Since we’re all about saving more money here at Prime Time Money, I’ve created this page, which should remain current to all the rate updates. Use the bar at the bottom to scroll right to see the rates. Check it out:
The Top High-Yield Savings Accounts
If you don’t have an interest-bearing savings account, I suggest you get one to stash all of your short-term savings in. Most people I know use these accounts to maintain some sort of emergency fund. Anyway, as you can tell I’m a big fan of ING DIRECT. I used them to save for our home we just purchased, and I’m using it to save up for our property tax payment.
After checking out ING DIRECT for yourself, if you feel like opening an account, I have some referral bonuses worth $25. In fact, I just received 10 more to use. Head over to my $25 bonus referral page and sign up.
I don’t know anyone who uses anything other than ING DIRECT. Which account do you use to stash your cash?
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I would actually love to open an ING account because I am attracted to the sub-accounts feature… and I like that I can get a debit card for the checking. Right now I bank with Bank of America and will continue to do so until I pay off my last debt with them (BofA CC). I like my money there because all my auto bill-payments are already set up and I use Keep the Change and I actually save a lot of money through the program and blah blah blah I’m lazy and don’t want to set up new banking right now
I also have a savings account with E*Trade which I like because their interest rates are pretty good, which is another reason I’m just staying put right now. But I think I may switch to ING within the year. In the end, convenience and laziness are keeping me where I am now, but I really loathe Bank of America for some crap they’ve pulled with me in the past and I see myself switching to ING within the year
I was in your shoes about 2 years ago, Shanti. I still have an account with BOA and I pay all my bills out of there. I direct deposit the unneeded amount into ING though. Actually I put this in picture format a while back.
My only gripe with ING has been the slow transfer time…however, the Elec Orange checking account fixed that.
I have a friend in banking who says that getting direct deposit is the number one deterrent for switching banks for most people. It’s a pain to move dd and bill withdrawal.
We’re headed for one income in the fall…Mrs. PT is going back to school so I’ll be moving completely away from BOA at that point. I’m not excited about all that customer service time.
Thanks for the comment.
I used ING Direct few years ago but switched to Emigrant Direct whose interest rate was about 75 basis points higher than ING at the time. Recently, Emigrant Direct has lowered their rates aggressively (in line with the fed rate cuts) and is now sitting below ING at 2.75% (ING is at 3.00%).
I decided to do some research and found 2 solid internet based high yield banks and opened accounts at both companies (FDIC insurance puposes):
1) Wilmington Trust Direct (currently 3.31% – $10K minimum)
2) Capital One (currently 3.81% also $10K minimum).
The application process was seamless and I did not experience any problems with either company.
I think Flexo at consumerism commentary uses the same site but this is the link I use as a resource:
http://www.money-rates.com/savings.htm
@JP – Thanks for sharing these options.
It’s time for me to update the rates, too… thanks for the reminder.
I’ve used a local credit union for the past 5 years in addition to my ING account. Now that we moved out of state, there are no local branches here. I switched to Wachovia. My husband uses them for his individual account and is happy. I don’t qualify for a credit union that I wanted (good reputation and rates),so I went with someone that just works.
Nice post….For financepuzzle.com, I mainly use an ING account. I have recently opened a BOA account to capture a $75 sign-up bonus…
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