[Big Mac]

I'm looking to open a new savings account to deposit estimated taxes into. A while ago I came across Google's nifty Advisor site, which provides benefit comparison information for a number of different financial services including high yielding (chuckle) savings accounts.

I'm thinking about either Discover or Capital One because I know both of them pretty well, but I'm also open to other offers. I don't want too many restrictions on withdrawals, and I really want to open my account online with no additional paperwork if possible. Recommendations?

[Athens]

Is ING Direct in the US? They advertise saving accounts with higher then normal interest, beating out the major banks. Never actually used them but the adverts looked good.

[Paco500]

I still have and use a US ING direct account. They are awesome- never thought I would feel that way about a bank. Great online tools, great customer service.

I also have a CapitalOne account- they are a nightmare to deal with. It may be that they bought up my old bank and the transition has been difficult, but it's been problem after problem for over a year. I only stay with them because it would be a real hassle to untangle myself from abroad, but I would steer clear.

[Paco500]

Unintentional double post. So as not to waste space, I'll tell a joke.

A moth walks into a dentist's office and says "I've hurt my leg- can you help?"

The dentist says "You should probably see a doctor- why did you come in here?"

Moth says "The light was on".

[SpaceMonkey]

Funnily enough, ING just sold its ING Direct U.S. operations to Capital One (should be completed by the end of this year).

[turtle777]

Yeah, I got ING Direct as well. It's not bad.

I stopped chasing the very highest yielding savings account. It would change every 6 months, and I didn't want to be bothered with it. So ING is it for me.

-t

[Big Mac]

The funny thing is, for all its marketing ING doesn't appear anywhere on the first page of results from Google Advisor. It's on the bottom of the second page.

[Paco500]

Originally Posted by spacemonkey 

funnily enough, ing just sold its ing direct u.s. Operations to capital one (should be completed by the end of this year).

dammit!

[BLAZE_MkIV]

You're concerned about the interest rate on a savings account? If you notice all the high rate accounts are actually money market accounts not savings accounts.

[Big Mac]

Not really concerned about the paltry interest. I'm more concerned about ease of online access/use.

[nonhuman]

I've used ING Direct in the past, they're pretty good.

We currently use Charles Schwab though, and I'm very happy with them. Good interest rates, we get an actual checkbook for those occasions when we need it (screwed us over a couple times with ING), and, perhaps best of all, they refund all ATM fees!

Also, you can deposit checks photographically with their iPhone and Android apps.

[SpaceMonkey]

Originally Posted by BLAZE_MkIV 

If you notice all the high rate accounts are actually money market accounts not savings accounts.

What Big Mac said, but also, the above is not really true. Especially not now, with short term securities providing next to no return.

[Atheist]

Another vote for Charles Schwab. I was able to open up my account from the DR. I've no complaints. And as nonhuman stated, they refund ALL ATM fees. For me that's huge because Wachovia/Wells Fargo was charging me a small fortune in fees.

And in the event you need to get money into the account quickly, you can deposit a money order / cashier's check into the associated brokerage account at any Schwab branch office (they require you open a brokerage account but you don't have to use it and there are no fees) and they will transfer it immediately to your checking account.

[Big Mac]

Thank you for the extra recommendations. It's funny - my family is heavily Schwab based. I may use one of my Schwab accounts for that purpose, come to think of it. But you know what I dislike about Schwab? They limit passwords to a maximum of 8 characters! It's very dumb. I just asked a Schwab phone rep about the limitation, and he very frankly didn't get it either. I've never heard of security complaints against Schwab other than the lame password policy, but there's no good reason to mandate such weak passwords. I like Schwab otherwise.

[Athens]

For me a savings account is a savings account. Don't care about ATM fees and such because my money goes in not out of it. Its why I have a checking account for debits, ATM,s and email interact. ING is mostly a online company, every one I know with accounts with them say the tools and site are very good.

I live off of interact/debit and never carry cash. My main checking account is set to round off every purchase to the next dollar and that automatically goes into my savings account so with out even thinking about it im always adding a little to it with every purchase. Its why I keep my savings account with my main bank. Its also easier to transfer funds into my checking account or visa if I need to when its all with one bank. Now if I had thousands upon thousands of dollars in my savings account I might actually shop around for best safe returns while maintaining easy access to the money.

Off topic...

Honestly I wish I could go back to age 10 knowing what I know now because I would have made a larger effort in saving money. Would have maxed out RRSP's contributions early on and built up a healthy savings account account as well. Our society is a epic failure with saving money...

[mduell]

HSBC is paying 0.75%

[hayesk]

Originally Posted by BLAZE_MkIV 

You're concerned about the interest rate on a savings account? If you notice all the high rate accounts are actually money market accounts not savings accounts.

The two terms aren't necessarily mutually exclusive. A savings account is simply an account where they guarantee a rate of return on your balance with no restrictions on when and how much you can deposit and withdraw.

[Laminar]

Originally Posted by Big Mac 

Thank you for the extra recommendations. It's funny - my family is heavily Schwab based. I may use one of my Schwab accounts for that purpose, come to think of it. But you know what I dislike about Schwab? They limit passwords to a maximum of 8 characters! It's very dumb. I just asked a Schwab phone rep about the limitation, and he very frankly didn't get it either. I've never heard of security complaints against Schwab other than the lame password policy, but there's no good reason to mandate such weak passwords. I like Schwab otherwise.

When I set up my AmEx online account, they had the same limitation.

[SpaceMonkey]

Originally Posted by hayesk 

The two terms aren't necessarily mutually exclusive. A savings account is simply an account where they guarantee a rate of return on your balance with no restrictions on when and how much you can deposit and withdraw.

My understanding is that in the United States, at least, they commonly refer to different types of accounts as defined under FDIC regulations, but the distinction is moot for the end consumer in most cases.

[Big Mac]

Originally Posted by Laminar 

When I set up my AmEx online account, they had the same limitation.

Interesting. I know the credit card online account access doesn't have that limitation.

[imitchellg5]

What about a local bank?

[turtle777]

Originally Posted by imitchellg5 

What about a local bank?

You'll never get anything close to 1% for a savings account.

-t

[Doofy]

Originally Posted by turtle777 

You'll never get anything close to 1% for a savings account.

Bloody hell. My local current (checking) account gets more than that. 2.96%

[turtle777]

Originally Posted by Doofy 

Bloody hell. My local current (checking) account gets more than that. 2.96%

Really ? What bank? I assume it's in the UK, you won't even find a 1% in helicopter-Ben land.

-t

[Doofy]

Originally Posted by turtle777 

Really ? What bank? I assume it's in the UK, you won't even find a 1% in helicopter-Ben land.

Just a regular high-street Lloyds TSB current account.
http://www.lloydstsb.com/current_accounts.asp

[Athens]

Best my bank does is 1.35% if you keep a min of 5000 in the account.

[imitchellg5]

Originally Posted by Doofy 

Just a regular high-street Lloyds TSB current account.
Lloyds TSB - Bank Accounts - Current Accounts

I have a 4% rate on my savings account at my Colorado bank, FirstBank. No minimum required.

[mduell]

Originally Posted by imitchellg5 

I have a 4% rate on my savings account at my Colorado bank, FirstBank. No minimum required.

Their website says otherwise.

[imitchellg5]

Must not be available any more then, I started in 2005. But I can assure you from my statements, I'm making 4.05%.

[turtle777]

Originally Posted by imitchellg5 

Must not be available any more then, I started in 2005. But I can assure you from my statements, I'm making 4.05%.

Still today ? That's unbelievable.

That's as much as a 20(!!!!) year Treasury pays.

You bank must be either very dumb, or making drug deals.

-t

[Doofy]

Originally Posted by turtle777 

Still today ? That's unbelievable.

That's as much as a 20(!!!!) year Treasury pays.

You bank must be either very dumb, or making drug deals.

Huh?
Bloody hell people - shop outside the US if you're still able. Four year treasury bonds for 12%. And 30%+ with no risk if you're introduced to the right private bank (in Europe).

[SpaceMonkey]

Originally Posted by Doofy 

Huh?
Bloody hell people - shop outside the US if you're still able. Four year treasury bonds for 12%. And 30%+ with no risk if you're introduced to the right private bank (in Europe).

Most foreign banks don't want to deal with the regulatory hassle of non-resident U.S. citizen account holders.

[turtle777]

Originally Posted by Doofy 

Huh?
Bloody hell people - shop outside the US if you're still able. Four year treasury bonds for 12%. And 30%+ with no risk if you're introduced to the right private bank (in Europe).

NO risk ?

What country is this ? Great B(ankrupt)ritain ?

And sorry, Uncle Doof, but you know better than believing that there is anything close to 30% with no risk. Seriously.

-t

[Doofy]

Originally Posted by turtle777 

NO risk ?

Yup.

Originally Posted by turtle777 

And sorry, Uncle Doof, but you know better than believing that there is anything close to 30% with no risk. Seriously.

If you structure it correctly, there's no risk. It's the dirty little secret which is keeping the jet set supplied with $160,000 bottles of champers, night after night. Unfortunately, you're SOL if you have a US passport, because as Spacey points out, serious financial institutions elsewhere don't want to have to deal with Barry's "war on offshore" legislation.

[SpaceMonkey]

Originally Posted by Doofy 

Yup.



If you structure it correctly, there's no risk.

A pyramid scheme would be one way, I suppose.

[turtle777]

I don't buy it. Yes, US legislation is onerous, and adds to cost of doing business (i.e. cuts into returns).

Still, there is no 30% risk free.
What the rich are dong is exploiting loopholes and, having banks steal money somewhere else. It might be legal (in most cases, it's probably VERY borderline), but it's definitely not HONEST 30% profits earned.
Plus, the reason why I say it's NOT risk free is that politicians can change rules and laws, potentially destroying the model from one day to thr next. Heck, take the German IRS, they change tax laws effective 10 years back in time.

-t

[Doofy]

Originally Posted by turtle777 

Still, there is no 30% risk free.
What the rich are dong is exploiting loopholes and, having banks steal money somewhere else. It might be legal (in most cases, it's probably VERY borderline), but it's definitely not HONEST 30% profits earned.
Plus, the reason why I say it's NOT risk free is that politicians can change rules and laws, potentially destroying the model from one day to thr next. Heck, take the German IRS, they change tax laws effective 10 years back in time.

Suit yourself.

[Doofy]

Originally Posted by SpaceMonkey 

A pyramid scheme would be one way, I suppose.

No pyramid schemes involved. You simply have to think and act globally (which, admittedly, you can't do if you have a US passport or only get your financial advice from domestic sources).

[SpaceMonkey]

Originally Posted by Doofy 

No pyramid schemes involved. You simply have to think and act globally (which, admittedly, you can't do if you have a US passport or only get your financial advice from domestic sources).

Don't be insulting. Even if we are restricted from acting on your information, we could certainly understand the premise if you told us. This recurring song and dance you do where you hint at the glorious financial paradise you are able to access, yet never explain the premise of such things as 30% risk-free returns (ridiculous on its face), is extremely irritating. Put up or shut up.

[Doofy]

Originally Posted by SpaceMonkey 

Don't be insulting. Even if we are restricted from acting on your information, we could certainly understand the premise if you told us. This recurring song and dance you do where you hint at the glorious financial paradise you are able to access, yet never explain the premise of such things as 30% risk-free returns (ridiculous on its face), is extremely irritating. Put up or shut up.

I'll shut up then.
Wouldn't want to insult or irritate by suggesting that there's better options out there.

[imitchellg5]

Originally Posted by SpaceMonkey 

Don't be insulting. Even if we are restricted from acting on your information, we could certainly understand the premise if you told us. This recurring song and dance you do where you hint at the glorious financial paradise you are able to access, yet never explain the premise of such things as 30% risk-free returns (ridiculous on its face), is extremely irritating. Put up or shut up.

Um, he's not insulting Americans, he's being honest about that fact that US citizens don't have the wider range of financial options that are available to Eurozone countries. Sheesh.

[SpaceMonkey]

Originally Posted by imitchellg5 

Um, he's not insulting Americans, he's being honest about that fact that US citizens don't have the wider range of financial options that are available to Eurozone countries. Sheesh.

He's being insulting in his implication that we can't "think...globally," as if we couldn't understand his explanation if he offered it. More likely, he's unwilling to offer it because, as turtle suggested, it's not really "no risk" if it's not above board. Since this is a recurring theme with Doofy, my patience has worn thin.

[Athens]

While I don't believe Doofy in this 30% crap being risk free (as the Risk Free investments with Greece are turning out to be RISKY) He is right Americans live in a little box. They hardly know what goes on in their own City let alone State and Nationally. And the World, forget it. Show a Map to a American and ask them to put a pin on Australia, your lucky they don't mark Greenland off or the Nation of Africa. Some exceptions apply, I imagine some of you posting here are aware of what goes on in the world. But the typical Americano stereotype is dumber then a block of wood when it comes to anything not 50 feet in front of them.

Is the Stereotype true? Dunno I have def meet some that fit the Stereotype and others that don't. But most Stereotypes have some truth to them otherwise it wouldn't be.

[turtle777]

Ahh, there's nothing like a Canuckistani-Friday-smack-down. The the flames begin.

But seriously, why would I listen to people that put mayonnaise on their burgers, and gravy on french fries

-t

[Doofy]

Originally Posted by SpaceMonkey 

He's being insulting in his implication that we can't "think...globally," as if we couldn't understand his explanation if he offered it. More likely, he's unwilling to offer it because, as turtle suggested, it's not really "no risk" if it's not above board. Since this is a recurring theme with Doofy, my patience has worn thin.

Yes, it's a recurring theme because I'm just letting you know that there's a world out there if you go look for it. But I ain't going to show you where it is, because:

1) If you haven't found it yourself, you don't deserve it and you won't fully understand how to make it zero risk.
2) I haven't seen a consultancy payment from you land on my desk today.
3) I'm not your fcking mamma.

I trust that you're not running some kind of cut-down version of Google over there in the US? No? It's the same as mine is it? Well find the info yourself you lazy bugger.

[Doofy]

Originally Posted by turtle777 

But seriously, why would I listen to people that put mayonnaise on their burgers, and gravy on french fries

Because you're German, and deep down you know it makes sense.

[turtle777]

I could go along with beer-battered fries and burgers, but this ?

-t

[SpaceMonkey]

Originally Posted by Doofy 

Yes, it's a recurring theme because I'm just letting you know that there's a world out there if you go look for it. But I ain't going to show you where it is, because:

1) If you haven't found it yourself, you don't deserve it and you won't fully understand how to make it zero risk.
2) I haven't seen a consultancy payment from you land on my desk today.
3) I'm not your fcking mamma.

I trust that you're not running some kind of cut-down version of Google over there in the US? No? It's the same as mine is it? Well find the info yourself you lazy bugger.

That's rich. You brought it up. If you don't like getting questions about topics you bring up, don't bring them up.

(Again I notice the presumption of my lack of intellect.)

[Doofy]

Originally Posted by SpaceMonkey 

If you don't like getting questions about topics you bring up, don't bring them up.

I'm not your mamma. I've told you it's possible, so now you have two options:

1) Don't believe me.
2) Believe me and go find out what I'm talking about.

Your choice. I don't care which one you pick.

Originally Posted by SpaceMonkey 

(Again I notice the presumption of my lack of intellect.)

At this point, I've gone past "presumption".
With a reasonable intelligence, you could have figured out what I'm talking about by now. But you'd rather sit there and bang on about feeling "insulted". Your loss.

[SpaceMonkey]

Originally Posted by Doofy 

I'm not your mamma. I've told you it's possible, so now you have two options:

1) Don't believe me.
2) Believe me and go find out what I'm talking about.

Your choice. I don't care which one you pick.

Or 3) ask you to clarify. Because, you know, that's how conversations work in reality when someone makes an extraordinary claim. It has nothing to do with being anyone's "mamma." It has everything to do with not being a jerk.

At this point, I've gone past "presumption".
With a reasonable intelligence, you could have figured out what I'm talking about by now. But you'd rather sit there and bang on about feeling "insulted". Your loss.

Since I can't take advantage of this apparently fabulous opportunity anyway, I have very little motivation to dig through the internet to find what you are referring to. That has nothing to do with intellectual capability. BTW my quick Google search for 30% no risk investments UK Europe etc revealed some interesting scam offers on web forums, but I don't expect that's what you are talking about.