So of course I decide to actually research high yield savings accounts after I've opened an account with my bank.
Oh well, I can always roll the money I've already deposited into a higher yield account and have the $250 in the savings account I just opened as overdraft protection. Yeah, see I was thinking of that all along!
Some high yield accounts I looked into:
ING electric orange
HSBC Direct
Dollar Savings Direct (highest rate - but has a $1000 minimum)
FNBO Direct
It's still a month or so off, but I think I'm going to go with the FNBO direct account. There's no minimum, it has a 2.6% interest rate, and comes with an ATM card so I can withdraw funds immediately should I need to.
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One thought on savings accounts that you're probably already aware of: The price you pay for security is that the interest rate paid on them is generally less than inflation. So once you've got your emergency fund built up, you'll want to begin looking into higher-yield, higher-risk assets.
ReplyDeleteyes, that's a very good point. The next thing I start funding after the emergency account is an IRA. Yay! Unfortunately that's still a little ways out.....
ReplyDeleteYou have good advices. Better n' Suze.
ReplyDeleteI'm scared to do anything with my money.
ReplyDeleteMake sure the rates that you're seeing are APR vs. APY. But good jorb. We've been meaning to open an ING account for the baby's money.
ReplyDelete