(Deprecated) Where To Put Your Money If It's Just Sitting In a Checking Account

[Spoofee]

If you have money just sitting in your Checking account, let it grow here.

If you are afraid interest rates may fall, it might be a good time to lock down with a CD.

Don't forget FDIC insures up to $250,000 until December 2009. We still recommend holding a max of $100,000 / bank.

Savings Accounts ( Can Pull Out Money Anytime )
- OneUnited - 3.75% APY ( min of $1000 )
- FNBO Direct - 3.50% ( no minimum )
- WT Direct - 3.31% ( min of $10000 )
- HSBC - 3.25% APY ( no minimum )
- Savings Square - 3.05% ( no minimum )
- Emigrant Direct - 3.00% APY ( no minimum )
- Citibank e-Savings - 3.00% APY ( no minimum )
- E-Loan - 2.76%+ APY ( no minimum )
- Bank of America - 0.20% ( don't consider )

Certificate of Deposit CD - ( Cannot Pull Out Anytime )
If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate and rates will not change for that time period.
- 3 Months - Virtual Bank 3.51% APY ( min of $10000 )
- 3 Months - Eloan 3.41% APY ( min of $10000 )
- 6 Months - Imperial Bank 4.35% APY ( min of $1000 )
- 6 Months - Corus 4.25% APY ( min of $10000 )
- 9 Months - AmTrust 4.35% ( min of $1000 )
- 9 Months - Imperial 4.15% APY ( min of $2000 )
- 1.0 Year - Patelco 7.00% ( max of $1000 )
- 1.0 Year - Corus 4.65% APY ( min of $10000 )
- 1.0 Year - Flagstar 4.50% APY
- 1.5 Year - Advanta 4.50% APY ( min of $10000 )
- 1.5 Years - Capital One 4.46% APY ( min of $5000 )
- 2.0 Years - National City 4.75% APY ( min of $10000 )
- 2.0 Years - Discover 4.5% APY ( min of $2500 )
- 3.0 Years - Pentagon 5.0% APY ( min $1000 )
- 4.0 Years - National 5.25% APY ( min of $10000 )
- 5.0 Years - Advanta 5.25% APY ( min $2500 )
- 5.0 Years - Discover 5.21% APY ( min of $2500 )

Foreign Currency CDs
With the government printing a lot of money lately, fear of inflation is roaming around. You can put money in foreign currency CDs to protect yourself
- EverBank.com Foreign CDs ( min $10000, protected by FDIC )

Misc
- Discuss other Financial Tips here

[forcedfx]

Superior Savings FAQ

What is the minimum balance requirement to open this Superior Money Market account?
There is a $25,000 minimum balance requirement to open this account.
Is the interest rate for the Superior Money Market account locked in or fixed for a definite period of time?

No. As is true with most Money Market Accounts, the interest rate and annual percentage yield is subject to change at any time.
What happens if my balance falls below the minimum opening deposit of $25,000?

If the balance in this account falls below $25,000 on any day, the account will earn no interest that day.
Is there a monthly service charge for the Superior Money Market?

There is a monthly maintenance fee of $10.00 if the balance falls below $2,500 on any day during the statement cycle. Other fees may apply.
How can I access the funds in the Superior Money Market account?

Once your account is opened, you will receive a small package of complimentary checks and deposit slips. When you need additional checks or deposit slips, simply mail the completed order form enclosed in your package or call our TeleBanking Center, 877-RATEPLUS (877-728-3758). There is a fee for check and deposit slip orders.
Will I receive a monthly statement with this account?

Yes. Each month we will send you a statement to the address on file for this account.

[bholzm1]

An added bonus on the HSBC is a nice deal if you live on the East Coast since they are a real bank with real branches (unlike Countrywide, Emigrant, etc.) Their customer service is pretty good, too; I opened an online account with them in October and called to ask for the $25 (which was not offered back then). Within an hour, they had spoken to the rebate team and agreed to credit the account.

This is an improvement over Countrywide (www.countrywidebank.com), which has nice rates, but could never give me a timely answer on status of our direct deposits.

[Marcwsu]

I have an emmigrant direct account and I e-mailed them to ask if they would match HSBC's rate. I'll post their answer when they respond.

If they want to advertise America's highest rate, then that is what they need to do.

[jl514]

the only problem with this is if you close the account within six months of opening it there is a $25 fee

[gr8nrg]

the only problem with this is if you close the account within six months of opening it there is a $25 fee

....and you can't wait 6 months?

[Big Daddy]

the only problem with this is if you close the account within six months of opening it there is a $25 fee

I'll let them hold my $25 to earn $25 plus 4.25% for 6 months.

[groove1]

I used HSBC when I lived in Buffalo as they have offices there and they were good. The hockey arena that the Buffalo Sabres play in is named HSBC arena which stands for Hot Sauce Bleu Cheese

[greyknight17]

Do I need to have a checking account with HSBC to open the online savings account? Or can I transfer it from another bank or maybe my savings account in HSBC (not the online account)?

[Apocalypse716]

awesome! i just decided yesterday i wanted to open a savings account, and looks like im choosing HSBC

[fir2]

Their site said to wait a few minutes to see if my application was approved. After 30 minutes, it stilll said the same thing. Is it just a new version of identity theft?

[Spoofee]

I have an emmigrant direct account and I e-mailed them to ask if they would match HSBC's rate. I'll post their answer when they respond.

If they want to advertise America's highest rate, then that is what they need to do.

Thanks for doing this. I just switched to Emmigrant Direct from ING Direct. I hope they have a good answer.

[UmbrellaBank_ad]

Their site said to wait a few minutes to see if my application was approved. After 30 minutes, it stilll said the same thing. Is it just a new version of identity theft?

Umbrella Bank is real. It is a division of New South Federal Savings Bank.
Info is available on the FDIC Website. You can find umbrellabank.com listed under the bank's list of offices.

[TheEgyptian]

is it free to transfer from an external checking account in and out of hsbc online savings accounts? when i read the fees and charges, it seems to say that they charge $15 for any incoming transfer and $30 for any outgoing transfer. is that correct? if so, that sure stinks. or are the transfers from an existing external checking account free?

[Uleepera]

is it free to transfer from an external checking account in and out of hsbc online savings accounts? when i read the fees and charges, it seems to say that they charge $15 for any incoming transfer and $30 for any outgoing transfer. is that correct? if so, that sure stinks. or are the transfers from an existing external checking account free?

That sounds like wire transfer fees to me. Not ACH transfer fees which is what they should be using to move the money from your checking account bank to HSBC's.

-Marc