Comments on: The One Hour Project: Open A High-Yield Savings Account (And Maybe An Investment Account) http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 22:03:21 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Marcus http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-439425 Marcus Mon, 15 Dec 2008 23:57:00 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-439425 Thanks Chris, I checked out venturebankdirect.com and have been very happy with them. They are in the process of adding an online checking account to their offerings as well. Thanks Chris, I checked out venturebankdirect.com and have been very happy with them. They are in the process of adding an online checking account to their offerings as well.

]]> By: chris http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-421501 chris Mon, 17 Nov 2008 20:16:09 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-421501 For a high interest online savings account. I went with venturebankdirect.com. They are currently offering 3.8% APY with no minimum balance. For a high interest online savings account. I went with venturebankdirect.com. They are currently offering 3.8% APY with no minimum balance.

]]> By: ylfoo http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-389649 ylfoo Thu, 09 Oct 2008 02:51:53 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-389649 Hi Trent, care to share whether ING Direct is applicable for people outside US? Anyway ING Direct seems very simple but yet a useful platform for High Yield Savings. Thanks! Hi Trent, care to share whether ING Direct is applicable for people outside US? Anyway ING Direct seems very simple but yet a useful platform for High Yield Savings.

Thanks!

]]> By: Patrick http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-375338 Patrick Mon, 15 Sep 2008 23:23:07 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-375338 Care to update this post based on the current rates? Also, what do you think about Schwab? Care to update this post based on the current rates? Also, what do you think about Schwab?

]]> By: RDH http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-133846 RDH Mon, 17 Dec 2007 04:41:15 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-133846 @inflix re: NetBank Failure I'm browsing this a few months late, but I want to point out that the failure of NetBank is not really a reason for the average reader to shy away from ING (or any other FDIC-insured bank). Generally speaking, your insured deposits will be covered by the FDIC up to $100,000 per institution in the (very rare) event of a bank failure. [note that this doesn't apply to mutual funds, bonds, etc] @inflix re: NetBank Failure

I’m browsing this a few months late, but I want to point out that the failure of NetBank is not really a reason for the average reader to shy away from ING (or any other FDIC-insured bank). Generally speaking, your insured deposits will be covered by the FDIC up to $100,000 per institution in the (very rare) event of a bank failure. [note that this doesn't apply to mutual funds, bonds, etc]

]]> By: infix http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-80281 infix Mon, 01 Oct 2007 23:28:19 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-80281 For those chasing higher yields on their savings accounts consider the demise of NetBank as a cautionary tale. There's a reason some banks are offering higher rates: they need your cash because they're taking heavy losses on Subprime and Alt-A mortgages. Even ING came out the other day and admitted they have a $28Billion exposure. I'm pulling back from ING and going with local credit unions which tend to be much safer. Yes their yields are lower, but they're generally safer. For those chasing higher yields on their savings accounts consider the demise of NetBank as a cautionary tale. There’s a reason some banks are offering higher rates: they need your cash because they’re taking heavy losses on Subprime and Alt-A mortgages. Even ING came out the other day and admitted they have a $28Billion exposure. I’m pulling back from ING and going with local credit unions which tend to be much safer. Yes their yields are lower, but they’re generally safer.

]]> By: gregor http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-80171 gregor Mon, 01 Oct 2007 18:37:47 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-80171 Very informative post, but since i'm living in germany the banks are not offering this service here. Does someone know a nice alternative for germany? Very informative post, but since i’m living in germany the banks are not offering this service here.

Does someone know a nice alternative for germany?

]]> By: Brian http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-80119 Brian Mon, 01 Oct 2007 17:07:03 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-80119 Another advantage to ING is that is a friend refers you and you open an account for at least $250.00, they end up getting a $25.00 bonus and you get $10.00 deposited into your account. Like Leslie, I have several ING accounts to save for specifics things such as Christmas, Birthdays, Home Repairs, Real Estate Taxes, New Car purchase, etc. Love the simplicity of ING And another T Rowe Price advantage is that you can invest with only $50.00 per month automatic investments that make is easier than amassing the $3,000.00 minimuns for Vanguard(although Vanguard is great if you can afford it). Another advantage to ING is that is a friend refers you and you open an account for at least $250.00, they end up getting a $25.00 bonus and you get $10.00 deposited into your account.

Like Leslie, I have several ING accounts to save for specifics things such as Christmas, Birthdays, Home Repairs, Real Estate Taxes, New Car purchase, etc.

Love the simplicity of ING

And another T Rowe Price advantage is that you can invest with only $50.00 per month automatic investments that make is easier than amassing the $3,000.00 minimuns for Vanguard(although Vanguard is great if you can afford it).

]]> By: Margaret http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-80090 Margaret Mon, 01 Oct 2007 15:38:33 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-80090 Check your regular bank. RBC (at least in Canada) now has an e-savings account, and the interest rate is a little higher than at ING (which is lower here than in the States, it seems). If you already have online banking with RBC, it is really easy to sign up. There are no fees for transfers between it and your regular chequing account, and the transfers are right away (although maybe the holds involved in transferring to/from ING are a good thing for some people). It is more convenient for me than INg. The downside is that there are lots of quite high fees if you do anything other than transfer money between RBC accounts, but since I am using it strictly for savings, that doesn't matter to me. Check your regular bank. RBC (at least in Canada) now has an e-savings account, and the interest rate is a little higher than at ING (which is lower here than in the States, it seems). If you already have online banking with RBC, it is really easy to sign up. There are no fees for transfers between it and your regular chequing account, and the transfers are right away (although maybe the holds involved in transferring to/from ING are a good thing for some people). It is more convenient for me than INg. The downside is that there are lots of quite high fees if you do anything other than transfer money between RBC accounts, but since I am using it strictly for savings, that doesn’t matter to me.

]]> By: Swamproot http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-80079 Swamproot Mon, 01 Oct 2007 15:17:11 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-80079 I believe there are also options with some of the investment places that allow you to not have the minimum to invest if you commit to a monthly contribution to it. T. Rowe Price has this option I think, but I'm not sure if it is only for retirement accounts. I believe there are also options with some of the investment places that allow you to not have the minimum to invest if you commit to a monthly contribution to it. T. Rowe Price has this option I think, but I’m not sure if it is only for retirement accounts.

]]> By: GK http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-79889 GK Mon, 01 Oct 2007 00:40:15 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-79889 I second ING direct as my wife and I both have checking accounts (without the checks, of course!) for our personal fun money. But index funds? Index funds never actually meet let alone beat their actual indexes. Much better are ETF - the perfect mix between an index fund and stock. Plus they can be bought a share at a time or, if you use ShareBuilder or Zecco you can even buy fractional shares - so no crazy $3000 minimums like at Vanguard, etc. I second ING direct as my wife and I both have checking accounts (without the checks, of course!) for our personal fun money. But index funds? Index funds never actually meet let alone beat their actual indexes. Much better are ETF – the perfect mix between an index fund and stock. Plus they can be bought a share at a time or, if you use ShareBuilder or Zecco you can even buy fractional shares – so no crazy $3000 minimums like at Vanguard, etc.

]]> By: JReed http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-79884 JReed Mon, 01 Oct 2007 00:22:36 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-79884 TRowe Price is another mutual fund family worth looking at...low managemant fees and easy to invest and track. We use their target retirement year funds for our Roths. We are self employed (no 401K match) so we fund our Roths first because I think the lowest tax rate will be going up by the time we retire...this country cannot sustain the baby boom SS, medicare and budget deficit repayment without raising taxes in the future. I'd rather pay 15% now than 20% in the future as I will need to withdraw in order to meet monthly expenses. TRowe Price is another mutual fund family worth looking at…low managemant fees and easy to invest and track. We use their target retirement year funds for our Roths. We are self employed (no 401K match) so we fund our Roths first because I think the lowest tax rate will be going up by the time we retire…this country cannot sustain the baby boom SS, medicare and budget deficit repayment without raising taxes in the future. I’d rather pay 15% now than 20% in the future as I will need to withdraw in order to meet monthly expenses.

]]> By: Leslie http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-79878 Leslie Sun, 30 Sep 2007 23:34:20 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-79878 I have had a number of different savings accounts at ING for a few years now (from back when ING had the top savings rate out there). They aren't quite as high as other savings rates out there anymore but I am happy with their service, interface etc. so it is not worth switching to me to chase a little bit higher rate at this point. I have my savings at ING split into my emergency fund, my house tax fund, my christmas fund etc. Moving from my regular bank to ING for savings was one of the smartest things I have done. I am considering moving my checking account there too but can't quite give up having a branch to walk in too (not that they have ever been particularly helpful). I have had a number of different savings accounts at ING for a few years now (from back when ING had the top savings rate out there). They aren’t quite as high as other savings rates out there anymore but I am happy with their service, interface etc. so it is not worth switching to me to chase a little bit higher rate at this point.

I have my savings at ING split into my emergency fund, my house tax fund, my christmas fund etc. Moving from my regular bank to ING for savings was one of the smartest things I have done. I am considering moving my checking account there too but can’t quite give up having a branch to walk in too (not that they have ever been particularly helpful).

]]> By: Susy http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-79875 Susy Sun, 30 Sep 2007 23:16:01 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-79875 Good post, I've been trying to get my mom to do this for a long time! I'll have to point her to this website! Good post, I’ve been trying to get my mom to do this for a long time! I’ll have to point her to this website!

]]> By: Andrew Stevens http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/comment-page-1/#comment-79860 Andrew Stevens Sun, 30 Sep 2007 21:06:32 +0000 http://www.thesimpledollar.com/2007/09/30/the-one-hour-project-open-a-high-yield-savings-account-and-maybe-an-investment-account/#comment-79860 Trent, I'm afraid you're behind the times. HSBC went down to 4.5% about a week ago. I opened an E-loan account some time ago when it was paying 5.5%. It went down to 5.25% a few months later and just went down to 5.00% after the rate cut. I'm waiting to see if the other shoe will drop on those accounts still paying 5.31% before I decide whether to switch accounts. Right now, I'm still happy with E-loan since there's nothing a lot better, but you can definitely do better than HSBC or ING. Trent, I’m afraid you’re behind the times. HSBC went down to 4.5% about a week ago. I opened an E-loan account some time ago when it was paying 5.5%. It went down to 5.25% a few months later and just went down to 5.00% after the rate cut. I’m waiting to see if the other shoe will drop on those accounts still paying 5.31% before I decide whether to switch accounts. Right now, I’m still happy with E-loan since there’s nothing a lot better, but you can definitely do better than HSBC or ING.

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