Where to start EF savings account?

**jzkitten** · 01-05-2006, 12:41 PM

Okay..I checked with our bank and a regular savings account asks for $100 minimum deposit with a $300 balance a month to avoid a $4 monthly maintence fee.

They have a goal savings account with no minimum balance but require you to make a monthly account transfer of $25. This one would be okay when DH starts to get paid regularly. But that won't be for another 3 weeks.

I'm still hesitant about ING accounts. Do you have to make set monthly tranfers to this too? Can someone explain this a little more? I checked their site but still unsure about it.

Where do you keep you EF money when you're just starting to save?

**homesteadmamma** · 01-05-2006, 01:15 PM

I have a seperate account in a bank about 20 mins. from us. It is strictly savings, so I cannot write a check on it nor can I use my debit card. I chose to have it this way so that I wouldn't be tempted to take any money out of it. Both my savings and my EF are in the same account.

I keep track of it through my journal.

**Deborah_Kate** · 01-05-2006, 01:26 PM

ING is pretty good, though you can find higher interest rates out there. We've used ING for about 5 years now and been very happy with them. We DID just move our savings over to HSBC though because their interest rate was abit higher.

With ING, you don't have to have a minimum balance and there are no fees. Ever. You don't have to make regular deposits to it and you really have to think about how bad you want to take money out of it. They didn't have debit cards when we started with them and I don't know if they do now, but you have to log onto the site and set up a transfer and wait a couple of days (usually no mor than 2) for the money to show up in your checking account. It becomes available for withdrawal again after it has been in your ING account about 5-10 days, it depends on if there is a weekend or holiday in the way.

I believe their interest rate at the moment is 3.8%. HSBC is 4.5% as is Emigrant Direct. I didn't have any luck with Emigrant Direct. Their customer service was awful and they closed out my account almost before it was set up.

Also, bear in mind that most banks will do credit checks anymore. I know HSBC does, don't remember if ING does so that could be a factor for you too. HSBC is pretty picky, I have a credit card in good standing with them and that helped me get the savings account opened.

If you have any more questions I'll try to help. :-)

Deb

**MandiDawn** · 01-05-2006, 02:05 PM

Can you look at other banks? Or maybe a credit union? It's ok if it's a little out of teh way, you want this money to be a little harder to get to.

I just opened a new account (to save for a new bathroom) and this bank has no min. balance. That suprised me since when I had an account with them 3 years ago they did.
Plus - if you go thru a credit union, sometimes you can get a discount on auto insurance rates.

**catzz64** · 01-05-2006, 02:14 PM

Theresa...one thought if you can't find a bank that doesn't have fees...perhaps set it up under a child's name. I know our bank offers free accounts to kids, just add your name as well.

We are fortunate our bank doesn't charge a monthly fee, and I opted to have a passbook so I can't withdraw the savings without the book...otherwise I would be able to transfer money online if I wanted to...this way it's less temptation and I have to make a special trip to take the money out.

**jzkitten** · 01-05-2006, 02:41 PM

We live in a small town 1000 people. The bank we deal with is in the next town over also a 1000 people, but the bank is a national bank. I have no young children, all mine are adults now and we wouldn't pass a credit check (long story, that's why I'm here) but our bank's manager is some sort of kin so that might help us with the credit check there. I'll have to check in the towns down south, about 30 miles or maybe Eugene, another 30 miles the opposite way. I don't go out much, about every 2 weeks for grocery shopping and I still don't know the area well.

**Pepper** · 01-05-2006, 03:20 PM

We have started an ING account! We also have our "hidden" account, which is here in the house!!

**Telephus44** · 01-05-2006, 08:40 PM

I started and ING account just to get the $25 bonus (back when there was no minimum required to get it - that has changed), but enjoyed them so much I kept it. That's where my EF is and I have no complaints. DH just opened an account there in Nov. and in Dec. we opened our "saving for a house" account there.

**AmyBoz** · 01-05-2006, 08:49 PM

Theresa,
I've decided to finally start an Emergency Fund, and until I hit a few hundred bucks, I'm going to be keeping it right here in my house. I don't know if that helps you at all, but that's what I've got for ya!

**marym** · 01-05-2006, 08:59 PM

I use ING for my savings acct. They have a good interest rate. When I set up acct about a year ago you did not need a min amt to open. (I think that has changed) I transfer money from my local acct directly to them.
It's easy. I have also transferred money from ING back to my local account it took about 2-3 days. Never had a problem

**Mojjo** · 01-05-2006, 09:05 PM

My credit union let us add a "special savings". There's not must interest but we just started it so we figured something was better than nothing. We are having $20 a pay deducted from DH's pay to start it. I have other money earmarked for it, but that guarantees a certain amount a month.

I also have a home stash too that I plan on adding to it.

**justmeD** · 01-05-2006, 09:29 PM

We use ING as well. There is still no minimum to open, however, if someone refers you they only get credit and you get your 25.00 if you deposit 250.00. No fees, easy transfers, online, I really like it. It's FDIC insured, so it's definitely safe.

**jzkitten** · 01-05-2006, 10:05 PM

Thanks everyone for the replies. I think I'm going to check out Northwest Credit Union and see if we can get a savings account there. If not we'll go to ING.

**owiebrain** · 01-06-2006, 04:09 AM

Originally posted by Deborah_Kate
I didn't have any luck with Emigrant Direct. Their customer service was awful and they closed out my account almost before it was set up.

Ew. Can you share any more details on what happened? I just opened an account with them a few days ago.

**Scattymum** · 01-06-2006, 05:33 AM

I dont know if the Credit union here is the same as where you are but that is where I have mine.

It makes it easier for me not to touch anything I put in as I cant withdraw money with a card or chequebook and to get money out I have to remember to bring ID like a passport so its a bit of a hassle to withdraw anything LOL.