Savings Account - Where is the best place ?

[Elegant HVAC, Inc.]

I'm a prospective college student in New York City looking to open a basic savings account to cover future costs of college loans, etc. over the years . . .
What would be the best bank to open up a savings account with which will yield the most savings and in turn , give the least hassle ?

thank you .

[34saving]

Check out the ING vs. Emmigrant tread in this forum. Personally, I'm a fan of ING, but Emmigrant is paying better interest.

[34saving]

Oh, you'll need a checking account at a "land" bank, but I'll leave recommendations for that to the people on the East Coast. Good luck!

[Tree0164]

Check out your local banks to see how much they are paying for rates for saving accounts. ING is an internet bank that has a good rep and is paying 2.6%. You will need a checking account to be able to link to it.

Good luck!

[Armywife]

Speaking from my own experience, you won't find any brick and mortar bank in NY that pays the interest online banks give. Your best bet is to check out the three bigwigs (Emigrant, ING and Capital One) and make your own decision on one or all three...

As far as the brick and mortar banking aspects:

The college I attend had a "college students only" banking seminar last semester where we were granted a "face to face" with several eager bank reps. It worked out well.. we were "schooled" on IRAs, CDs, and Mutual Funds, etc. You may want to check with your college/ school about special "deals" with neighborhood banks & financial planning perspectives.

Good Luck

[rjn]

Check and see if you are eligible to join a credit union - they usually pay higher interest rates and have less fees.

[sbsake]

ING And Capital One Savings are the strong holders...... I perfer ING due to the fact they hold a strong image in the financial and public eye. I have both and am happy with the progress ....

I rate
ING A++
CapitalOne B-

Stay away from EmigrantDirect ** the rates are good now but not for long

[robby]

Originally Posted by sbsake

Stay away from EmigrantDirect ** the rates are good now but not for long

Do you have any solid proof of this or is this just your opinion?

[sbsake]

It was a statement that was released from them directly and can be found on money.com or the upcoming magazine

[dagobah_19]

Originally Posted by sbsake

ING And Capital One Savings are the strong holders...... I perfer ING due to the fact they hold a strong image in the financial and public eye. I have both and am happy with the progress ....

I rate
ING A++
CapitalOne B-

Stay away from EmigrantDirect ** the rates are good now but not for long

I agree. I haven't had very good experiences with Cap 1, but ING is treating me very well. They raised their savings interest rate to 2.80%. That's the third increase in something like 6 months. very cool.

[sbsake]

What type of bad experience have you had with Capital One ?

[joseblanco]

As you are in NYC Emigrant direct has the best rate & would be closest to you if they give you brick and mortar service also. The best rates right now are w/ presidential bank from the Metro DC area. They have an internet checking account w/ 3.25% & a savings account of 3.5% Good luck.