I remember back when I had an average bank balance of $4.13. I had a savings account that paid a whopping 0.25% interest.
I would be paid something like $0.02 in interest per year, but get charged $5 per month for being under the "minimum balance" they had established.
What a lousy deal! It was a lousy deal when I had $4.13 in the bank, and it was a HORRIBLE deal when I had way more than $4.13 in the bank.
That is why I am such a big fan of on-line savings accounts - especially my ING Direct on-line savings account.
ING has no minimum balance requirement, charges no fees, has outstanding customer service, is FDIC-insured, and is currently paying 4.2% interest on their savings accounts! They even pay 3.25% interest on their checking accounts!
For money that I am not going to need for at least five years, I invest in mutual funds.
For money that I will need in the next five years, I carry in an interest-bearing savings account that pays great interest!
Let me ask you the question again. How much interest are you getting paid?
How much interest are you getting paid?
November 15th, 2007 at 07:08 pm
November 15th, 2007 at 08:14 pm
If you have a strong will to not fling your money around, PayPal pays 4.75%.
November 16th, 2007 at 06:18 am
November 16th, 2007 at 06:32 am
This is just me, but I personally value access and service more than I do the interest rate for my checking, so I've left my (free) checking at a traditional brick & mortar bank.
November 17th, 2007 at 10:32 am
Not a fan of ING myself, but I am sure most people settle for much less. So good to remind them what is out there, indeed.