I want to start saving some money. What is the best savings account?

Question

I want to start saving some money. What is the best savings account?

Answer 1

In the USA..... a good choice is;

http://www.gmacbank.com/

High rates & FDIC insured. Very good customer service.

Answer 2

Check ou what martin lewis money saving expert has to say.

http://www.moneysavingexpert.com/savings...

Answer 3

A bank money market savings account.

Answer 4

Northern Rock or National Savings & Investments (at the Post Office I think) - at least you'll only lose the money if the government goes boink. Might be a thought in these tough times?

Answer 5

What country are you in? If you are in the UK :-

Use your tax free allowance first. Open an ISA. The interest will not be taxed. There is an annual limit on how much you may deposit.

Once you have reached this limit in a tax year, no further deposits will be permitted until the new financial year.

Anything over this amount should go into a savings account. Building societies traditionally offered the best rates, but it may not be the case now, and your own bank may be best. Some banks offer a "sweep" facility. At the end of each month, after all your direct debits have been paid, whatever is left in your current account can be automatically transferred to your savings account.

If you are planning on making bigger deposits, consider a high interest account. These accounts usually have a rule requiring a large opening balance, or a regular minimum deposit or a period of notice before withdrawals.

Some banks also offer savings accounts specifically tailored to saving a deposit to buy a home.

Answer 6

Try going to a site such as http://www.bankaround.com and look up a local bank in your area with the best savings interest rate.