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

HSBC is offering 6% APY until April 30th for new money deposited:

http://www.hsbcdirect.com/1/2/1/

Looks similar to the gimmick ING pulled sometime back, but if you're depositing new money anyways, this could be a good choice.
 
druvans said:
ING vs E-LOAN - Which one is better ?

I have ING, thinking of moving to e-loan
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How about Capital One? They're offering a High-Yield Money Market with ATM & check access, min. $1.00 to open, and a rate of 5.00% (more if you happen to be a Costco member)
 
I'm all for citibank :D convenient locations around me and i can pull money out of the e-savings anytime, i have my checking linked to my account along w/ 2 citi credit cards! I can see all my balances of all 4 linked accounts on one page @ myciti.com and whenever i need to pay my credit card bills, i just direct transfer money from e-savings to credit card account

I just hope it doesnt drop under 4.0% -_- then I might have to consider HSBC
 
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PayPal also pays 5.03%

Although PayPal is not an FDIC insured bank, they do pay great rates on the money left in your PayPal account, and it takes about two days to move the money between PayPal and your own bank account, when you actually need the money. Only real problem...keep a big balance in PayPal and you're tempted to buy more online....
 
i2x said:
I'm all for citibank :D convenient locations around me and i can pull money out of the e-savings anytime, i have my checking linked to my account along w/ 2 citi credit cards! I can see all my balances of all 4 linked accounts on one page @ myciti.com and whenever i need to pay my credit card bills, i just direct transfer money from e-savings to credit card account

I just hope it doesnt drop under 4.0% -_- then I might have to consider HSBC
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I also got the e-savings account from Citibank. As a citi customer it was easy to open, and moving money from e-saving to saving or checking account is immediate and takes only few mouse clicks.
The only thing that bugs me is that they don't display the current rate of the e-saving. Nowhere. I have to ask the customer service every time I want to check the rate. I think the rate should be displayed when you look at your account snapshots.

Because of that I am now thinking to move to the HSBC at 6%. Does anybody have a feedback on this choice?
 
gulk said:
I also got the e-savings account from Citibank. As a citi customer it was easy to open, and moving money from e-saving to saving or checking account is immediate and takes only few mouse clicks.
The only thing that bugs me is that they don't display the current rate of the e-saving. Nowhere. I have to ask the customer service every time I want to check the rate. I think the rate should be displayed when you look at your account snapshots.

Because of that I am now thinking to move to the HSBC at 6%. Does anybody have a feedback on this choice?
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I feel the same exact way. It'd be convenient if there was some way of checking our current interest rate but yeah. Tell us how the HSBC transfer goes if you decide to move. I'm scared to move cause 4.75 is still good, and I don't want to move to HSBC and have it drop to 4.75 and move again haha.
 
i2x said:
I feel the same exact way. It'd be convenient if there was some way of checking our current interest rate but yeah. Tell us how the HSBC transfer goes if you decide to move. I'm scared to move cause 4.75 is still good, and I don't want to move to HSBC and have it drop to 4.75 and move again haha.
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I finally made the switch to HSBC (not real switch 'cause I kept the Citi account); it took a whole 15 minutes to fill everything and ready to transfer funds. The HSBC site looks OK and 6.00% until April was a good enough incentive to me.
 
If you are eligible for a credit union, make the switch. Some offer rates similar to this. Since they are by law not allowed to make a profit, they are actually looking out for your best interest (you own part of the credit union you join) and not looking to stuff their pockets.
 
Ing also has a new checking account with a slightly smaller interest rate (depending on your balance) and comes with a debit/credit master card.
 
i have hsbc and i'm getting the 6.00 apy until april. they have sent me an email that says it will reduce to 5.05% apy after april. better than citi's 4.5% right now. that's right, citi's e-savings has gone down even more to 4.5% without any warning. i don't like that either.
 
E-loan

Just check e-loan

"Minimum Deposit Requirements
Savings Account: $5,000
Certificate of Deposit: $10,000"
 
one united bank

Anyone try One United Bank? That is a good rate, but I've never heard of them.
 
The 6% on new money will only amount to .024% more gain than a 5% APY over the next 9 days (until the 30th). UFBDirect Has not been mentioned here and they offer 5.3% with no min balance or annual fees. Bankrate.com posts the highest rates for these things. These are not special deals by any means. Wachovia does offer $50 for a new checking account by th e24th and citi offers $50 for a NEW CUSTOMER new online account.cheers
 
What about amtrust CD's or money market??? Does anyone use Amtrust??

money market
$1.00 - $24,999.99 5.233% 5.36%

CD Term Interest Rate APY
6 MONTH PROMO CD 5.222% 5.36%
9 MONTH PROMO CD 5.222% 5.36%
12 MONTH PROMO CD 5.270% 5.41%
18 MONTH PROMO CD 5.023% 5.15%
24-MONTH PROMO CD 4.927% 5.05%
30 MONTH PROMO CD 4.927% 5.05%
36-MONTH PROMO CD 4.880% 5.00%
60 MONTH PROMO CD 4.975% 5.10%
 
HSBC: Hong Kong Shanghai Banking Corporation
 
I actually moved my money from HSBC to GMAC BANK last year..

The rate was better and they offered better services such as ATM cards w/fee reimbursements (up to $6.00 per month) and Checks for withdrawals.
# No transaction fees from GMAC Bank.
# With refunds for up to four non–GMAC Bank ATM charges per month.

It is a money market account, but I dont move my money that much anyways...just twice a month.

Rate is 5.30% :)

http://www.gmacbank.com/

Some more information:
# Easy access to your money through checks and a Check Card
# Standard Money Market restrictions of six transactions per statement cycle will apply
# A minimum opening deposit of only $50
# No monthly service fees when you maintain a $500 minimum balance
# FDIC-insured up to $100,000 per depositor (How to maximize your FDIC insurance)
# Fees may reduce earnings
 
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Problem with transferring to HSBC

greyknight17 said:
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)?
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The only problem is that you have to wait a week until the transfer posts.
 
Hi all, i am a noob when it comes to banking and saving. I have the following questions:

1. Annual Percentage Yields (APYs) what is this means?
2. I was told, $1000 @ 5.05%, i will receive around $4 of interest p/month how does that calculate? BTW, this rate was from HSBC, i called them and they calculated that for me and said that interest in compounded every day and credited to my account every month.
3. If interest is compounded every day, wouldnt i get more than $4?

If $4 for $1000 is all you get each month, i would rather put the money on share.
 
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