another split thread - higher interest bank accounts
Quote:
Originally Posted by blondhottie
For now I've been keeping my cash in my checking account in the bank, but I haven't been paying taxes the last couple of years (I know, I know, bad, but I'm going to start doing them this year), so I don't want to keep too much money in the bank. Where does everyone else keep their savings? I was thinking of opening up a savings account (right now I just have a checking account)-is that a good idea?
If you're going to go the savings account route, I'd recommend an Orange Savings account from ING Direct. They pay considerably more interest (currently 2.35%) than a savings account or in some cases even certificates of deposit from a brick and mortar bank. You just need to hook it up to your existing bank checking account.
I'd also highly recommend start paying taxes if you do this, because banks will send a 1099 form to the IRS showing the amount of interest you made.
Re: Do you trust safe box at bank?
Thanks for the info Doc, I think I'm going to set up an account with them. It's cool that there is no minimum balance that you have to keep in the bank at all times-the bank I am at now requires you to keep a $200 minimum balance each month for savings accounts or you are charged a fee. I'm pretty sure the bank I'm at now doesn't pay 2.35% interest either-I believe it's 2% or lower. And yes, I am going to start doing my taxes so I don't get into trouble. :)
Re: Do you trust safe box at bank?
if you use ing direct get someone who already has an account there to give you a referral, you'll get a $25 account opening bonus then (the the referrer gets $10) not a huge amount of money but why pass up a free $25?
also similar to ing but offering 3% rigt now is http://www.emigrant-direct.com/ but they're a bit more complicated to open an account with
Re: Do you trust safe box at bank?
Quote:
Originally Posted by blondhottie
For now I've been keeping my cash in my checking account in the bank, but I haven't been paying taxes the last couple of years (I know, I know, bad, but I'm going to start doing them this year), so I don't want to keep too much money in the bank.
As you "haven't been paying taxes the last couple of years," I'd strongly suggest you consult an accountant and/or tax attorney re your need to file a late return for each such year ASAP with a request for a determination by the IRS of penalties and interest owed. Not only are those amounts accruing on a daily basis, but your failure to file returns for those years will likely come to the attention of the IRS when you "start doing them this year" anyway, and I suspect you're going to be better off vis-a-vis the IRS if you voluntarily resolve the matter now instead of waiting for them to force you to do so later.
Re: another split thread - higher interest bank accounts
another financial institution which specializes in 'higher than normal' interest accounts for internet users is Evergreen Bank - . They offer among other things a 2.5% interest bearing checking account, regular accounts in many different currencies, and one year CD's in lots of different currencies too.
Re: another split thread - higher interest bank accounts
just a note, ING is up to 2.6% now
Re: another split thread - higher interest bank accounts
ING Canada is still at 2.4%. Screwed! ;) But it's still way better than any of the big 5 or credit unions in Canada (except for some rogue bank in MB, I've heard?)
And our referral is different- it's $13 each (referer/referee)- PM me if any Canadians want a referral :D
Re: another split thread - higher interest bank accounts
By the way, if you fail to file for three years, you lose your Social Security.
Re: another split thread - higher interest bank accounts
ing USA had another rate hike, 2.8% apy. funny, the fed bumped rates 0.25% but ing only gave their customers another 0.2% But more money is more money.