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Forum
-> Household Management
-> Finances
amother
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 Tue, Jul 19 2011, 12:10 pm
We would like to open a savings account with our savings (right now it's in checking) but our bank doesn't have a great rate. Do you use the same bank for both? Which bank do you use for your savings account and why that one?
I live in the USA.
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zaq
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Tue, Jul 19 2011, 3:15 pm
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open a savings account anyway. Virtually any savings account will give a better rate than a checking account. CDs will give you a higher rate than day-to-day, usually, if you can afford to tie up your money for three, six, nine months or more. Usually the more you put in a CD the better the rate. You can check rates online. Google under "savings accounts interest rates" to find a website that compares different banks. But often it's better to have both checking and savings in one bank b/c linking the accounts gives you certain benefits like free checking, or waiver of certain fees, better interest rates, etc.
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lamplighter
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Tue, Jul 19 2011, 4:07 pm
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I was advised to use INGdirect.com. It's a virtual bank with good rates and is insured.
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