{ read the comments below or add one }

  • Free Arcade Games says:

    I remember about 6 years ago, I signed up to ING and it was 5% interest for their savings account. Then a year and a half later, HSBC online was also 5%. Now they are both at a horribly 1.5-2%…

    -Mike

  • imDavidLee says:

    for local malaysia, i more prefer do online banking with Public bank

  • Best online savings rate I found is Smartypig.com … 2.75%.. No intro teaser/minimum to open

  • Ryan says:

    I enjoyed reading your post today. Personally, I’ve used Chase for my online checking, savings, brokerage & credit accounts for over 10 years now. I know that the pure online banking options like ING may offer some very competitive rates but I’ve built a relationship with Chase over the years and have gotten very competitive deals on checking, brokerage, & loans. My experience may be different from others but I’m not sure if I would have been able to get a great deal on a loan when I needed one had I not built the relationship with Chase over time through all of the business I had given them. If I was just looking to get a high rate on a checking/saving account and that’s it, I totally agree with the ING type approach.

  • marci says:

    Must be my age – but I don’t trust the online only stuff…
    I want to be able to walk in and talk to someone and come out with cold hard cash 🙂
    And I want instant access or check writing ability from it… all of which I have…. And I want great rates – which I also have 🙂

    So – none – that’s my final answer 🙂

    • MoneyNing says:

      Interestingly, I’m planning to go to Charles Schwab and Scottrade today (I’m leaving now) to talk to them about why I should move all my retirement accounts over for the exact same reason. I want to see if there’s really a difference when they have a branch 🙂

      • marci says:

        Edward Jones 🙂
        The branch is 2 blocks from my house – and a local guy runs it – someone I am very comfortable with having him handle my money.
        I can call or go in. Very friendly. Very helpful.

        Also we do a review twice a year – free, of course – and the advice is helpful and timely. When I changed employers 2 years ago, I took the 401K info in, and he helped read thru the mumbo jumbo and suggested the accounts within the company 401K plan that fit my investment strategies and past practices. There was nothing in it for him – no commissions, etc. – but this is the type of friendly help I get from his office 🙂 Much appreciated. As my company is changing pension plan providers soon, I’ll take the next prospectus also in to him, and again, he’ll help me decide on the package that fits my personal savings strategies. Nice guy.

        I have a free money market acct. tied to it for transfers and check writing when needed. I have instant “loans against my stocks” available just by writing a special check – so funds are there if needed for an emergency.
        And, as E.Jones doesn’t cash checks nor take cash in, I have a local bank free checking account for cashing checks etc.

        Not to have all my eggs in one basket, I do have an IRA elsewhere – also local tho – at State Farm, (started a long time ago and doing very well so why move it)…..as well as my state employee pension thru the state elsewhere. (guaranteed 8% so why mess with it either)

        It’s a package that fits together well for me. And that’s the key – you
        need to find something that works well for you. No hassles – that’s my motto 🙂

        • MoneyNing says:

          See… You picked a good solution because of the person that works there (in your case, the owner) but it may or may not be a good choice if he is out of the picture.

          On the other hand, most of us pick solutions based on the company, which is becoming more like a commodity as trading platforms are becoming similar and problems (if any) are generally tolerable. Features are different, but every company has its pros and its cons.

          • marci says:

            au contraire…. I picked the company based on research…
            That the manager is a good guy is just a bonus 🙂
            And as the product is excellent, in my opinion, and would be excellent with or without him personally in the picture…….
            and as the service is beyond excellent, I stay there 🙂

  • Craig says:

    Basically for the reasons you mentioned. You can do instant transfers and can take out money right away if necessary. Not a big deal since it only takes a few days to do transfers or take out money with an online savings account, but could be frustrating for some.

  • Craig says:

    With the interest rates so low on them I have not switched into. I still prefer my money market account because the rates are basically identical and it’s more liquid.

    • MoneyNing says:

      Would you mind explaining why it’s more liquid than an online savings account? The only reasons I can think of is if your money market account is tied to your checking account so you can do instant transfers or if you have an ATM card for it but please elaborate.

      For me, these accounts are for short term savings so I don’t want it to be too liquid and the balance to be in my face too often, as those two combined might ignite a spending spree 🙂

  • FFB says:

    How do you keep up with all of the accounts?

    I’ve had an ING account for years and love it. Their customer service it top notch.

    We’re in the process of selling our co-op so I’ve been considering opening an account with Ally. I have some research to do.

    • MoneyNing says:

      Unlike brokerage accounts where you have to do asset allocation and others, online savings accounts are actually quite easy since there’s no need to do anything to keep the accounts.

      Many people just have an ING account because they were first but when the rates get to a point where it makes a difference. (to me, it’s more than 0.25%), I tend to think about changing.

  • Lulu says:

    I started with ING as well and basically went through the other banks (in a different order) like you did. I am keeping ING as my main bank because I love the features it has and I have all my bills set up to be paid some way through them.

    I am using Ally now as my ‘put it away and forget about it’ savings and have money transferred to it from ING.

    ING still rocks my world despite the interest rates going down.

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