im clueless when it comes to the bank

eddies girl Posted: Dec 08, 2006 02:13 PM

im clueless when it comes to the bank

whats the best thing i should do to save our money for the wedding? i belong to commerce...what is an ing account?

LuvMyAlfonse Posted: Dec 08, 2006 02:15 PM

Re: im clueless when it comes to the bank

It's an online savings account but they offer around 5% interest....

Citibank also offers a high interest savings account. It's not a CD or money market so there are no restrictions on withdrawals and transfers and such...

Espo22 Posted: Dec 08, 2006 02:15 PM

Re: im clueless when it comes to the bank

If you have commerce you can just open up a joint savings account with your Fi, that is what I did.

Soon2BMrsD Posted: Dec 08, 2006 02:15 PM

Re: im clueless when it comes to the bank

FH handles all that stuff.. im a shopaholic... and am the worst when it comes to saving... sorry

Espo22 Posted: Dec 08, 2006 02:15 PM

Re: im clueless when it comes to the bank

Posted by Soon2BMrsD

FH handles all that stuff.. im a shopaholic... and am the worst when it comes to saving... sorry

for me it's the opposite, FI is the shopaholic hahaha

Soon2BMrsD Posted: Dec 08, 2006 02:17 PM

Re: im clueless when it comes to the bank

hehehe i wish i really could save.. i live paycheck to paycheck.. and its extreamly stressfull.. so once im done paying all my credit cards.. thats it im DONE.. no more shopping!! or hell kill me

MikeandJess Posted: Dec 08, 2006 02:19 PM

Re: im clueless when it comes to the bank

I have an ING account, it is the greatest! I made $300 in interest and I only opened it in july. There are higher paying interest rates because of the competition but normally you have to open a checking account with the bank that offers it. ING just has to be connected to a checking account you already have open.

snowcutie82 Posted: Dec 08, 2006 02:26 PM

Re: im clueless when it comes to the bank

I have ING also...its good cuz you cant touch the $

another option to consider is e-savings from citibank (i have both ing and citi). its similar to ING (the interest rate was higher than ING...i havent compared the two this month though...i got an email saying the ing rate went up though...)

e-savings from citibank lets u do transfers from external accounts like ing. and if u already have citibank its super easy. the website has more info.

kimnsteve Posted: Dec 08, 2006 02:28 PM

Re: im clueless when it comes to the bank

i just got the INg ...funny i didnt even see this thread ...i literally did it 5 minutes ago...its great they can automatically take money out of ur bank ! thats what i need or else i will spend it!

Espo22 Posted: Dec 08, 2006 02:33 PM

Re: im clueless when it comes to the bank

Posted by Soon2BMrsD

hehehe i wish i really could save.. i live paycheck to paycheck.. and its extreamly stressfull.. so once im done paying all my credit cards.. thats it im DONE.. no more shopping!! or hell kill me

yeah I need to make him watch the shopaholics show, it gives shopaholics advice on how to save money.

ant n tilde Posted: Dec 08, 2006 02:43 PM

Re: im clueless when it comes to the bank

ING is hte best i made $500 in interest this year!

if anyone is interested in opening an account just FM me - we both make some money if i recommend you and you open an account

I think i get $10 and you get $25 ( or the other way around)

anyway i love it bc it takes a day to take your money out so i NEVER ever touch it! and you can set up automatic debit!

kimnsteve Posted: Dec 08, 2006 02:45 PM

Re: im clueless when it comes to the bank

ooo i wish i knew that i just did it

beachbum05 Posted: Dec 08, 2006 02:58 PM

Re: im clueless when it comes to the bank

Posted by MikeandJess

I have an ING account, it is the greatest! I made $300 in interest and I only opened it in july. There are higher paying interest rates because of the competition but normally you have to open a checking account with the bank that offers it. ING just has to be connected to a checking account you already have open.

But how does that work come income tax time....? do you get hit for that $300 in interest?

ant n tilde Posted: Dec 08, 2006 03:00 PM

Re: im clueless when it comes to the bank

Posted by beachbum05

Posted by MikeandJess

I have an ING account, it is the greatest! I made $300 in interest and I only opened it in july. There are higher paying interest rates because of the competition but normally you have to open a checking account with the bank that offers it. ING just has to be connected to a checking account you already have open.

But how does that work come income tax time....? do you get hit for that $300 in interest?

yup which stinks but i need something that puts money out of reach otherwise i will never save anything!

eddies girl Posted: Dec 08, 2006 03:27 PM

Re: im clueless when it comes to the bank

thanks girls for the help...i have to discuss it with my fh and start saving more

Chrissywish Posted: Dec 08, 2006 04:39 PM

Re: im clueless when it comes to the bank

wait im a bit confused about this ING stuff....

FH and I want to open a wedding account...we are each putting so much aside, but this account will be used to pay bills blah blah blah that are wedding related....

If we want to open an ING account would that work for us, or should we just do a regular old bank account??? I'm so confused.

Tom and Mel Posted: Dec 08, 2006 04:44 PM

Re: im clueless when it comes to the bank

you could also check out capital one. they also have an online account which has a very high interest rate. works the same way as ing that all you need is an existing checking account to link it to and you get free transfers and no min.

Chrissywish Posted: Dec 08, 2006 04:48 PM

Re: im clueless when it comes to the bank

i really am confused by this stuff

So if we open a bank account say...at commerce or tfcu.....then we go and take some of that money and put it in another account???? and cna we touch that money???