Bogleheads

[stunter]

Hey Everyone,

I would consider myself a veteran in the area of internet savings . I started in '02 with ING when they were offering the best rates around. I then switched to emigrant direct who have done pretty well for the last 2 years... However , I am kinda tired of moving around and opening different accounts , as I have tried many and did not like them for one reason or another. I would rank my priorities in the order of 1. Interest rate (obviously)2. Ease of transfers (preferably direct to and from a checking account done via computer) both deposit and withdrawal with no limits 3. Customer service....Does anyone out there have any suggestions? Like I said , I've been doing a little research and I have yet to find the total package since emigrant has been seemingly dropping their rates faster than some other big guns of the industry. I was looking at ufb direct but got discouraged when I saw that you could only mail in checks for deposits...this is one of the things I liked at ING and Emigrant...even if the money wasn't cleared for withdrawals for 7 business days , you could deposit electronically and you would start accruing interest on it the very next day. I'm not expecting the world (especially in a time of falling interest rates)...I just wanna know which one suites my needs the best. Thanks

ps. One united has the highest interest as of today 2/27/08 with 4.60...however , the interest acrues quaterly , they have horrible withdrawal limits , and the customer service is god aweful

[Big Al]

.
New one on the horizon :
http://www.provident-direct.com/
Currently paying 4.5% on savings. FDIC

Good luck.
.....Al
.

[stunter]

I believe you can only withdraw via atm though. I am not sure if they do direct electronic withdrawals right to your checking...However , I may take a closer look because 4.5 is pretty darn good right now

[68ShelbyGT500KR]

See if this FW thread helps. They would know.
http://www.fatwallet.com/forum....did=437553

I have WaMu Checking with online savings currently at 4.00APR(must be opened at the same time). There, I believe, is a 6 transaction limit on savings accounts regardless of what bank you use.

[cupiehead]

[68ShelbyGT500KR]

[simplesimon]

I also have a WaMu online savings account. I don't see where it says that. You're quoting BoA?

[68ShelbyGT500KR]

Yes, I was quoting the BOA site, here:
http://www.bankofamerica.com/d....ve_regular

I did NOT see it around WaMu's site, but the words "Federal Regulation" makes me think of all savings accounts.

Look under the heading "Backgound" at this site:
http://www.bankersonline.com/regs/204/204-133.html

The Fed Regulation should be Regulation D, 12 CFR 204.2(d)(2)

I thought I originally read this over at FW but can't find the info there at this time

Wikipedia's simplified version:
http://en.wikipedia.org/wiki/Savings_account

[Wading Ashore]

Thanks to Big Al. Just opened Provident account -- hope rate doesn't change before finalizes -- that happened with Grandyielddirect and iGoBanking.

[curiousinvestor]

I used to hop around to the highest rate, but then got tired of it. I've recently converted to just using Vanguard Prime Money Market account and Citibank for ATM/Checking. No more rate chasing. Keeps life simple, keeps investments simple.

The 6 online transaction limit is for accounts that fall under Regulation D, I believe. I think it's for high yield savings / money market accounts, and that's a federal regulation, so all companies should have this limit on them.

[simplesimon]

If/when there is another rate cut, I will probably switch to VMMXX. Does anybody care about the expense ratio associated with it?

[slowandsteady]

@simplesimon: The 7-day yield you see for VMMXX is after expenses have been deducted as far I as know.

[imrbilly]

[CR]

Like nearly all Vanguard money markets, you need $3000 to open and there are hard minimum below which they close your account. Check the fund's prospectus.

[joe funds]

I had my money in an ING Direct account then jumped to Emigrant Direct for the 4%+ rate but now they are down to about 3.6% so I just opened a Vanguard Prime MM.

[greg24]

I've used the Vanguard PMM for years. You can write checks for over $250. I keep a local checking account for small checks and ATM access. My paycheck direct deposits into PMM. When my local checking gets low, I write a check to myself and deposit it into the bank. I pay large bills out of PMM.

Its much easier to just stick with PMM and not rate chase, IMO.

[imrbilly]

how is the prime with the taxes and all?
cause i dont know if i should lean with Prime MMA or the NY tax exempt.

[MossySF]

[tat2ng]

Hi,
I gave up on the rate chasing and just moved all my cash to Vanguard's Prime Money Market fund. I love it, and don't sweat the loss of a few basis points that I might have gained by jumping around. Plus, I had a really bad experience with my online savings account at HSBC, and figured it wasn't worth the hassle anymore.

tfb, who posts here frequently, has this great calculator on his blog:
http://thefinancebuff.com/2007....dated.html
It will help determine which MM fund is best for your situation.

I definitely recommend just switching to a mm fund at Vanguard. Much simpler.

Simplesimon -- slowandsteady is correct -- the 7-day yield is reported AFTER expenses.

Thad

[gvernon]

I also decided rate chasing was too much work (sort of).

I now have a "trifecta", if you will.

1) WaMu free checking + online savings (4%). It's nice to have a B&M. It's also linked to....
2) ING direct. Middle of the road rates, but excellent website interface and I love not having to feel "guilty" about having a large balance in checking because it's earning (some) interest, 2.25% or so.
3) VMMXX. Used as a sweep for investments and it's also linked to WaMu and ING.

[vb]

I like Emigrant Direct. I switched from ING Direct a few years ago and have stuck with them since.

I had some cash in Vanguard Prime Money Market for a few months, but timing the transactions was a little difficult. With Emigrant Direct, if I place the transaction to and from my Credit Union checking account request by 5 PM EST, it will occur by 9AM the next morning (next business day). I think Vanguard takes two business days from request. I also just like to see how much interest I'm accruing for the month.

[Bimmer]

I know it's a dirty word around here, but I switched from ING to Emigrant to Countrywide, each time for higher rates. Haven't had a problem with any of them.
_________________
____________________________
Bimmer
____________________________

[imrbilly]

[kittyk]

Like many others -- I was at ING Direct years ago, switched to EmigrantDirect for higher rates and just recently decided to move the funds to Vanguard Prime MM (VMMXX) so its in the same place as my Roth IRA. The funds are linked to my Citibank checking/savings.

[MossySF]

[wydIdoit]

I just opened up a 12 month access no penalty CD at my local brick and morter bank that pays 3.25 with 3 withdrawls permitted. 5K minimum balance....

I am not really comfortable with transfering a large sum of money to a internet bank I have never dealt with, so the .5 percent interest i am losing by not chasing the best rates is no big deal....

Plus 3.25 fixed is starting to look REAL good right now.....

[Leslie]

I currently have both Vanguard Prime MM and an online account with INGDirect, so this is a question that interests me. One point not mentioned that holds some weight with me is that the online banks offer FDIC protection, which is not available for mutual fund money market accounts, for those of us who get the willies easily.

The second point is that my local credit union is now offering - and I understand others are as well, what they refer to as "Fusion Checking." If you can meet the four requirements - which are using an online automatic deposit or ACH transfer service or online bill pay, getting all statements online, using your debit card at least 12 times a month, and logging on to online banking at least once a month - then they will pay 6.25% on your checking account balance up to $30,000. Unfortunately I am too new to the forum to post a link to the offer but I would be glad to verify it personally to folks interested.

[texasAUtiger]

E*trade's complete savings is currently 4.10%, and their max rate checking is 3.25% on balances of $5k+.

https://us.etrade.com/e/t/jump....0F000DA7CF

I just signed up, so we shall see how it goes.

[ChosenGSR]

Does anyone know if I would be able to open VMMXX account and fund it directly from my Emigrant Direct account? Or does the initial funding has to be done through a check or only a checking account?

[mike_up_north]

Chosen GSR,

I can't say 100% for sure that you can, but I just opened a Roth at Vanguard using my ING account, so most likely you can do the same with a taxable account as well.

[imrbilly]

where do you people hold your prime MMF? just curious~ General, UGMA,IRA etc.

[ChosenGSR]

[JosephSBK]

I am a representative from ShoreBank and would be happy to take a moment to tell you about our High Yield Online Savings Account taking into consideration the items that are most important to you in your posting. We offer a competitive interest rate of 3.50% with a $1 minimum balance. The account has 24 hour online accessibility, allows for you to link up to six of your accounts for electronic transfer, and is FDIC insured. The great thing about this account is that while you watch your money grow you can benefit from knowing that you are helping to fund profitable, environmentally sound, and socially responsible projects throughout the United Sates. Such as the Urban Green House in Chicago's South side neighborhood of Bronzeville. This 3 bedroom residential home is setting new standards for green living with such cost-saving green innovation as central lighting shafts, cooling floor slabs, and a thermal rock bed and garden. ShoreBank provided construction financing for this project and this is just one of the many current and past projects that ShoreBank has been a part of to help create a more sustainable environment. If you have any questions about our High Yield Savings Account please don't hesitate to ask, that's why I'm here!

[EmergDoc]

[JosephSBK]

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Rates
http://www.bankbestrates.com/index1.php
a nice website from Ibankdesign
www.ibankdesign.com