High interest Savings / Money Market accounts

[gedman]

I have been researching high-interest Savings accounts, and thought that some other AT folks might be looking for the same thing.

Here is a list of the highest paying accounts from BankRate:
BankRate Savings/MMA top 100 list

A few warnings:

• Some of the accounts have a minimum amount of cash when you open the account . Some have a minimum that you have to maintain in order to avoid fees. (This stuff is clearly stated on the BankRate list.)

• Many of the places on the list do not have an easy way to get access to your funds (no check-writing, ATM or outbound ACH transfer). For those accounts you have to fax a letter requesting that they send you a check. :disgust:

• Most of the places on the list will only allow personal accounts (no business accounts)

• Some of the accounts have a maximum account balance to get the high rate. Any amount above the limit accrues interest at a lower rate.

• Read the fine print when opening the account and avoid any account with strange rules.

• It seems that all the institutions on the BankRate list are FDIC insured, but it pays to double-check.

If you want an account that is easy to use, get one that has outbound ACH (which is rare, it seems), ATM or check-writing privileges. Otherwise, it is going to be a hassle if you need access to your money on short notice. The BankRate list identifies the accounts that have check writing access, but for ATM/ACH you have to visit the banks' sites for more info.

Also, the Finance forum at FW has some good threads on this topic.

GedMan

 

[scootermaster]

So it seems like eLoan is the best...highest yield, and it supports ACH transactions to a linked account. Any reason not to go with them? (Of course, assuming you've got 5k, which I do).

Any promo codes? :-D

 

[gedman]

eLoan does not allow business accounts (which is what I need). Otherwise, they look like a great option for personal accounts.

GedMan

 

[redgtxdi]

Good time to post this.


I'd been taking particular notice lately at how most of the popular ones had either frozen or dropped a bit.

I suppose it's good they haven't gone down significantly, but kinda' enjoyed the "going up" part over the last couple years before.

 

[TackleDummy]

Thanks for the link gedman. I was actually looking at this stuff earlier today.

 

[GilletteCat]

Originally posted by: gedman
eLoan does not allow business accounts (which is what I need). Otherwise, they look like a great option for personal accounts.

GedMan

I'm in the same boat. So, what have you found that would be the best for business purposes? I would not care about the ATM access, but either outbound ACH transfers or checks are a must. I would not want anything that charges fees for just having an account with them, nor would I want to keep high balances. I don't know if you and I are looking for the same thing, but if so, I am wondering what, if anything you have chosen.
Thanks a bunch!

GilletteCat

 

[scootermaster]

I was all ready to sign up for eLoan, but they don't support quicken downloads and I'm anal about crap like that. Is there any of them that do or anywhere that lists those sorts of things?

 

[generalnewbie]

whats a quicken download...

and thanks for the link... i just got some extra money and wanted some type of investment on it. Right now its just in my checking account earning no interest... it could be earning up to 5% in a year.. better then nothing..

 

[BigFatCow]

whats the likelihood that e-loan lowers there rates after i go though the trouble of setting up an acct and changing my direct deposit?

 

[brianmanahan]

and I'm anal about crap like that.

well that only makes sense.

 

[Shyatic]

I'm still with ING... their rates don't seem to rescind after time. I get worried about places like e-Loan or whatever when I invest, the rate might go down. Never has happened with ING. I think Emigrant is good that way also.

 

[araczynski]

I remember driving by a bank recently that was offering 5.4% for > 7 < month CD's. 10k minimum. Granted you can't touch (wisely) the money for 7 months, but what's the point of putting money into savings if you're not letting it sit there for a little while anyway.

 

[gedman]

Originally posted by: GilletteCat
I'm in the same boat. So, what have you found that would be the best for business purposes?
GilletteCat

Check out Geauga Savings Bank. They have a Money Market account at 5.25% (balances between $25,000 and $99,000). They allow business accounts and the Money Market account comes with free checks to withdraw money easily.
Geauga Savings Bank

GedMan

 

[scootermaster]

Originally posted by: generalnewbie
whats a quicken download...

and thanks for the link... i just got some extra money and wanted some type of investment on it. Right now its just in my checking account earning no interest... it could be earning up to 5% in a year.. better then nothing..

Automated download of your transactions into quicken.

For anal people like me.

 

[Triggerhappy007]

Originally posted by: BigFatCow
whats the likelihood that e-loan lowers there rates after i go though the trouble of setting up an acct and changing my direct deposit?

I don't know, but I signed up when they started at 5.5%, down to 5.38%, now down to 5.25%. They had a couple SNAFUs, but everything was fixed after a couple emails. I'm waiting for a 6% CD again since mine just ran out.

 

[crydee]

Set up an Citibank e-savings one. Free online if you open it with a checkings. Transfer money from your bank to it for free. From your e-savings acct to your checking for free. They start you out with free checks and a debit/atm card. So you can have your money in a high yield savings acct and transfer it to your checking for access to it np. And citi is pretty big so it's everywhere. You can't touch your savings unless you're online though so you have to transfer money to your checking or to your e-savings on the net. It's 5.00 APY/ 4.88 interest right now. No min deposit I believe.

Citi also offers some of the best rewards credit cards and easy to pay off for free from a bank transfer. They also have a really easy way to set up CDs online with your acct. Also completely paperless statements too.

I probably saved a couple of hours a month dealing with money from switching mainly to them.