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OfflineTheCow
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Registered: 10/28/02
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Savings Account
    #8005059 - 02/10/08 03:24 PM (15 years, 11 months ago)

I want to open a savings account. Now the problem is that I wont have much money in it, basically between 10-20k as I am a poor college student. Right now I am just using a checking account and getting like .3% . I figure if I open a savings account I could get 2-3% and just transfer money into my checking account as I need it. I use B of A but looking at their savings account options, it doesn't look too favorable. Does anyone have a better suggestion?


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InvisibleVeritas
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Re: Savings Account [Re: TheCow]
    #8005100 - 02/10/08 03:35 PM (15 years, 11 months ago)

I'm getting 4.25% at WAMU, a deal which required me to open a checking & savings account online at the same time. I get 3.6% at Emigrant Direct online for my sons' savings accounts. You can get 4% at Capital One online if you have a minimum balance of $10k, so that might be a better deal for you.

For savings vehicles which do not risk any of your principal, you're not going to do better than 4% right now. I'd go with an online savings account & wait for the rates to come back up. Once they "bounce" back (as in, they raise the Fed again), I'd recommend laddered CD's. (Laddering involves splitting your purchase into 4 or more CD's, all with different terms, to preserve liquidity while gaining the higher returns offered on longer term CD's.)


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OfflineTheCow
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Re: Savings Account [Re: Veritas]
    #8005133 - 02/10/08 03:45 PM (15 years, 11 months ago)

Ah thanks, BofA was telling me 2%. I figured there had to be better choices out there. I have a BofA checking account, so that I can pull money out of the ATM's here. So Ill have to look into the charges Ill incur for transferring money to my checking account from a different bank


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InvisibleVeritas
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Re: Savings Account [Re: TheCow]
    #8005153 - 02/10/08 03:50 PM (15 years, 11 months ago)

If you go with Capital One or Emigrant Direct, you can set up a link to your checking at B of A. You can use this link to transfer money in either direction, with no charge from CO/ED or B of A. (I know, I used to bank with B of A & would transfer $ back and forth). It takes 2-3 biz days for the transfer to go through, so you'll have to plan ahead.


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OfflineTheCow
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Re: Savings Account [Re: Veritas]
    #8005159 - 02/10/08 03:52 PM (15 years, 11 months ago)

That sounds excellent then. Ill look into that, thanks for your help


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InvisibleVeritas
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Re: Savings Account [Re: TheCow]
    #8005170 - 02/10/08 03:55 PM (15 years, 11 months ago)



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InvisibleGr33nday43
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Re: Savings Account *DELETED* [Re: Veritas]
    #8005488 - 02/10/08 05:07 PM (15 years, 11 months ago)

Post deleted by Gr33nday43

Reason for deletion: That's a secret.



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OfflineTheCow
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Re: Savings Account [Re: Gr33nday43]
    #8005506 - 02/10/08 05:12 PM (15 years, 11 months ago)

maybe you missed that I will have a grand total amount of money (in the world) of between 10 and 20 thousand dollars. So this bank account is merely for transactions. I might look into investing some of it, but thats a fairly small amount of capital. I make about 2k a month, and have various bills to pay. So I don't think extra money is really going to present itself in the near future.


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OfflineRedstorm
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Re: Savings Account [Re: TheCow]
    #8006359 - 02/10/08 08:20 PM (15 years, 11 months ago)

I have a savings account at E*Trade and I get 4.4%.


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OfflineTheCow
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Re: Savings Account [Re: TheCow]
    #8027094 - 02/15/08 12:26 PM (15 years, 11 months ago)

Anyone heard of www.oneunitedbank.com ? Their rate is 5.15%. Seems like a reasonable place, offers free bank transfers,though it takes 3 days. I'm just wondering how good their customer service is, or what kind of user interface they have going. I'm all for the higher interest rate, but I dont want a huge hassle every time I have to do some banking.


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InvisibleGr33nday43
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Re: Savings Account *DELETED* [Re: TheCow]
    #8027952 - 02/15/08 04:04 PM (15 years, 11 months ago)

Post deleted by Gr33nday43

Reason for deletion: That's a secret.



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InvisibleVeritas
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Re: Savings Account [Re: Gr33nday43]
    #8028053 - 02/15/08 04:29 PM (15 years, 11 months ago)

No, it isn't. Check your information.


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InvisibleGr33nday43
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Re: Savings Account *DELETED* [Re: Veritas]
    #8034197 - 02/17/08 10:35 AM (15 years, 11 months ago)

Post deleted by Gr33nday43

Reason for deletion: That's a secret.



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Offlinekristofer
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Re: Savings Account [Re: Gr33nday43]
    #8034427 - 02/17/08 12:02 PM (15 years, 11 months ago)

your savings account *might* earn enough interest to keep up with inflation. more than likely you'll be losing money though. the fact is, stagnant money depreciates in value. you want to keep it moving arounnd. mutual funds or cd's would be a better place to store that extra cash.


--------------------
dewbie dewbie dew


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InvisibleVeritas
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Re: Savings Account [Re: kristofer]
    #8034657 - 02/17/08 01:03 PM (15 years, 11 months ago)

Mutual funds and CD's are not paying more than 4% right now.  No point in dealing with time restrictions & minimum balance requirements if you do not receive more interest.  :shrug:


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OfflineTheCow
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Re: Savings Account [Re: Veritas]
    #8035781 - 02/17/08 10:18 PM (15 years, 11 months ago)

Well I ended up going with etrade. I liked the lack of minimums, and I forget the other choices. Drunk off the rye I was. That black owned bank I decided against. Tried calling their customer service, took 30 minutes to get someone and she was rude. Called etrade, was on hold for under a minute and the person was extremely helpful. Im not too worried about inflation at the moment considering Im poor as all hell. Once I graduate out this bitch and get paid actual money Ill look into investing.


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Offlinekriminalelement
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Re: Savings Account [Re: TheCow]
    #8050234 - 02/21/08 12:20 AM (15 years, 11 months ago)

Wait until the stock market gets well below 12,000, then put your money in a mutual fund. You make some serious gains every month.


--------------------
While there is a lower class, I am in it
While there is a criminal element, I am of it
While there is a soul in prison, I am not free.

Eugene V Debs


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Offlineninfan77
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Re: Savings Account [Re: kriminalelement]
    #8050817 - 02/21/08 08:23 AM (15 years, 11 months ago)

you're the first "poor" college student i've ever heard of having 20k in cash lol.. nice job :wink:


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OfflineTheCow
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Re: Savings Account [Re: ninfan77]
    #8051037 - 02/21/08 09:17 AM (15 years, 11 months ago)

tuition is free for me. I work for the school and so get paid. I just pay for food and housing.


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InvisibleLiquidkick
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Re: Savings Account [Re: TheCow]
    #8058021 - 02/22/08 07:33 PM (15 years, 11 months ago)

Etrade offers a high yield.

It's FDIC insured if you think its going to go belly up..


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OfflinePDU
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Re: Savings Account [Re: TheCow]
    #8062547 - 02/23/08 10:29 PM (15 years, 11 months ago)

Havent read the rest of the thread, but this may be of interest:

I just opened an HSBC online direct savings account, and it gives 4% interest+ if you have over $2500 in the account.

Great rates if your travelling too. (weird to think of having a bank account online!)

Check it out: http://www.hsbcdirect.com/1/2/1/default/tools/earnings?code=M09OI257IJ


--------------------
GO OUTSIDE.


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