A savings account is just smart. Saving for a rainy day, because it is going to rain. Something is going to come up, and you are going to need extra money. Lately it seems that many people are not saving, not preparing for those days when the car is going to need repairs, or something else comes up that needs money. Many are using credit cards for those emergencies, which only puts them further into debt.
Right now, the bulk of my savings is in ING Direct, they have a pretty good interest rate, and offer easy transfers.
There are many online banks that offer good rates and are FDIC insured. AmTrust has the best interest rate so far, I am contemplating moving my savings to them. Although I have been with ING for a long time, so I may stay with them, unless their rates go down farther.
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My journey to freedom using Dave Ramsey's Total Money Makeover
Baby Steps
- 1. $1000 Baby Emergency Fund- DONE!!!
- 2. Debt Free- Current Step
- 3. Fully Funded Emergency Fund $6000
- 4. Invest 15% in Roth IRA's adn Pre Tax retirement
- 5. College Funding for Children
- 6. Pay off home early
- Build wealth and give!
My journey to freedom from debt
3 comments:
We're so excited. Our local bank is trying to get people to do internet banking. They are offering 5% checking accounts. It's United National Bank. I don't know whether you have to be local or not, but you might want to check them out.
http://www.unbonline.com/
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We are probably going to change over to the check account mentioned. It requires you to use the debit card ten times a month (which if you carefully track is basically just like using cash), receive one direct deposit or have one automatic draft, and to check your online information once a month. You get no paper bills, you get 5.51% interest with no minimum balance, and ATM usage is free nationwide. Sounds like a sweet deal to me.
That is a very sweet deal! Its been hard to find even savings accounts with that high of an interest rate. And as a bonus this is a checking account which you can use frequently. I know on some savings accounts there are penalties for either going under a set limit, doing too many transactions during a statement cycle, etc. I am so happy your bank is offering this deal! It sounds similar to Zions internet interest checking, but with a higher interest rate. I know a lot of people don't opt for that account around here because so few businesses offer direct deposit for their employees, and that is a requirement for that particular account.
The requirements for your checking account seem reasonable. I use my debit card just about everyday it seems LOL, and I check my online account everyday. And yours has the direct deposit or automatic draft, which I am guessing can be set up through the bank to pay bills etc?
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