Savings accounts

tshott

We're already thinking about our 5 year anni trip.  We want to do it big!  We've had conversations with Drew's bff and they will be celebrating their 10 year anni, so we all want to do a big trip together.  I'd like to start slowly saving now, and then getting more aggressive as we pay off our debt.

I think we'd like to have 10k budgeted for this trip.  We're talking about going to Hawaii.  We'd like to be able to do whatever we want and not worry about the expense.

So, does anybody have any suggestions for a high yield savings account.  The savings account at our bank have a low interest rate.  Our checking account yields something like 3%, but I'm not sure that I can save in the account and keep Drew out of it.  I really need an option that Drew can't readily see, ya know?

oreille

It's not really high yield, but we keep our savings accounts for things we've earmarked (vacation, new car, baby) in ING.  Since it's a separate account from our regular bank, we can't really "see" it.

KathyGee

Can you open up another checking account at the same institution?  How would that be different than opening up a savings account?

 

tshott

KathyGee:

Can you open up another checking account at the same institution?  How would that be different than opening up a savings account?

 

In order to get the high interest rate you have to get e-statements and use the debit card 10 times in a month.  I don't have a problem with the e-statements, but we won't be using the account.  I'd really love to just keep all the money in the checking account we have, if only I could keep Drew away from it!

tshott

oreille:

It's not really high yield, but we keep our savings accounts for things we've earmarked (vacation, new car, baby) in ING.  Since it's a separate account from our regular bank, we can't really "see" it.

I was hoping someone would say they use ING.  What do you think of it?  Any problems?

KathyGee

I use everbank.com for our checking and savings.

Their rates for checking are pretty comparable to ing orange (everbank is 1.05% APY ongoing or so, and ing only kicks above 0.25% once you get to $50k).

Money market is ongoing about 1.05% for everbank and about 1.1 for ING. 

In both cases, everbank offers a first 3 months bonus that brings your first year APY to more like 1.3%.

I've been using everbank for over 12 years and love it. 

You do have to have some minimums ($5k, maybe?) for free accounts. 

jpfeifer

tshott:

oreille:

It's not really high yield, but we keep our savings accounts for things we've earmarked (vacation, new car, baby) in ING.  Since it's a separate account from our regular bank, we can't really "see" it.

I was hoping someone would say they use ING.  What do you think of it?  Any problems?

We use ING and really like it.  When we signed up the interest rates were better than our local banks; I'm not sure if that is still the case.  I like that if you decide to pull the/some money out you have to wait a couple days; it's like you can't spend it on a spur of the moment thing. 

tshott

KathyGee:

I use everbank.com for our checking and savings.

Their rates for checking are pretty comparable to ing orange (everbank is 1.05% APY ongoing or so, and ing only kicks above 0.25% once you get to $50k).

Money market is ongoing about 1.05% for everbank and about 1.1 for ING. 

In both cases, everbank offers a first 3 months bonus that brings your first year APY to more like 1.3%.

I've been using everbank for over 12 years and love it. 

You do have to have some minimums ($5k, maybe?) for free accounts. 

Hmmmm.  Unfortunately, we won't be hitting the 5k in the account for about a year or so.  I'll still check things out there though.  Thanks!!

tshott

jpfeifer:

tshott:

oreille:

It's not really high yield, but we keep our savings accounts for things we've earmarked (vacation, new car, baby) in ING.  Since it's a separate account from our regular bank, we can't really "see" it.

I was hoping someone would say they use ING.  What do you think of it?  Any problems?

We use ING and really like it.  When we signed up the interest rates were better than our local banks; I'm not sure if that is still the case.  I like that if you decide to pull the/some money out you have to wait a couple days; it's like you can't spend it on a spur of the moment thing. 

I'm really glad to hear that you like it.  Thanks for the info!

Rebekistan

I love ING. I've had a savings account there for almost a decade, and now we have our joint checking and a handful of savings accounts there. It's a snap to open a new savings account -- like, say, one for a particular trip, and another for annual expenses, and another for some other thing you want to save up for -- and it's easy to set up auto transfers between them. Like Kathy said, the checking only yields 0.25% until you have $50k in it (and why would you have $50k in a checking account?!). But my savings are earning 1.1%, which beats most money market rates.

If you'd like to start one and can deposit $250 initially, you can get at $25 bonus if I refer you; I'd get a $10 bonus. Email me at rebekistan at gmail dot com if you want. (and I'm not just saying good things about it because I'd get a bonus; I think the website is really user-friendly -- the easiest site to use of any banks I've had cash in).

tshott

Thanks Rebek!!!  Let me show all of this info to Drew and if he decides that he's onboard, I'll shoot you an email before we open it.