$550.00

[timetosave]

I have $550.00 to start saving with. What type of account should I open with it. This is going to be my emergency fund.

thanks
G

[sweeps]

Re: $550.00

Open an ING account with $250, put the rest in ED. Once your $25 ING bonus is on the books, close your account and move the $275 or so over to ED.

[timetosave]

Re: $550.00

What is ed? and how do I fund the account. Can I transfer from my checking to it?

thanks
G

[sweeps]

Re: $550.00

ED = Emigrant Direct

Yes, they, as do many of the other online banks, support ACH transfer. That means you can fund the account electronically from your checking -- assuming the bank where your checking acct is located allows such a transaction.

[LuxLiving]

Re: $550.00

Open an ING account with $250, put the rest in ED. Once your $25 ING bonus is on the books, close your account and move the $275 or so over to ED.

Close your account??? OR NOT...ING has been having some pretty good CD rates over the last year that let small beginning investors put back really small amounts. ING or ED? You can have both! We do.

[sweeps]

Re: $550.00

ING has dramatically underperformed other banks in terms of rates. You're loyal to ING, but is ING loyal to you?

[LuxLiving]

Re: $550.00

No I'm not particularly loyal to them. They have a place for the beginner who wants to START getting better rates. Rome was not built in a day and all that. Some of us were/are starting with itsy tiny amounts and not all the online players out there want to dink with the small timers.

I have kept my INGs open so if and when they pony up to the bar and play competively again I can switch back and forth. If I close it completely then I have to start all over again. Easier for me to keep it open w/small amount.

[gotalkmoney]

Re: $550.00

If you want this money to be for "emergency" purposes, I would defintely just open up a money market account. You will get better rates than your local bank savings and you can always have access to it unlike CD's, etc.