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View Poll Results: Should i start a savings account?
Yes 26 61.90%
No 3 7.14%
Depends how fine this booty is at the checkout. 13 30.95%
Voters: 42. You may not vote on this poll

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Old 10-11-2012, 10:51 PM #64
Xanatos903 (Banned)
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The only reason you wouldn't want it linked is if you couldn't trust yourself with being able to easily transfer money between the two.

Linked:
Easy transfers if needed
Protection from overdraft

Unlinked:
Harder transfers (but this is really only hard if you've got them at different banks)
No protection from overdraft
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Old 10-11-2012, 10:54 PM #65
byarosh201
 
 
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You can choose for it not to tap into your savings. Then bouncing your check, and hitting you with an IF fee instead of an OD fee. Regardless it they shouldn't charge a fee for hitting your savings for some money unless the balance falls below x amount of dollars. But that's all in the agreement you'll sign off on when opening the account.
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Old 10-11-2012, 10:59 PM #66
AlienBoy
 
 
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ahhh okay i understand, thanks for breaking it down for me.

Edit:
You think american express is better then ING? they have high-yield interest rates. Higher then anybody i've found. They are 0.90% APY

Last edited by AlienBoy : 10-11-2012 at 11:04 PM.
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Old 10-11-2012, 11:18 PM #67
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Quote:
Originally Posted by Xanatos903 View Post
The only reason you wouldn't want it linked is if you couldn't trust yourself with being able to easily transfer money between the two.

Linked:
Easy transfers if needed
Protection from overdraft

Unlinked:
Harder transfers (but this is really only hard if you've got them at different banks)
No protection from overdraft
You forgot to mention that if your accounts are linked and somebody hacks your account they can not only wipe your checking account but once your checking balance is gone it will defualt and wipe your savings as well. Granted you wil get your money back, but it takes a few days.

As for the OP...
You only have a grand. I would open a savings account. If you don't have a lot of cash odds are more likely you will need to tap it for an emergency. Putting your money in an IRA or a CD will just result in you not only losing any compounded interest you may have earned the early withdrawl fee will cause you to loose money.
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Old 10-11-2012, 11:26 PM #68
AlienBoy
 
 
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Alright ill just go deposit all into savings.
Now i need to decide if i should put into bank of america or this ING place protoballler recommends.
Thanks for the financial help.
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Old 10-11-2012, 11:32 PM #69
Xanatos903 (Banned)
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Base your choice on interest rates and possible fees.
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Old 10-11-2012, 11:47 PM #70
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well ING is 70% APY
American Express 90% APY
Ally bank is 95% APY

Bank of america - not sure lol.
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Old 10-11-2012, 11:51 PM #71
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There is a massive amount of stupid in this thread.
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Old 10-11-2012, 11:58 PM #72
Xanatos903 (Banned)
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The interest rate on ING savings accounts is more like .75%.
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Old 10-12-2012, 12:55 AM #73
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Yeah in the 70's....

American Express is 90% APY

Time to flip a coin.
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Old 10-12-2012, 12:58 AM #74
Xanatos903 (Banned)
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No, you aren't going to earn $900 per year for every $1000 you put in the bank. Only people with lots of money already are able to earn that kind of money, and that's with some serious investing.

I really don't understand where you're getting your numbers from.

AMEX high-yield savings- http://personalsavings.americanexpre...s-product.html

Over a 1-year period, having $1,000 in a savings account will earn you a grand total of...

$9.
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Old 10-12-2012, 01:16 AM #75
AlienBoy
 
 
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yes i know this.

i already used the online calculator. basically ive been putting my money into checking and not getting anything in return when i could have just put into a savings account.

i have 138 in savings now. i'll deposit more tomorrow and keep depositing. Now i need to decide if i should just keep the bank of america savings or open a new one through either ING or American Express or Ally bank.

Last edited by AlienBoy : 10-12-2012 at 01:18 AM.
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Old 10-12-2012, 01:55 AM #76
Xanatos903 (Banned)
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You obviously don't know it. 90% APY on a savings account? lolno.
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Old 10-12-2012, 02:23 AM #77
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Quote:
Originally Posted by Xanatos903
You obviously don't know it. 90% APY on a savings account? lolno.
Its 90% I just looked it up. Srsly.
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Old 10-12-2012, 02:28 AM #78
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Originally Posted by byarosh201 View Post
Its 90% I just looked it up. Srsly.
No.

You don't understand .90% vs 90%. Morons.
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Old 10-12-2012, 02:35 AM #79
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dude.... calm the **** down.

.90% APY
http://personalsavings.americanexpre...avings-PS000SA
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Old 10-12-2012, 03:22 AM #80
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Originally Posted by Xanatos903

No.

You don't understand .90% vs 90%. Morons.
You don't understand sarcasm do you?
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Old 10-12-2012, 03:25 AM #81
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http://en.wikipedia.org/wiki/Poe's_law
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Old 10-12-2012, 04:01 AM #82
Subterfuge
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If there was a war between USAA customers and ING customers, USAA would win!

A realistic amount to earn is 6-7%. 12% and the business is expanding too fast.

$401,000 at 7% is $28,070; more than I make in a year.
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Old 10-12-2012, 04:28 AM #83
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Buy a CD instead, better interest rates than a savings account, without the risk/work of dabbling in the stock market. That said, the rates still suck.
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Last edited by Drex17 : 10-12-2012 at 04:30 AM.
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Old 10-12-2012, 07:27 AM #84
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Quote:
Originally Posted by Subterfuge
If there was a war between USAA customers and ING customers, USAA would win!

A realistic amount to earn is 6-7%. 12% and the business is expanding too fast.

$401,000 at 7% is $28,070; more than I make in a year.
u poor bro
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