I know I started a thread similar to this about a month ago but I can't find it anywhere. Alotta people say they opened up these savings accounts. Sounds like the thing I should do if its as good as it sounds. Thing is, I saw something about Wamu having a 5% interest savings account so I called them on the phone asking about it, and she said the rate is only like .25%, where are ppl getting 5.00%??????????
I have the account with WAMU. It's an online savings account and when you have a free checking account with them the rate goes up to 5%. You have to apply for the account online, you can't go into a branch and open it up.
my capitalonedirect.com money market account is at 5% right now. it was 4.75% when I opened it 3 months ago. its only online, but they send you a debit card and checks. 3 free withdrawals a month. I've only had to get money out once..this summer when my AC went out.
Go to emigrantdirect.com. They have one of the highest rates and there isn't a minimum. I have used it for over 2 years and it's pretty easy to add and withdraw.
hey Stack, thanks for the advice. When I open it online, How do you deposit money into that account? Is it from online transfers or can I go into a branch and deposit money that way?
is this all with automatic deposits? i work as a server so i just get cash every day. i guess i could set up the tiny 10-20 dollar checks i get to deposit in. also how would you go about sending the cash i get into the bank. not sure at all...
These types of account have to be used with other regular bank accounts. You move money to your regular saving(checking) accounts before you can use them. You deposit the money the save way, first to your regular accounts then to the online saving accoutns. You have to understand you will have several days of lag time moving the money between the accounts.
oh ok so i have an account at wells fargo (which already transfers $100 a month into saving automatically) and i would just set up it up with my wells fargo acount number. one reason i want to do this is because im going to be taking a RTW (round the world) trip next june for several months. and from the little research i have done so far these "online" banks have better ATM fees and also better foreign exchange rates. which over an extended time ends up saving you quite a lot of money. thanks for the info
I have been to Europe last year, actually the best rate I got was from a small bank "Salin bank", they didn't charge me any money for exchange!
In many of these online banks, here's what you can do : 1) You already have a checking account 2) You start an online savings account. 3) You can link your online savings account with your checking account (it's easy, and your online savings account people will be able to show you how - make sure they have the capability to do it, of course). 4) Once the 2 accounts are linked, you can set your online savings account to pull a pre-set amount from your checking account once a month, twice a month, on specific days, whenever you want, etc.
You just do it via balance transfer. It has to be done all online...just have your deposits made to checking and then just go ahead and transfer what you would like into savings.
