he gets his next $40 'service' charge.

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magic8ball
December 22, 2008 12:19 AM
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I've been very satisfied with my HSBC online savings account, but I'm kind of horror-struck by the image that goes with this post.

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Crazytree
December 22, 2008 12:28 AM
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some tax exempt muni funds were paying >5% last time I checked.

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1 replies
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johnva
December 22, 2008 1:07 AM
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@Crazytree: They're also not FDIC insured, so you could lose principle value. Granted, a muni bond is a bit safer than most because the government has taxation powers. But a lot of local governments may be in serious financial trouble right now because of the housing crisis and resulting decrease in property tax revenues. Higher reward = higher risk, for the most part, so keep that in mind.

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Anonymous
December 22, 2008 12:35 AM
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I'm not sure why nobody ever mentions high interest reward checking accounts. I have one and get 6% interest. I've found them to be an excellent way to manage finances. Because the interest rate is so amazing, I just leave all my money there and I don't worry about overdraft charges ever. Yes, there is a 25000 limit (SO not a problem for me LOL) and you usually have to do at least 10 debit charges a month, but if you're using it as a real checking account that shouldn't be a problem. I'm earning over $26 a month on my measly 5 grand and it's only going up as I let the checking balance rise.

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bluewyvern
December 22, 2008 2:35 PM
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@JoyceThriller: Good tip, but could you be just a LITTLE more uppity about it, Richie? Good for you and your high bank balance...

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bluewyvern
December 27, 2008 12:03 PM
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@sc2373: Nothing, if you say something like \"Now, it does have a $2500 minimum balance so it might not be for everyone,\" instead of \"I have WAY more money than THAT, ha ha!\" Rubbed me the wrong way. :(

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zanne101
December 22, 2008 2:27 PM
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@JoyceThriller: Be nice - share. Where are you getting a high interest checking account?

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rpm773
December 22, 2008 2:11 AM
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My wife has an ING account. It takes her several days to move money out of it. But it stops earning interest the day the request is made to move it out. So ING gets that few days worth of interest while she's waiting for her money.

In the end, it's a trade-off for the higher interest rate. You have to decide if that's worth it or not.

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humphrmi
December 22, 2008 2:30 AM
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(disadvantage) This means 99% of your interaction with the bank will be through the online interface, if you have a particular vexing problem then you'll have to resort to the phone.

Offsetting this disadvantage is the fact that some brick and mortar banks (I'm thinking specifically of Citibank) no longer offer any sort of customer service, aside from opening accounts, in the branch. Citibank used to have top-notch customer service, but the last time I went in to talk about my mortgage escrow account because I had not had much luck talking to a non-native English speaker on the phone, the lady in the branch referred me back to the phone support line. :(

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gStein_*|bringing starpipe back|*
December 22, 2008 2:33 AM
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i just checked my Bank of America money market account, and it's getting 1.54%

also interesting, saw this on the statement just now:
Important Information for Your Account
Effective 2/9/09, we are changing the Overdraft Item Fee and the NSF: Returned Item Fee. The fee is $35
for each overdraft or returned item. However, you will be charged for no more than 10 items per day.
Bank of America offers services to help you minimize or prevent fees. Sign up for Overdraft Protection
service to transfer available funds from your Bank of America credit card or savings account to help
cover checking overdrafts. To learn more, talk with an associate at your local banking center or call the
customer service number listed.

so, wheee, now when i overdraft, i won't have to pay out more than $350 per day!

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Ninja007
December 22, 2008 3:44 AM
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so, this is the last weekend before christmas and there are zero posts about it. What happened to you consumerist?

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FLConsumer
December 22, 2008 4:39 AM
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I usually browse [bankdeals.blogspot.com] for the latest and greatest news on CDs and checking/savings accounts deals.

Still using FNBO Direct and ING here. FNBO had its hiccups but they seem to have gotten their act together.

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yevarechecha
December 22, 2008 5:41 AM
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HSBC was at 5% APY when I signed up. It is now at 3%. I am not happy at all with this, but it's lightyears better than the miniscule APY I had in my Chevy Chase savings account.

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forgottenpassword
December 22, 2008 10:07 AM
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Holy crap I had no idea emigrantdirect's online savings account's interest rate dropped so low (2%) And Dollar savings direct (a subsidiary of emigrantdirect) is at 4%! DOUBLE!


I'm switching over today!

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dahlberg123
December 22, 2008 1:04 PM
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Or if you were smart you would just get out of the US Dollar completely before it collapses.

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battra92
December 22, 2008 1:09 PM
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I use HSBC Direct for emergency savings and ING Direct for rent payments (or at least it will be used for rent payments when I find a decent place) and I have payroll deductions made accordingly to each account. It really makes budgeting simple.

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Ash78 ain't got time to bleed
December 22, 2008 1:34 PM
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I've had great luck with the smaller online banks over the past 7-8 years. I was with Nexity Bank for most of that time, and now I'm with Umbrella Bank (still paying 3.4% right now).


Both are local to me (Birmingham, AL), so in a pinch, I have the option to visit those banks' solitary local branches. Although I've only had to use that option once or twice ever, so it wouldn't be a dealbreaker if I lived elsewhere.


Big bonus: Getting a human on the phone within 30 seconds, every time.

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AvDub
December 22, 2008 1:44 PM
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You guys read my mind! I was just thinking about online savings accounts and voila, here's an article on them.

Late last week, my bank (a large regional bank) called me on my cell phone and started to pitch their savings accounts! I said I would not open a savings account with them b/c I could get much better rates elsewhere, so the lady says \"Oh, ok thank you\" and hangs up. She sounded embarrassed for calling.

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Veeber
December 22, 2008 2:20 PM
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What's up with there being both an Emigrant Direct and Dollar Savings Direct? The interface looks almost identical but the rates are different.

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johnva
December 22, 2008 3:54 PM
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@Veeber: DSD has a $1,000 minimum balance. But yeah, other than that I think it's just marketing.

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Anonymous
December 22, 2008 2:23 PM
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Dollar Savings Direct, AKA Emigrant Bank, has a Bankrate.com Safe&Sound rating of one star out of five.

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JCZ
December 22, 2008 3:02 PM
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I signed up for HSBC and I have been nothing but satisfied since. Their service is top notch and the rates are very good. I recently purchased a large item online and had some issues with the Blue Nile shipping policies. The address that I was shipping the item to was not my own. HSBC helped me to set up my account and purchase the item and still get it shipped in time for christmas.


I could never go back to a big brick and mortar bank. I still remember going in to a BOA branch trying to make change for my garage sale. The teller had the nerve to take my money and then ask me if I bank with them. She then held on to my money until she could do her whole sales pitch to me. She asked if my bank had any branches in the area, and I told her that HSBC Direct is an online bank. She said \"What do you do if you have any problems?\" I said \"They don't create them for me.\" After that, she gave me my money back and gave up on the sales pitch.

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Anonymous
December 22, 2008 4:14 PM
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Beware the greed for high yield!

On the Bankrate page, 4 of the top 6 high yield banks are rated ONE STAR, the lowest rating possible. One of the others is GMAC ... wonder how long they'll be around?

Safety or high returns ... pick ONE.

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johnva
December 22, 2008 8:27 PM
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@LincolnFalcon: Of course, banks have FDIC insurance.

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Brontide
December 22, 2008 8:08 PM
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@LincolnFalcon: Yep, that's the first thing I looked at. Dollar direct seemed shady to me with the website not listing it's rates anywhere except what's quoted on the front page.

You should always be wary of companies offering APR's out of character of similar institutions, it's a phenomenon called \"Hot Money\" as they are attempting to gain more deposits quickly. It's a serious sign of weakness in a bank.

[www.moneyandmarkets.com]

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probablykate
December 22, 2008 5:50 PM
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I opened up a savings account with FNBO Direct a few months ago and am really happy with it. Only wish I had done it sooner. Rate recently went down to 3.25%, but that's still one of the highest for a (relatively) safe bank.

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Anonymous
December 22, 2008 11:27 PM
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GMAC Bank currently offers 3.75% APY, $500 minimum. (Thinking of using them, currently use ING and CitiBank.)

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