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So my 2-year CD just expired and I noticed that the savings account I have with Insight is being charged $5 a month because I don't want a checking account with them. I'm closing it Tuesday.

I use suntrust for checking/dummy accounts to separate my online and offline accessible funds in case I get scammed/hacked - if I have a problem with the suntrust dummy account I have linked to paypal, there is at most $100 just sitting at any time so there is no real loss to me.

I'm taking all my money out of Insight to put in a savings account that doesn't need other accounts linked to it. I just want some funds available that aren't in CDs in case I get really sick or total my car or some other emergency. So we are talking under 20k just sitting there. I am putting the majority of my funds in a CD with discover because the rates are really high and I will never need the money before the term has ended.

tl;dr - what savings account is good for under 20k just to sit there? I opened a Suntrust Solid account a minute ago, and there are no fees as long as I put $25 in there every month and the balance exceeds 1k. The APY is 0.25% for this account. Should I look somewhere else or is this good enough?
 

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I'll take care of your money for you. Trust me, PC components never degrade in value over time. They actually go up! Fool proof investment right hurrrr.
 

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I get 1.04% APY ($50 min balance) with my local credit union. One of the best rates around.

If you're really planning on just letting the cash sit, bonds might not be a bad investment. Even with interest, you're losing money due to inflation if it just sits in savings.
 

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Discussion Starter #5
Quote:

Originally Posted by ghost55 View Post
wells fargo is very good.
I'm sure it is, but their savings have to be linked to prime checking unless you want 25k or more in there. I'd rather have more money in CDs that pay out 1.45% instead of 0.25%. This money is just going to sit there... I'll add $25 a month to keep the fees away.

Quote:

Originally Posted by Beric View Post
I get 1.04% APY ($50 min balance) with my local credit union. One of the best rates around.

If you're really planning on just letting the cash sit, bonds might not be a bad investment. Even with interest, you're losing money due to inflation if it just sits in savings.
I wonder if there is one like that here... I'm at Insight but it makes only 0.5% AND they are charging a monthly fee. I'll look around.

I'm tired... just noticed I have the % sign on the wrong side LOL
 

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Quote:

Originally Posted by chatch15117 View Post
I'm sure it is, but their savings have to be linked to prime checking unless you want 25k or more in there. I'd rather have more money in CDs that pay out 1.45% instead of 0.25%. This money is just going to sit there... I'll add $25 a month to keep the fees away.

I wonder if there is one like that here... I'm at Insight but it makes only 0.5% AND they are charging a monthly fee. I'll look around.

I'm tired... just noticed I have the % sign on the wrong side LOL
Yeah, shop around a bit. There's a few sites out there that will quote you the best rates in your area. Even 0.75% APR is probably fairly exceptional, as my credit union boasts all the time about how they have one of the highest rates in the nation.
 

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ING Direct:

Quote:
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* Quick Application - Start saving in less than 5 minutes. Giddyup.
 

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Quote:

Originally Posted by Beric View Post
Even with interest, you're losing money due to inflation if it just sits in savings.
Buy gold (or silver). You won't make money, but you won't lose money to inflation either.
(<- closest thing to a pirate)
 

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Originally Posted by spartacus View Post
Buy gold (or silver). You won't make money, but you won't lose money to inflation either.
(<- closest thing to a pirate)
True. But might as well buy bonds.
 

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Smarty Pig offers 1.75% for under 50k. I am thinking of opening an account there. . . I haven't seen much higher. It use to be 2.15% a few months ago.


If anyone has found a higher rate please post.
 

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Discussion Starter #12
I ended up deciding between amex and discover, and went with discover. I put 75% in a 1.45% 12 month CD and the rest in a 1.35% savings account.
 
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