High Yield Savings Account

I've been using ING Direct as a savings acount now for almost 3 years and I'm starting to not be too happy with it. I started out with something around 4.45% APY, which I was super happy with. I was getting like $90 a year in interrest with $2000. Well now I have $12000 and ING is only paying 3.4% APY and it's pretty dissappointing.

So I was just wondering who here uses another high yield savings account and what the rate is. I really think I would like to switch to see if I can find something a little bit better.

I can't invest in the stock market or a CD because I'm a college student and I never know when I might need the money within a few days. For example just two weeks ago I had to put out $600 for books $3000 for a new car and then this week another $300 after I wrecked my car in an ice storm.

check bankrate.com, but with the feds continually cutting the interest rates, very difficult to get a good rate these days. Rates are down across the board, and ING is not screwing you.

3.4% is really pretty good in this market. If you're worried about your money being tied up, take 1/2 and put it in a 6 month CD. ING probably has several to choose from.

Or set up a money market account that you can draw a check from if you need it. Not really sure what money markets are going for these days, but realistically, without going into a mutual fund or a CD you're probably not going to do much better than what you have.

PayPal offers a money market account - they just slashed their rate to 3.76% too. It's not much better than ING (which I have as well), but since we all use PayPal anyways it's an option if you want your referral money to do something while you're looking for greens.

Ken

I work at a Credit Union, and the rate your getting is very good compared to ours...

[quote382e05a31e="KT412"]PayPal offers a money market account - they just slashed their rate to 3.76% too. It's not much better than ING (which I have as well), but since we all use PayPal anyways it's an option if you want your referral money to do something while you're looking for greens.

Ken[/quote382e05a31e]

That's a too volatile setting for (life) savings in my opinion. PayPal can pull the plug anytime they want for so many different reasons and you can't touch the money for +180 days. I'm a big fan of PayPal but just offering a fair warning to this guy. The rate is good, but PayPal has been on a holding frenzy amongst the freebie community.

After I received the second or third notice that HSBC was lowering my rates, I logged in to ING to see that their rates were actually higher than HSBC's. I also keep a little in the PayPal account, which has the highest rate but is definitely riskier.

I don't use the PayPal account for anything other than parking money these days. If you're still using it to trade (or even buy or sell on eBay), it's probably too risky to put a large sum there.

[quotec87e619897="KeithA"]After I received the second or third notice that HSBC was lowering my rates, I logged in to ING to see that their rates were actually higher than HSBC's. I also keep a little in the PayPal account, which has the highest rate but is definitely riskier.

I don't use the PayPal account for anything other than parking money these days. If you're still using it to trade (or even buy or sell on eBay), it's probably too risky to put a large sum there.[/quotec87e619897]

Yup, your 100% right. Paypal enjoys limiting about once per year. Not sure why they love screwing with me on a yearly basis.

All of you must be scammers! I've been with PayPal for... (checks account)... 6 years 8 months 19 days. I've never had a problem with holds.

Everyone knows if you've done nothing wrong you never get in trouble. Right? RIGHT?!


P

I've never been on hold either. But I do understand the risk involved.

[quotea698464994="KeithA"]I've never been on hold either. But I do understand the risk involved.[/quotea698464994]

Same. PayPal Member For 7 years 11 months 3 days

Anyway, my "high yield" savings account is an "HSBC Direct" savings account...used to be 5%+...it's gone down a few times since then...not really even sure what it's at now (not really enough money in there right now for it to make much of a difference).

Emigrant Direct is a little higher than ING. 3.60% APY right now, which is done an entire percent in the last week, but so has ING. If anyone is interested, I don't think they have a referral system set up, but PM before you just sign up, and I'll look into it.

[quote04d0050556="ILoveToys"]Emigrant Direct is a little higher than ING. 3.60% APY right now, which is done an entire percent in the last week, but so has ING. If anyone is interested, I don't think they have a referral system set up, but PM before you just sign up, and I'll look into it.[/quote04d0050556]

My parents use Emigrant, I use ING. I'm throwing $35 in there every week so I'm hoping to build it up and get a grip of interest.

I also noticed ING went down a considerable sum after I deposited $135. . .

Alright, so I guess there isn't too much to choose from to get my rates up higher again. And I dont' think its worth switching for less than half a percent, expecially with the amount of money I have in.

I dont' really know about a CD, because as I said before... I never know when I'm gonna need the cash. Who knows, something could come up where I need a huge amount of cash out of nowhere, and it's happened before.

I might think about a money market account, I'd have to look into it.

Do not use Wachovia business accounts or student accounts, give you barely any interest

Country wide bank offers 4.75% For cds I believe.