I often get asked where I keep my liquid savings. When I first started caring about personal finance issues, and started reading personal finance blogs I was guilty of rate chasing and bonus chasing. I am proud to say that, I do not rate chase anymore, and if you check out personal finance blog archives circa 2006ish you’d be surprised how post after post was about chasing rates…that has also changed.
Where do I keep my Savings?
I keep almost all liquid dollars at…ING Direct. I LOVE ING DIRECT. There are a couple reasons why:
- Competitive Interest Rate
- Sub Accounts that are Named
- Customer Service
- It is not a Brick and Mortar Bank
ING Usually has a Competitive Rate
ING used to be at the front of the interest world, but now they seem to be in the middle of the pack. I have not researched this topic in a long time, but the other reasons are I am going to talk about trumps this particular topic.
ING has Sub Accounts that are Named
I don’t know what other banks have this type of set up, but once your main account is created you can create sub-accounts and give them normal names without having to a ton of paperwork. This is an actual screen shot from my account, as you can see I have a bunch of different accounts for different purposes. Each account has its own rules regarding pulling money from my checking account (i.e. the Long Term Savings pulls $25/week while the vacation received $20/week).
My Wife’s ING looks even crazier because she has a TON more of these small accounts but they aren’t joint so they don’t show up on my screen.
ING’S Customer Service
I can only remember calling ING once, but since I don’t remember the content of the phone call it couldn’t have been anything serious. However, I do remember getting a person on the phone, that spoke English, within a very short timeframe.
ING is NOT a Brick and Mortar Bank
I believe that the basics of personal finance has a lot to do with knowing yourself. Well, once that money hits ING from my main checking it almost doesn’t feel like it is mine, and that is a good thing. Once it hits those accounts I don’t want to spend it, and that is HUGE.
I think this has to do with not seeing ING Signs everywhere vs. The amount of Chase Banks I see on a daily basis (on my 4 mile commute to work I pass 4 which is ridiculous).
Does anyone have any experience with other banks that sound better than mine? I’d love to hear about other options?