[Mr. Ali]

I have a decent amount of money in my wells fargo savings account and the interest on it is super low. I have been thinking of putting it into an ING Direct Orange savings account since that would give me 4.3% APY. Anyone else use ING or something similar to it?

I know investing it is probably a better idea but I like having my money in one place with no risk.

[Phant0m51]

You could always put it into a CD savings account. You're only allowed to access it a few times a month, but the interest rates on those are usually pretty high.

[Jamsan]

I've been with an ING for over a year now with only 1 issue. Their rate isn't competive with the rest of the internet banks out there. I have a GMAC account (recently lowered rates to 4.90%) and a Countrywide account which is at 5.50% (where the most of my savings money is, naturally). Their mortgage division has been shaky recently, but things are starting to turn around for them. They are also FDIC insured, so as long as you don't put more than 100k in there, you should be fine. There is a $10,000 minimum balance to earn the 5.50%, otherwise it's 4%.

https://bank.countrywide.com/sconten...nt-SavingsLink

[ivwshane]

I signed up with etrade and put some money in a high yield savings account that earns 5%.

No fees that I can think of and sign up is free.

[OcTaNe91]

i have 6 grand in a high intrest savings account (6.45% ) out of my credit union

[Mr. Ali]

Humm, countrywide sounds like a good deal. ill have to check that out.

Looking at their service fees, it says Incoming wire transfers is free and outgoing ones are $15. So putting money into the account is free, but pretty much my only way of taking money out would charge me a $15 fee, is that right? It probably isnt since it says bank to bank transfers are free and i would probably do transfers to wells fargo. And what would flag the $15 official bank check fee. Ill probably just call and ask.

link to the fees in question: https://bank.countrywide.com/sconten...g=Content-fees

[tweakmonkey]

I've used ING for a while. At the time I signed up, the rates were competitive. They offer great online baking overall, but I might switch to something with a better rate after reading this thread.

[ivwshane]

Originally Posted by Mr. Ali

Humm, countrywide sounds like a good deal. ill have to check that out.

Looking at their service fees, it says Incoming wire transfers is free and outgoing ones are $15. So putting money into the account is free, but pretty much my only way of taking money out would charge me a $15 fee, is that right? It probably isnt since it says bank to bank transfers are free and i would probably do transfers to wells fargo. And what would flag the $15 official bank check fee. Ill probably just call and ask.

link to the fees in question: https://bank.countrywide.com/sconten...g=Content-fees

There are too many banks out there to have to put up with little crap fees like that.

[gB dAvId x]

I like my bofa account, they have an awesome website and great security, plus locations nationwide, hence the name, lol. I think of Well Fargo as a smaller baby company compared to BofA.

[mistawiskas]

Just think.....savings accounts of all types are a means that financial institutions use your money to make their money......and they make alot, lot more than you.

[log1c]

Originally Posted by mistawiskas

Just think.....savings accounts of all types are a means that financial institutions use your money to make their money......and they make alot, lot more than you.

I'm OK with that phenom. I need to make a little interest on my savings as well, and the only way you're going to do it is to allow someone to hold onto your money and make their own bank.


I have been using the ING Direct for about 6 months, I have $10k in there now and get about $30 a month in interest. After reading, I may switch to something else, but it's been good, no problems and completely free.

[Jamsan]

Originally Posted by Mr. Ali

Humm, countrywide sounds like a good deal. ill have to check that out.

Looking at their service fees, it says Incoming wire transfers is free and outgoing ones are $15. So putting money into the account is free, but pretty much my only way of taking money out would charge me a $15 fee, is that right? It probably isnt since it says bank to bank transfers are free and i would probably do transfers to wells fargo. And what would flag the $15 official bank check fee. Ill probably just call and ask.

link to the fees in question: https://bank.countrywide.com/sconten...g=Content-fees

You can use wire-transfer in and out, but you would typically use ACH (free) to transfer money between accounts. You link your other accounts (checking, other savings, etc.) and can transfer money in and out of the accounts without a charge. Transfers usually take a day or 2. If you want to get the money out quicker, you can use wire transfer, but then you'll get charged a fee. I typically calculate my credit card bills 3-4 days before I pay them, initiate the transfer out of my savings to my checking, wait the 1-2 days, then pay the bills.

The only real fees you should worry about are excessive usage (something like more than 6-7 withdrawls a month, but its a savings account, not a checking account) and closing the account within 90 days. The latter shouldn't be an issue, as even if you find a better rate, you can just leave the account open for the remainder of 90 days and close it then.

[Juballharshaw]

Originally Posted by mistawiskas

Just think.....savings accounts of all types are a means that financial institutions use your money to make their money......and they make alot, lot more than you.

Real men put their money in pickle jars and hide it under their beds just to stick it to the man.

[mistawiskas]

Not that it's a bad concept, but the benefit via the greed of the user, far outweighs the dividends to the 'usee'. You get five cents on the dollar and they get 18.....it's what the world runs on, meanwhile, the rich get richer and the middle class gets poor and the poor get poorer. It's been like that for thousands of years.

[hans5849]

I have USAA, they have my savings @ 2.75 (I never let my balance drop below 1000), checking, credit card, car insurance, and renters insurance. They had my car loan, but I paid that off in a month.

[Mr. Ali]

so countrywide it is. thanks guys.

[Juballharshaw]

Originally Posted by mistawiskas

Not that it's a bad concept, but the benefit via the greed of the user, far outweighs the dividends to the 'usee'. You get five cents on the dollar and they get 18.....it's what the world runs on, meanwhile, the rich get richer and the middle class gets poor and the poor get poorer. It's been like that for thousands of years.

If you don't like it you can always start your own hedge fund.

As for the middle class getting poorer and poorer for thousands of years, there didn't used to be a middle class. You can thank that same greed for creating a middle class out of merchants.

[mistawiskas]

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