I'm new..have a question about banks

[SEABREEZE 1957]

Originally Posted by Sweet 16

IMO, credit unions generally have better interest rates for loans, savings, etc. If you have savings and want a higher return and you don't need instant access to it through an ATM, try ING Direct Orange Savings. Right now, their savings rate is 3.4% while banks are less than 1/2%. You just go online to transfer the money from your checking account into your ING account. Then if you need the money, you can transfer it back into your checking account.

I've been considering transferring our savings to ING, their savings rate is much better than CPFCU...which is currently .75%

[GWguy]

Originally Posted by SEABREEZE 1957

Cedar Point Federal Credit Union:



"Our Field of Membership includes:

• Civilian employees, military personnel, Contractors and employees of Contractors who work regularly at or are eligible for services at Patuxent River NAS
• Employees of the many companies we serve*
• Members of the many associations we serve*
• 
  Family members of Cedar Pont Federal Credit Union members. Eligible family members include spouse, child, sibling, parent, grandparent, or grandchild.
  *Click here to see our Field of Membership"

They used to be much more strict on the membership. When I took out my account, it was only because the SO was a Civil Servant. They wouldn't have given me one otherwise, even tho I work for a local contractor to the Navy.

[clevalley (Premo)]

Originally Posted by SEABREEZE 1957

I've been considering transferring our savings to ING, their savings rate is much better than CPFCU...which is currently .75%

We have a savings with ING - great rates!

[LOL]

Originally Posted by clevalley

We have a savings with ING - great rates!

I've been thinking about doing the same, probably going to get into some of their mutual funds too, overall they are growing quite nicely. Tech was up 18% in 2007.

[Sweet 16]

Originally Posted by pcjohnnyb

how the eff do you figure banks are less than .5%???? <<<edit: just looked it up...ok, maybe interest bearing CHECKING accounts are that low...but you cannot compare checkings interest to savings...thats like comparing savings to a CD....unless of course you are trying to sell ING accounts...


I have a 2.71 (was 3.some percent when I opened it) savings acc and it is NOT a CD like (I at least thought...) ING has...

I looked it up. Regular savings for Wachovia, BOA and SunTrust all .2% or less. I am not selling ING, just suggesting an alternative since their rates are considerably higher.

[bcp (Premo)]

BB&T does not charge us anything to keep our accounts.

Im not sure if it has anything to do with it but, I do have the mortgage with them, plus my one and only credit card is through them, and I keep a few CDs there and maintain a decent balance in the savings while never bouncing a check.

but, they have never charged a service charge.