STYLETHREAD -- LET'S TALK SHOP!

flknight24 · Dooney & Bourke

Savings Account ?

ILoveChoo · Hermes

I would do ING. their interest rates are great, and it only takes aout 3 days to get your money, so if you plan in advance it shouldn't be a problem at all. (I believe you can also set up the transfer to be automatic, but I've only done that for depsosits- not withdrawals.)

txgal · BCBG

I opened a money market savings account at GMAC Bank. http://www.gmacbank.com/ They have good interest rates and you are able to pull out your money whenever. They even send you a debit card if you want.

nikkib222 · BCBG

You can make transfers to/from ING as frequently as you want. I have an account with them and really like them. Emigrantdirect.com and Citibank pay more interest, but I don't have any direct experience with them. I saw Citibank advertising 5.00% interest, but I think you have to open a checking account with them.

You should check out www.bankrate.com. They have a listing of the highest interest rates on savings accounts, money market accounts, and CDs and they tell you how much each account requires as a minimum deposit. It can be very helpful if you are looking for a play to park money. HTH!

Aurora · Marc Jacobs

If you have access to a checking account then you can set up ing to deposit money into it every so often (I think but can check). I think the smallest cd they have is either 6 or 9 months and its a pretty good deal but you can't withdraw from it before the time is up without it penalizing you. But the savings rate on the regular accounts are high enough that it doesn't matter whether you have it in there or in a cd because its still higher than the bank. I'll check my ING about if you can set up periodic deposits the other way cause I know you can do periodic deposits from your checking into your ING account but not sure on the other.

Otherwise you might want to check around with local banks to compare interest rates on regular savings accounts. Sometimes the more local banks have better rates than the national banks to try and be competitive. The downside is that often there are minimum balances you have to keep in order not to be charged fees or in order to open the account.

PM me if you need more info/help.

NCshopper · Hermes

PayPal's Money Market account is currently earning 4.95% interest and works just like a normal PayPal account. ING earns slightly less in interest, but it's FDIC insured, which PayPal is not. You can also set up an ING account to make automatic withdrawals from your checking account to go into savings, which you can't do with PayPal.

I like having my PayPal account, but the difference in interest is so small that I think you're probably better off with ING since it's FDIC insured. I'm actually planning on switching over in the next month or so.

halleybird · Hermes

I love my ING account!

blubirde · Chanel

halleybird wrote:

I love my ING account!

Ditto!

shopgirl82 · Chanel

NCshopper wrote:

I like having my PayPal account, but the difference in interest is so small that I think you're probably better off with ING since it's FDIC insured. I'm actually planning on switching over in the next month or so.

this is how i feel.

flknight24 · Dooney & Bourke

Thanks so much for the info. and all the responses. I think I'm going to go with ING. I called them because I had a few more questions and I was very impressed with their customer service, which is always good, and I'm also happy with the conditions of the savings account. Thanks again for the help.

Aurora · Marc Jacobs

Just an FYI if you know you are going to deposit at least $250 in your account pick someone in this post who has an account to refer you to sign up so you can get the free $25 from ING.