Investment

» jamesj24 - What are the best Savings accounts today?

In response to What are the best Savings accounts today? posted by Kirk:

I recently was informed of the low balance fees that Vanguard was initiating. I need to keep a separate account for money held as a deposit, segregated from my own funds. Its balance doesn't meet the minimum to avoid fees.

The option I used to avoid incurring fees is to switch to electronic delivery of statements and reports. I had to switch all of my accounts to electronic notice, however, including a second account in the same fund that had a large balance. I called and double checked that I had to reset the option for both accounts to avoid fees.

-- posted by jamesj24

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» jamesj24 - ING's New Bill Payer Service

I use ING for most of my online bill payer service. ING savings only pays 4.5%, and money can be transferred from the savings account to checking immediately online. The ING checking account pays interest too, I think it's 4%, but with the ability to transfer, it makes sense to keep the money in savings until time to write the check.

The downside of ING's checkwriting service is that it only takes immediate orders to pay. Other services, like Bank of America, allow payments to be scheduled in the future, and for recurring payments to be made every month. I also keep my BOFA mortgage payment there because it's paid during the first week of the month, so there is little lost interest on the payment (usually only 5 days between when my paycheck is deposited and when the BOFA mortgage payment is paid.)

The advantage is that I don't have thousands of dollars sitting in the account for payments later in the month. Instead, I transfer all free funds to ING early in the month, and pay online using ING's "Electric Orange" Billpayer service, about a week before they are due. It takes that long for paper checks to be received by mail. I learned this by sending a paper check payment to myself. Electronic payments are faster, maybe 1 or 2 days. ING is very good for moving money among accounts by ACH. It is the thread that holds together all my accounts.

-- posted by jamesj24

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» smile_1 - ING & HSBC any hidden fees????

In response to ING's New Bill Payer Service posted by jamesj24:
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I'm looking at both hsbc & ing for a small parking of funds to tie to cking. I want to be able to go in and out of the savings account using EFT tied to an outside checking ac at another bank.

also any complaints on lack of speed on the eft???????

hold times for deposits?????

any other complaints.....etc
_____

either of you notice any hidden fees for either hsbc or ing?

When I looked at hsbc the apr was higher (they compound monthly vs daily) but under disclosures or t&c looks like a lot of fees they can catch you with if you fall into the trap.

I did not see the same at ing but still looking. plus I just got a $25 coupon I can use if my balance is over 250 after 90 days or so. The apr is about half% lower for ing upon initial look...

-- posted by smile_1

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» AL_W - ING & HSBC any hidden fees????

In response to ING & HSBC any hidden fees???? posted by smile_1:

Check out E-loan's savings. They pay higher and have fewer restrictions.

-- posted by AL_W

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» meplus4 - What are the best Savings accounts today?

In response to What are the best Savings accounts today? posted by jamesj24:

It really depends on how much you have to save. If you can put away alot right now choose the highest interest rate (they will all be dropping soon, the best just dropped this week)

For people who only have a couple of hundred dollars to start with. ING Direct has a sweet deal. Their a well established bank and have EXCELLENT customer service., and a 5 minute sign up process!

I can send you a referal email that will allow you to open your account and ING will deposit $25 if you open it with $250. This is a 10% increase the first day. Plus they allow you to earn "thank you" bonuses of $10 on every account that is opened that you refer. So if you refered only 2 people a month you could double your savings in one year. And have been earning a 4.1% APY.

Like I said this is great for people who are just getting started saving. Of course there are no fees.

If you may be interested in opening one, just email me

alicia_schutte@yahoo.com

subject: ING referal link

and I would be happy to shoot one your way.

-- posted by meplus4

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