I have $2,000 to put into savings. Where to?

[disneysteve]

I wouldn't call 1/2% lower at ING LOW, yes they are lower, but unless you have a gob of money, it's not that much...

This is a good point. I think some folks tend to go a little overboard chasing the absolute highest rate. If you have a substantial sum to invest, a few tenths of a percent can make a difference. But if you are just parking $1,000 or so, you could be talking about a difference of only $5/year in interest. Sure, $5 is $5, but is it worth your time to keep switching, have extra 1099s to deal with at tax time, etc.

On the other hand, if you are looking to open a new account, why not go with the best rate? It doesn't make sense to intentionally choose a low rate if you are starting fresh. But I'm also not sure it makes sense to keep switiching accounts everytime someone else offers a tenth higher.

[anonymous_saver]

I have an account with HSBC, Emigrant, and ING.

I would not go to ING because of their lower rates (their website is really easy to use though).

I would not go with HSBC because they take much longer than the other online banks to complete a transfer, plus they don't add interest at the beginning or end of a month, they do it based on when you open the account. I also do not like their website.

I would choose Emigrant, they have consistently had the highest rates (except for the 6% promotion through HSBC) over the other companies listed. They have good customer service, and their transfer times are really speedy! I just transfered $3,000 in Emigrant a day ago, and it is already earning interest for me, if I had gone with HSBC it would have taken me 5 days!

By the way I still keep at least $1 in each of these accounts at any one time, just incase they greatly raise their interest rates.

Congrats on saving!

[KellyJef]

I would go with HSBC.

I have found the website extremely user-friendly.

I have made a deposit Saturday morning at my local branch and was able to go home and transfer the deposit over to my online account that same evening. And vice versa.