I just got out of school and I just got a new job, and I need to open up a savings account to put money away for taxes. Problem is, savings accounts generate such little interest that I'm looking for a better way to tuck my money away. I've heard about this thing called GE Interest Plus, which works sort of like a savings account but has around 3% interest. Does anyone have experience with this? Is this what I'm looking for, if all I'm going to do is deposit into it twice a month for taxes? What's the catch? Thanks in advance.

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Posted by Camp Randall

The Shadow of the Valley of Death

Member since Nov 2005

15590 posts

Posted on 8/13/08 at 10:52 am to FredSecunda

I don't know much about Ge Interest plus but it doesn't sound much different from your average High Yield Money Market Account or HSBC Online Savings account.

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Posted by Golfer

Member since Nov 2005

75052 posts

Posted on 8/13/08 at 11:21 am to FredSecunda

Just get an E*Trade or HSBC online high yield savings account...

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Posted by Colonel Hapablap

Mostly Harmless

Member since Nov 2003

28791 posts

Posted on 8/13/08 at 11:42 am to FredSecunda

if it's FDIC insured, then you're probably OK. Just make sure that it is.

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Posted by ATL TGR

Houston

Member since Apr 2008

2878 posts

Posted on 8/13/08 at 12:17 pm to Colonel Hapablap

HSBC is at 3.5% if you use the internet only savings acct. No minimums or fees

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Posted by TigerDog83

Member since Oct 2005

8274 posts

Posted on 8/13/08 at 1:13 pm to ATL TGR

I've used the Capital One online Money Market for a couple of years and have had very few problems. When I set it up I did have to ask for the Hibernia online account as this was something they were offering (and still do) that Capital One has continued to honor. I think Capital One just doesn't advertise this a lot. It's a nice place to put some money away and have easy access if needed while earning more interest than a checking account.

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