Young professionals are often busy, career-oriented, individuals with a host of interests and commitments to keep them occupied. They know they should save money but they do not want to be subjugated to spending inordinate amounts of time tending to their finances. Since the savings account is the “hub” of your financial house, it makes sense to choose wisely when selecting a savings account. With all the recent uproar over exorbitant bank fees and a shaky economy, many young professionals are wondering where to put their money. If you are looking for the best savings accounts, investigate the accounts listed here.
Your local bank or credit union’s savings account with no fees and no minimums
Call or visit your local bank and credit union. Inquire about savings accounts with no fees and no minimum deposit required. Financial institutions do not usually advertise these accounts as they make more money if you open one of their other accounts. Do not fear. These accounts do exist. If you are able to open one at your local branch you will not have to travel far to deposit your money.
ING Direct Orange Savings
This high-yielding, online savings account advertises a 4.50% annual percentage yield, lets you set up automatic transfers to other accounts, and there are no fees, no minimums, and no devious upsells. ING does not always offer the highest interest rate, but they are always close.
Emigrant Direct advertises a 5.05% annual percentage yield and lets you save your money with the click of a button. Sit at your computer, type in a few numbers, and send your money through cyberspace to the safety of your FDIC-insured savings account. You can even set up an automatic savings plan that drafts money into your savings account on a regular basis. This account typically has the highest or second-highest interest rates available.
Voted “Best Savings Account” by MONEY magazine, Ally Bank offers young professionals higher rates than traditional savings accounts and free online banking transactions. Other features include:
No minimum balance
No monthly fees
Daily compounded interest for maximum earnings
Flagstar Direct offers competitive money market interest rates with no maintenance fees, no minimum balance, and no term commitment. They even offer free checks and debit cards. That’s right — free checks for the life of the account and a minimum of $1 is to open the account. Unlimited deposits or withdrawals permitted in person, by mail, or at an ATM with this account, available online only.
When he’s not reading about the latest in car news, Miles Walker writes about car insurance over at CarinsuranceComparison.Org. His latest article looked at the best free car insurance quotes online.