Savings

[Mesoc]

I been looking around, is EmigrantBank the best bank for a regular savings account with 5.05% online? I'm thinking about getting a savings account, but I want to find a bank that offers a free high yield savings account.

[Lloyd Brown]

Never heard of them. Don't most banks offer free high yield savings if you have a decent amount in their bank?

[Mesoc]

if you have a decent amount yes, even especially cds. However I am starting small. I'll look around some more and if I find another one I'll let you know what I find.

[mmjones]

If you use credit cards, there is a great one that I heard of the other day. Bank of America will put money into a savings account for whenever you charge something because it rounds your purchases up to the next dollar. It is a pretty neat way to save without thinking you will.

[Cobalt]

It sounds like a good deal but no doubt there's a catch. I think they ran something like that here in the UK not that long back, though I'm not sure whether or not it really caught on.

Trouble is you're encouraged to make purchases on credit cards - the moment you don't pay it off in it's entirity you lose everything you've saved anyway.

[lalajean]

Originally Posted by mmjones

If you use credit cards, there is a great one that I heard of the other day. Bank of America will put money into a savings account for whenever you charge something because it rounds your purchases up to the next dollar. It is a pretty neat way to save without thinking you will.

Although this is nice idea for saving. I am not sure that I would want it done automatically simply because they are just wanting to use more of your money. You need to make sure that you read their terms. I know that bank can be a good one, but still. if you need forced savings like that I am concerned, because can be misleading, and can cause people to use their card more who normally would not, you then can end up paying interest and so on.