Savings Account Recommendations

With most savings accounts averaging right around 1% (even the ones you mentioned) I don't think a savings acct is the way to go.
You can compare interest rates at bankrate.com
1 year CDs are only paying about 1%. You do just as well to sock it under a mattress.
I'd think you'd be better off increasing your 401K contribution or Health Savings acct contribution or opening a 529 plan for a child. At least you'd be getting some tax benefits.

1 mom found this helpful

I have one with ING Direct.

I am in the same boat - with taking our kids out of daycare in the next two weeks, we'll have more money for savings each month. My brother suggested going with ING or something that pays back 1.75+ % or something like that instead of just putting it into a regular banks savings account. I still have to do my research but know for sure, I want to be able to get to my money AS NEEDED instead of waiting or paying a penalty (which you'd probably do with a CD or 401K).

We have one with American Express, recently opened it, great rate and would recommend them. Good Luck!