So you've decided to implement some of my suggestions about saving money. But where should you stash that savings? I have several suggestions for you along with some pros and cons of each. I do want to point out that I am not a financial expert and these are just merely my opinions. If you have questions or concerns, I highly encourage you to do your own research.
Tip #28
- ING Direct : I really like our ING savings account. I have been with them for 5 years now and we haven't had a single problem ever. You do have to have another bank account to link to your ING account to make deposits and transfer money. The only disadvantage is if you need your money it usually takes 2-3 days to get it transferred. But no monthly fees and no minimum account balance. Their interest rate is lower than I would like for it to be right now but I'm staying with them.
- FNBO Direct: Kiplinger's Personal Finance magazine named FNBO Direct as the best online savings account in December 2008. They have no minimum fees and no strings. $1 minimum to open an account. Similar to ING, can take 1-2 days to get your money transferred if you need it.
- Your Local Bank: There are definitely advantages to having all of your money in one place. Mainly, accessibility. If you would get in a pinch with your checking account, some banks will let you set up your savings account to automatically kick in money so that you are not overdrawn. Of course the disadvantage of having all your money in one place is if something would happen to your bank you would have all your eggs in one basket.
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