Law School Discussion

Opening a new savings account

Re: Opening a new savings account
« Reply #10 on: May 16, 2008, 01:49:07 PM »
I used an online bank, works great - no problems, just make sure you can link to you checking account so you can tranfer in and out online. 

Re: Opening a new savings account
« Reply #11 on: May 16, 2008, 03:37:31 PM »
I used an online bank, works great - no problems, just make sure you can link to you checking account so you can tranfer in and out online. 

I use ING and I think they make you have a linked account. You can also get a high-interest checking account with ING -- no paper checks but you get a debit Mastercard and can have them write/mail paper checks on your behalf. I haven't tried this yet but might this fall.

Re: Opening a new savings account
« Reply #12 on: May 16, 2008, 07:31:09 PM »
I had ING and now have Amex High Yield as well as HSBC. ING is a little convoluted when it comes to managing and setting up the account, and their customer service is really REALLY bad.  The Amex high yield is linked to an american express card that gives you X amount of money for how much you charge, saved in a high yield account.  I like HSBC the best, easy to set up, good customer service, plus I have a debit card to access my account when I am overseas.

Alecto

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Re: Opening a new savings account
« Reply #13 on: May 18, 2008, 04:14:01 PM »
I like ING a lot.  I haven't yet had to deal with customer service, so I can't speak to that aspect of it.  I do appreciate their multiple layers of security.  Also, they do not have a minimum balance or transfer limits, which I definitely take advantage of.  Usually, whenever I move money over to the account, something comes up and I need it again.  I guess that's just the way things go.  I have not tried any other on-line banking/investing tools, though, apart from the bill pay that comes with my b&m checking account, so I don't have much basis for comparison.

Re: Opening a new savings account
« Reply #14 on: May 19, 2008, 06:53:28 PM »
tag


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Re: Opening a new savings account
« Reply #16 on: May 21, 2008, 06:50:59 AM »
They pay monthly but you don't get the 5% or whatever they advertise every month...it's a 5% APY (annual). When all is said and done keeping your money in a savings or money market account for a few months isn't going to get you much. Especially if you earn anything on it, you'd technically have to pay tax on the money you earned if it was just in a standard savings or money market account.

A. Depends on how much he puts in. 
B. Better than getting nothing. 
C. Taxes won't be more than you earn, so you still come out ahead.

Re: Opening a new savings account
« Reply #17 on: May 21, 2008, 06:56:23 AM »
I like ING a lot.  I haven't yet had to deal with customer service, so I can't speak to that aspect of it.  I do appreciate their multiple layers of security.  Also, they do not have a minimum balance or transfer limits, which I definitely take advantage of.  Usually, whenever I move money over to the account, something comes up and I need it again.  I guess that's just the way things go.  I have not tried any other on-line banking/investing tools, though, apart from the bill pay that comes with my b&m checking account, so I don't have much basis for comparison.

ING is great for all the above reasons, but also they have an overdraft LOC, so I literally keep $20 in my checking.  When you overdraft you pay no penalty, just a very reasonable 9% APY.  That's better than my credit cards.  They just recently up'd my LOC to $2k.  Also, they have free ATMs all over the place...  I have yet to have trouble finding one anywhere I've gone.  It's so much better than my other crummy checking account that charges me $10 per overdraft and gives 0 interest.

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Re: Opening a new savings account
« Reply #18 on: May 21, 2008, 02:50:27 PM »
dekocards, do you have a separate ING checking account or an ING bankcard somehow?  how does that work?

Re: Opening a new savings account
« Reply #19 on: May 21, 2008, 04:22:27 PM »
dekocards, do you have a separate ING checking account or an ING bankcard somehow?  how does that work?

It's called Electric Orange.  It's an entirely electronic checking account (no retail locations means they can afford to pay way better interest).  You get a check card and you can pay bills or people electronically.  If you need a paper check, they will mail it for you free-of-charge.  There are several companies doing this (I think HSBC Direct has a good one also).  I use ING so I know them well, and I really like them. PM me your email address and I'll link you a referral if you're interested.