Savings Account Advancing

[RobinReumers]

Hi, I'm looking if there is any bank that offers the following:

- a savings account with no minimum, good APY, no withdrawal or transaction fees
- what I'm really looking for is an advanced online savings account where I can create subfolder, e.g
I deposit 300 dollars per month in the main savings account but I would like to have subfolders in it, where I can put specific money e.g.
* car (savings for a new car) = 100
* vacation = 50
* kids college = 100
* house = 50

Something like this, then I create my own limits, e.g. when I have $10,000 in my car savings subfolder, I can buy a new car. It would be really nice to be able to organize like this, but does it exist?

Robin

[kork13]

I know that ING Direct allows you do make sub-accounts, I'm not sure what others do...

Poundwise has collected a pretty good list of online savings accounts here: http://www.savingadvice.com/forums/i...ent-rates.html. You can click through and check out what you like.

[RobinReumers]

Ok, thanks I'm going to contact a few of these banks to see which one meets my needs the most. I'll be savings very little in the first few months (because of the bad economy) and as you can see I'm trying to save for emergency funds, vacations, and big expenses such as car, house, kids college, … What would you all recommend for me: savings account vs money market? I'm looking for no transaction / withdrawal fees and the highest APY possible?

Thanks

[bigsaver]

ING direct is the only one I know of.

[Ima saver]

Well, I have a local checking that pays me 3.19%. I keep track of sub accounts myself ( like one for car, christmas, property tax, etc.) on a piece of note paper. It has no transaction fees.

[maat55]

I'm getting 3.75% with Provident Direct, no minimums and no trancaction fee under 5 transactions a month.

Go to Investing and Banking, look at the top sticky for online accounts.

[ScrimpAndSave]

INGdirect is amazing...

[Fern]

Don't overlook credit unions! Their minimum balances can be as little as $5 and their rates are, on average, higher than most banks, though i'm not sure how they stack up against online banks.

I use Dollar Savings Direct with a 4% rate they are the highest, i believe. www.dollarsavingsdirect.com

[Christophercarl]

I use ING Direct and I think it's great. I have my main checking account through them and then I distribute the money that goes into my checking account into different savings accounts for various financial goals. Pretty decent interest rates, good reputation, and have always had great service. They have no fees for transfers and they have lots of no fee ATMs.

[MonkeyMama]

Don't overlook credit unions! Their minimum balances can be as little as $5 and their rates are, on average, higher than most banks, though i'm not sure how they stack up against online banks.

Correction - minimums can be as little as $0. (My credit union savings is $1 minimum).



& they don't tend to charge much in fees. (I've never paid a CU fee in 20 years).

[cicy33]

my local checking pays almost 5%. no minimum, free checks. the only restriction is I have to have a direct deposit of any kind or pay a bill electronically with it, and I have to use the card at least 10 times a month, yep that is hard!!! lol amazing I know! We also get our atm fees refunded, kind of like a nice rebate if we use an atm. Online banks are good but sometimes b&m can be better.