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Financial planning? Online savings accounts?

amygirl1976amygirl1976
in 1st Trimester

I've been a bit frivolous with my money in the past.  I make a decent amount of extra money doing contract work on the side and that's typically my shopping/spa/eating out money.  Now I'd like to allocate it to a baby fund.

I see so much about online savings accounts like ING, etc.  I like that idea because it's not available to me immediately like it would be if I got another savings account at my bank.  

Anyone doing something similar or have recommendations?   

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Re: Financial planning? Online savings accounts?

  • KellersPragKellersPrag member

    I personally have an Emigrant Direct savings account. It (in the past) had the best interest rates available. It might still have the best interest rates, but let's face it - none of them are too great at the moment.

    I make transfers whenever I have extra money, and even though I had to clear it out recently due to unexpected events, I plan on putting every extra dollar away now for baby!

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  • Meg_MegMeg_Meg

    I use ING and have had a great experience with them.  I have multiple accounts set up for specific savings goals.  (I.e. Vacation account, New car savings, etc)  I have money transfered to each of the accounts at set intervals and I hardly miss it in my main account.

    I say go for it!

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  • melody921melody921 member
    I have used ING in the past. Now, DH and I use a money market. When our savings gets to a certain level, we kick money into that. Also, when DS was born, we opened a 529 for him for college and will do the same for this next baby. We never touched the money market until we went to buy a house. Now, it's a slow road building it up again, but that's money we save for long-term things, not weekly fun.

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  • Meghkannkenna81Meghkannkenna81 member
    I use Amex savings account online because it offers one of the best rates online.  You can link the account to your checking account (that's how you will fund it anyways), so that when you need money, you can just set up a transfer.  The transfers are fast and I have the money I need the next day, so you dont have to wait too long. 
    Margaret Murphy born 9/15/12!
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  • redneckmomma25redneckmomma25 member

    I use ING.  I had an account with emigrant but switched back to ING just because of the rate.  The rates change so much now and nothing is really earning anything of value. (Didn't even have to file one of my savings accounts becuase it only earned $1.58 in interest!) 

    I have a savings account with my checking account so I have access to some cash faster.  But my bulk is with ING.  Its nice because you can have an auto transfer weekly/biweekly or even monthly and you don't have to think about transferring the money. It just goes.   No second thoughts about whether I need that extra little bit. 

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