which savings account?

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
which savings account?
1
Fri, 11-14-2008 - 12:27pm

Good morning: Finally I got the first installment in some money I am getting from an inheritance. I got $12K wired into my checking account yesterday and should be getting another $12K or so whenever my brother reconciles the rest of my dad's accounts and send it to me. I paid off a few of my smaller $2K and $3K bills today (GREAT feeling) and used some of it for mortgage since we were short this month. I had planned to use about $10K total to pay off all but my biggest balance credit cards -- four with balance total of about $60K (yuck). It will help with cash flow. I am still basically unemployed although I do have about $8K in free lance coming in a few months. I need to contribute about $2K a month to our living expenses. I am considering getting a part-time job over Christmas season if anyone is hiring. I had just about decided to give up trying to freelancing and try to get a real job but then out of the blue an opportunity arose for my husband to get another job out of state so everything is on hold.

Since I need to have some money to draw from for expenses while I look for freelance work and a job I want to park as much as possible in a high yield savings. I have accounts with ING but the interest rate these days has dropped to 2.75 percent. Does anyone have a recommendation of another internet bank? Also, does this sound like a good plan?

Jenny

iVillage Member
Registered: 01-25-2006
Fri, 11-14-2008 - 12:39pm

Hi Jenny,
Check out http://bankdeals.blogspot.com/ for a good summary of all the various short term savings vehicles and their current interest rates. He'll post a summary tomorrow for the week or you can go back to last Saturday.

It sounds like a good plan to me.

Peg