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Looking For a Place to Store My Cash

By JLP | April 30, 2006

I am currently considering a place to store our emergency fund. I am looking at:

GMAC
HSBC
ING Orange
Emigrant Direct

While doing my comparison shopping, I found out:

GMAC – The GMAC High Interest Money Market Account currently pays 4.75% and as long as you keep at least $500 in the account there are no monthly fees. I also like the fact that you have access to your money via checks and a check card.

HSBC – The HSBC Online Savings Account currently pays 4.8%. However, it looks like this is a promotional rate that expires on 4/30 (TODAY) so I don’t know what the new rate will be. I do like the fact that there are no account fees and that an account can be opened with as little as $1. Quick question: who opens an account with only $1?

ING Orange – ING Direct offers the ING Orange Savings Account. Of the four banks that I looked at, ING’s yield was the lowest at 4.15%. However, ING Orange has been around a long time and has a good reputation, which counts for something I guess. And, since we are talking about a relatively small amount of money I don’t think their lower rate is a deal killer.

Emigrant Direct – Emigrant Direct’s American Dream Savings Account seems to have a special place in the hearts of personal finance bloggers. Their account currently pays 4.5%, which is pretty good. Emigrant does not have account minimums or fees.

Now, I need your help. Do any of you have an account at GMAC Bank? I’m seriously considering opening an account with them. What do you guys think?

Topics: Basics, Financial Planning | 5 Comments »


5 Responses to “Looking For a Place to Store My Cash”

  1. Chris Says:
    April 30th, 2006 at 2:03 pm

    HSBC’s new rate post-4/30 is 4.5%
    (they sent an email around to customers late lastweek)

  2. Mark Says:
    April 30th, 2006 at 7:26 pm

    I have an account with GMAC Bank. They have a nice auto-deposit feature so I have it set up to automatically deposit $50 a month from my brick-and-mortar checking to my GMAC account. The only thing that is new to me is that they pay interest on the 15th of the month instead of the last day of the month. But it’s all the same in the end. Additionally, I believe your limited to 6 transactions a month, but if you’re using it for saving, you shouldn’t have a need to make more than that. All in all, I think it’s great.

  3. KIN DAN Says:
    April 30th, 2006 at 7:28 pm

    Demand Note offered by GMAC ( Non FDIC insured) is a good place to park the cash. Yield is 6%.

  4. Brian Says:
    May 1st, 2006 at 9:24 am

    Even though we use EmigrantDirect, I’d recommend GMAC at this point.

  5. Michael Says:
    May 30th, 2007 at 12:24 am

    Mine is a somewhat different question … one with which I hope you can help me.
    Do you know where I can go to find out just how it costs a company to write a check for payment of a bill?
    Thanks
    Michael

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