Savings account — best rates
Hi Terry, I have some (chicken) money I would like to put away in a savings account for safe keeping but still be able to have access if needed. Would the American Express online savings be a good choice? Or do you have any other recommendations? Thanks
Terry Says
These days the rates on money market deposit accounts are all so low that it hardly makes a difference. Unless you have hundreds of thousands of dollars, I'd stick with your local bank. But you can compare rates at www.Bankrate.com. But be sure to compare more than rates. First make sure it is with an FDIC insured institution. Second, check the minimum amount required. And third, make sure you can write checks (how many?) against the account, so you have liquidity if needed. Finally, hen it comes to sending money -- or wiring it -- to an out of state bank or other INSURED financial organization, if you lose even a week or a few days getting the money transferred, in and out, you may lose all the rate advantage!
