Savings Account losing money

[Ima saver]

Poundwise, it is a local bank. And they are paying me 5.25% interest I opened local savings accounts for my granddaughers when they were little and I was never charged a fee even tho the accounts only had a balance of $50.
By the way, my local bank was listed in Money magazines as one of the banks paying the highest interest in the nation.

[sweeps]

I work at a bank and can't imagine using a standard 'statement savings' account. Why would I leave my savings in my bank where they're currently paying a whopping 0.25% when I can put it in my ING Direct account for 4.5?

Why put your money in an ING Direct account for 4.5% when you could put your money in one of several other accounts paying at least 5.3%?

[carsensejoe]

i cant wait till i can start saving for retirement.....

[Ima saver]

Start today, put away a dollar or two a day. It will add up after a while.

[Pupart]

Make sure when you have closed it that it REALLY is closed.
I closed mine with BOA and everthing seemed fine. Even the BOA site where all my info was no longer had the savings included. I had a checking account at the time too.
A month later I get a statement in the mail that I owed a monthly service fee.
I called and as usual had to hold for a long time, then had to speak with three different people to get to the bottom of this.
I was told BOA had reopened my savings account
so they could place 26 cents in there from something I had signed up for
called keep the change. I never gave anyone permission to "reopen" an account I had taken my money out of andclosed.

Weeks later BOA sends me a check for 26 cents! That's what they SHOULD have done in the first place!!!

PS I don't bank with Bank of America at all anymore!
USAA is the only place I trust!

[Aleta]

I agree. The amounts can be small at first, but they do start adding up. I can't believe how much I already have in my $20 Challenge fund which I keep separate. That was money that wouldn't have been there if I didn't start saving the unusual stuff most people don't think about.

[JoyJoy]

I use my credit union savings to park money we may have to use immediately or for weekend trips that we take occasionally, while not bothering the money we have in our high-yield accounts.

[carsensejoe]

i wouldnt trust them after that