What kind of account should I open up?

[cereal foreal]

I use cash or my debit card for just about anything, and I don't plan to switch over to the credit lifestyle. It might sound really unreasonable to most of yall, but it's a lot easier and quicker for me, and I've been doing fine so far. What I want to do is to create another account, but don't know which one would meet my requirements:

I want to start with a big lump sum; maybe around $5,000.. give or take a thousand or two. I'll add in at least $200 a month (most of the time a lot more) to that account, but I'll never use any of it. After a few years, whenever I reach around $40,000 - $60,000 (unexpectedly, at any given time) I would want to be able to pull it all out at once for cash and not get charged any fees. I fear if I just create another checking account, that I'll be charged with fees once I pull all out, and I don't know what the rules are for savings accounts.

I know I could easily just go to the bank and talk with an associate, but I'm using this new section to my full advantage. :thumb:

[Brooklyn]

Savings account.

Since you're wanting to be able to take it out at "anytime". You're sacrificing a good interest rate for having the abilty to pull out at anytime.

Don't get me wrong, I've seen plenty of good interest rate savings account, but most are online, nothing you have full access to.

Also, you should never be charged from withdrawing from checking account. If, you do open any account the requires a balance then be sure to convert it to another type of account thats free with no min. balance.

But from what you're saying...prob. a savings account.

[greenparrot]

High yield savings account maybe?

[Brooklyn]

^That could work, but most require a great amount as a minimum balance.

From my understanding, he's starting small and growing.

[greenparrot]

http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount

^ Virtual Bank

[biglos]

ING :thumb:

[greenparrot]

http://www.us.hsbc.com/1/2/3/personal/savings/deposit-rates

^ 4.25% APY

This is also a Virtual Bank like ING.





ING is currently at 3.65%

[Brooklyn]

Them online accounts are a beast.

[greenparrot]

Word. There are a bunch of other Virtual Banks too. Just shop around for what suits you.

wtdirect.com has 4.3% APY right now. But fine print:

Annual Percentage Yield. APY is variable and is effective as of 1/23/2008 and may change at any time. There is no minimum deposit required to open the account. For the first 60 days from the date the account is opened, regardless of the account balance, the account will earn our highest APY, currently 4.30%. After the first 60 days, the APY for the account will have two tiers: (a) a higher APY for accounts with balances of $10,000 or more (currently 4.30% APY); and (b) a lower APY for accounts with balances of less than $10,000 (currently 0.50% APY).







There is also VirtualBank, UmbrellaBank, USAA, EverBank Direct, Citi Direct, and more. Just google them lol.

[biglos]

http://www.us.hsbc.com/1/2/3/personal/savings/deposit-rates

^ 4.25% APY

This is also a Virtual Bank like ING.





ING is currently at 3.65%

yeah i seen a commercial for the HSBC account this morning. I have accounts with ING and have no problems with them. :thumb:

[AXaznAX]

I have WAMU savings for 4.65%.

[greenparrot]

Nice!

[tit$]

i'm making 4.8% APY with my online WAMU account, had ING forever and loved it - but gotta go where the money is at!

[AXaznAX]

i'm making 4.8% APY with my online WAMU account, had ING forever and loved it - but gotta go where the money is at!

lol i went from ING to WAMU. easier access to cash through WAMU.

[greenparrot]

ING does not have any fees, service charges, penalties, or hidden costs.


Does anyone know about WAMU?

[grnlude97]

i'm making 4.8% APY with my online WAMU account, had ING forever and loved it - but gotta go where the money is at!

My money is at etrade 5.05%, highest yield of any reputable online bank. I highly recommend it.

Daniel :)

[greenparrot]

The reason I ask is because the OP posted in BOLD: "I would want to be able to pull it all out at once for cash and not get charged any fees."

[tit$]

ING does not have any fees, service charges, penalties, or hidden costs.


Does anyone know about WAMU?

last i checked you could only withdrawl your money 6 times a year before ING charged a fee. WAMU has no fees but you have to have a WAMU account already. makes it simple as shit though, i can transfer my money immediately to my checking account and have access, where ING i'd have to wait for 3-4 days.

daniel - i was gonna sign up for etrade but i really like having immediate access to my cash. although it was never a huge issue, i plan to spend most of my savings on another investment soon and didn't want to have that hassle for only a .2% increase on the rate.

[greenparrot]

last i checked you could only withdrawl your money 6 times a year before ING charged a fee. WAMU has no fees but you have to have a WAMU account already. makes it simple as shit though, i can transfer my money immediately to my checking account and have access, where ING i'd have to wait for 3-4 days.

Nice. WAMU sounds like a winner to me. :thumb:

[grnlude97]

last i checked you could only withdrawl your money 6 times a year before ING charged a fee. WAMU has no fees but you have to have a WAMU account already. makes it simple as shit though, i can transfer my money immediately to my checking account and have access, where ING i'd have to wait for 3-4 days.

daniel - i was gonna sign up for etrade but i really like having immediate access to my cash. although it was never a huge issue, i plan to spend most of my savings on another investment soon and didn't want to have that hassle for only a .2% increase on the rate.

Yeah there's a 4 day hold for transferring funds to a non etrade account. I have a stock account and the access is instant which is great. Also, if you have their checking the transfer is instant. Only thing is you cant go to a branch like WAMU. I agree the .2% is negligible but I put it up there for the same of arguement. I also have money at Emigrant Direct which is currently 4.55%

Daniel :)

[SUSPENCE]

http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount

^ Virtual Bank

Yea i have had mine with emigrant Direct for over a year now and love it. no fees! (at least i have never had any) i think its at like 4.50% right now.:rock:

[cereal foreal]

Wow guys thanks a lot. I have another n00b question, how do I deposit into my online account if it's online? I'm new to this online banking thing.. I prefer cold hard cash but there is no where to keep it safe anymore :hsrun:

[SUSPENCE]

you fund the online account from your current local bank account. with mine i had to actually log into my online bank and request money because Wachovia at the time didnt allow transfers between other bank accounts. that might be different now though. With Chase i just have my "online" account setup as a "payee" in my regular account so its just llike paying a bill except im paying myself lol

[winc281]

Money Market Acct.

[cereal foreal]

Thanks a lot guys, much appreciated.

[slideways2004]

this money minded section is awesome!! thanks guys! keep posting stuff like this. helps noobs know where to start or what the hell it is

[cereal foreal]

this money minded section is awesome!! thanks guys! keep posting stuff like this. helps noobs know where to start or what the hell it is

:thumb::rock:

[fijiboy04]

the under-the-mattress bank

[Prissy]

i'm making 4.8% APY with my online WAMU account, had ING forever and loved it - but gotta go where the money is at!

LOL I see that you did the same as me. I remembered you gave me an invitation code for ING and for the first 2 years they offered the best rate and all of a sudden WAMU had an online savings at 5% APR (4.8% APY) so I moved my money as well! :thumb:

[Prissy]

last i checked you could only withdrawl your money 6 times a year before ING charged a fee. WAMU has no fees but you have to have a WAMU account already. makes it simple as shit though, i can transfer my money immediately to my checking account and have access, where ING i'd have to wait for 3-4 days.

Be careful with WAMU online transfers. They only allow 6 online transfers per month or they will charge you a $10 excess activity fee. :gonk: They allow unlimited in branch transactions though.

[NisAznMonk]

Are you joining the military? If so look into www.usaa.com if you don't already have an account (family was in the military, etc). I'm not sure how other banks work, but USAA gives you the ability to scan your check and deposit it online.

Unfortunately USAA doesn't have a branch outside of San Antonio, TX, but you can make deposits at any local UPS store. All you have to do is call USAA and have them mail you deposit slips.

Like SUSPENCE said you can fund almost any bank account with another bank account. I have an ETRADE savings account because it has a 5.00% APR on it. It was the highest I could find, and it isn't bad. They also have a checking account with unlimited ATM cash withdrawals. USAA will refund only up to $10 worth of ATM fees. The only problem is ETrade is virtually an online bank like USAA so you'll have to fund it somehow.

I'm overseas so I had to open a Community Bank account. Its only there so I can walk-in and deposit cash and checks. Once it deposits I go to my online ETRADE account so I can withdraw money from the Community Bank account and transfer it to ETRADE. ETrade is the only account that will allow me to withdraw, and deposit money into other accounts. The other two will only allow me to deposit.

If I wanted to take out all of my money I could transfer it into a checking account of my choice and withdraw it as a cashier's check. If you get that much cash out you'll probably have to order the money, and that'll cost you some change in fees.

OH...and don't use the wire transfer option. ETrade has an option to transfer to and from any external account without running into those darn fees.

[Gunz4Sale]

Are you joining the military? If so look into www.usaa.com if you don't already have an account (family was in the military, etc). I'm not sure how other banks work, but USAA gives you the ability to scan your check and deposit it online.

Unfortunately USAA doesn't have a branch outside of San Antonio, TX, but you can make deposits at any local UPS store. All you have to do is call USAA and have them mail you deposit slips.

Like SUSPENCE said you can fund almost any bank account with another bank account. I have an ETRADE savings account because it has a 5.00% APR on it. It was the highest I could find, and it isn't bad. They also have a checking account with unlimited ATM cash withdrawals. USAA will refund only up to $10 worth of ATM fees. The only problem is ETrade is virtually an online bank like USAA so you'll have to fund it somehow.

I'm overseas so I had to open a Community Bank account. Its only there so I can walk-in and deposit cash and checks. Once it deposits I go to my online ETRADE account so I can withdraw money from the Community Bank account and transfer it to ETRADE. ETrade is the only account that will allow me to withdraw, and deposit money into other accounts. The other two will only allow me to deposit.

If I wanted to take out all of my money I could transfer it into a checking account of my choice and withdraw it as a cashier's check. If you get that much cash out you'll probably have to order the money, and that'll cost you some change in fees.

OH...and don't use the wire transfer option. ETrade has an option to transfer to and from any external account without running into those darn fees.

USAA does 15 back on ATM and 1% cashback on purchases using your debit card. They also have full fledged financial services like mutual funds, financial advising and other services. They also offer a credit card to members and you can be approved with little to no credit(it was my 1st credit card).

[NisAznMonk]

USAA does 15 back on ATM and 1% cashback on purchases using your debit card. They also have full fledged financial services like mutual funds, financial advising and other services. They also offer a credit card to members and you can be approved with little to no credit(it was my 1st credit card).

I couldn't remember if it was $10-$15, but thanks for clearing that up :thumb:. USAA definitely has its pros, but I wouldn't forget about ETrade.