We decided to go with a savings bank online through HSBC...we got an interest rate of 6.5% which is unheard of. That was back in February though.
i was just looking at this b4, its 4.50% now. and you only need to keep a $1 in there to obtain it. so i think i might do this at some point this week and put our e-party $ in there
I HIGHLY recommend them....i have been adding to the account and on some occasions I took money out and it's great....I would go with that...its much better than a CD just because in a pinch, you can withdraw all of your $ except for one dollar!
ilovedave1119
Posted:
Member since
Re: CD or saving accounts
I use ING Direct online and the rate is just under 4.5% (since the fed lowered the rates!!!!). This HSBC account sounds good too. Definitely go with the savings account over the CD. Like other girls said a CD you can not withdraw from until the end of the term and the good rates on CD's are the best on the longest term CD's (which is not good for you since you want the money in 6-12 months). HTH!!!
kogan09
Posted:
Member since
Re: CD or saving accounts
If you want to have access to your money, then savings account is the way to go. And HSBC does have the best rates right now. I have an HSBC account and the rate is pretty high. However, if you research, you can find a CD account with a very high rate as well but the downside is that you do not have access to your money for a pre-defined period of time (well, you can access it technically but there is a penalty fee for that). It all depends on whether you want to have access to that money at any time or only after some has passed. Hope this helped.
bluegreen08
Posted:
Member since
Re: CD or saving accounts
Ugh I wrote a long post and it disappeared! Basically I use ING direct and love it. Great rates, easy to use, no transfer fees, and you get a bonus for signing up if you are referred by a current member, and you get a bonus if you refer friends who sign up.
FM me if you want me to refer you (or someone else who has an account can!)
novia26
Posted:
Member since
Re: CD or saving accounts
I say online savings...I recommend emigrantdirect.com...higher interests than a regular savings...no penalties like a CD...you can manage it online...the interest rate tables are on aol money and daily news has it too.
kabo0831
Posted:
Member since
Re: CD or saving accounts
savings account with hsbc all the way
hannahshim
Posted:
Member since
Re: CD or saving accounts
Posted by FutureMrsPD
We decided to go with a savings bank online through HSBC...we got an interest rate of 6.5% which is unheard of. That was back in February though.
I can assure you you wont beable to find these rate anymore =]. saving accounts rates are subject to change anytime(so you may get 5% APY at 1st but in a month is can go down to 4.5% then lower and lower) Banks have Money Market and Savings promotions so customers can open their accounts then their rates drop(therefore you will not get the most out of your money.). CDs are alot better.
right now the highest rate for CDs is citibank which offers 5.00% APY One thing about CDs are if you take out your money before it ends there will be a penalty.
right now the bank I work at offers 4.24% APY for 6 months (which is pretty bad)
Jen822
Posted:
Member since
Re: CD or saving accounts
just opened a joint savings acct w/FH online at HSBC
