Savings account

Discussion in 'OT Graveyard' started by Mr. Ali, Oct 13, 2007.

  1. Mr. Ali

    Mr. Ali Junior Member

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    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.
  2. Phant0m51

    Phant0m51 From Utah, NOT mormon

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    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.
  3. Jamsan

    Jamsan Junior Member

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    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/scontent.aspx?cmtag=Content-SavingsLink
  4. ivwshane

    ivwshane We are all old school!

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    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.
  5. Octane91

    Octane91 <smartass comment> Staff Member

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

    Mr. Ali Junior Member

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    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/scontent.aspx?cmtag=Content-fees
  7. tweakmonkey

    tweakmonkey Webmaster Staff Member

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    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.
  8. ivwshane

    ivwshane We are all old school!

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

    gB dAvId x thats what she said

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    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.
  10. mistawiskas

    mistawiskas kik n a and takin names

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    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.
  11. log1c

    log1c The Underwriter

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    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.
  12. Jamsan

    Jamsan Junior Member

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    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.
  13. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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

    mistawiskas kik n a and takin names

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    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.
  15. hans5849

    hans5849 Serious as a heart attack

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    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.
  16. Mr. Ali

    Mr. Ali Junior Member

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    so countrywide it is. thanks guys.
  17. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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    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.
  18. mistawiskas

    mistawiskas kik n a and takin names

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